The largest Indian wine producer with a track record of 23 years, also clocked a growth of 15% in its last quarter (Jan-Mar) sales which yields the highest sales during this period due to seasonality of the wine market. . Sula registered an upside of 15 per cent in own brands sales to ₹104.3 crore  during the March quarter compared to ₹90.7 crore in the corresponding quarter last fiscal 2021-22..

It also registered its highest growth in wine tourism during the 4th quarter; with a 30% jump, and that too without the annual Sula Fest, held traditionally during the first weekend of February. The Covid-19 pandemic hit the segment badly for a short time, but bounced back equally fast.

The company was listed on the NSE and BSE on December 21, 2023.  Like the smooth waves in a relatively calm sea, the share has kept going up and done, with a swing of around Rs.50 In each direction with the highest price crossing the Rs. 432 mark on January 23, 2023 –a month after the stock started trading and at the low ebb, recording a price of Rs.305. It closed today at Rs. 374, staying in the positive territory, compared to its issue price.

“FY23 has been one of the most momentous and successful years in Sula’s 23-year journey. Our focus on premiumisation is reaping rich dividends. Over 52% of 1 million cases are our Elite & Premium wines including our Sula Vineyards, RASA & The Source brands. That share was just 46% in pre-pandemic FY19. We continue our focus on our highly profitable own brands, and at the same time we continue to prune the imported brands business,” according to the company.

Sula made a judicious decision to change the product mix with more emphasis on the premium and super-premium products post-Covid, making a marked shift in the processing also as Rajeev Samant was ensconced in the winery for several months during the pandemic. This turned out to be the most beneficial period in the company’s history. The focus had changed to wines of higher quality and profitability rather than the volumes; Sula had been flirting with one-million case mark for over 4years, but reaching the figure for the first time, with a more profitable product mix.

Similarly, post-Covid, tourism has been a bigger contributor to the kitty with both its resorts – The Source and ‘Beyond’ doing a roaring business as have been the visits to the winery in an open-air environment. Sula posted 18 per cent growth in wine tourism revenues to Rs. 124 million during March quarter as compared to Rs. 105 million in Q3FY22, while the gains were 30 per cent for the full year at Rs. 45 crore.

‘I’m particularly pleased that we conducted more than 130,000 unique individual tastings at our iconic vineyards, a massive 66% growth from the previous year. This continues to be a significant focus area for the company. Our wine tourism business continues to soar with total revenue touching Rs. 800 million (Rs. 80 Crores) in FY23 vs just Rs. 440 million (Rs. 44 Cr.), 4 years ago in FY19. We expect this to be a 100 Cr business in the coming year. The Indian wine drinking population is clearly growing and they are reaching for more premium wines and increasingly those are Sula’s brands,” says Rajeev Samant, Founder CEO of the company.

The shares were issued at Rs. 357 a share (Rs. 2 Face Value) and after fluctuating between Rs. 432 and Rs. 305 they have been hovering above the issue price, offering a minor opportunity for the short term investors who hoped to make listing gains.

With strong backend capabilities and a pan-Indian distribution network, Sula is poised to hand the growing Indian market rather well and reward its shareholders and employees.

Subhash Arora