Den cable biz Q3 net up 6.6% to Rs 65 mn

MUMBAI: Sameer Manchanda-promoted Den Networks‘ cable business has posted a 6.6 per cent jump in its net profit for the three-month period ended 31 December compared to the year-ago period.

The multi-system operator (MSO) with a pan-India footprint has posted a net profit of Rs 65.2 million (before ESOP expenses) compared to Rs 61.2 million in the year-ago period from its cable business. However, after ESOP expenses, the net comes down to Rs 30.8 million.

In the trailing quarter, the net profit was at Rs 26.9 million.

Total revenue from the cable business during the quarter jumped 20.7 per cent to Rs 1.69 billion as against Rs 1.4 billion in the corresponding quarter of the previous fiscal. In the three-month period ended 30 September, the revenue was at Rs 1.63 billion.

Den‘s profit from operations before other income, interests and exceptional items (Ebitda) jumped 18.4 per cent (before one-time expenses of Rs 12.8 million) at Rs 310.2 million compared to the earlier year (Rs 261.9 million), while in the trailing quarter Ebitda was at Rs 284.7 million.

Den said that it has secured adequate supplies of set-top-boxes necessary for digitising its subscriber base in the initial phases and has invested heavily in a nationwide digital footprint with digital headends operating in 17 locations across the country and capable of serving subscribers across markets. It added that it has built a comprehensive customer services platform with multiple touch points including a toll free call centre that addresses consumer queries on digitisation and helps subscribers in Den territories obtain set-top-boxes for their homes.

Den has also strengthened its online presence with a consumer focused website that educates consumers about digitisation and the company’s offerings.

Den Networks CEO SN Sharma said, “We are pleased with the company’s performance during the past quarter. Den exhibited strong revenue growth of 21 per cent and robust Ebitda margins in a tough economic environment while the company continues to invest in digitisation. We are working actively with our partners in making full digitisation a reality.”

On a consolidated basis, Den has posted a net profit of Rs 35.3 million (after ESOP expenses), as against Rs 91.8 million in the corresponding quarter of the previous fiscal. In the trailing quarter, the net profit was at Rs 44.4 million (after ESOP expenses).

Total revenue was up at Rs 2.82 billion, compared to Rs 2.68 billion in the year -ago period and Rs 2.59 billion in the trailing quarter. Expenses surged to Rs 2.50 billion, from Rs 2.38 billion in the year ago quarter and Rs 2.28 billion in the trailing quarter.

Den clarified that consolidated financials of the past year (Q3 FY’11) are not strictly comparable with the financials of Q3 FY’12. “Current consolidated financials of Den effectively consolidate 25 per cent of MediaPro financials, which is not comparable to the figures of the corresponding quarter of the previous financial year that consolidated 50 per cent of Star Den financials, the company said.

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