Phoenix Mills shares fall after providing business update for March quarter

"Consumption for the quarter was led by Phoenix Palassio, and the continued ramp up at Phoenix Mall of the Millennium and Phoenix Mall of Asia and Phoenix Palladium Expansion (launched in September 2023, October 2023 and November 2024 respectively)," the company said in an exchange filing.

For financial year 2024-25, consumption stood at ₹13,762 crore, up 21% over FY24. On a like-to-like basis, i.e. excluding Phoenix Mall of the Millennium and Phoenix Mall of Asia (launched in September and October 2023 respectively), consumption grew by 7% YoY, Phoenix Mills added.

Phoenix Mills' gross leasing of commercial real estate jumped to 1.90 lakh square feet in financial year 2025 across the operational assets at Mumbai and Vimannagar in Pune.

Occupancy in the operational assets at Mumbai and Vimmanagar in Pune stood at 66% in March 2025 and the company recently received Occupation Certificate (OC) for Phoenix Asia Towers, Bangalore (GLA of ~0.80 msft) and Tower 3, of Millenium Towers, Pune (GLA of ~0.52 msft for Tower 3), the Mumbai-based real estate company said.

Its hospitality segment also showed improvement in March quarter as occupancy at The St. Regis, Mumba jumped to 92% and average room rate (ARR) jumped to ₹23,542, up 11% over the same period last year.

Occupancy at Courtyard by Marriott, Agra came in at 87% and ARR rose 10% annually to ₹6,977 in March quarter.

As of 9:26 am, Phoenix Mills shares traded 1.60% lower at ₹1,545, underperforming the BSE200 index which was down 0.58%.