Shares of Delta Corp, a part of ace investor Rakesh Jhunjhunwala's portfolio, fell over 2 percent on Tuesday ahead of the company’s first quarter earnings for the fiscal year 2023 (Q1FY23) slated to be announced today.
The gaming and casino firms’ stock has fallen after consecutive gains for the past four days. The stock has fallen 5.85 percent in one year and lost over 30 percent since the beginning of this year.
The market cap of the company fell to Rs 4,777.90 crore on BSE. The stock is currently trading at about 47 percent below its all-time high of Rs 339 touched on April 6, 2022.
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As of March 2022, Rakesh Jhunjhunwala owned 4.3 percent stake in the casino company while his wife Rekha Jhunjhunwala held 3.2 percent stake. The duo owned about 4.6 and 4.8 percent stake, respectively, as of December 2015.
In the fourth quarter of the last fiscal, the Goa-based firm reported over 16 percent fall in net profit. The casino chain player reported a profit of Rs 48.11 crore in the last quarter compared to the profit of Rs 57.77 crore in the year-ago period.
Revenue climbed 3.30 percent to Rs 218.32 crore in Q4 against Rs 211.34 crore in the corresponding quarter of the previous fiscal.
The board of the company recommended a final dividend of Rs. 1.25 per equity share.
On June 16, Delta Corp's wholly-owned subsidiary Deltatech Gaming filed a draft red herring prospectus (DRHP) with market regulator SEBI for a proposed initial public offering (IPO) amounting to Rs 550 crore. The IPO comprised a fresh issue of Rs 300 crore and an offer for sale up to Rs 250 crore.
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