Sula Vineyards records strong double-digit sales growth in Q1 FY24

Sula Vineyards Limited, India's largest and only listed wine producer, with over 50 per cent share in the domestic wine market, announced a strong Q1 FY24 sales update. The company has recorded its highest ever Q1 net revenues overall as well as for Own Brands and the Wine Tourism business.

Own Brands witnessed strong growth of ~24%, with Elite and Premium brands leading the show with impressive ~30% growth.

During the quarter, in keeping with Sula's premiumisation focus, the company sold off its lowest priced Heritage brand which was only available in the state of Karnataka.

Commenting on the Q1 results, Sula CEO Rajeev Samant said, "We are pleased to announce yet another quarter of strong double-digit growth both in our Own Brands and Wine Tourism business. Our focus on premiumisation continues to pay off with our Elite and Premium wines leading the pack in terms of growth.

"Our Wine Tourism revenues also grew in double digits and we are particularly pleased with the 70% jump in visitor numbers to our Domaine Sula winery, just outside Bengaluru.

"It's a great start to the year and we are looking forward to a strong FY24 as more and more Indians reach for more and more bottles of our iconic wine brands, especially RASA, The Source, Dindori Reserve and Sula."

Shares of Sula Vineyards Limited was last trading in BSE at Rs. 444.90 as compared to the previous close of Rs. 449.05. The total number of shares traded during the day was 63919 in over 2733 trades.

The stock hit an intraday high of Rs. 450.40 and intraday low of 439.00. The net turnover during the day was Rs. 28280254.00.

Source : Equity Bulls

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SulaVineyards INE142Q01026 Breweries Distilleries Q1FY24 SalesUpdate