Multiplexes are still not performing very well, content pipeline is weak: Phoenix Mills

In a bid to boost real estate activity hit by the pandemic, the Maharashtra government on Wednesday announced to slash real estate premiums by 50 percent till December 31. Experts say the move is a win-win for home buyers as well as developers.

Shishir Shrivastava, MD of Phoenix Mills said spoke to CNBC-TV18 and said that they saw a sustained recovery in consumption at malls since reopening.

“Trends indicate that we are on the path of the same growth, but I think we are still a while away before we get back on the same trajectory where we were in January 2020. It is very encouraging to see that we are looking to be back on track.”

On malls and multiplexes, Shrivastava said, “Multiplexes are not still performing very well, there is also a very weak content pipeline. But I am hoping that in the next quarter we are going to start seeing some new releases and as Mumbai continues to improve in terms of numbers of cases etc. people will start getting the confidence of going back into movie theatres.”

On normalcy, he said, “I would compare it to FY19, nine months of FY19. On FY20 and FY19, I would say, we are at close to about 70 percent of consumption compared to FY19 numbers in this last quarter. If one were to crystal gaze and give some indication I would say that the next 6 months should take us back to where we were in FY20 in the same period.”

On earnings, Shrivastava said, “We have seen no cash flow loss as such, we are cash flow positive and we have seen about Rs 170 crore of free cash flows even after interest and tax. After capex we would be about Rs 40 crore positive.”

“We have seen some very good performance from our commercial office portfolio and the residential portfolio as well which is adding to our profitability and strong cash flow.”