Sula Vineyards posts Q1 profit rise on premium wine demand

Sula Vineyards reported a 24.4 per cent rise in first-quarter profit on Wednesday, helped by strong demand for its premium wines and increased footfall at its vineyards. The Mumbai-based company, which became India's only listed winemaker in December last year, said its consolidated net profit stood at 136.8 million rupees ($1.65 million) compared with 110 million rupees a year earlier.

The owner of the Dindori and Rasa wine brands, reported a 21 per cent rise in revenue from operations to 1.17 billion rupees, with its Own Brands segment, comprising premium wine brands, accounting for about 89 per cent of the topline.

Revenue from wine tourism also increased 11 per cent to 114 million rupees due to a 70 per cent jump in visitors at its winery located outside the city of Bengaluru.

Shares of Sula Vineyards settled 1.3 per cent higher ahead of the results. It gained 24.78 per cent in the June quarter and has risen 35.7 per cent since its market debut in December.