Cable TV
HC adjourns hearing in ESS-INCable case till tomorrow
MUMBAI: For those hoping to see some resolution to the ongoing dispute between sports broadcaster ESPN Star Sports and Hinduja group cable MSO INCableNet, the wait continues.
Arguments continued today before the Bombay High Court division bench headed by chief justice CK Thakkar and – yet again – the court was adjourned without arriving to any worthwhile conclusion.
According to Mumbai-based consumer group Consumer Action Network’s (CAN) president Ahmed Abdi, “Today InCableNet offered Rs 10 million upfront in an attempt to call truce, however, ESS refused to budge.” Abdi said ESS had demanded Rs 60 million, instead.
Arguments will continue in the court tomorrow from 2:30 pm.
The ESS-INCableNet spat took a new turn when CAN recently filed a public interest petition in the Bombay High Court seeking government control of cricket telecast rights whenever the Indian team plays.
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.
