JM Financial has issued a “buy” call on Phoenix Mills, setting a target price of Rs 2010. Currently, Phoenix Mills Ltd. is trading at Rs 1806 in the market.
Phoenix Mills Ltd., founded in 1905, is a mid-cap company operating in the real estate sector, with a market capitalization of Rs 32232.75 Crore.
The primary revenue segments for Phoenix Mills Ltd. include license fees, service charges, and others for the fiscal year ending on March 31, 2022.
In terms of financials, for the quarter ending on June 30, 2023, the company reported a consolidated total income of Rs 839.60 Crore, marking an 11.24% increase from the total income of Rs 754.73 Crore in the previous quarter and a significant 40.44% increase from the total income of Rs 597.84 Crore in the same quarter the previous year. The company recorded a net profit after tax of Rs 289.71 Crore in the latest quarter.
As of June 30, 2023, the promoters held a 47.3% stake in the company, while foreign institutional investors (FIIs) owned 28.56%, and domestic institutional investors (DIIs) held 19.93%.
Investors may consider this “buy” call from JM Financial when evaluating their investment decisions. The target price of Rs 2010 suggests potential growth for Phoenix Mills in the future. Please note that investment decisions should be made after conducting thorough research and considering your own financial goals and risk tolerance.