Sula Vineyards Limited (NSE: SULA), one of India's leading wine producers, announced that the recent unseasonal rains in Nasik which were widely covered by local media have had zero impact on Sula's business.
Commenting on this, Sula CEO Rajeev Samant said, "Though there was some damage to vineyards, especially where there were hailstorms, the overall impact on our wine grape procurement and upcoming harvest will be negligible, meaning zero impact on the overall business.
"With over 25 years of experience, we have developed a robust grape procurement model where we anticipate a few unseasonal rain events exactly like this one will occur every year. We therefore always target a slightly higher grape tonnage than we need to fulfil our sales projections. The result is that if and when such unseasonal rains occur, Sula will always get the grapes it needs.
"Interestingly, the net impact of these rains has actually been a positive in many ways as some rain deficient districts such as Dindori and Sinnar have received a much-needed water top up due to the rains.
"There will be those farmers who were hit badly, and we empathise with them. However, I would like to reiterate that the outlook for our 2024 harvest remains extremely strong."
Shares of Sula Vineyards Limited was last trading in BSE at Rs. 460.80 as compared to the previous close of Rs. 479.80. The total number of shares traded during the day was 44987 in over 2361 trades.
The stock hit an intraday high of Rs. 483.60 and intraday low of 459.05. The net turnover during the day was Rs. 20986103.00.