Cable TV
Negligible rise in MSOs to 840 with 609 provisional licencees
NEW DELHI: With the second quarter of the last year of implementation of the final phase of the digital addressable system having begun, the government is attempting to speed up the process of clearing licences for multi-system operators and the number has now gone up to 840 including the 231 which have permanent (ten-year) licences.
The latest list as on 29 April shows that thirteen more MSOs have been given provisional licences in the week after 21 April and the total of provisional licencees has now risen above 600 to number 609 as against 596.
By 12 January, the Information and Broadcasting Ministry had cancelled the licences of 26 MSOs and closed their cases.
According to the latest list, the area of operation of one MSO has been revised after 21 April. Unlike the last list, none of the new MSOs have been given pan-India licences. The new registrations are for the states of, or specific disctricts in, Gujarat, Uttar Pradesh, Kerala, Harayana, Madhya Pradesh, Maharashtra, Chhatisgarh, Telangana, and Andhra Pradesh.
With the Home ministry directive about doing away with security clearances for MSOs not being communicated in writing to the MIB, the pace remains slow.
The permanent licence issued to Kal Cable of Chennai had been cancelled on 20 August 2014, but this cancellation was set aside by Madras High Court on 5 September the same year. However, Kal Cable’s name continues to be in the cancelled list – presumably because the cases are still pending.
Sources denied that denial of security clearance was the reason for provisional licences and said many MSOs holding provisional licences had not completed certain formalities relating to shareholders and so on.
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.
