Profit before tax slumped 53.4% YoY to Rs 342.77 crore during the period under review.

Operating EBITDA grew 52% to Rs 492.3 crore in Q1 FY24 from Rs 322.9 crore in Q1 FY23. EBITDA margin slipped to 61% in Q1 FY24 as against 56% in Q1 FY23.

During the June quarter, collection from retail operations stood at Rs 613.6 crore, up 18% over Q1 FY23.

Total consumption in Q1 FY24 stood at Rs 2,573.8 crore, demonstrating a growth of 18% on YoY basis.

The company said that it has achieved gross leasing of approximately 1.76 lakh sf during Q1 FY24, of which around 0.88 lakh sf is new leasing and approximately 0.87 lakh sf is renewal leasing

In its residential portfolio, the sales trajectory has seen good improvement backed by strong demand and faster conversions. Strong sales momentum continued, with gross residential sales of approximately Rs 94.1 crore in July 2023, taking the YTD April 2023 to July 2023 sales to Rs 229.2 crore.

Collections were at Rs 136.4 crore during the period under review.

The Phoenix Mills is India's largest retail led mixed-use developer. Its operations span across most aspects of real estate development; planning, execution, marketing, management, maintenance & sales. The group has real estate assets in Mumbai, Bengaluru, Chennai, Pune, Raipur, Agra, Indore, Lucknow, Bareilly & Ahmedabad.

The scrip rose 0.19% to Rs 1,698.80 on the BSE.