Wardwizard Innovations hits the roof after bagging $1.29 bn contract from Beulah International | Capital Market News
Wardwizard Innovations hits the roof after bagging $1.29 bn contract from Beulah International | Capital Market News
Wardwizard Innovations & Mobility (WIML) was locked in 20% upper circuit at Rs 62.71 after the company announced that it has secured a significant order worth $1.29 billion from Beulah International Development Corporation.
Beulah International Development Corporation is one of the renowned full-service business integration companies and EPC firms in the Philippines backed by RP Connect Group.
As a part of this contract, WIML will deliver products from its existing portfolio, including the electric two-wheelers, three wheelers in commercial and passenger vehicles segment and develop four-wheelers for commercial vehicles for Philippines markets.
This order is part of a strategic collaboration, formalized through a memorandum of understanding (MoU), to revolutionize the public transportation system in the Philippines with electric vehicles.
The partnership aligns with the Philippine Governments Public Utility Vehicle Modernization Program (PUVMP), an ambitious initiative led by the Department of Transportation to provide a safer and more systematic daily transportation service by replacing outdated petrol and diesel vehicles with modern electric alternatives.
Yatin Gupte, chairman & managing director of Wardwizard Innovations & Mobility, said: We would like to thank Beulah International and RPConnect for showcasing their trust in our technology and robust product portfolio.
This opportunity will allow us to introduce our cutting-edge electric 2W scooters, and develop 3W e-Trike (D+10), e-Trike (D+3 passenger), e-Trike (D+5), e-trike cargo, electric mini truck (1.5 Ton) and golf carts (6 & 14 seater) for the Philippines market.
Wardwizard Innovations & Mobility is one of the leading manufacturers of electric two-wheelers under the brand Joy e-bike and three-wheelers under the brand Joy e-rik in India. With more than 10 models in its portfolio in both high and low-speed categories, the company has established a strong presence in more than 400+ cities across India.
The company’s consolidated net profit surged to Rs 3.97 crore in the quarter ended March 2024 as against Rs 0.93 crore during the previous quarter ended March 2023. Sales increased to Rs 128.11 crore in Q4 FY24 from Rs 50.55 crore in Q4 FY23.
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First Published: Jun 10 2024 | 9:34 AM IST
