  We report on phase-shifted holographic interferogram demodulation by singular
value decomposition. Numerical processing of optically-acquired interferograms
over several modulation periods was performed in two steps : 1- rendering of
off-axis complex-valued holograms by Fresnel transformation of the
interferograms; 2- eigenvalue spectrum assessment of the lag-covariance matrix
of hologram pixels. Experimental results in low-light recording conditions were
compared with demodulation by Fourier analysis, in the presence of random phase
drifts.
