Bangalore: Telecom software product company Subex Systems Limited today (Apr 30, 2004) reported a 78 per cent jump in net profit at Rs 17.75 crore for the year ended March 31, 2004, over the previous fiscal, and announced that it intends to raise $ 15 million through foreign currency convertible bonds (FCCB) for funding acquisitions.

Revenue grew by 27 per cent to reach Rs 89.13 crore in 2003-04, the Bangalore-headquartered company, in which Intel capital is a strategic investor, said in a statement.

The bottom line growth of 78 per cent is after taking into account foreign exchange translation losses to the tune of Rs 2.56 crore, it pointed out.

The company, which has presence in North America, Europe, Africa and Asia, said its products business grew by 60 per cent, accounting for nearly 45 per cent of the revenues.

Subex's global clientele includes AmericaTel, Global Crossing, Sprint, Teleglobe, Sonatel Mobiles and Mobifon.

Giving guidance for 2004-05, Subex said that it expects revenue from products to grow by about 30-35 per cent and services by 7-10 per cent, leading to an overall top line growth of about 15-20 per cent. Net profit is expected to grow by 25-30 per cent.

The company proposes to invest extensively in sales and marketing activities in 2004-05 to grow in other geographies.

Ranger, Subex's fraud management system, grew from 54 installations in the previous fiscal to 65, spread over 19 countries in four continents. The company said it has become the second largest fraud management system vendor in the world, in terms of number of installations.