Exicom Reports 28 Percent QoQ Revenue Growth, Strengthens EVSE Business
The company’s consolidated revenues grew 28 percent quarter-on-quarter (QoQ) to approximately INR 197 crore, primarily driven by its recent acquisition of Tritium.
February 10, 2025. By Aishwarya
The company’s consolidated revenues grew 28 percent quarter-on-quarter (QoQ) to approximately INR 197 crore, primarily driven by its recent acquisition of Tritium. However, revenue remained lower on a year-on-year (YoY) basis.
Gross margins saw a 2.8 percent decline compared to the previous quarter due to changes in the critical power customer mix and the depreciation of the rupee against the USD.
After an industry-wide slowdown in the first half of FY25, Exicom’s EV charging solutions (EVSE) business rebounded strongly this quarter. The company’s EV unit sales in India increased by 77 percent YoY, while revenue from EVSE sales in India rose 38 percent YoY, significantly outperforming the 23 percent growth in four-wheeler EV sales in the broader market.
The company’s global EVSE revenue surged by 120 percent YoY, driven by strong demand in the United States and Europe.
The market outlook remains highly favorable, with 26 new EV models launched at the Bharat Mobility Global Expo in January 2025. The industry is increasingly adopting high-power, ultra-fast charging solutions, and Exicom is well-positioned to lead with its Harmony Boost system, which integrates smart energy storage and management with high-power public charging, providing a consistent 400kWh fast-charging experience per plug.
Exicom also expanded its market presence in the DC fast-charging segment, securing major deals with two leading charge point operators. Additionally, the company partnered with ChargeZone and Mufin Green Infra to accelerate the deployment of high-power charging stations across India.
The company achieved record sales in the home (AC) charger segment, further strengthening its leadership in residential EV charging. Exicom’s total installed EV charger base now exceeds 1.73 lakh units worldwide.
Exicom’s global expansion strategy, supported by its acquisition of Tritium, is beginning to show positive momentum. Although the acquisition added to fixed costs, early results have been promising, with INR 44 crore (USD 5.1 million) in revenue generated in Tritium’s first post-acquisition quarter. The company has also established a regional hub in the UK to serve the European market with Tritium’s fast EV chargers.
The critical power business faced temporary challenges due to consolidation in the telecom infrastructure sector and deferred capital expenditures. However, with the telecom infrastructure sector expected to grow at an 8 to 10 percent CAGR over the next three years, Exicom remains optimistic about the long-term prospects of the business. The company has already secured a landmark order worth INR 1,680 crore for supplying DC power and energy storage solutions for the BharatNet project over the next three years.
Following its successful IPO in March 2024, Exicom is executing an ambitious growth strategy focused on expanding production capacity and strengthening its distribution network. The company is developing a state-of-the-art EVSE manufacturing and R&D facility in Hyderabad, which will triple its current annual production capacity and support the development of globally benchmarked EV charging solutions tailored for India.
Anant Nahata, Managing Director of Exicom, emphasized the company’s role in addressing two major global challenges—the rapid expansion of digital communication infrastructure and the transition to green mobility.
He stated, "Our Critical Power and EV Charging businesses are at the forefront of these transformations, with a strong focus on R&D and technology innovation. Our partnerships with leading infrastructure players for power management and energy storage solutions are critical for ensuring energy stability in India’s digital networks. Simultaneously, our reliable and high-quality EV charging solutions are accelerating EV adoption in India and globally. Moving forward, we will continue scaling our global ambitions, aiming to become one of the top five DC fast-charging providers in key markets across North America and Europe."
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