Delta Corp’s net profit rises 20.52% in December 2022 quarter

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Listed casino and hospitality player Delta Corp yesterday announced the quarterly financial results for the quarter ended on 31 December 2022. Revenue from gaming operations marginally fell from rupees 273 to rupees 271 crores on consolidated basis when compared with earlier quarter. Overall net revenue stood at rupees two hundred and seventy-three crores. On a standalone basis the revenue stood at rupees 189 crores.

In November, certain employees were granted 28,000 and 13,294 shares as ESOP and ESAR rights. Delta Corp said it had completed the amalgamation of Daman Hospitality Private Limited and Daman Entertainment Private Limited this quarter.

The company recognised rupees 3.55 crores as an impairment of investment in its Sri Lankan business. Delta’s Sri Lanka plans have been a non-starter and the company last year announced that it is also looking to sell off the land parcel it acquired in Sri Lanka a few years ago. Hardik Dhebar, the CFO then said there has been regime change in the island nation and amendments to the law-making the proposed venture not possible.

On Wednesday, Delta shares opened at rupees 201 falling from rupees 210 from the last close. Delta shares hit a high of rupees 339 in April 2022, then fell to a low of rupees 162 in July, and later maintained a steady graph in rupees 200’s.

Its segments include real estate, gaming, hospitality and others. The company operates its gaming and hospitality businesses under the Deltin brand. The company owns three casinos in Goa, including Deltin Royale, Deltin JAQK and Deltin Caravela. The company has 13 subsidiaries and 2 associate companies.