Cable TV
National MSOs to meet in Mumbai on gross billing issue
MUMBAI: The national multi-system operators (MSOs) are meeting on 3 January in Mumbai to discuss the smooth rollout of gross billing in Maharashtra. While the deadline set by the Telecom Regulatory Authority of India (TRAI) to achieve 100 per cent customer application forms (CAFs) for phase II cities and submitting compliance report for gross billing for phase I cities came to an end on 31 December 2013, the MSOs have been unable to start gross billing in Maharashtra. The meeting has been called to discuss on the matter and come up with ways to ensure that gross billing begins in the state.
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“Since the issue of entertainment tax, which is supposed to be included in the bills generated to the consumer, is in the Bombay High Court, we cannot start gross billing in the state. We will be meeting on Friday to discuss issues at hand,” informs a MSO who will be attending the meeting.
The MSOs are claiming to have achieved 90-95 per cent CAF and also submitted the compliance report for Delhi and Kolkata to TRAI. “But, the situation is a little different in Maharashtra,” admits the MSO.
While no independent MSO will be a part of the meeting, the national players operating in Maharashtra: Hathway Cable & Datacom, DEN Networks, SitiCable and InCable will meet tomorrow.
But, the last mile operators (LMOs) have decided to not allow gross billing in Maharashtra. “The case is anyways in the Bombay High Court and so the MSOs cannot start gross billing in the state. Though Hathway has verbally agreed to give partial access to its subscriber management system (SMS) to the LMOs and said that while it will bill the LMOs, the latter can bill the subscriber, thus being the owner of its subscriber, there has been no response from DEN and IMCL on the same,” informs Maharashtra Cable Operators Federation (MCOF) president Arvind Prabhoo.
“We will not allow gross billing to start in Maharashtra till all the issues are resolved,” adds Prabhoo.
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.
