Sula Delivered Duble-Digit Growth in Revenue During FY2024

Recently, India’s largest wine producer, Sula Vineyards Limited, announced an operational update for the quarter (Q4 FY2024) and year (FY 2024) ending March 31, 2024. Under this, it recorded the highest-ever Q4 net revenues overall, as well as for the priority Own Brands and Wine Tourism businesses, and the acquisition of N D Wines Pvt. Ltd.

During the quarter ended March 31, 2024, the company recorded a 10% growth in net revenue to ₹131.8 crore from ₹120 crore on March 31, 2023. The company’s Own brands posted an increase of 9% in sales to ₹113.0 crore, and wine tourism drove a growth of 31% to ₹16.4 crore.

“Our focus on premiumisation 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,” said CEO Rajeev Samant.

On the recently announced acquisition of N D Wines, CEO Rajeev Samant added that “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 D’s operations into our own within Q1 itself. This is Sula’s second acquisition in three years and highlights that we are always on the lookout for good strategic M&A opportunities.”

About Sula Vineyards Limited

Sula Vineyards Limited is India’s largest wine producer and seller as of March 31, 2022. The company also distributes wines under a bouquet of popular brands, including “RASA,” “Dindori.”

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