The init param element configures the parameter argument of the construction of a component service:
<component>
<key>Component</key>
<type>ComponentImpl</type>
<init-params>
<value-param>
<name>param</name>
<value>empty</value>
</value-param>
<value-param profiles="foo">
<name>param</name>
<value>foo</value>
</value-param>
<value-param profiles="bar">
<name>param</name>
<value>bar</value>
</value-param>
</init-params>
</component>