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
Mumbai, October 31, 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 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. 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 and the half year of FY’23. Solidifying our presence, we have expanded our footprints in the national and 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 steady expansion across the markets, the company earned an income of Rs. Rs.118.69 crores in Half Year FY’23 as compared to Rs. 45.05 crores 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 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 an agreement with one of Nepal’s oldest and leading Automobiles Distributor, 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 considered this decision keeping 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 ‘Saath Chalein’ anthem. 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.
This article was shared with Prittle Prattle News as a Press Release.
