Sula Vineyards hits record high with 10% rally in 3rd straight session in green

Sula Vineyards has reported a strong performance for the full year, with a net profit of Rs 84 crore, up 61% from a year ago. Revenues for FY23 jumped 22% year on year to Rs 553 crore.

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India’s largest wine producer, Sula Vineyards Ltd, saw its stock surge nearly 10 percent on June 9 to a record high, keeping up the momentum for the third straight session.

The stock hit Rs 474.80 a share and gained as much as 9.7 percent intraday. At 12.11pm, it was trading at Rs 465.50 on the BSE, up 7.5 percent from its previous close.

The company on June 8 announced on exchanges that it has identified a new chief financial officer who will join the company in August but did not divulge the name. Earlier in March,  Bittu Varghese had resigned as the CFO. It also announced the launch of three luxury villas at their iconic Beyond resort in Nashik.

“We have added three stylish new villas overlooking the picturesque Gangapur lake in Nashik, modelled on our iconic Sky Villa, which is always over-booked. With the addition of new villas, we hope that more guests can experience the joy of a vineyard retreat,” said  Rajeev Samant, Founder and CEO of Sula Vineyards.

The stock listed on exchanges in December 2022 and the issue price for the IPO was at Rs 357 a share. The firm raised around Rs 960 crore through the public issue.

Sula Vineyards has reported a strong performance for the full year, with a net profit of Rs 84 crore, up 61 percent from a year ago. Revenues for FY23 jumped 22 percent year-on-year to Rs 553 crore.

The company’s own brands made a substantial contribution to its topline, accounting for 86.3 percent in the fourth quarter, up from 80.7 percent a year back. This increase in own brands revenue was supported by an underlying volume growth of 14.4 percent.

In March CLSA initiated coverage on the stock with a ‘buy’ rating with a potential upside of 40 percent with a price target of Rs 475 a share.

CLSA has highlighted that the winemaker stands to benefit from the global trend of consumers shifting towards low-alcohol beverages. With robust backend capabilities and a wide distribution network across India, the company’s capacity to invest in its own premium brand is considered crucial for long-term success.

CLSA predicts that Sula’s revenue will experience a Compounded Annual Growth Rate (CAGR) of 17.5 percent over the next two years, accompanied by a growth in earnings per share (EPS) of 18.5 percent.

Sula Vineyards, being the market leader with over 52 percent market share in the 100 percent grape wine category, is expected to have a valuation of 34 times the FY25 EPS, which represents a 15 percent discount compared to other alcohol beverage companies, the CLSA report said.