Phoenix Mills reported a net profit of Rs 3.0382 billion in Q2 FY24

09 Nov 2023 CW Team

Phoenix Mills reported a net profit of Rs 3.0382 billion in Q2 FY24, an increase of 36.92% from Rs 2.2189 billion in the same quarter last year. The company's total income for the quarter stood at Rs 9.0664 billion, an increase of 32.65% from Rs 683.49 crore in the same quarter last year. The company's growth was driven by strong revenue growth from its retail and hospitality segments. The retail segment revenue grew by 35% to Rs 6.9802 billion, while the hospitality segment revenue grew by 18% to Rs 1.3662 billion. Phoenix Mills is a leading retail real estate company with a portfolio of high-quality shopping malls and office properties. The company's malls are located in prime locations in major Indian cities such as Mumbai, Delhi, Bengaluru, and Chennai. The company's strong financial results are a reflection of its strong brand, its focus on innovation, and its commitment to providing a superior customer experience. The company is well-positioned for continued growth in the years to come. In addition to its financial results, Phoenix Mills also announced that it has appointed Sumanta Datta as an additional director and non-executive independent director on the board of the company. Datta is a seasoned professional with over 35 years of experience in the financial services industry. He has held senior positions at several leading banks and financial institutions. The appointment of Datta is expected to strengthen The Phoenix Mills' board of directors and provide valuable guidance to the company as it continues to grow and expand its business.

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