Cable TV
CVNO model to spread wings in north India by Feb 2015
MUMBAI: It was an initiative of Maharashtra Cable Operators Federation (MCOF), thoroughly supported by multi system operator (MSO) BR Cable Network, which helped a new model to make in-roads into the cable TV industry in Mumbai.
It was in May 2014 that the first Cable Virtual Network Operator (CVNO) was launched in the city. It was modeled in a way that the last mile owners (LMOs) could borrow the infrastructure from the MSO, seed set top boxes (STBs) and manage their own subscribers. The CVNO model came up as a response from the LMOs to the MSOs, who were feeling disempowered post digitisation.
While the LMOs across the nation took time to understand the model, seems like CVNO is finally gaining momentum. What started with Mumbai, has already spread its wings in Kolkata, where the LMOs have come together and have signed a memorandum of understanding (MoU) with multi system operator (MSO) Meghbela Cable in order take its infrastructure.
Now, if sources from the cable TV industry are to be believed, the model could be launched in a couple of more states. “And this will be as early as January-February 2015,” the source says. He further adds that states like Bengaluru, Gujarat, Delhi and even Punjab could follow in the steps of LMOs in Mumbai and Kolkata.
“Delhi could lead the way in northern India for the CVNO model, and if things work out as planned, Fastway Network too could face some challenges from the new model,” concludes the industry source.
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.
