Cable TV
Tony D’silva to spearhead Hinduja Group’s media business
MUMBAI: Cable TV industry is undergoing major changes and in this wave of change has come a shocker. IndusInd Media & Communications Ltd. (IMCL) managing director Ravi Mansukhani, has stepped down from his position. Mansukhani, who has been associated with IMCL for more than seven years, had earlier expressed the desire to relinquish his services, which was accepted by the board of directors in the board meeting held on 31 January.
“Yes, I have stepped down,” confirmed Mansukhani without commenting further.
The board has now appointed Tony D’silva as IMCL MD and CEO with immediate effect and also approved certain other key management changes. D’silva who is currently the president of Hinduja Ventures Limited (HVL) has also been re-designated as Group CEO- media of HVL. As Group CEO –media and MD and CEO of IMCL, D’silva will hold the responsibility to restructure entire media business and value creation.
It is notable that HVL is restructuring its media vertical in order to enhance synergy across its various media initiatives. And to support this initiative, Rs 300 crore is being invested in the media business.
D’silva has been associated with HVL for the past one and a half years and comes with more than four decades of rich experience spread across media, FMCG and pharma sectors holding senior positions. He has a creditable track record of setting up and scaling up media ventures. D’silva began his media foray in 1992 as Modi Entertainment CEO and in 1997 helped Zee TV launch its international business in UK. Upon his return to India in 2001, he joined Star as executive VP and consolidated its TV business. He joined the Sun Group in 2007 to set up Sun Direct DTH as CEO, and then took over as the Group CEO, overseeing its entire media business including TV, print and radio.
MUMBAI: When margins wobble, liquidity talks and in Q3 FY25-26, cash did most of the talking. Den Networks Limited closed the December quarter with consolidated revenue of Rs.251 crore, marginally higher than the previous quarter but down 4 per cent year-on-year, even as profitability stayed resilient on the back of strong cash reserves and disciplined cost control.
Subscription income softened to Rs.98 crore, slipping 3 per cent sequentially and 14 per cent from last year, while placement and marketing income offered some cheer, rising 15 per cent quarter-on-quarter to Rs.148 crore. Total costs climbed faster than revenue, up 7 per cent QoQ to Rs.238 crore, driven largely by higher content costs and operating expenses. As a result, EBITDA dropped sharply to Rs.13 crore from Rs.19 crore in Q2 and Rs.28 crore a year ago, pulling margins down to 5 per cent.
Yet, the bottom line refused to blink. Profit after tax stood at Rs.40 crore, up 15 per cent sequentially and only marginally lower than last year’s Rs.42 crore. A healthy Rs.57 crore in other income helped cushion operating pressure, keeping profit before tax at Rs.48 crore, broadly stable quarter-on-quarter despite the tougher cost environment.
The real headline-grabber, however, sits on the balance sheet. The company remains debt-free, with cash and cash equivalents swelling to Rs.3,279 crore as of December 31, 2025. Net worth rose to Rs.3,748 crore, while online collections accounted for 97 per cent of total receipts, underscoring strong cash discipline across operations, including subsidiaries.
In short, while Q3 showed signs of operating strain, the financial backbone remains solid. With zero gross debt, steady profits and a formidable cash war chest, the company enters the next quarter with flexibility firmly on its side proving that in uncertain markets, balance sheet strength can be the best growth strategy.
