The shares of Sula Vineyards, India’s only listed wine producer’s share surged 5% on the morning of July 10, as the company reported strong growth in its June quarter business update. 

Sula Vineyards said in a business update for the quarter ended June 30, 2023, that “The company has recorded its highest ever Q1 net revenues overall as well as for own brands and the wine tourism business,” 

The company has over 50% share of the Indian wine market. 

At 10:45 am, the stock traded 6.2% higher at Rs 472.60 apiece on NSE. 

Sula Vineyards witnessed a growth of 24%, with elite and premium brands leading the show with 30% growth. Sula Vineyard’s wine tourism revenue grew by 70% in visitor numbers to its Sula winery near Bengaluru.

The company has decided to divest its heritage brands with the lowest-priced, exclusively available in Karnataka. 

The company is looking at a strong FY24 fortified by solid growth in its iconic RASA wine brand.