ICRA upgrades credit ratings of DEN Networks

DEN Networks Ltd, one of the largest cable MSOs in India, has announced that it has received an upward revision in credit rating from ICRA for its long-term and short-term Line of Credit (LOC) or debt instruments amounting to Rs 649.2 crore. 

The rating details are as follows:

SN Sharma, CEO, DEN Networks, remarked, “We are very happy to receive this upward revision of our credit rating by ICRA. This upgrade reflects the business turnaround that DEN has achieved by consistently improving its operational performance every quarter. We have achieved a substantial increase in our subscription collections on the ground with a much controlled cost base.” 

The company has registered consolidated revenues of Rs 328 crore in Q2 FY18 Vs Rs 264 crore in Q2 FY17, up by 24 per cent. DEN also reported strong growth of over 200 per cent in operational performance with consolidated Q2 EBITDA at Rs 82 crore Vs Rs 27 crore in Q2 FY17. 

Q2 has also been a strong quarter for DEN with a turnaround in profit after tax. Consolidated PAT for the company stood at Rs 1 crore Vs a loss of Rs 42 crore in Q2 FY17. Net debt of the company as of September 30, 2017 has come down to Rs 133 crore from Rs 335 crore in September 30, 2016.