Cable TV
Cable off air in parts of Maharashtra, operators threaten statewide blackout
MUMBAI: Cable operators and control room owners in the western Indian state of Maharashtra are threatening a total statewide blackout over the issue of non-payment of entertainment tax arrears.
Operators switched off feeds in many towns and cities across the state on Monday. Pune, Miraj, Sangli, Kolhapur and Pandurpur witnessed the first closures after revenue officials sealed control rooms in these places for non-payment of entertainment tax arrears. Nagpur, Akola, Ahmednagar, and Nashik were some of the other cities which joined them.
Mumbai-based Live Satellite Media promoter Atul Saraf, who is on the committee of the Union of Cable Operators and Cable Room Owners (UCOCRO), said there was a meeting scheduled later in the afternoon in Mumbai and it was likely that there would be a total and indefinite shutdown after that if their demands were not met.
Queried on what sort of feedback they had received from the big multi-systems operators (MSOs) like Hathway (in which Star has a 26 per cent stake) and Siti Cable (promoted by the Zee group), Saraf said they too were likely to support the action. “Ram Hindurani of In Cable (promoted by the Hindujas) was party to the discussions we’ve had and backs us fully,” Saraf said.
Matters came to a head on Sunday in Pune when UCOCRO representatives from all across the state gathered for a meeting to thrash out the the issue, which has been hanging fire for over six months following the doubling of entertainment tax per connection per month from Rs 15 to Rs 30 in municipal areas and from Rs 10 to Rs 20 in other parts of the state. It may be recalled that operators went on strike in August 2000 over this after which a committee representing operators, the government and consumers was set up to arrive at some sort of understanding.
Nitin Gadkari, leader of the opposition in the state legislative council, was present for the meeting. A notable absentee however was political heavyweight Sharad Pawar, leader of the Nationalist Congress Party, a coalition partner in the state government, who was originally scheduled to attend but backed out in the end.
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.
