Sula Vineyards Faces ₹6.45 Crore Tax Demand

29 Sep 2025 , 05:58 PM

Sula Vineyards Ltd has informed the exchanges that it received a tax assessment order under the Central Sales Tax Act, 1956, for FY23.

The order, issued on September 25 by the Deputy Commissioner of State Tax, Nashik, has raised a demand of ₹6.45 crore on account of non-availability of F-Forms and C-Forms.

Of the total, ₹3.57 crore relates to the non-submission of forms, while ₹2.88 crore has been levied as interest under Section 30.

The company noted that no penalty or restriction has been imposed and maintained that it does not see any financial implications from the order at this stage.

Sula added that it intends to seek rectification or move an appeal against the assessment.

On the earnings front, the winemaker reported a 7.9% year-on-year drop in consolidated net revenue for the June quarter, at ₹118.3 crore compared with ₹128.4 crore a year earlier.

Revenue from its own-brand wines fell 10.8% to ₹102.3 crore, as urban consumption stayed soft and trade pre-loading in Maharashtra weighed on volumes.

Offsetting some of the weakness, the wine tourism business delivered a strong quarter with revenue up 21.8% to ₹13.7 crore.

The company said the growth was aided by record occupancy at its resorts, higher spending by guests, and increased footfalls.

The recently opened Samruddhi Highway, which has shortened travel time from Mumbai to Nashik, also contributed to the momentum in this segment.