Sula Vineyards shares jump as Street cheers winemaker's strong Q2 update

Sula Vineyards share price NSE, Sula Vineyards Q2 update: Shares of Sula Vineyards soared on Thursday, October 11, a day after the Nashik, Maharashtra-based winemaker gave a strong business update for the quarter ended September 30, 2023. The stock of Sula Vineyards—traded with the symbol SULA—gained nearly four per cent in intraday trade to Rs 485 at the strongest level of the day on NSE. The counter finished at Rs 480.5, up Rs 13.95 or 2.99 per cent on NSE.

Here's how the counter moved on Thursday, October 12:

Source: NSE

After market hours on Wednesday, Sula Vineyards, the country's first listed winemaker, said it had registered its "highest ever Q2 net revenues overall as well as for the priority own brands and wine tourism businesses". The company said revenue from its own brand rose 14 per cent on a year-on-year basis to Rs 116.2 crore for the July-September period, and that from its wine tourism unit  grew 26 per cent to Rs 12.1 crore.

“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, bucking the slowing trend in discretionary spending in the overall economy during Q2," said Sula CEO Rajeev Samant. 

“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,” he added. “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!”

What does Sula Vineyards do?

Established in 1999, Sula Vineyards is Nashik’s first winery. Sula is a wine company, spearheading the charge of Indian wine across the world.

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