THE PHOENIX
MILLS LIMITED
Corp. Office : Shree Laxmi Woolen Mills Estate, 2nd Flor,
RAR Hosiery, Of. Dr. E, Moses Rd. Mahalaxm, Mumba - 400 011
Te: (022) 00% 6800 Fax: (022) 3001 6801
CIN No. :L170o4F1805LC000200
February 14, 2017
‘The Corporate Relationship Department
BSE Limited
Phiroze Jeejeebhoy Towers
Dalal Street, Mumbai- 400 001
‘The Corporate Relationship Department
‘The National Stock Exchange of India Ltd
Bandra-Kurla Complex, Mumbai.
Ref: The Phoenix Mills Limited (503100/ PHOENIXLTD)
Months ended December 31, 2016
Dear Sir(s),
Pursuant to Regulation 30 and 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (“Listing Regulations”), the Board of Directors of the
Company in its meeting held today, February 14, 2017, which commenced at 4:00 p.m.
and concluded at 6:50 p.m,, has approved the un-audited standalone and consolidated
financial results of the Company for the third quarter and nine months ended December
31, 2016.
‘Accordingly, we are enclosing herewith the un-audited standalone and consolidated
financial results of the Company along with the Limited Review Report issued by the
Statutory Auditors for the third quarter and nine months ended December 31, 2016.
We request you to kindly take the same on record.
Regards,
For The Phoenix Mills Limited
Company Secretary
Regd. Ofc: The Proonix Mis Ld, 462, Senapat Bapat Mag, Lower Pare, Mumba 400013. Te (022) 2496 4907/8 9 Fax (020 24986988
mal :into@the phoniamils.com - wat thophoeixnls comINDEPENDENT AUDITORS? REVIEW REPORT
To,
The Board of Directors
The Phoenix Mills Limited
RESULTS OF THE PHOENIX MILLS.
, 2016
LIMITED REVIEW REPORT OF THE UNAUDITED CONSOLIDAT
LIMITED FOR QUARTER AND NINE MONTHS ENDED 31°" DECEMBE!
|. We have reviewed the accompanying statement of Unaudited Consolidated Financial Results of The Phoenix Mills
Limited (“the Company”) and its subsidiaries (together referred to as “the Group”) and its associates for the quarter
and nine months ended 31" December 2016 (“the Statement"), This statement is the responsibility of the
‘Company's Management and has been approved by the Board of Directors. Our responsibility is to issue a report on.
these financial statements based on our review.
We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE)
2410, “Review of Interim Finaneial 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 Statement is free of material misstatements. A review is limited primarily to
inquiries of Company personnel and analytical procedures applied to financial data and thus provide less assurance
than an audit. We have not performed an audit and accordingly we do not express an opinion
Te Statement includes the results of following entities:
List of Subsidiaries:
Alliance Spaces Private Limited; Bellona Hospitality Services Limited; Big Apple Real Estate Private Limited:
Blackwood Developers Private Limited; Butala Farm Lands Private Limited; Classic Mall Development Company
Private Limited: Enhance Holdings Private Limited; Gangetic Developers Private Limited; Gangetic Hotels Private
Limited; Graceworks Reality and Leisure Private Limited; Island Star Mall Developers Private Limited; Market City
Management Private Limited; Marketcity Resources Private Limited; Mugwort Land Holdings Private Limited;
Offbeat Developers Private Limited; Palladium Constructions Private Limited; Pallazzio Hotels and Leisure
imited; Phoenix Hospitality Company Private Limited; Pinnacle Real Estate Development Private Limited;
Plutocrat Assets & Capital Management Private Limited; Sangam Infiabuild Comporation Private Limited; Savannah
Phoenix Private Limited; Upal Developers Private Limited; Vamona Developers Private Limited
ist of Associates:
Classic Housing Projects Private Limited; Escort Developers Private Limited; Mirabel Entertainment Private
Limited; Starboard Hotels Private Limited;
4. The accompanying Statement includes:
8) Unaudited financial results of twenty two subsidiaries, which reflect total revenue of Rs, 28,698.96 Lakhs and
Rs, 96,304.54 Lakhs for the quarter and nine months ended 31” December, 2016, respectively and the total
profit after tax of Rs. 2,061,79 Lakhs and Rs. 6,239.14 Lakhs for the quarter and nine months ended 31°
December, 2016 and financial results of three associates in which the shate of profit of the Group is RS. 66.23
Lakhs and Rs. 77.77 Lakhs for the quarter and nine months ended 31* December, 2016, respectively, that have
been reviewed by one of us,
Page Lof2by We did not review the unaudited financial results of two subsidiaries, which reflect total revenue of Rs
6973.67 Lakhs and Rs. 18,087.07 Lakhs for the quarter and nine months ended 31" December, 2016,
respectively and the total profit afler tax of RS. 3,673.70 Lakhs for the quarter and total loss after tax Rs.
