Any current/future new fundraising through debt or equity?

Delta Corp has INR600 crore cash on hand as of October 2022. They plan to raise approximately INR250 crore through an IPO as part of a secondary sale. The IPO issue size is around INR550 crore: INR250 crore offer for sale and INR300 crore primary issuance. The IPO proceeds will mainly fund online business growth (customer acquisition, branding, marketing). For the integrated resort project (INR3,000 crore over 4 years), they plan to use internal cash flow (~INR400 crore per year), IPO proceeds, and existing cash to cover INR2,400-2,500 crore. There is no explicit mention of new debt fundraisin

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

**Deltin City Project**: CapEx increased to about INR 3,000 crore (up from earlier estimates of INR 1,800-2,000 crore) due to rising commodity costs, inflation provisions, and rupee-dollar fluctuations. **New Ship**: A new larger ship expected by Q3 FY24 costing INR 200-250 crore; will replace the smallest existing ship with expected better margins. **Goa Integrated Resort Park**: Estimated INR 2,500-2,800 crore spread over 4 years; project start delayed due to approvals and COVID but slated to begin late 2022 or early 2023 with completion around 2027. **Daman Electronic Casino**: Setup ready;

Future growth expectations in sales/revenue/volumes?

Delta Corp has recorded historical highs in revenue and profit, surpassing 2019 numbers. Continued growth expected from increased footfalls and quality of customers, especially on weekends/peak days. Online gaming segment shows promising growth; monthly active users on multi-gaming platform rose to 30,000–40,000, with revenue recently breaking the ₹50 crore quarterly mark. The IPO proceeds (~₹300 crore) will be used to boost customer acquisition, branding, and marketing, aiming to further increase online revenue. New larger vessel (ship) expected by Q3 FY24 will enhance capacity and ma

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

Delta Corp recorded highest-ever revenue, EBITDA, and profits for the 6 months ending Sep 2022, indicating strong growth momentum. Domestic travel and tourism recovery is a key driver of this resurgence. Online gaming is growing, with focus on increasing registrations and nurturing high ARPU players to sustain revenue and profitability. Marketing spends will be measured and targeted to maintain profitability with manageable losses in online segment. New larger casino vessel expected by Q3 FY24, with potential to improve margins due to high operating leverage. Greenfield integrated resort proje

Delta Corp LtdQ2 FY23Leisure Services

Delta Corp Ltd Q2 FY23 Earnings Call Analysis

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

Price: ₹73.5P/E: 13.3Market Cap: ₹2.1K CrSector: Leisure Services

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

Delta Corp has recorded historical highs in revenue and profit, surpassing 2019 numbers.
Continued growth expected from increased footfalls and quality of customers, especially on weekends/peak days.
Online gaming segment shows promising growth; monthly active users on multi-gaming platform rose to 30,000–40,000, with revenue recently breaking the ₹50 crore quarterly mark.
The IPO proceeds (~₹300 crore) will be used to boost customer acquisition, branding, and marketing, aiming to further increase online revenue.
New larger vessel (ship) expected by Q3 FY24 will enhance capacity and margins; steady-state margin estimated between 37% to 45%.
Integrated resort project in Goa (~₹2,500–3,000 crore over 4 years) planned to begin in 2023, supporting future volume and revenue growth.
Legal and GST issues are resolving, expected to stabilize expenses and enable streamlined operations.

Margin guidance

Category 3

Delta Corp recorded highest-ever revenue, EBITDA, and profits for the 6 months ending Sep 2022, indicating strong growth momentum.
Domestic travel and tourism recovery is a key driver of this resurgence.
Online gaming is growing, with focus on increasing registrations and nurturing high ARPU players to sustain revenue and profitability.
Marketing spends will be measured and targeted to maintain profitability with manageable losses in online segment.
New larger casino vessel expected by Q3 FY24, with potential to improve margins due to high operating leverage.
Greenfield integrated resort project (INR ~3,000 crore CapEx) starting in 2023, expected completion by 2027, projected to enhance long-term earnings.
Despite cost inflation in projects, executives confident profitability will not be significantly impacted.
GST-related tax issues are pending; management is optimistic of a favorable resolution to avoid adverse impacts.
IPO proceeds will bolster online business growth and marketing efforts, supporting future profit growth.

See what Delta Corp Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

Delta Corp has INR600 crore cash on hand as of October 2022.
They plan to raise approximately INR250 crore through an IPO as part of a secondary sale.
The IPO issue size is around INR550 crore: INR250 crore offer for sale and INR300 crore primary issuance.
The IPO proceeds will mainly fund online business growth (customer acquisition, branding, marketing).
For the integrated resort project (INR3,000 crore over 4 years), they plan to use internal cash flow (~INR400 crore per year), IPO proceeds, and existing cash to cover INR2,400-2,500 crore.
There is no explicit mention of new debt fundraising; the funding appears to be largely self-funded through cash reserves, IPO proceeds, and internal accruals.
Cost inflation has increased project costs, but profitability outlook remains positive.

Order book

The transcript provided from Delta Corp's Q2 FY2023 earnings call does not explicitly mention any specific current or expected order book or pending orders. However, here are some related points concerning ongoing and upcoming projects and capital expenditure commitments: - CapEx for Deltin City project estimated at around INR 3,000 crore, higher than previous estimates due to commodity price inflation. - New ship replacement estimated cost between INR 200-250 crore, expected by Q3 FY24. - Integrated township/resort project planned over 4 years, starting in 2023, completion expected by 2027. - The company plans to self-fund these projects through existing cash (~INR 600 crore), IPO proceeds (~INR 250 crore), and internal cash generation (~INR 400 crore annually). - No detailed order book or pending contracts reported during the call. If you need specific order book data, it is not covered in this transcript.

See what Delta Corp Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Deltin City Project: CapEx increased to about INR 3,000 crore (up from earlier estimates of INR 1,800-2,000 crore) due to rising commodity costs, inflation provisions, and rupee-dollar fluctuations.
New Ship: A new larger ship expected by Q3 FY24 costing INR 200-250 crore; will replace the smallest existing ship with expected better margins.
Goa Integrated Resort Park: Estimated INR 2,500-2,800 crore spread over 4 years; project start delayed due to approvals and COVID but slated to begin late 2022 or early 2023 with completion around 2027.
Daman Electronic Casino: Setup ready; requires only 45-60 days to become operational with minor CapEx on equipment.
Funding: INR 600 crore cash available; additional INR 250 crore from IPO secondary sale; generating INR 400 crore cash annually to largely self-fund projects over next 4 years.

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Delta Corp Ltd Q2 FY23 Earnings Call Analysis

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What Delta Corp Ltd's management said in earlier quarters

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