Wardwizard Innovations & Mobility reports 29.23% revenue growth for Q1 FY’25

The company’s standalone revenue reached ₹489.68 million, marking a robust 29.23% increase compared to the previous year.

Wardwizard Innovations & Mobility Limited, one of the leading manufacturers of electric vehicles under the brands ‘Joy e-bike’ and ‘Joy e-rik’, announced its financial results for Q1 of FY’25 (April-June 2024). The company’s standalone revenue reached ₹489.68 million, marking a robust 29.23% increase compared to the previous year.

Q1 FY’25 Financial Highlights:

  • Total Revenues: ₹489.68 million, up 29.23% from ₹378.93 million in Q1 FY’24.
  • EBITDA: ₹76.48 million, representing a 60.13% rise from ₹47.76 million in Q1 FY’24.
  • EBITDA Margin: 15.62%, an increase of 302 basis points from the previous year.
  • PAT: ₹24.15 million, showing a 37.92% growth from ₹17.51 million in Q1 FY’24.
  • EPS: ₹0.09, up 28.57% from ₹0.07 in Q1 FY’24.

Consolidated Q1 FY’25 Financial Overview:

  • Total Revenues: ₹514.43 million, a 35.79% increase from ₹378.83 million in Q1 FY’24.
  • EBITDA: ₹74.89 million, up 65.80% from ₹45.17 million in Q1 FY’24.
  • EBITDA Margin: 14.56%, a rise of 264 basis points from the previous year.
  • PAT: ₹23.02 million, reflecting a 47.19% increase from ₹15.64 million in Q1 FY’24.
  • EPS: ₹0.09, up 50.00% from ₹0.06 in Q1 FY’24.

Commenting on the performance of Q1 FY’25, Mr Yatin Gupte, Chairman & Managing Director, WardWizard Innovations and Mobility Ltd.  said, “The Q1FY’25 results showcases steady growth for the WardWizard Innovations driven by the increasing demand for electric vehicles in the industry. This quarter was significant for us as we successfully secured a landmark order from Beulah International Development Corporation in Philippines, which is reflective of the growing global demand and trust on our indigenous technologies and products. We are actively expanding our reach into new markets within India and are connecting with a broader customer base. As the festive season approaches, we are confident in further solidifying our position in the EV industry. The government’s progressive and forward-thinking Union Budget 2024-25, with the announcement to fully exempt customs duty on critical materials such as rare earth metals including lithium, can further incentivize electric mobility. Wardwizard Innovations remains dedicated to driving sustainable mobility solutions, fostering innovation, and contributing to a greener, more connected world.

In a significant development in the 1st quarter, Wardwizard Innovations & Mobility Limited had secured a substantial order worth USD 1.29 billion from Beulah International Development Corporation. Beulah International, a prominent full-service business integration company and EPC firm in the Philippines, is backed by RP Connect. This strategic order will involve the delivery of electric two-wheelers and three-wheelers from Wardwizard’s existing product portfolio. Additionally, the company will develop and supply four-wheelers for commercial vehicle applications in the Philippine market.