Sula Vineyards records double-digit sales growth in June quarter

Sula Vineyards Ltd, the country's largest wine producer, has recorded a strong double-digit sales growth in the June quarter.

Its estimated net revenues year-on-year were up 17 per cent in the April-June period, said a sales update by Sula Vineyards.

Sales from its own brands were at Rs 103.5 crore, up 24 per cent, while its portfolio of imported "elite and premium brands" had a 30 per cent growth.

"The company has recorded its highest ever Q1 net revenues overall as well as for own brands and the wine tourism business," it said.

Its revenue estimates from wine tourism were at Rs 11.4 crore, up 11 per cent.

This sales updates will be followed by financial statements for Q1 FY24 once approved by its board, said Sula Vineyards.

Commenting on this, Sula CEO Rajeev Samant said: "Our focus on premiumisation continues to pay off with our elite and premium wines leading the pack in terms of growth."

Sula Vineyards' wine tourism revenues also grew in double digits.

Over the outlook, he said: "It's a great start to the year and we are looking forward to a strong FY24 as more and more Indians reach for more and more bottles of our iconic wine brands, especially RASA, The Source, Dindori Reserve and Sula."

Sula Vineyards reported sales volume from its own brands crossed one million cases in FY23.