Cable TV
S.N. Sharma quits Reliance
MUMBAI: Cable distribution veteran SN Sharma has quit Reliance Jio, a subsidiary of Mukesh Ambani promoted Reliance Industries Ltd (RIL).
Sources in RIL confirmed that Sharma has put in his papers last week.
Sharma had joined RIL’s media-cum-telecom venture Reliance Jio in 2015 and was brought on board to lead the cable distribution business of the organisation.
RIL, which through a subsidiary company has a licence to operate as an MSO, had also brought in former Hathway Datacom chief executive K. Jayaraman to head its distribution business and Sharma reported into him.
As part of Reliance Jio, Sharma and Jayaraman were entrusted to build a business plan for distribution of TV channels owned by Reliance that were managed under Network18 Media and Investments Ltd.
With an experience of more than 20 years in electronic media and cable distribution, Sharma is credited with playing a crucial role in building thw Sameer Manchanda-promoted Den Networks and Rahejas-owned Hathway.
RIL, which owns and controls the Network18 group that operates a clutch of TV channels, has widespread interest in media, telecom, petroleum and energy sectors.
Through its subsidiary TV18 Broadcast Limited, the group operates news channels CNBC-TV18, CNBC Awaaz, CNBC Bajar, CNBC-TV18 Prime HD, CNN-News18, IBN7, ETV channels, IBN-Lokmat (a Marathi regional news channel in partnership with the Lokmat group), apart from the newly-launched FYI TV18.
TV18 also operates a joint venture with Viacom, called Viacom18, which houses a portfolio of popular entertainment channels like Colors, Colors HD, Colors Infinity, Rishtey, MTV India, MTV Indies, Comedy Central, Vh1, Nick, Sonic, Nick Jr, Teen Nick and Viacom18 Motion Pictures.
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.
