Gujarat-based electric vehicle manufacturing company, Wardwizard Innovations and Mobility has announced that it has recorded a profit after tax (PAT) of INR 1.61 crore in Q2 of the ongoing fiscal, ending September 30, 2021.
In a statement to BSE, the maker of Joy E-Bike said that it has recorded highest ever numbers in this quarter. The company clocked a revenue of more than INR 33.51 crore in Q2 FY22 compared to INR 6.90 crore in Q2 FY21, observing a growth of more than 386% over a one-year period. The H1 revenue in the current financial year stands at INR 45.04 crore (vs INR 10.41 crore in FY21), achieving a growth of 332%.
Observing an uptick in demand for electric two-wheelers across the country majorly driven by low-speed models, the company has achieved a sales mark of 5,482 units in Q2, registering a growth of more than 726% compared to Q2 FY21, where sales stood at 664 units.
Commenting on the quarterly performance, Sneha Shouche, Chief Financial Officer, Wardwizard Innovations & Mobility 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 touch points. With multiple factors like high fuel prices and more push from the various authorities, EVs are becoming the first choice of users in many states.
The festival season is returning good amount of booking and inquiries for the company. This gives the company confidence of achieving further growth in the remaining quarters of this financial year.
“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,” she added.