Sula says, "cheers!"

Sula Vineyards, India’s largest and only listed wine producer, with over 60% share in the Elite & Premium1 wine business, announced its Q4 & FY23 sales update yesterday late evening.

For the first time, its own brand sales volumes crossed 1 million cases, with Elite & Premium wines surging past the 5 lakh case mark.

Sula recorded its highest ever annual revenues both for its own brands as well as the wine tourism business. The company witnessed a strong 15% growth (YoY) in Q4FY23 for its own brands. Wine tourism grew by 18% with a 30% jump in FY23 over FY22.

The company’s wine tourism business continues to soar with total revenue touching Rs. 80 crs in FY23 vs just Rs. 44 crs in FY19 and it expects this to be a Rs.100 crore business in the coming year.

The stock price has reacted positively to the news, rising almost 11% to hit an intraday high at Rs.389.75; the stock had hit a 52-week high in Jan’23 at Rs.432.