Cable TV
Arasu can’t operate outside Tamil Nadu despite DAS compliance
NEW DELHI: Tamil Nadu government-owned multi system operator (MSO) Arasu TV Corp has been told by the Ministry of Information and Broadcasting (MIB) that it cannot operate outside of Tamil Nadu despite having a provisional MSO licence.
The MSO was granted the provisional licence in April this year and was given several extensions to prove that it had become fully digital addressable system (DAS) compliant. Arasu claimed to have gone entirely digital by 1 September 2017.
Godfather Communication is another MSO that can only operate in Punjab, Haryana, Jammu & Kashmir, Rajasthan, Chandigarh and Himachal Pradesh. Godfather’s registration is dependent on a court verdict in which it had challenged the MIB’s cancellation of its provisional registration for in Amritsar.
There are just 1471 MSOs even after seven months of DAS in the country. Apart from Arasu and Godfather, the remaining 1469 provisional licence holders have been permitted to operate anywhere in the country, according to the list of MSOs as on 31 October 2017 placed on the MIB website.
Early this year, the government had said all provisional MSOs will be deemed as having regular licences. They were also free to operate in any part of the country.
The MIB had earlier this year told indiantelevision.com that it had been made clear to Arasu that the provisional licence was subject to the centre taking a final decision on the recommendation of the Telecom Regulatory Authority of India (TRAI) that no government-owned body should be permitted in the field of running or distributing television channels. TRAI had in 2008, 2012 and 2014 held that state governments and political parties should not be permitted to own TV channels or distribution channels.
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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.
