Monday, May 20th, 2024

Wardwizard Innovations and Mobility Announces Q3 FY24 Results, Showcasing an Impressive 81 per cent Surge in EBITDA

Mumbai (Maharashtra) [India], January 17: Wardwizard Innovations & Mobility Limited (BSE Code: 538970), a leading auto manufacturing company in the EV segment, has announced its Unaudited Financial Results for the Q3 FY24.

Standalone Q3 FY24 Key Financials at a Glance:

  • Total Income of ₹ 106.32 Cr, YoY growth of 52.27 %
  • EBITDA of ₹ 11.50 Cr, YoY growth of 77.22 %
  • EBITDA Margin of 10.82 %, YoY growth of 152.32 Bps
  • PAT of ₹ 5.70 Cr, YoY growth of 66.12 %
  • PAT Margin of 5.36 %, YoY growth of 44.73 Bps
  • EPS of ₹ 0.22, YoY growth of 57.14 %

Consolidated Q3 FY24 Key Financials at a Glance:

  • Total Income of ₹ 106.32 Cr, YoY growth of 52.27 %
  • EBITDA of ₹ 11.22 Cr, YoY growth of 80.94 %
  • EBITDA Margin of 10.55 %, YoY growth of 167.18 Bps
  • PAT of ₹ 5.35 Cr, YoY growth of 59.38 %
  • PAT Margin of 5.03 %, YoY growth of 22.44 Bps
  • EPS of ₹ 0.21, YoY growth of 61.54 %

Commenting on the performance, Mr. Yatin Gupte – Chairman & Managing Director of Wardwizard Innovations & Mobility Limited said, “We are delighted to announce our exceptional financial performance in Q3 FY24, highlighting robust growth that reflects our commitment to delivering sustainable and innovative electric mobility solutions to the dynamic Indian market. 

The increase in sales volume indicates a rising acceptance of our offerings. Our strategic investments in marketing have yielded positive results, and we anticipate the upward trajectory of sales volume to persist. This, in turn, will fortify our company’s performance with a positive bias. 

As we actively pursue further expansion and development, Wardwizard has successfully appointed intermediaries for our fundraising activities. This strategic move positions us well for future growth and development as we continue to navigate the dynamic landscape of the electric vehicle industry.”

Highlights for Q3 FY24 (October 2023 – December 2023)

-Development of the Electric Vehicle Ancillary Cluster

The Company has signed a Rs. 2,000 Crore MOU with the Gujarat Government to develop an Electric Vehicle Ancillary Cluster by 2024, targeting 5,000 job opportunities by 2024.

-Joy e-bike Expands Reach

Wardwizard’s ‘Joy e-bike’ brand achieves a remarkable feat, opening 100+ exclusive showrooms and 750+ touchpoints across India in just six months. The showrooms feature a range of electric two-wheelers, including the durable MIHOS scooter made with advanced PDCPD material.

-Wardwizard Innovations & Mobility partners with Triton EV

Wardwizard partners with Triton for a five-year collaboration in India and the UAE. Triton EV selects WIML as its manufacturing partner for Battery Operated trucks, expanding to Two-wheelers and Three-wheelers. The collaboration includes technology transfer for hydrogen battery packs and a commitment to green mobility.

-Sales Milestone

Wardwizard’s “Joy e-bike” sold 2,563 electric two-wheelers in November ’23, surpassing 9,800 units from August to November. The company marked its expansion with 100+ showrooms and 750+ touch points nationwide, emphasizing accessibility and customer service. Wardwizard’s growth signifies rising demand and trust in its electric vehicles.

-Joy e-bike & BEEAH Group Collaboration

Joy e-bike partners with BEEAH Group for sustainable electric vehicles in GCC and Africa. The alliance aims to study feasibility for various electric vehicles in the UAE, with BEEAH providing tech support and leveraging its network. The collaboration emphasizes advancing green mobility in line with government goals.

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