Sula Vineyards CFO Bittu Varghese resigns

India's largest and only listed wine produce announced that it has taken on record the resignation of its chief financial officer, Bittu Varghese, to explore opportunities outside the company.

Commenting on the development, Rajeev Samant, CEO - Sula Vineyards, said, "It's been a pleasure working with Bittu over the years. I would like to thank him for his immense contribution and for playing a key role in managing finance (including Accounts, Tax, Treasury, Secretarial) of the Company for over 4 years and being instrumental in the success of the Company. He has also played a pivotal role in the recently concluded IPO of the Company."

He also added, "We wish Bittu all the very best as he explores an exciting opportunity outside of Sula. We are deeply grateful that he will oversee the finalisation of the FY23 accounts, being our first financial year as a listed company. We are immediately kicking off the search for our new CFO and are hopeful that they can be on board in time for a smooth handover from Bittu."

Varghese will continue to be associated in his current role as the CFO till 9 June 2023. The company will keep all the stakeholders notified as soon as a replacement for Varghese is identified.

Sula Vineyards is principally engaged in the business of manufacture, purchase and sale of premium wine and other alcoholic beverages.

Sula Vineyards' consolidated net profit jumped 15.5% to Rs 39.28 crore in Q3 FY23 as against Rs 34.02 crore recorded in Q3 FY22. Revenue from operations (excluding excise duty) stood at Rs 190.75 crore in Q3 FY23, registering a growth of 11.7% from Rs 170.75 crore recorded in the same period last fiscal.

Shares of Sula Vineyards were down 1.09% at Rs 349.25 on the BSE.

The stock debuted on the bourses on 22 December 2022. The scrip was listed at a price of Rs 358, representing a a premium of 0.28% as compared to the initial public offer (IPO) price of Rs 357.

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