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Den Networks gains on turnaround Q1 show

Capital Market 

Den Networks was up 2.31% to Rs 64.20 at 09:46 IST on the BSE after the company announced strong Q1 June 2019 result after market hours yesterday, 11 July 2019.

Meanwhile, the S&P BSE Sensex was down by 14.92 points, or 0.04% to 38,808.19.

On the BSE, 28,000 shares were traded in the counter so far compared with average daily volumes of 25,000 shares in the past two weeks. The stock had hit a high of Rs 67.90 and a low of Rs 62.10 so far during the day. It hit a 52-week high of Rs 80.30 on 16 October 2018 and a 52-week low of Rs 45.10 on 23 July 2018.

On a consolidated basis, Den Networks reported net profit of Rs 11.23 crore in Q1 June 2019 compared with net loss of Rs 30.72 crore in Q1 June 2018. Net sales fell 0.3% to Rs 313.15 crore in Q1 June 2019 over Q1 June 2018.

The company reported a 2% rise in the subscription revenue to Rs 189 crore in Q1 June 2019 over Q1 June 2018. The consolidated EBITDA fell by 11% to Rs 41 crore during the stated period. The finance cost reduced over last 2 quarters mainly due to improved credit rating and pre-payments of loans.

Den Networks is a cable TV distribution company and also provides broadband services.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, July 12 2019. 09:48 IST