Sula Vineyards, the largest wine producer in India, announced a profit surge of over 9% in the third quarter, attributed to growing demand for its premium labels and wine tourism ventures.
The Mumbai-based firm stated that its combined net profit increased to 429.8 million rupees ($5.2 million) from 392.8 million rupees in the previous year.
The wine segment, encompassing prestigious brands like Dindori and Rasa, witnessed a nearly 4% rise in revenue for the quarter. This segment constitutes Sula’s largest share, contributing 89% to the total revenue.
The wine tourism segment, though smaller, saw a notable 16% rise in revenue as more people visited the company’s vineyards in Nashik and Bengaluru, especially during the Christmas weekend.
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The company reported a 4% increase in total revenue, reaching 2.18 billion rupees.
The company’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) margins grew to 33.7%, up from 31% compared to the previous year.
Furthermore, Sula announced an interim dividend of 4 rupees per share for the fiscal year 2024.
Sula’s shares, which saw a more than 7% increase in the December quarter, concluded trading with a nearly 5% gain prior to the announcement of the results.
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