Delta Corp shares crack over 6% after Q3 results

Shares of Delta Corp dropped 6.3% to Rs 198 in Wednesday's trade on the BSE after the company reported a 20.5% rise in consolidated net profit for the December quarter to Rs 84.82 crore against Rs 70.38 crore in the year-ago period.

However, the Delta Corp's consolidated profit before tax stood at Rs 96.35 crore in the quarter, up only 1.3% from Rs 95.12 crore recorded in the corresponding quarter previous year. Whereas, total expenses of the company spiked 21.45% YoY to Rs 188.89 crore during the quarter.

The company's income from the casino gaming division was at Rs 271.81 crore, up 8.88% YoY, and the online skill gaming division was at Rs 50.74 crore, up 42.09% YoY in Q3 FY23. However, the income from the hospitality division stood at Rs 14.64 crore, down 10.89% during the period under review.

At 1.34 pm, the scrip was trading 3.4% lower at Rs 204 over its previous day's closing price of Rs 211.25 apiece. The stock has surged about 15% in the last six months, while it has plunged around 28% in the last one year.

Also, from its 52-week high, Delta Corp is trading 40% lower. The stock’s 52-week high and low prices are Rs 339.5 and Rs 168.1 per share, respectively.

Delta Corp is one of the five stocks that have been put under ban under the F&O segment today as they have crossed 95% of the market-wide position limit as per NSE regulations.

Technically, the stock is trading below 8 out of 8 SMAs (Simple Moving Average).

Delta Corp is engaged in the operation of the casino. Its segments include real estate, gaming, hospitality and others. The company operates its gaming and hospitality businesses under the DELTIN brand. It owns three casinos in Goa, including Deltin Royale, Deltin JAQK and Deltin Caravela.