Sula Vineyards, a prominent wine producer in India, has reported a 4.85 percent decline in consolidated net profit to INR 13.55 crore in the fourth quarter ended March 2024.
The company had posted a consolidated net profit of INR 14.24 crore in the same quarter a year ago.
During the quarter under review, consolidated revenue from operations amounted to INR 131.7 crore, compared to INR 120 crore in the corresponding period last year.
The company reported that total expenses in the fourth quarter rose to INR 116.83 crore, up from INR 100.83 crore in the corresponding period of the previous year.
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Sula CEO Rajeev Samant said, “Our focus on premiumization has resulted in our Elite and Premium wine share reaching a record high of 75.1 percent in Q4, up from 71.7 percent a year ago.”
Furthermore, he stated, “Our wine tourism revenues continued to grow at double-digit rates, marking the fifth consecutive quarter of growth. Wine tourism remains a top priority, and our expansion efforts are moving quickly.”
Samant said that following the acquisition‘s completion, ND Wines is now a part of Sula. Work is set to commence on expanding the current 120 sq ft bottle shop into a sprawling 3,600 sq ft wine tourism destination, located less than 50 km from the Gujarat border.
“In addition to these projects, there are more in the pipeline, which will solidify Sula’s position as a leader in wine tourism in India,” he emphasized. “With a successful harvest, a thriving wine tourism industry, and increasing consumer demand for our high-quality Indian wines, the future looks bright for Sula.”
In the fiscal year that ended on March 31, 2024, the consolidated net profit amounted to INR 93.31 crore, representing an increase from INR 84.05 crore recorded in the previous fiscal year.
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The company stated that for FY24, consolidated revenue from operations amounted to INR 608.65 crore, showing an increase from INR 553.47 crore reported in FY23.
Sula Vineyards announced that the board of directors has proposed a final dividend of INR 4.50 per share for the financial year ended on March 31, 2024, on the equity shares with a face value of INR 2 each. The recommendation is subject to approval by the shareholders at the upcoming annual general meeting.
