Brewries & Distilleries company Sula Vineyards announced consolidated Q4FY24 & FY24 results:
Q4FY24 Financial Highlights:
- Net Revenue at Rs 135.6 crore, up by 12.1% YoY
- Revenue from Elite & Premium wines led the overall growth, with 14.3% YoY growth
- EBITDA at Rs 33.3 crore, 5.0% YoY
- EBITDA margin 114bps to 25.3% from 26.4% YoY
- PAT at Rs 13.6 crore, down by 4.9% YoY
FY24 Financial Highlights:
- Net Revenue at Rs 616.4 crore, up by 10.7% YoY
- Revenue from Elite & Premium wines led the overall growth with 15.5% YoY growth
- EBITDA at 183.6 crore, up by 14.0% YoY
- EBITDA margin 108bps to 30.2% from 29.1% YoY
- PAT at Rs 93.3 crore, up by 11% YoY
- ROCE at 25.2%, up by 221 bps
- The Board has recommended a final dividend of Rs 4.5 per share, taking the total FY24 dividend to Rs 8.5 per share
Rajeev Samant, CEO of the company, said "We are pleased to report an all-time high quarterly and full year revenue.
Our premiumization efforts have succeeded in raising our Elite and Premium wine share to an all-time high of 75.1% in Q4, up from 71.7% a year ago. Our Elite and Premium wines achieved 15.5% growth this year, contributing to an over 110 bps increase in our EBITDA margin to an all-time high in FY24.
Our wine tourism revenues grew in double digits, for the fifth quarter in a row. Wine tourism is a top priority and we are expanding fast. Last week we opened Milestone Cellars by Sula, our first standalone Tasting Room/Wine Bar outside our own winery campuses, located a stone’s throw from Nashik airport.
We have also signed a new resort next to our York Winery slated to open in mid-2025, which will be our first with convention facilities. We are pleased to announce the completion of ND wines acquisition in record time. ND wines is now a part of Sula and the site has tremendous wine tourism potential and work is about to begin on expanding the current 120sq ft bottle shop to a 3,600 sq ft wine tourism destination less than 50 km from the Gujarat border.
All these projects, and more to come, will ensure that Sula remains firmly in the forefront of wine tourism in India.
A great harvest, booming wine tourism, and growing consumer preference for our premium Indian wines point to a sunny road ahead for Sula! "