PIPL's Q3 consolidated revenue surges 20 pct to INR 33.9 Crore

Prozone Intu Properties Limited (PIPL), India's leading retail led mixed-use developer, today announced the financial results for the third quarter and nine months ended on December 31, 2018, as approved by its Board of Directors.

Key Highlights for Q3 FY2019

• Consolidated revenue up 20% y-o-y Consolidated EBITDA up by 30.4% y-o-y, EBITDA margin up 440 bps
• Cash PAT reported during quarter was INR 9.8 crore; up 38% y-o-y Strong operating performance: Leasing of 89% at Coimbatore Mall & 83% at Aurangabad Mall
• New stores opened during Q3 - 6 at Coimbatore Mall and 8 at Aurangabad Mall

Commenting on its performance, Nikhil Chaturvedi, Managing Director, Prozone Intu, said, "Prozone Intu is steadily reporting improved financial performance. Our retail assets are consistently delivering accelerated performance in their micro-markets, vindicating our confidence in the rising consumption levels in emerging tier 1 cities. With remarkable improvement in the recorded footfalls and the trading density, we are quite confident that we will end FY19 with significant improvement in operational and financial performance,"

"During Q3, Coimbatore Mall completed one year of operations and achieved close to 90% leasing status in very short span of time. Eightnew stores commenced operations at Aurangabad mall and 6 new stores at Coimbatore mall; with both malls reporting significant improvement in trading density. During the quarter, we received statutory approval for Coimbatore residential phase -1 where the construction will soon commence. Overall, we are on the right track to deliver a long-term sustainable value to our stakeholders," saysBipin Gurnani, President of Prozone Intu Properties Limited.

To take advantage of the rising consumption levels providing an opportunity in retail sector in Nagpur, planning for the Prozone Mall Nagpur has been completed. Relevant approvals and financial closures are in advanced stages of completion and construction is expected to commence in the first quarter of the next fiscal. Recently, their malls at Aurangabad and Coimbatore were felicitated with Economic Times Global Award for Retail Excellence.