Cable TV
Den Networks appoints Manish Dawar as Group CFO
MUMBAI: Multi system operator (MSO) Den Networks has appointed Manish Dawar as its group chief financial officer (CFO) as the company steps up its transformation into a diversified B2C enterprise.
Dawar joins Den from the Vedanta Group where he served as CFO for Konkola Copper Mines since September 2012.
He has occupied board level positions since 1997 and has extensive experience ranging from start-ups to turnaround environments, listed and private companies, change management, dealing with regulators and corporate governance amongst others areas.
Den chairman and managing director Sameer Manchanda said, “It is our pleasure to welcome a veteran professional like Manish in our fold. His rich experience with some of the world’s largest consumer goods companies will be invaluable as Den embarks on a trajectory of rapid growth in digital cable, broadband internet and new initiatives and transforms itself into a B2C brand.”
He is a qualified Chartered Accountant and Company Secretary with over two decades’ experience in various senior level finance and business roles primarily in consumer oriented companies. He has served across geographies covering both India and global markets.
Dawar has spent over 10 years at Reckitt Benckiser, a diversified multinational consumer goods company operating in the health, hygiene and home products segments, where he was the senior vice president – group controller based out of the company’s corporate headquarters in the UK. Prior to this, he served as the regional finance director for Reckitt’s South Asia business and the CFO and company secretary for its Indian operations.
Before this, he spent nearly seven years at Reebok where he served as country manager and was responsible for the launch of the Rockport brand in India and South Asia. He also served as the CFO and company secretary for Reebok in India following a stint as regional controller for Reebok’s New Markets region. He started his career at Hindustan Unilever where he spent over five years in various roles.
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.
