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Prozone Intu's Q1 FY20 consolidated revenues up 31.4% to INR 22.3 crore

Posted On: 2019-08-13 15:35:25

Prozone Intu Properties Limited (PIPL), India's leading retail led mixeduse developer, today announced the financial results for the first quarter ended on June 30, 2019, as approved by its Board of Directors.

Key Highlights - Q1 FY20 (Y-o-Y)

- Consolidated revenue at INR 22.3 crore; up 31.4%
- Sale of services grew by 30.9%
- Consolidated EBITDA at INR 17.9 crore up by 26.3%
- Cash PAT for the quarter at INR 8.3 crore was up 36.1% y-o-y
- Strong operating performance: Leasing of 92% at Coimbatore Mall
- Footfall increased by 127% at Coimbatore Mall & 25% at Aurangabad Mall on YoY basis
- Stores opened during Q1 - 8 at Aurangabad Mall, 2 stores and 3 kiosks opened at Coimbatore Mall

Commenting on its performance, Nikhil Chaturvedi, Managing Director, Prozone Intu said, "FY2020 has started on a good note with an excellent performance by our retail assets. Backed by robust performance of Prozone's retail portfolio, we reported a strong topline growth of 31.4% and turned PAT positive. Cash PAT in first quarter is up by 36.1% year-on-year. Our retail assets continue to attract marque brands which are looking to penetrate the emerging tier 1 cities like Coimbatore and Aurangabad; thus improving occupancy levels across our malls."

"While our retail portfolio continues to do well, pressure has been seen on the build & sale (residential) business given the prevailing market conditions. We are working out alternate strategies to monetize the assets where in option to develop smaller phases for quicker monetization at lower risks are being explored. Alternatively option to develop other assets classes is also being reviewed." said Bipin Gurnani, President of Prozone Intu Properties Limited.

Business Highlights

- At Coimbatore mall, as on June 30, 2019, total 9 Stores were under fitout which will add an aggregate leasable area up to 33,016 sq ft during the next few months. Besides these stores, the mall is in advanced stage of discussion with 6 more brands.

- Average monthly trading density at Coimbatore Mall was up by 21.7%.; at Aurangabad Mall was up 10%

- At Aurangabad Mall, 8 new stores such as Funtastica, Xiaomi, VIP, etc started operations; occupying leased area of 69,779 sq. ft., started operations during the quarter. 3 new stores with leasable area of 24,649 are under fitouts during the quarter and are expected to be operational in the next few months.

Shares of Prozone Intu Properties Limited was last trading in BSE at Rs.19 as compared to the previous close of Rs. 18.4. The total number of shares traded during the day was 4355 in over 24 trades.

The stock hit an intraday high of Rs. 19 and intraday low of 17.85. The net turnover during the day was Rs. 80803.

Source: Equity Bulls

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