Cable TV
Distribution vet Tony D’silva departs from IMCL
MUMBAI: Tomorrow, Tony D’silva will serve his last day as the MD and CEO of IMCL, a wholly-owned subsidiary of Hinduja Ventures.
“I have decided not to renew my contract (with IMCL) as I wanted to take a break,” D’Silva told Indiantelevision.com. He denied knowledge of his replacement. “They may announce it tomorrow, or whenever,” he said.
During his stint at IMCL, he helped roll out the Hinduja-promoted headend in the sky (HITS) project NXT Digital, a process which took the group sometime, courtesy regulatory cholestrol. He also rolled out pre-paid subscriptions for the both NXT Digital and the cable network INCable which resulted in a consistent revenue stream for the latter. However, the haphazard management of the DAS III and DAS IV process by the government resulted in idelays. This meant that NXT Digital could not get fair digital content deals with some broadcasters. And this impacted its business planning.
Looking back at the broadcast industry in India, the cable veteran of 20 years said that he witnessed exciting times in the industry. “There were tremendous challenges as well — some were natural and others created,” he remarked.
The cable and broadcast industry was at cusp of a paradigm change, he said. “With new regulations, changes are taking place at least in spirit — if not (practically, or) legally. I hope it changed the course of the industry’s progress,” he said.
With the positive changes — from push to a pull economy, each constituent and stakeholder of the distribution value chain, he said, must be able to sustain on its own. He said he hoped the industry’s fortunes would turn around sooner than later. He would not hazard a guess on the possible changes the budget may bring in.
About the recent development that one MSO licence would permit pan-India service, he said the regulation, rather amendment, had come rather late in the day. “Simply, allowing the MSOs to function across India would not help immediately. From where would they get head-ends or how soon can they lay their fibre connectivity in newer area?” he questioned with a puzzled tone in his voice.
“Until and unless, infrastructure sharing is allowed (and practically operational), there is no point in relaxation of rules which allow a cable operator to operate pan-India with a single licence,” he quipped.
After his break, D’Silva said that he might start a business independently. On prodding about the sector he would be haring into, he shared that he only knew the broadcast industry, with a smile. .
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.
