Cable TV
Hathway tunes up profits as broadband beams bright, but cable remains a drag
MUMBAI: Hathway Cable and Datacom has wrapped FY25 with a cautiously upbeat tune, posting a consolidated profit of Rs 92.5 crore—a modest dip from Rs 99.3 crore in FY24. But if you zoom into the latest quarter, Q4 was anything but quiet.
Revenue for the fourth quarter stood at Rs 513.2 crore, up four per cent from Rs 493.4 crore a year ago. Total income rose to Rs 546.6 crore in Q4 FY25, compared to Rs 533.6 crore in Q4 FY24. Net profit came in flat at Rs 34.8 crore, nearly mirroring last year’s Rs 34.6 crore.
But the real tempo change came in the mix: other income more than doubled to Rs 33.4 crore from Rs 16 crore last quarter, while expenses remained tightly controlled, nudging up just three per cent year-on-year. EPS for the quarter held at Rs 0.20.
Segment-wise, broadband held its line with Rs 149 crore in revenue, while cable TV brought in Rs 346 crore, both marginally higher year-on-year. Yet cable continued its loss-making streak, clocking a Q4 segment loss of Rs 12.4 crore. Broadband barely eked out a Q4 profit at Rs 0.9 crore.
Total consolidated income for FY25 hit Rs 2,146 crore, inching up from Rs 2,119 crore in FY24. Broadband revenue came in at Rs 602 crore, down slightly from Rs 623 crore. Cable TV, however, crept up to Rs 1,372 crore from Rs 1,349 crore.
The broadband division’s yearly profit fell to Rs 9.9 crore from Rs 31.9 crore. Cable TV slumped deeper, posting a Rs 61.5 crore loss, widening from Rs 47 crore in FY24.
The surprise chartbuster? Hathway’s securities trading segment, which ballooned to Rs 85.5 crore from a humble Rs 8.9 crore. Other income also stayed generous at Rs 106.7 crore. These non-core wins helped keep overall profitability in the black.
Total assets rose to Rs 5,121 crore from Rs 4,963 crore, while equity expanded to Rs 4,384 crore. Borrowings and lease liabilities slimmed down, giving the balance sheet a cleaner look.
However, a lingering cloud remains: a Rs 3,201 crore demand from the Department of Telecommunications for unpaid licence fees. The company, backed by legal advice, continues to contest the demand and has made no provision.
With cable still bleeding, broadband levelling off, and securities surprisingly saving the day, Hathway’s FY25 tune is part resilience, part remix. Whether the beat goes on in FY26 depends on plugging operational leaks and finding new hits in its digital playbook
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.
