Financial Performance Highlights
• Consolidated Income: Increased by 12% year-on-year to Rs. 904 crore.
• Profit After Tax: Rose by 10% to Rs. 295 crore.
• Retail Consumption Growth: 25% increase across malls, with notable contributions from Phoenix Market City, Kurla, and Phoenix Palassio.
• Retail Rental Income: Grew by 31%.
• Commercial Office Segment: Total income increased by 20%.
• Hospitality Sector: Faced challenges but showed resilience in July.
• Residential Segment: Reported gross sales of Rs. 50 crore.
Standalone Financial Updates
• Standalone Income from Operations: Rs. 118 crore, unchanged from Q1 FY24.
• EBITDA: Declined by 6%.
• Excluding Residential Business: Revenue from annuity portfolio grew by 24% to Rs. 872 crore.
Future Outlook and Strategies
• Residential Portfolio: Expected to generate Rs. 350-400 crore in annual sales.
• Consolidated Debt: Reported at Rs. 4,398 crore with improved liquidity of Rs. 2,343 crore.
• Roadmap for 2027: Aims for significant growth across retail, commercial, and residential sectors.
• Bonus Share Issuance: Proposed 1:1 bonus share pending shareholder approval.
Q&A Session Insights
• Residential Business: Assessing development potential for One Bangalore West.
• Consumption Trends: Current decline viewed as cyclical, not structural.
• New Mall Developments: Plans for a large destination mall in South India.
• Pending CAPEX: Approximately Rs. 4,500 crores remain for under-construction assets.
Retail Category Performance
• Gourmet and Hypermarket: Significant drop in consumption; rationalizing space while maintaining importance.
• Jewelry Sector: Developing a wedding cluster showing strong growth.
Office Leasing Updates
• Asia Towers: Completed and awaiting occupation certificate; leasing interest noted.
• Pune Office Towers: Three under construction, with one completed.
Construction and Renovation Impact
• Surat Mall: Construction has begun with starting rental assumptions around Rs. 140.
• Renovations: No operational GLA shut down, but parking disruptions affected traffic and consumption.
The call concluded with no further questions.

Communication Details
• Date of communication: May 22, 2024
• Transcript of the Earnings Conference Call held on May 18, 2024, shared with BSE and NSE.
• Key executives present:
• Shishir Shrivastava (Managing Director)
• Kailash Gupta (Group CFO)
• Varun Parwal (Group President)
• Format: Listen-only mode with a Q&A session.
Financial Highlights
• Q4 and FY24 Performance:
• Retail consumption: Rs. 11,344 crore (23% YoY increase)
• EBITDA: Rs. 1,673 crore (25% growth)
• New malls contributed Rs. 295 crore in rental income.
• Commercial office segment income: Rs. 190 crore (70% occupancy).
• Hospitality sector: The St. Regis reported 46% EBITDA margin.
• Residential sales: Rs. 566 crore gross sales, Rs. 870 crore revenue recognition.
• Consolidated income from operations: 80% increase in Q4 FY24.
• Full Year FY24:
• 50% increase in income from operations compared to FY23.
• Operating EBITDA: Rs. 2,185 crore (44% YoY increase).
• Profit after tax: Rs. 1,152 crore (over 60% growth).
• Consolidated debt: Rs. 4,366 crore; net cash flow from operations: Rs. 2,162 crore.
• Capital expenditures: Rs. 1,670 crore; operating free cash flow: Rs. 1,781 crore (27% increase).
Strategic Developments
• Land acquisition near Phoenix MarketCity Bangalore for Rs. 230 crore.
• Plans for significant operational portfolio expansion by 2027.
• Commitment to sustainability: targeting over 70% renewable energy and LEED certification for new buildings.
Q&A Session Insights
• Same-Store Growth:
• 8% growth influenced by trading occupancy and brand mix adjustments.
• Estimated CAGR of 11% to 12% over the next 3-5 years.
• New Developments:
• Mixed-use development plans for newly acquired land in Thane.
• Selective approach to residential projects; aiming for Rs. 400 crore in sales from ready inventory.
• Market Competition:
• Focus on experiential centers to maintain competitive edge in tier one cities.
• Promising returns in tier two cities, e.g., Phoenix Palassio in Lucknow.
