Cable TV
Finally, ESPN back on INCable
MUMBAI: They were eyeball to eyeball. Head to head. And it seemed like neither would blink. But the month long fracas between ESPN Star Sports (ESS) and the Hinduja run MSO INCableNet ended yesterday with the resumption of the relaying of the two sports channels’ signals to the latter.
According industry sources, ESS switched on INCableNet’s boxes yesterday (14 December) after the MSO agreed to cough up outstandings reportedly totting up to Rs 70 million.
An INCable spokesperson confirmed the news today saying, “The outstandings have been taken care of. The settlement has happened amicably. ESS is withdrawing all the cases against us.”
The sports network had snapped the signals a month ago (on 10 November) with an official statement that “InCableNet has failed to pay routine monthly dues, despite repeated collection efforts”.
More recently, a Mumbai-based consumer group Consumer Action Network (CAN) had filed a public interest petition in the Bombay High Court seeking government control of cricket telecast rights whenever the Indian team plays. On 11 December, the court ruled that local cable operators who don’t have access to ESS, can switch over to another
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.
