Consolidated revenues grew 28% QoQ to approximately INR 197 crore, but remained behind on a YoY basis, according to Exicom’s financial results for the quarter ending December 31, 2024, driven by the Tritium acquisition. Gross margins saw a slight decline of 2.8% from the previous quarter, mainly as a result of a change in the Critical Power customer mix and the depreciation of the rupee against the USD.
Exicom’s EVSE Business Recovered
Exicom’s EVSE business recovered well this quarter after a brief industry slowdown in the first half of FY25. The company’s sales and units in India increased by over 38% and 77% year over year, respectively, greatly surpassing the industry’s growth of about 23% in four-wheeler EV unit sales.
Exicom’s consolidated EVSE revenue grew by an impressive ~120% YoY on the back of sales momentum in the US and Europe.
The introduction of 26 new EV vehicles at the Bharat Mobility Global Expo in January 2025 shows that the market outlook is still positive.
Furthermore, the industry is moving toward ultra-fast, high-power charging, a trend Exicom is well-positioned to spearhead with its recently released Harmony Boost solution.
This state-of-the-art technology offers a reliable 400kWh fast-charging experience per plug by combining high-power public charging with intelligent energy storage and management.
In order to speed up the installation of high-power charging stations throughout India, the firm expanded its market presence in the DC segment and signed two significant agreements with top charge point operators. It also forged solid alliances with ChargeZone and Mufin Green Infra.
Additionally, Exicom broke sales records for AC chargers, solidifying its position as the industry leader. Today, Exicom has more than 1.73 lakh installed EV chargers worldwide.
With the help of its recent acquisition of Tritium, Exicom’s plan to expand internationally began to take shape.
Although the acquisition’s fixed costs had a negative impact on the company’s consolidated financials, Tritium’s first quarter revenues of about INR 44 crore ($5.1 million) showed encouraging outcomes from strategic operations and customer-centricity activities. Additionally, Exicom set up a regional office in the UK to serve the European market by selling fast EV chargers under the Tritium brand.
Cyclical Slowdown
Critical Power business sales and margins experienced a short-term reduction in the current quarter due to a cyclical slowdown caused by consolidation and deferred capital expenditures in the telecom infrastructure segment.
The company expressed confidence in the business’s growth trajectory, estimating that the telecom infrastructure segment’s compound annual growth rate (CAGR) will be between 8 and 10% over the following three years.
A historic order worth around INR 1680 crore was recently signed to deliver DC power and energy storage solutions for the BharatNet project over the next three years, showing early signs of recovery.
Increasing Production Capacity and Improving Distribution Channels
The company is carrying out an aggressive growth strategy by increasing production capacity and improving distribution channels after its very successful initial public offering (IPO) in March 2024. The firm will be able to build globally benchmarked EV charging solutions specifically for India and scale production to three times the present annual capacity thanks to its forthcoming state-of-the-art EVSE manufacturing and research and development facilities in Hyderabad.
Leadership Comments
Commenting on Exicom’s growth trajectory, Anant Nahata, Managing Director, Exicom, said: “The world today needs both fast build of digital communication infrastructure and radical energy transition towards green mobility. Both of our core businesses – Critical Power and EV Charging are addressing these key shifts with a strong focus on R&D and technology innovation.”
“Our partnerships with leading infrastructure players for power management and energy storage solutions are providing the much-needed energy stability for digital networks which are core to India’s success on digital infrastructure. At the same time, our high quality and reliable charging solutions are helping accelerate EV adoption in India and across the world. As we move forward, we will be keenly focused on scaling our global ambitions for the EVSE business and work towards becoming one of the top 5 DC fast charging players in the key markets of North America and Europe added Anant.”
