The Delta Corp stock has lost 38.27 percent of its value over the last six months. The benchmark Nifty50 index has given a return of 11.31 percent over the same duration.
Its two biggest business divisions - casino and online gaming - and saw sharp drop in revenue. Third and the smallest hospitality division saw improvement in revenue during the quarter.
Delta Corp, an online gaming and casino firm, contested a GST demand of over Rs 23,200 crore, deeming it arbitrary and contrary to laws, hence not provisioning for it. Their Q3FY24 reported a 59% decrease in net profit at Rs 34.48 crore, with a reduced income from operations at Rs 181.54 crore. Show cause notices from tax authorities alleging GST short payments led to legal action by Delta Corp and its subsidiaries, securing stay orders from High Courts.
Delta Corp says Rs 23,200 crore-GST demand arbitrary devdiscourse.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from devdiscourse.com Daily Mail and Mail on Sunday newspapers.