Sula Vineyards Soars on Double-Digit Sales Growth in Q4 FY24

9 Apr 2024 , 10:57 AM

The wine company reported double-digit sales growth for the March quarter and FY24, and on April 9th, shares of Sula Vineyards Ltd increased by 3.6% in the morning trade.

Sula Vineyards was up 2.6% at ₹570 as of 10:41 a.m. The company’s shares have increased by 60% in the last year.

According to the company’s business update, net sales for the March quarter increased by 10% year over year to ₹131.8 Crore, and for FY24 it increased by 10% to ₹553.4 Crore.

Both Q4 FY24 and FY24 saw a 5% year-over-year increase in premium brands.

In the March quarter, the wine tourism segment grew by 31% year over year to ₹16.4 Crore, and by 22% for FY24 to ₹54.7 Crore.

The own-brands section of Sula Vineyard had a gain of 9% year over year in the March quarter and 11% year over year in FY24, hitting ₹113 Crore and ₹534.2 Crore, respectively.

The company’s emphasis on premiumization, according to CEO Rajeev Samant, has resulted in double-digit growth in its elite and premium brands.

Sula Vineyards has announced intentions to expand, including the building of a tasting facility close to Nasik airport later this month. The vineyard experienced its highest-ever annual foot traffic, reaching 400,000 wine adventurers.

The deal, which is expected to close by the end of April 2024, involves the corporation purchasing ND Wines, a winery in the Nasik area.

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