WardWizard Innovations and Mobility Clocks Revenue of Rs 2,393Mn in FY’23; Records YoY growth of 29.28%

Sharing is caring!

Vadodara, May 10, 2023: Wardwizard Innovations and Mobility Ltd., one of India’s leading manufacturers of electric two-wheelers under the brand ‘Joy e-bike’, today announced its financial results for FY 2023 (April 2022- March 2023) and fourth quarter of FY’23 (Jan-March 2023).

Observing an uptick in demand for electric two-wheelers across the country, the company has achieved a revenue of Rs. 2,393 Mn (Standalone) in FY’23 compared to Rs. 1,851 Mn during the previous year, marking double-digit growth of 29.28%.

The company has closed the fiscal year (FY’23) with the highest-ever sales of 36,500 units of electric two-wheelers, recording a growth of 19% over the same period last quarter, where the sales stood at 30,761 units.

Further Profit After Tax (PAT) stands at Rs. 94 Mn in FY’23 compared to Rs. 85 Mn in the previous year.

In respect of the year ended March 31, 2023, the Directors recommend that a dividend of Rs. 0.10 per share be paid on fully paid equity shares.

Commenting on the performance of Q4FY’23, Mr Yatin Gupte, Chairman & Managing Director, WardWizard Innovations and Mobility Ltd. said, “We are proud to announce the successful completion of FY’23, which has been an incredible year for Wardwizard Innovations despite the multiple market challenges. Wardwizard has achieved new milestones in the last fiscal and recorded an impressive annual revenue growth of 29.28%, a testament to the increasing trust our customers have in our brand. Additionally, we recorded an impressive annual sales growth of 19% this year. We have continuously innovated our strong product portfolio and latest technologies to meet the ever-evolving aspirations of our customers. Further, we expanded our portfolio with the entry into the electric three-wheeler segment to meet the aspirations of a wider customer base. Other than that, we have started up our own battery assembly line, which has a yearly capacity of 1 GWh. This will provide our products a competitive advantage as the Indian EV industry witnesses a behavioural shift towards cleaner and healthier mobility solutions, we remain committed to making eco-friendly mobility possible at every stage. Through our continued investments in R&D and diversification of our product line, we aim to further increase our market presence in FY23 and beyond. We remain steadfast in our mission to build a sustainable future and contribute to the growth of the nation’s economy.”

Highlights of the Financial Year FY’23 (April 2022 –March 2023)


Highlights for FY’23 (April 2022 – March 2023)
New Electric 2 Wheelers –          Launched retro styled premium high-speed electric scooter MIHOS during the Auto Expo 2023.

–          Unveiled ‘Rockefeller’ a concept electric motorcycle to be launched later this year.

–          The company also launched the Eco models of Gen Nex Nanu and Wolf.

Launch of First Electric 3 Wheeler –          Launched first electric 3 wheeler Joy e-rik during the Auto Expo 2023
Media Rides –          Media test ride for MIHOS conducted in Vadodara with over 13 journalists from varied media houses at Traction Motodome, Vadodara
Sales Milestone –          Monthly dispatches crossed 7K mark (7,123 units) for the first time in November 2022
Global Expansion –          The company signed up an agreement with one of the oldest and leading Automobiles Distributor of Nepal, The Mahabir Automobiles. Operation begins from September 2022.
Marketing & Branding –          WardWizard became the official ‘Powered By’ sponsor of the India Tour of Ireland 2022 in June 2022

–          Capturing the emotions of millions of Indians across different landscapes,  Wardwizard launched its new brand campaign #BharatkaJoy with the anthem ‘Saath Chalein’

–          Joy e-bike named as the Powered by Partner for Dadasaheb Phalke International Film Festival Awards 2023. The Association been done to spread awareness around sustainability and environment-friendly practices

–          Wardwizard becomes official EV partner of the 7th edition of The Economic Times Global Business Summit 2023

CSR Activities –          On the occasion of World Environment Day, WardWizard, hosted a ‘Green Plantation Drive’, across its manufacturing facility and ancillary cluster in Vadodara, Gujarat. The company further pledged to plant more than 10,000 saplings and conduct multiple cleaning activities to improve the hygiene conditions of nearby areas

–          WardWizard Foundation and Shree Maharani Chimnabai Stree Udyogalaya collaborate to drive women empowerment across the state of Gujarat.

–          Development of ‘EV Centre of Excellence at ITI Tarsali, Vadodara.

Corporate –          Joy e-bike announced a strategic partnership with iCreate, India’s leading innovation-based start-up incubator, to mentor and fund promising EV start-up’s in India.
Financial Partnerships –          Wardwizard and Mangalam Industrial Finance Ltd, RBI registered NBFC have joined hands to support the buyers with quick finance to make EV purchase easier.
Participation in Auto Expo and EV Expositions –          The company participated in one of the marquee event of Automobile Industry, Auto Expo 2023.

–          The Company participated in and showcased the entire range of electric two-wheelers at the Electric Vehicle Exposition 2022 in Bangalore, India Auto Show 3.0 in Mumbai, Electric Vehicle Exposition 2022 in Kolkata, and Alternate Fuel Conclave in Pune.

–          Joy e-bike being the title sponsor for EV India 2022, the company showcased its entire range of marque electric two-wheelers at the EV India 2022 at India Expo Center, Greater Noida.

New Investments –          WardWizard had signed a memorandum of understanding (MOU) with Singapore-based renewable energy management consulting firm Sunkonnect, to set up a Li-ion advance cells manufacturing unit at its electric vehicle ancillary cluster in Vadodara.

–          WardWizard to raise up to USD 150 million (about Rs 1,230 crore) through issuance of instruments or securities for the development of Li-ion cells plant and related infra.

–          The company has planned to set up its first Global R&D headquarter in Singapore. The company will establish the Centre and Global sales office under its wholly owned subsidiary Ward wizard Global Pte Ltd, in Singapore.

–          The company advances to strengthen its supply chain with the help of 800+ dealerships across 19 states and Union territories.

–          The company has commenced operations of its 1 GWh battery production line under phase 1 development of EV ancillary cluster and has plans to expand its R&D operations and production of electronic components.

Dividend Recommended –          In respect of the year ended March 31, 2023, the Directors recommend that a dividend of Rs. 0.10 per share be paid on fully paid equity shares. This equity dividend is subject to approval by shareholders at the Annual General Meeting and has not been included as a liability in these financial statements.

Leave a Reply