Wardwizard Innovations records 70% YoY growth in Sep'22 sales

Wardwizard Innovations & Mobility said that it had sold 4,261 units of electric two wheelers in September 2022, registering a growth of 70% on YoY basis.

The company had sold 2,500 units of electric two wheelers in September 2021.

The company had recorded a month on month growth of 146% as compared to August 2022, when the company had sold 1,729 units.

With the positive customer sentiments and the ease of supply chain issues, the company has clocked the sales mark of 8,448 units in Q2 of FY23, translating into a growth of 55% over Q2 of FY'22, when the company had sold 5,446 units of electric two-wheelers.

Yatin Gupte, chairman & managing director, WardWizard Innovations and Mobility, said, With the festive cheer around and positive customer sentiments, there is robust demand in the market. As the infrastructure for electric mobility continues to improve coupled with a better supply chain, we are witnessing high demand for our products across all our touchpoints.

Backed by the festive season and the continuous need for personal mobility, we are further expecting strong retail. Solidifying our presence not only in the domestic, but even in the global markets, we have already begun sales of our electric two-wheelers in Nepal in September and exploring new opportunities in other global markets.

Looking at the current market potential, we are optimistic that the market is going to sustain the momentum.

WardWizard Innovations & Mobility is an auto manufacturing company in the electric vehicle (EV) segment under the brand name 'Joy e-bike'. It has footprints in more than 25 major cities across India.

The company's net profit surged to Rs 2.06 crore in the quarter ended June 2022 as against Rs 0.71 crore during the previous quarter ended June 2021. Sales jumped 377% to Rs 54.66 crore in Q1 FY23 from Rs 11.46 crore in Q1 FY22.

The scrip shed 0.19% to end at Rs 52.55 on the BSE today.

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