DEN Networks’ subscription rev falls 17% YoY

The company, however, posted a 24% YoY increase in Profit After Tax at Rs 54 crore

by e4m Staff
Published: Jul 15, 2025 10:19 AM | 2 min read

Amid persistent challenges in the traditional cable television industry, DEN Networks reported a 17% year-on-year drop in subscription revenue in Q1 FY25-26, falling to ₹105 crore from ₹128 crore in the same quarter last year.

The decline reflects broader structural headwinds facing the linear TV ecosystem, including growing consumer migration to digital platforms. Subscription income also dipped 1% sequentially from ₹107 crore in Q4 FY24-25.

The company, however, posted a 24% YoY increase in Profit After Tax (PAT) at ₹54 crore, buoyed by a surge in other income and stable cost management. However, PAT was down 10% from ₹60 crore in the previous quarter.
Total revenue for the quarter stood at ₹241 crore, registering a 3% decline both YoY and QoQ. While placement and marketing income offered some relief with a 21% YoY rise to ₹129 crore, other operating income and activation income dropped steeply by 46% and 56%, respectively.

Operational efficiency weakened during the quarter. EBIDTA stood at ₹21 crore, down from ₹28 crore a year ago and in the previous quarter — a decline of 25% YoY and 26% QoQ. The EBIDTA margin narrowed to 9% from 11% in both comparable quarters.

Total expenses held steady at ₹220 crore. Content cost remained unchanged at ₹122 crore, while personnel expenses inched up 3% YoY to ₹26 crore. Other operating expenses, however, were brought down to ₹61 crore, reflecting a 14% YoY reduction.

A key highlight was the rise in other income, which grew to ₹71 crore from ₹55 crore in Q1 FY24-25. This increase helped push Profit Before Tax (PBT) to ₹65 crore, a 17% YoY rise despite a 5% sequential decline.

On the balance sheet, DEN strengthened its position with a net worth of ₹3,674 crore, up from ₹3,620 crore as of March 2025. Cash and cash equivalents also improved to ₹3,215 crore from ₹3,146 crore. Trade receivables increased to ₹219 crore, compared to ₹200 crore last quarter.

Total assets climbed to ₹4,225 crore from ₹4,142 crore at the end of March.

As the cable TV sector continues to navigate disruption from digital platforms and changing viewership patterns, DEN’s performance underlines the importance of diversified revenue streams and financial discipline to weather the transition.