2,024.44 Lakhs for the nine months ended 31" December, 2016, respectively and Unaudited financial results of
‘one associate in which the share of profit of the Group is RS. 0.03 Lakhs and Rs. 0.06 Lakhs for the quarter and
for the nine months ended 31* December, 2016, respectively. These unaudited financial results have becn
reviewed by another auditor whose reports are furnished to us and our report in so far as it relates 0 the
amounts included in respect of these subsidiaries and associates is based solely on the report of other auditors.
(Our review is not qualified in respect of these matters.
5, 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 applicable Indian Accounting Standards prescribed
‘under section 133 of the Companies Act, 2013, read with relevant rules issued there under and other recognized
accounting practices and principle generally accepted in India, has not disclosed the information required to be
disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, read with SEBI Circular No. CIR/CFD/FACI62/2016 dated Sth July, 2016, including the
‘manner in which itis to be disclosed, oF that it contains any material misstatement
For A. M Ghelani & Company For Chaturvedi & Shah
‘Chartered Accountants ‘Chartered Accountants
is (Firm Registration No. 101720W)
‘Tignes Mehta
= Partner
‘Membership No, 104391 Membership No. 102749)
Place: Mumbai Place: Mumbai
Date: 14" February, 2017 Date: 14" February, 2017
Enclosed: Unaudited consolidated financial results for the quarter and nine months ended 3st December, 2016 of
‘The Phoenix Mills Limited
Page 2 of 2THE PHOENIX MILLS LATTE
‘CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER/NINE MONTHS ENDED 31st DECEMBER, 2016
Regd. Office 462, Senapat Bopat Marg, Lower Parl, Mumbai - 0013
‘Tel: (022) 24964307/ 08/09 E-ail:ino@thephocoixmill.com Website: war: thephocnitails. com
(Gia No- Li7iooEo05PLCoWE200
(is.ta Laks)
SN] PARTICULARS “Thece Months ded on ‘Nise Matis Ended on
“ipiayame | 7os7ame | SiriayaaIs | —Si7iayaaNe | — SITS
Toavdied | Unsuiited | Unaudited | Unavaiied | Unaudited
7 | ficome Fem Operation
Net Sales / Income fom operations 456399] 49,0750] aoooas] —sazomnae] 131.3536
Tow Income fom Operations 466899] 49,107.90} 4946043] asror0s8] 151,353.25
2 |expendtiare
2) ncrerse/ Decrease in Stock in Vrade/Wock in Progress (2ssa) 28] estos} sassy] (sto)
1) Cost of Matias Consamed/ Consrvction Related Coste srai7s} 796030) rages] zagst.a 3228887
J) emploee Benefit Expenses sporst | — 320242) 3580s] r00770 929819
|) Blectaity Expenses acs] — 47sa76] 470374] 460036 usin
|e) Depreciation and Amrtiston Fispenser 4gese2 | azoras] —sesi49] 1435365, 1295908
1) Othe Fxpenses vost] ease] ioerss2] —anascaz agoourt
Total Expenditure 2789.69 | 30,786.77] 32,86788] 86,647.63 86,113.03
15 [Profic rom Operations before 1679.0 | assis] asporss] 50,372.75, 4520.23
ther Income, Finance Coats and Exceptional Irems
4 [otter income 1s ave] oss 268553 2248.54
45 [Profi rom Ordinary Actstes before vremras | wtsocr] mssz70] 53,058.28 asa
Hinance Costs and Exceptional Teme
6 Finance Coste ozecoo] 1105453] 1112495] 32,300.68 saa3672
7 | Profc from Ordinary Activites before seas] sz608 | 642778] anerr.6o 15,252.05
Exceptional items
5. | Psexptiona trom (664.70) (66470)
9 | Profi fom Ordinary Activites before Tax 683613] sar608} 5,763.08] 25,677.60 1438735
10 | Tee Expense -Cuernt ‘Tax yist} —sasrr7 | apoa74 687826 780244
“Mininum Alkenate'Ta Credit sei] st36] —i90n} etna) 209865)
Deferred Tax 44053 582.25 m8 143648 368.19)
Thy Adjustments of eae yee (529) 058) 03) (6.8) 603)
11 PNetPeoiefor the period 629519] 4ss797] sonra] asaras7 9250.05
12. |Add (Len): Shae of Non Contaling Interest in Loss/(Profit) 190733) e503] 1.20026 m0 288905
13, | Ada/te Shac in Profits /(Lows) of Associates 626 Gon] 2309 783 2148
