India's largest and only listed wine producer said that its net revenue has increased by approximately 17% year on year (YoY).

The company's own brands sales stood at Rs 103.5 crore in Q1 FY24, recording a growth of 24% YoY, with Elite and Premium brands leading with around 30% growth.

Wine tourism business jumped 11% to Rs 11.4 crore in the quarter ended 30 June 2023 as against Rs 10.3 crore reported in Q1 FY23.

During the quarter, in keeping with Sula's premiumisation focus, the company sold off its lowest priced Heritage brand which was only available in the state of Karnataka, the firm stated.

Rajeev Samant, CEO, Sula Vineyards, said, “Our focus on premiumisation continues to pay off with our Elite and Premium wines leading the pack in terms of growth. Our Wine Tourism revenues also grew in double digits and we are particularly pleased with the 70% jump in visitor numbers to our Domaine Sula winery, just outside Bengaluru.”

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

The company's consolidated net profit jumped 4.9% to Rs 14.25 crore on 6.4% increase in revenue from operations to Rs 113.23 crore in Q4 FY23 over Q4 FY22.