Sula Vineyards (SULA) experienced a near 4% increase in its stock value on Thursday, following the disclosure of record double-digit growth in Q2 net revenues for the period ending September 30, 2023. The company's success was largely attributed to a significant annual revenue increase from its own brands and a surge in its wine tourism business.
The winery reported a 14% year-on-year rise in revenue from its own brands, amounting to ₹116.2 crore (INR100 crore = approx. USD12 million). This was accompanied by an impressive 26% boost in their wine tourism sector, which brought in ₹12.1 crore. The company's premiumization strategy, which focuses on Elite and Premium wines, was identified by CEO Rajeev Samant as a key driver behind this growth.
In addition to these financial developments, Samant announced the Maharashtra debut of The Source Pinot Noir. A broader market launch of this product is planned for FY25.
Earlier this month, Sula Vineyards also celebrated a significant milestone as the first winery in Nashik. On October 1, 2023, it set a new record with its highest-ever footfall, welcoming over 38,501 wine adventurers.
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