Phoenix Mills, a prominent retail-led mixed-use developer, has reported strong performance across its diversified segments in the first quarter of fiscal year 2025.

Retail Segment Surge
The company's retail consumption surged by 25% year-on-year to ₹3,214 crore in Q1 FY25, driven by robust performance in flagship properties such as Phoenix MarketCity Mumbai and Phoenix Palassio. The gross retail collections also grew significantly by 28% to ₹794 crore during the same period. Phoenix Mills attributes this growth to a double-digit increase in footfall and spending across its malls, reflecting consumer confidence and effective operational strategies.

Hospitality Segment Highlights
In the hospitality sector, Phoenix Mills operates properties like The St. Regis, Mumbai, and Courtyard by Marriott, Agra. The St. Regis Mumbai saw a 3% improvement in occupancy, reaching 85% in Q1 FY25, with a steady ARR of ₹16,425 and a 3% growth in Revenue Per Available Room (RevPAR) to ₹13,923 compared to the previous year. However, Courtyard by Marriott, Agra, faced challenges with a decline in occupancy to 63% and a decrease in ARR and RevPAR by 11% and 17% respectively.

Residential Segment Growth
Phoenix Mills also reported positive momentum in its residential segment, with gross residential sales amounting to ₹50 crore and collections reaching ₹60 crore in Q1 FY25. The Average Selling Price stood at ₹26,000 per sqft, indicating strong demand and effective sales execution despite market challenges.

Operational Insights
The company's operational assets in the commercial offices segment showed improved leasing traction, with gross leasing of 1.51 lakh sqft across properties in Kurla, Mumbai, and Viman Nagar, Pune. The weighted average trading occupancy in its newly launched malls, such as Phoenix Mall of Asia and Phoenix Mall of the Millennium, also showed promising growth, reflecting strategic expansion and market responsiveness.

In conclusion, Phoenix Mills' Q1 FY25 performance underscores its resilience and strategic focus across diverse real estate segments amidst evolving market dynamics. With a robust portfolio and strategic initiatives in place, the company remains poised for sustainable growth and value creation in the competitive real estate landscape of India.

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