Financials
MSOs, industry chambers firm up lobbying for entertainment industry on budget
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NEW DELHI: Amidst an overwhelming sense of dismay, all three industry bodies are lining up their lobbies to get the demands of the entertainment and broadcasting industry sewn into the budget, somehow.
However, the position of sector regulator Trai is not clear so far on this issue and also, the Indian Broadcasting Foundation feels that there is no point in lobbying.
The major MSO body, MSO Alliance is also gearing up to impress upon the government the need for concessions favouring digitalisation and removing meaningless double-taxation.
So far, senior executives-industrialists have already met the Finance Minister once but the response to their pleas is not immediately known.
“There seems to be nothing on the horizon at the moment,” Bobby Bedi, head of the Confederation of Indian Industry‘s entertainment industry committee, told indiantelevision.com.
“We have already met the I&B minister and he is solidly with us. The problem is the finance minister,” argued another senior executive, saying that “perhaps people do not realise that the industry is poised for a quantum jump.
“There are immense possibilities in the areas of digital exhibition, outsourcing, post-production, etc., which needs a boost,” Bedi said.
He revealed that the Federation has already taken up lobbying with members of Parliament on getting some of their crucial demands met.
Bedi suggested: “We should see some of the concessions coming up, though maybe not necessarily as the final budget provisions, but maybe sometime later in the year.”
A senior official in the entertainment industry cell of the Federation of Indian Chambers of Commerce and Industry also revealed to indiantelevision.com that they have already started lobbying with members of Parliament, but would not reveal their names, saying: “We have a centralises system,” she said.
The Associated Chambers of Commerce and Industry in India‘s representative Ajay Sharma said that the three chambers had met the finance minister yesterday already, but would not discuss what the response of the minister was.
The Telecom Regulatory Authority of India has not decided what course it will take. Responding to a question, RN Choubey, Trai advisor (Broadcasting and Cable Services) told indiantelevision.com: “The MSOs had certain suggestions, so we had sent them the finance ministry, but they had come in late, so the proposals reached late. By then the major formulations in the budget must have been sealed.”
So is Trai still going to press further and lobby for the demands being taken up by finance ministry? “Nothing is ruled out nor ruled in. What Trai is going to do is for them to decide, and I cannot assume that role.”
Roop Sharma, Cable Operators Federation of India president said: “We have already held a meeting with Assocham, and we are going to take this issue up seriously, especially digitalisation and bringing down duties and taxes.
IBF director-finance, Naresh Chahal said: “What do we do with more lobbying? We had sent so many crucial suggestions and are dismayed. This has been the position of the government for the past three years, so I do not think anything will change by lobbying.”
Chahal said, however, some may have a feeling that broadcasters are all very rich and need no concessions, but that was not true. There are many small broadcasters who suffer immensely and there are so many newer ones coming up who need initial start-up concessions, he reasoned.
Meanwhile, the MSO Alliance is also firming up its plans and will go with the chambers of commerce and industry.
Ashok Mansukhani, senior official at Incable and a senior member of the MSOA said: “The government has simply blackballed the issue of digitalisation, completely ignoring even the recommendations of the Planning Commission.”
He said that MSO and cable TV, as well as broadcasting are a telecom service issue now, with all of the players regulated by Trai. “So we cannot be a service and pay service tax, and then also pay entertainment tax, which the cinema halls do. Where is the level playing field?” Mansukhani demanded to know.
MUMBAI: It’s time to brief the markets: Page Industries is showing that even when regulations tighten, it can still keep its footing in the innerwear business. The Bengaluru-based apparel major has reported its financials for the quarter ended 31 December 2025, delivering a performance that remains steady and well put together.
The company’s top line showed plenty of elasticity this quarter. Revenue from operations stretched to Rs 1,38,675.71 lakhs, a healthy jump from the Rs 1,29,085.82 lakhs reported in the preceding quarter. Compared to the same period last year, which stood at Rs 1,31,305.10 lakhs, it’s clear the brand’s grip on the market isn’t loosening. Total income for the quarter, including other finance gains, reached a comfortable Rs 1,39,919.03 lakhs.
However, it wasn’t all smooth silk. The Government of India’s new unified Labour Codes, covering everything from wages to social security, officially kicked in on 21 November 2025. This regulatory shift forced Page Industries to account for a one-time “exceptional item” cost of Rs 3,500.42 lakhs to cover incremental employee benefits and related obligations. Despite this Rs 35-crore legislative snag, the underlying business remained robust. Profit before tax stood at Rs 25,625.35 lakhs after the exceptional hit, and without that one-off cost, the figure would have been a more muscular Rs 29,125.77 lakhs. Net profit for the quarter came in at Rs 18,953.64 lakhs.
Total expenses rose to Rs 1,10,793.26 lakhs, driven largely by raw material consumption of Rs 30,162.65 lakhs and employee benefits of Rs 23,310.66 lakhs. Even so, the company’s operational strength ensured the bottom line remained firmly stitched together.
For shareholders, the news is particularly “fitting.” The Board has declared a third interim dividend for 2025-26 of Rs 125 per equity share. The record date has been set for 11 February 2026, with the payment scheduled on or before 6 March 2026. This follows two previous interim dividends of Rs 150 and Rs 125 declared earlier in the financial year, reinforcing the company’s commitment to sharing the spoils of its success.
Looking at the nine-month stretch ending December 2025, Page Industries has amassed total income of Rs 4,04,090.59 lakhs, with total comprehensive income of Rs 58,231.49 lakhs. While the basic earnings per share for the quarter dipped slightly to Rs 169.93, compared to Rs 183.48 in the same quarter last year, the year-to-date EPS remains a solid Rs 524.57.
Auditors at S.R. Batliboi & Associates LLP have given the results a “limited review” thumbs up, reporting no material misstatements. It seems that, as far as Page Industries is concerned, the business remains as well-constructed as its famous Jockey briefs.
