New Delhi: Wardwizard Innovations & Mobility Limited, one of the leading manufacturers of electric vehicles under the brands ‘Joy e-bike’ and ‘Joy e-rik’, Tuesday announced its financial results for Q1 of FY25 (April-June 2024).
On the performance of Q1 FY25, Yatin Gupte, Chairman & Managing Director, WardWizard Innovations and Mobility, said, “The Q1FY25 results showcases steady growth for the WardWizard Innovations driven by the increasing demand for electric vehicles in the industry. This quarter was significant for us as we successfully secured a landmark order from Beulah International Development Corporation in Philippines, which is reflective of the growing global demand and trust on our indigenous technologies and products. We are actively expanding our reach into new markets within India and are connecting with a broader customer base.”
“As the festive season approaches, we are confident in further solidifying our position in the EV industry. The government’s progressive and forward-thinking 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,” added Gupte.
In Q1FY25 the company secured an order worth USD 1.29 billion from Beulah International Development Corporation, a prominent full-service business integration company and EPC firm in the Philippines. It is backed by RP Connect. This order involves the delivery of electric two-wheelers and three-wheelers from Wardwizard’s existing product portfolio. Additionally, the company will develop and supply four-wheelers for commercial vehicle applications in the Philippine market, the company said in a media release.
