Cable TV
TRAI to hold MSO-MCOF meet in Mumbai
MUMBAI: Maharashtra Cable Operators Federation (MCOF) that had recently approached the Bombay High Court challenging the payment of entertainment tax, billing and the carriage fee has now approached the Telecom Regulatory Authority of India (TRAI) to seek answers on the constitution of revenue share.
“While the TRAI says that there should be a revenue share between the multi system operators (MSOs) and last mile owners (LMOs) on the subscription fee the LMO collects from the consumer, is that the only revenue in this cable TV universe?” questions MCOF president Arvind Prabhoo.
According to Prabhoo, there should be clear definition of constitutes revenue. “Apart from subscription revenue, there is carriage fee revenue, advertising revenue and even activation revenue. So why it that these revenues are not shared amongst all the stakeholders of the cable TV system?” he asks.
“Who decides what revenue is?” questions Prabhoo.
With regards to this, a meeting has been called between the MSOs and MCOF by TRAI. “I had met N Parameswaran earlier this month and had discussed these issues with him. With regards to this, TRAI has decided to hold a meeting in Mumbai between MCOF and MSOs,” informs Prabhoo.
When Indiantelevision.com contacted TRAI principal advisor N Parameswaran he confirmed the meeting, but said that no particular date was yet decided. “We will be holding a meeting between the two in order to address issues of billing,” concludes Parameswaran.
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.
