Delta Corp shares fall more than 1.5% ahead of Q1 earnings data release today

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Shares of Delta Corp, part of the portfolio of investor ace Rakesh Jhunjhunwala, fell more than 2% on Tuesday ahead of the company’s first quarter results for fiscal year 2023 (Q1FY23) due to be announced today. today.

Shares of gaming and casino companies fell after back-to-back gains over the past four days. The stock has fallen 5.85% in one year and has lost more than 30% since the start of this year.

The company’s market cap fell to Rs 4,777.90 crore on BSE. The stock is currently trading around 47% below its all-time high of 339 rupees reached on April 6, 2022.

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As of March 2022, Rakesh Jhunjhunwala held a 4.3% stake in the casino company while his wife Rekha Jhunjhunwala held a 3.2% stake. The duo held approximately 4.6 and 4.8% of the capital respectively in December 2015.

In the fourth quarter of last fiscal year, the Goa-based company announced a drop of more than 16% in its net profit. The casino chain gambler reported a profit of Rs 48.11 crore last quarter compared to a profit of Rs 57.77 crore a year ago.

Revenue climbed 3.30% to Rs 218.32 crore in the fourth quarter from Rs 211.34 crore in the same quarter last year.

The company’s board has recommended a final dividend of Rs. 1.25 per share.

On June 16, Delta Corp’s wholly-owned subsidiary, Deltatech Gaming, filed a draft red herring prospectus (DRHP) with market regulator SEBI for a proposed initial public offering (IPO) in the amount of Rs 550 crore. The IPO included a new issue of Rs 300 crore and a sell offer of up to Rs 250 crore.

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