14 [Not Prof / (Loss) after Tax after Non Contoling Interest aust] 52759] 47199] 14,186.80 press
15. [OtherCompechensive Income fatter tes) oss19)] 75.65] 515.26 907} 393.09
16 [Total Comprehensive Income (after taxes) (4415) sms} — aasioe] 5.29725] 13,396.09, 263.07
17 | Paidup eq share capital (ce Vale Re.2/- pe share) susise] —syotae] 5089.78 spose 3.78
1g. [Basic HPS (not anna (Rs) 201 355 297 ox be
ty Ditted UPS (ot annualised (Rs) 251 ass 297 oa kasTresove els as viewed by the Avi Comnutic ve bess een Foal by the Hon of Diem at thar wecinR had on Tah Febaaey SOV
hn sntement has been prepared in accordance with Companies (Indian Accounting Standards) Rules, 2015 (lad AS) pressed unde section 133 of the Companies
Act, 2013 aad other eecogised accounting practices and police (othe exten applicable. Reyna April 2086, the Company ha forthe est ie adopted Ind
AS with» transition date of It Apa 2018
he esas forthe Quarter/ Nine months ened 3st December 2016 an compllance with tndian Ascousting Standaat (Ind) tied bythe Ministry of
|Comomic tars Accordingly, the figures for dhe quater ended 31 December 2015 and nine months ended st Decembec 2015 have been made Ind AS
Jorptiant an rested to make them comparable with those ofthe cute pesod. The sttement dace aot aclde Ind AS compliant ess Fr the previous yee
fend 3s Maech 2016 8 the see ace not mandatory as per SEBU's cela dated Sth Joly 2016
Fiend AS complint figure of the coeesponding quarter ofthe previous yet have not been gubjctod to limited eevew or an aut However the Management
as exercised necessary due diigence ea ensure cht wich Financ rents provide te ad ie vew
The reconciliation of net pet reported in acoedance with Indie GAAP to ttl comprehensive incom in aecrdance with Ind AS i given below:
(Wes Im Lake)
Parca Forte] — For Nine
‘months ended | months coded
sivas | "31/12/2015
[Prot Tor te period afer Tax after Now Contalng Treest a S280] RDS.
previous Tedine GAAP
es: Peniam on eederption of Nomsonvebe debenture (NCD) no enay] (sro)
cio Stems of Pri and lve
cs: tet of Fie Valuton of Investment & nani tesa px Tn sear 53686
las top
hes tet off vakaon of nployee Stock option as pe Ind S102 0436) aan
Les ct oF deception of Micelinover Kaper incur ding te ios} (27508)
Jponod
Pris ice of Def Tax eise9 (850
Jat forte period ax portnd AS 330613] 7,886.81
rat: Change in amount led ro Non Cnt Inet asp Ind AS 110 ravses| 4708.7
ator the period a por Ind AS afer Tax after Non Contin Fterest 47ei99] 1220058
Joker Comprehensive Income (ate tes)
Add Her otic Venton of vestments as pes Ind AS 109 515.26
[Tot Comprehensive Income (alter taxes) 5329728
The fgues forthe corespondng previous pevods have been esated/rgrouped, wherever necesscy, to ke them comparable with the curent pesiods
segment Reso
Jn consolidate ads, the Group has evo reportable segements vir, Propet & Related services and Hospitality vervice sp Ind AS 108
Sepment Reve, rms and other information inlud the espectve amounts identifiable o exch ofthe vegraen a ls smote alloc on a reasonable basis
| iitems/informaton which relate o the Company 28a wiole and eannot be dict iSenied wit any particular busines segment have been shown separately
he Sgrnent information isa per Anaceure "A"
Direetr inaneAnnexure
[Referred to Note no. 7 ()]
(Rs in Lakhs)
sano Pavtulare Thice Months Ended On ‘Nine Months Ended on
Supia7ans | 30/09/2016 | 31/12/2018 |_31/12/206 | 31/12/2015
‘A. [Scement Revenue
Property & Related Services 35,103.63] 4231034] 41,094.62] 115,430.80] 114,599.79
Hospitality Services 50536] 6,797.56] —ga74st} —24,58058] 16,753.47
TOTAL, 43,668.99 | 49,107.90] 49,469.43 | 137,020.38] 131,383.26
B_ |Segment Result
1 [ProfitBefore Tax & Interest
Property & Related Services 1291.46] 1878207] 1762037] 472d] 47,540.76
Hospitality Seevices 4,287.84 (430.04) (71882) 315844] @,300.53)|
Profit from operations before
