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Q3 earnings: Delta Corp’s online gaming business sees 90% YoY fall in profits

Playing Cards Gambling

Delta Corp’s online skill gaming business roped in revenues of Rs 42.33 crore in the quarter ended December 31, 2020, which is an increase of 5% YoY, but a fall of 5% over the previous quarter.

Delta Corp operates the Deltin casinos in Goa, Daman, and Sikkim (as well as in Kathmandu) alongside running a hospitality business. While casinos and hospitality are the company’s core business, the company expanded into online gaming with the acquisition of Gaussian Networks, which runs online poker and rummy platforms Adda52 and Adda52Rummy, in 2017. In 2019, it also picked up a 19.5% stake in fantasy sports company HalaPlay, in which it co-invested along with gaming company Nazara Technologies.

The company’s operations in casinos and hospitality were suspended in wake of the COVID-19 pandemic and lockdowns in March 2020; only the online skill gaming division was operational. In Q3FY21, the online skill gaming pulled in profits of Rs 1.21 crore, which is down 90% YoY from profits of Rs 12.83 crore  and down 5% over the previous quarter from Rs 1.27 crore.

In January, Gaussian Networks elevated Shivanandan Pare to CEO, he was earlier serving as CEO of Adda52Rummy since July 2020.

Online skill gaming 

Revenue 

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Profit/Loss 

  • Quarter ended June 30, 2020: Rs 14.45 crore, an increase of 7x from the same quarter in FY20, and up 2% QoQ
  • Quarter ended September 30, 2020: Profits of Rs 1.27 crore, down 90% YoY and down 91% QoQ

Casino Gaming

In Goa, where the majority of the group’s operations are situated, the state government has permitted casinos to resume business at 50% capacity starting November 1, 2020.

Casino operations in Goa and Sikkim resumed by first week of November, but operations of Delta Caravelo Casino (under Delta Pleasure Cruise Company) and the casino in Nepal continue to be shuttered.

  • Revenue: Rs 97.51 crore, down 50% YoY, revenues in the previous quarter was nil
  • Profit: Rs 2.69 crore, down 95% YoY and down 105% QoQ

Hospitality 

Hotel operations in Daman have gradually resumed since June 2020 and has seen good growth in revenue in Q3FY21.

  • Revenue: Rs 10.82 crore, down 46% YoY and up from 95 lakhs from the previous quarter
  • Loss: Rs 4.91 crore, up by 28% YoY and down by 39% QoQ

The company clocked in consolidated revenues of Rs 120.8 crore, down 41% YoY and up 215% over the previous quarter. Total comprehensive income for the company in Q3FY21 amounted to Rs 15.56 crore, down 70% YoY and down 125% QoQ.

Financials

Also read: Adda52 company Gaussian Networks elevates Shivanandan Pare to CEO 

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