Sula Vineyards jumps after strong Q3 biz update

Sula Vineyards surged 9.68% to Rs 356.95 after the company said that it has recorded its highest ever quarterly gross billings overall, both for its own brands as well as the wine tourism business.

The company's own brands sales stood at Rs 187.2 crore in Q3 FY23, recording a growth of 13% from Rs 165.7 crore posted in the same quarter a year ago. The growth in firm's own brands revenues was mainly driven by strong growth in volumes as well as realisations.

Wine tourism business jumped 13% to Rs 23 crore in quarter ended 31 December 2022 as against Rs 20.3 crore reported in Q3 FY22.

For 9 months FY23, own brands gross billings were at Rs 391.5 crore (up 28% YoY) and wine tourism revenues stood at Rs 58.6 crore (up 48% YoY).

Rajeev Samant, CEO said, Building on the strong bounce back from the recent Covid pandemic, we are pleased to have delivered our highest ever quaderly sales performance. Our iconic wine tourism business also saw its best ever. With our new 2.5 million litre cellar up and running in time for the 2023 grape harvest which is looking excellent in terms of quantity and quality - we are poised to continue our growth story and leadershlp in the Indian wine industry.

Sula Vineyards is India's largest wine producer and seller as of 31 March The company distributes wines under a bouquet of popular brands. In addition to the flagship brand Sula, popular brands include Rasa, Dindori, The source, Satori, Madera and Dia.

Shares of Sula Vineyards debuted on the bourses on 22 December 2022. The scrip was listed at a price of Rs 358, representing a a premium of 0.28% as compared to the initial public offer (IPO) price of Rs 357.

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