Dear Shareholders,
It gives me great pleasure to address you year after year, reporting the story of our
Company, its progress and future plans. Welcome to a ride through the 41st Annual Report
of Wardwizard Innovations & Mobility Limited and it is a matter of great JOY to guide
you through the journey that Joy e-bike is undertaking.
Giving a new dimension to the story of Atmanirbhar Bharat, Wardwizard is all geared up
to push India's transition to EVs. Attempting to make each day better for our people and
our planet, Wardwizard's approach for a sustainable future not only involves respecting
nature but also accelerating the pace of progress of people.
Recognising and connecting with the various emotions, aspirations and experiences that
resonate with people, Wardwizard launched a campaign in 2023, which is divided into
multiple phases like Joy of Giving', Joy of Caring' and Joy of st phase
of the fir Celebrations'.The campaign showcases the diverse culture of India united under
the emotion of Joy, along with the technological phrase Desh le raha hai Electric
angdai', which depicts every individual's contribution towards the country.
ThE yEAr - 2023
The year 2023 can be reckoned as the year of EV mobility in the country. Wardwizard has
established India's first EV Ancillary cluster in Gujarat, by aligning its objectives to
the Make in India' initiative. The Company has started the operations of a
lithium-ion battery assembly line with a capacity of 1 GWh/year. This is the initial phase
of the plan for the development of the EV cluster and facilitates the Company to keep a
check on the quality and standard of the batteries. The next phase is scaling the capacity
of the battery assembly, R&D operations and production of electronic components in the
EV Ancillary Cluster. oPErATionAl highlighTs
The year 2022-23 witnessed three new product launches. MIHOs and Rockefeller are the
two new completely Made-in-India' vehicles of Joy e-bike. These vehicles are made up
of Poly Dicyclopentadiene (PDCPD) which is known for its high durability. MIHOs has set
high standards
In an attempt to strengthen its position in key markets, the Company aims to fortify
its position in the states of Gujarat, Maharashtra, Kerala, Karnataka, MP and
Rajasthan, which contribute approximately two-thirds to the revenue and replicate this
business model in the states of northern and eastern India. of durability for the riders
and comfort across various road conditions and is a striking combination of comfort,
luxury and technology. Rockefeller has been made more as a Bike for Daily Commute'
and is again sturdy in nature. The third new launch is in the 3-wheeler segment Joy e-Rik
which has set the bar higher in the EV innovation field. With cutting edge features and
reliability, comfort and safety as its UsP, Joy e-Rik can be designated as An
Evolution of the Green Revolution' With the changing outlook towards environment and
its issues, both urban and semi-urban areas have adopted the usage of electric vehicles;
however, there exists a gap between demand and supply. To address this gap, the Company
has been working on its supply chains and with great agility, it has streamlined and
strategized its production at Vadodara factory and started the deliveries of the new
high-speed scooter models, Wolf+ and Gen Next Nanu+, in a phased manner in Maharashtra,
Gujarat and Rajasthan.
The customer base is continually growing and the Company has been timely addressing the
real time feedback from customers as well as striving to reduce the waiting period for
them.
The significance relationships with dealers cannot be underestimated. By improving
supply chain efficiency through local-level dealers, distributors and partners, we can
provide customers with a comprehensive purchasing and service experience.
The Joy e-bike distributor showroom is currently in Jaipur and we look forward to
expanding our network of distributor showrooms across the country in the near future.
Maharashtra is a key market with 125+ touch points. The Company has Total 180+ dealers
in Gujarat and entered the new market of North East (Assam) by adding 1 new dealer in
FY2023, taking the dealer count to more than 750+ PAN India. As a leader, I envisage this
number to cross 2000 in the coming years.
Wardwizard has set up its first
Global R&D center in singapore, under its wholly owned subsidiary Wardwizard Global
Pte Ltd. Along with enhanced safety measures and technological enhancement for EV
products, the centre will enable further expansion of its scope of research on cell
chemistry, pack assembly, battery management systems, motors and other EV components,more
than 30 scientists and engineers across the globe are on board to design and develop
products complying to global standards. The Company will also of collaborate
building strong with leading international research institutions in battery technology
across southeast Asia.
I am also proud to declare that the Company has entered into a strategic partnership
with iCreate in Gujarat, India's leading innovation-based start-up incubator, to mentor
and fund promising EV startups in India. This partnership is aligned with the vision of
the government's startup India program and aims to identify breakthrough innovators in the
Indian EV space and scaling them to solve real world industry problems.
financial highlights
FY2023 sales stood at 36,500 units recording a growth of 18.66% y-o-y.
Revenue was at Rs. 2,3928 Lakhs s ( tandalone) in FY2023 compared to Rs. 1,8514 Lakhs
during the previous year, marking a double-digit growth of 29.28%. Profit After
Tax (PAT) rose to Rs. 944 Lakhs s ( tandalone) in FY2023 compared to Rs. 848 Lakhs in
the previous year.
sPEEding AhEAd To 2024
To have a country wide presence, for both high-speed and low-speed product categories
across India, the Company plans to increase the presence in more cities as well as
overseas.
In an attempt to strengthen its position in key markets, the Company aims to fortify
its position in the states of Gujarat, Maharashtra, Kerala, Karnataka, MP and Rajasthan,
which contribute approximately two-thirds to the revenue and replicate this business model
in the states of northern and eastern India. The Company also proposes maintaining a
minimum distance between any two dealer points to establish and enhance brand recall.
Expansion of dealership network over the next two financial years to reach a higher
count which will be facilitated through several policies like minimal/zero upfront cost to
undertake the dealership/ sub-dealership of the company, incentivising the dealers with
attractive performance margin and periodic interaction with region wise dealers to
understand the relationship with last mile consumers.
The Company will also be focussed on increasing dealership network which denotes
restructuring the Distributor showroom Model by establishing 150+ distributor showrooms at
district level which acts as connecting link with taluka level dealers.
Adopting an enriched distribution channel strategy will include promotion of high
performing taluka level dealers to district level distributors, who will act like the
frontline company representatives at the district level, thus enhancing the reach of 750+
touch points across the country. Also, the Company has decided to prepone the advancement
of the distribution model in order to reduce the demand-supply gap.
For capacity expansion, the Company has conducted a feasibility study to acquire funds
and the existing manufacturing capacity is scalable enough to accommodate an influx of
demand from newer territories. Wardwizard has also been exploring export options in the
Middle-east, European and
African countries for its electric two-wheelers and three-wheelers targeted for next
fiscal. This geographical expansion would aid overall growth, margins and profitability.
Mahabir
Automobiles, Nepal with whom the Company has a partnership, is also looking forward to
start its Joy e-bike distribution tie up with a dealership showroom in Biratnagar, Nepal. the
ride cOntinues...
The electric two-wheeler ecosystem should function on the 4As Adaptability,
Awareness, Availability and Affordability. Wardwizard, as an electric vehicle company, has
always endeavoured towards this. The new brand campaign draws attention to the
electrifying evolution that the country is going through for a healthier environment as
well as denotes the Company's resolution to create a sustainable today and tomorrow. With
the new anthem
saath Chalein', the Company, all the stakeholders and the country will together
revolutionise the future of mobility in India and move towards a greener tomorrow.
Thanking all the stakeholders for their continued trust in the Company, and wishing the
best for the year ahead.
Regards,
Yatin Sanjay Gupte
Chairman and Managing Director