Revenue from operations (excluding excise duty) stood at Rs 190.75 crore in Q3 FY23, registering a growth of 11.7% from Rs 170.75 crore recorded in the same period last fiscal.

Gross revenue from operations rose 14.48% year on year to Rs 209.17 crore in the quarter ended 31 December 2022. The company said that the increase in the revenue was mainly driven by premiumisation.

Profit before tax was at Rs 52.64 crore in Q3 FY23, up by 16.23% on YoY basis.

EBITDA grew 14.6% to Rs 64.92 crore in Q3 FY23 from Rs 56.64 crore reported in Q3 FY22. EBITDA margin was consistent at 31% in the quarter ended 31 December 2022.

During the quarter, the revenue contribution from own brands has improved to 88.7% as compared with 86.9% posted in Q3 FY22. Within own brands, revenue contribution from Elite & Premium wines jumped to 74.5% in Q3 FY23 versus 69.9% recorded in the corresponding quarter last year.

Rajeev Samant, CEO of Sula Vineyards, said, “Q3 was a record-breaking quarter for Sula – in all aspects, revenue, EBITDA & profits. This is significant, because Q3 is historically the highest sales quarter and hence most important for the wine industry which is a highly seasonal business. We have delivered strong growth in Q3 as well as the first 9 months of FY 23, particularly in our priority own brands & wine tourism businesses.”

He further added, “Strong collections resulted in a sharp decrease in days sales outstanding (DSO) to 106 days on 31 December from 119 days a year ago, with net debt coming down to Rs 1,72.74 crore compared to 205 crore YoY. Our wine tourism business grew robustly with visitor numbers soaring back to pre-pandemic levels.”

Sula Vineyards is principally engaged in the business of manufacture, purchase and sale of premium wine and other alcoholic beverages.

Shares of Sula Vineyards debuted on the bourses on 22 December 2022. The scrip was listed at a price of Rs 358, representing a a premium of 0.28% as compared to the initial public offer (IPO) price of Rs 357.