Sula Vineyards Limited, the largest wine producer in India, recorded a notable 24.4% surge in net profit, supported by a 21.6% growth in sales for the quarter ending in June.
Net revenues climbed to INR 118 crore from INR 97 crore in the preceding year, while net earnings reached INR 13.7 crore, marking an increase from the INR 11 crore profit reported a year earlier.
Dominating more than half of the domestic wine market share, the company stated that its emphasis on enhancing the premium aspect has yielded positive results, with its luxury and high-tier wines achieving an impressive growth of over 35% in the current quarter.
“I’m pleased to announce FY24 has kicked off on a great note with the company posting record Q1 revenue and profits. Our wine tourism has also shown double-digit growth, and I am particularly pleased with the impressive rise in the number of tastings that our team has conducted at the winery and around the country. The significant leap in tastings bodes very well for the future,” said CEO Rajeev Samant.
“We now have over 100 keys at our iconic Nashik resorts, a big jump from 67 keys in March’23. This 50% rise in the number of rooms will drive further growth in our Wine Tourism business in the coming years,” he added.
Additionally, the organization revealed the selection of Abhishek Kapoor as its Chief Financial Officer (CFO). With a background spanning more than twenty years in financial planning and accounting across diverse sectors including FMCG, Media, and Auto, garnered from roles in notable companies such as PepsiCo and Godrej Consumer, Abhishek Kapoor joins Sula after his tenure at Wagh Bakri Tea. During his time there, he played a pivotal role in propelling the company’s expansion and strengthening its market standing through astute financial strategies, according to the company’s statement.