EXICOMNSEFinancial Year 2024-25February 8, 2025

Exicom Tele-Systems Limited

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Management on call

Anant Nahata

MANAGING DIRECTOR AND

Shiraz Khanna

CFO, EXICOM TELE-SYSTEMS LIMITED

Rahul Dani

MONARCH NETWORTH CAPITAL LIMITED

We Have With Us Mr. Anant Nahata

Managing Director and CEO, and

Key numbers — 40 extracted

Rs. 1,680 crore

the receipt of the biggest purchase orders your company has ever received in its history of about Rs. 1,680 crores in our critical power business, which will include the scope of supply of hybrid power systems,

rs,

r till December. This will require investment from Exicom for next few months and couple of quarters, but this really helps us in making strides towards achieving our long-term vision of becoming one

23%

electric cars. Overall, compared to Quarter 3 FY‘24, Quarter 3 of Fiscal Year ‘25 grew by almost 23% compared to the equivalent quarter in Fiscal ‘24. Some of this growth can be also attributed to P

38%

s, and continuing e-bus deployment. While the market grew at 23%, Exicom's revenue grew at almost 38% from Rs. 48 crores in the quarter in Fiscal ‘24 to about Rs. 67 crores in Quarter 3 Fiscal ‘25.

Rs. 48 crore

ntinuing e-bus deployment. While the market grew at 23%, Exicom's revenue grew at almost 38% from Rs. 48 crores in the quarter in Fiscal ‘24 to about Rs. 67 crores in Quarter 3 Fiscal ‘25. On a consolidated b

Rs. 67 crore

23%, Exicom's revenue grew at almost 38% from Rs. 48 crores in the quarter in Fiscal ‘24 to about Rs. 67 crores in Quarter 3 Fiscal ‘25. On a consolidated basis, we grew almost 120% from Rs. 50 crores in Quar

120%

iscal ‘24 to about Rs. 67 crores in Quarter 3 Fiscal ‘25. On a consolidated basis, we grew almost 120% from Rs. 50 crores in Quarter 3 24 to Rs. 110 crores in Quarter 3 FY25. This also includes sales

Rs. 50 crore

to about Rs. 67 crores in Quarter 3 Fiscal ‘25. On a consolidated basis, we grew almost 120% from Rs. 50 crores in Quarter 3 24 to Rs. 110 crores in Quarter 3 FY25. This also includes sales from Tritium group

Rs. 110 crore

3 Fiscal ‘25. On a consolidated basis, we grew almost 120% from Rs. 50 crores in Quarter 3 24 to Rs. 110 crores in Quarter 3 FY25. This also includes sales from Tritium group of companies, so it's not like fo

31%

f we do like-for-like comparison without Tritium, our sales on a consolidated basis still grew by 31%. This is an area we continue to be very bullish on, and we are investing in new product developme

10 billion

ond initiative we are doing is developing international markets. Acquisition of Tritium opened a $10 billion addressable market for us, which in India, even till 2030, was only worth about a billion dollars

100%

o be top five DC fast charger manufacturers in key global markets by 2030. We also recorded about 100% sales growth in Southeast Asia region when we started selling the recharges about two years ago.

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Guidance — 20 items

Anant Nahata

opening

“This project is to serve connectivity of more than 1,60,000 panchayats under the program of government called BharatNet, where various leading system indicators participated.”

Anant Nahata

opening

“This product is something which has gotten immense attraction from prospective customers and will be launching it in H2 of Financial Year ‘26.”

Anant Nahata

opening

“As I mentioned before, we're investing in technology, global sales, and service and with an aim to be top five DC fast charger manufacturers in key global markets by 2030.”

Anant Nahata

opening

“So overall, good momentum, good leaking demand, and we expect continuous growth as per the industry growth for our recharging division in quarters and years forward.”

And next slide is the revenues by geography

opening

“Next page, we are talking about the macro trends which indicate robust EV market growth in FY26 and beyond.”

And next slide is the revenues by geography

opening

“Almost 48,000 of these chargers will be for electric two-wheelers, three-wheelers, where it becomes a product, but it's not a focused market for us, but about 22,000 of chargers out of the 72,000 chargers which will get subsidy support will be fast chargers for four wheelers.”

And next slide is the revenues by geography

opening

“And about 1,800 chargers will be for E-Buses.”

And next slide is the revenues by geography

opening

“This will create a lot of momentum to put fast charging infrastructure in Exicom will be one of the key beneficiaries for this.”

And next slide is the revenues by geography

opening

“We think if not in FY26, but in subsequent years, these vehicles will also create sustainable demand for fast charging infrastructure.”

Moving on to Critical Power business

opening

“But as we said during our IPO and many subsequent investor calls, on an annual basis, the growth of the telecom infrastructure industry is expected to be between 8% to 10% CAGR.”

Risks & concerns — 6 flagged

Especially there's a lot of pressure because of increase in dollar price.

— Anant Nahata

And we did take some loans to acquire Tritium, and there is an impact of interest on loans that is gone.

