Sula Business Update: Excellent 2023 Harvest; CFO search initiated

Sula Vineyards Limited, India's largest and only listed wine producer, with over 50 per cent share in the domestic wine business, today released an update on the 2023 grape harvest.

Rajeev Samant CEO - Sula Vineyards, said, "The 2023 grape harvest is shaping up to be excellent in terms of quantity as well as quality. The unseasonal rainfall in March has had minimal impact on the wine grapes, which tends to be much more resilient to inclement weather than table grapes, and our state of the art new 2 million litre cellar facility at Domaine Dindori is up and running in time to receive the record grape tonnage. This is the third consecutive excellent harvest, putting us in a great position to meet the expected increase in demand for our wines in FY24."

The company has kicked off the search for a CFO to replace out-going CFO Bittu Varghese and has given the mandate to reputed executive search firm Accord India for the same.

Mr. Samant further added, "I am also proud to announce that our Dindori Reserve Shiraz and Sula Riesling have been selected to be served on board Vistara, India's most premium airline, which is a testament to the quality of our wines.

Our beautiful resorts and vineyards are now easier to reach than ever before! With Nasik and Shirdi now being connected by air to Delhi, Bangalore, Hyderabad, and other cities with Indigo and SpiceJet. We look forward to welcoming many more visitors from all over India to what is already arguably the world's most visited vineyard."

In other news, the company has recently given up the sole import agency of Beluga Vodka, the last imported spirit in its portfolio, and will henceforth focus only on wines.

Shares of Sula Vineyards Limited was last trading in BSE at Rs. 349.70 as compared to the previous close of Rs. 340.30. The total number of shares traded during the day was 354433 in over 874 trades.

The stock hit an intraday high of Rs. 352.65 and intraday low of 341.10. The net turnover during the day was Rs. 123520107.00.

Source : Equity Bulls

Keywords

SulaVineyards INE142Q01026 Breweries Distilleries BusinessUpdate GrapeHarvest2023