• Category Performance:
• Adjustments in category and brand mix to enhance mall performance.
• Increased focus on food, beverage, and entertainment spaces.
• Expansion Plans:
• Targeting an increase in retail space from 14 million to 20 million square feet.
• Ongoing acquisitions and developments in key markets.
• Occupancy and Asset Management:
• Projected occupancy rates of 95-96% by FY25.
• Updates on office developments and ongoing efforts to acquire new retail assets.
• Acquisition Strategy:
• Openness to brownfield acquisitions but preference for greenfield developments for higher yields.
Conclusion
• The conference call concluded with thanks to participants and an invitation to disconnect.

Communication Details
• Date of communication: February 16, 2024
• Earnings Conference Call held on: February 13, 2024
• Transcript availability: On the company's website
• Signed by: Gajendra Mewara, Company Secretary
• Format: Listen-only mode with Q&A session
Financial Performance Highlights
• Q3 FY24 Results:
• Total consumption: Rs. 3,296 crore (25% YoY increase)
• Retail rental income: Rs. 447 crore (33% growth)
• Retail EBITDA: Rs. 435 crore (27% increase)
• 9M FY24 Results:
• Total consumption: Rs. 8,509 crore (21% increase)
• Retail rental income: Rs. 1,213 crore (25% growth)
• Future Outlook:
• Consumption target for FY24: Rs. 11,300 to 11,500 crore
Commercial Office Portfolio
• Leasing activity: 1.7 lakh square feet in Q3 FY24, 4.8 lakh square feet year-to-date
• Portfolio leased: Approximately 72%
• Income from commercial offices: Rs. 50 crores (17% YoY increase)
• EBITDA from commercial offices: Rs. 28 crores (27% increase)
Project Updates
• Under-construction Projects:
• Phoenix Asia Towers and Palladium offices expected operational in 2024
• Millennium Towers phases completion between 2024 and 2025
• Hospitality Segment:
• Strong performance at St. Regis, Mumbai
Residential Sector Performance
• Gross sales bookings: Rs. 515 crores in 9M FY24
• Progress on under-development residential projects
Financial Overview
• Consolidated income from operations for Q3 FY24: Rs. 986 crores (44% YoY increase)
• PAT: Rs. 297 crores (69% increase)
• Focus on reducing gross debt and improving liquidity
Leadership Changes
• Departures of Mr. Rajendra Kalkar and Mr. Anuraag Srivastava acknowledged
• Assurance of company stability and effective leadership development programs
Future Growth and Development Plans
• Kolkata mall expected to open in late 2027 or early FY28
• Thane land development planned as a mixed-use project with estimated CAPEX of ₹2,400 to ₹2,500 crores
• Anticipated CAGR of 15-18% for consumption growth over 3-5 years
Rental Income Insights
• Fixed rents increased from 85% pre-COVID to 89% post-COVID
• Upcoming renewals: 700,000 square feet in FY25, 4 million square feet from FY24 to FY27
Conclusion
• Anticipated CAGR of 15-16% for well-performing malls over the next 3-5 years
• Call concluded with no further questions.

Financial Results Overview
• Date of Call: November 13, 2023
• Q2 FY24 Highlights:
• Consolidated income from operations: Rs. 875 crores (up 34% YoY)
• Profit After Tax (PAT): Rs. 262 crores (up 40% YoY)
• Retail rental income: Increased by 25% in Q2 FY24
• Consolidated consumption growth: 20% YoY
New Developments
• Mall Launches:
• Four new malls launched, including:
• Phoenix Mall of Asia (Bangalore)
• Phoenix Mall of the Millennium (Pune)
• Promising occupancy rates reported.
• Commercial Office Portfolio:
• Gross leasing: Over 300,000 square feet (April to October 2023)
• Total income for Q2 FY24: Rs. 47 crores (up 9% YoY)
• Projects in progress: Phoenix Asia Towers and Millennium Towers Wakad.
Sector Performance
• Hotel Sector:
• The St. Regis Mumbai: 20% increase in total income for Q2 FY24.
• Residential Segment:
• Gross bookings: Rs. 495 crores year-to-date, surpassing previous fiscal year's total.
Management Insights
• Future Outlook:
• Optimism for strong performance during the festive season.
• Plans for capital deployment in retail and mixed-use developments.
