Cable TV
InCablenet settles with One Alliance; gets signal
Mumbai: More than a fortnight after it witnessed a gradual blackout by the leading pay channels – ESPN-Star Sports, Sony, Zee and Star – the Hinduja-run InCablenet witnessed the reswitching on of the signals of the One Alliance bouquet late on the night of 20 May.
Says a happy though tired executive vice president Hinduja TMT and director IndusInd Media Communications Ashok Mansukhani: “InCablenet and One Alliance have mutually resolved their pending issues…InCablenet is very happy to have One Alliance back on its network.”
SET-Discovery India president Shantonu Aditya had highlighted the issues that had forced it to switch off InCablenet on 29 April. He had said: “There are two reasons – non-settlement of the outstanding dues of Rs 20 million for the month of March and non-renewal of the agreement contract which expired on 31 March 2003. Actually, we have been giving them signals in good faith for an entire month in the absence of a proper contract.”
If as understood from Mansukhani’s statement, then it’s apparent that InCablenet has made good the Rs 20 million dues and agreed to the renewal of the expired contract. Aditya was not available for comment at the time of writing.
InCablenet had reportedly yet to resolve its issues with the other pay channels such as ESPN Star Sports, Star Plus and Zee TV. And the network continued to be without the official encrypted feed of these channels. While some InCablenet subscriber homes were reportedly carrying unidentified feeds for these channels, others were carrying a feed with W
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.
