Wardwizard Innovations & Mobility, one of the leading manufacturers of electric two-wheeler and three-wheeler vehicles in India, witnessed its shares surge for the fifth consecutive trading session on Tuesday, jumping by an additional 19% to hit a 5-month high ₹75.25 per share, resulting in a cumulative gain of 54% in just five sessions.
In the previous trading session, the stock was locked in the 20% upper circuit limit after the company secured a significant order worth USD 1.29 billion from Beulah International Development Corporation, one of the renowned full-service business integration companies and EPC firms in the Philippines backed by RP Connect.
With this order, the company will deliver products from its existing portfolio, including electric two-wheelers and three-wheelers in the commercial and passenger vehicle segments, and develop four-wheelers for commercial vehicles for Philippine markets.
This order, as per the company’s exchange filing, is part of a strategic collaboration, formalised through a Memorandum of Understanding (MoU), to revolutionise the public transportation system in the Philippines with electric vehicles.
The company said that this partnership aims to transform public transport by bringing innovative electric vehicle technology to the Philippines, creating new job opportunities, and supporting the local economy.
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Wardwizard Innovations & Mobility is one of India’s leading auto manufacturing companies in the electric vehicle (EV) segment under the brand name Joy e-bike.
The company mainly focused on the growth potential in the Indian EV segment to have a positive impact in the future. With more than 10 models in its portfolio in both high-speed and low-speed categories, the company has established a strong presence in more than 400 major cities across India and aspires to boost this number throughout the country.
The company currently has a manufacturing capacity of 1,20,000 units of 2-wheelers with 1 shift annually.
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During the fourth quarter (Q4FY24), the company partnered with Triton EV, a U.S.-based electric vehicle manufacturer, in a five-year MOU. The agreement involves sharing vendors and suppliers, ensuring smooth business operations and strong supply chains.
It also entered into a partnership with BEEAH for the Electric Vehicle Revolution in the GCC and Africa.
The company’s net profit in Q4 jumped to ₹4.28 crore, a significant improvement as compared to a net profit of ₹1.45 crore in the same period last year, while revenue from operations also soared to ₹128.22 crore from ₹50.76 crore in Q4 FY23.
For the full FY24, the net profit improved by 50% YoY to ₹14.15 crore, while the revenues improved by 33% YoY.
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Disclaimer: We advise investors to check with certified experts before taking any investment decisions.
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Published: 11 Jun 2024, 11:52 AM IST
