Sula Vineyards Q2 highlights –
Sales – 142 vs 128 cr, up 11.6 pc
EBITDA – 45 vs 38 cr, up 18 pc (margin @ 31.6 vs 29.8 pc )
PAT – 23.1 vs 19.5 cr ( up 18 pc )
Sales breakup –
Sale of Wines – 126 vs 113 cr
Wine Tourism – 12 vs 9 cr
Sale of Elite and Premium wine sales ( > Rs 700/bottle ) @ 73 vs 71 pc YoY. Elite and premium sales grew by 15 pc, while economy and popular sales grew by 4.5 pc YoY
The Source – brand doing really well
Company conducted 49k+ tastings at their vineyards and 35+ cities across India – up 45 pc YoY
Popular and Economy segment facing heavy discounting and intense competition
Institutional shareholding (FII + DII) @ 36 pc now
In Q1, Q2 – CSD sales more than doubled
India’s per capita wine consumption currently @ 25 ml vs 850 ml for China. In Europe, it is > 2000 ml
Grape harvest likely to be robust leading to supply security
Currently, the Wine Tourism is primarily happening from Nahsik facility. Aim to set up a similar resort near the Bangaluru facility as well. Availability of land is not an issue
In UP, Haryana – 90 pc of sales were from Noida, Gurugram. Company now actively trying to expand into smaller cities
Sales contribution from Maharashtra in first half @ 48 pc vs 54 pc last year
Current Gross Margins @ 78 pc – company very happy with the same
Company’s is gradually losing mkt share in the economy segment because of its premium focus
Disc: holding, biased, not SEBI registered, hoping for buoyant Q3 results
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