**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.