The cable TV distribution company reported a 68.8% decline in consolidated net profit to Rs 12.83 crore on 6.5% fall in net sales to Rs 283.36 crore in Q1 FY23 over Q1 FY22.
Consolidated profit before tax tumbled 66.7% to Rs 13.75 crore in Q1 FY23 from Rs 41.32 crore in in Q1 FY22. Total expenses rose 7.14% to Rs 274.3 crore in Q1 FY23 over Q1 FY22.
EBITDA dropped 14% to Rs 41 crore in Q1 FY23 from Rs 48 crore posted in the same quarter previous year. EBITDA margin decreased to 14% in Q1 FY23 compared with 16% in Q1 FY22. As on Q1 FY23, cash and cash equivalents stood at Rs 2,545 crore.
The company's revenue from cable distribution network business stood at Rs 271.8 crore (down 5.2% YoY) while its revenue from broadband business was at Rs 11.6 crore (down 28.83% YoY) during the period under review.
Subscription revenues fell 4% QoQ and it fell 13% YoY to Rs 161 crore in Q1 June 2022. Activation revenues rose 8% QoQ and it fell 9% YoY to Rs 19 crore in Q1 June 2022.
Den Networks is a leading Cable TV distribution company in the country with a wide gamut of services. DEN's Cable operations covers over 500+ cities/towns across 13 key states (Delhi ,Uttar Pradesh, Karnataka, Maharashtra, Gujarat, Rajasthan, Haryana, Kerala, West Bengal, Jharkhand, Bihar, Madhya Pradesh and Uttarakhand) in India.
Shares of Den Networks shed 0.15% to close at Rs 34.05 on Friday, 15 July 2022.
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