ICRA upgrades credit ratings of DEN Networks
MUMBAI: Multi system operator (MSO) DEN Networks 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.
Commenting on the rating, DEN Networks CEO SN Sharma said, “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 FY’18 vs. Rs 264 crores in Q2 FY’17, up by 24%. DEN also reported strong growth of over 200% in operational performance with consolidated Q2 EBITDA at Rs 82 crore Vs Rs 27 crore in FY17 Q2.
Q2 has also been a strong quarter for DEN with a turnaround in PAT. Consolidated PAT for the company stood at Rs 1 crore vs a loss of Rs 42 cr in Q2 FY’17. Net Debt of the company as of September 30, 2017, has come down to Rs. 133 crore from Rs. 335 crore in September’16.
The rating details are as follows: –