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

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.