Shares of Sula Vineyards fell over 6% in morning trade following disappointing Q2 financial results.
The company reported a significant 37% decline in consolidated net profit, dropping to Rs 14.48 crore for the quarter ending September 30, compared to Rs 23.09 crore the previous year.
In addition, the company reported that technical difficulties with New Delhi’s Excise portal towards the quarter’s end impacted Sula’s sales. While the revenue from Sula’s own brand segment, which makes up about 90% of total revenue, saw a modest 0.3% growth, the smaller wine tourism segment posted a 0.8% increase. Overall, Sula’s total revenue declined by 1.1%, while expenses rose by 10%.
Stock Prices Today:
- Open: Rs 382.35
- High: Rs 402.70
- Low: Rs 382.35
As of 9:38 am, Sula Vineyards shares were trading 5.85% lower at Rs 391.85 on the NSE.
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