Cable TV
IMCL bucks the sentiment, says it is ready for CAS
MUMBAI: Even as several factions in the cable and satellite industry are rueing CAS and try to defer 14 July, Hinduja-run MSO IndusInd Media & Communications, has announced that it is all ready to roll out CAS from its headends by the deadline date.
“We have finalised arrangements for all the vital components required for implementing CAS successfully: the system, digital headends, subscriber management systems (SMS), billing systems, IT backbone, call centers and HR are all finalised. Our vendors are world-class; hence we are confident of being able to provide our viewers with cost-effective and enhanced services,” says IMCL COO Rajiv Vyas. “Our marketing plans for the Set Top Boxes (STB’s) will include several consumers friendly initiatives like, early-bird schemes, installment schemes, rental schemes, etc., catering to every segment of the demand. Our viewers should look forward to the experience of having control over their viewing experience as well as the exposure to several value-added services.”
He adds: “We have also checked the suitability of the equipment and its technology for Indian conditions. We are focused on satisfying our viewers, irrespective of whether they are pay TV (PTV) or only free to air (FTA) channel subscribers. We also got the ISO 9001 quality certification recently, becoming the only media company in the country to do so, to facilitate our objectives of delivering top-quality services through our digital delivery systems, thus enhancing the over-all viewing experience. We aim to set international standards in terms of performance and customer satisfaction.”
The MSO had earlier announced that it had signed on with Nagravision, a wholly owned subsidiary of Kudelski, as its CAS technology supplier. Under the agreement, Nagravision is to CAS-enable InCable headends on a turnkey basis, right from the CAS software for encryption of PTV Services (including the CAS System) to smart cards for deployment of digital STBs in India to integrating it with the compression system/digital headend as well as the SMS, billing system etc. The MSO had also said that it had zoomed in on the digital headend supplier, SMS and billings system vendors. This apart an ERP package was being installed bringing into its fold the scenario under CAS and call centre was being set up. Additionally, the workforce had been strengthened with 60 employees being hired.
Points out Vyas: “As the leading Indian MSO, we are pleased that our arrangements for CAS will allow our consumers to enjoy several value-added services like access to the Internet, Video-on-Demand, E-mail, SMS, Voice Over Internet Protocol (VOIP), Gaming, Electronic Program Guide (EPG), Pay-Per-View, Mobile Messaging and Internet advertising.”
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.
