Wardwizard Innovations & Mobility Ltd., one of India’s leading manufacturers of electric vehicles under the brand ‘Joy e-bike’, announced its financial results for the first quarter (April- June 2023) of FY’24.
The company recorded a standalone revenue of Rs. 378.7 MN in the first quarter of FY’24. Additionally, the Profit After Tax (PAT) for Q1 of FY’24 amounts to Rs. 17.3 MN. During the same period (April – June 2023), the company sold 3522 units of high and low-speed electric two-wheelers and electric three-wheelers.
Yatin Gupte, Chairman & Managing Director, Wardwizard Innovations & Mobility Ltd. Said, “The EV Industry has witnessed a surge in recent times, owing to its awareness and adaptability. To meet the rising demand for Electric Vehicles, we restructured our Distributor Model, to better reach and serve our customers nationwide, expand our network and explore new markets. As a commitment to innovation and a greener future, we have also forayed into the three-wheeler segment and have remained steadfast in catering to the rising demand for EVs. With a focus on delivering excellence, we are confident in providing our customers with best-in-class products and services and are optimistic about our ability to strengthen our position and contribute to a cleaner, greener future.”
Highlights for Q1 FY’24 (April 2023 – June 2023)
MIHOS & Joy E-rik Deliveries Commencement
- Commenced the deliveries of the new electric two wheeler MIHOS and electric three wheeler Joy e-rik from 19th April 2023, in the phased manner across Gujarat and Maharashtra.
New Distribution Channel and Inauguration of the first Distributor Showroom
- The Company on the move to establish 150 ‘Distributor Showrooms’ at the district level in order to cement its relationships with Taluka-level Dealers. Further, these showrooms will ensure efficient supply chain management for the distributors and dealers, and increase the ease of getting vehicles along with providing services to customers. As a part of its restructuring of the distribution-dealer model, the company inaugurated an exclusive distributor showroom in Jaipur, under the banner Dreamz EV World, at Jaipur.
EV Centre of Excellence
- Signed a Memorandum of Understanding (MoU) with the Dogra Regiment and established the Wardwizard’s EV Centre of Excellence at Dogra Regimental Centre, Ayodhya Cantt in Faizabad, Uttar Pradesh. This initiative aims to facilitate skill development and create employment opportunities in the EV industry for ‘Agniveers’ and retired army personnel by providing training in various segments of this industry.
Marketing & Branding
- On boarded the famous Bollywood duo, Saif Ali Khan and Kareena Kapoor Khan as its brand ambassadors.
Participation in EV Exposition
- The Company participated in and showcased the entire range of electric two-wheelers at the 4th edition of the Green Vehicle Expo in Bangalore.