• Land Acquisition Strategy:
• Evaluating land purchases in Thane for residential and retail developments.
• Total development potential for Thane land: Over 3 million square feet.
Occupancy and Consumption Growth
• Office Projects:
• Asia Towers (Bangalore): Nearing completion, expected 75% occupancy within 12 months.
• Millennium Towers (Pune): First phase completion expected by August 2024.
• Retail Performance:
• Anticipated growth in consumption, particularly during the festive season.
• New retailers contributing to increased occupancy and same-store sales.
Rental Growth and Renewals
• Upcoming Renewals:
• Approximately 4 million square feet of mall space up for renewal in the next three years.
• Expected renewal rate: 15-20% annually, with potential spikes during significant contract expirations.
• Rental Reset Strategy:
• Rental resets every five years, with expected increases of 15-20% in minimum guarantee rent.
• Anchor spaces may see increases of 50-60%.
Future Plans
• Cash Flow Projections:
• Operating cash flow could reach Rs. 4,000 crores.
• Expansion in Tier 2 Cities:
• Identifying locations with strong feeder markets for retail expansion.
• Land Acquisition Post-2024:
• Plans to acquire one or two retail land parcels annually, focusing on retail and mixed-use developments based on market demand.

Earnings Overview
• Date of Call: August 9, 2023
• Q1 FY24 Financial Results:
• Consumption growth: 18% YoY (9% excluding new locations)
• Phoenix Palladium, Mumbai: 10% increase (adjusted for renovations)
• Key growth areas:
• Fashion and accessories: 17%
• Jewelry: 31%
• Food and beverages: 24%
• Retail Collections: Rs. 614 crore
• July 2023 Consumption: Rs. 931 crore (15% YoY growth)
Operational Highlights
• FEC Multiplex: 3% increase in Q1 FY24
• New Malls:
• Phoenix Palladium, Ahmedabad: 68% occupancy
• Phoenix Citadel, Indore: 87% occupancy
• Upcoming Projects: Mall of the Millennium (Pune), Phoenix Mall of Asia (Bangalore)
• Retail Rental Income: Rs. 377 crore (17% increase)
• EBITDA: Rs. 387 crore (19% increase)
Commercial and Hospitality Segments
• Commercial Offices:
• 1.76 lakh sq. ft. leased (April-July 2023)
• Total income: Rs. 45 crores; EBITDA: Rs. 26 crores (11% YoY growth)
• Hospitality:
• The St. Regis Mumbai: 82% occupancy, Rs. 112 crores income (34% increase)
• Courtyard by Marriott, Agra: 33% income rise
• Residential Sales: Rs. 135 crores; collections: Rs. 136 crores
• Consolidated Income: Rs. 811 crores (41% increase); EBITDA: Rs. 492 crores (52% increase)
Future Outlook
• Debt Management: Reduced gross debt by Rs. 523 crores; strong interest cover
• Margin Improvement: Linked to operational performance and increased visitor numbers
• Same-Store Sales Growth: Expected 10-12% once occupancy stabilizes
Leasing and Consumer Behavior
• Category Mix: No significant structural changes post-COVID; fashion and accessories occupy 55% of trading area
• Leasing Strategies: Pre-leasing common in malls; optimistic rental rates for upcoming office spaces
• Consumer Behavior: Footfalls returned to pre-COVID levels; aim to enhance customer spending
Conclusion
• Rental Increases: Current rate of approximately 14%; high-performing malls may reach 17% of sales
• Commercial Leasing Trends: Strong activity with notable tenants
• Residential Expansion: Selective approach focusing on established markets
The call concluded with gratitude to participants.

