Sula Vineyards Limited, India’s largest wine producer, announced Q2 and H1 FY25 Results. H1 Net Revenue at ₹271.7 Cr (+3.7% YoY). Elite & Premium led the way with 7% growth in Q2. Share of Elite & Premium at all-time high of 78.5% in Q2 (vs 73.5% YoY).

Revenue (ex-Maharashtra & Karnataka) grew 6% YoY driven by strong performance in Telangana, Madhya Pradesh, West Bengal, among others.

Wine Tourism growth in Q2 was driven by higher spends per head (+9% YoY) and improved occupancy (74% vs 66% LY). Expanded Bottle Shop at ND Wines now open to Wine Enthusiasts. Expansion at Domaine Sula (near Bangalore) slated to open in Q3.

“We are pleased to report our 10th consecutive quarter of growth in our Own Brands business. However, Q2 FY25 was a subdued quarter, due to slowdown in consumer discretionary demand, particularly in urban areas where 90% of our sales are concentrated, and temporary disruptions in key markets like Karnataka and Delhi,” says Rajeev Samant. Founder, Sula Vineyards.

“During the quarter, our Elite & Premium portfolio performed well with a 7% YoY growth, led by strong double-digit growth in our iconic brands – The Source, RASA, and Dindori. It is encouraging to see wine culture flourishing beyond our core markets, with strong double-digit growth in states like Telangana, Himachal Pradesh, Madhya Pradesh, Uttarakhand, and West Bengal, affirming our commitment to building a truly pan-India brand.

“Looking ahead, while mindful of near-term challenges, we remain optimistic for the festive season on the back of structural tailwinds including the reopening of Andhra Pradesh after a hiatus of five years, introduction of four new labels in the CSD market and the return of SulaFest at our Nashik vineyards. We are confident the long-term Indian wine story remains intact, and we see a long runway of growth ahead of us,” he added.