Phoenix Mills Receives ‘Overweight’ Rating from Morgan Stanley, Shares Surge 4%

Shares of Phoenix Mills saw a 4 percent boost in morning trade on October 11, following an ‘overweight’ rating from Morgan Stanley. The foreign brokerage, impressed by the 19 percent year-over-year growth in H1FY24’s total consumption at Rs 5,211 crore, declared the company as its ‘preferred’ choice in India’s property sector. Morgan Stanley believes there is upside potential from current price levels and has set a target price of Rs 2,200 per share.

Morgan Stanley is optimistic that the company will continue to report robust growth in the second half of FY24, with sustained rental growth driving a 20 percent increase in income. The firm also anticipates that upcoming retail and office space projects will contribute to the company’s growth.

In a business update filed at the exchanges on October 10 for the July-September quarter, the company reported a 20 percent year-on-year growth in total consumption, reaching Rs 2,637 crore. On a like-to-like basis, consumption increased by 10 percent compared to Q2FY23. Retail collections for the quarter amounted to Rs 638 crore, a 23 percent increase over Q2FY23.

JM Financial also rates Phoenix Mills as a ‘buy’ and has initiated coverage with a target price of Rs 2,010 per share.

As of 11:15 am on the NSE, Phoenix Mills shares were trading at Rs 1,934.75 each, up Rs 69.65 or 3.73 percent.

Year-to-date, the stock has risen nearly 35 percent.

In its results for the April-June quarter, Phoenix Mills reported a 41.28 percent year-on-year increase in revenue from operations at Rs 811 crore. Net profits for the quarter decreased by 61.30 percent year-on-year to Rs 291 crore, largely due to a base effect resulting from an exceptional item of Rs 557 crore. The operating profit margins for the quarter expanded by 500 basis points compared to the previous year, reaching 61 percent.

Phoenix Mills operates as a retail and hospitality conglomerate in India, specializing in the development and management of retail complexes, commercial spaces, and hotels. The company currently manages 11 malls across India, along with the St. Regis Hotel in Mumbai and the Courtyard by Marriott in Agra.

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