Thought leadership: Hardik Dhebar - Group CFO of Delta Corp talks about Q4 setback and the road ahead
Delta Corp Ltd is the only listed company engaged in the casino (live, electronic and online) gaming industry in India.
On 11th April 2022, the company announced its quarterly results where it witnessed a 16.7% fall in net profit of Rs 48.1 crore versus Rs 57.8 crore, while revenue was only up by 3.3% at Rs 218.3 crore versus Rs 211.3 crore, YoY. EBITDA decreased by 12.8% to Rs 69 crore versus Rs 79.2 crore, YoY.
Here's what Hardik Dhebar spoke regarding this fall.
Since their casino business in Goa is a huge contributor to their profit, they witnessed the setback due to the omicron and Goa elections. Omicron was at its peak starting from the first week of January till mid-February. As they were already facing restrictions it got triggered more due to rising cases. During elections, they had to follow more restrictions which affected their business more. He noted that if these hindrances which lasted for almost 40 days had not happened, they would’ve managed to meet the Q3 numbers or even surpass them.
Regarding their expectation from FY23, Hardik Dhebar added that since March their business has again seen a growth trajectory and the revival is visible. If the current run continues without any hurdles, their business will not only be on track but also be profitable. Regarding their online gaming business, he said they have planned to list it on the exchanges. They are going to file a DRHP (Draft Red Herring Prospectus) next month with SEBI. They are endeavouring to complete it this year itself. This will help the company run their online business separately and focus more on it.
Hardik Dhebar also mentioned the amalgamation of Daman Entertainment Private Limite and Daman Hospitality Private Limited with Delta Corp. Overall, even when Delta Corp faced a setback it is ready to overcome all challenges and is definitely preparing for a better future.
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