Delta Corp is on track to see robust performance in H2FY23: Jaydev Mody

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With the results comfortably exceeding pre-COVID levels, the Q2FY23 data were a sign of hope for gaming and leisure company Delta Corp. The company reported in a stock exchange filing that it has recorded the highest sales and profit for the half year ended September 2022.

Jaydev Mody, the company’s chairman and a first-generation businessman, thinks the second half of this year is also “on track to be the best ever.”

In a recent interview with CNBC-TV18, Mody said, “We are on track to see a robust performance in H2FY23; expect to do better in the third and fourth quarter.”

Delta Corp, the only publicly traded gaming and hospitality company in India, is presently attempting to raise Rs 550 crore through the Deltatech gaming IPO. Mody will own between 70 and 75 per cent of Deltatech Gaming after the IPO, with the remaining 20 per cent going to the general public.

The chairman of Delta Corp said he anticipates favorable EBIT from the hospitality and online skill gaming industries while discussing the company’s future. “The online business in the hospitality sector generated negative EBIT in the first half but is likely to look up in the second half, as we are looking at exponential growth,” he added.

Deltin Daman, a property in Daman that is the subject of a legal dispute, accounts for 450 crore rupees of Delta Corp’s total gross block of Rs 1,170 crore. There is no way of knowing when the Daman case’s decision will be made, despite Modys’ expectation of a favorable ruling.

Mody said, “Our gross block is around Rs 1150-1170 crore, out of which Daman is around Rs 450 crore; so, the balance of rupees seven to eight hundred crores is the asset we are really sweating… The entire gross block will do much better when the Daman project starts materializing.”

“The judgment can come out any day the court has time to hear our case. Hoping to get a judgment in our favor; hopefully, this will correct itself,” he added.

When discussing the initial developments for the Goa projects by Delta Corp, Mody said, “In the last ten days of December and first few days of January, you’ll be lucky to get a booking at our hotels or a spot at our casino. We are sold out.”