Cable TV
Cable truce back in Mumbai
MUMBAI: The settlement happened sooner than expected. Zee-Turner agreed late Wednesday to restore signals to Rajesh Cable, an independent operator in Mumbai. And Rajesh Cable, in turn, agreed not to poach Siticable’s subscribers nor reduce cable subscription rates to expand his network.
In a related development, Hathway Cable & Datacom and InCablenet also agreed to carry Zee-Turner on their cable networks.
The issue had unfolded after Zee-Turner switched off signals to Rajesh Cable, an independent operator in central Mumbai, due to under-reporting of subscriber declarations. But it had to do more than that: Rajesh Cable was poaching Siticable’s (a wholly owned subsidiary of Zee Telefilms) subscribers in Ghatkopar and Powai, central and western suburbs in Mumbai.
Zee’s move sparked a reaction from Cable Operators and Distributors Association (CODA), an organisation representing last mile cable operations and distributors.
Hathway Cable & Datacom and InCablenet on Tuesday switched off Zee channels in many pockets of Mumbai. However, Seven Star, an independent operator in the western suburbs, did not extend its support to CODA.
Speaking to indiantelevision.com earlier in the day, Siticable head Jawahar Goel had told: “The MSOs had decided not to poach operators from each other. Now we have to examine what is the status of this. How can MSOs and CODA support price cutting and under-declaration of subscribers? We will discuss this in our next MSO Alliance meeting.”
Siticable distributor Ravi Singh, Parab and other representatives resolved the issue later in the day at the intervention of cable TV doyen Jagjit Kohli who also heads ETC Networks, a company acquired by Zee Telefilms
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.
