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Siti, INCableNet pushing ahead on CAS

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NEW DELHI / MUMBAI: Two leading multi-system operators of India, Siti Cable and the Hindujas-controlled INCableNet, are pushing ahead with conditional access (CA). While Siti Cable, part of Subhash Chandra’s Essel Group, has signed up with Norwegian company Conax, INCablenet has mandated a foreign consultancy firm IBL to help put together a pay television platform in the run-up to CAS.
Since globally IBL works closely with a European company, Nagra Vision, for such activities, it is expected that the INCableNet contract will land in Nagra’s lap.
Meanwhile, Norwegian company Conax AS, a leading supplier of conditional access (CA) technology for digital television, has won the contract for delivering CA services to the Essel Group, which through Siti Cable is aiming to roll out digital CA later this year in India as mandated by the government.
Siti Cable is the cable arm of another Chandra company Zee Telefilms Ltd, which is listed on the Indian stock exchanges.
While a Zee Telefilms source confirmed the news to indiantelevision.com, according to Conax, under the contract for which a memorandum of understanding has been signed recently, the Norwegian company will establish an Indian operation centre with conditional access experts, from where the CA platform for Essel will be operated.
“The Indian market is large and challenging, and by winning this deal with a leading and important player like Essel, we have clearly established Conax as a key CA supplier in this region. After the decision of the Indian parliament to make CAS mandatory, suppliers of conditional access have strengthened their focus on the Indian market, and in this tough competition it is great pleasure for Conax to enter into this partnership with Essel,” Bent Brug?rd, chief executive of Conax says.
Brug?rd adds: “Conax’s focus on the Indian market over the past years is now giving results, and the set-up of an operations centre will allow us to serve India and the Asian region with local technical support in an improved manner. Conax already has a sales office in India, and by scaling up our presence, we are well prepared to provide Essel with the needed CA services and local support.”
However, both Conax and Zee were silent on the size of the contract.
INCableNet president Rajiv Vyas, meanwhile, would offer no comment when asked to respond to speculation in the market that the Hinduja group cable arm would most likely be opting for the Nagra STB. Vyas did admit though that IBL had been contracted to “assess the strengths and weaknesses of the different vendors as well as share its experiences in international markets.”
Vyas further admitted that INCableNet had narrowed down its search to two companies but said a final call would be taken only after the pay channels had announced their pricing plans.
The Essel Group, meanwhile, which is slated to go digital this year and expand from 12 to more than 20 broadcast channels and also launch their ‘Head-End in the Sky’ (HITS) and digital-to-home (DTH) platform, has decided to use Conax’s conditional access system (Conax CAS5) for their digital operations.
Conax is a leading supplier of conditional access technology for digital TV, IP streaming and security systems for interactive gaming and e-payment applications. Launched in 1986 as part of the R&D environment at Norwegian telecommunications company Telenor, Conax has developed into a globally oriented player with a solid base of international clients in around 25 countries.
Nagravision is one of the world’s leading suppliers of integrated security solutions for digital television operators and content providers. These advanced solutions enable the deployment and operation of interactive applications on any digital platform. Nagravision, part of the Cheseaux-based Kudelski Group, also supplies security solutions for the distribution of digital content over broadband networks.

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Cable TV

Den Networks Q3 profit steady despite revenue pressure

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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.

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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.

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