Marking the highest gains since listing, the shares of Sula Vineyards zoomed 19.23% to reach an intraday high of ₹ 388.00 apiece on the National Stock Exchange (NSE). This happened after the company reported robust quarterly results. Its shares were trading at ₹ 372.50 apiece at 01:27 PM on Monday.
Sula Vineyards is India’s largest and only listed wine producer with more than a 50% market share in the domestic wine business. It distributes wines under a bouquet of popular brands including “RASA,” “Dindori”, “The source,” “Satori”, “Madera” & “Dia” with its flagship brand “Sula” being the “category creator” of wine in India.
The wine producer in its sales update for the October to December quarter (Q3FY23) reported its highest-ever quarterly gross billings overall, both for its own brand as well as its wine tourism business, in the December quarter.
It witnessed a strong growth of 13% YoY (year on year) in the said quarter, in its own brand billings, led by strong growth in volumes and realisations. In the nine-month period (April December) ended December 31, 2022, this number increased by 28%.
The company’s wine tourism grew 13% YoY, with a 48% improvement in the nine-month period for FY 23 over the same period for FY 22.
Sula Vineyards had a flat listing on the bourses. Against an issue price of ₹ 357, its shares got listed at ₹ 358.00 apiece on the Bombay Stock Exchange (BSE) and ₹ 361.00 on the NSE. It is a small-cap company with a market capitalization of ₹ 2,740 crores.
Written by Simran Bafna
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