Wardwizard Innovations & Mobility Ltd clocks Revenue Growth of 228% in Q1 FY'22

Wardwizard Innovations and Mobility Ltd (BSE Code: 538970), one of the leading manufacturers of electric two-wheeler 'Joy E-bike', today 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.115.30 Mn compared to Rs.35.15 Mn in QI FY'21, observing a growth of more than 228%. Profit After Tax stood at Rs. 7.06 Mn (vs Rs. 1.59Mn in Ql FY'21), registering a growth of more than 340%.

Revenue trajectory aided by - Expansion of the dealership network across various geographies, variation in the product mix (existing and new), modest response and early adoption towards new products offered, and mobility needs for shorter travel distances were some of the notable highlights.

EBITDA margins was robust at 9.5% augmented by volume growth and new product offerings and better operational efficiencies.

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, Ms. Sneha Shouche, 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."

Shares of WARDWIZARD INNOVATIONS AND MOBILITY LIMITED was last trading in BSE at Rs. 67.9 as compared to the previous close of Rs. 65.35. The total number of shares traded during the day was 58874 in over 647 trades.

The stock hit an intraday high of Rs. 68.2 and intraday low of 66. The net turnover during the day was Rs. 3945687.

Source : Equity Bulls

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