Cable TV
South-based independent MSOs come together as South Indian Federation
MUMBAI: The independent multi system operators (MSOs) from the southern part of the country are working towards getting their act right in order to be able to successfully complete digitisation and also reap maximum benefits from it.
In the latest, the independent MSOs from Bengaluru, Telangana, Andhra Pradesh, Tamil Nadu and Kerala met in the IT city to discuss issues relating to digitisation, deals with broadcasters and the carriage fees.
In the same meeting, the independent MSOs decided to form a South Indian Federation, which will be officially launched in Kerala in December.
“The broadcasters deal differently with national MSOs and the regional independent MSOs. So, we have decided to come together as one team,” informs Sagar E Technologies executive director Sudhish Kumar.
The federation will have 20 headends under it, currently catering to 30 lakh subscribers across Bengaluru, Telangana, AP, Tamil Nadu and Kerala. “We have realised that coming together will not only help us get better deals from the broadcasters, but we can have representation even in the DAS task force,” he says.
This group of independent MSOs is also looking at getting the value added services (VAS) on one platform, using one middleware. “A technical team has already been formed for this and they are working on getting the service in place,” says Kumar adding that having small number of VAS is not profitable. “If we come together, then we can attract bigger partners for VAS, which is an added revenue stream,” he informs.
The independent MSOs in the south have realised that broadband is the biggest revenue spinner. “The ultimate goal of coming together is having a strong broadband infrastructure and consumer base,” concludes Kumar.
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.
