Delta Corp Ltd

- Currently, there is no indication of an immediate need for new debt as the company has sufficient cash on its balance sheet and ongoing cash flows from its core business. - Peak investment in the real estate JV is initially about Rs. 250 crores, funded from existing reserves without requiring additional borrowing. - The company states it does not currently need any new debt and will only consider further investment if a lucrative opportunity arises. - There is no mention of upcoming equity fundraising; the previous IPO plans for the online business were put on hold due to regulatory and market conditions. - Delta Corp is focusing on maintaining profitability, optimizing existing projects, and cautiously evaluating new investments without aggressive fundraising plans at present.

- New Ship: Total outlay ₹280-290 crores; ₹175 crores already invested. Completion expected by Q3 FY24, with revenues starting Q3 or Q4. (Page 6-7) - Hotel in Miramar: Currently ₹190 crores invested (including land cost). Additional ₹175 crores planned to convert it into a five-star deluxe hotel. (Page 7) - Integrated Resort Project (Goa land): Initially put on hold; now phased. Phase I to start with a water theme park (no casino). Future phases include hotel, retail, multiplex. (Pages 7, 16-17) - Real Estate JV with Peninsula Land: Initial investment approx. ₹250 crores. Focus on quick redevelopment projects in Mumbai and Goa, targeting IRR of 25-30%. (Pages 13-14) - No current debt required; investments funded through internal cash flows and reserves (~₹500 crore post Peninsula investment). (Page 10,14)

- Casino business expected to recover to pre-GST revenue levels within 1-2 quarters. - New ship arriving will double capacity, driving significant revenue growth over the next 3-5 years. - Increased hospitality capacity planned (200-250 rooms from current 106) to support expanded casino operations. - Online business is currently in wait-and-watch mode; consolidation expected, with future growth depending on market shakeout. - Ongoing projects (new vessel, hotel) will add to revenue and improve profit margins through cost savings. - Real estate venture with Peninsula Land is a diversification play; initial Rs. 250 crore investment aimed at quick redevelopment projects with 25-30% IRR. - Integrated resort project temporarily on hold; phased approach starting with a water theme park expected to contribute to growth later. - Overall management confident about financial health and growth prospects without foreseeable hurdles.

- Delta Corp expects growth in its casino business after the new ship, which will double current capacity, comes into operation within the next 1-2 quarters. - The expansion of vessel capacity will drive revenue growth and margin expansion despite a small GST-related margin hit (6-7%). - EBITDA margins are projected to stabilize around 35-36%, slightly lower than the previous 41%, but offset by higher revenue from increased capacity. - The launch of new hospitality capacity (200-250 hotel rooms) to complement the casino business is anticipated to reduce costs and boost profits. - Real estate investments via Peninsula Land are viewed as a strategic diversification expected to add value, though revenue impact timing is uncertain. - Online gaming business is currently on hold with potential upside after expected market consolidation. - Overall, management is confident of returning to pre-GST revenue levels by mid-2024, leading to improved earnings and profitability.

- The new ship project has a total outlay of approximately Rs. 280-290 crores. - Rs. 175 crores has already been invested in the ship; the remaining balance will be deployed over the coming months of 2024. - The ship construction is on schedule with expected completion in Q3 FY24, with potential revenue generation starting Q3 or definitely by Q4 FY24. - No specific mention of additional pending orders beyond the ship and related ongoing new hotel project. - Cash flow and reserves are healthy, supporting current projects without the need for new debt. - Real estate JV with Peninsula Land includes an initial investment of about Rs. 250 crores; further investments depend on opportunity and performance. - Overall, ongoing CapEx primarily revolves around the new ship, new hotel, and real estate JV, with no other major pending orders disclosed.