Wardwizard Innovations & Mobility Ltd registers Preeminent Revenue growth of 392% Y-o-Y in Q3 FY’22
Revenue Growth of 73.7% Q-o-Q in Q3 FY’22
Vadodara, January 17, 2022: Wardwizard Innovations and Mobility Ltd, one of the leading manufacturers of electric two-wheeler ‘Joy E-bike’, announced its financial results for the third quarter (October - December 2021) of FY’22.
Clocking the highest ever numbers in this quarter, the company clocked a revenue of more than Rs. 58.3 crore in Q3 FY’22 compared to Rs.11.85 crore in Q3 FY’21, observing a growth of more than 392%.
Observing an uptick in demand for electric two wheelers across the country majorly driven by low speed models, the company has achieved a sales mark of 10,005 units in this quarter, registering a growth of more than 656% compared to the Q3 of FY 2020-21, where the sales stood at 1324 units.
Commenting on the performance of Q3 FY’22, Ms. Sneha Shouche, Chief Financial Officer- Wardwizard Innovations & Mobility Ltd said “Encouraged by the green mobility revolution in the country, EVs are becoming the preferred mobility solution for many new riders. As people are showing an inclination towards electric two-wheelers to meet their mobility needs, we are observing an uptick in demand across all our touchpoints.
The supply chain is under immense pressure with the growing demand for electric vehicles, especially two-wheelers. To meet this demand, we are further investing in instituting first its kind EV Ancillary in India which will be based in Vadodara, Gujarat. The investment would help in accelerating growth in the segment and boost the ‘Make-in-India’ vision while promoting local vendors during this electric mobility revolution.”