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Phoenix Mills sees sequential growth of 192 per cent in Q3 retail

  

Phoenix Mills, the retail-led mixed-use assets developer and operator has witnessed a record 192 per cent sequential growth in consumption at Rs 1,370 crore in December quarter across its retail portfolio of nine operational malls in six Indian. This is two-third of the total consumption recorded in the previous quarter ended September.

Phoenix Mills, in a regulatory filing informed they have seen sustained recovery in the consumption at their malls since reopening. Consumption in December 2020 was steady at approximately Rs 500 crore, at the same level as November 2020 and at 70 per cent of December 2019. In line with consumption, the company’s retail collections continued to witness sharp improvement. During the third quarter of FY21, collection was at around Rs 260 crore and retail collection for the nine months ended in December stood at Rs 390 crore.

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