WardWizard Innovations and Mobility Ltd., manufacturers of electric two-wheelers under the Joy E-Bike brand name, has reported financial results for the third quarter of the current financial year. The company has announced highest ever numbers in the quarter, with revenue of more than Rs. 58.3 crore in Q3 FY 2021-22, compared to Rs. 11.5 crore in Q3 FY 2021, recording a growth of more than 392 per cent. The company said in a statement that there's been increased demand for low speed electric two-wheelers, and the company has achieved sales of 10,005 units in the quarter, registering a growth of more than 656 per cent compared to Q3 of FY 2020-21 when sales comprised of 1,324 units.
Also Read: WardWizard Innovations & Mobility To Invest Rs. 500 Crore In Gujarat
WardWizard Innovations & Mobility has a range of low-speed electric scooters
Commenting on the performance of Q3 FY'22, 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 of 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."
Also Read: WardWizard Reports Sales Of 3,860 Two-Wheelers In December 2021
In the quarter, the company undertook significant initiatives, announcing an investment of Rs. 500 crore to facilitate the growth of the EV industry by creating EV Ancillary Cluster. The company reported the highest ever sales of units in December 2021, and also inaugurated its new global headquarters in Vadodara, Gujarat.
