Wardwizard Innovations & Mobility Clocks Revenue Growth of 228% in Q1 FY’22

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

August 14, 2021. By News Bureau

Wardwizard Innovations and Mobility Ltd, one of the leading manufacturers of electric two-wheeler ‘Joy E-bike’, announced its financial results for the first quarter (April- June 2021) of FY’22.
 
Despite the market constraints due to the disruptions caused by the second wave of COVID-19, the company achieved a revenue of more than Rs.115.30Mncompared to Rs.35.15 Mn in Q1 FY’21, observing a growth of more than 228%. Profit After Tax stood at Rs. 7.06 Mn (vs Rs. 1.59Mn in Q1 FY’21), registering a growth of more than 340%.
 
Led by the growing demand for electric vehicles in the country and the government's push for sustainable mobility,  the company sold 1,889 units of high and low-speed electric two-wheelers, recording a growth of 198% over the same period last quarter, where the sales stood at  634 units.
 
Commenting on the performance, Sneha Shouche, Chief Financial Officer-Wardwizard Innovations & Mobility Ltd said “The first quarter of FY’22 was impacted due to the challenges brought forth by the pandemic. However, the incentives and subsidies announced by various authorities to promote electric vehicles in the country provided the much needed relief to the industry.  As the situation is under control in almost every location, business activities are back to full strength.  With a quick shift of customer sentiments and more awareness on sustainable mobility, we are optimistic about the coming months and are expecting good sales numbers, especially during the upcoming festive season.”
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