Friday, March 31, 2023

Joy E-revenue Bike’s approached Rs 200 crore in FY22, and profitability increased by 4.5 times.

Wardwizard Innovations & Mobility Ltd, under the brand name Joy e-bike, is one of the major auto manufacturing businesses in the electric vehicle market. Due to surging demand for electric two-wheelers, the company’s scale increased fourfold during the fiscal year ending in March 2022.

According to financial papers submitted by the Registrar of Companies, the mobility company’s scale increased 4.69X to Rs 184.56 crore in FY22 from Rs 39.31 crore in FY21.

The sale of Joy e-bikes was the primary source of revenue, accounting for 97.94% of total operating revenue in FY22, which surged 7.5X to Rs 180.76 crore. During this period, the sale of services (including warranty claims) contributed Rs 3.57 crore to total receipts.

The cost of materials for electric vehicle manufacturing became the greatest cost centre for an EV producer, accounting for 91.6% of total expenses. Its cost increased 4.98X to Rs 158.53 crore in FY22, from Rs 31.82 crore in FY21.

Employee benefits are the company’s second greatest cost centre, followed by material costs. Its cost increased 2.03X in FY22 to Rs 6.13 crore from Rs 3.01 crore in FY21.

The company spent an additional Rs 2.27 crore and Rs 1.96 crore on legal/professional fees and advertisement costs, respectively, increasing the company’s overall expenditure by 4.69X to Rs 172.99 crore in FY22 from Rs 36.88 crore in FY21.

Joy e-bikes maintained its profitability, which climbed 4.5X to Rs 8.47 crore in FY22 from Rs 1.87 crore in FY21, with a nearly 5X gain over the previous fiscal year.

With increased demand for electric vehicles and the government’s push for a greener future, companies like Wardwizard Innovations & Mobility are sure to ride the wave, with even better sales in the coming fiscal year. The numbers already show this: between April and November 2022, the company sold over 25,000 devices, with November accounting for over 7,000 units – the greatest monthly sales ever.

In terms of ratios, the company’s ROCE and EBITDA margins were 19.44% and 7.82%, respectively, during the previous fiscal year. On a per-unit basis, the company spent Re 0.94 to generate one unit of operating revenue.

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