Phoenix Mills shares in focus ahead of Board meet to approve Q1 results, bonus issue

Shares of Phoenix Mills Ltd dropped more than 2% on Wednesday ahead of the company’s Board meeting to consider and approve financial results for the quarter ended June 2024 (Q1FY25).

In a filing to the stock exchanges on July 26, the malls operator said that a meeting of its Board of Directors has been scheduled on July 31, 2024, to consider and approve the unaudited standalone and consolidated financial results of the company for Q1FY25.

“The results will be announced on July 31, 2024, immediately after the conclusion of the Board meeting. The company also proposes to host an earnings conference call for investors and analysts on August 01, 2024, at 12:00 Noon IST to discuss the financial results,” the company said in the filing. In a separate filing on Tuesday, the company also informed us that its Board of Directors will also consider a proposal for the issuance of bonus shares.

If the board approves the proposal at the meeting scheduled for July 31, 2024, it will be the company's first bonus issue in nearly two decades. Phoenix Mills’ last bonus issue was announced in December 2005, when the company issued four bonus shares for every share held by the shareholders.

Apart from bonus shares, the company has consistently issued dividends for the past three years, ranging between ₹1 and ₹5 per share. Investors will also look forward to any dividend announcement in Q1FY25 results.

In its June quarter business updates, the company reported a 25% growth in retail consumption on a year-on-year basis at ₹3,214 crore. Weighted average trading occupancy across major malls stood at 90% for the quarter. The company’s gross retail collections also surged over 28% YoY in Q1FY25 to ₹794 crore.

The company said that its commercial office business witnessed strong leasing traction, with gross leasing standing at 1.51 lakh sqft in Q1FY25.

Phoenix Mills is India's largest retail-led mixed-use developer. The company primarily operates malls and commercial spaces in Mumbai, Bengaluru, Chennai, Pune, Raipur, Agra, Indore, Lucknow, Bareilly and Ahmedabad.

Shares of Phoenix Mills were trading 2.49% lower at ₹3,607 apiece at 2:18 pm on the NSE.