India’s largest casino operator, Delta Corp Limited reported profits of Rs. 740 million (US$11.5 million) for the 2016-2017 financial year, representing a rise of 94.7 percent compared to FY16, according to a filing from the operator on Tuesday.
Revenue for the full financial year reached Rs. 4.6 billion, up 21.3 percent from Rs. 3.8 billion recorded in the previous year.
The operator noted that EBITDA margins also improved in the year, up 32 percent year-on-year.
Delta Corp said the growth came from efficient marketing strategies which brought sustained increases in visitation and income, expansion in onshore gaming with the addition of live gaming in Sikkim, and the introduction of a new floatel, Casino Deltin Caravella, in Goa.
“We believe the results this year demonstrate that our business has been propelled to the next level,” said Delta Corp chairman Jaydev Mody.
“With a steady income stream, we have no doubt that the graph is posed for a steep upward curve.”
Delta’s chief financial officer, Hardik Dhebar also noted that the company is in an “extremely positive position” following the announcement of the new GST rate, which will have a neutral impact on the business.