Sula Vineyards shares zoom 5%—here' why

Sula Vineyards share price: Shares of Sula Vineyards zoomed on Tuesday, April 9, a day after the Nashik, Maharashtra-based winemaker recorded double-digit revenue growth in the March quarter and the financial year 2023-24.

The wine producer stock rose over five per cent to the day's high of Rs 583.8 on BSE in opening deals. The counter closed flat at Rs 556.7, up 0.2 per cent on BSE.

Post market hours on Monday, the company announced its highest ever Q4 net revenues overall as well as for the priority own brands and wine tourism businesses and the acquisition of N D Wines.

Sula Vineyards' revenue in the March quarter and FY24 grew at 10 percent year-on-year (YoY) in both, the company said in an exchange filing.

In addition, Sula Vineyards' elite and premium brands performed well, registering a 15 per cent YoY growth during the quarter in review and year.

The wine tourism segment posted a growth of 31 per cent YoY in the Q4 compared to the year-ago period.

Management Outlook

Sula’s chief executive officer (CEO) Rajeev Samant said, “Our focus on premiumization continues to deliver results and we are pleased to announce yet another quarter of double-digit growth in our Elite and Premium Own Brands."

He added, “Our world-renowned wine tourism business has had a strong quarter with a growth of 31 percent YoY in Q4.”

Sula Vineyards also achieved its highest-ever annual footfall of over 400,000 wine adventurers and announced that it has “some exciting expansion plans on the anvil.

First-ever tasting room outside our premises is set to open near Nasik Airport later this month,” Samant further said.

Moreover, the company also announced that it has acquired N D Wines, a winery in Nasik district, and the deal will close by the end of April 2024, the exchange filing read.

What does Sula Vineyards do?

Over the last two decades, Sula Vineyards has been a player in the Indian wine industry. Sula has established the newest premium wine region of Nashik.

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