Delta Corp is the top loser on the bourses currently as the market is grossly disappointed with the company’s Q3FY17 performance.

The sequential performance has been terrible. On a 23% (QoQ) drop in consolidated total income at Rs.104 crore, the company posted a 69% drop in net profit at Rs.10 crore. EBITDA slipped by a good 45% to Rs.31 crore and margins too have taken a huge hit – down to 30.2% from 42.2%. Q3 is usually its best season due to the holidays but looks like this time round, the demonetization left a telling effect on its earnings.

YoY the picture looks better only because in previous Q3, it had a higher interest outgo and an exceptional expense of Rs.5 crore. YoY, consolidated total income rose by just 4.5% but net profit showed a 37% jump due to the above mentioned factors. EBITDA remained 3.5% lower  and margins too slipped from 32.7% to 30.2%.

Before the results, there was the much awaited good news from the company but it too does not seem to have helped. The company received a licence for operations of a casino in Gangtok, Sikkim and it has begun operations will immediate effect.

Delta Corp operates three offshore gaming licences in Goa, now one in Sikkim and has an integrated casino resort in Daman. The company also has three luxury hotel properties in Goa Deltin Suites, Deltin Palms and Villa Marina by Deltin. Recognised more as a “Jhunjhunwala” company, he holds 9.74% stake as at 31st Dec 2016.