The Hindu Business Line : Ittiam Systems net at Rs 4.74 cr

ITTIAM Systems has closed the financial year ended March 31, 2004, with audited revenues of Rs 21.98 crore and a net profit of Rs 4.74 crore. The company also has a licensee base of more than 40 customers worldwide.

"Ittiam has been profitable every quarter since April 2003, and we have validated the IP-driven business model in the DSP (digital signal processing) space," said Mr Srini Rajam, Chairman and Chief Executive Officer, Ittiam Systems, said here on Thursday. "We are focused on serving thefast growing market segments such as digital audio-video, wireless LAN and VoIP," he said, adding that a number of products embedded with Ittiam technology had already hit markets around the world.

Ittiam had already filed eight patent applications, with seven more in process, he said.

The company is projecting strong growth for the next three to four years that would position it for an initial public offering in 2007-2008, with revenue of around $25 million. With staff strength growing from 100 to 150 during the year, Ittiam expected to touch 300 people in the next three years, Mr Rajam said.

The company's product base includes IP in the audio-video space, VoIP, wireless LAN, the v.92 modem, system-on-chip solutions and several technology patents, Mr Rajam said. In 2003, the company entered into a partnership with Silicon Labs for a system-on-chip solution.

Further, the company's media player, recorder and server reference design was showcased in the Consumer Electronics Show 2004, Las Vegas, and its media processing technology for mobile phones at the 3GSM World Congress 04, Cannes, France.

The company's modem chipset, the V.92 modem software is going into high volume production at one of its customer companies and the revenue model is being vindicated through increasing royalty content in future earnings, Mr Rajam said.