Phoenix Mills’ fourth quarter or January-March net profit rose 62% year-on-year to Rs 27.2 crore, aided by strong sales and higher other income.
The property developer’s net sales for the three-month period were up 36% from a year ago to Rs 46.8 crore.
Phoenix Mills’ fourth quarter earnings were boosted by a higher other income, which more than doubled to Rs 14.1 crore. Its interest expenses for the quarter were also significantly lower at Rs 28.42 lakh, compared with Rs 3.51 crore in the year ago quarter.
The company, which operates the Phoenix Mills mall in Mumbai, said the Market City project in Pune is ready for launch and is expected to commence operations by early June.
Phoenix Mills said its other projects in Mumbai, Bangalore and Chennai are expected to be operational in next 3-6 months.
The company will also have a soft launch of its residential projects at Bangalore and Chennai in few months. It expects the residential projects vertical to be developing almost 3 million square feet space over next 3-5 years.
Phoenix Mills shares rose 4.1% to Rs 208.10 on National Stock Exchange, post the earnings announcement.
Source: www.moneycontrol.com
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DENIP Consultants Pvt Ltd
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