Cable TV
CAS: Gloves off as IBF, cable frat hurl charges
NEW DELHI: The game of ping-pong being played in the name of Conditional Access System (CAS) took another turn today with the broadcasters and cable fraternity hitting out against each other as the government reserved its verdict on the issue of rollout of addressability.
The Indian Broadcasting Foundation today made it clear in a submission to the information and broadcasting ministry that all addressable systems should be mandated like CAS and providing a la carte pricing of channels would not be in the interest of consumers. Indiantelevision.com had reported on Wednesday that this was the stand the IBF would be taking on the CAS imbroglio.
While the government is yet to firm up its stand from the wide-ranging industry feedback, which, if taken into account, would push CAS rollout to fourth quarter of 2006, the Hinduja-owned IndusInd Media Communication Ltd has said that the government should honour the court verdict in the light of CAS being operational in Chennai since 2003 without any objections being raised by stakeholders.
The Delhi High Court on 10 March had directed the government to implement CAS in Kolkata, Mumbai and Delhi within one month’s time, which is about to get over technically this month. But it needs to be seen when the government received a certified copy of the court order.
Interestingly, at a meeting that the government had with industry stakeholders today on CAS, the issue of registering of CAS operators with the government and the whole process of doing it, is likely to add to the delay.
A new sequencing of CAS rollout submitted by Siti Cable at the meeting, according to government sources, states the date of implementation should 14 November 2006 with the time in between used for getting ready for a CAS-enabled regime.
The IBF’s submission has not only created more confusion, but has enraged a certain section of the cable industry too.
At one place in its letter to the I&B ministry, the IBF has said that the government should stop the cable industry from charging huge amount of carriage fees, which raised the hackles of cable ops present during today’s meeting.
In a separate submission to the ministry, the Delhi-based National Cable & Telecommunications Association has, in turn, requested the government to direct the pay broadcasters not to play tough.
“If the pay channels demand more time for the implementation of conditional access system in Delhi, Mumbai and Kolkata, then it is imperative that they must be directed to immediately stop collecting monthly subscription from the cable service providers till CAS comes into force,” NCTA has said.
Though the NCTA letter exhorts the government to “exercise its powers” and direct the pay channels to declare rates of their individual channels and fix an upper limit for pricing of individual; channels and bouquets, the I&B ministry representatives at the meeting today did not utter any word on these issues.
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.
