Indian casino and online gaming operator Delta Corp has reported its highest ever quarterly consolidated gross revenues of Rs 338 crores (US$41.2 million) in the three months to 30 June 2023, buoyed by particularly strong results in its land-based and offshore casino business.
According to details filed with the National Stock Exchange of India, the 1Q23 result (Delta Corp’s financial year starts on 1 April) included income from gaming operations of Rs 277.65 crores (US$33.8 million) – up 10.7% year-on-year and 29.5% sequentially – while online skill gaming contributed Rs 43.12 crores (US$5.3 million), slightly down on recent quarters.
Hospitality added income of Rs 17.18 crores (US$2.1 million), up both year-on-year and quarter-on-quarter.
Delta Corp said the results in the casino gaming segments demonstrated a “strong and resilient business with robust growth”, with segment EBITDA of Rs 101 crores (US$12.3 million) reflecting a margin improvement of over 1000 bps on a sequential basis and over 100 bps on a year-on-year basis.
Total profit attributable to owners of the company was Rs 89.52 crores (US$10.9 million), representing a 272% increase over the same period in 2022.
“The momentum set by the last FY was carried on with the first quarter giving us yet another milestone in form of the highest revenue ever and margin expansions at both EBIDTA and Net Profit levels,” said Delta Corp Chairman Jaydev Mody, adding that the company continues to work through a recent decision by India’s GST Council to impose a flat 28% tax on most forms of gaming.
“Regulatory clarity over issues concerning the industry is expected in due course of time, however the company and the management are seized of the issues and concerns around the business and are confident of overcoming the same by implementing the right strategies.”
RelatedPosts
