Sula Vineyards rallied 3.29% to Rs 573.90 after the company announced that it has recorded highest ever Q4 net revenues, overall as well as for own brands and the wine tourism business.
India's largest and only listed wine producer said that its net revenue grew by 10% to 131.8 crore in Q4 FY24 as against Rs 120 crore reported in the same period a year ago.
The company's own brands sales stood at Rs 113 crore in Q4 FY24, registering a growth of 9% year on year.
Wine tourism business jumped 31% to Rs 16.4 crore in the fourth quarter of FY24 from Rs 12.5 crore posted in Q4 FY23.
During FY24, net revenue increased by 10% YoY to Rs 608.6 crore. For FY24, the firms own brands sales grew 11% YoY while wine tourism business climbed 22% YoY.
Elite and Premium own brands grew over 15% YoY in Q2 FY24 and FY24.
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Rajeev Samant, CEO, Sula Vineyards, stated, 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. Our world-renowned wine tourism business has had a strong quarter with a growth of 31% YoY in Q4. We achieved our highest ever annual footfall of over 4 lakh wine adventurers passing through our gates and we have some exciting expansion plans on the anvil, with our first ever Tasting room outside our own premises set to open near Nasik airport later this month.
Meanwhile, Sula also announces the acquisition of N D Wines, a winery in Nasik district, with the transaction on track to close by the end of April 2024
Samant added, "I am pleased to announce Sula's acquisition of N D Wines. Strategically located on the highway less than 50 km from the Gujarat border in Dindori; N D Wines presents a great opportunity for expanding our wine tourism footprint. We anticipate a seamless integration of N Ds operations into our own within Q1 itself. This is Sulas second acquisition in three years and highlights that we are always on the lookout for good strategic M&A opportunities.
Sula Vineyards is principally engaged in the business of manufacture, purchase and sale of premium wine and other alcoholic beverages.
The company reported 9.41% consolidated net profit to 43.32 crore in Q3 FY24 as compared with Rs 39.28 crore posted corresponding quarter last year. Revenue from operations stood at Rs 203.04 crore in the quarter ended 31 December 2023, up 6.50% year on year.
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