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WardWizard Mobility aims to benefit from EV regulations for aggregators: Announces Q3 results

Joy E-Bike’s maker, WardWizard Innovations & Mobility Ltd., has announced its financial results for Q3 FY22. Moreover, the company aims to significantly benefit from the Delhi government’s new EV regulations for aggregators.

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 their financial results for the third quarter (October – December 2021) of FY22 and they have achieved their highest-ever revenue in any quarter till date. Moreover, the company aims to benefit from the Aam Aadmi Party-led Delhi government’s new EV regulations for aggregators.

The Delhi Government recently announced that all ride aggregators and delivery services like Ola, Uber, Swiggy, etc. will have to mandatorily adopt electric vehicles (EV) while procuring new fleets. The aggregators would have to ensure that 50 per cent of all new two-wheelers and 25 per cent of all new four-wheelers are electric models by March 2023. With this move, the analysts believe that electric vehicle manufacturers may benefit substantially.

The company sells Joy e-bike.

According to WardWizard Innovations & Mobility, due to this major push by the government, the EV companies would benefit substantially. The company charts a major growth programme for itself, under which it plans to introduce four new high-speed electric scooters and enter the electric three-wheeler segment, as the adoption of electric two- and three-wheelers gathers pace in the country. Now, talking about the company’s financials, WardWizard Innovations & Mobility Limited registered tremendous growth in the calendar year 2021.

According to the company, they sold close to 19,000 electric two-wheelers in 2021. It is worth mentioning that post the second wave of the pandemic, during April-December 2021 period, they sold 17,376 electric scooters and motorcycles, an increase of 570 per cent YoY. In Q3 FY22, WardWizard Innovations & Mobility Ltd. clocked a revenue of more than Rs. 58.3 crore compared to Rs 11.85 crore in Q3 FY’21, registering a YoY growth of 392 per cent.  

The company claims that it is their highest-ever revenue in any quarter till date. Moreover, they have observed an uptick in demand for electric two-wheelers across the country, majorly driven by low-speed models. The EV-maker achieved a sales mark of 10,005 units in the third quarter of FY 2021-22, registering a growth of more than 656 per cent compared to the Q3 of FY 2020-21, where the sales stood at just 1,324 units.

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