WardWizard Registers Revenue of Rs 1,851Mn; Clocks YoY growth of 369% for FY’22
Vadodara, May 11, 2022: Wardwizard Innovations & Mobility limited (BSE: 532970), one of the leading auto-manufacturing company in Electric Vehicle (EV) segment known with the brand name of Joy E-Bike announced its quarter and annual results ended March 31, 2022.
Highlights of Financial Results
· Revenue Stands at Rs 815 mn, up 347% YoY
· EBIDTA Stands at Rs 61 mn, up 279% YoY
· PAT stands at Rs 33 mn, up 374% YoY
· EPS Stands at Rs 0.14
· Revenue Stands at Rs. 1,851 mn, up 369% YoY
· EBIDTA Stands at Rs. 145 mn, up 365% YoY
· PAT stands at Rs. 85 mn, up 353% YoY
· EPS Stands at Rs. 0.35
RECENT BUSINESS UPDATES:
- EV Sales
- Wardwizard has achieved sales landmark of 30,761 units in the last financial year. Being at the forefront of EV revolution in India, the Company has managed to make tremendous in-roads for the brand ‘Joy E-Bike’ across the country.
- The company with a current 550+ dealership network pan-India envisages to cross 2000+ dealers in another 2-3 years.
- Recently, the Company has added more than 20+ dealers in the state of Gujarat. Also, it entered new market of North East (Assam) by adding two new dealers.
- Product Launchers
- The company has recently launched high speed scooters, Wolf+ and Gen Next Nanu+
- Considering market demand and requirement, the Company is planning to introduce a three-wheeler product this year
- Manufacturing Facility
- WardWizard acquired 4 million sq. ft. of land to develop India’s first-ever electric vehicle ancillary cluster at newly inaugurated global headquarters in Vadodara.
- It has signed an MoU with the Government of Gujarat to invest Rs 500 crore in electric vehicle research and development in Gujarat
- New Initiatives
o Ward Wizard signed an MoU with Singapore based renewable energy management consulting firm Sunkonnect for a feasibility study and identification for potential partner for the manufacturing of Li-ion advance cells in India at Wardwizard’s EV Ancillary Cluster. Sunkonnect will set up a committee of experienced scientists, engineers and analysts to develop the roadmap to set up the 1GWh cell production plant at Wardwizard’s EV Ancillary Cluster.
o In its efforts to increase the usage of its product across various industries, The Company keeps on constantly working on providing demo and showcases its entire range of products. Recently, it participated in EV expo at Pune, West Bengal, and Bangalore.
o The Company inaugurated an extraordinary Joy E-Bike’s Experience centre in Pune, Nashik, Indore, Delhi, and Jodhpur. The Company is expecting to launch its upcoming experience centres in Rajkot, Chhattisgarh, and Kolkata.
Commenting on the results for FY’22, Mr Yatin Gupte, Chairman & Managing Director, Wardwizard Innovations & Mobility Ltd, said, “Congratulations to our 30,761 Joy e-bike family members for showing faith in us and I hope the family will keep growing multiple fold in the time to come. We are excited with the performance as the company has achieved a milestone of Rs 1851 mn, which is an outcome of our dedication and intent of doing a serious business for the growing sector. The country is voyaging through an evolving Electric Vehicle ecosystem, which is an integral measure of our future hence this is not being easy for us and so we are continuously innovating our products and services keeping customer’s interest in centre. The company will continue to invest in R&D, diversifying its product line, and increase its market presence in FY23. We are also planning to introduce more products this year, which will help the industry and the company both to grow together and the users will be benefited at large. The nation needs a strong EV system, which can add growth to the economy and we are committed to it.”