The shares of the leading manufacturer of electric vehicle gained 3 percent to Rs 44.20 apiece after the company announced 48 percent increase in sales growth in August.
At 12:38 p.m.,Wardwizard Innovations & Mobility Ltd shares were trading at Rs 43.82 per share, up 2.17 percent from the previous close price on the Exchange. The company has a market capitalization of Rs 1,1,32 crore.
In August of ’23, the company sold 1,496 units of low-speed and high-speed electric two-wheelers. Furthermore, the company increased its sales of electric two-wheelers by 48 percent compared to July 23, when it sold 1,012 units.According to BSE filings.
In August, the company took a significant step for developing the EV Ancillary Cluster by securing a critical, long-term OEM collaboration with A&S Power. This collaboration will propel pioneering Li-ion cell technology, positioning Joy e-bike as the foundation of India’s first EV Ancillary Cluster in Gujarat.
Wardwizard Innovations & Mobility revenue has declined by 31 percent year on year, from Rs 54 crore in Q1FY23 to Rs 37 crore in Q1FY24. During the same period, Net profit has reduced by 15 percent from Rs 2.07 crore to Rs 1.75 crore.
As per the recent financial year, the company’s margin has decreased to a level where the operating margin is 6.11 percent and the net profit margin is 3.95 percent.
According to the recent shareholding pattern, the promoters hold 70.09 percent of the company, while retail investors hold a 29.91 percent stake.
Wardwizard Innovations & Mobility Ltd, known by the brand name Joy e-bike, is a major vehicle manufacturing company in the Electric Vehicle market. The company has a significant presence in over 55 major cities across India.
Written by Omkar Chitnis
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