Wardwizard Innovations records highest ever revenue growth of 332% in H1FY22
Through Joy e-bikes, the company has been providing a greener alternative to traditional fuel-driven bikes.
Wardwizard Innovations and Mobility, one of the leading manufacturers of electric two-wheeler ‘Joy E-bike’, announced its financial results for the second quarter (July- September 2021) of FY22. Clocking the highest ever numbers in this quarter, the company recorded revenues of more than Rs 33.51 crore in Q2 FY22 compared to Rs 6.90 crore in Q2FY21, observing a growth of more than 386%. The half-yearly revenue of this financial year stands at Rs 45.04 crore versus Rs 10.41 crore in FY21, achieving a growth of 332%.
Riding on the sales of more than 5,000 electric two-wheelers, the company reported Profit Before Tax (PBT)of Rs 2.35 crore and Profit After Tax (PAT) of Rs 1.61 crore in Q2FY22, registering a growth of 739% and 475% over the same period the previous year.
Observing an uptick 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.
During the quarter the company also announced the expansion of annual production capacity from one lakh units to two lakh units in a single shift with the new automatic assembly line at the Vadodara manufacturing plant from October 2021. The EV maker has recently launched ‘JOY E-CONNECT’, a cloud-based mobile application for customers with the new era of technology to enhance their overall riding experience.
Wardwizard Innovations and Mobility Ltd is one of the leading auto manufacturing companies in the Electric Vehicle (EV) segment under the brand name Joy e-bike. It also addressed the home appliance market via its brand Vyom Innovation. Through Joy e-bikes, the company has been providing a greener alternative to traditional fuel-driven bikes. Its footprints are spread across more than 25 major cities across India and aspire to grow this number by length and breadth.
Shares of Wardwizard Innovations and Mobility ended at Rs 76.45 per share, up by 2.34% on Tuesday, 26 October 2021.
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