Financial Statements Q2 FY2022

Corp. Office: Shree Laxmi Woolen Mills Estate, 2nd Floor,

R.R. Hosiery, Off Dr. E. Moses Rd. Mahalaxmi, Mumbai - 400 011

Tel: [phone] Fax : [phone]

CIN No. : L17100MH1905PLC000200

November 1, 2021
BSE Limited	National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers	Exchange Plaza,
Dalal Street, Fort,	Bandra-Kurla Complex, Bandra East,
Mumbai- 400 001	Mumbai- 400051
Security code: 503100	Symbol: PHOENIXLTD
Dear Sir(s),

Sub: Outcome of the Board Meeting‐ Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2021

Further to our intimation dated October 25, 2021 and pursuant to Regulation 30, 33 and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, ("Listing Regulations"), we wish to inform you that the Board of Directors of The Phoenix Mills Limited ("Company") at its meeting held today viz. Monday, November 1, 2021, have considered and approved the Unaudited Standalone and Consolidated Financial Results for the quarter and half year ended on September 30, 2021.

Accordingly, we are submitting herewith the Unaudited Standalone and Consolidated Financial Results along with the Limited Review Report thereon issued by our Statutory Auditors M/s. D T S & Associates LLP, Chartered Accountants, for the quarter and half year ended September 30, 2021.

The	meeting of the Board of Directors of the Company commenced at 4.30 p.m. (IST)
and	concluded at 8.20 p.m. (IST)

The intimation along with the aforesaid Financial Results and Limited Review Report are also being uploaded on the Company's website at https://www.thephoenixmills.com.

You are requested to take the aforesaid information on record.

Thanking you,

Yours Faithfully,

For The Phoenix Mills Limited

Gajendra	Digitally signed by
Gajendra Mewara
Mewara	Date: 2021.11.01
20:25:40 +05'30'

Gajendra Mewara

Company Secretary

Enclosures: As above

Regd. Office : The Phoenix Mills Ltd., 462 Senapati Bapat Marg, Lower Parel, Mumbai 400 013. Tel : [phone] / 8 / 9

Fax : [phone] E-mail : [e-mail] www.thephoenixmills.com

D T S & Associates LLP

Chartered Accountants

Independent Auditor's Review Report on the Quarterly and Vear to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to,

The Board of Directors

The Phoenix Mills Limited

1. We have reviewed the accompanying statement of unaudited standalone financial results of The Phoenix Mills Limited (the 'Company') for the quarter ended 30th September, 2021 and year to date from April 01, 2021 to September 30, 2021 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").

1. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting", prescribed under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
2. We conducted our review in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of person responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standard on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued there under and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Listing Regulation, including the manner in which it is to be disclosed, or that it contains any material misstatement.

REGO. OFFICE: SUIT#1306-1307, LODHA SUPREMUS, SENAPATI BAPAT MARG, LOWER PAREL, MUMBAI - 400 013.

PHONE: [phone] FAX: [phone]

CORP. OFFICE: 1105, RAHEJA CENTRE, FREE PRESS JOURNAL MARG, NARIMAN POINT, MUMBAI - 400 021.

Dl-l()t-.11=• +01 ")") Ll07l 'JlOI, Wl='R· A/IA/IA/ rite::, ;n

D T S & Associates LLP

Chartered Accountants

5. We draw attention to Note 6 of the Statement, which describes the company's management

evaluation of impact of Covid-19 pandemic on the future business operations and future cash flows of the Company and it's consequential effects on the carrying value of assets as at 30th

September, 2021. The Management has made a best estimate of the revenue recoverable for the half year ended 30th September, 2021 on the basis stated in the said Note. In view of

uncertain economic conditions arising out of pandemic, the management's evaluation of impact on subsequent periods and of amounts of revenue recognised during the period is highly dependent upon conditions as they evolve. Our opinion is not modified in respect of this matter.

For D T S & Associates LLP

Chartered Accountants

g;st ca n No. 142412W / W100595J

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Partner

Membership No. 132639

Place: Mumbai

Date: 1st November, 2021

UDIN: 21132639AAAAFT9336

Continuation Sheet... ..

