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Sula Vineyard shares jump 10% after strong Q3 updates. Full details

Sula Vineyard shares jump 10% after strong Q3 updates. Full details

Sula Vineyards reported a 13 per cent year-on-year (YoY) growth in the own brands sales at Rs 187.2 crore in December 2022 quarter, which was Rs 165.7 crore in the year ago period.

Sula Vineyards' shares rose 10 per cent to Rs 357 on Monday, before giving up its gains marginally. The recent debutant had settled at Rs 325.45 on Friday. Sula Vineyards' shares rose 10 per cent to Rs 357 on Monday, before giving up its gains marginally. The recent debutant had settled at Rs 325.45 on Friday.

Sula Vineyards reported a 13 per cent year-on-year (YoY) growth in the own brands sales at Rs 187.2 crore in December 2022 quarter, which was Rs 165.7 crore in the year ago period. For the nine months ended on December 31, 2022, the company reported a 28 per cent jump in the own brands sales at 391.5 crore against in the 306.1 crore in the same period previous year.

Sula Vineyard's wine tourism business registered a growth of 13 per cent to Rs 23 crore Q3FY23 from Rs 20.3 crore in Q3FY22, whereas for the nine months ending December 31, 2022, it surged 48 per cent to Rs 58.6 crore from Rs 39.7 crore, said the exchange filing.

The company said that the gross billing is billed value (excluding taxes) to customers before making adjustments for selling and distribution expenses and excise duty.

Sula Vineyards' shares rose 10 per cent to Rs 357 on Monday after the updates, before giving up its gains marginally. The recent debutant had settled at Rs 325.45 on Friday.

Seasoned Dalal Street investor Mukul Mahavir Agrawal owned 16,00,000 equity shares or 1.90 per cent stake in the company as of December 31, 2022. His stake in the company was worth Rs 57.12 crore as on Monday.

Sula Vineyards was listed on December 22, 2022 as the company raised more than Rs 960 crore through its primary stake sale which ran between December 12-14, 2022. The company sold its shares in the range of Rs 340-357 apiece. After a muted subscription during the three-day bidding session, the stock was listed a marginal premium at Rs 361 on its maiden session and tested a low of Rs 305.55 on December 26, 2022.

Incorporated in 2003, Sula Vineyards is India's largest wine producer and seller, with its flagship brand 'Sula' being the category creator of wine in India.  The company distributes wines under a bouquet of popular brands including RASA, Dindori, The source, Satori, Madera, and Dia among others.

The company produces 56 different labels of wine at four owned and two leased production facilities located in the Indian states of Maharashtra and Karnataka. The company has managed to build the largest distribution network among wine companies in India, with close to 13,000 retail touchpoints across the country in 2021.

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Published on: Jan 16, 2023, 10:24 AM IST
Posted by: Tarab Zaidi, Jan 16, 2023, 10:20 AM IST