Delta Corp's consolidated net profit fell 48.8% to Rs 29.04 crore on a 11.4% decline in net sales to Rs 180.93 crore in Q4 March 2020 over Q4 March 2019.
Consolidated profit before tax slumped 52.50% to Rs 43.30 crore in Q4 March 2020 as against Rs 91.13 crore in Q4 March 2019. Current tax expense dropped 55.60% to Rs 13.06 crore in Q4 March 2020 as compared to Rs 29.39 paid in Q4 March 2019. The result was announced after market hours yesterday, 18 May 2020.
Due to COVID‐19 pandemic and the consequent lock down as announced by the Government of India, the operations of the group except online skill gaming business, have been suspended since the third week of March 2020. However, Goa, Sikkim and Daman, where the group's primary operations are located, have already been declared by the Government as the Green Zones (COVID‐19 free) with effect from 1 May 2020. The Government has also been announcing phased lifting of lock down and the general expectations are that normalcy could be gradually restored during the financial year ending 31 March 2021.
The management has also evaluated the possible impact of this pandemic on the business operations and the financial position of the Group and based on its initial assessment of the current indicators of the future economic conditions, believes that there is no significant impact on the financial results of the group, as at and for the year ended 31 March 2020. The management has assessed that the financial results for the year ending 31 March 2021 may not have any material adverse impact on the net worth of the Group as at 31 March 2021.
Further, the group is debt free and would have adequate liquidity available to pay off its liabilities and obligations, as and when due, the filing added.
Delta Corp is the only listed company engaged in the casino (live, electronic and online) gaming industry in India. It currently own and operate casinos Goa and Sikkim. In addition, the company also own and operate the online poker site 'Adda52.com', the online rummy site 'Adda52rummy.com' and the online fantasy sports site 'LeagueAdda.com'.
Delta Corp also owns and operates the Deltin Suites, a 106 room, all-suite hotel with a casino located in Goa. We also operate the Casino Deltin Denzong located at the Denzong Regency hotel in Gangtok, Sikkim. We also own and operate The Deltin, a 176 room five-star hotel in Daman, which is an integrated resort with a proposed casino.
Shares of Delta Corp rose 0.51% to Rs 68.35 on BSE. The scrip hovered in the range of Rs 66.35 to Rs 69.35 so far.
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