Delta Corp, a renowned company in the business sphere, has recently been shaken by an enormous GST demand notice. With already diminishing share values, this notice can further augment the downturn. Here’s a comprehensive breakdown:
The GST Demand Notice
- Details of the Notice: Delta Corp’s subsidiary, Delta Tek Gaming, received a staggering tax notice amounting to ₹6,236.81 crores. This notice has been specifically directed to its Kolkata unit.
- Impending Share Impact: Given this revelation, it’s highly plausible for the company’s shares to experience a downward pressure.
Delta Corp: Performance of the Shares
- Past Month: Over the last month, Delta Corp’s shares have plummeted by 21%.
- Annual Decline: In a year’s span, the shares have seen a substantial decline, dropping by 40%.
- Recent Closing: On Friday, the share value closed at a dip of 0.85%, settling at ₹140.
Company’s Performance in Q2
- Profit Rise: The consolidated profit for Delta Corp saw a marginal hike of 1.75%, mounting to ₹69.4 crores. This, in comparison to the same quarter the previous year, was ₹68.2 crores.
- Increment in Consolidated Income: The company reported that its consolidated income for the second quarter rose year-on-year, from ₹270 crores to ₹271 crores.
- EBITDA: The EBITDA experienced a slight dip, from ₹100.4 crores year-on-year to ₹100.3 crores.
Board Decisions and Appointments
- New Chief Financial Officer: Alongside the quarterly results, Delta Corp also announced the appointment of Anil Malani as the Chief Financial Officer.
- Chief Operating Officer: In addition to Anil Malani’s appointment, the board has also greenlit Manoj Jain’s designation as the company’s Chief Operating Officer.
Conclusion
The forthcoming days are crucial for Delta Corp. The GST demand notice has surely added another layer of challenges for the firm, already grappling with declining share values. Investors and market watchers will keenly observe the company’s moves in response to these developments.
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