Profit before tax stood at Rs 37.21 crore in the December 2024 quarter, down 34.78% from Rs 57.05 crore posted in Q3 FY24.

The company’s EBITDA fell 26.3% to Rs 53.9 crore in Q3 FY25, compared to Rs 73.2 crore recorded in Q3 FY24. EBITDA margin reduced to 24.8% in Q3 FY25 as against 33.5% reported in the quarter ended 31 December 2024.

The company’s own brand sales stood at Rs 194.7 crore as of 31 December 2024, registering a growth of 1% on a YoY basis.

In the December 2024 quarter, wine tourism revenue jumped 11.6% YoY to Rs 16.4 crore supported by strong momentum in a vibrant festive & wedding season led by higher spends per guest, improved occupancy (81% vs 76% LY) and higher ARR.

The Elite and Premium brands led a 5.6% YoY growth. Share of Elite & Premium were at all-time high of 80.5% in Q3 (vs 77.0% YoY).

On a nine-month basis, the company’s consolidated net profit fell 28.32% to Rs 57.17 crore in 9M FY25, compared to Rs 79.76 crore recorded in 9M FY24. However, revenue from operations increased 1.87% YoY to Rs 453.49 crore in 9M FY25.

Rajeev Samant, CEO of Sula, said, “We are pleased to report our 11th successive quarter of growth in the Own Brands business. However, our pace of growth slowed in Q3 impacted by 3 major factors: a broad-based consumption slowdown in urban India, election-related disruptions in Maharashtra, and WIPS credit captured being lower by Rs 4.7 crore vs. LY with the capping of WIPS at Rs 20 crore p.a. at our Domain Dindori facility. Having said that, we have kicked off production at our Nashik unit, and so from FY26 onwards, we are well placed to realize 100% of the potential WIPS.

Despite the challenges, it is heartening to see a couple of really positive longer-term trends playing out, which will continue to power our growth going forward. Our Elite & Premium portfolio continued to see good momentum, even in a subdued environment. Revenue outside Maharashtra and Karnataka remained robust, with over 10 states achieving strong double-digit growth, now contributing 50% to our Own Brand sales.

Our Wine Tourism segment also recorded it’s highest-ever Q3 revenue, growing 11.6% YoY, truly showcasing our unique appeal in hospitality. This segment is poised to end FY25 strongly with the success of SulaFest'25 and the launch of our Dindori Tasting Room & Bottle Shop in Q4. Looking ahead, we are focused on driving profitable growth and target a significant expansion in earnings from FY26 as the consumer demand recovers.”

Sula Vineyards is principally engaged in the business of the manufacture, purchase, and sale of premium wine and other alcoholic beverages.