WardWizard Innovations Mobility Ltd. aims to benefit by EV regulations for aggregators; announces excellent results
Jan 21, 2022
Vadodara (Gujarat) [India], January 21 (ANI/PNN): BSE listed Ward Wizard Innovations & Mobility Ltd. (BSE: 538970) is all set to witness the EV benefits with Aam Aadmi Party (AAP) Government in Delhi announcing that all ride aggregators and delivery services like Ola, Uber, Swiggy, etc. will have to mandatorily adopt electric vehicles (EV) while procuring new fleets.
With this EV manufacturers will be in the limelight, and EV companies may benefit substantially, according to Analysts. Aggregators would also have to ensure that 50 per cent of all new two-wheelers and 25 per cent of all new four-wheelers are electric by March 2023.
Due to this EV companies including Tata Motors, TVS Motors, Olectra Green, Ward Wizard Innovations, and Mobility Ltd would benefit substantially, it is felt. WardWizard Innovations & Mobility Ltd, a BSE-listed electric two-wheeler manufacturer, charts a major growth programme, under which it plans to introduce four new high-speed electric scooters and enter the electric three-wheeler segment, as the adoption of electric two- and three-wheelers gathers pace in the country.
The company sold close to 19,000 e-two wheelers in 2021. It witnessed a significant surge in sales in the post-second wave period as it sold 17,376 electric scooters and motorcycles during April-December 2021, an increase of 570 per cent over the year-ago period.
Meanwhile, the company has announced Excellent Q3 results, Clocking the highest ever numbers in this quarter, the company clocked a revenue of more than Rs. 58.3 crore in Q3 FY'22 compared to Rs.11.85 crore in Q3 FY'21, observing a growth of more than 392%. Observing an uprick in demand for electric two wheelers across the country majorly driven by low-speed models, the company has achieved a sales mark of 10,005 units in this quarter, registering a growth of more than 656% compared to the Q3 of FY 2020-21, where the sales stood at 1324 units.
Wardwizard Innovations & Mobility Ltd is one of the leading auto manufacturing companies in the Electric Vehicle (EV) segment under the brand name Joy e-bike. Being the Ist listed entity on BSE in Electric Vehicle manufacturing, it's mainly focused on the growing potential in the India's EV segment to provide clean and greener alternatives to the existing usage of mobility which is aligned with its philosophy of driving a positive change.
Through Joy E-Bikes, the company has been providing a greener alternative to traditional fuel-driven bikes. Its footprints are spread across in excess of 25 major cities across India and aspire to growth this number by length and breath.
This story is provided by PNN. ANI will not be responsible in any way for the content of this article. (ANI/PNN)