Shares of Sula Vineyards were climbing on Tuesday after the winemaker posted a record revenue in the fourth quarter.

What Happened: The company reported its highest-ever revenue for the March quarter, with a 10% year-on-year growth to ₹131.8 crore.

The company’s premium brands also saw strong performance, with a 15% year-on-year growth in both the quarter and the year. Additionally, its wine tourism segment experienced a notable 31% year-on-year growth in the fourth quarter compared to the same period last year.

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Sula’s CEO, Rajeev Samant, highlighted the success of the firm’s premiumisation strategy, emphasising double-digit growth in their Elite and Premium Own Brands. He also noted the significant growth in their wine tourism business, achieving a 31% year-on-year increase in the fourth quarter.

Expand More: The company saw its highest-ever annual footfall, exceeding 4 lakh visitors, and announced plans for expansion, including the opening of a tasting room near Nasik Airport later in the month.

Furthermore, Sula Vineyards revealed the acquisition of N D Wines, a winery in the Nasik district, with the deal expected to close by the end of April 2024, as per the exchange filing.

What Happened: Sula’s share price was up 3.13% at ₹572.95 near the start of trade on Tuesday.

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