THE PHOENIX MILLS LIMITED

			STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER/ HALF YEAR ENDED 30TH SEPTEMBER, 2021
					Regd. Office:- 462, Senapatl Bapat Marg, Lower Parel, Mumbai - 400013
				Tel: [phone]	E-mail: [e-mail]:www.thephoenixmills.com		(H, Lakhs)
				PARTICULARS		Thne Months Ended On	SixMonthsEnded On	Year Ended
Sr. No.							30-09-2021		30-06-2021
						30-09-2020		30-09-2021	30-09-2020	31-03-2021
1 Income						Unaudited		Unaudited		Unaudited	Unaudited	Unaudited	Audited
		Nat Sales / Income from Operations	5,983.52	3,929.04	4,489.98	9,912.56	8,506.47	24,918.09
		Other Income	(Refer Nole - 4)	1,488.36	3,543.72	905.22	5,030.08	1,391.08	29,756.64
		Total Income	from Operations	7,489.88	7,472.71	5,395.20	14,942.84	9,897.55	64,674.73

• Expenditure
• 1. (Increase)/ Decrease in Stock in Trade/Work in Progress
  2. Cost of Materials Consumed

	c) Employee Benefits Expenses	590.36	400.12	264.03	990.48	484.28	1,268.42
	d) Finance Cost	1,554.88	1,566.57	1,700.66	3,121.43	3,638.92	6,241.10
	e) Electricity Expenses	391.84	272.95	378.80	864.79	537.68	1,804.67
	I) Depreciation and Amortisation Expenses	712.17	682.81	1,153.71	1,394.98	2,304.68	4,237.51
	g) Other Expenses	2,412.46	1,649.41	1,802.74	4,061.87	2,752.13	9,497.93
3	Total Expenditure	5,1411.69	4,571.88	5,299.94	10,233.55	9,717.69	23,049.63
Profit before Exceptional Items	1,606.19	2,900.90	95.28	4,709.09	179.86	31,625.10
4	Exceptional Item (Refer Note - 5)	1,808.19	20,887.24	95.26	20,887.24	179.86	31,625.10
5	Profit from ordinary activities before tax	23,788.14	25,596.33
6	Tax expense	270.07	317.31	23.81	587.38	31.09	2,399.37
7	Net Profit After Tax for the period from continuing oper1tlon1	1,538.12	23,470.83	71.45	25,008.15	148.77	29,225.73
8	Other Comprehensive Income (after lax)	39.51	39.37	18.05	78.88	29.49	18.44
9	Total Comprehensive Income (after taxH) (7+8)	1,577.63	23,510.20	89.50	25,087.83	178.26	29,244.17
10	Paid-up equity share capital (Face Value f 21- per share)	3,439.59	3,437.82	3,433.67	3,439.59	3,433.67	3,437.42
11	Other Equity							4.19,742.44
12	Basic EPS (not annualised) (f)	0.89	13.65	0.04	14.55	0.09	17.76
	Diluted EPS (not annualised m	0.90	13.83	0.04	14.52		0.09	17.72

Notes:

• The above Standalone Unaudiled Financial Results of the Company fo, the quarter and haW year ended 30th Septerr.ber, 2021 have been reviewed by the AudH Committee end approved by the Board of Directors at their respective meetings held on 01st November, 2021. The Statutory Auditors of the Company have conducted a "Limited R� of the above Standalone Unaudited Financial Results.

• The company has Issued 1,08,250 Equity Shores under the ESOP scheme at an exercise price of Rs. 333.90/- per equHy share (induding premium of Rs. 331.90 per equity share), durtng the half year ended 30th September, 2021.

• Tho Board of Directors approved Iha Scheme of Amalgamation ('Scheme") under section 230 to 232 of the Companies Act, 2013 for merger of Phoenix HospitalHy Company Privale Limited ("PHCPL"), a subsidiary company with the Company from the Appointed Dale 1st April, 2019. The effect of the merger would be accounled fo, after the Scheme is approved by National Company Law Tribunal ("NCLr') and other authortties. The Companies have filed their respective petitions befo,e the Hon'ble NCLT saeking Its approval for the propcsed merger, which are pending for final heartng by the Hon' ble NCLT.

• Other income for the Financial Year 2020-21 inciudes profit on sale of Property Plant & Equipment (certain corrvnercial units and certain parcels of undivided share In land) aggregating to f 24,731.47 Lakhs to wholly owned subsideries.

• E>ccepUonal item for the quarter ended 30th June, 2021 refers to the profit on sale of partial Investments In two subsidiaries (Offbeat Developers Private Limited and Vamona Developers Private Limited), whilst relalniig control thereon.

• In preparation of these financial results, the Company has taken Into account intemal and external sources of information to assess possibte Impacts of the pandemic, Including but not Wmlted to assessment of liquidity and going coricem, racoverabta values or its financial and non-financialassets.
  The Company has also assessed the potentlal Impact of Covid•19 on the carrying value of property. plant & equipment, trade receivables, and other current assets appearing in the resutts of the Company. In devMOping the assumptions and estimates retating to the future uncertainties in !he economic condittons because of this pandemic, the Company as at the date of approval of results and based on current estimates, expects to recover the carrying amounts of the assets lnduding trade receivables as at 30.09.2021. Considering the evolving nature of the pandemic, Its actual impact In future could be different from that estimated as at the date of approval of these financial results. The Company will continue to ciosaly monitor uncertainUes arising out of material changes to the future economic conditions.
  The Mall operations for the haW year ended 30.09.2021 have been Impacted by the Lod-19 Pandemic. The Management has recognised the revenues from Man operations for the hatf year ended 30.09.2021 on a conservative basis considering concessions/reliefs on rentals from its retailers/ Licensees. owing to which the said results and performance are not indicative/illustrative of lhe revenue and p&rfonnance for the enUre Flnanclat Year.

