The share price of Phoenix Mills Ltd jumped over 8 percent in early trade on Friday after the company reported its business update for the quarter ending December 2020.

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The share price of Phoenix Mills rallied as much as 8.7 percent to Rs 819.00 apiece on the BSE. At 10:30 am, the shares were trading 7.27 percent higher at Rs 808.15 as compared to a 0.89 percent gain in the benchmark Sensex.

The company said it saw a sustained recovery in the consumption at its malls since reopening. The consumption across the retail portfolio was at Rs 1,370 crore in Q3FY21, up 192 percent QoQ and at approximately 66 percent of Q3FY20.

Consumption in December 2020 was steady at approximately Rs 500 crore, at the same level as November 2020 and at 70 percent of December 2019.

In line with consumption, retail collections continue to witness sharp improvement. Q3FY21 collection was at approximately Rs 260 crore while the collection stood at approximately Rs 390 crore for the nine months to December 2020, the company said.

In the residential category, the developer sold 14 units with an aggregate sales value of approximately Rs 74 crore in Q3FY21. The collection was at approximately Rs 37.8 crore during the quarter.

Rent & CAM collections across the commercial portfolio were at Rs 39 crore in the December quarter. The company received an occupation certificate for Fountainhead Tower 2 in October 2020 and leased approximately 25,000 sq ft during December 2020.

“Our hotel properties saw improved traction in social events and F&B revenue during Q3FY21. Revenue at The St. Regis, Mumbai has almost doubled sequentially to approximately Rs 179 million in Q3FY21 and is at 28 percent of Q3FY20. Revenue at Courtyard by Marriott, Agra stood at approximately Rs 45 million in Q3FY21, at 36 percent of Q3FY20,” Phoenix Mills said in a regulatory filing.

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First Published:Jan 8, 2021 11:05 AM IST