Registers Highest Ever Revenue in Q2 of FY’23 with Rs. 63Cr
Half-Yearly Financial Results
- HIGHEST ever revenue at Rs.118.69 crore in Half Year FY’23 vs Rs. 45.05 crores in Half Year FY’22.
- Sold 16,715 units of electric two-wheelers in H1 of FY’23 VS 7,335 in H1 of FY’22
- PAT at Rs. 4.56 crore in Half Year FY’23 vs Rs. 2.33 crore in Half Year FY’22
- EBITDA at Rs. 8.24 crores in Half Year FY’23 vs Rs.3.89 crores in Half Year FY’22
Q2 FY’23 Financial Results
- HIGHEST ever revenue at Rs. 63.97 crores in Q2FY’23 vs Rs. 33.51 crores in Q2FY’22
- Sold 8,448 units of electric two-wheelers in Q2FY’23 vs 5,446 units in Q2FY’22
- PAT at Rs.2.5 crores in Q2FY’23 vs Rs. 1.61 crores in Q2FY’22
- EBITDA at Rs. 4.59 crores VS Rs. 2.80 crore in Q2FY’22
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.
“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.”
Mr Yatin Gupte – Chairman & Managing Director, WardWizard Innovations and Mobility Ltd. said,
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 formed an arrangement with The Mahabir Automobiles, Nepal’s oldest and largest automobile distributor. The operation will commence in September 2022.
Global Research and Development Center
The corporation intends to establish its first Global R&D headquarters in Singapore. Ward wizard Global Pte Ltd, the company’s entirely owned subsidiary, will establish the Centre and Global sales office in Singapore.
The corporation made this decision with the continual rise in demand for electric mobility and the necessity to develop goods holistically for enhanced safety in mind.
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
With the anthem ‘Saath Chalein,’ WardWizard launched its new brand campaign #BharatkaJoy. The campaign, which captures the feelings of millions of Indians across different landscapes, is separated into multiple phases that focus on distinct layers of humanitarian ties such as ‘Joy of Giving,’ ‘Joy of Caring,’ ‘Joy of Celebrations,’ and so on.
About Wardwizard Innovations & Mobility Limited:
