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Delta CorpQ3 FY19

Delta Corp Q3 FY19 Earnings Call Analysis

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

Price: ₹74.18P/E: 12.9Market Cap: ₹2.0K CrSector: Leisure Services

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

No

0 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3
  • Delta Corp sees strong, sustained growth potential in its business, considering recent quarters' robust performance.
  • Revenue in quarter two and three reached about Rs. 200+ crores, setting this range as the new base for future growth.
  • The company believes its current Rs. 580-600 crores nine-month revenue run-rate is still at an early stage compared to global gaming standards.
  • Growth is expected to continue long-term, supported by high operating leverage.
  • Online gaming segment, especially fantasy sports (boosted by IPL and World Cup events), and improvements in rummy platform expected to contribute to growth.
  • Market share in land-based casinos is strong and might rise due to consolidation in Goa’s casino industry.
  • New operations in Sikkim and Nepal are anticipated to start generating growth post operational ramp-up.
  • Continuous marketing efforts are expected to help fill idle capacity and drive volume growth.

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

Fundraise plans

Based on the content from page 12 of the Delta Corp Q3 FY19 call transcript: - There is no explicit mention of any current or planned new fundraising through debt or equity. - Hardik Dhebar highlights strong operational performance and cash generation without indicating the need for additional capital. - The company is sitting on a healthy cash balance (Rs. 460 crores as of the latest quarter). - CAPEX is minimal and routine, implying no immediate requirement for external funding. - Management emphasizes sustaining growth with internal cash flow and rationalizing costs. Overall, during this call, Delta Corp did not indicate any plans for new debt or equity fundraising in the near future.

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

Capex plans

No
  • No large CAPEX was planned or incurred in the first nine months, aside from normal minor balancing equipment, repairs, maintenance, and routine capital expenditure.
  • The company continues to maintain a conservative approach to investments, with no substantial CAPEX reported.
  • Regarding non-core assets like land parcels, the company is actively marketing them for sale at the right price but has not yet found buyers.
  • Discussions are ongoing between promoters and potential buyers for the Advani Hotel & Resort investment, with hopes for a concrete development within the financial year.
  • The online business continues strategic investments focused on rationalizing marketing expenses and growing the user base, but no mention of major capital outlay was made.

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