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DEN Networks reported a loss of Rs 31 Cr in Q3FY19, 114K broadband subscribers

DEN Networks reported a consolidated operating revenue of Rs 308.4 crore for the quarter ended December 31, 2018 (Q3FY19). This was 6% higher YoY from Rs 328.2 crore in the same quarter last year, and has remained stagnant over the preceding quarter when it was Rs 310 crore.

The company suffered a total loss of Rs 31 crore this quarter, which is a 250% fall YoY from the same quarter last year when its profit was Rs 20.5 crore. Losses have also increased 9.6% from the preceding quarter, when total losses amounted to Rs 28.3 crore.

DEN Networks has approved the allotment of 28.14 crore equity shares to Jio Futuristic Digital Holdings (13 crore shares), Jio Digital Distribution Holdings (7 crore shares), and to Jio Television Distribution Holdings (7 crore shares). Reliance Industries’ deal to acquire majority stakes in DEN Networks and Hathway Cable was approved by the CCI earlier this week.

Segment results – Broadband and Cable

Cable forms the larger chunk of DEN Networks’ business as it brought in Rs 291.5 crore in revenue (or 94.5%) as opposed to broadband revenue of Rs 16.8 crore (or 5.4%). Broadband revenue has largely remained stagnant YoY as it was Rs 17.7 crore in the same quarter last year, and Rs 16.5 crore in the preceding quarter.

However, both broadband and cable are operating in losses: Cable brought in losses of Rs 8.9 crore, which is a 135% YoY fall in profit from Rs 25.2 crore in the same quarter last year. Losses in cable have increased 53% over the preceding quarter when it amounted to Rs 5.8 crore.

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The broadband segment also brought in losses of Rs 6.6 crore, which is 8.3% lower than losses of Rs 7.2 crore in Q3FY19. In the preceding quarter, losses from broadband amounted to Rs 6.1 crore.

  • Cable subscription revenue: Rs 172 crore, ARPU Rs 82 (net of taxes) in the quarter
  • Net debt stood at Rs 168 crore as on December 31, 2018
  • Consolidated EBITDA: Rs 47 crore

Broadband metrics 

A DEN Networks spokesperson told MediaNama that a ‘100 cities plan’ was initiated about 6-8 quarters (about 18-24 months) ago to provide broadband via LCOs. As of now, this plan is operational in 46 cities, and has 16,190 subscribers to date, with a monthly ARPU of Rs 591. The speed offered varies from 10-100 Mpbs, and average data consumption is 100 GB (timeframe unspecified).

Outside of the 46 cities, DEN Networks operates in Delhi and Kanpur. Below are consolidated numbers for Delhi, Kanpur and the 46 cities:

  • Broadband subscription revenue: Rs 17 crore, marginally higher from Rs 16 crore in Q2FY19
  • Broadband subscribers: 114,000, higher from 107,000 in Q3FY19
  • ARPU: Rs 559, lower from Rs 579 in Q3FY19

Download: Financials | Press Release | Presentation

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