Wardwizard Innovations and Mobility Limited logs 375% growth in Q1 of F.Y. 22-23
Wardwizard Innovations and Mobility Ltd, one of the leading manufacturers of electric two-wheeler brand ‘Joy E-bike’, today announced its financial results for the first quarter (April- June 2022) of FY’23
City Air News
Aug 2, 2022 12:48
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Vadodara, August 2, 2022: Wardwizard Innovations and Mobility Ltd, one of the leading manufacturers of electric two-wheeler brand ‘Joy E-bike’, today announced its financial results for the first quarter (April- June 2022) of FY’23.
The company clocked a revenue of Rs. 547.2MN compared to Rs. 115.2MN in Q1 FY’22, observing an uptick of 375 %.
Profit after Tax stood at Rs. 20.59MN vs Rs. 7.07 MN in Q1 FY’22, registering a growth of 191.4 %.
Despite the supply chain issues and market constraints, the company has sold over 8k units (8,267) of high and low-speed electric two-wheelers in the first quarter of this financial year (April - June 2022), recording a growth of 338% as compared to the Q1 of last financial year.
Sneha Shouche, Chief Financial Officer- Wardwizard Innovations & Mobility Ltd said “With the demand for green mobility increasing, we are observing a positive sales momentum in our entire range of products across markets. As electric vehicles, especially two-wheelers are becoming a part of every household, we are expecting fast pace growth of the industry in the coming quarters. We are committed to revolutionizing mobility across India, and we haven’t stopped irrespective of the supply chain constraints. With our multi-vendor strategy, we were able to meet the market demand and begin with the production and deliveries of our newly introduced high-speed electric scooters. As the company is working on the holistic development of the industry, we are focussing on strengthening our EV ancillary with the right partners to bring a prominent solution for the availability of essential raw material and start developing the Li-ion cells in India from next financial year. We are further investing in R&D to foster newer segments and diversify our product category and solidify our presence with new touchpoints. With the festive season around the corner, we are expecting a steady sales performance and drive profitable growth.”
