The company had sold 3,744 units of two-wheelers in March 2023.

Led by strong demand for its electric vehicle (EV) products and the rapid expansion of distributor showrooms nationwide, the company sold 26,996 units of electric vehicles, including two wheelers and three-wheelers, in the fiscal year (April’23- March’24).

Throughout the year, the company inaugurated more than 150 distributor showrooms and intends to further expand its distribution network in FY25.

Yatin Gupte, chairman and managing director of Wardwizard Innovations & Mobility, said: “In FY2024, we have achieved significant progress and reached some key milestones, including selling of 1 lakh electric two-wheelers.

We showcased a ground-breaking hydrogen-powered e-scooter prototype at the Bharat Mobility event, expanding our horizons.

Our strategic expansions both domestically and internationally, with a new assembly line in Deoghar, Jharkhand, and an MoU with the BEEAH Group for a plant in Sharjah, further strengthened our presence. The launch of our versatile Joy e-rik three-wheeler diversified our product portfolio.”

Wardwizard Innovations & Mobility is one of the leading manufacturers of electric two-wheelers under the brand ‘Joy e-bike’ and three-wheelers under the brand ‘Joy e-rik’ in India. With more than 10 models in its portfolio in both high and low-speed categories, the company has established a strong presence in more than 400+ cities across India.

The company's consolidated net profit rose 59.23% to Rs 5.35 crore on a 52.21% increase in revenue to Rs 106.29 crore in Q3 FY24 as compared with Q3 FY23.

The scrip had advanced 0.86% to end at Rs 60.73 on the BSE yesterday.

Domestic equity markets are shut today on account of Ram Navami.