Message from the Chairman

Our strategic focus on market expansion has been instrumental in our growth story. As highlighted earlier, our robust production capabilities and increasing demand for our products were catalysts in helping us successfully roll out over 100,000 EV units.

Dear Shareholders,

It is with immense pride and gratitude that I present to you the accomplishments of Wardwizard Innovations & Mobility Limited for the financial year 2023-24. This year has been a pivotal one for our Company, marked by strategic growth, groundbreaking innovation, and a strong commitment to sustainability. Here, it is important that I highlight a significant milestone for the year as we rolled out over 100,000 electric vehicles, reflecting our robust production capabilities, market demand and our shared commitment to a greener future.

Exceptional Financial Performance

Our operational excellence is evident in our highest-ever annual EBITDA, reaching 32.52 Cr, a substantial 66% increase from the previous year. Our revenues reached 317.57 Cr, reflecting a 33% growth, while our Profit After Tax (PAT) rose to 14.15 Cr, a significant improvement from 9.44 Cr in FY23. These numbers are a reflection of our strong market position and operational efficiency

Strategic Market Expansion

Our strategic focus on market expansion has been instrumental in our growth story. As highlighted earlier, our robust production capabilities and increasing demand for our products were catalysts in helping us successfully roll out over 100,000 EV units. Our extensive distribution network now includes 150+ showrooms and 750+ dealers, ensuring strong presence across key markets. Additionally, the inauguration of our new assembly facilities in Deoghar, Jharkhand position us to meet the growing demand in Eastern and Northern India with an annual production capacity of 20,000 units.

Pioneering Innovation in Electric Mobility

Innovation forms the foundation of our growth strategy. This year, we introduced several groundbreaking products that set new benchmarks in the EV industry. Our flagship models, MIHOS and the Joy E-Rik, debuted at the Auto Expo 2023, showcasing our commitment to innovation and 'Made in India' technology. The MIHOS, designed and developed with advanced Poly DiCycloPentadiene (PDCPD), offers superior durability and flexibility to absorb maximum impact on the road. The high-speed electric scooter comes with smart and intelligent features such as a range of up to 130 km, an IP6 waterproof rating, and a charging time of just 5 hours, enhancing rider safety and comfort,. I believe these new additions to our product line will revolutionize the industry.

The Joy E-Rik, which falls under the L5 passenger category, is a three-wheeler designed to promote localisation and the 'Make in India' initiative. With a range of 80-85 km and a top speed of 55 km/h, it features an IP67-rated battery pack and offers standard and fast charging options, making it a versatile choice for urban transportation needs.

At the Bharat Mobility Global Expo in February 2024, we unveiled our hydrogen-powered two-wheelers and highspeed electric scooters, demonstrating our forward-thinking approach and dedication to sustainable mobility solutions. The hydrogen-powered vehicles, in particular, highlight the drive to stay ahead of global trends and capitalise on government incentives promoting green energy.

Through the year, our participation in various expos and partnerships with renowned entities like the Aaj Tak G20 Summit and the MENA EV Show in Dubai is a formidable step towards commitments in sustainable innovation and immersive experiences in the EV sector. These platforms have allowed us to engage with global visionaries, innovators, and industry leaders, thereby amplifying our clean and green energy transition initiatives.

Overall, Wardwizard's strategic focus on innovative product development, strong market presence, and industry partnerships continue to drive our mission of transforming the EV landscape in India and beyond.

Sustainability and Social Impact

At Wardwizard, sustainability is at the core of our operations. We signed a 2,000 Cr MoU with the Gujarat Government to develop an Electric Vehicle Accessory Cluster, aiming to create over 5,000 jobs and support green mobility initiatives. Our efforts in R&D for electric two- and three-wheelers, motor assembly, and Li-ion cell production are pivotal in advancing our sustainability goals.

Our global footprint expanded significantly through strategic collaborations. We forged partnerships with Triton EV and BEEAH Group, enhancing our manufacturing capabilities and promoting sustainable practices across the GCC and Africa. These alliances drive innovation and reinforce our commitment to environmental responsibility.

Our social responsibility initiatives have made a substantial impact. We partnered with Gramin Sevikas and UNDP to donate 200 electric two-wheelers for community development around Ranchi Airport. Additionally, our EV Centre of Excellence at ITI Tarsali, Vadodara, is a state-of-the- art facility providing comprehensive training programs that contribute to skill development in the EV sector.

Future Outlook

As we look to the future, we are poised for continued growth and innovation. The global shift towards sustainable transportation, coupled with stricter emissions regulations and various incentives for EVs presents a significant opportunity, and Wardwizard is well-suited to capitalise on this demand with our robust product lineup and advanced manufacturing capabilities.

Our focus will remain on expanding our product portfolio to meet diverse customer needs, from high-speed scooters and three-wheelers to innovative hydrogen-powered vehicles.

We are committed to continuous investment in R&D to enhance our product features, improve battery efficiency, and introduce new technologies that set us apart in the market.

Our focus on digital transformation will further improve customer experience and operational efficiency, ensuring that we remain at the forefront of the electric mobility industry. Moreover, our commitment to sustainability will guide our efforts to promote green mobility initiatives, reduce our carbon footprint, and engage in impactful community development programs.

As we look to the future, we are confident in our ability to drive the EV revolution forward. Our strategic priorities are clear: to lead in product innovation, expand our market reach, enhance shareholder value, and contribute positively to society and the environment.

In conclusion, I sincerely thank our dedicated employees, valued customers, and esteemed shareholders for their unwavering support and trust. We will continue to scale new heights and make significant strides in the electric mobility landscape.

Jai Hind Sincerely,

Yatin Gupte

Chairman & Managing Director.