Delta Corp | Jhunjhunwala, Mukul Agrawal bet spikes 8% after cutting Sept quarter losses to half
NEW DELHI: Shares of
, a gaming and leisure activities firm, climbed over 8 per cent on Tuesday after the company said its September quarter losses were less than half of that of the corresponding quarter last year.
The stock was trading at Rs 293.65, up 8 per cent on BSE.
The company on Monday said its consolidated net loss stood at Rs 22.57 crore for the just-ended September quarter, compared to Rs 54.91 crore loss in the same quarter last year. Notably, net sales nearly doubled to Rs 74.72 crore, up from Rs 38.37 crore.
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Revenue from casinos came in at Rs 40 crore from zero. The same from online gaming pision was more or less flat at Rs 40.45 crore. Its hospitality pision saw revenue at Rs 13 crore.
The company was severely impacted due to restrictions during the pandemic. Still, most of its properties in Goa, Sikkim and Nepal are running at half capacities with restrictions.
“Considering the overall gradual returning to normalcy of all segments of the Group, the encouraging performance for the quarter and based on its assessment of the current indicators of the future economic condition, the Group expects that the COVID-19 pandemic would not have any material adverse impact on the recoverable values of its financial and non-financial assets and on the net worth of the Group,” said its management.
Ace investor Rakesh Jhunjhunwala and his wife together hold 2 crore shares in the company, as of June quarter end. At current prices, their stake is valued at Rs 590 crore. Another value investor Mukul Agrawal owns 30 lakh shares valued at Rs 89 crore. The company is yet to publish shareholding data for the September quarter.
Delta Corp is one of the reopening plays popular in the market. The stock has gained nearly 50 percent in the last one month and 145 per cent in the last one year.