Cable TV
Star, ESS switch on INCableNet
MUMBAI: The first to switch off and the last to do it, ESPN Star Sports and the Star Network respectively, ended their blackout of Hinduja group MSO INCableNet in Mumbai tonight.
The Star network and ESS reached an in-principle agreement with INCableNet that resolves their payments dispute and led to the MSO being switched back on. It was over “pending dues” that at one time had all four major pay platforms – Zee-Turner, Star, Sony-Discovery One Alliance and ESS – off Mumbai’s dominant MSO.
The first to switch INCableNet back on early last week was the One Alliance bouquet, after shutting it down in late April. Zee Turner followed suit on 22 May (last Thursday).
With all the pay networks back on the Hinduja MSO, broadcasters as well as INCableNet can focus their energies on the fast approaching CAS rollout deadline of 14 July and how they propose to confront it.
Also read:
Zee-Turner switches on InCablenet too
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.
