Wardwizard Innovations and Mobility Limited logs 375% growth in Q1 of F.Y. 22-23

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Vadodara, August 02, 2022: Wardwizard Innovations and Mobility Ltd (BSE Code: 538970), 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. 

Ms. 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.”

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Key Highlights of Q1 (April’22 – June’22) FY’23
New InvestmentsWardWizard had signed a  memorandum of understanding (MOU) with Singapore-based renewable energy management consulting firm Sunkonnect, to set up a Li-ion advance cells manufacturing unit at its electric vehicle ancillary cluster in Vadodara. The association is aimed at facilitating a feasibility study and identification of potential partners.Wardwizard lines up 650 cr investments to develop Li-ion cells plant and related infra. 
MarketingWardWizard became the official ‘Powered By’ sponsor of the India Tour of Ireland 2022 in June 2022Capturing the emotions of millions of Indians across different landscapes, Wardwizard launched its new brand campaign #BharatkaJoy with the anthem ‘Saath Chalein’
CSROn the occasion of World Environment Day, WardWizard, hosted a ‘Green Plantation Drive’, across its manufacturing facility and ancillary cluster in Vadodara, Gujarat. The company further pledged to plant more than 10,000 saplings and conduct multiple cleaning activities to improve the hygiene conditions of nearby areasWardWizard Foundation and Shree Maharani Chimnabai Stree Udyogalaya collaborate to drive women empowerment across the state of Gujarat.
Commencement of the deliveries of Wolf+ and Gen Next +Wardwizard has also started the deliveries of our high-speed electric scooters Wolf+ and Gen Next Nanu+ in a phased manner and logged the sales of more than 500 units across the states of Maharashtra, Gujarat, Rajasthan, etc in June 2022.
Participation in EV ExpositionsThe Company participated in and showcased the entire range of electric two-wheelers at the Electric Vehicle Exposition 2022 in Bangalore, India Auto Show 3.0 in Mumbai, Electric Vehicle Exposition 2022 in Kolkata, and Alternate Fuel Conclave in Pune.

About Ward Wizard Innovations & Mobility Limited 

WardWizard Innovations & Mobility Ltd is a leading auto manufacturing company in the Electric Vehicle (EV) segment under the brand name Joy E-Bike. Being the first listed entity on BSE in Electric Vehicle manufacturing, it is mainly focused on the growth potential in the Indian EV segment to provide clean and greener alternatives to the existing usage of mobility, aligned with its philosophy of driving a positive change. Through Joy E-Bikes, the Company has been providing a greener alternative to traditional fuel-driven bikes. It has footprints in more than 25 major cities across India and aspires to boost this number throughout the country. 

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