• Tho Company Is predominantly engaged In the business of property and relaled services, whose resulls era reviewed regularly by chief operating decision maker for making decis;ons about resource allocation and performance assessment. As such , there are no separate reporting segments as per lnd·AS108.

8 The figures for the cocresponding previous period have been redassified/ regrouped, whe,ever necessary lo make them comparable with the corrent period.

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For and on behalf of the Board of Directors

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THE PHOENIX MILLS LIMITED

STATEMENT OF STANDALONE CASH FLOWS FOR THE SIX MONTH ENDED 30TH SEPTEMBER, 2021

			Six Month ended
A CASH FLOWS FROM OPERATING ACTIVITIES			30th September 2021
Net Profit before tax as per the Statement of Profit and Loss			4,709.08
Adjustments for :
Depreciation and Amortization Expense			1,394.96
(Galn)/Loss on fair valuation of Investments measured at			153.43
fair value through profit or loss
Interest Expense for financial liabilities at amortised cost			3,121.43
Interest Income			(2,709.64)
Interest Income on Bond			.
Share Based payments to employees			67.42
Allowance for Doubtful Debts and Advances			33.88
Dividend Income			(1,625.02)
Share of Loss from Partnership Finn			.
Loss / (Gain) on financial assets measured at FVTPL			1399.28)
Operating Prom before Working Capital Changes				37.20
		4,748.28
Adjustment for Working Capital changes			(30.94)
Trade and Other Receivables
Trade and Other Payables			(715.60)		(746.54)
Cash generated from Operations
			3,999.74
Less: Income taxes paid (Net)			(459.47)
Nat Cash generated from Operating ActlvltlH	A			3 540.27
B CASH FLOWS FROM INVESTING ACTIVITIES
Payments for purchase of Property, Plant and Equipment, Capital Work-			12,007.55
Ill-Progress and IntangibleAssets (Net)
Inter Corporate Deposits & Loans (placed)/refunded (Net)			31,312.38
Investment made in Mu1ual Funds			(81,250.00)
Proceeds from sale of Mu1ual Funds			31,248.78
Investment made in Bonds/ NCD			(1,047.11)
Proceeds from sale of Bonds/ NCD			3,403.49
Investment made In Tenn Deposits			(2,393.00)
Proceeds from sale of Tenn Deposits			29,712.00
lnyestments In Subsidiaries/Associates			(72,484.31)
Proceeds from sale/redemption of investments in Subsidiaries/Associates			35,880.90
Investment in Preference shares			(1,058.10)
Interest Received			3,721.45
Dividend Received			1,625.02

(f In Lakhs)

Six Month ended 30th September 2020

179.86

2,304.68

(23.96)

3,638.92

(1,192.68)

(2.63)

16.30

183.80

(0.03)

2.20

(173.27)

4,753.35

4,933.21

(2,630.19)

3,433.57

803.38

5,738.59

(349.08)

5 387.51

(475.87)

(9,499.96)

(57,500.00)

18,007.85

(1,063. ..32)

(42,431.33)

3,573.33 (4,500.00)

.

.

238.27

0.03

Nat Cash used In Investing Activities

C CASH FLOWS FROM FINANCING ACTIVITIES

Net Proceeds from Issue of Equity shares at

Share Premium (Net of Issue Expenses)

Share Issue Expenses

Movement in Short Term Borrowings

Repayment of Borrowings - Long Term

Proceedsfrom Inter Corporate Loans & Deposits

Share Application Money

Interest paid

Dividends Paid (including Dividend Dlstrlbu1ion Tax)

Net Cash Generated/(uaed) In Financing Activities

D Net lncrease/(Decrease) In Cash and Cuh Equivalents

Cash and Cash equivalents at the beginning of the period

• h eoulvalents at the End of the 11erlod

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B	19 320.95)

361.45

(7,523.23)

(7,116.01)

16,386.00

(9.62)

(1,829.12)

(1,720.07)

• 11 450.60

A+B+C	-	17 231.28
	8,182.31
	h�� 961.03

({(::)ll

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193 651.00)

1,08,686.27

(13,348.68)

(1,059.03)

(4,612.95)

(9.18)

(1,175.45)

.

88 480.98

217.49

383.00

600.49