Sula Vineyards Ltd

The state hiked excise duty on Indian-made foreign liquor (IMFL) by over 50%, a move that is expected to push retail prices up by more than 60%. Country liquor and imported premium liquor were not spared either, with their retail prices likely to rise by 14% and 25% respectively. However, in a major relief for consumers and certain manufacturers, beer and wine have been left out of the duty hike. Additionally, the government introduced a new category called Maharashtra-made liquor (MML), which will also enjoy exemption from the revised duties. The policy shift triggered strong buying in stocks with significant exposure to the beer and wine segment. Investors saw this as a positive for companies like Sula Vineyards and GM Breweries, both of which are headquartered in Maharashtra and stand to benefit from the tax break. GM Breweries is engaged in the activities of manufacturing and marketing of Alcoholic Beverages; such as Country Liquor (CL) and Indian made Foreign Liquor (IMFL). It is the largest manufacturer of country liquor in the state of Maharashtra with a sizeable market share. Sula Vineyards is principally engaged in the business of manufacture, purchase and sale of premium wine and other alcoholic beverages. Powered by Capital Market - Live

Revenue from operations (excluding excise duty) rose 2.6% YoY to Rs 125.71 crore during the quarter. However, profit before tax (PBT) fell 27.56% to ₹13.56 crore from Rs 18.72 crore in Q4 FY24. EBITDA stood at Rs 28.5 crore, down 3.4% from Rs 29.5 crore in the year-ago period. The EBITDA margin contracted to 21.4% from 22.4% in Q4 FY24. The company's own brand sales stood at Rs 109.6 crore as of 31 March 2025, registering a de-growth of 2.9% on a YoY basis. The wine tourism segment performed strongly, with revenue rising 24.6% YoY to Rs 20.4 crore in Q4 FY25. The growth was supported by the successful SulaFest 2025, improved resort occupancy, and increased guest spending. The company's Elite and Premium brands drove a 5% YoY growth in overall sales. The elite category alone rose 17%, led by demand for The Source and RASA. These segments contributed a record 77.1% to total wine sales in FY25 and 75.5% in Q4 FY25. For the full year, Sula's net profit declined 24.77% to Rs 70.20 crore, despite a 2.01% increase in revenue to Rs 579.15 crore in FY25 compared to FY24. Rajeev Samant, CEO of Sula, said, 'We are pleased to report our highest-ever revenue from operations in both Q4 and FY25. However, Own Brands sales were relatively subdued in Q4, impacted by urban consumption slowdown, lower WIPS credit, export contraction, and temporary retailer destocking in Uttar Pradesh and Uttarakhand. Despite these challenges, several markets, including Haryana, Rajasthan, Chandigarh, and Assam, along with CSD, delivered strong double-digit growth, supporting our pan-India brand vision. 'The Source' range also posted robust double-digit growth in Q4 and FY25, strengthening our Elite portfolio. Our wine tourism segment saw 25% YoY growth in Q4, driven by SulaFest'25 and strong resort performance. Profitability remained stable, supported by continued focus on overhead optimization.' Meanwhile, the board has recommended a final dividend of Rs 3.60 per equity share (face value Rs 2) for FY25, subject to shareholder approval at the upcoming Annual General Meeting. The record date for determining eligible shareholders is May 23. Sula Vineyards is principally engaged in the business of the manufacture, purchase, and sale of premium wine and other alcoholic beverages. Shares of Sula Vineyards rose 0.98% to Rs 273.35 on the BSE.Powered by Capital Market - Live

Sula Vineyards announced that the 22th Annual General Meeting(AGM) of the company will be held on 26 June 2025.Powered by Capital Market - Live

Sula Vineyards announced that the Board of Directors of the Company at its meeting held on 8 May 2025, inter alia, have recommended the final dividend of Rs 3.6 per equity Share (i.e. 180%) , subject to the approval of the shareholders.Powered by Capital Market - Live

Net profit of Sula Vineyards declined 3.84% to Rs 13.03 crore in the quarter ended March 2025 as against Rs 13.55 crore during the previous quarter ended March 2024. Sales rose 2.60% to Rs 125.71 crore in the quarter ended March 2025 as against Rs 122.52 crore during the previous quarter ended March 2024. For the full year,net profit declined 24.77% to Rs 70.20 crore in the year ended March 2025 as against Rs 93.31 crore during the previous year ended March 2024. Sales rose 2.01% to Rs 579.15 crore in the year ended March 2025 as against Rs 567.73 crore during the previous year ended March 2024. ParticularsQuarter EndedYear EndedMar. 2025Mar. 2024% Var.Mar. 2025Mar. 2024% Var. Sales125.71122.52 3 579.15567.73 2 OPM %22.6424.05 -25.7430.97 - PBDT22.3027.07 -18 123.33157.41 -22 PBT13.5618.72 -28 88.34125.78 -30 NP13.0313.55 -4 70.2093.31 -25 Powered by Capital Market - Live

Sula Vineyards will hold a meeting of the Board of Directors of the Company on 8 May 2025.Powered by Capital Market - Live

