Phoenix Mills Limited's financial performance for Q4 FY24 impresses, with net consolidated profit after tax (PAT) surging by 32.61% YoY to INR 388.79 crore, up from INR 293.19 crore in Q4 FY23. The company's net consolidated total income witnessed a remarkable 77.96% growth to INR 1,343.14 crore, driven by a substantial 79.13% increase in income from operations to INR 1,305.94 crore. Despite a slight dip in EBITDA margin to 48%, operating EBITDA jumps by 46% to INR 627 crore. The board recommends a final dividend of INR 5 per equity share, reflecting Phoenix Mills' strong fundamentals and strategic positioning in the real estate sector.
The Phoenix Mills Limited, a real estate development company, has reported an impressive financial performance for the quarter ended March 31, 2024. According to the company's filing with the Bombay Stock Exchange (BSE), its net consolidated profit after tax (PAT) surged by 32.61% year-on-year (YoY), reaching INR 388.79 crore in the fourth quarter of fiscal year 2024 (Q4 FY24), compared to INR 293.19 crore in the corresponding quarter of the previous fiscal year. The company's net consolidated total income witnessed a remarkable growth of 77.96%, climbing to INR 1,343.14 crore in Q4 FY24, up from INR 754.73 crore in the same quarter last year. The income from operations, a significant component of the total income, stood at INR 1,305.94 crore, registering a substantial 79.13% increase on a YoY basis.
Phoenix Mills' profit before tax (PBT) also demonstrated a robust performance, rising by 42.55% YoY to INR 488.64 crore during the quarter under review. The company's operating EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) witnessed a remarkable 46% jump, reaching INR 627 crore in Q4 FY24, up from INR 431 crore in the corresponding quarter of the previous fiscal year. However, the EBITDA margin slightly dipped to 48% in Q4 FY24 compared to 59% in Q4 FY23. During the March quarter, the company's retail operations exhibited strong momentum, with collections amounting to INR 791 crore, representing a 37% increase over the same period in the previous fiscal year. Additionally, the total consumption in Q4 FY24 stood at INR 2,833 crore, demonstrating a robust 28% growth on a YoY basis.
The board of directors recommended a final dividend of INR 5 per equity share of face value of INR 2 each (250%) for the financial year ended March 31, 2024. Furthermore, the board approved the appointment of Kailash B. Gupta as the Chief Financial Officer and Key Managerial Personnel of the company, effective from May 17, 2024. Phoenix Mills Limited has delivered exceptional financial performance in the fourth quarter of fiscal year 2024, marked by substantial growth in profitability, income, and operational metrics. The company's performance reflects its strong fundamentals and strategic positioning in the real estate sector.
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