Cable TV
Gujarat cable ops back order to broadcasters, MSOs to register deals with Trai
MUMBAI: Even as the broadcasters scramble to respond to the latest missive from the Telecom Regulatory Authority of India (Trai), operators from the country’s most cable connected state – Gujarat – have come out in support of it.
Harish Joshi, secretary of the Gujarat Cable Operators Association (GCOA), a body that claims to have wide support in the western Indian state, has dashed off a letter to Trai welcoming the notification to register a contract between broadcasters and MSOs.
The letter, addressed to Trai secretary Dr Harsha Vardhana Singh, says, “This step (the notification) shall further give you more clarity on broadcasting and Cable Industry.”
Joshi claims that after the notifications were issued, one fact that came to light was that the majority of GCOA members did not have a copy of the contract. The letter further alleges that while “the contract papers were signed by us (cable ops), but the content of the papers like number of subscribers, rates applicable, duration of contract etc. were blank, and the same is with the broadcasters. No photocopy is given to any of the MSOs.”
The letter states that MSOs have been advised by the GCOA to officially write to the broadcasters and their dealers demanding that they provide a photocopies of the contracts so they can be registered with Trai.
The letter further urges Trai to put “pressure on broadcasters to submit the contract paper to you and also advise them to give a copy of the same to MSOs for their record.”
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.
