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Delta Corp reported a very strong performance for the July-September quarter as the travel sector saw good movement. The company’s consolidated net profit stood at Rs 68.25 crore in the September quarter ended September 2022 as against a net loss of Rs 22.57 crore during the corresponding period a year ago, signifying a growth of 402.39 percent.

Despite the results, the market seems to be not very impressed with Delta Corp. Although the stock opened with a gain of 2.32 percent the stock touched an intraday high at Rs 223.2 and then started falling. At 11:05 am, shares of Delta Corp were trading at Rs 212, down 2.12 percent from the previous close on the BSE and sliding over 4 percent from the day's high.

In the year so far, the stock of the casino and hotel operator has fallen over 17 percent. A 28 percent goods and services tax (GST) on online gaming, casinos and race courses seems to be hitting the stock's performance despite the management clarifying in their first-quarter earnings call that their casino business had already been paying a 28 percent GST.

Also read: Wipro Earnings Preview: Shares slip over 2 percent from the day's high ahead of earnings

For July-September, the company reported a total income of Rs 279.87 crore as compared to Rs 82.52 crore during the same period last financial year, registering a growth of 224 percent.

In June, Delta Corp’s online poker and rummy gaming firm Deltatech Gaming, filed its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (Sebi) to raise funds through a Rs 550 crore initial public offering (IPO). Last week it also received market regulator Sebi's go-ahead to raise funds through an IPO.

Also read: Deltatech Gaming, Pristine Logistics get SEBI's go-ahead to float IPO

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