Business EconomyPosted at: Jul 31 2024 7:25PM


Wardwizard innovations & Mobility Limited reports 29.23 pc YoY growth in Q1 FY’25

Vadodara, July 31 (UNI) Wardwizard Innovations and Mobility Limited, a leading manufacturer of electric vehicles under the brands 'Joy e-bike’ and ‘Joy e-rik’, announced its financial results for the first quarter of the financial year 2025 (April-June 2024).
The company recorded standalone revenues of Rs. 489.68 million, marking a 29.23% year-on-year growth.
Key standalone financial highlights for Q1 FY25 include an EBITDA of Rs. 76.48 million, up by 60.13%, and a PAT of Rs. 24.15 million, a 37.92% increase. Consolidated revenues stood at Rs. 514.43 million, a 35.79% rise, with an EBITDA of Rs. 74.89 million, up by 65.80%, and a PAT of Rs. 23.02 million, reflecting a 47.19% growth.
Commenting on the results, Yatin Gupte, Chairman and Managing Director of Wardwizard Innovations and Mobility Ltd., said, "The Q1FY'25 results showcase steady growth for Wardwizard Innovations driven by the increasing demand for electric vehicles.
This quarter was significant for us as we successfully secured a landmark order from Beulah International Development Corporation in the Philippines, which is reflective of the growing global demand and trust in our indigenous technologies and products. We are actively expanding our reach into new markets within India and are connecting with a broader customer base."
Gupte further added, "As the festive season approaches, we are confident in further solidifying our position in the EV industry. The government's progressive 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 during the first quarter, Wardwizard Innovations & Mobility Limited secured a substantial order worth USD 1.29 billion from Beulah International Development Corporation.
This strategic order involves the delivery of electric two-wheelers and three-wheelers from Wardwizard's existing product portfolio and the development of four-wheelers for commercial vehicle applications in the Philippine market.
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