Sula Vineyards shares slipped around 2% in early trade today after the company posted a mixed set of results for the quarter ending June 2025. As of 9:22 AM, the shares were trading 2.47% lower at Rs 292.20.

The winemaker’s consolidated net revenue came in at ₹118.3 crore, down 7.9% from ₹128.4 crore in the same quarter last year. A major drag was the company’s core own-brand wine business, which saw a 10.8% dip in revenue, falling to ₹102.3 crore. Sula attributed the decline to continued weakness in urban consumption and the after-effects of trade pre-loading in Maharashtra due to changes in excise policy last year.

However, Sula clarified that last year’s numbers included a one-time gain of ₹10.4 crore from the unwinding of a WIPS contract. If that’s excluded, this year’s underlying revenue was broadly flat year-on-year.

One bright spot was the wine tourism segment. Revenue from this division rose 21.8% to ₹13.7 crore, helped by higher footfalls, record Q1 occupancy at Sula’s resorts, and increased guest spending. The newly built Samruddhi Highway, which cuts travel time from Mumbai to Nashik, also gave a boost to tourism.

On the product front, Sula’s premium wines—like The Source and RASA—continued to perform well. The company also launched a new product: Sula Muscat Blanc, India’s first low-alcohol Muscat wine with just 7.5% alcohol content.

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TOPICS: Sula Vineyards