Delta Corp shares rise 6% post stellar Q3 earnings

Delta Corp stock rose 6% today after the gaming firm reported a stellar set of earnings for the quarter ended December 2021.

Delta Corp stock has gained 12.11% in the last 6 days. The share touched an intraday high of Rs 298.95, rising 5.75% on BSE. Delta Corp stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The share has gained 87.86% in one year and risen 11.54% since the beginning of this year. Total 6.48 lakh shares of the firm changed hands amounting to a turnover of Rs 19 crore on BSE. Market cap of the firm rose to Rs 7,706 crore.

Delta Corp reported a consolidated net profit of  Rs 70 crore in Q3, up mani-fold from Rs 1 crore clocked in the corresponding period of the previous fiscal. Revenue zoomed 104.62% to Rs 247 crore in Q3 against Rs 120 crore in the year-ago period. Operating profit excluding other income zoomed 813.03% to Rs 107.19 crore against Rs 11.74 crore in the year ago period.

Delta Corp share closed 1.30% higher at  Rs 284.05 on NSE on Tuesday, ahead of the earnings.

The board of the company has also cleared the appointment of advisors, bankers and other intermediaries by its subsidiary Gaussian Networks Ltd (GNPL), which is engaged in online gaming business to explore a potential public issue and listing of equity shares.

The IPO may take place by way of offer for sale of equity shares of GNPL to arrange funds for expansion of its business and unlock value for the shareholders of the company.