The shares of the electric vehicle (EV) manufacturer hit 20 percent upper circuit of Rs 62.71 apiece after the company received an order worth $ 1.29 billion to revolutionize Philippine public transport with electric vehicles.
Wardwizard Innovations & Mobility Ltd has a market capitalization of Rs 1,634.81 crore, the shares were trading in green at Rs 62.71 per share, increasing around 20 percent as compared to the previous closing price of Rs 52.26 apiece.
The stock saw such a bullish reaction after Wardwizard Innovations & Mobility Ltd secured a significant order worth $1.29 Billion from Beulah International Development Corporation, an EPC firm in the Philippines backed by RP Connect, in this order the company will deliver product that includes electric two-wheeler, three-wheelers in commercial and passenger vehicle segment and develop four-wheeler for commercial vehicles for Philippines market.
Moreover, this partnership aims to transform public transport by bringing innovative electric vehicle technology to the Philippines, creating new job opportunities, and supporting the local economy.
Further, the partnership supports the Philippine government’s Public Utility Vehicle Modernization Program (PUVMP), which aims to improve daily transportation by replacing outdated petrol and diesel vehicles with modern electric alternatives.
Looking into the company’s financial performance, revenue surged significantly by 153 percent from Rs 50.55 crore in Q4FY23 to Rs 128.05 crore in Q4FY24, and during the period of time, net profit increased drastically by 195 percent from Rs 1.45 crore to Rs 4.28 crore.
With more than ten models in both high and low-speed categories, the firm has a strong presence in over 400 major cities across India and plans to expand this number throughout the country.
Wardwizard Innovations & Mobility Limited is an Indian automotive company. The firm operates in three segments: Joy E-Bike, Vyom Innovations, and Service Sales. The firm makes bicycles, scooters, mopeds, and motors.
Written by:- Abhishek Singh
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