Delta Corp, a popular casino from India, reportedly broke the record when it comes to the quarterly consolidated gross revenues. In the first quarter of 2023, the company earned the highest-ever amount of Rs 338 crores, or US$41.2 million.
The record-breaking quarter:
Until June 30th this year, the company recorded fantastic results in all departments, especially in its land-based and offshore casinos.
The company provided the National Stock Exchange of India with impressive results for its financial year, starting on April 1st. The company earned Rs 277.65 crores, or US$33.8 million. Compared to the last year, it’s an increase of 10.7%, and the sequential increase was 29.5%. Online skill games earned Rs 43.12 crores (US$5.3 million), which is a bit lower than in the quarters before.
The company earned Rs 17.18 crores (US$2.1 million) in hospitality, and the increase is recorded compared to the previous year and the previous quarter as well.
The company is very satisfied with the achieved results in the casino gaming segments. Delta Corp’s representatives said that they demonstrated a “strong and resilient business with robust growth.”
The EBITDA segment earned Rs 101 crores (US$12.3 million). The huge increase is recorded, with a margin improvement of more than 1000 bps sequentially, as well as more than 100 bps on a yearly basis.
The total profit the company earned in the last quarter was Rs 89.52 crores, or US$10.9 million. Compared to the same period last year, the increase is more than significant – 272%.
Success and issues:
Jaydev Mody, a Delta Corp Chairman, said: “The momentum set by the last FY was carried on with the first quarter giving us yet another milestone in the form of the highest revenue ever and margin expansions at both EBITDA and Net Profit levels. 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.”
Besides all successes, the company is going through a tough period right now. It is caused by the Indian GST Council to issue a flat tax on various forms of gaming. The imposed flat is 28%, and the Indian companies are struggling to work through this decision.
Delta Corp is one of the most famous gaming and hospitality companies in India. Previously known as Arrow Webtex, it has existed on the market since 1990, and its success seems to increase over time.