2. |Other Income, Finance Costs and Exceptional
tems 16,479.30 | 18,35113] 1690188] 50,372.75 45,240.28
3 [oder income 1.12288 sas] sis] 268553] 2248.54
4 [Profit from ordinary activities before Finance
|Costs and exceptional items 17,602.13} 19,180.61] 17,882.70} 53,088.28] 47,498.77
5 Interest Expenses 10,766.00] 1105483] 14,12495] 3238068] 32,236.72
6 [ProficBefore Tax & Exceptional Items 6,836.13] 8126.08] 6427.75] 2067.60] 15,252.05
7 |Ada/¢tess): Exceptional Items - (664.70) - (664.70)
8 [ProfieBefore Tax 683613 | 8125.08] 5,763.08] 20,677.60] 14,587.35
C_ Segment Assets
Property & Related Services 552,619.70] 52400557] 508,204.75] 552,619.70] 508,204.75
Hospitality Services 131,463.16] 135,754.16] 139,65057] 131,463.16] 139,650.57
Unallocated 100,552.49] 89,149.46] —81,80012] 10035249] 81,890.12
‘otal Segment Assets 784,635.35 | 748,909.19 | 729,835.44] 784,635.35 | 729,835.44
D_ Segment Liabilities
Property & Related Services 426,311.00] 401,628.78] 383,702.49] 426,311.00] 383,702.49
Hospitality Services 94,707.46] 88,363.72] 105,738.63] 94,707.46] 105,738.63
Unallocated 3as.e7| 3.72730] 3,188.56 383167] 3,188.56
[otal Segment Liabilities 524,850.13 | 493,719.80 | _ 492,620.68 | _524,850.13 | _ 492,629.68,INDEPENDENT AUDITORS’ REVIEW REPORT.
To,
‘The Board of Directors
‘The Phoenix Mills Limited
LIMITED REVIEW REPORT OF THE UNAUDITED STANDALONE RESULTS OF THE PHOENIX
MILLS LIMITED FOR THE QUARTER/NINE MONTHS ENDED 31°' DECEMBER, 2016
1. We have reviewed the accompanying statement of unaudited standalone financial results of The Phoenix
Mills Limited for the quarter/nine months ended 31% December, 2016. This statement is the responsibility of
the Company's Management and has been approved by the Board of Directors. Our responsibility is to issue a
report on these financial statements 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 financial statements are free of material misstatement. A review is
limited primarily to inquiries of company personnel and analytical procedures applied to financial data and
thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express
an audit opinion
3. 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 applicable Indian Accounting Standards prescribed
under section 133 of the Companies Act, 2013, read with relevant rules issued there under and other
recognized accounting practices and principle generally accepted in India, has not disclosed the information
required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, read with SEBI Circular No. CIR/CFD/FAC/62/2016 dated 5" July, 2016,
including the manner in which it is to be disclosed, or that it contains any material misstatement.
For A. M. Ghelani & Company For Chaturvedi & Shah
Chartered Accountants Chartered Accountants
(Firm Registration No. 103173W) - (Firm Registration No. 101720W}
(Ueda Brahe
Chintan A. Ghelani Jignesh Mehta
Partner Partner
Membership No. 104391 Membership No. 102749
Place: Mumbai. Place: Mumbai
Date: 14-02-2017, Date: 14-02-2017
Enclosed: Unaudited financial results for the Quarter/Nine months ended 31 December, 2016 of The Phoenix Mills,
Limited.STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER NINE MONTHS ENDED SST DECEMBER, 2016
"THE PHOENIX MIS ONTOS
Reg. Ofte 462, Senepa Bapat Marg, Lowes Pare, Mamba 40013
‘Tel: 02) 2964307/ 08/09 E-mails infhephoeniamils om Website ware shephoenimil com
‘in No- LiTDOMHIOSPLCoONIND
PARTICULARS “Thee Monat ESTO Nise Nails Ended 8
SNe Bra | sresrae | sara | arpa | ST
|[_Uanetied —| ~Trsaccd —| — Canned | —ranaied | —Unannor
1) tncome fom Operations
NetSaer / ecore tom Opeaons 999838 998650 sarast | ——ags500 2440190
"Total Tocome fom Operations sos 923650 sausi| 259800 264190
2 | Bxpendire
5) nr Deo in Stock in Trae Wok in Popes :
1) Como Mates Cone :
|e) Haployee Banfi Expeses, 950 1360 288 98155 as.
