Delta Corp Q2 results: Casino firm swings to ₹106 crore loss as GST provisions mount
Delta Corp reported a ₹106.4 crore net loss in Q2 FY27 due to lower revenue and a ₹136.92 crore GST provision.Summary
Delta Corp reported a consolidated net loss of ₹106.4 crore for the September quarter of FY27, compared with a net profit of ₹25 crore a year earlier. Revenue fell 13.1% year-on-year to ₹159 crore, and EBITDA dropped 27.5% to ₹29 crore, with the EBITDA margin narrowing to 18% from 21.8%. The loss was driven by a one-time GST provision of ₹136.92 crore, taking the first-half provision to ₹443.65 crore. The provision relates to GST demands over alleged short payment on casino transactions and mixed supplies, with the company citing the Supreme Court's May 27, 2026 judgment on GST for online gaming, betting, gambling, and casinos. Delta Corp maintains strong grounds to contest the demands and interest under Rule 31C of the CGST Rules. Compared with the June quarter, revenue declined to ₹159.34 crore from ₹168.55 crore, but the net loss narrowed from ₹212.42 crore, which included a ₹306.73 crore GST provision. Additionally, flooding from heavy monsoon rains forced its hotel, The Deltin, in Daman to suspend operations for 37 days, impacting hospitality revenue; it resumed on August 29. Delta Corp shares closed 5.11% lower at ₹76.90 on October 19, with mixed performance over various periods.
(Source：Cnbctv18)