Cable TV
Blow cold, blow hot on CAS at Union Cabinet meeting today
There’s been a lot of yo-yoeing on whether the Indian government would today consider modifying the Cable TV Networks (Regulation) Act 1995 to accomodate compulsory migration by cable TV operators towards conditional access systems (CAS).
The buzz this morning was that the much-talked-about cabinet meeting will be discussing matters of the nation rather than matters related to cable TV.
Said a Delhi-based cable TV source in a telecon: “The Cabinet Committee on Economic Affairs (CCEA) which meets every Tuesday was to decide on CAS today. But because the Union Cabinet is meeting on other issues, a decision on CAS will not be possible today. The CCEA next meets on Tuesday and that’s when we can expect a decision. It’s quite possible the amendments may be pushed to the next session of Parliament unless someone with guts pursues CAS.”
Apparently, that somebody is information & broadcasting minister Sushma Swaraj. According to sources, she has been insisting that the Union cabinet which is currently meeting should discuss the issue of CAS. “She has made CAS her personal agenda,” says another ministry source. “That’s why she wants the amendments recommended by Rakesh Mohan to his earlier report to be incorporated in the Cable TV Act at the earliest. She will not tolerate a postponement.”
The government plans to introduce the amendments to the Act in this session of Parliament once the cabinet gives its stamp of approval. CAS is expected to ensure uniform pricing of cable TV subscriptions throughout the country, while allowing cable TV consumers to pay only for the channels they watch.
A lead time of around six months is likely to be given to cable TV service providers from the date of notification for the installation of the addressability system. The four metros of Delhi, Mumbai, Kolkata and Chennai will be covered in the first phase of implementation of CAS, according to a report in The Economic Times.
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.
