Delta Corp Q2 cons PAT down 58% at Rs 4.93 cr QoQ

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Delta Corp Q2 cons PAT down 58% at Rs 4.93 cr QoQ

Delta Corp has reported a consolidated profit after tax of Rs 4.93 crore for the second quarter of FY12, a fall of 58% as compared to Rs 11.8 crore in the previous quarter.

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Delta Corp has reported a consolidated profit after tax of Rs 4.93 crore for the second quarter of FY12, a fall of 58% as compared to Rs 11.8 crore in the previous quarter.

Net sales too fell nearly 46% to Rs 49.45 crore from Rs 91.1 crore quarter-on-quarter.

Disappointing numbers were due to no real estate income in the July-September quarter of FY12. In the earlier quarter, the company had sold Delta Centre to World Bank for Rs 110 crore, but it realized only 10% of the total i.e Rs 11 crore. It also received Rs 50 crore from Pune land sale.

Delta Corp said that they had realized only 10% last quarter from Kenya land sale and left would be realized in Q2 - but there were no signs in in Q2.

EBITDA for the quarter ended September FY12 slipped to Rs 12.9 crore from Rs 32 crore in the previous quarter. EBITDA margin stood at 26.2% as against 35.1% during the same period. PAT margin was at 10% versus 13%.

Segmental Revenue

Real estate revenues fell sharply to Rs 11.6 crore from Rs 63 crore. However, revenues from hospitality and gaming business increased to Rs 37.54 crore from Rs 27.8 crore. Lease rental revenues came in at Rs 70 lakh as against Rs 69 lakh quarter-on-quarter.

Segmental EBIT

Real estate EBIT declined drastically to Rs 4.97 crore from Rs 26.6 crore quarter-on-quarter. EBIT from lease rental too slipped to Rs 33 lakh versus Rs 1.34 crore. However, EBIT from hospitality and gaming business jumped to Rs 7.18 crore from Rs 4.6 crore.

Delta Corp's gaming business has been strong. Sales have gone up over 30%.

The company has received all clearances from Goa government. It is looking to sign deals in Damam and Sri Lanka.