Any current/future new fundraising through debt or equity?

As of the November 14, 2024 update, Exicom Tele-Systems Limited has not specifically announced any new fundraising through debt or equity. The company raised about INR 400 crore through a successful IPO in March 2024, with INR 174 crore utilized and INR 225 crore unutilized as of the H1 update. A recent debt of around INR 425 crore was raised in the past half-year, specifically for the acquisition of Tritium Group. No future fundraising plans through debt or equity are explicitly mentioned in the provided document. The company is focusing on utilizing existing funds for manufacturing expansion

Any current/future capex/capital investment/strategic investment?

Exicom has utilized about INR174 crores of the INR400 crore raised in IPO proceeds, with INR225 crores still unutilized. Major capital investment is in the construction of a new, integrated manufacturing plant on an 18-acre complex in Hyderabad. The plant will manufacture critical power products, EV chargers, and lithium-ion batteries for stationary applications. The facility aims to be state-of-the-art with automation, smart manufacturing systems, and a green building target with platinum rating. It will include 1.5 megawatt rooftop solar installation to leverage renewable energy. The plant w

Future growth expectations in sales/revenue/volumes?

Telecom (Critical Power) segment typically sees 10% growth annually; recent years showed a spike due to 5G rollout. H1 FY2025 revenues were flat after strong growth in previous year; H2 expected to mirror H1 near-term performance. Long-term growth driven by winning multi-year large government-funded and telecom infrastructure contracts (e.g., BharatNet). EV charging industry expected to grow 30%-40% CAGR over next 5 years, though short-term slowdown occurred due to waiting for new EV models. October 2024 saw renewed momentum with new EV model launches and favorable government policies.

Future growth expectations in earnings/operating earnings/profits/EPS?

Telecom (Critical Power segment) is a cyclical industry with a long-term growth rate of around 10% annually; Exicom anticipates near-term revenues similar to H1 FY25 as a reasonable marker. The company is focused on winning large multi-year contracts in telecom infrastructure, including government projects like BharatNet, expected to provide stable revenue for the next 3 years. EV charging business has a high growth potential of 30-40% CAGR over the next 5 years, supported by growing EV adoption and new vehicle launches. Margins may face pressure short-term due to acquisitions like Tritium but

Current/ Expected Orderbook/ Pending Orders?

In H1 FY25, order intake was lower compared to the previous year, primarily due to absence of large multi-crore orders in the Critical Power segment that were present in the previous year. The company has a strong pipeline of tenders and large projects, especially in Critical Power, linked to telecom infrastructure investments and government projects like BharatNet. Exicom is part of consortiums bidding for large government-funded telecom infrastructure projects expected to provide a decent order book for the next three financial years. Momentum is seen in large projects related to fiber conne

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Exicom Tele-Systems LtdQ3 FY24Electrical Equipment

Exicom Tele-Systems Ltd Q3 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹166Market Cap: ₹1.6K CrSector: Electrical Equipment

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→Telecom (Critical Power) segment typically sees 10% growth annually; recent years showed a spike due to 5G rollout.
→H1 FY2025 revenues were flat after strong growth in previous year; H2 expected to mirror H1 near-term performance.
→Long-term growth driven by winning multi-year large government-funded and telecom infrastructure contracts (e.g., BharatNet).
→EV charging industry expected to grow 30%-40% CAGR over next 5 years, though short-term slowdown occurred due to waiting for new EV models.
→October 2024 saw renewed momentum with new EV model launches and favorable government policies.
→Company aims to expand sales channels (distributors, e-commerce), increase market share in strategic customer segments.
→Global acquisitions (e.g., Tritium) expected to add revenue and scale over 5-6 years, with full integration in about a year.
→Overall, optimistic about long-term growth driven by product innovation, geographic expansion, and large projects pipeline.

Margin guidance

Category 3

→Telecom (Critical Power segment) is a cyclical industry with a long-term growth rate of around 10% annually; Exicom anticipates near-term revenues similar to H1 FY25 as a reasonable marker.
→The company is focused on winning large multi-year contracts in telecom infrastructure, including government projects like BharatNet, expected to provide stable revenue for the next 3 years.
→EV charging business has a high growth potential of 30-40% CAGR over the next 5 years, supported by growing EV adoption and new vehicle launches.
→Margins may face pressure short-term due to acquisitions like Tritium but expected to improve as integration completes.
→Overall, Exicom expects steady earnings growth driven by telecom infrastructure projects and rapid expansion in EV charging, balancing cyclical telecom growth with high-growth EV markets.
→Management emphasizes patience, indicating the growth story will unravel over the next few years, with a focus on stable profitability and long-term value creation.

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Fundraise plans

Yes

→As of the November 14, 2024 update, Exicom Tele-Systems Limited has not specifically announced any new fundraising through debt or equity.
→The company raised about INR 400 crore through a successful IPO in March 2024, with INR 174 crore utilized and INR 225 crore unutilized as of the H1 update.
→A recent debt of around INR 425 crore was raised in the past half-year, specifically for the acquisition of Tritium Group.
→No future fundraising plans through debt or equity are explicitly mentioned in the provided document.
→The company is focusing on utilizing existing funds for manufacturing expansion and acquisition integration rather than announcing new funding rounds at this time.

Order book

→In H1 FY25, order intake was lower compared to the previous year, primarily due to absence of large multi-crore orders in the Critical Power segment that were present in the previous year.
→The company has a strong pipeline of tenders and large projects, especially in Critical Power, linked to telecom infrastructure investments and government projects like BharatNet.
→Exicom is part of consortiums bidding for large government-funded telecom infrastructure projects expected to provide a decent order book for the next three financial years.
→Momentum is seen in large projects related to fiber connectivity, hybrid power solutions for challenging areas, and ongoing opportunities with system integrators.
→While no exact forward-looking order book numbers are provided, management is cautiously optimistic about near-term order inflows, expecting order levels to improve in line with industry recovery and project rollouts.

Capex plans

Yes

→Exicom has utilized about INR174 crores of the INR400 crore raised in IPO proceeds, with INR225 crores still unutilized.
→Major capital investment is in the construction of a new, integrated manufacturing plant on an 18-acre complex in Hyderabad.
→The plant will manufacture critical power products, EV chargers, and lithium-ion batteries for stationary applications.
→The facility aims to be state-of-the-art with automation, smart manufacturing systems, and a green building target with platinum rating.
→It will include 1.5 megawatt rooftop solar installation to leverage renewable energy.
→The plant will showcase advanced technologies like peak shifting of power and solar power usage in the evening.
→Exicom is also investing in expanding its global footprint through acquisitions, such as Tritium Group, aiming for long-term growth and global presence in EV charging.

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