WardWizard (Joy e-bike) sells 36,500 e-2Ws and clocks revenue of INR 239 crores in FY’23

Wardwizard Innovations and Mobility, the manufacturers of electric two-wheelers under the brand ‘Joy e-bike’, announced its financial results for FY 2023 (April 2022- March 2023) and the fourth quarter of FY’23 (Jan-March 2023). The company has achieved a revenue of INR 239.3 crores (Standalone) in FY’23 compared to INR 185 crores during the previous year, marking a growth of 29.28%.

The company has closed the fiscal year (FY’23) with 36,500 units sold of electric two-wheelers (including both low-speed and high-speed 2Ws), while the sales in FY’22 stood at 30,761 units. Profit After Tax (PAT) stands at INR 9.4 crores in FY’23 compared to INR 8.5 crores in the previous year.

Highlights for WardWizard in FY’23 (April 2022-March 2023):

• Launched retro-styled 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.
• Launched electric 3-wheeler Joy e-rik during the Auto Expo 2023.
• The company signed up an agreement with the Automobiles Distributor of Nepal, The Mahabir Automobiles. Operation begins from September 2022.
• Joy e-bike announced a strategic partnership with iCreate to mentor and fund promising EV start-ups in India.
• Wardwizard and Mangalam Industrial Finance Ltd, RBI registered NBFC, have joined hands to support the buyers with quick finance to make EV purchases easier. 
• 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 the 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 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.
•  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. We have 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.”