Revenue came in flat YoY driven by a multifold expansion in the online business profitability (+2,150bp were flat YoY, while EBITDA/adj. Casino revenue declined marginally by 1% YoY to INR2,002m, while the segmental EBIT margin contracted 370bp YoY to 32.8%. Margin compression can be attributed to higher spend on offerings/deals to drive visitations. On the other hand, online revenue increased 17% YoY, driven by a boost from higher promotional spend in the prior quarter. However, such incremental spend were avoided in 2QFY20, leading to improved profitability. We expect the online margin to sustain at ~20% as DELTA attempts to stay competitive. (b) Land policy is likely to be taken up in the winter session. (c) Clarity on GST taxation is likely to emerge soon. While the GST-related hangover remains, the operational performance is intact and will likely continue improving hereon. We largely maintain our estimates and expect sales/EBITDA/adj.