Buy Phoenix Mills, target price Rs 1026: ICICI Securities

ICICI Securities has buy call on Phoenix Mills with a target price of Rs 1026. The current market price of Phoenix Mills Ltd. is Rs 859.15.

Time period given by analyst is one year when Phoenix Mills Ltd. price can reach defined target.

Phoenix Mills Ltd., incorporated in the year 1905, is a Mid Cap company (having a market cap of Rs 14061.64 Crore) operating in Real Estate sector.


Financials
For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 435.43 Crore, up 23.37 % from last quarter Total Income of Rs 352.95 Crore and up 6.30 % from last year same quarter Total Income of Rs 409.63 Crore. Company reported net profit after tax of Rs 64.28 Crore in latest quarter.

Investment Rationale
The brokerage retains BUY rating with an unchanged Mar-22 SoTP based target price of Rs1,026/share incorporating first tranche of GIC PE fund infusion. Key risks are the second Covid wave impacting mall consumption and fall in occupancies and rentals.

Promoter/FII Holdings
Promoters held 45.5 per cent stake in the company as of March 31, 2021, while FIIs held 34.9 per cent, DIIs 16 per cent and public and others 3.6 per cent.

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