Delta corp’s financial performance

Delta Corp's Q2FY24 results updates

Delta Corp's Casino Business sustains Financials in Q2FY24

Delta Corp’s Casino Business sustains Financials in Q2FY24

Company Overview:

Delta Corp Ltd is India’s sole publicly listed gaming and hospitality company, involved in casino gaming, hospitality, and online skill gaming. It operates casinos in Goa, Daman, and Sikkim and expanded into the global market with a casino at the Marriott Hotel in Kathmandu, Nepal. The company offers online skill gaming through,, and and operates two hotels in Daman and Goa.

Casino Gaming EBITDA Decline Despite Revenue Surge in Q2:

In Q2FY24, the casino segment reported gross revenue of 283 Cr, contributing 84% of the total revenue, marking a 3.44% YoY growth (+1.95% QoQ) from the previous quarter’s 273 Cr. However, despite revenue growth, the segment’s EBITDA (revenue minus expenses) declined by 4.60% YoY (-2% QoQ) to 89.46 Cr due to increased expenses. EBITDA margins dropped by 260 bps YoY and 130 bps QoQ due to rising costs.

Online Gaming Reports Negative EBITDA: -1.64 Cr (Down 21.15% YoY and 80.95% QoQ):

In Q2FY24, the online gaming segment saw a 13.90% YoY decline (1.35% QoQ) in gross revenue, with 42.54 Cr, contributing 13% of the total revenue, compared to the previous quarter’s 43.12 Cr. The segment reported negative EBITDA (revenue minus expenses) of -1.64 Cr, reflecting a 21.15% YoY decrease and an 80.95% QoQ decrease.

Hospitality Segment Reports Negative Results: -4.18 Cr (Down 117% QoQ)

In Q2FY24, the hospitality segment reported revenue of 9.95 Cr, contributing 3% of the total revenue. This marked an 8.21% YoY decline and a significant 42.08% QoQ decrease. EBITDA (revenue minus expenses) reported a negative figure of -4.18 Cr, reflecting a 26.92% YoY decline and a substantial 117.71% QoQ decrease due to increased costs.

Valuation and Key Ratios:

Currently, the stock is trading at a multiple of 13.2x EPS (TTM) 10.2 at the current market price of 135, with the industry PE standing at the same 13.2x. The stock is trading at 1.54 times its book value of 87.7 Rs per share. The company reports healthy return ratios, with ROE at 12.4% and ROCE at 16.3%. The interest coverage ratio stands at 34.2x, indicating a high level of solvency for the company.

Q2FY24 Results Update: Consolidated Performance Sustained by Casino Business

➡️ In Q2FY24, consolidated revenue showed a modest 0.23% YoY growth (-0.81% QoQ), reaching 270 Cr compared to 272 Cr in the previous quarter, primarily driven by the growth in casino gaming.

➡️ EBITDA declined by 0.26% YoY but increased by 4.45% QoQ, reaching 100 Cr compared to 96 Cr in the previous quarter. EBITDA margins increased by 180 bps QoQ, remaining stable on a YoY basis, at 36.99%, mainly due to a 4.26% QoQ decline in total operating expenses.

➡️ EBIT income decreased by 2.62% YoY but grew by 4% QoQ to 83 Cr, with EBIT margins expanding by 140 bps QoQ to 30.72%, benefiting from improved operating efficiency.

➡️ PAT grew by 1.74% YoY and 2.25% QoQ, reaching 69 Cr, sustained by the growth in the casino business, while PAT margins increased by 77 bps QoQ and 38 bps YoY.

➡️ EPS for the quarter stood at 2.59 Rs (PQ-2.53), representing a 1.74% YoY growth and a 2.25% QoQ increase.


Delta Corp Ltd, India’s leading gaming and hospitality company, experienced mixed results in Q2FY24. While the casino business showed revenue growth, challenges in the online gaming and hospitality segments led to declining EBITDA. The company’s stock valuation and return ratios remain healthy. Delta Corp must address cost issues in these segments to ensure more balanced and sustainable financial performance.


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