Shares of Sula Vineyards Ltd. gained over 5% on Tuesday after it reported its highest-ever revenue growth in the fourth quarter, led by sales of its premium own brand and wine tourism.
India's largest wine producer's revenue rose 10% year-on-year to Rs 131.8 crore in the quarter ended March 2024, according to an exchange filing. Sales of its own brands rose 9% over the year, reaching Rs 113 crore.
Further, Sula Vineyards' revenue from wine tourism rose 31% to Rs 16.4 crore during the fourth quarter, the filing said.
Shares of the company rose as much as 5.12% to Rs 584. apiece, the highest level since Feb. 19. It was trading 2.57% higher at Rs 569.85 apiece, as of 11:05 a.m. This compares to a 0.37% advance in the NSE Nifty 50 Index.
The stock has risen 58.01% in past 12 months. Total traded volume so far in the day stood at 5.0 times its 30-day average. The relative strength index was at 56.58.
Out of five analysts tracking the company, four maintain a 'buy' rating and one suggests a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 12.6%.
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