Delta (DELTACORP) — concall transcript

📢 Key Event
Delta Corp's Q3 FY24 revenue fell 12% YoY due to GST-driven cost increases and lower visitations, partially offset by recovery in December and ongoing CapEx on new ship and integrated resort.

🔄 What Changed
Revenue declined 12% YoY due to GST cost increases; CapEx updated with Rs. 175-190 crores spent on new ship targeting Q3/Q4 revenue and Rs. 190 crores invested in Miramar hotel project.

🔮 What's Next
Management expects EBITDA margins to stabilize at 35-36% and recovery to pre-pandemic levels within 1-2 quarters, driven by new ship revenue and phased integrated resort development.

💡 Investor Takeaway
GST impacts and lower visitations drove short-term revenue decline, but new ship and resort projects offer long-term recovery catalysts.

Delta Corp reported a 12% YoY revenue decline in Q3 FY24 due to GST shifting tax liability from GGR to chip sales, increasing costs by ~6% and reducing visitations to 124,000. Management highlighted ongoing regulatory reviews, phased CapEx of Rs. 175-190 crores on a new ship targeting Q3/Q4 revenue, Rs. 125-130 crores for an integrated resort land investment, and Rs. 190 crores spent on the Miramar hotel project targeting Rs. 450+ crores total. They noted stable GGR despite lower footfall, competitive GST impacts, and litigation over demand cases, while maintaining cash reserves of ~Rs. 500 crores and targeting 35-36% EBITDA margins as recovery unfolds.

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About Delta Corp Ltd (DELTACORP)

Services · Miscellaneous · Listed on BSE

Market Cap: ₹1,523.35 Cr ROE: -5.9% ROCE: -7.4% Div Yield: 0.88%

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🔥 Also filed on 31 December 2023

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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