Sula Vineyards Ltd Q4 FY25 Results

We are pleased to report our highest-ever revenue from operations in both Q4 and FY25. While this marks a significant milestone, our Own Brands sales were relatively subdued in Q4, impacted by few key factors: the continued slowdown in urban consumption, lower WIPS credit, contraction in exports, and short-term retailer destocking in Uttar Pradesh & Uttarakhand prior to the new excise policy announcement. Despite the ongoing slowdown, it is encouraging to see good traction in some of the markets across India with ten states including Haryana, Rajasthan, Chandigarh, Assam, etc. as well as CSD delivering healthy double-digit growth in Q4. This fits in well with our endeavor of creating a truly pan-India brand. Further, ‘The Source’ range continues to be a standout, clocking robust double-digit growth in Q4 and FY25, powering forth our Elite portfolio. On a positive note, we have listed 4 new wines in CSD including our blockbuster Dindori Reserve Shiraz which bodes very well for our CSD sales growth in FY26 & beyond. Our Wine Tourism segment closed FY25 on a strong note with 25% YoY growth in Q4 led by successful SulaFest’25 and strong performance of the resorts. Further, we are on course to open our latest addition, the Dindori Tasting Room & Bottle Shop at ND Wines later this month. On the profitability front, concerted focus on optimizing overheads helped keep our EBITDA largely intact in Q4 despite subdued sales growth and lower WIPS credit. Looking ahead, we are firmly focused on enhancing profitability and getting back to earnings growth in FY26.