Sula Vineyards shares recently launched on bourses surged over 10% after the firm reported its best-ever quarterly results.

According to a press statement, the country’s largest wine producer reported the highest-ever quarterly sales in the third quarter of the fiscal year 2022-23. The Nashik-based company recorded a record increase in the sale of its wine brands and gross billings produced through its wine tourism operation.

The company reported that sales of its wine brands increased by 13% to Rs 187.2 crore in Q3FY23, up from Rs 165.7 crore the previous year. In the wine tourism industry, the company recorded gross billings of Rs 23 crore in the third quarter, a 13 per cent increase over Rs 20.3 crore the previous year.

Rajeev Samant, CEO of Sula Vineyards, stated that this is a “new milestone” in the company’s history, which began in 1996.

“Sula is one of the most loved home-grown consumer brands in India today. Building on the strong bounce-back from the recent Covid pandemic, we are pleased to have delivered our highest-ever quarterly sales performance,” said Samant.

Speaking on Sula Vineyards share price rally, Saurabh Jain, Vice President — Research at SMC Global Securities said, “Current rally in Sula Vineyards shares can be attributed to the strong business update given by the company where it has reported 13 per cent YoY rise in gross billings in October to December 2022 quarter. Compared to first nine months of FY23 gross billing with the corresponding period in FY22, the company has posted 28 per cent jump in gross billings in its own brands whereas its wine tourism business has blossomed to the tune of 48 per cent in this time. This is the major reason for the rally in Sula Vineyards share price today.”