Exicom Tele-Systems Limited , a leading power management solutions company, has reported its financial results for the first quarter, revealing a mixed performance across its business segments.

Financial Performance

The company's consolidated revenue for Q1 stood at ₹205 crore, marking a 23% decrease quarter-on-quarter and a 19% decline year-on-year. On a standalone basis, Exicom reported revenue of ₹151 crore, down 29% quarter-on-quarter and 38% year-on-year.

Despite the revenue decline, Exicom's standalone gross margin improved to 32.7% from 21.3% in the previous quarter, driven by a richer product mix and cost optimization efforts. The adjusted standalone EBITDA rose to ₹12.6 crore, representing an 8.6% margin, up from ₹10.9 crore in Q4.

However, the company faced challenges on a consolidated level, primarily due to the slower turnaround of its acquired subsidiary, Tritium. The adjusted consolidated EBITDA was negative ₹38.6 crore, compared to negative ₹17 crore in the previous quarter. The adjusted consolidated PAT stood at negative ₹71 crore, down from negative ₹62 crore in Q4.

Segment Performance

Critical Power Business

The Critical Power segment reported standalone revenue of ₹98 crore and consolidated revenue of ₹102 crore. The lower-than-expected performance was attributed to delays in key projects, including Bharat Net and other major initiatives. However, the company secured significant wins in the Middle East and Africa, indicating potential growth in export business.

EV Charging Business

The EV Charging segment maintained strong momentum, particularly in Southeast Asia and the premium OEM segment. Standalone revenue for this division reached ₹53 crore, marking a 61% increase year-on-year. On a consolidated basis, including Tritium and Southeast Asian operations, the segment generated revenue of ₹103 crore.

Recent Developments and Future Outlook

1. New Product Launches: Exicom introduced its next-generation EV charger, Harmony Gen 2, which has received positive market response. The company also launched Tritium's TRI-FLEX charger for high-end markets in the U.S. and Europe.

2. Strategic Partnerships: Exicom signed a global framework agreement with one of the largest clean energy players in Southeast Asia for EV chargers, marking its expansion into markets like Malaysia, Indonesia, and Thailand.

3. Manufacturing Expansion: The company's new integrated manufacturing plant in Hyderabad is nearing completion, with production expected to commence in October 2025.

4. Rights Issue: Exicom successfully completed a rights issue of ₹260 crore, which will be used to repay debt, convert promoter loans to equity, and support Tritium's operations.

5. Order Book: The company reported a robust order backlog exceeding ₹1,500 crore, with hardware supply orders of over ₹1,200 crore.

Despite the challenges in Q1, Exicom's management remains confident about the company's growth prospects. They maintain their guidance of 50% revenue growth and 2.5x EBITDA increase for the full year on a standalone basis, citing a strong order book and improving project execution.

Anant Nahata, Managing Director and CEO of Exicom Tele-Systems, commented on the results, stating, "While this quarter's performance fell short of expectations, it does not reflect our full potential or the strong pipeline we have today. We have the highest order book we've ever had as a company, and we're seeing great momentum in our EV Charging business."

As Exicom continues to navigate challenges in its Tritium operations and project delays, investors will be closely watching the company's performance in the coming quarters to see if it can meet its ambitious growth targets.

Exicom Tele-Systems Limited (NSE: EXICOM), a leading manufacturer of EV charging and critical power solutions in India, has released its financial results for the first quarter, revealing a mixed performance across its business segments.

Financial Highlights

• Consolidated revenue: Rs 205.30 crore
• Standalone revenue: Rs 150.70 crore
• Consolidated adjusted loss: Rs 71.10 crore (-34.60% margin)
• Standalone adjusted PAT: Rs 1.10 crore (0.70% margin)
• EBITDA margin: -18.80% on a consolidated basis

Segment Performance

Critical Power Segment

• Standalone revenue declined by 38.00% year-over-year to Rs 97.80 crore
• Project delays due to approvals and monsoon affected performance

EVSE (Electric Vehicle Supply Equipment) Segment

• Standalone revenue grew by 61.50% to Rs 52.80 crore
• Positive momentum in the EV charging business

Strategic Updates

1. Strong Order Backlog: Exicom entered Q2 with a robust order book exceeding Rs 1,500 crore as of July 1st.

2. Tritium Progress: The company's strategic investment, Tritium, achieved USD 8 million in bookings during the quarter. Positive indicators include improved customer satisfaction and rising service revenues.

3. EVSE Business Growth:

   • India's four-wheeler EV market showed momentum with monthly sales exceeding 13,000 units for four consecutive months.
   • Harmony Direct 2.0, Exicom's advanced DC fast charger, is building a strong pipeline.
   • The company delivered over 15,000 Spin Air home chargers across various geographies.

4. International Expansion:

   • Robust year-on-year growth in Southeast Asia sales across four new customers.
   • Signed a framework agreement with one of Southeast Asia's largest clean energy players, with an expected deal value of nearly USD 6 million over the next two years.

5. Critical Power Business:

   • Lower than expected revenue in Q1 due to project delays.
   • Bharat Net project execution has commenced and is set to contribute to the topline from Q2 onwards.
   • Secured significant wins in the Middle East and Africa.

6. Manufacturing Expansion: Construction of the Hyderabad manufacturing facility is on track, with production expected to start in October.

7. Capital Raise: Successfully completed a rights issue of approximately Rs 260 crore.

Management Commentary

Anant Nahata, Managing Director and CEO of Exicom, commented on the results: "We recognize that this quarter's performance has not met expectations, but it also does not reflect the full potential of the company or the strength of our pipeline. We are seeing visible momentum and clear signs of progress."

Nahata added, "Although this quarter was not up to the mark, we remain confident in our efforts and growth trajectory. Strong industry tailwinds, a differentiated EVSE portfolio, and solid operational momentum in our telecom and critical power businesses position us strongly for what we expect to be a strong year for EVSE and a promising year for critical power."

The company remains focused on cost optimization, accelerating revenue conversions, and delivering on the guidance shared in Q4, supported by the strong shareholder confidence demonstrated in the recent rights issue.