Delta Corp net profit plummets 59% in Q3
The company attributed the decline in net profits to lower revenue and expenses that were higher than expected.
India.- Delta Corp has shared its financial results for the third quarter of the financial year 2023-24. It posted a net profit of Rs 34.4 crore, down 59 per cent year-on-year.
During the same quarter, the company faced a 15 per cent decrease in revenue from operations, amounting to Rs 232 crore compared to Rs 273 crore in the previous year.
EBITDA was also down 45 per cent year-on-year, from Rs 102 crore to Rs 55.5 crore. Additionally, EBITDA margins saw a significant decline, dropping from 37.4 per cent to 23.9 per cent in the October-December period.
Income from gaming operations witnessed an 18 per cent year-on-year decrease, amounting to Rs 181 crore. Online skill gaming operations revenue also experienced a 9 per cent year-on-year decline, totalling Rs 39.13 crore in the reporting period.
Earlier this year, Delta Corp expressed its intention to shift its focus towards attracting retail customers and positioning itself as a “family destination.” The company sought to reduce its reliance on high-stakes gambling, which it characterised as a “high-rolling business” with a minimal revenue contribution.
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