Here’s why Delta Corp shares dropped today

Delta Corp shares plunge: Shares of casino operator Delta Corp fell as much as 5.14 per cent to hit an intraday low of Rs 142.95 per share after the company’s profit dropped nearly 60 per cent annually to Rs 34.5 crore in the December quarter (Q3 FY24), against Rs 84.8 crore in the same quarter last year (Q3 FY23).

The company’s revenue plunged over 15 per cent annually to Rs 231.7 crore in Q3, from Rs 273.4 crore in the same quarter previous fiscal.

Delta Corp earnings before interest, taxes, depreciation and ammortisation (EBITDA) plummeted 45.5 per cent to Rs 55.8 crore, from Rs 102.4 crore in Q3FY23.

Its margin dropped by a whopping 1,340 basis points to 24.1 per cent in the third quarter of the current fiscal year.

Additionally, the companies made no provisions for Goods and Services Tax (GST) dues. 

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According to reports, Anil Malani of Delta Corp said that the December quarter was impacted by higher GST regime. The company is hopeful of revival in Q4. 

The total claims in terms of GST show cause notices is about Rs 23,000-24,000 crore, Malani added.

Delta Corp market capitalisation is Rs 3,940 crore, according to BSE.

As of 11:53 am, shares of Delta Corp were trading 1.16 per cent lower at Rs 148.95 per share.