Sula Vineyards’ revenue from operations increased by 8.60% from Rs 417.96 crore in Fiscal 2021 to Rs 453.92 crore in Fiscal 2022
MUMBAI, Nov 7 (The CONNECT) - Wine leader Sula Vineyards has received capital markets regulator Securities and Exchange Board of India's (SEBI) approval for its IPO.
The issue with a face value of Rs 2 per equity share is a complete offer for sale (OFS) aggregating to 25,546,186 equity shares.
Sula set up its first vineyard in 1996 and in the year 2000 was the first to introduce varietal wines in India with the launch of Sauvignon Blanc, Chenin Blanc, Zinfandel, Riesling, Red Sparkling, and dessert wine offerings. In Fiscal 2005 it launched the first wine tasting room in India at its winery in Nashik, Maharashtra followed by country’s first vineyard resort in 2008, and in the same year, the wine-maker launched the first wine-themed music festival in India, “SulaFest”, at its Nashik facility in 2008. “SulaFest” has been widely recognized as the largest wine music festival in India and one of the largest wine music festivals in Asia, based on attendance. In Fiscal 2017, it launched a wine tasting room at its “Domaine Sula” facility in Karnataka.
Sula has been recognized as the market leader across wine variants, including red, white and sparkling wines. The company distribute wines under a bouquet of popular brands such as Sula, its flagship brand besides other popular brands namely RASA, Dindori, The Source, Satori, Madera & Dia. Currently, it produces 56 different labels of wine across 13 distinct brands at its four owned and two leased production facilities located in the Indian states of Maharashtra and Karnataka.
Sula's wine processing units are also located in the west and southwest of India, with the flagship facility located in Nashik, Maharashtra, and our wine processing units located in Nashik and Dindori in Maharashtra, and Bengaluru and Basavakalyan in Karnataka.
Sula’s Shiraz Cabernet is India’s largest selling wine by value in Fiscal 2021, with its gross billings amounting to Rs 91.83 crore in FY22. Recently it won five silvery and four bronze at the “Decanter World Wine Awards, 2022 and its Brut Tropicale won a gold medal at the International Wine Challenge 2022.
The company’s revenue from operations increased by 8.60% from Rs 417.96 crore in Fiscal 2021 to Rs 453.92 crore in Fiscal 2022, primarily due to increase in sales of manufactured goods under its brands, increase in selling price of wine in select brands and markets, increase in revenue due to increased focus on premiumisation, favourable response its wine tourism business and increase in revenue from other operating income (government grants). It clocked a profit of Rs 52.14 crore in the financial year FY22 against Rs 3.01 crore from the previous year.
Kotak Mahindra Capital Company Limited, CLSA India Private Limited and IIFL Securities Limited are the book running lead managers and KFin Technologies Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.