Den Networks Q1 net from cable biz up at Rs 114.3 mn

MUMBAI: Den Networks has posted net profit of Rs 114.3 million from its cable TV business in the three months through June, up 13 times from the year-ago quarter profit of Rs 8.7 million.

Income from operations was up 23 per cent to Rs 1.84 billion from Rs 1.49 billion a year earlier.

Revenue climbed 21 per cent to Rs 1.90 billion while expenditure was 9 per cent higher at Rs 1.43 billion.

The Sameer Manchanda-promoted cable TV services company said its operating profit before forex losses of Rs 23.7 million in the first quarter ended June 30 2012 was Rs 461.9 million, up 77 per cent from Rs 261.2 million. The company’s Ebidta margin stood at 24.3 per cent in the first quarter against 16.6 per cent a year earlier.

Den Networks CEO S N Sharma said, “The quarter gone by has been very satisfactory for Den and we have (also) made rapid progress in digitisation. We expect the business to continue to exhibit strong growth momentum in the coming quarters and we are looking forward to the 31 October deadline for Phase 1 of digitisation.”

The company’s consolidated first quarter net profit rose to Rs 122.2 million from Rs 18.3 million a year earlier. The sharp rise in the net profit is because of the lower base in the first quarter of 2011-12.

The company’s consolidated Ebidta (before forex losses of Rs 23.7 million) was Rs 474.3 million, up 72 per cent from Rs 276.3 million a year earlier. The company’s Ebidta margin was 23.7 per cent.

Den’s consolidated net revenue for first quarter was Rs 2 billion against Rs 2.83 billion a year earlier. Expenses during the quarter decreased 44.76 per cent to Rs 1.53 billion from Rs 2.77 billion in the year ago period.

The company, however, clarified that the consolidated revenue figures were not comparable as MediaPro, a joint venture company of Star Den and Zee Turner, has changed its financial reporting to net revenue from gross revenue (Net revenues = Gross Revenues less Cost of Distribution Rights paid to Broadcasters). Star Den is an equal joint venture of Star and Den.

The change has had no impact on the profit figures of the company, Den said.

Den said it is rapidly digitising its subscriber base in the Phase 1 cities of Delhi, Mumbai and Kolkata with a major chunk of its subscriber base in Delhi already having been converted to digital.

The operator also stated that supplies for the estimated number of set top boxes required for digitising all Phase 1 markets have been secured to ensure timely seeding and no disruption in television services for consumers in its service areas. Den has partnered Cisco as one of its set top box suppliers.

Den has secured funds for investments in its digital infrastructure and set top boxes required for digitising its subscribers.

Den said it has built a sales team which is undertaking direct selling activities through DSAs (direct selling agents) in association with the Local Cable Operators (LCOs).

The MSO has also tied up with Resident Welfare Associations in its service areas to organise digitisation-centric events.

The company asserted that it continues to consolidate its presence in existing towns and strengthen its position as the leading cable service provider in India by entering strategic markets like West Bengal, Bihar and Jharkhand.

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