Cable TV
Punjab Govt falters in first leg of breaking cable monopoly
MUMBAI: Even as the Punjab government recently vowed to break the cable monopoly, the Municipal Corporation Bathinda (MCB) has been unsuccessful in completing its door-to-door cable survey in the city. As per the orders of the Local Bodies Department, the MCB was scheduled to complete its survey by 31 July, and submit its report to the department.
After receiving instructions from the local bodies minister Navjot Singh Sidhu to start a grassroots-level investigation against Fastway Cable, the MCB had sent officials of the rank of JE and SDO to conduct a door-to-door survey in the Bathinda, Tribune reported.
Even though the Congress government in Punjab made it clear it would not tolerate monopoly in information and news distribution via cable TV, the state government clarified no particular MSO company or TV channel would be targeted and action would be taken if found guilty of tax law violations.
Sidhu had alleged that Fastway had caused a loss of around Rs 6840 million to the state exchequer. The state government had ordered a tax evasion notice to be slapped on Fastway. Sidhu also demanded a separate investigation into the alleged under-reporting of TV connections and cable operators engaged by Fastway. Of over 8,000 cable operators in the state, 6,500 were working for Fastway, he alleged.
MSO Fastway, which holds sway in Punjab resulting virtually in a monopoly, is allegedly owned and operated by close aides of former Punjab chief minister’s family — the Badals. The decade-old MSO company also has sizable presence in neighbouring states of Himachal Pradesh, Haryana and Union territory of Chandigarh. In an official statement, the present CM Captain Amarinder Singh made it clear that action would be taken against media companies if charges of tax violations are proved to be correct.
Around 70 Bathinda officials were deputed for the survey. In the city, these officials were to collect information of cable network from around 70,000 households. After this survey, Sidhu planned to impose entertainment tax on cable network because, as per the Municipal Act, 1976, his department had the right to collect the tax. The Union Government had kept the cable business out of the GST. As per MCB record of the last 10 years, Fastway had not paid requisite charges for using poles. After the earlier record, many new connections and areas had increased manifold.
MCB commissioner Sanyam Aggarwal admitted that he did not know how much survey work had been completed.
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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.
