Delta Corp Q2 Results: Profit rises 2% YoY to Rs 69 crore; revenue flat
Revenue from operations in the second quarter was flat at Rs 271 crore.
The company has posted an EBITDA of Rs 100 crore in the quarter under review, again flat compared with the last year period. EBITDA margins, meanwhile, were down 19 bps to 37%.
The board has approved the appointment of Anil Malani as President and Chief Financial Officer and also the appointment of Manoj Jain as Chief Operating Officer of the company.
Both appointments will be effective October 11.
Segment-wise, revenue from the casino gaming division rose 4% YoY to Rs 283 crore, while that from the online skill gaming division fell to Rs 42.54 crore.
The shares of the company have been under pressure of late as tax implications on the casino operator weighed on investor sentiments. The stock has shed over 20% in the last one month.
Delta Corp and two of its subsidiaries recently received show cause notices from the DG of GST Intelligence for alleged short payment of GST of Rs 16,822 crore.
The amounts claimed are based on the gross bet value of all games played at casinos and short payment of GST on consideration received towards entry to the casino.
«The demands made by the authorities on the gross betting value against gross gaming revenue, which has been an industry issue, and multiple representations have been made by the industry participants to the government,» the company said.
Delta Corp further noted that all the notices and tax demands are arbitrary in nature and contrary to the provisions of law and vowed to pursue all legal remedies available to challenge the demands.
On Wednesday, the company's shares closed 0.25% higher at Rs 142.55 on NSE.
