Cable TV
Ravi Mansukhani to handle content business for IMCL associate Indusind Entertainment
MUMBAI: For quite a while now, multi-system operator (MSO) IndusInd Media and Communications Limited (IMCL) has been focused on distribution though it started out with local content. However, the MSO has decided to revisit its core strength, with none other than former MD Ravi Mansukhani taking up the gauntlet.
Ever since Ravi stepped down from his position in February, making way for Tony D’Silva, speculation has been rife about his next move. In the midst of all this, indiantelevision.com found out that he will be returning to the fold, albeit in a new role. “Digitisation has new content challenges and that content needs to be segmented,” Hinduja group sources say. “He has played a crucial role in IMCL in the last decade, but prior to that, he was also in charge of content. So, he has experience in different spheres. Now, it is up to the promoters to utilize his services.”
The Hinduja Group is looking at developing content as a major international vertical.
Ravi meanwhile said, “Yes, I will be taking up the role. But nothing is finalized yet. The exact role still needs to be discussed,” before clarifying that there would be clarity on his new job profile only after a couple of more meetings.
The Hinduja Media group , according to industry sources, is not only interested in localised content but also animation and some of this would be sourced from Indusind Entertainment. If they are to be believed, Ravi may be involved with content related to animation and might be working closely with Ambika Hinduja. Further, the company may also be looking at setting up an animation facility with Ravi working on it.
With the Hinduja group acquiring the license for its Headend In The Sky (HITS) project, and phase III and phase IV to be tapped by both the MSO and the HITS platform, will foraying into content help? “Content can do well, only if the distribution does,” said a source.
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.
