Sula Vineyards Ltd, the country’s largest wine producer, has recorded a remarkable double-digit sales growth in the June quarter.
According to a sales update from Sula Vineyards, the estimated net revenues of the company witnessed a significant 17 percent year-on-year increase in the April-June period.
The sales generated from Sula Vineyards’ own brands reached INR 103.5 crore, reflecting a notable 24 percent increase. Additionally, the company’s portfolio of imported “elite and premium brands” experienced an impressive growth of 30 percent.
“The company has recorded its highest ever Q1 net revenues overall as well as for own brands and the wine tourism business,” it said.
The revenue generated from wine tourism reached INR 11.4 crore, reflecting an increase of 11 percent compared to previous estimates.
Sula Vineyards stated that following the approval by its board, the sales updates will be accompanied by financial statements for Q1 FY24.
Commenting on this, Sula CEO Rajeev Samant said, “Our focus on premiumisation continues to pay off with our elite and premium wines leading the pack in terms of growth.”
The wine tourism revenues of Sula Vineyards experienced double-digit growth.
Over the outlook, he said, “It’s a great start to the year and we are looking forward to a strong FY24 as more and more Indians reach for more and more bottles of our iconic wine brands, especially RASA, The Source, Dindori Reserve and Sula.”
In FY23, Sula Vineyards achieved a sales volume milestone as the sales of its own brands surpassed one million cases.