Delta Corp gains after decrease in second quarter net loss

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Delta Corp rose 2.44% to Rs 278.80 after the company reported a net loss of Rs 22.57 crore in the second quarter of September 2021, lower than the net loss of Rs 54.91 crore in the second quarter September 2020.

Delta Corp reported a net loss of Rs 28.93 crore in the first quarter of June 2021 (Q1 FY22).

Net sales jumped 94.74% to Rs 74.72 crore in the second quarter of September 2021 (T2 FY22) compared to Q2 September 2020 (T2 FY21).

On a sequential basis, net sales were down 1.52% in Q2 FY22 compared to Q1 FY22. The casino gaming division’s revenue fell to Rs 40.05 crore in Q2 FY22 from Rs 41.43 crore in Q1 FY22.

The hotel division’s revenue rose 27.60% to Rs 12.53 crore from Rs 9.82 crore in the previous quarter.

The income of the online skill games division was Rs 40.45 crore in the second quarter of FY22, lower than Rs 43.28 crore in the first quarter of FY22 and Rs 44, 59 crore in the second quarter of fiscal 21.

Due to the COVID-19 pandemic and the consecutive closures announced by the respective government authorities, the Group’s operations have been suspended since the third week from March 2020 to October 2020. Even during the current fiscal year, the Group was only able to operate partially in the middle of the second wave of the pandemic.

In Goa, the Group’s casinos operated for part of April 2021 at 50% of their normal capacity and with effect from September 20, 2021 with restrictions except for King Casino (a subsidiary of Delta Pleasure Cruise Company), which resumed its activities from October 3, 2021..

The Group’s hotels in Goa were operational for part of April 2021 at 5,096 of normal capacity and with effect from July 5, 2021 with restrictions.

The Group’s casino in Sikkim was operational for April 2021 and part of May 2021 at 50% of its normal capacity and with effect from August 16, 2021 with restrictions.

The Group’s casino in Nepal has been operational since September 8, 2021 with restrictions.

The Group and the entire Goa casino industry have made representations to the Goa government, requesting a waiver / reduction / proportionate payment mechanism for casino license fees for the closed period.

During the current period, the Group has provided a proportional license fee charge of Rs 23.75 crore and Rs 39.58 crore for the quarter and six-month period ended September 30, 2021, respectively. Said fees for the shutdown period are only provided for and actual payment has not taken place. Due to the pandemic situation, the stress on operations and the representations made, management hopes that the Goa government can consider its request favorably. In such a situation, the provision of license fees made in the books may not be payable in whole or in part, as directed by the Government of Goa.

Delta Corp owns and operates casinos in India, Goa and Sikkim states, offering approximately 1,800 gaming stations. The company also opened an international casino in Nepal in February 2020. The company also owns and operates Deltin Suites , a 106-room hotel consisting of all suites and a casino located in Goa. It also owns and operates The Deltin, a 176-room five-star hotel in Daman, which is an integrated resort with a casino on offer. The Company also owns and operates the “Adda52.com” online poker site; and the online rummy site ‘Adda52rummy.com’.

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(This story was not edited by Business Standard staff and is auto-generated from a syndicated feed.)

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