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Business News/ Companies / Company Results/  Delta Corp net profit up 1.6% YoY to 69.4 crore profit in Q2 FY24

Delta Corp net profit up 1.6% YoY to ₹69.4 crore profit in Q2 FY24

Delta Corp reported ₹69.4 crore profit in Q2 FY24

Delta Corp net profit up 1.6% YoY to ₹69.4 crore profit in Q2 FY24Premium
Delta Corp net profit up 1.6% YoY to 69.4 crore profit in Q2 FY24

 Delta Corp reported a 1.68% rise in its net profit to 69.4 crore against 68.25 crore reported in a year ago period. The company reported a nominal 0.2% rise in its consolidated revenue to Rs270.6 crore in September quarter of FY24 against 270 crore in the year ago period. 

Company's EBITDA was down by 0.1% to 100.3 crore in Q2 FY24 against 100.4 crore in Q2 FY23. The company shares ended 0.56% higher at 143 per share on BSE on Wednesday. The gaming firm touched its 52-week low mark of 133.10 per share on BSE on September 29. Its share value has declined by 33.60% YTD and by 34.24% in last one year. 

Along with its financial result for the September quarter, the company's board approved the appointment of Anil Malani as President and Chief Financial Officer as Key Managerial Personnel of the Company. Other than Anil Malani, the board also approved the appointment of Manoj Jain as Chief Operating Officer of the Company.

Delta Corp ‘confident of favourable outcome’ in GST tax matter

Mentioning the recent GST tax notice received by Delta Corp, the firm said that it is confident of favourable outcome in the matter. The company also clarified that no adjustments were made to the released financial results of the September quarter.

The gaming company received show cause notices from GST department for alleged short payment of Goods and Service Tax (GST) aggregating Rs. 16,822.98 crores for the period from 1 July 2017 to 31 March 2022.

Other than Delta Corp, online gaming firms like Dream 11, and casino operators also received GST show cause notices in September for alleged short payment of taxes.

The government imposed a 28 per cent GST on online gaming companies from October 1. The tax is imposed on full value of bets, while offshore platforms too would be required to have GST registration to operate in India.

As per changes to the Central GST Act, online gaming casinos and horse racing will henceforth will be treated as "actionable claims" similar to lottery, betting and gambling and subject to 28 per cent Goods and Services Tax (GST) on full face value of bets.

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Published: 11 Oct 2023, 06:55 PM IST
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