Don’t miss the latest developments in business and finance.

Sula Vineyards posts Q1 profit rise of 24.4% on premium wine demand

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

Sula Vineyards
Sula Vineyards
Reuters Bengaluru
1 min read Last Updated : Aug 09 2023 | 8:52 PM IST

Bengaluru (Reuters) - India's biggest winemaker Sula Vineyards 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)

Also Read

 

(Reporting by Manvi Pant and Biplob Kumar Das in Bengaluru; Editing by Sonia Cheema)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

More From This Section

Topics :Rajeev Samant Sula VineyardsQ1 results

First Published: Aug 09 2023 | 8:52 PM IST

Next Story