Shares of Delta Corp are down around 2%; Stock Market LIVE Updates

Shares of the casino and online gaming operator are down 1.8% today after reporting a weak set of numbers in the December quarter. The company’s Q3 net profit slumped 59% YoY to ₹34.4 crore. This is compared to the net profit of ₹84.82 crore in the same quarter last year.

Meanwhile, its revenue from operations for the quarter stood at ₹234.4 crore, falling 15.5% from ₹277 crore in Q3FY23. Delta Corp’s biggest business division, i.e. casino, reported an 18% YoY fall in revenue to ₹181.5 crore, while revenue from its online gaming segment stood at ₹39.1 crore, down 9% YoY. Meanwhile, revenue from its hospitality segment jumped 8.4% YoY to ₹13.7 crore.

During the December quarter, a new GST regime was introduced, which led to a revision of GST rates for the company’s casino business. Delta Corp now collects 28% GST on coins sold to customers instead of gross gaming revenue. As per the company, this GST rule change impacted its business revenue.

Effective 1 October 2023, a uniform GST of 28% was implemented on full face value of bets in online money gaming, casinos and horse racing. Delta Corp and its subsidiaries saw multiple GST claims worth over ₹23,000 crore following this GST change in the last few months.