Sula Vineyards sees share sales soar in third quarter
Sula Vineyards saw share sales spike 10% after its October-December quarter (Q3FY23) showed it had achieved its highest-ever quarterly total.
India’s biggest winery, which accounts for more than 50% of the domestic wine business, reported that following news of its successful third quarter, it saw its share sales in intrastate trade rise, with an estimated 2.8 million shares changing hands on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
After the uplift in interest, Sula Vineyards CEO Rajeev Samant signalled that the company’s capacity was now poised for further growth and that it had intentions to prosper as a leader in Indian viticulture. Samant said: “With our new 2.5 million litre cellar up and running in time for the 2023 grape harvest—which is looking excellent in terms of quantity and quality—we are poised to continue our growth story and leadership in the Indian wine industry.”
Sula Vineyards also revealed that the company witnessed a strong growth of 13% year-on-year (YoY) in the quarter in its own brands gross billings, led by strong growth in volumes as well as realisations.
The company produces 56 different labels of wine at four-owned and two-leased production facilities in Maharashtra and Karnataka and boasts the biggest distribution network among wine companies across India.