Cable TV
Higher subscription & activation lead Den’s turnaround in Q2
BENGALURU: Indian multi system operator (MSO) Den Network (Den) reported growth in operating revenue, operating profit (EBIDTA) and profit after tax (PAT) for the quarter ended 30 September 2017 (Q2-18, current quarter) as compared to the corresponding year ago quarter. In Q2-17 (the corresponding year ago quarter), the company had reported a loss. The change to black from red in the current quarter was driven by a reported 22.3 percent increase in operating revenue and an operating profit for its cable distribution (cable) business. Den’s cable business performed well due to cost optimisation measures and the company accelerating its subscription collections. The company claims in its earnings release that its subscription collection efficiency in Q2-18 was 93 percent.
Den’s operating revenue for Q2-18 was Rs 3,277.9 million, 20.3 percent more y-o-y as compared to Rs 2,724.4 million. Total income including other revenue grew 19.6 percent y-o-y to Rs 3,349 million from Rs 2,800.4 million. The company reported 2.84 times the EBIDTA for Q2-18 at Rs 815.5 million as compared to Rs 287.5 million for the corresponding year ago quarter. PAT for the current quarter was Rs 11.1 million as compared to a loss of Rs 439.6 million in Q2-17.
Cable business revenue in Q2-18 was Rs 3,079.9 million as compared to Rs 2,517.4 million in Q2-17.Cable business operating profit in the current quarter was Rs 277.5 million as compared to a an operating loss of Rs 306.7 million in Q2-17. Cable business subscription revenue increased 24 percent y-o-y to Rs 164 million from Rs 132 million. Activation revenue increased more than 7 times (7.3 times) to Rs 37 million from Rs 5 million. Placement revenue increased 2 percent y-o-y to Rs 88 million from Rs 86 million. Broadband revenue declined 8 percent y-o-y to Rs 19 million from Rs 21 million. Broadband EBIDTA loss was lower at Rs 1 million in Q2-18 as compared to an operating loss of Rs 2 million in Q2-17.
Den says that it has deployed 0.25 million digital set top boxes in Q2-18 and its digital subscriber base (including associates) stands at 11 million. Broadband subscriber base in the current quarter was 0.205 million as compared to 0.14 million in Q2-17. Broadband ARPU declined in Q2-18 to Rs 664 from Rs 775 in Q2-17.
Total expenditure in Q2-18 was almost flat (increased 0.6 percent) y-o-y to Rs 3,261.2 million from Rs 3,240.3 million. The company has reduced employee costs in the current quarter by 17.1 percent to Rs 273.8 million from Rs 330.2 million. Placement fees expense in Q2-18 declined 22.5 percent y-o-y to Rs 107 million from Rs 138 million. Other expenses declined 3.7 percent y-o-y to Rs 756.9 million from Rs 786.2 million. Content costs in the current quarter increased 12 percent y-o-y to Rs 1,324.7 million from Rs 1,182.5 million.
Cable TV
Hathway Cable appoints Gurjeev Singh Kapoor as CEO
Leadership change comes as cable TV faces shrinking subscriber base and modest earnings pressure
MUMBAI: Hathway Cable and Datacom has tapped industry veteran Gurjeev Singh Kapoor as chief executive officer, marking a leadership pivot at a time when India’s cable television business is under mounting strain.
Kapoor will take over from Tavinderjit Singh Panesar, who is set to retire in August after a long innings with the company. Panesar, chief executive since 2023, has held multiple leadership roles at Hathway, including his latest stint beginning in 2022.
Kapoor brings more than three decades of experience in media and entertainment. He most recently led distribution at The Walt Disney Company’s Star India business, now part of JioStar. His career spans television distribution and affiliate partnerships, with stints at Sony Pictures Networks India, Discovery Communications and Zee Entertainment.
Panesar, with over three decades in the industry, has worked across strategic planning, distribution and business development in media, broadcasting and manufacturing. His past associations include ESPN Star Sports, Star India, Apollo Tyres and JK Industries.
The transition lands as the cable sector grapples with structural disruption. Traditional operators are losing ground to streaming platforms, while telecom and broadband players tighten the squeeze with bundled offerings.
An EY report estimates India’s pay-TV base could shrink by a further 30 to 40 million households by 2030, taking the total down to 71 to 81 million. The slide follows a loss of nearly 40 million homes between 2018 and 2024, a contraction that has already wiped out more than 37,000 jobs in the local cable operator ecosystem.
Hathway’s numbers reflect the strain. The company reported a consolidated net profit of Rs 93 crore for FY25, down from Rs 99 crore a year earlier. Revenue inched up to Rs 2,040 crore from Rs 1,981 crore. As of December 2025, it had about 4.7 million cable TV subscribers and roughly 1.02 million broadband users.
Kapoor steps in with a familiar brief but a shrinking playbook. In a market where viewers are cutting cords faster than companies can reinvent them, the new chief executive inherits a business fighting to stay plugged in.
