Prozone Intu delivers strong quarterly growth for Q2 FY2019

Deepthi | Myequity news | Date : 16-11-2018 12:40:00 IST

Prozone Intu Properties Limited (PIPL), India's leading retail led mixed-use developer, announced the financial results on November 14, 2018 for the second quarter and half year ended on September 30, 2018, as approved by its Board of Directors.

Key Highlights for Q2 FY2019

Strong revenue growth, up 132% QoQ

Highest ever EBITDA at Rs 225 mn, with margin of 51.6%

Strong operating performance: Leasing of 89% at Coimbatore Mall & 83% at Aurangabad Mall

Strong Balance Sheet with low leverage of 0.4x    

Commenting on its performance, Nikhil Chaturvedi, Managing Director, Prozone Intu said, "Prozone Intu is consistently delivering improvements in the operations at the Aurangabad and Coimbatore malls. We are witnessing consistently increasing footfalls and consumption at our malls. In August, the Aurangabad Mall witnessed one of highest ever footfall in a single day. Currently, the leasing rate at both Aurangabad and Coimbatore stand at 83% and 89% respectively. And with the current pipeline of brands under discussion, we should scale the leasing levels above 90%in the next few quarters."

"The openings of HAM, Marks & Spencer's and Home Town have created a lot of renewed interest around our Aurangabad Mall. At the Coimbatore property, Inox's fully operational 9-screen theatres are contributing to improving footfalls and overall consumption. On a sequential quarter basis, we have achieved over 132% growth in our revenue, and 58% increase in our EBITDA. This is a reflection of our strong underlying business performance, and we believe that there is ample improvement possible in the coming quarters." Says Bipin Gurnani, President of Proxone Intu Properties Limited.

About Prorone Intu

Prozone Intu Properties Ltd. (ProzoneIntu) is developed by the Promoters and participated by Intu Properties Plc, a UK FTSE-250 company. Prozone Intu creates, develops and manages world-class regional shopping centres, and associated mixed-use developments, on a Pan-India basis. The Company's key business strategy includes developing large scale land parcels for mixed use development, with 75% of the land earmarked residential & commercial categories on a build & sell model. 25% of the land is allocated towards retail malls on a build and lease model.

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