Phoenix Mills shares slumped 6% on 12 February despite the company posting strong quarterly earnings for October-December.

The company posted a 58.4% year-on-year increase in its consolidated net profit to Rs 279.4 crore for the quarter under review from Rs 176.4 crore reported in the same quarter last year.

The revenue from operations during the quarter stood at Rs 986.1 crore, marking a 44.2% YoY increase from Rs 683.8 crore reported in the same quarter of the previous fiscal year.

The EBITDA (earnings before interest, taxes, depreciation and amortisation) for the quarter saw a 43.5% YoY increase to Rs 551.8 crore in Q3FY24 from Rs 384.4 crore reported in Q3FY23. The EBITDA margin during the quarter marginally contracted to 56% from 56.2% reported in the same quarter of the previous financial year.

The gross retail collection during the quarter grew by 30% YoY to Rs 700 crore. Retail collections inclusive of GST and CAM & other recoveries from retailers.

On 18 January, the company said they transferred a land parcel owned by them, measuring 1,919.73 square meters, to the Brihanmumbai Municipal Corporation (BMC) as per the “mandate/compulsion of development permission granted by BMC”.

At 12:23 pm, Phoenix Mills shares were trading 5.88% lower at Rs 2,498.65 on NSE.