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During the three months ended 2024, revenue slipped 1.4% to ₹200 crore, while EBITDA fell 26.1% to ₹53 crore. Margins contracted to 26.5% from 35.3% due to higher costs and lower operating leverage.
Mumbai-based Sula Vineyards uses grapes to make a variety of wines, including white, red, rosé, and sparkling wines. Sula Vineyards also uses a winemaking system and other resources to produce their wines.
In a nine-month period, the company posted a net revenue of ₹489.2 crore, up 1.7% YoY. Revenue outside Maharashtra and Karnataka grew 8% YoY, driven by double-digit gains in West Bengal, Haryana, Delhi, Madhya Pradesh, Rajasthan, and Chandigarh.
Elite & Premium wines led growth, rising 5.6% in Q3, with their share reaching an all-time high of 80.5%, up from 77% last year.
Wine tourism saw strong momentum amid a vibrant festive and wedding season, benefiting from higher guest spending, improved occupancy (81% vs. 76% last year), and higher ARR.
EBITDA took a 160 bps hit due to a ₹4.7 crore decline in WIPS credit, following a cap of ₹20 crore per year for the Domain Dindori Unit.
Shares of Sula Vineyards ended 0.9% higher at ₹365.15 on the BSE today.
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