Driven by the Tritium acquisition and a surge in EV charger sales, Exicom’s revenues grew 28% QoQ. The company secured major deals in the DC charging segment and landed a landmark INR 1,680 crore order in its Critical Power business.
Exicom, a key player in India’s EV charging and critical power solutions market, has reported a 28% quarter-on-quarter (QoQ) revenue growth for the quarter ending December 31, 2024, reaching approximately INR 197 crore. This surge was largely fueled by the acquisition of Tritium, a global fast-charging leader. However, year-on-year (YoY) revenues remained lower, and gross margins saw a slight 2.8% dip due to a shift in the Critical Power segment’s customer mix and currency fluctuations.
EV Charging Business Gains Momentum
After facing an industry slowdown in early FY25, Exicom’s EV charging segment rebounded significantly. The company reported a 77% YoY rise in units sold and a 38% increase in sales within India, outperforming the industry’s 23% growth in four-wheeler EV sales. Internationally, the segment saw a 120% YoY revenue increase, backed by strong sales in the US and Europe.
The company is positioning itself for leadership in high-power, ultra-fast charging solutions. Its recently launched Harmony Boost system integrates smart energy storage and management with high-power charging, delivering a stable 400kWh fast-charging experience per plug. Strengthening its presence in the DC charging market, Exicom secured partnerships with ChargeZone and Mufin Green Infra to expand high-power charging infrastructure across India.
The company also recorded its highest-ever home (AC) charger sales, bringing its total installed EV chargers to over 1.73 lakh units worldwide. Furthering its global expansion, Exicom established a regional hub in the UK to cater to the European market under the Tritium brand. Tritium contributed approximately INR 44 crore ($5.1 million) in revenue during its first quarter under Exicom’s ownership.
Critical Power Segment Secures Landmark Deal
The Critical Power division faced short-term challenges due to consolidation in the telecom infrastructure sector and deferred capital expenditures. However, the company remains optimistic, citing an expected 8-10% CAGR growth in telecom infrastructure over the next three years. A major highlight for the quarter was a landmark INR 1,680 crore order for the BharatNet project, where Exicom will supply DC power and energy storage solutions over the next three years.
Scaling for Future Growth
Following its successful IPO in March 2024, Exicom is executing an aggressive expansion strategy. The company is setting up a state-of-the-art EVSE manufacturing and R&D facility in Hyderabad, aiming to triple its current annual production capacity. This facility will focus on developing cutting-edge EV charging solutions tailored for the Indian market.
Anant Nahata, Managing Director of Exicom, emphasized the company’s role in advancing digital infrastructure and green mobility. He highlighted Exicom’s focus on R&D and partnerships to provide energy stability for digital networks and reliable charging solutions for EVs. Looking ahead, Exicom aims to become one of the top five DC fast-charging providers in North America and Europe as it scales its global operations.