Shares of Delta Corp are in news today after the gaming and casino player logged a 61 percent fall in consolidated net profit for the quarter ended September 2024. Profit slipped to Rs 27 crore in the last quarter against a net profit of Rs 27 crore in the year-ago period.
On Wednesday, shares of Delta Corp Ltd ended 0.97% higher at Rs 119.35 on BSE. Earlier, the stock opened higher at Rs 119. Market cap of the gaming and entertainment firm rose to Rs 3195.85 crore on BSE. Total 1.07 lakh shares of the firm changed hands amounting to a turnover of Rs 1.28 crore.
The stock has lost 15.77% in a year and fallen 21.77 per cent since the beginning of this year. Revenue from operations slipped 28 percent to Rs 187.7 crore in the September quarter from Rs 261.1 crore last fiscal. EBITDA or earnings before interest, taxes, depreciation, and amortization, slipped 66.1 percent to Rs 33.9 crore against Rs 100.1 crore a year ago. EBITDA margin also dropped to 18 percent as against 38.3 percent (YoY).
The results were announced after market hours. Additionally, the firm said "The Board of Directors of the Company at its meeting held 24th September 2024 had approved a Scheme of Arrangement between the Delta Corp Limited ("Company" or "Demerged Company") and Delta Penland Private Limited ("Resulting Company") (wholly owned subsidiary of the Company) for demerger of the hospitality and real estate business undertaking of the Company into Delta Penland Private Limited on a going concern basis. The Scheme will be effective upon receipt of approval as may be statutorily required. Pending receipt of statutory approvals as required including that of Mumbai Bench of the National Company Law Tribunal ('NCLT'), no adjustments have been made in the books of account, in the standalone financial statements and in the accompanying consolidated financial statements."