MoM growth at 25%, Q2-Q1 FY’22 growth at 187%
Mumbai, 06 October, 2021: Entering into the festival season with a high sales momentum, WardWizard Innovations and Mobility Ltd (BSE Code: 538970) – one of the country’s leading manufacturers of electric two-wheelers brand ‘Joy e-bike’ concluded the month of September 2021 with yet another robust performance.
Achieving record-breaking numbers again this month, the company has sold 2,500 units of electric scooters and motorcycles. The sales stood at 117 units during the same month (September 2020) of the last year.
In August 2021 (last month) the company had sold 2,001 units, and 945 units were sold in July 2021.
Further observing an uptick in Q2 of FY 2021-22 (July-September 2021), the company has achieved a sales mark of 5,446 units, registering a growth of more than 187% compared to the Q1 of FY 2021-22, where the sales stood at 1,893 units.
Compared to the corresponding quarter of last year, the company has achieved the growth of 720%. The company had sold a total of 664 units in Q2 of FY 2021.
Commenting on the rapid growth momentum, Mr Yatin Gupte, Chairman & Managing Director, WardWizard Innovations and Mobility Ltd, said, “Business activities across segments have reached Pre COVID levels. On-site work demands amid the prevalence of the pandemic has necessitated the need for personal mobility, increasing the popularity of electric two-wheelers as the most preferred choice for daily commuting. Further, with the government’s support and consistent awareness campaigns on the adoption of sustainable mobility, we are observing good traction, especially from the next-gen riders across the states. With the peak festival season coming up, we are confident of achieving another benchmark in our sales performance.”
Meeting the growing market demand for electric two-wheelers, the company has recently made its new automatic assembly line operational from this month (October 2021) at its Vadodara manufacturing plant. With the new assembly line, the annual production capacity has increased from one lakh to two lakh units in a single shift.
Key Highlights of Q2 FY’22
New Automatic Assembly Line : Announced expansion of annual production capacity from one lakh units to two lakh units in a single shift with the new automatic assembly line at Vadodara manufacturing plant from October 2021.
Network Expansion : Announced to expand its touchpoints from 400 at present to 750 by the end of this financial year. Entered Assam market with two exclusive dealerships in Guwahati and inaugurated 20 new dealerships in Gujarat.
Sales Milestone : Monthly dispatches crossed 2K mark (2001 units) for the time in August 2021
Connected Mobility : Launched ‘JOY E-CONNECT’, a cloud-based mobile application for the customers with the new era of technology to enhance their overall riding experience.