Wardwizard Innovations and Mobility, manufacturers of electric two-wheeler brand ‘Joy E-bike’ clocked a revenue of Rs 54.72 crore in Q1FY2023 compared to Rs 11.52 crore in Q1 FY2022.
The Q1FY2023 profit after tax stood at Rs 2 crore as compared to Rs 70 lakh in Q1 FY2022.
Despite the supply chain issues and market constraints, the company has sold over 8,267 units of high and low-speed electric two-wheelers in the first quarter of this fiscal, recording a three-fold growth year-on-year.
Sneha Shouche, CFO, Wardwizard Innovations & Mobility said, “With the demand for green mobility increasing, we are observing a positive sales momentum in our entire range of products across markets. We are expecting fast pace growth of the industry in the coming quarters.”
The company confirmed kickstarting the production and delivery of its newly introduced high-speed electric scooters with a multi-vendor strategy to meet demand.
The company is focussing on strengthening its EV ancillary with appropriate partners to bring a prominent solution and start developing the Li-ion cells in India from the next fiscal. “We are further investing in R&D to foster newer segments and diversify our product category and solidify our presence with new touchpoints. With the festive season around the corner, we are expecting a steady sales performance and drive profitable growth,” the CFO added.
WardWizard Innovations and Mobility based in Gujarat is better known for manufacturing the Joy e-bike range, which includes the Monster, Wolf, Glob, and Honeybee. The company currently has over 550 dealerships across India and plans to cross 2000+ dealers in another 2-3 years. Recently, the Company added more than 20 dealers in the state of Gujarat.
WardWizard assembles its range of electric scooters in its facility in Vadodara while importing a few parts from China, mostly plastics. However, the company has bigger plans — the EV maker has invested in a 100-acre land close to its existing facility to build the necessary ecosystem to manufacture EVs.