Current/ Expected Orderbook/ Pending Orders?

There is no explicit mention of a current or expected order book or pending orders in the provided transcript. Hardik Dhebar mentioned an investment related to Jalesh Cruises for casino operation on multiple vessels but did not specify an order book. There is discussion about possible replacement of smaller vessels with larger ones, but no concrete orders or timelines disclosed. Dry docking occurs roughly every 2.5 to 3 years; next dry docking expected after about 2-2.5 years from FY20. Expansion plans noted include online gaming growth and launching casino operations in Nepal, but no confirme

Any current/future new fundraising through debt or equity?

There is no explicit mention of any current or immediate new fundraising through debt or equity in the call. Delta Corp is a cash positive, debt-free company as mentioned by Hardik Dhebar. The company is focused on monetizing non-core assets such as Advani Hotel, land in Goa, and land in Sri Lanka. There is an investment of US $10 million at the company level in Jalesh Cruises for casino operations on cruise vessels. For the online business (particularly poker and fantasy gaming platforms), the company plans to monetize at the right time and valuation, indicating potential future fundraising o

Any current/future capex/capital investment/strategic investment?

Delta Corp made a strategic investment of US $10 million at the company level in Jalesh Cruises, which gives them the right to be the preferred casino operator on the current and any future vessels added by Jalesh Cruises. Capital commitment of Rs. 44 crores for the acquisition of a private limited company related to this investment. No dry docking planned in FY20; the next is expected after 2-2.5 years. Ongoing efforts to monetize non-core assets like Advani Hotel, land in Goa, and land in Sri Lanka, targeting approximate total value of Rs. 250 crores. Focus remains on casino operations with

Future growth expectations in sales/revenue/volumes?

The business has shown robustness and resilience despite adversities, maintaining the growth trajectory (Page 13). Adjusted for dry docking and other hindrances, revenue growth is evident, with normalized operations expected to yield higher revenue than the prior quarters (Pages 3, 11, 13). Expected annual growth rate remains at 20%-25%, consistent with past performance (Page 3). Market in Goa's casino sector is estimated to have grown about 15%-20% over last year (Page 12). Online skill gaming segment is anticipated to grow following increased marketing spends and strategic initiatives (Pages

Future growth expectations in earnings/operating earnings/profits/EPS?

Company expects to maintain a growth trajectory of 20%-25% annually in revenue and profits. Despite adversities like dry docking and election-related restrictions, business showed robustness and resilience. Normalizing operations (adjusting for 20-day dry docking) indicates earnings and profitability would have matched or exceeded previous quarter levels. Online business growth anticipated through focused marketing spend (additional Rs. 4.5-4.7 crores) to acquire 60,000-80,000 new customers; benefits expected long term. Offline casino operations remain the lion’s share and primary revenue driv

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Delta Corp LtdQ2 FY19Leisure Services

Delta Corp Ltd Q2 FY19 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹64.4P/E: 20.8Market Cap: ₹1.9K CrSector: Leisure Services

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 2

→The business has shown robustness and resilience despite adversities, maintaining the growth trajectory (Page 13).
→Adjusted for dry docking and other hindrances, revenue growth is evident, with normalized operations expected to yield higher revenue than the prior quarters (Pages 3, 11, 13).
→Expected annual growth rate remains at 20%-25%, consistent with past performance (Page 3).
→Market in Goa's casino sector is estimated to have grown about 15%-20% over last year (Page 12).
→Online skill gaming segment is anticipated to grow following increased marketing spends and strategic initiatives (Pages 3, 11, 12).
→The offline casino segment will remain the lion's share of revenue, with online gaming growing but not overtaking offline in the near term (Page 9).
→Expansion into new markets like Nepal and Sri Lanka is part of regional growth strategy (Pages 8, 9).

Margin guidance

Category 3

→Company expects to maintain a growth trajectory of 20%-25% annually in revenue and profits.
→Despite adversities like dry docking and election-related restrictions, business showed robustness and resilience.
→Normalizing operations (adjusting for 20-day dry docking) indicates earnings and profitability would have matched or exceeded previous quarter levels.
→Online business growth anticipated through focused marketing spend (additional Rs. 4.5-4.7 crores) to acquire 60,000-80,000 new customers; benefits expected long term.
→Offline casino operations remain the lion’s share and primary revenue driver; online growth is complementary but not a replacement.
→Market growth in casino sector estimated at 15%-20% over last year.
→Company optimistic about achieving full-year growth estimates and delivering robust financial performance.

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Fundraise plans

→There is no explicit mention of any current or immediate new fundraising through debt or equity in the call.
→Delta Corp is a cash positive, debt-free company as mentioned by Hardik Dhebar.
→The company is focused on monetizing non-core assets such as Advani Hotel, land in Goa, and land in Sri Lanka.
→There is an investment of US $10 million at the company level in Jalesh Cruises for casino operations on cruise vessels.
→For the online business (particularly poker and fantasy gaming platforms), the company plans to monetize at the right time and valuation, indicating potential future fundraising or stake sales but no immediate plans.
→No specific fundraising target or timeline is disclosed during this call.

Order book

→There is no explicit mention of a current or expected order book or pending orders in the provided transcript.
→Hardik Dhebar mentioned an investment related to Jalesh Cruises for casino operation on multiple vessels but did not specify an order book.
→There is discussion about possible replacement of smaller vessels with larger ones, but no concrete orders or timelines disclosed.
→Dry docking occurs roughly every 2.5 to 3 years; next dry docking expected after about 2-2.5 years from FY20.
→Expansion plans noted include online gaming growth and launching casino operations in Nepal, but no confirmed new orders or acquisitions detailed.
→Overall, no specifics shared on pending orders or order book status in this earnings call.

Capex plans

Yes

→Delta Corp made a strategic investment of US $10 million at the company level in Jalesh Cruises, which gives them the right to be the preferred casino operator on the current and any future vessels added by Jalesh Cruises.
→Capital commitment of Rs. 44 crores for the acquisition of a private limited company related to this investment.
→No dry docking planned in FY20; the next is expected after 2-2.5 years.
→Ongoing efforts to monetize non-core assets like Advani Hotel, land in Goa, and land in Sri Lanka, targeting approximate total value of Rs. 250 crores.
→Focus remains on casino operations with continued investment in the online gaming platform HalaPlay, aiming to grow before potential monetization.
→Monitoring potential replacement of smaller vessels with larger ones, with no definitive action yet.

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