Multibagger penny stock under Rs 80: This EV manufacturing company achieves new milestone; surpasses 1,00,000 units sales of electric two-wheelers!

The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 33.21 per share.

Wardwizard Innovations & Mobility Limited (WIML), one of the leading manufacturers of electric two-wheelers under the brand ‘Joy e-bike’ and three-wheelers under the brand ‘Joy e-bike’ in India, today achieved a major milestone of crossing 1,00,000 electric two-wheeler sales in India. The company rolled out its 1,00,000th unit, Mihos from its state-of-the-art manufacturing plant in Vadodara to mark the achievement.

Joy e-bike embarked on its mobility journey with the introduction of its first product category in electric bicycles followed by the launch of its first Low-Speed Electric Scooter, the Butterfly, in 2018. As India's first listed EV Company on the BSE, WIML has a strong portfolio of 10+ models, including high-speed and low-speed variants, along with a network of over 750 touchpoints and 120+ exclusive Showroom Distributors.

In celebration of this monumental milestone, the company has further introduced a series of exclusive offers for its customers, offering special benefits and free insurance. The remarkable offers will remain valid at all authorized Joy e-bike dealerships across India until March 31, 2024. The company has introduced up to Rs. 30,000 discounts and free insurance on its following products: Mihos, Wolf+ and Gen Next Nanu+.

Wardwizard Innovations & Mobility Limited has also showcased its commitment to innovation at the recently concluded Bharat Mobility Global Expo 2024. At the expo, the company unveiled the concept of its first hydrogen-powered electric two-wheeler and showcased its current product line-up, including high and low-speed models and the electric three-wheeler under the brand name Joy e-bike.

The company for the third quarter of fiscal year 2024 (Q3FY24), compared to the same periods in the previous fiscal year. Overall, the company's financial performance has improved significantly year-over-year. Total revenues increased by 52.27 per cent to Rs 106.32 crore in Q3FY24 over Q3FY23. EBITDA (earnings before interest, taxes, depreciation, and amortization) grew even faster, by 80.94 per cent to Rs 11.22 crore in Q3FY24 over Q3FY23. Profit after tax (PAT) also increased by 59.38 per cent to Rs 5.35 crore in Q3FY24 over Q3FY23.

Wardwizard achieved significant milestones in Q3FY24 across various areas. The company signed an Rs 2,000 crore MOU with the Gujarat Government to develop an Electric Vehicle Ancillary Cluster by 2024, targeting 5,000 job opportunities. Additionally, the company's Joy e-bike brand opened 100+ exclusive showrooms and 750+ touchpoints across India, expanding its reach and accessibility. Furthermore, Wardwizard partnered with Triton for a five-year collaboration in India and the UAE, with Triton selecting WIML as its manufacturing partner for electric vehicles and promoting green mobility. Joy e-bike sales also witnessed strong growth, reaching 2,563 units in November '23 and exceeding 9,800 units from August to November. Finally, Joy e-bike partnered with BEEAH Group to explore sustainable electric vehicles in the GCC and Africa, 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 1,800 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 4.58 per cent to Rs 70.16 per share from its previous closing of Rs 73.53 with an intraday high of Rs 73.50 and an intraday low of Rs 69.70. 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 over 100 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.

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