Sula Vineyards Q4 results: Net profit falls 4.85% to Rs 13.55 crore

Wine producer Sula Vineyards Ltd on Wednesday reported a 4.85 per cent decline in consolidated net profit to Rs 13.55 crore in the fourth quarter ended March 2024.

The company had posted a consolidated net profit of Rs 14.24 crore in the same quarter a year ago, Sula Vineyards said in a regulatory filing. Consolidated revenue from operations during the quarter under review stood at Rs 131.7 crore as against Rs 120 crore in the year-ago period, it added.

Total expenses in the fourth quarter were higher at Rs 116.83 crore compared to Rs 100.83 crore in the corresponding period previous year, the company said.

"Our premiumisation efforts have succeeded in raising our Elite and Premium wine share to an all-time high of 75.1 per cent in Q4, up from 71.7 per cent a year ago," Sula CEO Rajeev Samant said.

Further, he said, "Our wine tourism revenues grew in double digits, for the fifth quarter in a row. Wine tourism is a top priority and we are expanding fast." Samant said after the completion of the acquisition, ND Wines is now a part of Sula. Work is about to begin on expanding the current 120 sq ft bottle shop to a 3,600 sq ft wine tourism destination less than 50 km from the Gujarat border.

"All these projects, and more to come, will ensure that Sula remains firmly in the forefront of wine tourism in India. A great harvest, booming wine tourism, and growing consumer preference for our premium Indian wines point to a sunny road ahead for Sula," he added.

For the fiscal ended on March 31, 2024, the consolidated net profit was Rs 93.31 crore as against Rs 84.05 crore in the previous fiscal. For FY24, consolidated revenue from operations was Rs 608.65 crore compared to Rs 553.47 crore in FY23, the company said.

The board of directors have recommended a final dividend of Rs 4.50 per share on the equity shares of face value of Rs 2 each for the financial year ended on March 31, 2024, subject to approval of the shareholders at the ensuing annual general meeting, Sula Vineyards said.