Delta Corp says the group is debt free and would have adequate liquidity available to honour its liabilities and obligations.
Casinos and hotels operator Delta Corp has clocked significant growth in earnings for the quarter ended December 2021, with consolidated profit at Rs 70.38 crore, up multi-fold on a low base of last year.
The company had recorded a profit of Rs 1.28 crore in the December 2020 quarter and posted a loss of Rs 22.57 crore in the September 2021 quarter.
Consolidated revenue from operations jumped to Rs 247.22 crore in Q3FY22, doubled from Rs 120.82 crore in the year-ago period and jumped more than three-fold compared to Rs 74.72 crore revenue recorded in the September 2021 quarter.
“Board has approved the appointment of advisors, bankers and other intermediaries by subsidiary Gaussian Networks (GNPL), which is engaged in the online gaming business, to explore a potential public issue and listing of equity shares of GNPL (including by way of offer for sale of equity shares of GNPL held by the Company),” said Delta Corp in its BSE filing.
The company further said the fund raising by GNPL would enable it to raise resources for expansion of its business and unlock value for the shareholders of the company.
Delta Corp said the group is debt free and would have adequate liquidity available to honour its liabilities and obligations, as and when due. “The management will continue to monitor any material changes to its COVID-19 impact assessment, resulting from the future economic conditions and future uncertainty, if any,” it said.
Before the announcement of results, the stock settled at Rs 282.70 on the BSE today, up 0.86 percent over the previous close.