India’s only listed gaming company, Delta Corp, has reported gross income from gaming operations of Rs 1,258.1 crore (US$153.5 million) in the year ended 31 March 2023, up 68.1% year-on-year despite seeing income fall significantly in the March quarter.
According to details filed with the National Stock Exchange of India, the FY23 result included income from gaming operations of Rs 1,010.65 crore (US$123 million) – the first time in the company’s history it has surpassed Rs 1,000 crore and almost double the Rs 541.79 crore (US$66.1 million) reported in FY22. Online skill gaming contributed Rs191.39 crore (US$23.3 million), up 18.2% year-on-year, while the hospitality segment generated Rs 56.06 crore (US$6.8 million).
In 4Q23, gross income of Rs 277.94 crore (US$33.9 million) was 4.7% higher year-on-year but 18.6% lower than the December quarter – primarily as a result of gaming operations which declined by 21.1% quarter-on-quarter to Rs 214.46 crore (US$26.2 million). Online skill game income was also slightly down for the quarter to Rs 47.41 crore (US$5.8 million).
Delta Corp said the quarter-on-quarter decline in income from gaming operations was in part due to its flagship casino “Deltin Royale”, located on board the vessel “MV Horseshoe”, being non-operational for nearly one month on account of mandatory dry docking.
Nevertheless, FY23 Adjusted EBITDA was up by 50% year-on-year to Rs 397 crore (US$48.4 million).
Delta Corp operates India’s two largest offshore casinos, Deltin Royale and Deltin JAQK, and the country’s only floating hotel with a casino, King Casino, all located in Goa. It also owns and operates the Deltin Suites in Goa Casino Deltin Denzong in Sikkim, as well as the 176-room five-star hotel The Deltin in Daman. In FY23 it started operation of “Deltin Zuri” – which it describes as the only luxurious land-based casino in South Goa.
“The results reflect a good closure to the year and at the same time, we are looking forward to a fantastic year ahead,” said Delta Corp Chairman, Jaydev Mody.
“The year has shown a steady and robust performance vis a vis the previous years and we expect better performance in the years ahead. The information regarding launch of our new vessel is already in public domain and this will further propel the growth trajectory and help us achieve our desired goals.”
Group CFO Hardik Dhebar added, “The year witnessed a historic performance, the gaming revenue crossed the Rs 1.000 crore milestone and registered extremely strong EBIDTA and PAT numbers. We expect a similar performance for the year to come. Our focus on increasing our revenues and controlling costs will always be at the forefront. We will continue our focus on growth and improving margins.”
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