Rating agency, CRISIL Equities has upgraded Phoenix Mills CRISIL IER fundamental grade to 3/5 from 2/5. The grade indicates that the company’s fundamentals are good relative to other listed equity securities in India. The rating agency has also assigned a valuation grade of 4/5 to the company.
The rating agency has revised the company’s fundamental grade following consistently strong performance by its consumption centre High Street Phoenix (HSP) in Mumbai, encouraging pre-leasing activities in upcoming market city projects and the company`s strong balance sheet despite it being in an asset-heavy retailing business.
The assigned grade factors in strong cash flows from HSP, an established retail destination housing marquee tenants such as Zara, Diesel, Manchester United CafA, Hamleys, etc. with more than 1 million footfalls a month.
Phoenix Mills engaged in property development in India. Its activities include planning, execution, and marketing of projects, property rental and management, and maintenance and sale of the completed properties.