Cable TV
HTMT to buy out Pacific Horizon’s 1.23 per cent stake in Hutch
MUMBAI: Hinduja TMT Ltd has announced that it has entered into a share purchase agreement with Pacific Horizon Ltd, a subsidiary of Sumitomo Corporation, Japan for buying an effective 1.23 per cent stake in Hutchison Essar Ltd (Hutch).
The agreement is for purchase of Sumitomo’s 100 per cent stake in Pacific Horizon, which currently holds 24.12 per cent of IndusInd Telecom Network Ltd (ITNL). In Hutch, ITNL currently holds a 5.11 per cent stake. This translates to Pacific Horizon holding an effective stake of 1.23 per cent in Hutch.
HTMT, according to the agreement, is purchasing 50 per cent of Pacific Horizon up front while the remaining stake will be bought at a later date.
With this acquisition, HTMT, together with its wholly owned subsidiary InNetwork Entertainment Ltd, will hold 91.54 per cent of ITNL. This corresponds to a 4.68 per cent effective stake in Hutch, the company told BSE.
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.
