Sula Vineyards surges 5% on highest Q1 sales

The company has recorded its highest ever Q1 net revenues overall as well as for own brands and the wine tourism business, the company said in a business update for the June quarter

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The shares of India’s only listed wine producer, Sula Vineyards, surged 5 percent in the morning trade on July 10, as the company’s update of strong growth in its June quarter business update triggered buying in the stock.

“The company has recorded its highest ever Q1 net revenues overall as well as for own brands and the wine tourism business,” Sula Vineyards said in a business update for the quarter ended June 30, 2023. The company has over 50 percent share of the domestic wine market.

At 9.43 am, the stock was trading 1.9 percent higher at Rs 453.4 on the BSE.

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Own brands witnessed a growth of around 24 percent, with elite and premium brands leading the show with approximately 30 percent growth, it added. Sula Vineyard‘s wine tourism revenue grew in double digits, with a notable 70 percent increase in visitor numbers to its Domaine Sula winery near Bengaluru.

During the quarter, in line with Sula’s emphasis on premiumisation, the company made the decision to divest its lowest-priced heritage brand, which was exclusively available in the state of Karnataka.

The company is staring at a strong FY24 underpinned by strong growth in its iconic wine brands, especially RASA, The Source, Dindori Reserve and Sula, it said.

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