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 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.

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,

Chairman and Managing Director