MUMBAI, May 30, 2019 /PRNewswire/ —
- Consolidated revenue up 23%
- Sale of services grew by 54%
- Consolidated EBITDA up by 55%, EBITDA margin up 1122 bps
- Cash PAT for the quarter at 12.7 crore was up 78% y-o-y and for the year was INR 40.3 crore; up 108%
- Strong operating performance: Leasing of 90% at Coimbatore Mall & 81% at Aurangabad Mall
- Footfall increased by 155% at Coimbatore Mall & 76% at Aurangabad Mall on YoY basis
- New brands opened during Q4 – 9 at Aurangabad Mall, 2 stores and 3 kiosks opened at Coimbatore Mall
Prozone Intu Properties Limited (PIPL), India’s leading retail led mixed-use developer, today announced the financial results for the fourth quarter and twelve months ended on March 31, 2019, as approved by its Board of Directors.
Commenting on its performance, Nikhil Chaturvedi, Managing Director, Prozone Intu, said, “For FY19, we reported 55% increase in EBITDA and 100% increase in cash profits. While our retails assets are on its way to achieve an optimum occupancy level, OC is awaited for Nagpur residential whereas, for Coimbatore residential, we have received most of the statutory approvals and will commence construction once we get RERA approval.”
“We concluded FY19 on an exciting note as all our business segments are getting good tractions. During Q4, Aurangabad Mall reached an occupancy level of 81% and saw 9 new brands commenced operations at whereas Coimbatore Mall reached 90% occupancy level with 2 new stores and 3 kiosks starting operations in Q4. At Nagpur, the construction planning for a mall is complete. At Indore, pre-launch sales of plots have started. With all these aspects coming together, we look forward to an exciting and rewarding FY20,” said Bipin Gurnani, President of Prozone Intu Properties Limited.
Awards & Recognitions
- During FY2019, Prozone’s malls at Aurangabad and Coimbatore won the prestigious ET Global Awards for Retail Excellence
- Prozone’s Coimbatore Mall won “Most Admired Shopping Centre Launch of the Year (Non-Metro – South)” at the Images Shopping Centre Awards, 2018
- Prozone’s Coimbatore Mall also won Pride of Coimbatore Awards 2019 for
- Shopping centre of the year &
- Best Round the year Marketing
About Prozone Intu
Prozone Intu Properties Ltd. (Prozone Intu) 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. Prozone Intu’s strategy is to lead in the retail space within Tier 2 and 3 cities, in which robust urbanisation and significant growth in middle-class consumption is expected over the next 5 years. The Company’s key business strategy includes developing large scale land parcels for mixed use development, with 75% of the land earmarked for 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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