Sula Vineyards posts Rs 553.2 crore revenue from operations at a strong 21.9 per cent growth in the financial year 2023. Given the strong financial performance, the Board has recommended a final dividend of Rs 5.25 per share.
Revenue from elite and premium wines grew at 29.3 per cent while the economy and popular wines grew at 18.7 per cent in line with the company’s focus on premiumisation, according to the media release.
The company’s EBITDA was at Rs 160.9 crore, translating to a 29.1 per cent margin, registering a growth of 38.7 per cent YoY and profit after tax was at Rs 84 crore at a growth of 61.2 per cent YoY, leading to margin expansion of 370 bps.
The wine tourism business had a record year, posting revenue growth of 29.9 per cent YoY and Sula Vineyards recorded a footfall of almost 3.4 lakh visitors with D2C sales hitting new records.
According to the winemaker, a 2.2 million litre brownfield winery, phase one of a planned 6 million litre expansion completed in time to accommodate Harvest 2023.
The company also planning of new plantation of over 620 acres of premium wine grape vineyards with the majority being red Grapes.
Commenting on the performance, Rajeev Samant, CEO of Sula Vineyards said that FY23 has been a landmark year for the comapny as the firm went public in December 2022 and has ended the year with a record-breaking performance.
“We have reported an all-time high EBITDA of Rs 161 crore registering a growth of 38 per cent YoY and a record PAT at Rs 84 crore growing at 61 per cent YoY,” Samant added.