Subex Systems

Contrary to industry trends, this telecom software products and services company saw its revenue growth accompanied by a very impressive 84% growth in net profits even as operating margins went up. Bangalore-based Subex gets a good 45% of all its revenues from software products (its RevMax suite), the rest coming from services. The good news was that the product exports grew by 48%, even as the domestic product market jumped 150% from previous fiscal.