Cable TV
MSO says Cable TV amendments not enough
The changes approved by the Cabinet in the Cable TV Act, 1995 are welcome said Ashok Mansukhani, who once headed MSO InCable. “The focus is on the provider of the content, not on cable TV operators as being culpable for any questionable content,” says Mansukhani. “Earlier, a couple of cases had been filed against Star Movies where we were also named as infringers of the law. The amendment forcing broadcasters to adhere to the programming and ad code puts the onus on them.”
According to him, the amendments, serve to bring even pay TV channels under the DD programming code. “There is an equalisation between pay TV and free to air TV channels. Earlier on, programmers used to take refuge under the statement that they were pay channels.”
He, however, expressed doubt about the fact that the government had left policing of the amendments in the hands of local authorities. “What is all right in Mumbai may be repulsive in Agra. Hence making local designated authorities responsible for content can be a potential landmine field. A central broadcasting standards council should have been set up which will monitor content nationally. This is something the industry has been demanding.”
Additionally, what has got Mansukhani’s goose is the fact that the government (read: DD) is forcibly blocking up three channels to prop up the inefficencies of the state owned broacaster through the amendments.
“Almost 40 per cent of TV sets in India are not cable TV ready,” he says. “They can receive only 10-12 channels. By blocking three channels in the prime band the government- in partnership with DD – is limiting the industry from placing the channels of their and the consumers’ choice. DD has consistently been losing revenue to private channels and this amendment is a blatant effort by the broadcaster to improve its position, reduce competition through a government mandate.”
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.
