Cable TV
Telephoto to buy out AGS Properties
MUMBAI: Telephoto Entertainments Ltd is changing its business plan. Television serial production will be out and taking its place will be multiplex business, according to Telephoto company secretary S Ganesan.
The first step in this direction is the entire buy out of Chennai-based AGS Properties Development India Pvt Ltd. which is engaged in the business of multiplexes. Telephoto board has given the nod to buy out 100 per cent of the equity share capital of AGS.
Telephoto will also provide a debt of Rs 80 million to AGS after the acquisition is complete. This will be outside the acquisition price which Telephoto has agreed to pay, Ganesan said. “AGS will become a wholly owned subsidiary of Telephoto,” he added.
AGS is setting up a five-screen multiplex in Chennai at an estimated investment of Rs 120 million. The company has already taken a term loan of Rs 90 million from a nationalised bank. The balance Rs 30 million will be provided as debt by Telephoto, Ganesan said.
AGS has also plans to develop a seven-screen multiplex for which the project cost is still to be worked out. Telephoto will part-finance this project as well in the form of loans and advances.
Telephoto, a production house promoted by Revathy and Suresh Menon, was acquired last year by SSI Ltd through a preferential allotment of equity shares and warrants with option to convert them into equity shares. Currently, SSI holds 54 per cent while the founder promoters of Telephoto have 18 per cent stake in the company. “SSI’s holding will go up to around 72 per cent after conversion of warrants,” said Ganesan.
Telephoto had produced movies and serials like Nirangal (SunTV), Anthariyalu (dubbed, Gemini TV) and Boom Boom Shaka Laka (Sun TV, Gemini TV, Surya TV).
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.
