/ -- Key Highlights - Q1 FY20 (Y-o-Y)
Consolidated revenue at INR 22.3 crore; up 31.4%
Sale of services grew by 30.9%
Consolidated EBITDA at INR 17.9 crore up by 26.3%
Cash PAT for the quarter at INR 8.3 crore was up 36.1% y-o-y
Strong operating performance: Leasing of 92% at Coimbatore Mall
Footfall increased by 127% at Coimbatore Mall & 25% at Aurangabad Mall on YoY basis
Stores opened during Q1 - 8 at Aurangabad Mall, 2 stores and 3 kiosks opened at Coimbatore Mall
Prozone Intu Properties Limited (PIPL), India's leading retail led mixed-use developer, today announced the financial results for the first quarter ended on June 30, 2019, as approved by its Board of Directors.
Commenting on its performance, Nikhil Chaturvedi, Managing Director, Prozone Intu said, "FY2020 has started on a good note with an excellent performance by our retail assets. Backed by robust performance of Prozone's retail portfolio, we reported a strong topline growth of 31.4% and turned PAT positive. Cash PAT in first quarter is up by 36.1% year-on-year. Our retail assets continue to attract marque brands which are looking to penetrate the emerging tier 1 cities like Coimbatore and Aurangabad; thus improving occupancy levels across our malls."
"While our retail portfolio continues to do well, pressure has been seen on the build & sale (residential) business given the prevailing market conditions. We are working out alternate strategies to monetize the assets where in option to develop smaller phases for quicker monetization at lower risks are being explored. Alternatively option to develop other assets classes is also being reviewed," said Bipin Gurnani, President of Prozone Intu Properties Limited.
Business Highlights
At Coimbatore mall, as on June 30, 2019, total 9 Stores were under fitout which will add an aggregate leasable area up to 33,016 sq ft during the next few months. Besides these stores, the mall is in advanced stage of discussion with 6 more brands.
Average monthly trading density at Coimbatore Mall was up by 21.7%.; at Aurangabad Mall was up 10%
At Aurangabad Mall, 8 new stores such as Funtastica, Xiaomi, VIP, etc started operations; occupying leased area of 69,779 sq. ft. started operations during the quarter. 3 new stores with leasable area of 24,649 are under fitouts during the quarter and are expected to be operational in the next few months.
About Prozone Intu
Prozone Intu Properties Ltd. (Prozone Intu) is developed by the Promoters and financially participated by Intu Properties Plc, a UK FTSE-250 company. Prozone Intu creates, develops and manages world-class regional shopping centres, and associated mixed-use developments, on a Pan-India basis. Prozone Intu's strategy is to lead in the retail space within Tier 2 and 3 cities, in which robust urbanisation and significant growth in middle-class consumption is expected over the next 5 years. The Company's key business strategy includes developing large scale land parcels for mixed use development. The company, while consolidating and strengthening its retail portfolio and mixed use developments, on an ongoing basis, looks for acquiring new land parcel and explores alternate use of its land bank, such as creating co-working spaces, hotels, small residential projects, etc. for quicker turnaround.
Disclaimer: No Business Standard Journalist was involved in creation of this content
