APN News

  • Wednesday, October, 2021| Today's Market | Current Time: 09:47:33
  • Wardwizard Innovations & Mobility Ltd records Highest Ever Revenue growth of 332% in the Half Year FY’22

    Published on October 27, 2021

    • HIGHEST ever revenue at Rs. 45.05 crore in Half Year FY’22 vs Rs.10.42 crore in Half Year FY’21.
    • HIGHEST ever EBITDA at Rs. 3.89 crore in Half Year FY’22 vs Rs. 64.12 lakh in Half Year FY’21.
    • HIGHEST ever PAT at Rs. 2.33 crore in Half Year FY’22 vs 43.93 lakh in Half Year FY’21.
    • More than 7k units of electric scooters and motorcycles sold in Half Year FY’22 vs 1677 units in Half Year FY’21

    Quartly Financial Results

    • HIGHEST ever revenue at Rs. 33.51 crore in Q2FY’22 vs Rs.6.90 crore in Q2 FY’21.
    • HIGHEST ever EBITDA at Rs. 2.80 crore in Q2FY’22 vs Rs. 40.37 lakh in Q2 FY’21.
    • HIGHEST ever PAT at Rs. 1.61 crore in Q2FY’22 vs 27.98 lakh in Q2 FY’21.
    • More than 5k units of electric scooters and motorcycles sold in Q2FY’22 vs 664 units in Q2 FY’21

    Vadodara: Wardwizard Innovations and Mobility Ltd (BSE Code: 538970), one of the leading manufacturers of electric two-wheeler ‘Joy E-bike’, announced its financial results for the second quarter (July- September 2021) of FY’22.

    Clocking the highest ever numbers in this quarter, the company clocked a revenue of more than Rs. 33.51 crore in Q2 FY’22 compared to Rs.6.90 crore in Q2 FY’21, observing a growth of more than 386%.  The half yearly revenue of this financial year stands at Rs. 45.04 crore (vs Rs.10.41 crore in FY’21), achieving a growth of 332%.

    Riding on the sales of more than 5k electric two-wheelers, the company reported Profit Before Tax (PBT)of Rs.2.35 crore  & Profit After Tax (PAT) 1.61 crore in Q2 FY’22 (vs Rs. 28 lakh Profit Before Tax (PBT) & Profit After Tax (PAT) in Q2 FY’21), a growth of 739% & 475% over the same period previous year.

    Observing  an uprick in  demand for electric two wheelers across the country majorly driven by low speed models, the company has achieved a sales mark of 5,482 units in this quarter, registering a growth of more than 726% compared to the Q2 of FY 2020-21, where the sales stood at 664 units.

    Commenting on the performance of Q2 FY’22, Ms. Sneha Shouche, Chief Financial Officer- Wardwizard Innovations & Mobility Ltd said “In comparison to annual figures of FY21, Wardwizard has already achieved the previous year’s figures in half the time in FY22. As people’s inclination towards electric two-wheelers as a preferred mode of mobility is increasing, we are observing high traction across all our touch points. With multiple factors like high fuel prices and more push from the various authorities, electric vehicles are becoming the first choice of users in many states. We are further observing high booking and inquiries during the festival season and we are confident of achieving further growth in the remaining quarters of this financial year. Also, with the opening of our new experience centres and the expansion of our annual production capacity, the company is looking to serve more customers in both urban and semi-urban locations.”

    Key Highlights of Q2 FY’22
    New Automatic Assembly LineAnnounced expansion of annual production capacity from one lakh units to two lakh units in a single shift with the new automatic assembly line at Vadodara manufacturing plant from October 2021.
    Network Expansion·         Announced to expand its touchpoints from 400 at present to 750 by the end of this financial year.
    ·         Entered Assam market with two exclusive dealerships in Guwahati
    ·         Inaugurated 20 new dealerships in Gujarat
    Sales MilestoneRecords highest ever sales of 2,500 units in September 2021
    Connected MobilityLaunched ‘JOY E-CONNECT’, a cloud-based mobile application for the customers with the new era of technology to enhance their overall riding experience.