Delta Corp Q1 revenue dips modestly, amid strong profit surge from Deltatech Sale
Delta Corp Ltd, the only listed casino and online gaming operator in India, has reported a marginal decline in operational revenue for the quarter ended 31 March 2025, despite recording a spike in profit, driven by the sale of a controlling stake in its online gaming subsidiary.
Revenue slips slightly as casino earnings dip
Delta Corp gross income from operations of ₹196.72 crore (US$23.1 million) in Q1 FY25, marking a 2.1 percent decline year-on-year and a modest 1.1 percent rise from the previous quarter. The dip was largely attributed to weakening performance in the casino gaming segment.
Income from casino operations dropped to ₹166.39 crore (US$19.5 million), down from ₹172.84 crore (US$20.3 million) in the December 2024 quarter and ₹171.90 crore (US$20.2 million) in Q1 FY24. The decline comes amidst ongoing regulatory pressures and cautious consumer sentiment in the gaming space.
Hospitality segment sees double-digit growth
The hospitality division delivered strong performance, with income rising 22.9 percent year-on-year to ₹16.72 crore (US$1.96 million). This growth is attributed to increased occupancy at Delta’s resort properties, particularly in Goa and Sikkim, and a general uptick in travel and tourism post-pandemic.
Profit soars following Deltatech Gaming stake sale
Despite a modest revenue decline, net profit surged exponentially to ₹164.56 crore (US$19.3 million), up 127 percent year-on-year and a staggering 360 percent sequentially. The jump is primarily linked to the sale of a 51 percent equity stake in Deltatech Gaming Ltd., Delta’s online gaming arm which operates Adda52.com and Adda52rummy.com.
This divestment has given Delta Corp a one-time financial boost, allowing the company to maintain overall profitability in a challenging operating environment.
Full-year revenue declines but profit holds steady
For the full financial year ended 31 March 2025, Delta Corp reported revenue of ₹786.71 crore (US$92.3 million), reflecting a 12.8 percent decrease from the previous year. However, annual profit remained resilient, increasing slightly to ₹248.99 crore (US$29.2 million), underlining the impact of its strategic portfolio decisions.
GST dispute looms over industry
The company has also confirmed that it has not made any impairment provisions in relation to the ongoing legal tussle over the Goods and Services Tax (GST) levied on gaming firms. The matter continues to be contested by multiple companies and could have significant financial ramifications for the sector.
Diversified operations and restructuring
Delta Corp operates India’s largest offshore casinos, including Deltin Royale, Deltin JAQK, and Kings Casino. Its integrated hospitality and gaming properties include Deltin Suites in Goa, Casino Deltin Denzong in Sikkim, and The Deltin, a luxury resort in Daman with plans for a casino license.
In September 2024, the company announced plans to demerge its gaming, hospitality, and real estate businesses to provide clearer focus and better value creation across each segment.
