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Delta Corp published its Q2FY23 results wherein the company reported a 261% YoY growth in revenues. However, Dalal Street was not impressed by the company's impressive growth as the stock movement remained muted.
For the unversed, Delta Corp is the flagship company of the Delta Group and is the only listed company engaged in casino gaming in India. The company was incorporated in 1990 and is engaged in diversified segments like Casino gaming, Online gaming, Hospitality, and Real Estate. Its subsidiary manages the famous Adda52 online gaming platform.
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The company's net sales grew from Rs 74.72 crores in the quarter ended in September 2021 to Rs 269.97 crores in the corresponding quarter this year, up 261% YoY! Total income grew to Rs 279.87 crores, growing 239% YoY.
This was the company's highest-ever quarterly revenue collection. Revenues from the casino gaming division reported the highest growth at 583% YoY!! This was followed by the online gaming division growing at 22.15% and the hospitality division at 17.2%.
However, total expenses did not surge in accordance with the revenues, as total expenses grew 72.4% YoY. Consequently, the company turned profitable as it reported a profit of Rs 68.25 crores as opposed to a loss of Rs 22.57 crores reported in the corresponding quarter last year.
"The growth can be attributed to the surge in domestic travel. This has enabled growth and we believe that this trend will continue for a while. In the meantime, another development that is in the pipeline which is the launch of our new vessel is in public domain. This will further the growth momentum and help us achieve desired results." said Javed Mody, Chairman of Delta Corp.
Despite posting such impressive results, the stock of the company declined. It witnessed a gap-up opening but quickly fell below yesterday's low. It currently trades at around Rs 216.65 per share, down 0.4%.
Article by Aman Agarwal.
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