Joy E-bike helps maker achieve 332% revenue growth in HY2022

Joy E-Bike’s maker, Wardwizard Innovations and Mobility Ltd., has announced its financial results for the second quarter of FY22. The company has achieved 332 per cent revenue growth in HY2022.

By:October 28, 2021 6:14 PM

Wardwizard Innovations & Mobility Limited is one of the leading auto manufacturing companies in the electric vehicle segment under the brand name Joy e-bike. The company has announced its financial results for the second quarter (July- September 2021) of FY22 and it has achieved its highest-ever revenue in any quarter till date. Thanks to the staggering Q2 performance, the company has achieved revenue growth of 332 per cent in HY2022.   

According to the company, they have clocked revenue of more than Rs 33.51 crore in Q2 FY22 as compared to Rs 6.90 crore in Q2 FY21, thereby observing a growth of more than 386 per cent. The company’s half-yearly revenue of this financial year stands at Rs 45.04 crore vs Rs 10.41 crore in FY21, thus achieving a growth of 332 per cent. 

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Wardwizard Innovations & Mobility Limited reported Profit Before Tax (PBT) of Rs 2.35 crore and Profit After Tax (PAT) of Rs 1.61 crore in Q2 FY22. That’s a growth of 739 per cent and 475 per cent over the same period the previous year as in Q2 of FY21, the company’s Profit Before Tax (PBT) and Profit After Tax (PAT) was just Rs 28 lakh. 

The company’s strong financial performance can be attributed to an uptick in demand for electric two-wheelers across the country. Joy E-bike’s maker has achieved a sales mark of 5,482 units in this quarter, majorly driven by its low-speed models, registering a growth of more than 726 per cent compared to the Q2 of FY 2020-21, where the sales stood at 664 units. 

Commenting on the performance of Q2 FY22, Sneha Shouche, Chief Financial Officer – Wardwizard Innovations & Mobility Ltd said “In comparison to annual figures of FY21, Wardwizard has already achieved the previous year’s figures in half the time in FY22. As people’s inclination towards electric two-wheelers as a preferred mode of mobility is increasing, we are observing high traction across all our touchpoints.” 

She further added, “With multiple factors like high fuel prices and more push from the various authorities, electric vehicles are becoming the first choice of users in many states. We are further observing high booking and inquiries during the festival season and we are confident of achieving further growth in the remaining quarters of this financial year. Also, with the opening of our new experience centres and the expansion of our annual production capacity, the company is looking to serve more customers in both urban and semi-urban locations.”

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