Wardwizard Innovations & Mobility Ltd., the renowned Indian electric vehicle manufacturer operating under the brand ‘Joy e-bike,’ unveiled its impressive financial results for the first quarter of FY’24, covering the period from April to June 2023.
During this period, the company achieved a remarkable standalone revenue of Rs. 378.7 MN. Furthermore, their Profit After Tax (PAT) for Q1 of FY’24 amounted to Rs. 17.3 MN, reflecting their strong financial performance. Wardwizard also reported selling a total of 3522 high and low-speed electric two-wheelers and electric three-wheelers, showcasing the increasing popularity of their products in the market.
Mr Yatin Gupte, the Chairman & Managing Director of Wardwizard Innovations & Mobility Ltd., expressed his excitement about the booming Electric Vehicle (EV) Industry. He highlighted the company’s commitment to meeting the surging demand for EVs by restructuring its Distributor Model, aiming to better serve customers across the nation and explore new markets. Wardwizard’s dedication to innovation and sustainability is evident as they venture into the three-wheeler segment, catering to the growing demand for electric vehicles and striving for a cleaner, greener future.
Key Highlights from Q1 FY’24:
1. MIHOS & Joy E-rik Deliveries Commencement: The company initiated the delivery of their new electric two-wheeler, MIHOS, and electric three-wheeler, Joy e-rik, starting from 19th April 2023, strategically phased across Gujarat and Maharashtra.
2. Establishment of New Distribution Channel and Inauguration of First Distributor Showroom: Wardwizard is actively setting up 150 ‘Distributor Showrooms’ at the district level to strengthen relationships with Taluka-level Dealers. These showrooms will enhance supply chain management and customer services. As part of the distribution-dealer model restructuring, the company proudly opened an exclusive distributor showroom in Jaipur under the banner Dreamz EV World.
3. EV Centre of Excellence: The signing of a Memorandum of Understanding (MoU) with the Dogra Regiment led to the establishment of Wardwizard’s EV Centre of Excellence at Dogra Regimental Centre, Ayodhya Cantt in Faizabad, Uttar Pradesh. This initiative aims to provide skill development and employment opportunities in the EV industry for ‘Agniveers’ and retired army personnel, offering training in various segments of this promising sector.
Wardwizard’s remarkable financial performance in Q1 FY’24 and their ambitious expansion and innovation plans demonstrate their dedication to transforming the Indian electric vehicle landscape and contributing to a cleaner and more sustainable future for the country.