Exicom, a leading provider of EV charging and critical power solutions in India, has announced its financial results for the quarter ending December 31, 2024.
The company reported a 28% quarter-on-quarter (QoQ) increase in consolidated revenue, reaching approximately INR 197 crore, driven by the acquisition of Tritium.
However, year-on-year (YoY) revenue remained below expectations, while gross margins saw a slight dip of 2.8% due to changes in the critical power customer mix and rupee depreciation against the US dollar.
Following a temporary industry slowdown in the first half of FY25, Exicom’s EV charging business rebounded strongly, with unit sales in India growing by approximately 77% YoY and revenue increasing by 38%, significantly outpacing the industry’s 23% growth in four-wheeler EV sales.
The company’s consolidated EVSE revenue surged by 120% YoY, driven by sales momentum in the US and Europe.
With the unveiling of 26 new EV models at the Bharat Mobility Global Expo in January 2025, the market outlook remains strong, and the industry is shifting towards high-power, ultra-fast charging.
Exicom is well-positioned in this segment with its newly launched Harmony Boost solution, integrating smart energy storage with high-power public charging, providing a 400kWh fast-charging experience per plug.
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The company has strengthened its position in the DC charging segment by securing major deals with leading Charge Point Operators and forging partnerships with ChargeZone and Mufin Green Infra to accelerate high-power charging station deployment in India.
Additionally, Exicom achieved record-breaking home (AC) charger sales, further cementing its market leadership. Its total installed EV charger base has now surpassed 1.73 lakh units worldwide.
The company’s global expansion strategy, supported by the acquisition of Tritium, is gaining momentum.
Despite fixed costs impacting Exicom’s consolidated financials, operational improvements and customer-focused strategies have shown promising results, generating INR 44 crore ($5.1 million) in revenue from Tritium’s first post-acquisition quarter.
Exicom also established a regional hub in the UK to enhance its presence in the European market under the Tritium brand.
In the critical power business, a cyclical slowdown caused by consolidation and deferred capital expenditure in the telecom infrastructure sector led to a short-term decline in revenue and margins.
However, with the telecom infrastructure segment expected to grow at an 8-10% CAGR over the next three years, Exicom remains confident in its long-term growth.
A recently secured INR 1680 crore order for supplying DC power and energy storage solutions for the BharatNet project over the next three years signals early signs of recovery.
Following its successful IPO in March 2024, Exicom is executing an aggressive growth strategy focused on expanding production capacity and enhancing distribution channels.
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Its upcoming EVSE manufacturing and R&D facility in Hyderabad will enable the company to scale production to three times its current annual capacity while developing globally benchmarked EV charging solutions tailored for the Indian market.
Anant Nahata, Managing Director of Exicom, emphasized the company’s commitment to innovation and sustainability. He highlighted that the demand for robust digital communication infrastructure and a green energy transition is driving both of Exicom’s core businesses critical power and EV charging.
Through strong R&D investments and partnerships with key infrastructure players, Exicom aims to enhance energy stability for digital networks while accelerating EV adoption in India and globally.
As part of its long-term vision, the company is focused on scaling its global footprint in the EVSE segment, with the goal of becoming one of the top five DC fast-charging players in North America and Europe.
Exicom continues to lead India’s transition to sustainable transportation while ensuring the uninterrupted operation of critical infrastructure.
With operations spanning India, Southeast Asia, the Middle East, the US, and Europe, and over 1,73,000 chargers installed worldwide, the company is at the forefront of shaping the future of EV charging and critical power solutions.
