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India’s Delta Corp Registers “Robust Growth” In Second Quarter

Posted on July 27, 2023 | 6:32 am

Delta Corp, the only listed casino operator in India, has published its financial results for the second quarter of 2023 and the numbers show “robust growth” for the company, especially due to an increase in casino revenue.

The quarter which ended on June 30 brought the company a net profit of 679.1 million Indian Rupees, which would convert into 8.3 million U.S. dollars. That figure represents an increase of 19 percent compared to the same quarter of the previous year.

The Indian company’s casino gaming division was the most productive during the second quarter, bringing in revenue of 2.77 billion Rupees or around 33.8 million U.S. dollars. That amount represents an increase of 10.7 percent year-on-year.

However, the company’s online skill gaming division recorded a drop in revenue to 430.12 million Rupees, which is 1.6 percent less than what it generated during the second quarter of 2022.

Delta Corp’s hospitality division had a contribution of just 171.8 million Rupees to the company’s revenue during the second quarter, leaving the casino gaming division as the largest contributor.

In fact, the casino gaming segment generated earnings before interest, tax, depreciation and amortization (EBITDA) of 1.1 billion Rupees, an increase of 10 percent yearly and 100 percent quarterly. The group’s total revenue went up by 9 percent year-on-year and amounted to 2.72 billion Rupees (33.29 million dollars).

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Highest Revenue Ever

Speaking about the financial results, Jaydev Mody, the Chairman of Delta Corp, pointed out that in the second quarter of 2023 the company produced “the highest revenue ever” and described the results as “another milestone” for the business.

The Chairman acknowledged that the good results carried on “the momentum set by the last fiscal year” and declared himself pleased with having expanded the margins for net profit and EBIDTA as well.

The recent news regarding the new flat tax rate on online gambling in India is a reason for concern for Delta Corp but the company explained in a statement that it regards the matter with “hope and confidence” as both the casino industry and the online gaming industry have raised concerns.

Delta Corp operates India’s two largest offshore casinos, Deltin Royale and Deltin JAQK, along with King Casino, the only floating hotel with a casino in the country. 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 luxury land-based casino in South Goa.

Source: “Delta Corp sees ‘robust growth’ in quarter ended June 30th, casino revenue up 10 percent“Asia Gaming Brief. July 26, 2023.

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