Cable TV
Den Networks: Profitability rises; revenues drop in Q2 FY 2025
MUMBAI: National multisystem operator Den Networks has reported a drop in revenues in Q2 FY 2025 ended 30 September 2024, even as its profitability has improved as compared to year ago same period on a consolidated basis.
In regulatory filings with the Bombay stock exchange (BSE), DEN declared Rs 2490.80 million in operating revenue as against an operating revenue of Rs 2766.13 million in the year ago Q2 period. That is a drop of around 9.95 per cent. Its subscription revenue too saw a dip to Rs 1210 million from Rs 1460 million in the same year-ago period. EBITDA plunged 35 per cent to Rs 280 million in Q2FY2024 as compared to Rs 430 million in Q2FY 2024.
Unlike GTPL Hathway which reported a drop in its net profit, DEN Networks said its net profit rose 13.94 per cent to Rs 520.5 million in Q2 FY 2025 as against Rs 456.8 million in the quarter ended 30 September 2023. Its
On a half yearly basis ended 30 September 2024, the company’s total consolidated revenue crashed to Rs 4966.08 million as against Rs 5497.94 million in the half year ended 30 September 2023. Its profit after tax for the latest H1 FY 2025 period rose to Rs 949.40 million as against Rs 878.85 million in H1 FY2023.Its operating profit before working capital changes fell to Rs 465.74 million from Rs 589.15 million. The cash the company generated from operations nosedived to Rs 222.69 million (Rs 677.28 million).
Den Networks’ share price was shaved by 47 paise to close at Rs 51.75 at the end of trading.
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.