The winery's revenue from its own brands declined by 2.9% to Rs 109.6 crore in Q4 FY25, compared to Rs 112.9 crore in the same quarter of the previous fiscal year. The company's wine tourism segment posted revenue of Rs 20.4 crore in Q4 FY25, up 24.6% as against Rs 131.7 crore in the year-ago period. During the quarter, while the Elite & Premium portfolio was flat in the domestic market, the Elite category on its own witnessed a healthy 8% YoY growth. The Source range in particular was a standout with robust double-digit growth. For the entire fiscal year 2024-25, the company claimed that it recorded an all-time high revenue, with wine tourism segment of its business logging double-digit growth. The company's overall revenue came in at Rs 618.8 crore for the fiscal year 2025, representing a 1.7% growth from Rs 608.7 crore for the previous financial year, 2024. Revenue from its wine tourism business rose by 10.2% to Rs 60.3 crore compared to Rs 54.7 crore in fiscal 2024. The company recorded Rs 546.2 crore in revenue from its own brands in fiscal 2025, marking a 2.2% growth compared to Rs 534.2 crore in fiscal 2024, it added. Sula Vineyards, in its release, also noted that it secured the listing of 4 new wines with Canteen Stores Department. This includes Dindori Reserve Shiraz, RASA Syrah, The Source Grenache Ros', and Sula Riesling, taking the total to 9 wines. Sula Vineyards is principally engaged in the business of the manufacture, purchase, and sale of premium wine and other alcoholic beverages. The company's consolidated net profit fell 34.71% to Rs 28.06 crore in Q3 FY25 as against Rs 42.98 crore posted in Q3 FY24. However, revenue from operations (excluding excise duty) declined 1.42% year-on-year (YoY) to Rs 200.15 crore in the December 2024 quarter. Shares of Sula Vineyards added 3.24% to end at Rs 275.45 on Friday, 11 April 2025. The stock market will remain closed on Monday, 14 April 2025, in observance of Dr. Babasaheb Ambedkar Jayanti.Powered by Capital Market - Live

However, revenue from operations (excluding excise duty) declined 1.42% year on year (YoY) to Rs 200.15 crore in the December 2024 quarter. Profit before tax stood at Rs 37.21 crore in the December 2024 quarter, down 34.78% from Rs 57.05 crore posted in Q3 FY24. The company's EBITDA fell 26.3% to Rs 53.9 crore in Q3 FY25, compared to Rs 73.2 crore recorded in Q3 FY24. EBITDA margin reduced to 24.8% in Q3 FY25 as against 33.5% reported in the quarter ended 31 December 2024. The company's own brand sales stood at Rs 194.7 crore as of 31 December 2024, registering a growth of 1% on a YoY basis. In the December 2024 quarter, wine tourism revenue jumped 11.6% YoY to Rs 16.4 crore supported by strong momentum in a vibrant festive & wedding season led by higher spends per guest, improved occupancy (81% vs 76% LY) and higher ARR. The Elite and Premium brands led a 5.6% YoY growth. Share of Elite & Premium were at all-time high of 80.5% in Q3 (vs 77.0% YoY). On a nine-month basis, the company's consolidated net profit fell 28.32% to Rs 57.17 crore in 9M FY25, compared to Rs 79.76 crore recorded in 9M FY24. However, revenue from operations increased 1.87% YoY to Rs 453.49 crore in 9M FY25. Rajeev Samant, CEO of Sula, said, 'We are pleased to report our 11th successive quarter of growth in the Own Brands business. However, our pace of growth slowed in Q3 impacted by 3 major factors: a broad-based consumption slowdown in urban India, election-related disruptions in Maharashtra, and WIPS credit captured being lower by Rs 4.7 crore vs. LY with the capping of WIPS at Rs 20 crore p.a. at our Domain Dindori facility. Having said that, we have kicked off production at our Nashik unit, and so from FY26 onwards, we are well placed to realize 100% of the potential WIPS. Despite the challenges, it is heartening to see a couple of really positive longer-term trends playing out, which will continue to power our growth going forward. Our Elite & Premium portfolio continued to see good momentum, even in a subdued environment. Revenue outside Maharashtra and Karnataka remained robust, with over 10 states achieving strong double-digit growth, now contributing 50% to our Own Brand sales. Our Wine Tourism segment also recorded it's highest-ever Q3 revenue, growing 11.6% YoY, truly showcasing our unique appeal in hospitality. This segment is poised to end FY25 strongly with the success of SulaFest'25 and the launch of our Dindori Tasting Room & Bottle Shop in Q4. Looking ahead, we are focused on driving profitable growth and target a significant expansion in earnings from FY26 as the consumer demand recovers.' Sula Vineyards is principally engaged in the business of the manufacture, purchase, and sale of premium wine and other alcoholic beverages.Powered by Capital Market - Live

Net profit of Sula Vineyards declined 34.71% to Rs 28.06 crore in the quarter ended December 2024 as against Rs 42.98 crore during the previous quarter ended December 2023. Sales declined 1.42% to Rs 200.15 crore in the quarter ended December 2024 as against Rs 203.04 crore during the previous quarter ended December 2023. ParticularsQuarter EndedDec. 2024Dec. 2023% Var. Sales200.15203.04 -1 OPM %26.5135.39 - PBDT46.1465.16 -29 PBT37.2157.05 -35 NP28.0642.98 -35 Powered by Capital Market - Live

Sula Vineyards will hold a meeting of the Board of Directors of the Company on 5 February 2025.Powered by Capital Market - Live