Delta Corp’s Share Price Surges Over 4% Following Strong Q2 Results

Delta Corp, the renowned casino operator, witnessed a significant boost in its share price, soaring over 4% on Thursday after the company unveiled its second-quarter results for the period ending September 2023. Delta Corp shares surged by as much as 4.16%, reaching ₹148.95 per share on the Bombay Stock Exchange (BSE).

In its recent financial report, Delta Corp revealed a noteworthy 1.68% increase in its net profit for Q2FY24, amounting to ₹69.4 crore compared to ₹68.25 crore in the same period the previous year. The company’s strong performance in the quarter played a pivotal role in the positive response from investors and shareholders.

Furthermore, Delta Corp’s consolidated revenue for the quarter exhibited a modest uptick, with a 0.2% growth from ₹270 crore to ₹270.6 crore, marking a year-on-year improvement. This growth underscores the company’s ability to generate steady revenue in the challenging and dynamic market.

On the operational front, Delta Corp’s earnings before interest, taxes, depreciation, and amortization (EBITDA) saw a marginal dip of 0.1% in Q2FY24, amounting to ₹100.3 crore compared to ₹100.4 crore recorded in the corresponding quarter of the previous fiscal year.

A significant development for Delta Corp came in the form of its response to a Goods and Service Tax (GST) notice received. The company expressed confidence in a favorable outcome related to the recent GST tax notice, signaling its commitment to address any challenges that may arise. Delta Corp had received show-cause notices from the GST department, alleging short payment of GST amounting to ₹16,822.98 crore for the period spanning from July 1, 2017, to March 31, 2022.

In terms of stock performance, Delta Corp shares have experienced fluctuations over recent periods. Over the past three months, the stock witnessed a decline of over 24%. Year-to-date (YTD), the stock registered a decrease of more than 32%. Looking back over the last one year, Delta Corp shares have undergone a decline of over 34%. These fluctuations reflect the volatility and challenges faced by the company in the competitive market.

At 9:40 a.m., Delta Corp shares were trading 2.73% higher, priced at ₹146.90 per share on the Bombay Stock Exchange (BSE). The positive momentum generated by the company’s Q2 results and the anticipation of a favorable outcome regarding the GST notice have contributed to the upward movement in Delta Corp’s stock price. Investors and market analysts will continue to monitor the company’s performance and strategic decisions in the coming quarters as Delta Corp navigates the ever-evolving landscape of the gaming industry.