Den Networks drops after reverse turnaround in Q4

Den Networks fell 2.89% to Rs 136.05 at 9:51 IST on BSE after the company reported consolidated net loss of Rs 62.08 crore in Q4 March 2015 as against net profit of Rs 10.05 crore in Q4 March 2014.

The Q4 result was announced after market hours yesterday, 11 May 2015.

Meanwhile, the S&P BSE Sensex was down 337.50 points or 1.23% at 27,169.80.

On BSE, so far 7,676 shares were traded in the counter as against average daily volume of 21,000 shares in the past two weeks.

The stock hit a high of Rs 137.75 and a low of Rs 133.10 so far during the day.

Den Networks' net sales declined 11.8% to Rs 261.66 crore in Q4 March 2015 over Q4 March 2014.

Den Networks' CEO Pradeep Parameswaran said that he is hopeful of stronger collaboration with the LCOs and other industry partners to take steps for successful execution of digitisation process thus supporting the Governments push towards Digital India. Mr. Parameswaran further said that the company has seen the positive results on subscription revenues and collections in Q4 March 2015. The profitability has been impacted because of the new business initiatives of the company including Broadband, TV Shop and Football as it build DEN for future, Parameswaran said.

Den Networks is India's largest cable TV distribution company serving 13 million homes in over 200 cities.

Powered by Capital Market - Live News