Wardwizard Innovations & Mobility Ltd. has released its financial results for the first quarter of fiscal year 2024, ending in June 2023. The report shows a mixed performance with key takeaways including:

Key Highlights:

• EBITDA Growth: We saw a 24.18% increase in EBITDA compared to the same period last year. This demonstrates our commitment to improving operational efficiency and managing costs effectively.
• Challenges in Net Sales and Profit: Net sales and net profit declined by 30.72% and 24.07% year-over-year, respectively. This was driven primarily by external market factors such as increased competition and changing economic conditions.

Our Path Forward:

We are actively addressing the challenges and remain focused on our long-term growth strategy. Here are some key initiatives we are undertaking:

• Strengthening our Product Portfolio: We are committed to expanding our range of electric vehicles to cater to diverse customer needs and preferences. This includes introducing new models with advanced features and improved performance.
• Enhancing Brand Visibility: We are investing in strategic marketing and branding initiatives to increase awareness and visibility of Wardwizard’s electric vehicles and their unique benefits.
• Expanding our Market Reach: We continue to explore new markets and partnerships to expand our reach both domestically and internationally.
• Focus on Innovation: We are dedicated to investing in research and development to drive innovation and stay ahead of the curve in the rapidly evolving EV industry.

A Message to Our Stakeholders:

We understand that the recent financial performance may be a cause for concern for some of our stakeholders. However, we want to assure you that we are taking proactive steps to address the challenges and are confident in our ability to navigate the dynamic market landscape.

We remain committed to our vision of providing sustainable and innovative transportation solutions and creating long-term value for our shareholders.

Read More: https://www.moneycontrol.com/news/business/earnings/wardwizard-inno-consolidated-june-2023-net-sales-at-rs-37-87-crore-down-30-72-y-o-y-11054091.html