Cable TV
AFs: Mumbai switch offs begin; Kolkata quo vadis?
MUMBAI: With Delhi under control now, the Telecom Regulatory Authority of India (TRAI) is focusing increasingly on the other two metros to ensure that all the consumer application forms (CAFs) come in to the MSOs.
Following a meeting held on 2 August with MSOs operating in Mumbai and Kolkata, a decision has been taken that the time for carrots is over, now one needs to use the stick to get customers to get moving on their CAFs. And that stick is like Delhi is switching off their cable TV service, if the CAF is not yet in.
“There will be no further extensions like in the past,” says a senior TRAI official. “In fact, the switch offs have already begun from 3 August. The process for switching off the set top boxes will take at least four to five days because we are talking about a huge number.”
Hathway Cable & Datacom MD and CEO Jagdish Kumar agrees that his network has started switching off subscribers who are being tardy from 3 August. “But the process will be tedious,” he says. “So far, we have managed to collect 80 per cent of the forms duly filled.”
Indiantelevision.com spoke to another three MSOs operating in the financial capital and all of them stated that CAF collection was between 70 and 80 per cent. Going by that yardstick, it appears as if cable TV subscribers don’t seem to be too disturbed about the stick, as the numbers mentioned by MSOs to indiantelevision.com even a month ago were in that range. Could they be opting for a DTH connection? We do not know, but a media observer, says that it could be a possibility.
The TRAI official says that Kolkata should not expect to be treated with kid’s gloves. “When Delhi can meet the deadline why not Kolkata?” he questions. “We are sure that Kolkata will be able to meet the 23 August deadline as it does not have any other option.”
Well cable TV operators and subscribers in Kolkata, that’s as ominous a warning as you can get!
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.
