Sula Vineyards Reports Q3 Profit Surge Amid Premium Wine Demand

Sula Vineyards is the largest wine producer in India has announced an over 9% increase in third-quarter attributing the growth to heightened interest in its premium labels and wine tourism ventures.

The Mumbai-based firm stated that its combined net income climbed to 429.8 million rupees ($5.2 million) from 392.8 million rupees recorded in the previous year.

The wine division, which encompasses high-end labels like Dindori and Rasa, witnessed a nearly 4% increase in revenue for the quarter.

This segment constitutes Sula's largest sector, contributing to 89% of the total revenue.

The wine tourism branch, though smaller in comparison, experienced a notable 16% uptick in revenue, attributed to increased visits to the company's vineyards situated in Nashik and Bengaluru.

This surge was particularly notable during the extended Christmas weekend.

The company stated that total revenue increased by 4% to reach 2.18 billion rupees.

Its EBITDA margins expanded to 33.7% from 31% in the previous year.

Furthermore, Sula announced an interim dividend of 4 rupees per share for the fiscal year 2024.

The shares of Sula, which experienced a growth of more than 7% in the December quarter, concluded the day up by nearly 5% before the release of the results.