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Alcoholic beverages makers' body CIABC on Monday said the free trade agreement between India and four European nation bloc EFTA will help push the growth of the domestic wine industry. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway and Switzerland. The Confederation of Indian Alcoholic Beverage Companies (CIABC) Director General Vinod Giri said that time-bound reduction of customs duties on an equitable and sustainable level will support the domestic industry. As per the documents of the agreement, duty concessions on wine are similar to those given to Australia, with no concessions for wines costing less than USD 5. Wines priced between USD 5 and less than USD 15 will see a duty reduction from 150 per cent to 100 per cent in the first year, then decreasing gradually to 50 per cent over 10 years. For wines costing USD 15 or more, he said, the initial duty cut is from 150 per cent to 75 per cent, eventually reducing to 25 per cent after 10 ...
Sula Vineyards Ltd, the country's largest wine producer, has recorded a strong double-digit sales growth in the June quarter. Its estimated net revenues year-on-year were up 17 per cent in the April-June period, said a sales update by Sula Vineyards. Sales from its own brands were at Rs 103.5 crore, up 24 per cent, while its portfolio of imported "elite and premium brands" had a 30 per cent growth. "The company has recorded its highest ever Q1 net revenues overall as well as for own brands and the wine tourism business," it said. Its revenue estimates from wine tourism were at Rs 11.4 crore, up 11 per cent. This sales updates will be followed by financial statements for Q1 FY24 once approved by its board, said Sula Vineyards. Commenting on this, Sula CEO Rajeev Samant said: "Our focus on premiumisation continues to pay off with our elite and premium wines leading the pack in terms of growth." Sula Vineyards' wine tourism revenues also grew in double digits. Over the outlook, he
Leading wine producer Sula Vineyards Ltd on Tuesday said sales volume from its own brands crossed 1 million cases in FY23. Besides, sales volumes in elite & premium wines went past the 5 lakh cases mark for the first time, it said in a sales update for Q4 & FY23 submitted to the bourses. "The company has recorded its highest ever annual revenues both for its own brands as well as the wine tourism business," the company said. On a provisional basis, Sula Vineyards said its net revenue for the March quarter was at Rs 104.3 crore from its own brands and Rs 12.4 crore from wine tourism, which represents room revenue, sale of food & beverages, merchandise, and all other ancillary services. For the financial year 2022-23, net revenue from own brands was at Rs 482.5 crore and Rs 45 crore from wine tourism. "FY23 has been one of the most momentous and successful years in Sula's 23-year journey. Our focus on premiumisation is reaping rich dividends - more than 52 per cent of 1 ...