Delta Corp's consolidated net profit fell 61% in the second quarter of the current financial year.
The company posted a profit of Rs 26.9 crore in the quarter ended September as compared to Rs 69.4 crore in the same period last year, according to an exchange filing on Wednesday.
The Mumbai-based firm's revenue slumped 28% to Rs 187.7 crore in the July–September period as compared to Rs 261.1 crore during the same period in the previous fiscal.
Delta Corp's earnings before interest, tax, depreciation and amortisation was down 66% to Rs 33.8 crore as compared to Rs 100.1 crore, while its margins contracted to 18% as against 38.3% in the year ago period.
Delta Corp Q2 Earnings Highlights (Consolidated, YoY)
Revenue down 28% to Rs 187.7 crore versus Rs 261.1 crore.
Net profit down 61% to Rs 26.9 crore versus Rs 69.44 crore.
Ebitda down 66% to Rs 33.79 crore versus Rs 100.08 crore.
Margin narrows 2,030 basis points to 18% versus 38.3%.
Demerger, Listing Of Hospitality, Realty Business
Earlier in September, Delta Corp approved the demerger and listing of its hospitality and real-estate businesses.
These operations will be included under its wholly owned subsidiary, Delta Penland Pvt., which was recently incorporated and is in the process of transitioning from a private limited company to a public company. The hospitality and real estate business includes hotels and casinos located in Goa and Daman.
Shares of Delta Corp closed 1.51% higher at Rs 119.28 apiece on the NSE, compared to a 1.12% rise in the benchmark Nifty 50. The stock has fallen 15.85% in the last 12 months and 18.27 on a year-to-date basis. No analyst tracks the company.
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