India's largest and only listed wine producer said that its net revenue has increased by approximately 11% year on year (YoY).

The company's own brands sales stood at Rs 116.2 crore in Q2 FY24, recording a growth of 14% YoY, with Elite and Premium brands leading with around 18% growth in Q2 FY24.

Wine tourism business jumped 26% to Rs 12.1 crore in the September quarter as against Rs 9.6 crore reported in Q2 FY23.

During H1 FY24, the company's net revenue grew around 15% YoY. Own brands revenue were at Rs 209.3 crore (up 22% YoY) and wine tourism revenues stood at Rs 23.6 crore (up 19% YoY), in H1 FY24 over H1 FY23.

The firm said that it is anticipating a strong harvest once again despite the irregular monsoons, which bodes very well for meeting the increasing demand for our Elite and Premium wines.

During the quarter, Sula also expanded the iconic Nasik winery Tasting Room, to keep up with the continuing surge in visitor numbers, it added.

Rajeev Samant, CEO of Sula said, “Our focus on premiumization continues to pay off, with our Elite and Premium wines leading the way with ~18% YoY growth in Q2 and ~24% YoY growth in H1, bucking the slowing trend in discretionary spending in the overall economy during Q2.

Our world-renowned Wine Tourism business continues to shine brightly growing at around 26% in Q2, and I am especially happy to note a massive around 43% jump in tastings to 49,000+ this quarter over Q2 FY23. The future looks even brighter as we achieved our highest ever footfall on Oct 01, 2023, with a record 3,850 wine adventurers passing through our gates!”

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

The company consolidated net profit jumped 24.4% to Rs 13.68 crore on 17.7% increase in net sales to Rs 108.49 crore in Q1 FY24 over Q1 FY23.