Cable TV
AP & Telangana MSO VSML opts for Nagra’s OpenTV content protection
MUMBAI: As the Indian cable television landscape gears up to get fully digitised by the end of this year with the Digital Addressable System (DAS) in place, Andhra Pradesh and Telangana based multi system operator (MSO) Venkata Sai Media Private Limited (VSMPL) has taken a step forward and opted for Kudelski Group’s Nagra anyCAST and OpenTV solutions for the launch of its digital cable and high-speed broadband offering.
Nagra is an independent provider of content protection and multiscreen television solutions. The launch marks the first commercial deployment of OpenTV middleware and the first user interface to support Telugu language with a cable operator in India. Nagra’s anyCAST content protection and OpenTV middleware technologies were selected by the operator in the context of the government-mandated transition to digital, to provide local cable operators in the state of Andhra Pradesh with access to a variety of digital TV services under the brand name ‘Media Vision.’ These will include 276 SD and 24 HD services with plans to introduce value added services (VAS) like video-on-demand (VOD), home shopping and more. “We are excited to deliver these new digital services to local operators as part of the ongoing digitisation efforts in India. Nagra was the vendor of choice in this effort providing pre-integrated conditional access and set-top box software solutions across multiple chipsets. This was a key factor in helping us deliver the services quickly and efficiently,” said VSMPL. “VSMPL has acted quickly to meet the digitisation timeline set forth by the Indian government and is now able to reach more local operators with our pre-integrated, scalable and fast time-to-market solutions. We are pleased to have been able to support them in this effort helping them deliver advanced functionalities and robust content protection to whole new cable market. We wish them much success with their new platform,” added Nagra SVP sales – Asia-Pacific Jean-Luc Jezouin. VSMPL’s new service will enable a new generation of digital TV services for local cable operators. It boasts built-in features powered by OpenTV middleware such as PVR and targeted advertising and a user interface adapted to the region’s multi-lingual landscape. Robust content protection is provided by the Nagra anyCAST Security Services Platform, which supports a range of services from basic free-to-view to enhanced content like 4K Ultra HD. VSMPL claims to have close to one million subscribers in Andhra Pradesh and Telangana.
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.
