Cable TV
Siti-sational setback as losses deepen in Q3 and CIRP clouds outlook
MUMBAI: Siti Networks is weathering one of its stormiest quarters yet, with mounting losses, a ballooning debt burden, and a cloud of insolvency proceedings hanging over its cable and broadband empire. The third quarter results for FY2024–25 reveal a dismal performance: the company posted a standalone net loss of Rs 529.02 million and a consolidated loss of Rs 667.61 million for the quarter ending 31 December 2024.
Revenue from operations took a hit, falling to Rs 814.55 million in Q3 from Rs 1,032.30 million in the same period last year. Total expenses continued to outpace revenue, reaching Rs 1,358.73 million driven largely by pay channel costs (Rs 683.14 million), finance charges (Rs 222.26 million), and depreciation (Rs 103.92 million).
Year-to-date figures paint an even bleaker picture, with the company racking up a net loss of Rs 1,421.70 million (standalone) and Rs 1,684.50 million (consolidated) for the nine months ended December 2024. Siti Networks’ accumulated losses now stand at a staggering Rs 29,346.96 million, resulting in a negative net worth of Rs 12,411.66 million and a working capital deficit of Rs 16,474.65 million.
To add to the turbulence, the company remains under the Corporate Insolvency Resolution Process (CIRP), with legal wrangling between lenders, operational creditors and the resolution professional over claims and liabilities. Claims totalling over Rs 31,000 million have been filed, though a significant chunk remains disputed or under review.
While the Resolution Professional, Rohit Mehra, continues to steer the ship, ongoing disputes including appeals over moratorium breaches and creditor repayments threaten to delay a stable resolution. Meanwhile, statutory auditors have issued a disclaimer of conclusion, citing insufficient audit evidence and unresolved material uncertainties, including doubts about the company’s very ability to continue as a going concern.
Despite resumed operations with major broadcasters like Zee Entertainment and the presence of a Resolution Professional at the helm, the road ahead looks anything but smooth. Siti’s future now hinges on a successful turnaround plan, if one can be stitched together in time.
As the industry watches closely, the question remains: Can Siti Networks switch from static to signal again? Or is this the final fade to black?
Cable TV
Hathway Cable appoints Gurjeev Singh Kapoor as CEO
Leadership change comes as cable TV faces shrinking subscriber base and modest earnings pressure
MUMBAI: Hathway Cable and Datacom has tapped industry veteran Gurjeev Singh Kapoor as chief executive officer, marking a leadership pivot at a time when India’s cable television business is under mounting strain.
Kapoor will take over from Tavinderjit Singh Panesar, who is set to retire in August after a long innings with the company. Panesar, chief executive since 2023, has held multiple leadership roles at Hathway, including his latest stint beginning in 2022.
Kapoor brings more than three decades of experience in media and entertainment. He most recently led distribution at The Walt Disney Company’s Star India business, now part of JioStar. His career spans television distribution and affiliate partnerships, with stints at Sony Pictures Networks India, Discovery Communications and Zee Entertainment.
Panesar, with over three decades in the industry, has worked across strategic planning, distribution and business development in media, broadcasting and manufacturing. His past associations include ESPN Star Sports, Star India, Apollo Tyres and JK Industries.
The transition lands as the cable sector grapples with structural disruption. Traditional operators are losing ground to streaming platforms, while telecom and broadband players tighten the squeeze with bundled offerings.
An EY report estimates India’s pay-TV base could shrink by a further 30 to 40 million households by 2030, taking the total down to 71 to 81 million. The slide follows a loss of nearly 40 million homes between 2018 and 2024, a contraction that has already wiped out more than 37,000 jobs in the local cable operator ecosystem.
Hathway’s numbers reflect the strain. The company reported a consolidated net profit of Rs 93 crore for FY25, down from Rs 99 crore a year earlier. Revenue inched up to Rs 2,040 crore from Rs 1,981 crore. As of December 2025, it had about 4.7 million cable TV subscribers and roughly 1.02 million broadband users.
Kapoor steps in with a familiar brief but a shrinking playbook. In a market where viewers are cutting cords faster than companies can reinvent them, the new chief executive inherits a business fighting to stay plugged in.
