Sula Vineyards Q1 concall –
Sales-118 vs 92 cr (up 17 pc)
Operating profit-30 vs 25 cr (up 20 pc, margins 28 vs 27 pc)
PAT-14 vs 11 cr, up 27 pc
Growth in Own brands @ 30 pc vs muted growth for imoprted wines
Elite and Premium wines grew even more @ 35 pc (30 pc in Volumes)
Wine tourism revenues grew 12 pc. Have added 27 rooms to their resort at Nahsik taking the total room count to 100
Likely to continue to see high occupancy and room rates
Sula’s Vineyards continue to be the most visited vineyards in India
Q1’s volume growth @ 15 pc
Volume growth in popular and economy segment was muted at 2.5 pc vs 30 pc for elite and premium segment
Company gets VAT refunds in the state of Maharashtra. Company is yet to receive Rs 120 cr from Maharashtra Govt
Q1 has been a fourth straight Qtr of strong double digit volume growth for Sula and they r guiding for similar growth for rest of the year
Company is hopeful of receiving the 120 odd cr from Maharashtra Govt within the course of this CY
LY, company did 30 pc EBITDA margins for full FY. This yr, company intends to do 27-28 pc margins but with greater vol growth
Capex for FY 24 to be around 60 cr towards expanding production capacity. Capex for expanding rooms and infra for wine tourism is done by local partners
Sula leases the infra ( extra rooms etc ) and keeps it asset light
Among own wines in Q1, 74 pc revenues came from elite and premium and rest from economy and popular. LY, the contribution from elite and premium was 69 pc
Company’s three biggest Mkts are – Maharashtra, Karnataka and Telangana – in that order
Disc : hold a tracking position
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