Sula Vineyards records double-digit sales growth in June quarter

Sula Vineyards Ltd, the country’s largest wine producer, reported strong sales growth in the June quarter.

Its estimated net revenue year-over-year was up 17 percent in the April-June period, according to a sales update by Sula Vineyards.

Sales from its own brands were at Rs 103.5 crore, up 24 percent, while its portfolio of ‘premium and elite brands’ grew by 30 percent.

“The company reported its highest net revenue ever in the first quarter of the year, also for its own brands and wine tourism business,” the company said.

Its wine tourism revenue was estimated at Rs. 11.4 crore, up 11%.

Sula Vineyards said these sales updates will be followed by first-quarter financial statements for fiscal year ’24 once approved by its board of directors.

“Our focus on propelling excellence continues with our premium and elite wines leading the pack in terms of growth,” said Sola CEO Rajeev Samant.

Wine tourism revenues at Sula Vineyards have also grown by double digits.

On the outlook, he said, “It’s a great start to the year and we look forward to a strong year in FY24 as more and more Indians are turning to more and more bottles of our popular wine brands, especially RASA, The Source, Dindori Reserve and Sola.”

Sula Vineyards reported that sales volume from its brands exceeded one million cases in fiscal ’23.