Delta Corp Ltd

- Delta Corp has completed all the necessary formalities and preparations for an IPO and is ready to launch it when market conditions are favorable. - The company is currently waiting for clarity on government rules, regulations, and GST related to online gaming before proceeding with the IPO. - The IPO is not planned imminently ("not one or two years") but will be launched at the right and conducive market time, likely after the budget event is over. - No specific mention of new debt fundraising at this point; capital expenditures (like the new vessel costing ~225-250 crores) are being funded from internal cash flows (300+ crores cash generated in 9 months, sitting on ~650 crores cash). - The company aims to avoid any stretch or leverage on the balance sheet with major projects like the real estate development, ensuring funding from internal accruals without external debt or equity needs in the near term.

- The company is building a new larger vessel for casino operations, expected to be commissioned by Q3 of the coming financial year. Total cost estimated around Rs. 225-250 crores; approx. Rs. 120-150 crores already spent with another Rs. 100 crores to go. - A large new resort project (Deltin Entertainment City or Deltin Town) is planned on a 100-acre land parcel, with a total project cost around Rs. 2,500 crores. Final approvals are in the last stages with spending expected over the next four years. - The company is mindful to manage project spend carefully to avoid balance sheet or cash flow stress. - Investment is ongoing in the digital/multi-gaming platform called adda.games, with increasing acquisition costs as part of growth strategy. - No major capex has yet occurred on the resort, but breaking ground is expected soon after approvals. - Overall, capital investments will focus on capacity expansion via new vessel and large-scale resort development.

- Delta Corp expects a strong growth trajectory with a new vessel launching by Q3 FY24, which will increase casino capacity by 2.5 to 3 times. - Existing Goa casino market serves ~12-15 lakh visitors out of 1 crore annual visitors, indicating significant untapped market potential without relying on tourism growth. - Online gaming business, despite current heavy marketing spends, is growing steadily—from ₹35 crore in Dec '21 quarter to ₹51 crore recently—with continued investment aimed at scalable growth. - Revenue growth is anticipated to be step-wise, with periods of stabilization followed by growth spurts linked to capacity expansions and new product launches. - Operational leverage and unit economics in gaming are expected to improve margins and profitability over time. - Online gaming margins currently compressed due to marketing investments, but expected to improve as customer acquisition stabilizes.

- Casino business margins currently at ~34-35% EBITDA, expected to improve to high 37-38% with operational leverage and capacity utilization. - Revenue from Goa casinos could grow 2x-2.5x upon reaching optimum utilization due to capacity expansion (2.5x-3x increase with new vessel). - Online gaming business currently investing aggressively in marketing and customer acquisition, leading to short-term margin pressure but positive unit economics expected over time. - Online gaming top-line and margins projected to improve as scale and contribution increase. - Hospitality business seen as complementary, with steady growth but not core driver of earnings. - Overall growth trajectory positive with new vessel and digital business expansion; expect a steep improvement in traffic and revenue medium-term. - Management cautious about timing but optimistic about sustainable margin improvement and revenue growth across segments.

The transcript does not explicitly provide details on the current or expected order book or pending orders for Delta Corp Limited. However, relevant inferred points include: - The company is in the process of building a new vessel costing around ₹225-250 crore, with ₹120-150 crore already spent, expected to come into operation by Q3 of the coming financial year. - They are working on a real estate development project involving a land parcel originally intended for a hotel, expected to progress over the next 12 to 18 months. - Ongoing investments in their online gaming platform, Adda.games, including team building and game additions (currently 14 games), as part of growth initiatives. - No specific quantitative figures on order backlog or pending orders are mentioned in the available transcript.