 "The year was a mixed bag for the real estate industry as housing supply slowed down but record investments came in. Industry experts believe that demand will stabilise as sales are likely to be lower compared to 2023.")
The Phoenix Mills shares rose 3.5 per cent in Monday's trade on BSE logging an intraday high at Rs 1,757 per share. The stock was in demand after the company incorporated its subsidiary Sparkle Three Mall Developers.
Around 1:33 PM, Phoenix Mills share price on BSE was up 1.63 per cent at Rs 1,724.15 per share on BSE. In comparison, the BSE Sensex was down 0.34 per cent at 78,435.10. Phoenix Mills' market cap stood at Rs 61,638.40 crore. The 52-week high of the stock stood at Rs 2,068.15 per share and the 52-week low stood at Rs 1,110 per share.
"We wish to inform that the Phoenix Mills Limited, has incorporated a wholly owned subsidiary viz. Sparkle Three Mall Developers Private Limited on December 27, 2024," the filing read.
In Q2FY25, the company reported retailer sales (consumption) of Rs 3,289 crore, reflecting a 25 per cent increase over Q2FY24, with gross retail collections reaching approximately Rs. 812 crore, a rise of 27 per cent year-on-year.
For H1FY25, retailer sales totaled around Rs 6,506 crore, also up 25 per cent from H1FY24, driven by strong performances at Phoenix Palassio and Phoenix MarketCity Mumbai, as well as the ramp-up of newly launched malls. Gross retail collections for H1FY25, meanwhile, stood at about Rs 1,610 crore, up 29 per cent compared to the same period last year.
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Phoenix Mills is a prominent real estate development company in India, known for its focus on retail, commercial, and residential properties. The company is especially recognised for developing large-scale shopping malls like Phoenix MarketCity in cities such as Mumbai, Pune, Bangalore, and Chennai, offering a blend of retail, dining, and entertainment options.
In addition to its retail developments, Phoenix Mills also ventures into commercial properties and integrated mixed-use developments, including high-end office spaces and residential projects. With a reputation for creating premium lifestyle experiences, Phoenix Mills has become a key player in the Indian real estate market.
In the past one year, Phoenix Mills shares have gained 50.6 per cent against Sensex's rise of 9 per cent.
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