Wardwizard posts Rs 1.73 crore in profit in Q1 FY2024

Wardwizard Innovations & Mobility, an electric vehicle manufacturer under the brand 'Joy e-bike', announced its financial results for the first quarter (April- June 2023) of FY24. 

The company reported a standalone revenue of Rs 37.8 crore, and profit of Rs 1.73 crore. The company which recently opened 12 distributor showrooms in 11 cities pan India, reported an EBITDA of Rs 4.7 crore. 

During the same period (April - June 2023), the company sold 3522 units of high and low-speed electric two-wheelers and electric three-wheelers.

Yatin Gupte, Chairman and Managing Director, Wardwizard Innovations & Mobility Said, "The EV Industry has witnessed a surge in recent times, owing to its awareness and adaptability. To meet the rising demand for Electric Vehicles, we restructured our Distributor Model, to better reach and serve our customers nationwide, expand our network and explore new markets. As a commitment to innovation and a greener future, we have also forayed into the three-wheeler segment and have remained steadfast in catering to the rising demand for EVs."