India's Sula Vineyards posts Q1 profit rise on premium wine demand

Sula Vineyards

09/08/2023 13:51

Bengaluru, Aug 9 (Reuters) - India's biggest winemaker
Sula Vineyards  SULA.NS  reported a 24.4% rise in first-quarter
profit on Wednesday, helped by strong demand for its premium
wines and increased footfall at its vineyards. 
    The Mumbai-based company, which became India's only listed
winemaker in December last year, said its consolidated net
profit stood at 136.8 million rupees ($1.65 million) compared
with 110 million rupees a year earlier.
    The owner of the Dindori and Rasa wine brands, reported a
21% rise in revenue from operations to 1.17 billion rupees, with
its Own Brands segment, comprising premium wine brands,
accounting for about 89% of the topline.
    Revenue from wine tourism also increased 11% to 114 million
rupees due to a 70% jump in visitors at its winery located
outside the city of Bengaluru.
    Shares of Sula Vineyards settled 1.3% higher ahead of the
results. It gained 24.78% in the June quarter, and has risen
35.7%% since its market debut in December. 


($1 = 82.8390 Indian rupees)

 (Reporting by Manvi Pant and Biplob Kumar Das in Bengaluru;
Editing by Sonia Cheema)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))