India's Exicom eyes 50% revenue from EV charger business by 2030-end

Exicom Tele-Systems

05/12/2024 03:00

By Praveen Paramasivam
       Dec 5 (Reuters) - India's Exicom Tele-Systems  EXIC.NS ,
a supplier for car makers such as Mahindra & Mahindra  MAHM.NS 
and MG Motor, expects its electric vehicle charger business to
bring in half of its annual revenue by 2030, its chief executive
told Reuters.
    As part of its shift towards clean energy, India has lowered
import taxes on certain EVs and budgeted billions of dollars in
incentives for manufacturers locally making EVs and components.
    Exicom, whose chargers come bundled with six out of 10
e-cars sold in India, currently gets a bulk of its revenue from
its critical power business, which makes lithium-ion batteries
and power systems for telecom enterprises in India, Southeast
Asia and Africa.
    Its EV charging business, begun in 2019, brought in 2.43
billion rupees ($28.7 million) in revenue in fiscal 2024 - about
a quarter of Exicom's overall revenue.
    The company plans to double that by 2030, said CEO Anant
Nahata, as India's electric vehicle sector expands at an annual
rate of 30%-50%.
    To do so, Exicom plans to start EV charger production at its
upcoming plant in the southern Indian city of Hyderabad next
year, more than quadrupling its capacity to produce chargers in
the country.
    It also plans to cater to more EV makers and charging point
operators outside India, such as in Southeast Asia, Europe, and
the United States.
    Earlier this year, the brand said it would acquire
Australian peer Tritium, which comes with a manufacturing
facility in the southeastern U.S. state of Tennessee.
    Nahata added that Exicom is exploring "organic and inorganic
ways of growth" after the acquisition.


($1 = 84.7275 Indian rupees)

 (Reporting by Praveen Paramasivam in Chennai; Editing by Janane
Venkatraman)
 ((Praveen.Paramasivam@thomsonreuters.com; +91 867-525-3569;))