With all-new OEM plant in Vadodara, Gujarat, for manufacturing electric bikes launched in January 2021, having production capacity of 1 lakh vehicles per annum, the company expanded its associations of dealers to more than 200 numbers for the brand Joy e-bike.

Maharashtra, Gujarat, Orissa, West Bengal, Madhya Pradesh and Chhattisgarh are the states that witnessed the highest number of dealership partnership in the month of February. The company's total numbers of distribution network currently stood at 220 dealers.

Yatin Gupte, the company's MD & chairman, said: "We aim to appoint more than 1000 dealers for Joy e-bike in near future to come."

Wardwizard is an innovation-driven company and is India's first BSE listed electronic vehicle (EV) manufacturing company. The company's Joy E-Bikes provides a greener alternative to traditional fuel driven bikes. On the other hand, through Vyom Innovations, it provides consumers with lesser power consuming home appliances.

The company reported a standalone net profit of Rs 0.74 crore in Q3 FY21 as against a net loss of Rs 0.27 crore in Q3 FY20. Net sales during the quarter surged to Rs 10.68 crore from Rs 0.10 crore in the same period last year.

The scrip fell 1.69% to Rs 81.40 on the BSE. It traded in the range of 79 and 84.85 so far during the day.