Buy Phoenix Mills, target price Rs 1320: ICICI Direct

ICICI Direct has buy call on Phoenix Mills with a target price of Rs 1320. The current market price of Phoenix Mills Ltd. is Rs 1160.2. 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 20751.99 Crore) operating in Real Estate sector.

Phoenix Mills Ltd. key Products/Revenue Segments include Licence Fees, Service Charges and Sale of services for the year ending 31-Mar-2021.



Financials
For the quarter ended 31-03-2022, the company reported a Consolidated Total Income of Rs 519.82 Crore, up 16.29 % from last quarter Total Income of Rs 447.01 Crore and up 19.38 % from last year same quarter Total Income of Rs 435.43 Crore. Company reported net profit after tax of Rs 117.34 Crore in latest quarter.

Investment Rationale
PML remains a quasi-play on India’s consumption story, given the quality of assets, healthy balance sheet and strategic expansion plans. The QIP fund raise/investments by GIC/CPPIB has boosted the liquidity and growth ammunition. With only five to six major retail mall developers currently in India, and given its USP of operating large format properties efficiently, PML remains a superior player in the medium to long term. The brokerage maintains BUY rating with a SoTP based target price of Rs 1320/share

Promoter/FII Holdings
Promoters held 47.33 per cent stake in the company as of 31-Mar-2022, while FIIs owned 30.69 per cent, DIIs 17.45 per cent.