Cable TV
Hathway Cable Q2 FY2025: Revenues rise, profits too
MUMBAI: The cable TV sector is under pressure in India is known to many and a lot has been written about the rampant cord cutters and cord-nevers. But this is one multisystem operator which seems to be bucking the trend – the Reliance Industries-owned Hathway Cable & Datacom.
At least that’s the first perception you get when you look at its financials for Q2FY2025 ended 30 September 2024, which were filed with the Bombay stock exchange on 11 October.
Revenue from operations is up to Rs 5127.4 million as against Rs 4837.9 million in the previous year’s corresponding quarter. Profit before tax is at Rs 398.8 million compared to Rs 339.3 million (Q2 FY 2024). Net profit too has risen to Rs 257.8 million (Rs 200.3 million) a 28.4 per cent increase. EBITDA during the quarter showed a bit of an uptick at Rs 859.9 million (Rs 826.3 million).
The company’s revenue from the broadband business for H1 FY2025 ended 30 September has slipped to Rs 3027.8 million (Rs 3132.2 million), even as it has risen for its cable TV business to Rs 6801.5 million (Rs 6698 million).
On a quarterly basis for Q2 FY2025 there has been a drop in its broadband revenues to Rs 1515.9 million (Rs 1564.6 million in Q2FY 2024) while cable TV has shown an increase to Rs 3440.1 million (Rs 3273.3 million). However, margins seem to be getting squeezed in both these segments with its cable TV business turning up negative segment results at Rs 143.2 million (negative Rs 138.1 million in Q2 FY2024). Its broadband segment too has reported lower results at Rs 56 million (Rs 115.8 million).
Picture courtesy Hathway Cable & Datacom Annual Report
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.
