The shares of the electric vehicle manufacturing company gained up to 4 percent after the company dispatched 2,018 Units of Electric Two-Wheelers in February 2024 and achieved the milestone of 100,000 electric two-wheeler sales in India.
With a market capitalization of Rs 1,792.01 crore, the shares of Wardwizard Innovations & Mobility Ltd were trading at Rs 68.78 per share, increasing around 3 percent as compared to the previous closing price of Rs 66.80 apiece.
According to the company filing, Wardwizard Innovations & Mobility Ltd has achieved a remarkable 112 percent increase in sales of its electric two-wheelers compared to the previous year, dispatching 2,018 units in February 2024, a significant rise from 953 units in February 2023. Additionally, the company sold 11 electric three-wheelers in February 2024.
Moreover, The firm accomplished another significant milestone by selling more than 100,000 electric two-wheelers in India. To commemorate the milestone, the business rolled out its 100,000th unit, Mihos, from its cutting-edge production facility in Vadodara.
Looking into the company’s financial, Wardwizard Innovations & Mobility Ltd’s revenue increased by 52 percent from Rs 69.83 crore in Q3FY23 to 106.29 crore in Q3FY24. During the same period, net profits increased by 66 percent from Rs 3.43 crore to Rs 5.70 crore.
The company’s 2-wheeler capacity is 1,20,000 units per shift per year, with a manufacturing facility of 70,000 square feet and over 100 showroom distributors.
The firm intends to elevate high-performing taluka dealers to District Distributors via new distribution methods, expanding its 750 touch-points countrywide. With over ten models in its range encompassing both high and low-speed categories, the firm has developed a strong presence in 400 Indian cities and plans to expand its reach throughout the country.
Wardwizard has commenced the operations of a lithium-ion battery assembly line. This assembly line has a capacity of 1 GWh/year and is part of Wardwizard’s Phase 1 development under the ‘Make in India’ initiative.
Wardwizard Innovations & Mobility Limited focuses on providing clean and greener alternatives to contemporary lifestyles through its two flagship products, Joy E-Bikes and Vyom Innovations.
Written by:- Abhishek Singh
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