Jefferies keeps Buy on Phoenix Mills as mall consumption rises 32%
Jefferies retained its Buy rating on Phoenix Mills, citing Rs 4,730 crore in mall consumption, up 32% year on year. The brokerage set a Rs 2,215 target price, implying 16% upside, as lease income rose 17% and pre-exceptional profit increased 23%.
Jefferies reiterated Buy ratings on eight Indian companies, highlighting Phoenix Mills’ mall-consumption growth and expansion pipeline, Asian Paints’ demand recovery, ITC’s consumer portfolio, Radico’s premiumisation and Devyani International’s QSR store-led growth.
Why this matters
The call follows Phoenix Mills' June-quarter profit increase of 23%, though shares fell 5% on project delays; a separate Q1 signal also cited 23% profit growth on stronger revenue and operating performance.
retail-company is accelerating, up 199086% QoQ.