Wardwizard Innovations & Mobility jumped 9.63% to Rs 62.60 after the company reported 18,600 bookings for its new high-speed electric scooter, MIHOS.
The company said that it received this customers response in just 15 days, since the bookings opened on 22 January 2023.MIHOS is a retro-styled electric scooter that was launched at the Auto Expo 2023 at Rs 1.35 lakh (ex-showroom price). The deliveries of MIHOS will begin from March 2023 in a phased manner across India. The company will start bookings for the month of April 2023 from on 9 February 2023. The company has set the booking amount at Rs 999.
Customers can book MIHOS from the company's website and the 600+ authorized dealership network across the country.
Yatin Gupte, chairman & managing director, Wardwizard Innovations & Mobility, said, "We received an overwhelming response for MIHOS at the Auto Expo 2023. This scooter brings a stronger version of electric vehicles with a new material, Dicyclopentadiene (DCPD). We are pleased by the high demand from our customers and are really excited for the delivery of MIHOS which is set to commence in March this year in a phased manner. We are further expanding our product portfolio to cater to the demand and meet the aspirations of customers. We are also making solid, result-oriented efforts to increase our market share in the EV space. We anticipate a strong sales rebound in the coming months for electric vehicles as the market is booming."
Wardwizard Innovations & Mobility is an auto manufacturing companies in the electric vehicle (EV) segment under the brand name Joy E-Bike. With more than 10 models in its portfolio in both high and low-speed categories, the company has presence in more than 55 major cities across India and aspires to boost this number throughout the country.
Separately, Wardwizard announced its Q3 results today. On a consolidated basis, the company's net profit rose 17.13% to Rs 3.36 crore on 20.17% increase in net sales to Rs 69.83 crore in Q3 December 2022 over Q3 December 2021. Profit before tax (PBT) rose 15.25% YoY to Rs 4.46 crore in Q3 FY23.
Total expenses rose 20.08% to Rs 65.35 crore in quarter ended 31 December 2022. Cost of materials consumed was at Rs 55.19 crore (up 10.27% YoY) and employee benefit expenses stood at Rs 2.54 crore (up 41.90% YoY) during the quarter.
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