— Shiraz Khanna

And then the PAT has the impact of the interest costs that we are bearing for the minimum.

— Shiraz Khanna

Like what are the methods and mechanisms we are following for this risk mitigation side?

— Balasubramanian

They are taking steps to aggressively reduce the COGS to negate the impact of the dollar rise.

— Anant Nahata

So at least we are not seeing any unforeseen risk on account of hedging in other words.

— Anant Nahata

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Q&A — 8 exchanges

Good morning, sir. Thank you so much for taking my question. So my first question regarding this Tritium, around 70% of the EBITDA loss comes from there only. Could you please share financial details about revenue, EBITDA and PAT for this quarter? And when we can expect improvement and synergies from the Tritium side?

Anant Nahata

Is it possible to repeat the question? Sir, around 70% of the EBITDA loss comes from Tritium. And could you please share financial details in terms of revenue, EBITDA and PAT for this quarter? And when we can expect synergies and improvement from that calculations? Yes. So as we mentioned, Tritium is a company of global scale where the 1st Quarter really went into restructuring the business. The business was bought through a bankruptcy process which required us to transfer the assets to a separate company, transfer the customer contracts, transfer the employees. So there was some time required

Hi, thanks for the opportunity. Couple of questions. So this is our second quarter in a row where we've posted loss in the bottomline. And I understand that's because of Tritium, a lot of costs has gone in there. So just wanted to understand that next quarter onwards, at least Q4 onwards, do we think there will be some sort of profitability on a consolidated level or is there like a couple of more quarters left until we see that effect and the bottomline, we have like some consistent profits on the bottomline? So that's my first question.

Anant Nahata

On a standalone basis, as I mentioned, we are a B2B business. Most of our customers need to exhaust their budget in quarter four, even if you've see in the previous years has been good for sales. So, on a standalone basis, we definitely hope for profitability in quarter four. And from next financial year, we have great order book to ensure consistent growth in revenue and profits over the next 3-4 financial years. On a consolidated basis, we do see investments in Tritium, and time for it to achieve business as usual or breakeven, pass the breakeven point would be 2-3 more quarters. That's why

Thanks for taking my question. A couple of questions from my end. First is on the domestic EV charging business. We are hearing things about increasing competitive intensity. How are you seeing the competition play out? And how are you able to protect your market share?

Anant Nahata

There is no doubt there is heightened competitive intensity in both home charger market as well as DC fast charger market in India. Small players, big players, Chinese players, this competitive intensity was always there. Today with so many new model launches, etc., much higher than a couple of years ago. And any high growth industry in India usually goes through this, what I call as Red Ocean, where people give an arm and a leg to win business. At this time, the whole industry suffers a bit out of margin, but companies such as us, we continue to focus on things that really matter, reliability

Firstly, I want to know about the disclosure of the events, like all these loss-making, or we can say the bankrupt companies which we have taken over. So the impact on the EPS, which we are seeing as quarter two negative, Quarter 3 bit negative. So were the proper disclosures were made earlier that due to these takeover, at the time of takeover, we will see these kind of losses in the company?

Shiraz Khanna

I think the disclosures, we did take and make all the approvals that we got from the board and the updates that we put on the exchange in terms of the acquisition that we were going in overseas. This, at a price that we've got, is very, very advantageous and the best way for us to look at going global where Tritium is present in Europe, in UK, in US and in Australia. So just to add on to that, my comment to all the shareholders is that EV is a very nascent business and we are in it for long term. We are not making short term decisions and that's why today, so when we take over the business, th

Yes, thanks for the opportunity. So my first question would be with respect to the performance of the subsidiary companies that are in Malaysia and Singapore. So I would like to understand that the majority of the business and their subsidies come from critical power segment or EV charger?

Anant Nahata

So when these subsidiaries were established, they were largely for critical power, because EV charging business only started in 2019. But increasingly, the EV charging business has also been developing there. So we had 100% growth in our EV charging business in Southeast Asia compared to last year. Again, a small base, so percentages don't matter, but still 100% growth is good. But I would say roughly 70% would come from critical power, about 30% would come from EV charger. But this percentage will change in favor of EV charging as we move forward just because of the high growth rate of the in

Yes, is my voice audible? Yes, sir, you're audible. Yes, I want to mention that as an investor, when I see the events which all has happened, for example, like firstly, the IPO came that time we were….

Anant Nahata

So ma'am, we lost the voice. We can't hear anything.

Thank you for this opportunity. May I know the consolidated order book for our company, including Tritium, and the current capacity utilization?

Anant Nahata

The current order book, this is as of December, I'm telling you, because as of date, it will be in excess of Rs. 2,000 crores, but as of December, it's roughly Rs. 275 crores on a standalone basis and about $15 million more for the subsidiary entities. Is it just for the EV charging business or are you also including the critical power? We are including the critical power. So excluding the critical power, just for the EV charging business, I would say it's close to 500 crores, isn't it? No, I said at the end of December on a standalone basis which includes both the business divisions about Rs.

