Any current/future new fundraising through debt or equity?

Delta Corporation does not anticipate needing to borrow any funds for its upcoming onshore casino project. The total project cost is estimated at INR 2000-2200 crores, with Delta planning to invest INR 1000-1200 crores including land and infrastructure. As of October 14, they have INR 415 crores cash on hand and generate about INR 300 crores of EBITDA yearly, which approximates to cash flow. Over the next 4 years, cash generation plus existing liquid assets (~INR 400 crores) total about INR 1600 crores. This internal accruals and asset monetization is sufficient to fund the project without any

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

Total project cost for onshore development estimated at ₹2,000-2,200 crores. Delta plans to invest ₹1,000-1,200 crores in land and infrastructure for the new project. Development includes a 200-300 room hotel and approximately 400,000 sq. ft. gaming space. Additional facilities like employee quarters, surveillance, and back-office setups to be built. Existing CAPEX spent around ₹29 crores in H1 FY20 on land parcels, plant & machinery, Nepal casino upgrades, and software updates for online business. No external borrowing planned; investments to be funded through cash reserves (~₹415 crores) and

Future growth expectations in sales/revenue/volumes?

Management expects annualized growth of 15% to 20% over the next 3-5 years, reflecting historical compounded growth rates. Recent capacity additions and market expansion indicate potential for increased revenues. Post-Diwali seasonal uptick anticipated, with subdued activity during festive week but overall growth towards Nov-Dec. Online gaming targeted to grow 20%-25% YoY, with plans to acquire 40,000-60,000 new customers, driven by poker focus. Offline business remains the “lion’s share” and is expected to grow steadily. New onshore casino development with increased capacity (6-7 times curren

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

Delta Corporation expects a long-term compounded annual growth rate of 15% to 20% over a 3 to 5-year period. The company targets around 20% to 25% growth in its online gaming revenue segment, supported by customer acquisition goals of 40,000 to 60,000 new users. EBITDA margins are expected to stabilize around 20% in the long run, with current H1 margins at approximately 23% to 24%. The offline (casino) business remains the core revenue driver, with plans to expand capacity significantly via an onshore casino project. Internal cash generation and monetizable assets are expected to fund growth a

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Delta Corp LtdQ3 FY19Leisure Services

Delta Corp Ltd Q3 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 3

Margin

Category 3

Fundraise

Order

N/A

Capex

Yes

1 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

→Management expects annualized growth of 15% to 20% over the next 3-5 years, reflecting historical compounded growth rates.
→Recent capacity additions and market expansion indicate potential for increased revenues.
→Post-Diwali seasonal uptick anticipated, with subdued activity during festive week but overall growth towards Nov-Dec.
→Online gaming targeted to grow 20%-25% YoY, with plans to acquire 40,000-60,000 new customers, driven by poker focus.
→Offline business remains the “lion’s share” and is expected to grow steadily.
→New onshore casino development with increased capacity (6-7 times current) planned, involving Rs 1000-1200 crore investment, to boost future volumes and revenues.
→Seasonal and economic factors may cause quarter-to-quarter fluctuations, but management confident of restoring growth momentum beyond current base.

Margin guidance

Category 3

→Delta Corporation expects a long-term compounded annual growth rate of 15% to 20% over a 3 to 5-year period.
→The company targets around 20% to 25% growth in its online gaming revenue segment, supported by customer acquisition goals of 40,000 to 60,000 new users.
→EBITDA margins are expected to stabilize around 20% in the long run, with current H1 margins at approximately 23% to 24%.
→The offline (casino) business remains the core revenue driver, with plans to expand capacity significantly via an onshore casino project.
→Internal cash generation and monetizable assets are expected to fund growth and expansions without needing debt.
→Near term, October is seasonally subdued due to Diwali, but growth is anticipated post-Diwali into the festive Q3-Q4 period.

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Fundraise plans

→Delta Corporation does not anticipate needing to borrow any funds for its upcoming onshore casino project.
→The total project cost is estimated at INR 2000-2200 crores, with Delta planning to invest INR 1000-1200 crores including land and infrastructure.
→As of October 14, they have INR 415 crores cash on hand and generate about INR 300 crores of EBITDA yearly, which approximates to cash flow.
→Over the next 4 years, cash generation plus existing liquid assets (~INR 400 crores) total about INR 1600 crores.
→This internal accruals and asset monetization is sufficient to fund the project without any debt or equity fundraising.
→No mention was made of new equity fundraising during the call.

Order book

The provided document pages (1-16) from Delta Corporation Limited's Q2 FY20 earnings call do not mention any information regarding current or expected order book or pending orders. The discussion primarily focuses on: - Financial performance and revenue figures. - Business operations including casino capacity and online gaming. - Regulatory environment and GST-related matters. - Capital expenditure plans and expansion projects. - Market growth, capacity addition, and competitive landscape. No details about order books or pending orders were disclosed in the transcript available.

Capex plans

Yes

→Total project cost for onshore development estimated at ₹2,000-2,200 crores.
→Delta plans to invest ₹1,000-1,200 crores in land and infrastructure for the new project.
→Development includes a 200-300 room hotel and approximately 400,000 sq. ft. gaming space.
→Additional facilities like employee quarters, surveillance, and back-office setups to be built.
→Existing CAPEX spent around ₹29 crores in H1 FY20 on land parcels, plant & machinery, Nepal casino upgrades, and software updates for online business.
→No external borrowing planned; investments to be funded through cash reserves (~₹415 crores) and internal accruals (₹300 crores EBITDA annually).
→Increase in gaming capacity by 20-25% with introduction of new vessels (Big Daddy and Pride).
→Focus on growing online segment with target 20-25% revenue growth.

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