EV company posted highest ever monthly sales record of 116%, scrip rises 3%

Market


A small-cap business with a market worth of 1,824.61 Cr, Wardwizard Innovations & Mobility Ltd operates in the consumer discretionary goods & services (CDGS) industry. The corporate, which has EV manufacturing as its primary business, is the nation’s first electric vehicle manufacturer to be listed on the BSE. Leading automaker WardWizard Innovations & Mobility Ltd operates under the Joy E-Bike brand as an Electric Vehicle (EV) manufacturer.

The company reported today that it recorded sales of 7,123 electric two-wheelers in November 2022, which is the most ever delivered in a single month. The Joy e-bike has become one of the most popular brands among all consumer segments as a result of the innovative combination of high-speed and low-speed product ranges. When compared to the previous month, when total sales were 3,290 units, the company saw a growth of 116% in the month of November.

Commenting on the highest-ever sales performance, Mr. Yatin Gupte, Chairman & Managing Director, WardWizard Innovations & Mobility Ltd., said “With improved supply chain and consistent market expansion, we have been able to reach maximum customers, achieving another sale milestone. Our robust product portfolio and market presence have supported us to add new customers to the family, making the Joy e-bike one of the most preferred EV brands. As customer purchasing sentiments are inclining towards EVs to meet their daily mobility needs, we are confident of carrying the same sales momentum in the coming months.”

In line with its outstanding sales performance, the company has already sold more than 25,093 units of electric two-wheelers in the current financial year (April-November 2022), registering a growth of 85% in comparison to the same period last year, where sales amounted to 13,480 units. On Wednesday, the company also declared that its electric two-wheelers brand ‘Joy e-bike’ has been named the Powered by Partner for Dadasaheb Phalke International Film Festival Awards 2023.

The shares of Wardwizard Innovations & Mobility Ltd closed today at 69.55 apiece on the BSE, up by 3.27% from the previous close of 67.35. The stock recorded a total volume of 1,081,878 shares compared to the 20-Day average volume of 1,082,370 shares. In the last 1 year, the stock has fallen 4.03% and on a YTD basis, the stock has fallen 17.74% so far in 2022. The stock had touched a 52-week-high of 100.70 on (17/01/2022) and a 52-week-low of 47.80 on (26/05/2022). For the quarter ended September or Q2FY23, the company recorded a promoter shareholding of 70.09% and a public stake of 29.91%.


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