So thank you, Rahul. Thank you, Monarch Networth. Thank you, all the shareholders and investors for participating in Q3 earnings call. We appreciate and thank you for your continued support. We have gone public only one year ago. So please bear with us. It's a learning phase for us also. But we strongly believe in the businesses we are in. We believe in the long term potential and growth of these businesses. And I'm sure the results over the next financial, next two financial years will yield good results for everyone, for company, and hopefully to shareholders as well. Thank you very much.

Management

Speaking time

Anant Nahata

Moderator

Jinesh Shah

Dheeraj Kumar

Balasubramanian

Sahil Patani

Shiraz Khanna

Sambodhi Sarkar

Suraj Gupta

Rahul Dani

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Opening remarks

Rahul Dani

Yes, hi, thank you, Sejal. Good morning, everyone. On behalf of Monarch Networth Capital, it's our pleasure to host the Senior Management of Exicom Tele-Systems. We have with us Mr. Anant Nahata – Managing Director and CEO, and Mr. Shiraz Khanna – CFO of the Company. We will start the call with opening remarks from Anant, and then move to Q&A. Thank you, and over to you, Anant.

Anant Nahata

Thank you, Rahul. And good morning to all the colleagues and investors for joining Exicom Q3 Financials Year ‘25 Earnings Call. And we had uploaded the investor presentation yesterday, and I would like to take you through that. Starting with some of the key highlights, even before we go into Q3 results, we have had some really landmark events in the company, one of which is the receipt of the biggest purchase orders your company has ever received in its history of about Rs. 1,680 crores in our critical power business, which will include the scope of supply of hybrid power systems, lithium-ion batteries, and various kinds of services including annual maintenance contracts for over 10 years. This project is to serve connectivity of more than 1,60,000 panchayats under the program of government called BharatNet, where various leading system indicators participated. And we have received business from some of these system indicators who have bought those contracts for certain geographies, li

And next slide is the revenues by geography

Now, as I mentioned, at least in recharging, we are a global company. India is going to be always center of our market. That's we feel there is immense growth potential in India. That's a region which represents about more than 50% of our revenue, about 56%. And UK, Europe, Australia, New Zealand, Southeast Asia represent another 42% of our revenues with US according for a low percentage of revenue right now. But I'm sure that when we look at these figures on an annual basis, US will also be one of the key markets for Exicom Group. Next page, we are talking about the macro trends which indicate robust EV market growth in FY26 and beyond. If you look at India domestic market, because of PM E-DRIVE scheme, there is almost Rs. 2,000 crores allocated to support 72,000 new charging stations. Almost 48,000 of these chargers will be for electric two-wheelers, three-wheelers, where it becomes a product, but it's not a focused market for us, but about 22,000 of chargers out of the 72,000 charge

On a Global Basis

The global markets are much ahead of India. In US, EV sales hit 10% of total vehicle sales. This is despite curtailment of green subsidies. But since EVs are naturally cheaper to produce than IC vehicles, so sales continue to rise. In Europe, the governments have targeted 1 million fast charging points by end of 2025. And 90% of these points are DC chargers. And also in Europe, there is a policy under CAFÉ norms where all the OEMs have to sell minimum number of electric vehicles, else they face huge fines and penalty. So with these CAFÉ norms getting more stringent every year, we see a much more likelihood for more demand of DC fast chargers. So Tritium group of companies are also well-placed when it comes to pursuing global sales of DC fast chargers. This is a short update on EV charging business.

Moving on to Critical Power business

So, the critical power business was sluggish in Quarter 3. In our critical power business, we provide DC power solutions and energy storage solutions which make these digital infrastructure networks run. It provides energy stability to these networks. And the reason for slower growth was consolidation within the key telecom infrastructure companies, delay of certain PSU projects, and deferment of CAPEX cycle by telcos after heavy investment in the 5G network. Also, I would like to highlight to our investors, telecom infrastructure spend happens in phases. So it's not consistent on quarter-on-quarter basis. But as we said during our IPO and many subsequent investor calls, on an annual basis, the growth of the telecom infrastructure industry is expected to be between 8% to 10% CAGR. And that's what we also aim as a company for this business division. In last quarter, we did about Rs. 212 crores of sales. That was on back of some very big orders for specific project, which degrew by almos

Moving on towards marketing

We have been aggressively marketing our new product solutions and participating in various conferences, including leading mobility shows. We participated in Bharat Mobility in January 25 and launched a new product line by the name Harmony Boost. This is an integrated product from both our business divisions where we bring in leading energy storage solutions along with fast and recharging to provide fast charging services even in areas of curtailed grid connection. That's gotten very good reviews from the customer and we hope that to be a good part of our sales in Fiscal ‘2026. We continue to push on marketing by being a thought leader in the industry by participating in various stage shows, not just in India, but in various Southeast Asian market and Middle Eastern market as well. We also announced MoU with two leading companies. One is with ChargeZone, who is India's leading charge point operator to deploy 500 fast charging stations. And many of this will have the battery solution by

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