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Delta Corp, India’s leading listed casino and gaming company, recently released its Q3 FY25 results, painting a picture of resilience and adaptation in the face of a challenging environment for the overall real-money gaming (RMG) industry. While the company managed to eke out a small year-on-year increase in net profit, other key indicators like revenue growth and EBITDA tell a more complex story.
Meanwhile, industry peers like Moonshine Technology (the parent company of PokerBaazi) are riding high on impressive gains fuelled by strategic investments from companies like Nazara Technologies. With the recent Supreme Court stay on retrospective GST demands adding another layer of intrigue, the Indian gaming landscape is more dynamic than ever.
Delta Corp’s Q3 FY25 Results: A Closer Look
A Year-on-Year Comparison
Comparing Q3 FY25 to Q3 FY24 highlights the challenges Delta Corp is facing:
While Delta Corp managed to protect its bottom line, the drop in revenue and EBITDA suggests a more challenging business environment. Several factors contributed to this mixed performance, including the higher GST on its core gaming and casino business, increased competition, and rising operational costs!
Navigating the Headwinds
Several factors are contributing to Delta Corp’s challenges:
Delta Corp vs. Moonshine Technology: A Tale of Two Companies
While Delta Corp grapples with subdued revenue and margin contraction, Moonshine Technology has reported strong financial results:
Moonshine also secured a significant investment of ₹982 Crores from Nazara Technologies, providing it with financial resources and a strong endorsement from a leading name in the Indian gaming industry.
Nazara Technologies: A Steady Climb
Nazara Technologies, a diversified gaming and sports media platform, has maintained a relatively steady upward trajectory in its stock price. The company’s strategic investments, such as its stake in Moonshine, highlight its focus on high-growth sectors like poker and casual gaming, which have been more resilient to recent tax changes and limited overall exposure in the RMG sector. This long-term strategic approach has helped Nazara avoid much of the turbulence that has rattled Delta Corp’s share price.
The Supreme Court’s GST Stay: A Temporary Reprieve
In a significant development, the Supreme Court recently stayed show-cause notices demanding over ₹1.12 Lakh Crores (not including penalties or interest) in retrospective GST from 49 gaming companies. While this provides temporary relief to the sector, the final verdict is still pending. This legal battle has had a mixed impact on companies like Delta Corp:
Looking Ahead: Opportunities and Challenges
Despite recent challenges, Delta Corp remains a dominant player in India’s casino and hospitality scene, with properties in key tourist destinations like Goa, Daman, and Sikkim. The company’s online gaming ventures also offer potential for future growth, provided it can effectively navigate the evolving regulatory landscape.
Demerger on the Horizon
Delta Corp recently announced plans to demerge its gaming and hospitality businesses in a strategic move aimed at unlocking value and streamlining operations. This demerger will create two separate entities, allowing each to focus on its core strengths and pursue growth opportunities more effectively. While the demerger is still subject to regulatory approvals, it could be a significant step towards enhancing shareholder value and navigating the challenges of the current market.
Future Outlook
Delta Corp’s Q3 FY25 results tell a story of resilience and adaptation in the face of adversity. While the company navigates the immediate pressures of a higher GST regime and cautious investor sentiment, other RMG players like Moonshine Technology – fueled by strategic investments and strong marketing – are charting a more promising financial course.
The Supreme Court’s stay on retrospective GST demands offers a glimmer of hope, but the final ruling remains a wildcard that could reshape the future of the gaming industry in India. Delta Corp must now focus on controlling costs, adapting to evolving player preferences, and preparing for whatever outcome emerges from India’s apex court. With the right moves, Delta Corp can leverage its strong brand equity to regain lost ground and position itself for a more robust performance in the coming quarters.
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