Exicom Tele Systems zooms 10% on pact with German EV charging firm

Shares of Exicom Tele Systems soared 9.7 per cent, hitting its 52-week high at Rs 361.70 per share on the NSE, in Wednesday’s intraday trade. This came after electronic vehicle (EV) charger manufacturer today announced that it has entered into a strategic partnership with Berlin based EV interoperability player, Hubject.

The company in an exchange filing stated that the partnership aims to use Hubject’s inter charge platform, which will make it easier for EV drivers to find and charge points and then simply charge when needed. Exicom provides EV charging solutions for homes, workplaces, and public spaces.

This means EV drivers in India will be able to plug in to compatible charge points and charge up instantly using automatic EV-to-charging station authentication technology without the need of an app or RFID card, the company said.

“Our partnership with Hubject aims to provide a frictionless charging experience for EV users. The establishment of a central interoperability hub will further streamline payment settlements and reduce dependence on multiple wallets, ensuring a smoother experience for EV users nationwide,” said Anant Nahata, CEO of Exicom.

In FY24, the company reported a profit after tax (PAT) of Rs 63.91 crore, an increase from Rs 8.01 crore in FY23. Revenue from operations surged 44 per cent year-on-year (YoY) to Rs 1,019.60 crore in FY24, up from Rs 707.93 crore in FY23.

Earnings before interest, tax, depreciation, and amortisation (Ebitda) saw a 111 per cent YoY growth, reaching Rs 112 crore.

As of March 31, 2024, the company's total order book stood at Rs 1,106 crore, compared to Rs 847 crore in FY23, indicating strong growth prospects and a robust pipeline of business.

At 13:29 PM; the stock pared half of its gains and was trading 4.06 per cent higher at Rs 342.20 per share on the NSE. In comparison, the NSE was down marginally, by 0.11 per cent.