Indian power solutions provider Exicom announces quarterly performance with mixed results, highlighting EV charging segment growth and Tritium acquisition impact, while Critical Power division faces temporary headwinds.
06 Feb 2025 | 2742 Views | By Autocar Pro News Desk
Electric vehicle charging solutions provider Exicom posted mixed results for the third quarter of fiscal year 2025, with consolidated revenues rising 28% quarter-over-quarter to Rs 197 crore, though falling short of year-ago figures. The company faced margin pressure, with gross margins declining 2.8% from the previous quarter due to changes ...
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Electric vehicle charging solutions provider Exicom posted mixed results for the third quarter of fiscal year 2025, with consolidated revenues rising 28% quarter-over-quarter to Rs 197 crore, though falling short of year-ago figures. The company faced margin pressure, with gross margins declining 2.8% from the previous quarter due to changes in its Critical Power business mix and currency headwinds.
Despite an industry-wide slowdown in the first half of the year, Exicom's EV charging business showed significant momentum. The company outpaced industry growth in India, with unit sales jumping 77% and revenue increasing 38% year-over-year, compared to the broader four-wheeler EV market's 23% growth. Global EVSE (Electric Vehicle Supply Equipment) revenue more than doubled, growing 120% year-over-year, driven by expansion in US and European markets.
The company's recent acquisition of Tritium is beginning to show results, contributing Rs 44 crore in its first quarter post-acquisition. To strengthen its European presence, Exicom has established a regional hub in the UK, operating under the Tritium brand for fast EV chargers.
"We're seeing strong demand for high-power, ultra-fast charging solutions," said Anant Nahata, Managing Director of Exicom. The company recently launched its Harmony Boost system, which combines energy storage with high-power public charging capabilities, delivering 400kWh fast-charging per plug.
However, Exicom's Critical Power division faced headwinds as telecom infrastructure customers delayed capital expenditure. Despite these short-term challenges, the segment secured a significant Rs 1,680 crore order for the BharatNet project, to be executed over three years.
Following its March 2024 IPO, Exicom is investing in expansion. The company is constructing a new manufacturing and R&D facility in Hyderabad, which will triple its current production capacity. The facility will focus on developing EV charging solutions specifically for the Indian market.
Market watchers note that the EV charging landscape appears favorable for Exicom, with 26 new EV models unveiled at the recent Bharat Mobility Global Expo. The company has also secured strategic partnerships with ChargeZone and Mufin Green Infra to deploy high-power charging stations across India, while its installed base of EV chargers has grown to 1.73 lakh units worldwide.
Looking ahead, Exicom aims to establish itself among the top five DC fast charging players in North America and Europe, while maintaining its strong position in India's rapidly evolving EV infrastructure market. The telecom infrastructure segment, where its Critical Power business operates, is projected to grow at 8-10% annually over the next three years, providing additional growth opportunities.