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India's biggest winemaker Sula Vineyards reported a 35 per cent fall in third-quarter profit on Wednesday, as demand took a hit from a slowdown in urban consumption.
Sula's consolidated net profit fell to Rs 28.06 crore ($3.2 million) in the quarter ending Dec. 31, from Rs 42.98 crore a year ago.
Urban consumption fell to a two-year low in November, as persistently high food inflation, subdued wage growth and erratic weather patterns led consumers to pull back discretionary spending. Sula gets about 90 per cent of its revenue from urban markets.
Sales were also impacted due to elections in the western state of Maharashtra, which is among Sula's key markets, during the quarter, the company said.
The winemaker's own brands segment, which contributes about 90 per cent of the total revenue, saw a marginal 1 per cent rise in revenue during the quarter.
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Its smaller wine tourism segment saw a 12 per cent increase in revenue.
Total revenue fell 0.4 per cent, while total expenses rose about 11.4 per cent from a year earlier.
Sula's core profit margin contracted to 24.8 per cent from 33.5 per cent a year ago.
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