Wardwizard Innovations registers 392% yoy revenue growth at Rs58.3cr in Q3FY22; Stock soars 2%

18 Jan 2022 , 09:24 AM

Wardwizard Innovations and Mobility Ltd, one of the leading manufacturers of electric two-wheeler ‘Joy E-bike’ has announced its financial results for the third quarter (October – December 2021) of FY’22.

Clocking the highest ever numbers in this quarter, the company clocked a revenue of more than Rs58.3cr in Q3 FY’22 compared to Rs11.85cr in Q3 FY’21, observing a growth of more than 392%.

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 10,005 units in this quarter, registering a growth of more than 656% compared to the Q3 of FY 2020-21, where the sales stood at 1324 units.

Key Highlights:

• HIGHEST ever revenue at Rs58.3cr in Q3FY’22 vs Rs11.85cr in Q3 FY’21.
• HIGHEST ever EBITDA at Rs4.52cr in Q3FY’22 vs Rs86.94 lakh in Q3 FY’21.
• HIGHEST ever PAT at Rs2.86cr in Q3FY’22 vs Rs74.02 lakh in Q3 FY’21.

Commenting on the performance of Q3 FY’22, Sneha Shouche, Chief Financial Officer-Wardwizard Innovations & Mobility Ltd said “Encouraged by the green mobility revolution in the country, EVs are becoming the preferred mobility solution for many new rideRsAs people are showing an inclination towards electric two-wheelers to meet their mobility needs, we are observing an uptick in demand across all our touchpoints.

The supply chain is under immense pressure with the growing demand for electric vehicles, especially two-wheeleRsTo meet this demand, we are further investing in instituting first its kind EV Ancillary in India which will be based in Vadodara, Gujarat. The investment would help in accelerating growth in the segment and boost the ‘Make-in-India’ vision while promoting local vendors during this electric mobility revolution.”

At around 9:21 AM, Wardwizard Innovations was trading at Rs99.60 per piece higher by 2.26% on the BSE.