Wardwizard Innovations & Mobility Ltd – Registers Growth

VADODARA:
Wardwizard Innovations and Mobility Ltd (BSE Code: 538970), one of the leading manufacturers of electric two-wheeler ‘Joy E-bike’ today, announced its financial result for the fourth quarter ended March ‘21 of the financial year 2021.

Standalone Quarterly Financial Results Highlights
Q4FY21 vs. Q3FY21 Highlights: –
· Q-o-Q Revenue growth of over 44.2% – Rs. 170.9 million reported in Q4FY21 as against Rs. 118.6 million in the Q3FY21
· Q-o-Q EBITDA growth of over 84.1% – Rs. 16.0 million reported in Q4FY21 as against Rs. 8.7 million in the Q3FY21
· Q-o-Q EBITDA Margins at 9.4% in Q4FY21 sequential improvement of ~ 200 bps on the back of better utilisation levels
· Q-o-Q PBT growth of over 75.53% – Rs. 13.0 million reported in Q4FY21 as against Rs. 7.40 million in the Q3FY21
· Q-o-Q PAT declined 6.4% – Rs. 6.9 million reported in Q4FY21 as against Rs. 7.4 million in the Q3FY21

Commenting on the growth, Yatin Gupte, Chairman and Managing Director, Wardwizard Innovations and Mobility Ltd said, “We are delighted to achieve a positive outcome in one of the most challenging years in the country. We have increased our footprints across the nation and have also taken the Indian flag to foreign lands. The rise in demand for personal mobility and sky-rocketing fuel costs significantly boosts electric two-wheelers sales and caters to this growing opportunity.

Boosting the sales backed by the growing demand of electric two wheelers in the entire nation, the company sold more than 1,623 units of electric two-wheelers in Q4’21 as compared to 929 units in Q3’21. Registered the growth of more than 74.70% within a quarter for its popular range of products including the both electric motorcycles and scooters

Further, the government across countries is coming down hard on pollution-related issues and reducing carbon emissions is one such step that is being advocated. And our E-bikes prove to be a tested and more economical alternative, without calling for any incremental investments.”

Manufacturing Facility
Yatin Gupte, Chairman and Managing Director, Wardwizard Innovations and Mobility Ltd said Our recent decision to expand our manufacturing capacity at a new location, Vadodara, and to fast track this expansion plan is one such example of how this philosophy has helped the company spot opportunities and respond to it. This state of the art OEM facility has the installed capacity to manufacture more than 1 Lakh units in a single shift and can be extended to 3-4 lakh with 2-3 shifts. Right from visualising an expansion in our manufacturing capacity by multi folds to setting off to achieving those dreams has been a daunting task, especially for a company of our size. We are quite kicked with the scale of opportunity available to us going forward. All our historical and future efforts will take the company to the next level, I’m sure”.