EBITDA margin contracted 150bp YoY, recovery in the online gaming EBIT margin (19% in 3QFY19 v/s 2% in the last quarter). However, higher-than-expected tax restricted PAT growth to 13% YoY (INR505m v/s our estimate of INR497m). Casino gaming revenue grew 30% YoY (flat QoQ) to INR2,021m in the quarter, supported by increasing visitations (+18% QoQ to 118K). Online gaming revenue grew 33% YoY (+8% QoQ); EBIT margin contracted 2,100bp YoY, but expanded 1,700bp QoQ to 19% (expected to sustain at 15-20% levels) on account of cost and promotional spend rationalization DELTA aims to cautiously invest in the right channels to sustainably grow a loyal user base. Hospitality revenue declined 17% YoY to INR193.8m; the company recorded segmental EBIT loss of INR59.3m. We roll forward our target price to Dec20E EPS of INR11/share. We continue valuing the stock at 30x P/E to arrive at a target price of INR320/share.