Delta Corp reports best year after Covid19, announces dividend

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Listed casino and hospitality operator Delta Corp on Monday reported the audited financials for the year 2021-22. The real money gaming leader reported a net profit of INR 66 crores as against a net loss of INR 24 crores in the previous year. The net sales increased 47.09% to Rs 616.13 crore in the year ended March 2022 compared with the year ended March 2021.

The revenue from the hospitality division fell 24.63% to INR 16.80 crore last quarter (March 2022) from INR 22.29 crore in the previous quarter (December 2021).

The revenue from the online skill gaming division stood at INR 42.53 crore in Q4 FY22, higher than Rs 35.71 crore in Q3 FY22 and Rs 39.44 crore in Q4 FY21.

The company said that it posted robust numbers despite the closure of operations for approx. 150 days from April 21 to September 21 on account of the ongoing covid crisis. After shutting down due to the second wave in April-May 2021, casinos opened in Goa in the second half of September 2020. In July 2021, Delta resumed casino operations in Sikkim.

Between January 22 to February 22 due to the Omicron wave, there was a substantial decrease in visitation. In addition, Goa had the election code of conduct in place till 14th February 2022 which further restricted activity.

Also read: Delta Corp net sales double, loss narrows to Rs 22 crore in Q2

After the board meeting, Delta Corp chairman Jaydev Mody said: “The Q4 results have given a good closure to the year, at the same time, we are looking forward to a fantastic year ahead. The Year has shown a steady and robust performance vis a vis the previous quarters and we expect full-fledged performance in the year ahead.”

The company’s board recommended a final dividend of Rs 1.25 per share. Meanwhile, the company’s board approved the scheme of amalgamation of wholly-owned subsidiary companies Daman Hospitality and Daman Entertainment with Delta Corp. The appointed date is 1 April 2022. The scheme is subject to regulatory approvals.