Sula Vineyards reported 9.41% consolidated net profit to 43.32 core 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.Profit before tax jumped 8.38% to Rs 57.05 crore in Q3 FY24 as compared with Rs 52.64 crore in Q3 FY23.
EBITDA in Q3 FY24 was at Rs 73.3 crore, up 12.8% as against Rs 64.9 crore reported in Q3 FY23. EBITDA margin improved by 263 bps to 33.7% in Q3 FY24 as agianst 31% in Q3 FY23.
The company's own brands sales stood at Rs 192.8 crore in Q3 FY24, recording a growth of 3.9% YoY, with Elite and Premium brands leading with around 7% growth in Q3 FY24.
Wine tourism business jumped 16% to Rs 14.7 crore in the December quarter as against Rs 12.7 crore reported in Q3 FY23, backed by setting new records for visitor numbers, revenues and tastings over the long Christmas holiday weekend
Rajeev Samant, CEO of Sula said, We are pleased to report an all-time high quarterly revenue and profit. Our EBITDA and PAT margin also hit a record for Q3 and 9M period. Our premiumization efforts have succeeded in taking our Elite and Premium wine share to an all-time high of 77% in Q3, up from 74.5% a year ago, contributing to an over 200 bps increase in our EBITDA margin to an alltime quarterly record. Our Elite and Premium wines clocked 7.3% growth this quarter.
Our wine tourism revenues grew in double digits, for the fourth quarter in a row. On January 27th, Sula achieved a record-breaking single-day revenue and conducting over 2,450 individual tastings, surpassing the previous highs set on 24 December 2023. In other good news, the ongoing 2024 harvest looks extremely promising with excellent quality and abundant quantity for the fourth year in a row, setting us up to comfortably meets the increasing demand for our Elite and Premium wines. This is a tribute to the hard work we have been putting in to mitigate the twin impacts of climate change and global heating.
Given the excellent harvest this year, the ongoing boom in domestic wine tourism, and more consumers choosing our premium Indian wines, these trends bode well for the future.
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Sula Vineyards is principally engaged in the business of manufacture, purchase and sale of premium wine and other alcoholic beverages.
The scrip declined 1.79% to Rs 600.70 on the BSE.
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