Multibagger penny stock under Rs 100: This EV manufacturing company reports stellar quarterly results (Q3FY24) with an 81 per cent jump in EBITDA!

The stock gave multibagger returns of 145 per cent from its 52-week low of Rs 33.21 per share.

Wardwizard Innovations & Mobility Limited (BSE Code: 538970), a leading auto manufacturing company in the EV segment, has announced its unaudited Quarterly Results (Q3FY24) for the fiscal year 2024. Here are the details: -

Highlights for Q3FY24 (October 2023 – December 2023)

1. The Company has signed a Rs. 2,000 Crore MOU with the Gujarat Government to develop an Electric Vehicle Ancillary Cluster by 2024, targeting 5,000 job opportunities by 2024.
2. Wardwizard's 'Joy e-bike' brand achieves a remarkable feat, opening 100+ exclusive showrooms and 750+ touchpoints across India in just six months. The showrooms feature a range of electric two-wheelers, including the durable MIHOS scooter made with advanced PDCPD material
3. Wardwizard partners with Triton for a five-year collaboration in India and the UAE. Triton EV selects WIML as its manufacturing partner for battery-operated trucks, expanding to Two-wheelers and Three-wheelers. The collaboration includes technology transfer for hydrogen battery packs and a commitment to green mobility.
4. Wardwizard's "Joy e-bike" sold 2,563 electric two-wheelers in November '23, surpassing 9,800 units from August to November. The company marked its expansion with 100+ showrooms and 750+ touchpoints nationwide, emphasizing accessibility and customer service. Wardwizard's growth signifies rising demand and trust in its electric vehicles.
5. Joy e-bike partners with BEEAH Group for sustainable electric vehicles in GCC and Africa. The alliance aims to study the feasibility of various electric vehicles in the UAE, with BEEAH providing tech support and leveraging its network. The collaboration emphasizes advancing green mobility in line with government goals.

Wardwizard Innovations & Mobility Limited is a leading auto manufacturing company in the EV segment under the brand name Joy E-Bike. Being the first listed entity on BSE in Electric. Vehicle manufacturing is mainly focused on the growth potential in the Indian EV segment to provide clean and greener alternatives to the existing usage of mobility, aligned with its philosophy of driving a positive change. Through Joy E-Bikes, the Company has been providing a greener alternative to traditional fuel-driven bikes. It has footprints in 400 cities, 19+ states and UTs across India and aspires to boost this number throughout the country.

The company falls under the BSE Small-Cap Index with a market cap of over Rs 2,100 crore. The company has demonstrated impressive financial performance, achieving a remarkable 300 per cent compound annual growth rate (CAGR) in profit over the past five years. This strong growth is further complemented by a healthy dividend payout of 36.4 per cent, consistently rewarding shareholders.

Today, shares of Wardwizard Innovations & Mobility Ltd plunged 2.02 per cent to Rs 81.17 per share from its previous closing of Rs 82.84 with an intraday high of Rs 85.85 and an intraday low of Rs 78.40. The stock’s 52-week high of Rs 86.50 and its 52-week low is Rs 33.21. The stock gave multibagger returns of 145 per cent from its 52-week low of Rs 33.21 per share. Investors should keep an eye on this EV stock.

Disclaimer: The article is for informational purposes only and not investment advice.