Wardwizard Innovations & Mobility Ltd Records Highest Ever Half-Yearly Growth in FY’23

Vadodara, October 27, 2022: Wardwizard Innovations and Mobility Ltd (BSE Code: 538970), one of the leading manufacturer of electric two-wheeler ‘Joy e-bike’, clocked highest-ever numbers in this quarter, achieving revenue of Rs.63.97 crores in Q2FY’23 as compared to Rs. 33.51 crores in Q2FY’22, registering the growth of 90%. With the demand for electric mobility observing constant strong growth in the country, the financial results for the second quarter (July- September 2022) of FY’23 reflects the same.  

Commenting on the performance of Q2 FY’22, Mr Yatin Gupte – Chairman & Managing Director, Wardwizard Innovations and Mobility Ltd.  said, “The landscape of the automobile industry in India is changing steadily and shifting towards the adoption of electric mobility. This shift is being noticed not only in the urban areas, but in semi-urban cities as well. A significant factor driving this shift towards e-mobility are high fuel prices. With our robust product portfolio and strong presence, we are leading this change from the forefront and the strong performance bears testimony to the trust of our buyers. At the onset of this festival season with healthy demand in the market, we have achieved the highest-ever revenue in this quarter as well as in the half year of FY’23. Solidifying our presence, we have expanded our footprints in the national as well as global markets. Seeing the current market momentum and the growing demand for electric vehicles, particularly electric two-wheelers, we are confident of achieving new milestones.”

The company has further achieved the highest-ever revenue in the Half-yearly of FY’23. With the steady market expansion across the markets, the company earned a revenue of Rs. Rs.118.69 crores in Half Year FY’23 as compared to Rs. 45.05 crores during the same period of last year, marking the strong growth of 164%.

The company further sold 8,448 units of electric two-wheelers in Q2FY’23, reporting Profit After Tax (PAT) of Rs. 2.5 crores in Q2FY’23 vs Rs. 1.61 crores in Q2FY’22.

Backed by the demand for its popular electric two-wheelers, the company sold 16,715 units in H1 FY’23, observing a growth of 127%. In the H1, the PAT registered at Rs. 4.56 crore vs Rs. 2.33 crore in Half Year FY’22.

Key Highlights of Q2 FY’23
Global Expansion	The company signed up an agreement with one of the oldest and leading Automobiles Distributor of Nepal, The Mahabir Automobiles. Operation begin from the September 2022.
Global R&D Centre	The company has plans to set up its first Global R&D headquarter in Singapore. The company will establish the Centre and Global sales office under its wholly owned subsidiary Ward wizard Global Pte Ltd, in Singapore. The company has taken this decision keeping into consideration the continuous rise in demand for electric mobility and the need to develop products holistically for enhanced safety.
Financial Partnerships	Wardwizard and Mangalam Industrial Finance Ltd, RBI registered NBFC have joined hands to support the buyers with quick finance to make EV purchase easier.  Under this arrangement, Mangalam will provide auto loans for the high and low speed electric two-wheelers of Wardwizard.
Marketing	WardWizard unveiled its new brand campaign #BharatkaJoy with the anthem ‘Saath Chalein’. Capturing the emotions of millions of Indians across different landscapes, the campaign is divided into multiple phases focussing on different layers of humanitarian connections like ‘Joy of giving’, ‘Joy of caring’, ‘Joy of Celebrations ‘etc.