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Stock Report
Sula Vineyards records double-digit sales growth in Q2
Posted On : 2023-10-11 22:36:06( TIMEZONE : IST )
Sula Vineyards Limited (NSE: SULA), India's largest and only listed wine producer, with over 50 per cent share in the domestic wine market, announced double-digit Q2 & H1 FY24 sales growth. The company announced its highest ever Q2 net revenues overall as well as for the priority Own Brands and Wine Tourism businesses.
Commenting on the Q2 trading update, Sula CEO Rajeev Samant said, "We are pleased to announce yet another quarter of double-digit growth, both in our all-important Own Brands and Wine Tourism businesses. Our focus on premiumization continues to pay off, with our Elite and Premium wines leading the way with ~18% YoY growth in Q2 and ~24% YoY growth in H1, bucking the slowing trend in discretionary spending in the overall economy during Q2.
"I am also very pleased to announce the launch of our first Pinot Noir from The Source range, Sula's fastest-growing premium wine brand. The Source Pinot Noir is now available in Maharashtra and would be launched in other key markets in FY25."
In other good news, the company is anticipating a strong harvest once again despite the irregular monsoons, which bodes very well for meeting the increasing demand for our Elite and Premium wines.
During the quarter, Sula also expanded the iconic Nasik winery Tasting Room, to keep up with the continuing surge in visitor numbers.
Rajeev further added, "Our world-renowned Wine Tourism business continues to shine brightly growing at ~26% in Q2, and I am especially happy to note a massive ~43% jump in tastings to 49,000+ this quarter over Q2 FY23. The future looks even brighter as we achieved our highest ever footfall on Oct 01, 2023, with a record 3,8501 wine adventurers passing through our gates!"
Shares of Sula Vineyards Limited was last trading in BSE at Rs. 466.60 as compared to the previous close of Rs. 466.35. The total number of shares traded during the day was 220486 in over 1176 trades.
The stock hit an intraday high of Rs. 473.35 and intraday low of 465.00. The net turnover during the day was Rs. 103175845.00.
