Wardwizard Innovations and Mobility Ltd. (BSE Code: 538970), one of the leading manufacturers of electric two-wheeler ‘Joy E-bike’ today, announced its financial result for the fourth quarter ended March ’21 of the financial year 2021.
Record sales of over 1.6K units of electric vehicles registered in Q4’21. Wardwizard board recommends 5% Dividend.
Quarterly Financial Results Highlights: Q4FY21 vs. Q3FY21 –
Q-o-Q Revenue growth of over 44.2% – Rs. 170.9 million reported in Q4FY21 as against Rs. 118.6 million in the Q3FY21
Q-o-Q EBITDA growth of over 84.1% – Rs. 16.0 million reported in Q4FY21 as against Rs. 8.7 million in the Q3FY21
Q-o-Q EBITDA Margins at 9.4% in Q4FY21 sequential improvement of ~ 200 bps on the back of better utilisation levels
Q-o-Q PBT growth of over 75.53% – Rs. 13.0 million reported in Q4FY21 as against Rs. 7.40 million in the Q3FY21
Q-o-Q PAT declined 6.4% – Rs. 6.9 million reported in Q4FY21 as against Rs. 7.4 million in the Q3FY
Commenting on the growth, Mr. Yatin Gupte, Chairman and Managing Director, Wardwizard Innovations and Mobility Ltd. said, “We are delighted to achieve a positive outcome in one of the most challenging years in the country. We have increased our footprints across the nation and have also taken the Indian flag to foreign lands. The rise in demand for personal mobility and sky-rocketing fuel costs significantly boosts electric two-wheelers sales and caters to this growing opportunity.”
Boosting the sales backed by the growing demand of electric two wheelers in the entire nation, the company sold more than 1,623 units of electric two-wheelers in Q4’21 as compared to 929 units in Q3’21. Registered the growth of more than 74.70% within a quarter for its popular range of products including the both electric motorcycles and scooters
Further he added, “The government across countries is coming down hard on pollution-related issues and reducing carbon emissions is one such step that is being advocated. And our E-bikes prove to be a tested and more economical alternative, without calling for any incremental investments.”