The Hindu Business Line : Midas Communications eyes billion-dollar turnover

MIDAS Communications, the Chennai-based telecom equipment provider, is set to become a billion-dollar Indian telecom product company in the next three to four years, according to its Chief Executive Officer, Mr Shirish B. Purohit.

"This is our vision, and we promise we will achieve it," he told newspersons.

The company's turnover is likely to be Rs 400 crore this year with a net profit of 10-12 per cent, and the revenue will double next year, said Mr Purohit.

In the last four years, the company's annual revenue growth has been around 300 per cent, he said.

In the next two years, bulk of the revenue will come from corDECT (wireless in local loop) and CITIUS - a platform that provides simultaneous data, voice and video download through a cable television network.

The CITIUS platform provides up to 40 mbps of data speed, he said.

Midas has sold products worth Rs 1,500 crore based on designs by Midas and Banyan - the latter was merged with Midas last year.

Largest exporter: Midas was the largest exporter of telecom equipment with exports worth $14 million (Rs 63 crore) last year, and it is estimated to touch $30 million (Rs 135 crore) this year, said Mr Purohit.

Midas has launched CITIUS in Jaipur and Bangalore, and is testing it in Chennai.

The company hopes to have around one lakh subscribers for CITIUS by the fiscal-end. Midas is talking to various service providers to provide the service, which is targeted more towards people with personal computers, he said.

Starting as a wireless access company a decade ago, Midas has today a range of broadband access solutions in both the wireless and the wireline segments for urban and rural markets. The demand for the company's products is increasing worldwide, and Midas solutions are deployed in over 20 countries, he said.

According to Mr Purohit, to become a billion-dollar company, there is no need for additional funding as the company has created IP (intellectual property) products to generate revenues. "If we add 20 per cent of manpower, we would double our revenue," he said.

IPO in the offing: Midas Communications is also looking for an IPO in the next 18 months.

The company's investors include IL&FS and Argonaut Private Equity.

Midas will also increase its employee strength to 2,000 in the next 18 months from 800, said Mr Purohit.

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