India's Sula posts profit jump in first earnings report since IPO

Sula Vineyards

09/02/2023 13:22

BENGALURU, Feb 9 (Reuters) - India's biggest winemaker
Sula Vineyards Ltd  SULA.NS  reported a 15.5% rise in profit on
Thursday in its first earnings report since going public,
boosted by demand for premium wines and as visits to its
vineyards and resorts reached pre-pandemic levels. 
    Sula became India's only publicly-listed winemaker in
December last year, with its initial public offering
oversubscribed with bids worth $190 million.
    The Mumbai-based company posted a consolidated profit of
392.8 million rupees ($4.76 million) in the quarter ended Dec.
31, from 340.2 million rupees a year earlier. 
    The jump in profit and revenue is significant "because Q3 is
historically the highest sales quarter," Sula's Chief Executive
Officer Rajeev Samant said in a statement. 
    Revenue from "Elite & Premium" wines grew at 34.8% in the
first nine months of fiscal 2023, the company said, while
"Economy & Popular" wines grew at 18.3%. 
   Visitor numbers at its wine tourism business had soared back
to pre-pandemic levels, Samant added.
    Shares of the company have risen 20.2% since its market
debut last year. They closed 5.4% higher on Thursday ahead of
the results.
($1 = 82.5330 Indian rupees)
 (Reporting by Biplob Kumar Das in Bengaluru; Editing by Janane
Venkatraman)
 ((Biplobkumar.das@thomsonreuters.com; 9101861583;))