Communication Details
• Date of communication: May 30, 2023
• Transcript of Earnings Conference Call held on May 25, 2023
• Discussed financial results for the quarter and year ending March 31, 2023
• Transcript available on the company's website, signed by Company Secretary Gajendra Mewara
Financial Performance Highlights
• Q4 FY23 Retail Consumption:
• 59% growth to Rs. 2,211 crores compared to Q4 FY20
• Annual consumption reached Rs. 9,248 crores, up 33% from FY20
• Key categories: jewellery (+164%), food and beverage (+64%)
• Future Projections:
• Expected consumption of Rs. 11,500 crores in FY24
Commercial Office Portfolio
• Growth Metrics:
• Gross leasing of 431,000 sq. ft. in FY23
• Office income stable at Rs. 43 crores for Q4 FY23
• Total income for FY23 rose 7% to Rs. 170 crores
• Expansion Plans:
• Increase office space from 2 million to 7 million sq. ft. by FY27
Hospitality Sector Performance
• Key Achievements:
• The St. Regis, Mumbai: Record revenues and EBITDA, total income at Rs. 404 crores (+31% from FY20)
• Courtyard by Marriott, Agra: 24% income increase
Residential Sales and Acquisitions
• Sales Performance:
• Total residential sales of Rs. 466 crores in FY23
• Acquisitions:
• Significant land acquisitions for retail and residential developments
Financial Overview
• Income from Operations:
• 47% year-on-year increase in Q4 FY23, reaching Rs. 729 crores
• Debt Reduction:
• Consolidated gross debt reduced by Rs. 535 crores since March 2020
• Liquidity Position:
• Rs. 1,755 crores as of March 31, 2023
Conference Call Insights
• Rental Expectations:
• Projected net rents for various locations (Chennai, Wakad, Hebbal)
• Residential Projects:
• New towers pending launch; ongoing opportunities for mall development
• Retail Performance:
• 22% EBITDA growth, 15% rental growth compared to FY20
• Projected consumption growth of 12.5% for FY24
New Mall Developments
• Leasing Status:
• Bangalore mall expected to open soon; Pune mall anticipated in August
• Trading Occupancy:
• Expected ramp-up to 80-90% within 8-9 months post-launch
Strategic Focus
• Market Positioning:
• Aim to be the dominant consumption center in new cities
• Financing Strategy:
• Preference for equity funding; debt considered only near project completion
Additional Discussions
• Multiplexes:
• Significant tenants contributing 8-9% of mall area
• Operational Assets:
• Expected to generate around Rs. 9,000 crores, excluding new malls
• Pending CAPEX:
• Estimated at Rs. 4,650 crores across all assets
Conclusion
• The call concluded with thanks from the moderator, summarizing the company's optimistic outlook and strategic initiatives.

Date and Communication
• Date of Call: February 8, 2023
• Communication to: BSE and NSE on February 13, 2023
Financial Highlights
• Q3 Growth:
• 28% increase in retail consumption compared to Q3 FY20
• Total consumption for first nine months: Rs. 7,037 crores (up 27% from FY20)
• Income from Operations:
• Q3 FY23: Rs. 684 crores (66% year-on-year increase)
• PAT: Rs. 176 crores (up 78% year-on-year)
• Net Cash from Operations: Rs. 419 crores in Q3 FY23
• Consolidated Gross Debt: Decrease reported
Sector Performance
• Retail:
• Significant growth in jewelry (142%) and food & beverage (31%)
• Commercial:
• Strong leasing activity: 3.95 lakh sq. ft. leased, 16% increase in office income (Q3 FY23: Rs. 42 crores)
• Hotel:
• Total income: Rs. 109 crores, 81% occupancy, 18% increase in ARR
• Residential:
• Sales of Rs. 104 crores in Q3 FY23, driven by ready-to-move-in inventory
Upcoming Projects
• New Mall Launches:
• Locations: Ahmedabad, Bangalore, Pune
• Expected opening: Q1 FY24
• Estimated additional spend: Rs. 250-300 crores
• Kolkata Land Acquisition:
• Initial payment: Rs. 5 crores, total cost: Rs. 430 crores, construction costs: Rs. 1,000 crores
Strategic Focus
• Residential and Warehousing:
• Targeting mature markets for high-quality projects
• Initial investment in warehousing: Rs. 300-350 crores
• Cash Flow:
• Approximately Rs. 900 crores for 9M FY23, targeting Rs. 1,500-1,800 crores next year
Market Insights
• Footfalls: Nearly back to pre-COVID levels, with some locations exceeding 100%
• Rental Income Projections:
• Bangalore: Rs. 150-160 per sq. ft. at 90% occupancy, potential annual income: Rs. 180 crores
• Pune: Anticipated annual rental income: Rs. 140-150 crores
Conclusion
• Management's Outlook:
• Focus on retail expansion and land acquisitions
• Conservative approach to debt management
• Participant Engagement: Management expressed gratitude and invited further inquiries.