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Delta Corp Records Massive Income Growth In 2023 Fiscal Year

Posted on April 19, 2023 | 7:36 am

Delta Corp, the biggest and only listed casino operator in India, has published its results for the 2022-2023 fiscal year and the numbers are quite impressive when it comes to income and adjusted EBITDA (earnings before interest, tax, depreciation and amortization).

The Indian company has reported gross income of 153.5 million dollars for the fiscal year which ended on 31 March 2023. That figure represents an increase of 68.1 percent compared to the previous fiscal year, even though the income did fall significantly in the March quarter.

The company filed a report with the National Stock Exchange of India in which it indicated that 123 million dollars of that income was generated by its gaming operations, the highest income in the history of Delta Corp. Moreover, that income from gaming operations was almost double to the 66.1 million dollars that the company generated in the 2022 fiscal year.

The company’s online skill gaming division generated income of 23.3 million dollars, 18.2 percent more than the previous fiscal year, while the hospitality segment produced income of 6.8 million dollars.

However, the final quarter of the fiscal year generated gross income of 33.9 million dollars, a figure which is 18.6 percent lower compared to the December quarter. That decrease was mainly due to underperforming in the gaming operations division, its income declined by 21.1 percent compared to the previous quarter.

Delta Corp explained that the decline in income was mostly due to Deltin Royale, the company’s flagship casino, being non-operational for nearly an entire month due to mandatory dry docking.

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A Historic Performance

The bottom line is that the company ended the fiscal year with adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of 48.4 million, 50 percent higher than the previous fiscal year.

“The results reflect a good closure to the year and at the same time, we are looking forward to a fantastic year ahead,” said Jaydev Mody, the Chairman of Delta Corp. The Chairman also described the company’s performance as “steady and robust”.

Hardik Dhebar, the Chief Financial Officer of Delta Corp, added that the company delivered “a historic performance” during the fiscal year as its “gaming revenue crossed the Rs 1.000 crore milestone.”

Delta Corp operates India’s two largest offshore casinos, Deltin Royale and Deltin JAQK, along with the only floating hotel with a casino in the country, King Casino. The company also owns and operates the Deltin Suites in Goa, Casino Deltin Denzong in Sikkim, as well as the five-star hotel The Deltin in Daman. In 2022 it also started to operate Deltin Zuri, a luxurious land-based casino in South Goa.

Source“India’s Delta Corp books strong 68% income growth in FY23“Inside Asian Gaming. April 13, 2023.

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