Cable TV
Siti-sational setback as losses deepen in Q3 and CIRP clouds outlook
MUMBAI: Siti Networks is weathering one of its stormiest quarters yet, with mounting losses, a ballooning debt burden, and a cloud of insolvency proceedings hanging over its cable and broadband empire. The third quarter results for FY2024–25 reveal a dismal performance: the company posted a standalone net loss of Rs 529.02 million and a consolidated loss of Rs 667.61 million for the quarter ending 31 December 2024.
Revenue from operations took a hit, falling to Rs 814.55 million in Q3 from Rs 1,032.30 million in the same period last year. Total expenses continued to outpace revenue, reaching Rs 1,358.73 million driven largely by pay channel costs (Rs 683.14 million), finance charges (Rs 222.26 million), and depreciation (Rs 103.92 million).
Year-to-date figures paint an even bleaker picture, with the company racking up a net loss of Rs 1,421.70 million (standalone) and Rs 1,684.50 million (consolidated) for the nine months ended December 2024. Siti Networks’ accumulated losses now stand at a staggering Rs 29,346.96 million, resulting in a negative net worth of Rs 12,411.66 million and a working capital deficit of Rs 16,474.65 million.
To add to the turbulence, the company remains under the Corporate Insolvency Resolution Process (CIRP), with legal wrangling between lenders, operational creditors and the resolution professional over claims and liabilities. Claims totalling over Rs 31,000 million have been filed, though a significant chunk remains disputed or under review.
While the Resolution Professional, Rohit Mehra, continues to steer the ship, ongoing disputes including appeals over moratorium breaches and creditor repayments threaten to delay a stable resolution. Meanwhile, statutory auditors have issued a disclaimer of conclusion, citing insufficient audit evidence and unresolved material uncertainties, including doubts about the company’s very ability to continue as a going concern.
Despite resumed operations with major broadcasters like Zee Entertainment and the presence of a Resolution Professional at the helm, the road ahead looks anything but smooth. Siti’s future now hinges on a successful turnaround plan, if one can be stitched together in time.
As the industry watches closely, the question remains: Can Siti Networks switch from static to signal again? Or is this the final fade to black?
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.
