Delta Corp Q3 FY24 update: Net Profit declines 59% yoy to ₹34 crore

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Delta Corp reported a consolidated net profit of ₹34.48 crore for the quarter ending in December, reflecting a decline of 59.34 percent, on January 9. In comparison, the company reported a net profit of ₹84.82 crore in the same quarter the previous year. According to an exchange filing, the revenue from operations for the quarter was ₹234.41 crore, marking a 15.58 percent decrease from ₹277.68 crore in the corresponding quarter of the previous fiscal year.

Also read: Q3 Result Preview: 4 key reasons why Agrochemical producers may see a weak quarterly performance On January 9, Delta Corp's shares closed 0.20 percent lower at ₹150.70 apiece on the BSE. The company's two primary business divisions, namely casino and online gaming, experienced a significant drop in revenue, while the third and smallest division focused on hospitality saw an improvement in revenue during the quarter. In the third quarter report, the company recorded an EBITDA of ₹55.5 crore, reflecting a 45% decline compared to the same period last year when it stood at ₹102 crore.

Concurrently, EBITDA margins experienced a substantial decrease, plummeting from 37.4% in the October-December period of the previous fiscal year to 23.9%. Also read: Goldman Sachs revises Nifty target to 23,500 for 2024, here's why Breaking down the segments, income from gaming operations witnessed an 18% downturn, totaling ₹181 crore in the third quarter, as opposed to ₹222 crore in the corresponding period the previous year. Online skill gaming operations revenue also saw a 9% year-on-year decline, amounting to ₹39.13 crore in the reported period.