Cable TV
Status quo on CAS in Mumbai, Kolkata
MUMBAI: Even as the implementation of CAS in Mumbai remains in limbo, with a grace period till the Ganesh festival acting as the buffer zone, West Bengal government officials met with the chief secretary today to work out a solution to problems in introducing CAS in the state.
The state government will have to report to the Centre on what stand the state takes on CAS as the three day period it had sought expires on Wednesday. The West Bengal chief secretary was also scheduled to meet with cable operators this evening to try and resolve the issue.
In Mumbai on the other hand, a team led by a joint secretary of the information and broadcasting ministry is also slated to meet with state government officials regarding CAS today.
The outcome of the meetings is not known yet. But a government source stated that both Maharashtra chief minister Sushil Kumar Shinde and deputy chief minister have opined that CAS should not be shoved down Mumbaikars’ throats. Apparently, the Congress (I) in the state too is believed to be veering towards the view that CAS should be postponed. An announcement to this is effect is expected to be made in the next 48 hours.
While MSOs like Incablenet have offered several attractive packages to entice the consumer in the grace period, the citizen is not biting. As a result, the city is comfortably watching all pay channels at the earlier rates with no fears of a blackout for at least nine more days or till Shiv Sena chief Bal Thackeray, the most stringent opponent of CAS in the city, issues another diktat.
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.
