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**Financial Highlights:**
Consolidated Q1 revenue rose 5% to Rs. 953 Cr, EBITDA up 6% to Rs. 564 Cr. Net Profit was Rs. 320 Cr. Retail consumption jumped 12% to Rs. 3,588 Cr, driving retail rental & EBITDA up 4%. Hotel EBITDA grew 19%. Residential gross sales hit Rs. 168 Cr. Net Debt is Rs. 2,657 Cr (~1.2x Debt/EBITDA), with declining average cost of debt.
**Strategic Initiatives & Growth Drivers:**
Undergoing strategic brand refresh for retail: focus on high-performing brands, enhanced F&B/entertainment to boost consumption, rentals, and premium positioning.
**Business Developments:**
Phoenix Palladium saw new "Gourmet Village" (12 F&B outlets) and Game Palacio launches. Office leasing achieved ~4.07 lakh sq. ft.; pre-leasing began for One National Park, Chennai, which is nearing completion.
**Market Position & Competitive Advantage:**
Retail leased occupancy remains strong (95%+). Trading occupancy at 89% is strategic and temporary, expected to recover to 95%+ as re-branding initiatives mature.
**Investor Implications:**
Solid Q1 performance with consumption growth and lower debt costs suggests positive growth potential. Retail repositioning targets future gains; investors should monitor trading occupancy for execution success.