Share price of this EV stock moved up by nearly 4.18% to Rs. 72.99 in the trading session of March 4th, compared to its previous close of Rs. 70.06, after the company inaugurated its new assembly line facility for electric two-wheelers.
With a market capitalisation of Rs. 1,852.7 crores, at 01:50 p.m. the shares of Wardwizard Innovations & Mobility Limited were trading in the green at Rs. 71.17 up by 1.58 percent.
In the last one year, the company has delivered positive returns of about 31.63 percent and more than 65.45 percent in the last six months. So far in 2024, it has delivered positive returns of nearly 26.70 percent.
According to recent regulatory filings with the BSE, Wardwizard Innovations & Mobility Limited (WIML) inaugurated its new assembly line facility for electric two-wheelers in Deoghar, Jharkhand.
The new facility will be an extension of the present operating factory in Vadodara, Gujarat and will cover an area of 15,000 square feet.
WIML will begin assembly of its high and low speed electric two-wheelers at the new facility, with an initial annual target of over 20,000 units to meet the rising demand in India’s Eastern and Northern regions, as well as the export market in Nepal.
In addition, the new facility will help in generating employment while also providing industry-specific training to the workers, allowing them to understand the operations better.
In terms of financials, the revenue from operations of the company grew by nearly 116.25% QoQ from Rs. 49.15 crore in Q2 FY23-24 to Rs. 106.29 crore in Q3 FY23-24, accompanied by a 109.8% increase in the net profit from Rs. 2.55 crore in Q2 FY23-24 to Rs. 5.35 crore in Q3 FY23-24.
Wardwizard Innovations & Mobility Limited (WIML) is one of the leading manufacturers of electric two-wheelers and three-wheelers in India, operating under the brands ‘Joy e-bike’ and ‘Joy e-rik’, respectively.
The company is mainly focused on the growth potential in the Indian EV segment to have a positive impact in the future and is the first listed entity on BSE in Electric Vehicle manufacturing.
Written by Shivani Singh
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