April 9, 2024
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Sula Vineyards reported its highest-ever revenue in the March quarter
Sula Vineyards announced that it has acquired N D Wines, a winery in Nasik district, and the deal will close by the end of April 2024. It reported its highest-ever revenue in the March quarter and the financial year 2023-24, growing at 10 percent year-on-year (YoY) in both.
Similarly, its premium brands also performed well, recording a 15 percent YoY growth during the reported quarter and year. Moreover, the wine tourism segment registered a growth of 31 percent YoY in the fourth quarter compared to the year-ago period, the wine maker said.
Sula’s chief executive officer Rajeev Samant said, “Our focus on premiumization continues to deliver results and we are pleased to announce yet another quarter of double-digit growth in our Elite and Premium Own Brands.”
He further said, “Our world-renowned wine tourism business has had a strong quarter with a growth of 31 percent YoY in Q4.”
The company also achieved its highest-ever annual footfall of over 400,000 wine adventurers and announced that it has “some exciting expansion plans on the anvil”.
“First-ever tasting room outside our own premises is set to open near Nasik Airport later this month,” Samant said.
The stock price of Sula fell 0.86 percent to Rs 555.6 on April 8.
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