Cable TV
Ashok Mansukhani takes over as IMCL CEO & MD
MUMBAI: Hinduja Ventures Limited (HVL)’s whole-time director Ashok Mansukhani will take over from Tony D’Silva aftre the latter completes necessary formalities.
D’Silva, after being with the Hinduja group for over four and half years, since August 2012, had expressed his desire to demit office in order to pursue other interests and spend more time with his family.
On 1 August, 2012, D’Silva took over as the HVL president and strategised the group’s media business. He went on to head Hinduja Group companies — IndusInd Media Communications Limited and Grant Investrade Ltd. – as their MD and CEO, where he completed his service contract on 31 January ’17.
D’Silva, in a span of around five years, overhauled the group’s media businesses in a challenging and changing environment and put it on a strong platform for growth. Under his leadership, the business conceived and launched the unique Headend-in-the-Sky (HITS) platform, designed to boost the digitisation of local cable operators and MSOs.
D’Silva and his team established the concept of prepaid model in the cable industry, a revolution in the prevailing system of credit extension which was stressing out business.
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.
