Sula Vineyards Q1 Results: Net profit rises 24% YoY to Rs13.7 crore

economictimes.indiatimes.com:

Sula Vineyards Limited, India’s largest wine producer, posted a 24.4% increase in net profit on sales which grew 21.6% during the June quarter. Net sales rose to Rs 118 crore compared to Rs 97 crore a year ago while net profit was Rs13.7 crore. A year ago, it had a profit of Rs 11 crore.

The company that controls over 50 per cent share in the domestic wine market, said its focus on premiumisation has paid off with its elite and premium wines clocking over 35% growth this quarter. “I’m pleased to announce FY24 has kicked off on a great note with the company posting record Q1 revenue and profits. Our wine tourism has also shown double-digit growth, and I am particularly pleased with the impressive rise in the number of tastings that our team has conducted at the winery and around the country.

The significant leap in tastings bodes very well for the future,” said CEO Rajeev Samant said. “ We now have over 100 keys at our iconic Nashik resorts, a big jump from 67 keys in March’23. This 50% rise in the number of rooms will drive further growth in our Wine Tourism business in the coming years.” The company also announced the appointment of Abhishek Kapoor as CFO.