Outstanding result: Wardwizard Q1FY23 net profit jumps nearly threefold; witnesses stellar volume growth of 338 per cent!
Company signed MoU with Singapore based renewable energy management consulting firm Sunkonnect
Wardwizard Innovations & Mobility which is engaged in the manufacturing and selling of electrical vehicles, spare part and other related services, announced its Q1FY23 earnings.
Here are the important highlights
- Q1FY23 total income jumped to Rs 54.7crore from Rs 11.5 crore up by a staggering 375 per cent YoY.
- Stellar volume growth of 338 per cent YoY was witnessed in Q1FY23 owing to better sales churn from its distribution channel.
- EBITDA expanded to 3.65 crore YoY with margins at 235 per cent due to cost optimization and automation of assembling activity.
- PAT for the first quarter increased to Rs 2.06 crore from Rs 0.71 crore YoY an increase of 191 per cent.
- Despite of increasing raw material prices the company managed to keep the bottom-line margins intact as compared to Q4FY22.
- The company is optimistic of continuing the performance on the back of an increase channel count, increasing order book and capacity addition due to the automatic assembly line which has already gone live.
- Company signed MoU with Singapore based renewable energy management consulting firm Sunkonnect for a feasibility study & identification for potential partner for the manufacturing of Li-ion advance cells in India.
- Company had acquired 4 million sqft of land to develop India’s first-ever electric vehicle ancillary cluster newly inaugurated global headquarter in Vadodara.
- Company has signed an MoU with the Government of Gujarat to invest Rs 500 crore in electric vehicle research and development in Gujarat.
The stock has gained more than 16 per cent in the last one month.
Watch out for this stock on Tuesday.