Delta Corp Q2 profit down 82% quarter-on-quarter despite 3.8% gaming income growth
Gaming revenue rises to $19.7m while hospitality weakness weighs on quarterly earnings.
Key points:
– Delta Corp posted INR195.84 crore in gross income for Q2 FY2025, up 2.6% year-on-year
– Group profit declined to INR29.46 crore, down 82% from the previous quarter
– Gaming income rose 3.8% year-on-year to INR172.71 crore, while hospitality fell 14.8%
India’s Delta Corp reported INR195.84 crore ($22.3m) in gross operational income for the quarter ending 30 June 2025, reflecting a 2.6% year-on-year increase and a marginal 0.9% drop from the previous quarter.
The company’s results were driven primarily by its core gaming division, which includes both physical casinos and online real-money platforms.
Gaming revenue reached INR172.71 crore, up 3.8% from both the June 2024 quarter and the March 2025 quarter.
Delta operates several offshore casinos in Goa – including Deltin Royale, Deltin JAQK and Kings Casino – as well as onshore properties in Sikkim and Nepal.
It also manages Adda52.com and Adda52rummy.com, two of India’s largest skill-based gaming platforms.
Online and land-based gaming together contributed over 88% of Delta’s quarterly revenue.
Good to know: Delta Corp has not yet made provisions for pending GST disputes. Like many Indian gaming companies, it is challenging retrospective taxation claims and awaits a regulatory outcome
Despite gaming sector growth, overall group profit fell to INR29.46 crore, down from INR164.56 crore in the March quarter.
The previous quarter had included an exceptional gain from the sale of a 51% stake in Delta’s online gaming subsidiary, Deltatech Gaming.
The company’s hospitality segment contributed INR12 crore in Q2, a 15.4% decline year-on-year. Properties under this division include The Deltin Daman and Deltin Suites in Goa. Declining hotel income offset gains in gaming, pushing overall profitability down sharply.
Delta previously reported FY2024–25 income of INR786.71 crore, a 12.8% decline from the year prior. Yet net profit for the year held stable at INR248.99 crore, supported by cost controls and consistent gaming revenues.
The company’s near-term outlook is affected by continued uncertainty over the Goods and Services Tax (GST) regime, particularly its application to skill-based games and retrospective liabilities. Delta has stated that it will not make any provisions until a legal resolution is reached.
In April, Delta reported a modest 2.14% year-on-year revenue dip for Q1 2025 but recorded a 127% annual increase in net profit. The contrast with Q2 highlights the volatility created by one-off items and non-operational factors in current results.
Delta continues to move forward with its plan to separate its gaming, hospitality and real estate divisions into distinct business verticals. The company has said this restructuring is intended to streamline operations and enhance investor visibility across segments.
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