| BlexiyFspenses oss gm03 07646 oss sasise
Je) Deprecton na Amocason Rens "sass "an20 ase 20019 27492
2 Other apensee 142730, asaaz7 65955 sense 435248
Total Expendiare ns 50218 sensi] amas ore
$3] Prot for operations lore so.19 ‘ott samo) 176398
er Income, Fiance Cote and Exception! tems
4 Joke tocome eter Note No avsy] 243600 asses 750048
5 | Prot rom ordinary activites before sires S203 705.05 2392196
ce Cont and excep eae
6 | rane Cone 2a2ss2 2an046 1770 30038
7 | Prof tom ordinary activites before S36 ses sta ngnss
Jssccpinaltems
8 | Except eter Not No 6 50000 3500.00
9 | Prot om ordinary activites before x "436 sis asi] aLans.88 none
10 [Tax Bepese Cet Toe cana} aan 12000 | 252000 7000
Defer a ozan] saa] aaa] oxy] (ssa)
“Tx Adjnmen fede eet wos] ass]
11 [NetPro Aer Ta or the period son asst sssoss] 9759 san0
12 Add / Ges): Osher Comprehensive Tacome (ert) so] (oany] 436 eis] 31683
13 [Total Compreheorve Income (after aes) (412) 3.58 5554 0498 sos Baur
14 | si. guy share capital Pe Vale Re.2/- pe sha) sosise spats sore soa.ss 80.78
15 [base HPS fot ness) Qa) 037, 302 296 632
vistea BPS fot snmalze) Qs) 037 aaa 296 on"The shove ela a evened by the Ai Comair have es taken on ene bythe Bose of Diet at hie mtg bello 14h Fbrvry 2017,
‘This eaement hasbeen pepe in acotence wih Companics Gan Acoontng Sand) Rk, 2013 (lad AS presced wader etn 18 ofthe Companies At 2013
tod othe copied aesoomig psc and pole to he exten apie ining at Ap 2016 the Company a fo te Ge ie apt Ind AS with anion di
of a Ape 2015.
Theron Quac/ Ne non nels Deceaer 216 nxn wi lin Aung dds AS) ci by he Myf CoeeteAt
Accorighy the Figures forthe quater coded Slt December 2015 ad nine months eaded at December 2015 hve been me Ind compliant and seta to ake hc
comarile with thee ofthe euzet paid The steoent doesnot incle lod AS compint et fr the previous jee ended Sst Mach 2016 ae eime ae i
‘mandy sper SEB' cide St Jl 2016
“The ld AS compliant fees ofthe eaesponting quant of the previous yearkave no: ben wbjcte ntl revew ea ult. Howeve, the Manageeat hs ex
neces du dice to ence ht ich ancl ets provide trea we:
‘Tee eooclltion of et profi rnin scree wit oan GAAD 0 ttl compen come i seordance with nd AS gen Slow
"Re fn a
‘Nine Moaiie] “Three Monte
PARTICULARS EndedOn | Ended On
symjos | si/n/0s
‘Fro for te period spe Tan GAAP TIS oT
Efex of Pr Vaknton of ovesrnen 71399] SE
fet of ingles Stock opis ke ‘was 39]
[ Net Profan per Ind AS Baba TEs
Sikes Compress co
fet of Fa Valin of even ae TiS
otal Comprehensive Income sper Tod AS Baas Ta
“The Company has over the ps few ys, ace secre oan agra Ke 325604 he Gaclaing irs aces here) to te whelyonned subi
Paienio ttl & Laer Lied (aio). Palaio has bees facing cath Sow sastins, The Company’ Boba, wit view to smprove the abies Sosa
poon, desided nex he id nse lan ude
(conve part ofthe unseceed loa itt Optional Fly Conrribe Dedeatuces (OCD) tothe extent oF Rs 1604607 bh
(ofthe ttn acta fom Talal un 3st Mach, 206 evened an aout of e300 ab which ha been how aa aeons ed
(i) revel paof tents lng he ie moths peso ened ih September, 216 amounting to Rs 1.17598 kh, whi see luted te Oe Tacos
Palais bs epi 1016750 Lats ing the psiod of ine mont ended Stet Deen, 2016.
“The gues forthe oceponding previous aide hve ben rex eeroped, where nc, 9 mike hem compan withthe cnet pesos
Due 4h Feb 2047