Cable TV
INCablenet blames subscriber non-payments on ESS dues pile-up
MUMBAI: Hinduja Group MSO INCablenet has lashed out at ESPN-Star Sports for switching off signals saying the sports broadcaster was resorting to “pressure tactics” despite “being aware” that consumer resistance to increased cable rates was hampering collections.
A statement released by IndusInd Media & Communications Limited (IMCL) states a service contract valid for two years from 1 January 2002 to 31 December 2003 was in place with ESPN-Star Sports.
Putting forth INCablenet’s version of the sequence of events that led to the ESS switch-off, the statement says that in a meeting on 17 April, IMCL had informed the ESS CFO Vijay Rajput about the problem of non-payment by subscribers. Two recent public interest litigations (PIL’s) filed in the High Court and hoardings put up at various places urging viewers not to pay beyond a certain amount, had meant that the cash-inflow for the months of January, February and March, had been severely curtailed, the statement says. IMCL asserts that it had given a commitment that once collections start improving, payments will be made and that Rajput had agreed to the same. He had requested for a payment schedule by Saturday, 19 April, to which IMCL had agreed, it adds.
The statement goes on to say that “IMCL has intimated all its distributors/franchisees that in case ESPN-Star Sports deactivates their decoder, to desist from any from of piracy of signals. IMCL has also intimated the (Mumbai) Commissioner of Police regarding the motive of ESPN-Star Sports by filing an FIR against the Company and its officers’ pressure tactics.”
ESPN Software has said it was forced to discontinue its signal for ESPN and STAR Sports to INCablenet as outstandings had crossed the Rs 20 million-mark in Mumbai alone for January-April, 2003.
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.
