Delta Corp Reports 1.68% Rise in Q2FY24 Net Profit

Delta Corp Reports 1.68% Rise in Q2FY24 Net Profit

VoM News Desk | October 12, 2023 | 11:38 AM IST | Breaking News | Follow on Google News

Delta Corp Reports 1.68% Rise in Q2FY24 Net Profit

Delta Corp Reports 1.68% Rise in Q2FY24 Net Profit

In a significant development, Delta Corp’s share price rallied over 4% on Thursday following the release of its Q2FY24 results ending in September 2023. The company’s shares surged by 4.16% to reach ₹148.95 apiece on the BSE.

Delta Corp, a renowned casino operator, reported a notable 1.68% increase in its Q2FY24 net profit, which rose to ₹69.4 crore from ₹68.25 crore in the same period the previous year. This solid performance indicates the company’s ability to maintain steady growth.

Consolidated Revenues and EBITDA Figures

The company’s consolidated revenue also demonstrated resilience, increasing by 0.2% to reach ₹270.6 crore during the quarter, compared to ₹270 crore in the previous year. This growth in revenue reflects the company’s strong position in the market.

On the operational front, Delta Corp’s earnings before interest, taxes, depreciation, and amortization (EBITDA) decreased slightly, by 0.1%, to ₹100.3 crore in Q2FY24 from ₹100.4 crore in Q2FY23. While there was a marginal dip in EBITDA, the overall financial performance remains robust.

Positive Outlook on GST Tax Notice

Delta Corp expressed confidence in a favorable outcome regarding a recent GST tax notice it received. The gaming company received show cause notices from the GST department for alleged short payment of Goods and Service Tax (GST), amounting to ₹16,822.98 crore, covering the period from 1 July 2017 to 31 March 2022. The company’s optimism suggests they are actively addressing the matter and are poised to navigate this challenge effectively.

Stock Performance Overview

Over the past three months, Delta Corp’s shares have witnessed a decline of over 24%, and year-to-date, the stock has experienced a decrease of more than 32%. Additionally, in the last year, the stock has declined by over 34%. Despite these recent challenges, the company’s strong financial performance in the latest quarter indicates its potential for growth and recovery.

At 9:40 am, Delta Corp’s shares were trading 2.73% higher at ₹146.90 apiece on the BSE, reflecting a positive response from investors to the Q2FY24 results and the company’s outlook.

VoM News Desk

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