Cable TV
Incablenet to offer digital set-top-boxes free on trial basis
MUMBAI: Facing an uphill task to sell digital set-top boxes (STBs), Hinduja-owned, Incablenet, has decided to offer them free on a trial basis to their direct subscribers.
The multi system operator (MSO) plans to deploy the boxes to all its 50,000 direct subscribers in Mumbai and 15,000 in Delhi. The STBs will be offered free for a month so that the subscribers can get a digital experience and be lured to buy the boxes, says IndusInd Media & Communications director-in-charge, Ravi Mansukhani. “We will be deploying these boxes in all our direct points. We hope the one-month digital experience will persuade our subscribers to buy the boxes. We want our digital cable TV service to reach a reasonable volume,” he adds.
Incablenet is offering to its digital cable TV subscribers 173 channels including 16 audio channels. By placing more channels, the MSO hopes to convert its analogue subscribers. “With our cable pipes choked, we are not able to offer new channels in our analogue system. This can get accommodated in our digital service,” Mansukhani says.
Is the cable network planning to offer exclusive content channels for its digital subscribers? “We have to first reach a minimum density of STBs, at least in one city, before we can offer thematic channels. We have a huge library of movies. We can design a movie channel without commercial breaks. We can also premiere movies on these channels,” says Mansukhani.
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.
