DTH
Oct-Dec quarter sees highest pay TV DTH subscriber growth in 2017
BENGALURU: After the debacle created by demonetisation in November 2016 and then the implementation of the new Goods and Services Tax regime in July 2017, the fortunes of the pay TV direct-to-home (DTH) industry seem to be improving in terms of subscriber addition. Quarterly data released by the Telecom Regulatory Authority of India (TRAI) indicates that the industry added net 22.5 lakh (2.25 million) subscribers for the quarter ended 31 December 2017 (October to December17 quarter). Throughout the calendar year 2017 (CY-2017), the industry had added 49.1 lakh (4.91 million subscribers), hence the final quarter of CY-2017 accounted for about 46 percent of the net subscribers added during the year.The Oct-Dec17 quarter had the highest quarter-on-quarter pay-TV DTH subscriber growth in CY-2017 at 3.45 percent. The number of active pay-TV DTH subscribers in India as per TRAI data as on 31 December 2017 was 675.6 lakh or 67.56 million as compared to 653.1 lakh (65.31 million) in the Jun-Sep17 quarter.
As mentioned by us earlier, CY-2017 saw muted pay-TV DTH subscriber growth. Those numbers were based on the results declared by three private DTH players whose numbers are available in the public domain. They are: Indian telecom major Bharti Airtel’s Airtel Digital TV (Airtel DTH), the Essel group’s Dish TV and Videocon d2h. The other three private pay-TV players during a part of CY-2017 were Tata Sky, the Sun TV Network’s Sun Direct and Reliance Big TV. It may be noted that Reliance Big TV has been acquired by Pantel Technologies and Veecon Media. Normal operations have to recommence as yet. A number of Big TV customers were acquired by other players and the true status of its operations and current subscriber numbers are still unclear at the time of writing of this paper. Furthermore, the merger of Videocon d2h into Dish TV has been recently concluded, and the combined entity has the second largest pay-TV subscriber base in the world.
Be that as it may, the share of the three major players in the Oct-Dec17 quarter (in order of number of subscribers–Dish TV, Airtel DTH and Videocon d2h) has been declining from about 65 percent to 64 percent in the Jun-Sep17 quarter to an even lower 63 percent in the Oct-Dec17 quarter. It may be noted that Tata Sky subscriber base could be higher than Airtel’s subscriber base. Tata Sky data is not available in the public domain, and hence this cannot be verified or neglected.
Besides the six private pay DTH players, Doordarshan’s (DD) FreeDish DTH service is a major player in terms of subscribers with an estimated 2.2 crore as per the numbers available in the public domain. It must, however, be noted that an exact number of registered or active subscribers is not available even with DD since this is a free DTH service.According to an E&Y report titled ‘India’s Free TV’ released in July 2017, among the DTH operators in India DD FreeDish has grown to become the largest with its estimated 2.2 crore subscribers which E&Y predicted could cross 4 crore over the next two to three years.
Please refer to the figure below for the trends of pay-TV subscribers based on TRAI data and the numbers published by the three players in the public domain. Q-o-q growth for the Jan-Mar16 quarter cannot be compared with the Oct-Dec15 quarter since TRAI changed the way it measured active DTH subscribers in the Jan-Mar16 quarter.
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DTH adds 14 lakh active subscribers in Q2-17 as per TRAI data
DTH subscriber growth muted in CY-2017
DTH subscriber growth down in second quarter
DTH
Den Networks reports Rs 1,227 million FY26 profit growth
Revenue crosses Rs 10,009 million as margins improve and costs ease
MUMBAI: Not all signals are on screen some are buried in the balance sheet. Den Networks has reported a steady financial performance for FY26, with profit after tax rising to Rs 1,227.53 million, reflecting improved operational discipline despite a relatively flat top line. For the year ended March 31, 2026, the company posted revenue from operations of Rs 10,009.17 million, marginally higher than Rs 9,891.45 million in FY25. Total income stood almost unchanged at Rs 12,282.10 million compared to Rs 12,279.77 million a year earlier, signalling stability rather than aggressive expansion.
The real story, however, lies beneath the surface. Total expenses declined to Rs 10,648.32 million from Rs 10,691.30 million, driven by tighter cost controls across key heads. Employee benefit expenses dropped to Rs 548.64 million from Rs 651.52 million, while depreciation and amortisation expenses also eased to Rs 652.01 million from Rs 723.06 million, indicating a leaner operational structure.
As a result, profit before tax rose to Rs 1,633.78 million from Rs 1,588.47 million, while profit after tax improved to Rs 1,227.53 million, up from Rs 1,173.96 million in the previous year. Earnings per share stood at Rs 2.57, compared to Rs 2.46 in FY25, underlining incremental shareholder value creation.
On the balance sheet front, the company’s total assets expanded to Rs 43,416.76 million from Rs 42,496.64 million, supported by a sharp rise in bank balances to Rs 30,628.71 million. Equity also strengthened to Rs 38,532.74 million, reflecting accumulated profits and a growing financial cushion.
Cash flow dynamics, however, present a more nuanced picture. While investing activities generated a net inflow of Rs 632.80 million, operating activities saw an outflow of Rs 553.50 million, largely due to tax payments and working capital adjustments. The company ended the year with cash and cash equivalents of Rs 151.70 million, up from Rs 106.11 million.
Taken together, the numbers suggest a business that is prioritising efficiency over expansion holding revenue steady while tightening costs and strengthening its balance sheet. In an industry where growth often grabs headlines, Den Networks appears to be making a quieter statement: sometimes, resilience is the real signal.
