Sula Vineyards Limited, a wine producer listed on the stock exchange, revealed in its Q4 & FY23 sales update that sales of their elite and premium wines have increased by 30% in FY23 when compared to the previous fiscal year, FY22.
As per a media release, the wine producer has achieved its highest ever annual revenue for both its own brand sales and wine tourism business. The company’s own brand sales volume has surpassed 1 million cases, and for the first time, their elite and premium wines have crossed the 500,000 case mark.
In Q4 FY23, the wine producer’s own brand sales experienced a year-on-year growth of 15%, while their wine tourism business saw an 18% year-on-year growth.
Excluding the sale of wine, wine tourism encompasses revenue from room bookings, food and beverage sales, merchandise sales, and any other related services.
The wine producer announced that their wine tourism business has been thriving, with a total revenue of INR 80 crore in FY23, compared to INR 44 crore in FY19. They anticipate this business to reach INR 100 crore in the upcoming year.
The aforementioned figures provided in the release are provisional, unaudited, and may be subject to change following the completion of the statutory audit.
Rajeev Samant, CEO of the company said, “FY23 has been one of the most momentous and successful years in Sula’s 23-year journey. Our focus on premiumisation is reaping rich dividends – more than 52 percent of 1 million cases are our elite & premium wines including our Sula Vineyards, RASA & the source brands. That share was just 46 per cent in pre-pandemic FY19.”
According to Sula Vineyards, the number of individual tastings conducted at their vineyards has increased by 66% compared to the previous year, with over 130,000 tastings held.
According to Samant, the wine producer will prioritize their highly profitable own brands, while also trimming down their imported brands business.
