Impressive EBITDA growth attributed to sharp recovery in online gaming margin revenue increased 27% YoY (our estimate: 28%) to INR2,058m in 3QFY19, primarily driven by the gaming business. EBITDA margin contracted 150bp YoY, but expanded 290bp QoQ to 40.8% (our estimate: 37.2%), driven primarily by a recovery in the online gaming EBIT margin (19% in 3QFY19 v\/s 2% in the last quarter). EBIDTA of INR840m, too, was higher than our estimate of INR769m. However, higher-than-expected tax restricted PAT growth to 13% YoY (INR505m v\/s our estimate of INR497m). ALSO READ:\u00a0Infosys Q3 results 2019: Firm announces dividend of Rs 4, share buyback of up to Rs 8,260 crore Sustained growth in casino biz; cost rationalisation supporting online gaming Casino gaming revenue grew 30% YoY (flat QoQ) to INR2,021m in the quarter, supported by increasing visitations (+18% QoQ to 118K). Casino EBIT margin expanded 300bp YoY to 38%. 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 rationalisation \u2014 DELTA aims to cautiously invest in the right channels to sustainably grow a loyal user base. The company recorded 100k poker user registrations in 3QFY19, taking the total user base to 1.5m (100k active users). Hospitality revenue declined 17% YoY to Rs193.8m; the company recorded segmental EBIT loss of INR59.3m. ALSO READ:\u00a0Modi govt\u2019s election handouts threaten FM Jaitley\u2019s fiscal math DELTA is expected to deliver sales\/PAT CAGR of 25% over FY18-21. We roll forward our target price to Dec\u201920E EPS of INR11 We continue valuing the stock at 30x P\/E to arrive at a target price of Rs 320 Maintain 'Buy'.