Vadodara, May 10, 2023: Wardwizard Innovations and Mobility Ltd., one of India’s leading manufacturers of electric two-wheelers under the brand 'Joy e-bike', today announced its financial results for FY 2023 (April 2022- March 2023) and fourth quarter of FY’23 (Jan-March 2023).
Observing an uptick in demand for electric two-wheelers across the country, the company has achieved a revenue of Rs. 2,393 Mn (Standalone) in FY’23 compared to Rs. 1,851 Mn during the previous year, marking double-digit growth of 29.28%.
The company has closed the fiscal year (FY’23) with the highest-ever sales of 36,500 units of electric two-wheelers, recording a growth of 19% over the same period last quarter, where the sales stood at 30,761 units.
Further Profit After Tax (PAT) stands at Rs. 94 Mn in FY’23 compared to Rs. 85 Mn in the previous year.
In respect of the year ended March 31, 2023, the Directors recommend that a dividend of Rs. 0.10 per share be paid on fully paid equity shares.
Commenting on the performance of Q4FY’23, Mr Yatin Gupte, Chairman & Managing Director, WardWizard Innovations and Mobility Ltd. said, “We are proud to announce the successful completion of FY'23, which has been an incredible year for Wardwizard Innovations despite the multiple market challenges. Wardwizard has achieved new milestones in the last fiscal and recorded an impressive annual revenue growth of 29.28%, a testament to the increasing trust our customers have in our brand. Additionally, we recorded an impressive annual sales growth of 19% this year. We have continuously innovated our strong product portfolio and latest technologies to meet the ever-evolving aspirations of our customers. Further, we expanded our portfolio with the entry into the electric three-wheeler segment to meet the aspirations of a wider customer base. Other than that, we have started up our own battery assembly line, which has a yearly capacity of 1 GWh. This will provide our products a competitive advantage as the Indian EV industry witnesses a behavioural shift towards cleaner and healthier mobility solutions, we remain committed to making eco-friendly mobility possible at every stage. Through our continued investments in R&D and diversification of our product line, we aim to further increase our market presence in FY23 and beyond. We remain steadfast in our mission to build a sustainable future and contribute to the growth of the nation's economy.”