Shares of this electric vehicles manufacturing company jumped 6 percent in Wednesday’s trading session after signing a strategic collaboration with the UAE government to manufacture electric vehicles.
With a market capitalisation of Rs. 1,499 crores, the shares of Wardwizard Innovations and Mobility Ltd (WIML) started Wednesday’s trading session on a flatter note at Rs. 54.73 compared to its previous close of Rs. 54.70. The shares hit a high of Rs. 58, gaining around 6 percent and currently trading around 57.81 apiece.
Such a positive movement in the share price was observed after the company in an exchange filing mentioned that it had signed a Memorandum of Understanding (MOU) with BEEAH Group(BG) a sustainable waste management company, co-owned by the Sharjah government in the UAE, to promote the use of electric vehicles and contribute to environmental improvement across the Gulf Cooperation Council (GCC) countries and African nations.
As a part of this strategic alliance, Wardwizard Innovations and Mobility and BEEAH Group will conduct technical and commercial feasibility studies for the production of two-wheelers, three-wheelers, and battery-operated trucks, both small and large, in the UAE.
According to the MOU, BG will provide technology and other assistance to the company for achieving renewable energy goals and leverage its network in the GCC and African nations to promote sales in those regions.
Under this alliance, both companies will work together to promote green energy, sustainable waste management, and the use of renewables, aiming to improve the environment in GCC countries, and African nations.
Coming onto the company’s financial statement, the revenue increased by 30 percent from Rs. 37.87 crores during the June quarter to Rs. 49.15 crores in the September quarter. In addition, the net profits zoomed by 63 percent from Rs. 1.56 crores to Rs. 2.55 crores during the same timeframe.
According to the annual report published by the company, they have planned to restructure its distribution-dealer model by establishing 150 ‘Distributor Showrooms’ at the district level to strengthen relationships with Taluka-level Dealers.
Furthermore, the company aims to have a country-wide presence, for both high-speed and low-speed product categories across India and plans to increase its presence in more cities as well as overseas. To fulfil the future goals, the Company has started the operations of a lithium-ion battery assembly line with a capacity of 1 GWh per year.
Headquartered in Mumbai, Wardwizard Innovations and Mobility was incorporated in 1982. They are one of India’s leading auto manufacturing companies in the Electric Vehicle (EV) segment under the brand name Joy e-bike.
Written By Vaibhav Patil
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