Cable TV
Den Networks consolidated cable, broadband numbers up in Q1-17
BENGALURU: Indian multi system operator (MSO) Den Networks Ltd (Den) Cable business segment consolidated total revenue post activation increased 9 percent in in the quarter ended 30 June 2016 (Q1-17, current quarter) to Rs 251 crore from Rs 230 crore in Q1-16. Pre-activation revenue in the current quarter increased 3 percent to Rs 215 crore from Rs 209 crore in the corresponding year ago quarter.
Two segments contribute to Den’s revenue: Cable distribution network segment (Cable, Cable business) and Broadband segment (Boomband).
Den’s Broadband segment revenue more than tripled (3.55 times) in Q1-17 to Rs 18 crore from Rs 5 crore in Q1-16.
Cable segment
Cable subscription revenue increased 13.3 percent y-o-y to Rs 111 crore in Q1-17 from Rs 98 crore in Q1-16. Cable activation revenue increased 69 percent y-o-y to Rs 36 crore from Rs 21 crore. Placement revenue declined 15 percent y-o-y to Rs 87 crore from Rs 102 crore.
Cable segment reported EBIDTA of Rs 53 crore in Q1-17 as against and EBIDTA of Rs 14 crore in the corresponding quarter of the previous year. Please refer to the figure below for Den’s revenue break-up for Q1-7 and Q1-16.
The company reported 98 lakh DAS subscribers for Q1-17, as compared to 72 lakh in the corresponding year ago quarter and 94 lakh in the immediate trailing quarter (Q4-16). Den has a cable subscriber base of 1.3 crore.
Broadband segment
Den reported 329 percent growth in broadband customers in Q1-17 as compared to the corresponding year ago quarter Q1-16. Den reported 1,15,000 broadband customers in the current quarter as compared to 35,000 in Q1-16.
In Q4-16 Den had a broadband subscriber base of about 95,000, hence quarter-over-quarter (q-o-q) broadband subscriber base growth in Q1-17 was 21 percent. Q-o-q broadband revenue increased 20 percent in the current quarter from Rs 15 crore in Q4-16.
Broadband segment’s operating loss (EBIDTA) in Q1-17 was lower at Rs 9 crore as compared to an operating loss of Rs 18 crore in Q1-16.
Consolidated numbers
Den’s consolidated revenue increased 14 percent year-over-year (y-o-y) in the current quarter to Rs 269 crore from Rs 236 crore in Q1-16.
Consolidated loss before tax in Q1-17 was lower at Rs 35 crore as compared to a loss of Rs 48 crore in Q1-16. Net loss in Q1-17 was slightly higher at Rs 52 crore as compared to a net loss of Rs 50 crore in Q1-16.
The company reported positive post activation consolidated EBIDTA of Rs 44 crore for the current quarter as against a negative (operating loss) of Rs 4 crore in Q1-16.
Den’s consolidated total expenditure in the current quarter declined 6.3 percent to Rs 225 crore from Rs 240 crore in Q1-16.
Content costs are a major component of Den’s expenditure – Content costs in the current quarter declined 7.4 percent in the current quarter to Rs 112 crore from Rs 121 crore in the corresponding year ago quarter.
Employee (Personnel) costs declined 19.4 percent in the current quarter to Rs 25 crore from Rs 31 crore in Q1-16. Other operating expenses in Q1-17 increased 2.5 percent to Rs 81 crore from Rs 79 crore.
Goldman Sachs to pick up 1.58 crore Den equity shares
As reported, the company’s existing shareholder Goldman Sachs is picking up 1.58 crore equity shares at a price of Rs 90 per share via a preferential allotment. This will take Goldman Sachs’ equity stake in DEN up from 17.79 per cent to 24.49 per cent and involve an injection of much needed capital to the tune of Rs 142.43 crore.
Note: (1) All numbers mentioned are consolidated unless stated otherwise.
(1.1) The figures mentioned above have been rounded off and based on the numbers presented by Den in the public domain.
(2) The numbers in this paper are as per Indian Accounting System. (Ind AS)
(3) The unit of currency in this report is the Indian rupee – Rs (also conventionally
represented by INR). The Indian numbering system or the Vedic numbering system has been used to denote money values. The basic conversion to the international norm would be:
(a) 100,00,000 = 100 lakh = 10,000,000 = 10 million = 1 crore.
(b) 10,000 lakh = 100 crore = 1 arab = 1 billion.
Cable TV
Hathway Cable appoints Gurjeev Singh Kapoor as CEO
Leadership change comes as cable TV faces shrinking subscriber base and modest earnings pressure
MUMBAI: Hathway Cable and Datacom has tapped industry veteran Gurjeev Singh Kapoor as chief executive officer, marking a leadership pivot at a time when India’s cable television business is under mounting strain.
Kapoor will take over from Tavinderjit Singh Panesar, who is set to retire in August after a long innings with the company. Panesar, chief executive since 2023, has held multiple leadership roles at Hathway, including his latest stint beginning in 2022.
Kapoor brings more than three decades of experience in media and entertainment. He most recently led distribution at The Walt Disney Company’s Star India business, now part of JioStar. His career spans television distribution and affiliate partnerships, with stints at Sony Pictures Networks India, Discovery Communications and Zee Entertainment.
Panesar, with over three decades in the industry, has worked across strategic planning, distribution and business development in media, broadcasting and manufacturing. His past associations include ESPN Star Sports, Star India, Apollo Tyres and JK Industries.
The transition lands as the cable sector grapples with structural disruption. Traditional operators are losing ground to streaming platforms, while telecom and broadband players tighten the squeeze with bundled offerings.
An EY report estimates India’s pay-TV base could shrink by a further 30 to 40 million households by 2030, taking the total down to 71 to 81 million. The slide follows a loss of nearly 40 million homes between 2018 and 2024, a contraction that has already wiped out more than 37,000 jobs in the local cable operator ecosystem.
Hathway’s numbers reflect the strain. The company reported a consolidated net profit of Rs 93 crore for FY25, down from Rs 99 crore a year earlier. Revenue inched up to Rs 2,040 crore from Rs 1,981 crore. As of December 2025, it had about 4.7 million cable TV subscribers and roughly 1.02 million broadband users.
Kapoor steps in with a familiar brief but a shrinking playbook. In a market where viewers are cutting cords faster than companies can reinvent them, the new chief executive inherits a business fighting to stay plugged in.
