Sula Vineyards Limited has informed the Exchange about Investor Presentation
Date: 8th May 2025
To,
To,
National Stock Exchange of India Limited (“NSE”),
The Listing Department “Exchange Plaza”, 5th Floor Plot No. C/1, G Block, Bandra-Kurla Complex Bandra (East), Mumbai – 400 051. NSE Symbol: SULA ISIN: INE142Q01026
Dear Sir/Madam,
BSE Limited (“BSE”), Corporate Relationship Department, 2nd Floor, New Trading Ring, P.J. Towers, Dalal Street, Mumbai – 400 001.
BSE Scrip Code: 543711 ISIN: INE142Q01026
Sub: Submission of Investor Presentation Q4 & FY25
Please find attached herewith the investor presentation on the Financial Results of Sula Vineyards Limited for the quarter and year ended 31st March 2025.
This is being submitted in compliance with Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, as amended.
The same is also made available on the Company’s website, at https://sulavineyards.com/investor- relations.php
You are requested to kindly take the same on your records.
Thanking you, For Sula Vineyards Limited
Shalaka Koparkar Company Secretary & Compliance Officer Membership No: A25314
Investor Presentation Q4 & FY25
May 2025
Safe Harbour
This presentation has been prepared by Sula Vineyards Limited (the “Company”) solely information purpose only and should not be deemed to constitute or form part of any offer or invitation or inducement to sell or issue any securities, or any solicitation of any offer to purchase or subscribe for any securities of the Company, nor shall it or any part of it or the Fact of its distribution form the basis of, or be relied upon in connection with, any contract or commitment, therefore. The financial information in this presentation may have been reclassified and reformatted for the purposes of this presentation. You may also refer to the financial statements of the Company before making any decision on the basis of this information.
This presentation contains statements that may not be based on historical information or facts but that may constitute forward-looking statements. These forward-looking statements include descriptions regarding the intent, belief or current expectations of the Company or its directors and officers with respect to the results of operations and financial condition of the Company. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and actual results may differ from those in such forward-looking statements as a result of various factors and assumptions which the Company presently believes to be reasonable, but these assumptions may prove to be incorrect. Any opinion, estimate or projection constitutes a judgment as of the date of this presentation, and there can be no assurance that future results or events will be consistent with any such opinion, estimate or projection. The Company does not undertake to revise any forward-looking statement that may be made from time to time by or on behalf of the Company.
No representation, warranty, guarantee or undertaking, express or implied, is or will be made as to, and no reliance should be placed on, the accuracy, completeness, correctness or fairness of the information, estimates, projections and opinions contained in this presentation. Potential investors must make their own assessment of the relevance, accuracy and adequacy of the information contained in this presentation and must make such independent investigation as they may consider necessary or appropriate for such purpose. By viewing this presentation, you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company. None of the Company, their affiliates, agents or advisors,, promoters or any other persons that may participate in any offering of any securities of the Company shall have any responsibility or liability whatsoever for any loss howsoever arising from this presentation or its contents or otherwise arising in connection therewith.
2
Content Summary
1
Q4 & FY25 Highlights
2
Company Overview
3
Growth Strategy
3
SulaFest 2025: A Super Success
•
Strong turnout with 10,000+ attendees
• Wine Sales up sharply versus
previous editions
•
Sula cans a hit at the Fest
• Moving forward, SulaFest to be
an annual event
4
Performance Highlights
Q4 & FY25
Key Highlights – Q4 FY25
Financials
Own Brands
▪ Revenue from Operations: Rs. 133.1 Cr 1.1% YoY
▪ Gross Profit: Rs. 104.0 Cr 6.1% YoY
▪ Operating EBITDA: Rs. 28.5 Cr 3.4% YoY
▪
PAT: Rs. 13.0 Cr 3.8% YoY
▪ Own Brands Sales: Rs. 109.6 Cr 2.9% YoY. Flat adj. for contraction in exports & lower WIPS
▪
▪
Share of Elite & Premium improved to 75.5% (vs. 75.1% LY). Elite category saw healthy growth (+8% YoY) led by double-digit growth in ‘The Source’
Ten states including Haryana, Rajasthan, Chandigarh, Assam, among others along with CSD delivered healthy double-digit growth. CSD grew 35% YoY
▪ Boost to CSD Sales in FY26: Expanded CSD listings from 5 to 9 labels. All 4 labels added are from
Sula’s Elite brands
Wine Tourism
▪ Wine Tourism reported another record quarter with Revenue at Rs. 20.4 Cr 24.6% YoY.
▪ Planned expansions to boost performance FY26
o Dindori Bottle Shop & TR to open by Q1FY26; Facility Expansion at Domaine Sula operational in Q2FY26 o New 30-key Resort near York to open in time for festive season; expands room capacity by 30% to 130+ keys
Note: TR: Tasting Room. Facility Expansion at Domaine Sula includes launch of new Tasting Room, bottle shop & restaurant expansion
6
Own Brands Growth – Premiumization Trend Continues
Elite & Premium
Economy & Popular
Q4FY24
25%
75%
Q4 FY25
FY25
Revenue
YoY Change %
Revenue*
YoY Change %
INR 82.8 Cr
-2.4%^
INR 26.8 Cr
-4.5%
Elite & Premium
Economy & Popular
INR 420.9 Cr
+4.8%
INR 125.3 Cr
-5.6%
Portfolio Mix
Portfolio Mix
Q4FY25
24%
76%
FY24
25%
75%
FY25
23%
77%
Elite & Premium
Economy & Popular
Elite & Premium
Economy & Popular
Note: • ^Elite & Premium portfolio excluding exports was flat versus LY • *FY25 Revenue includes WIPS unwinding benefit of INR 10 Cr.
7 7
Wine Tourism Update – Q4 FY25
Record High Quarterly Revenue in Q4 FY25 driven by a Successful SulaFest’25 & Strong Resort Performance
87%
Avg. Room Occupancy Up 100 bps YoY
INR 10,600+
Avg. Room Revenue Up 5% YoY
93,500+*
Visitor Footfall down 10% YoY
Improved occupancy record number of wedding bookings
Higher ARRs led by a strong wedding season
Lower footfalls given focus on improving spend per guest and elevating visitor experience
Note: *Footfall includes visitors at The Source, Beyond, York (Nashik), and Domaine Sula (Karnataka)
8 8
Profit & Loss Statement – Q4 & FY25
74.4%
375 bps
Particulars (in INR Cr)
Q4Y25
Q4FY24
- Own Brands
- Wine Tourism
- Others
109.6
112.9
20.4
3.1
16.4
2.4
Revenue from Operations
133.1
131.7
Excise Duty
Cost of Goods Sold
Gross Profit
Gross Margin %
Employee Cost
Other Expenses
Operating EBITDA
7.4
21.7
104.0
78.2%
20.9
54.7
28.5
9.2
24.5
98.0
21.1
47.5
29.5
Operating EBITDA Margin %
21.4%
22.4%
Other Income
Depreciation & Amortisation
Finance Costs
PBT
Tax
PAT
PAT Margin %
Basic EPS (INR Rs.)
1.0
8.7
7.2
13.6
0.5
13.0
9.7%
1.55
3.9
8.3
6.2
18.7
5.2
13.6
10.0%
1.61
Y-o-Y
-2.9%
24.6%
29.0%
1.1%
-19.6%
-11.6%
6.1%
-0.9%
15.2%
-3.4%
-98 bps
-73.7%
4.6%
15.1%
-27.5%
-89.7%
-3.8%
-28 bps
-4.2%
FY25
546.2
60.3
12.9
619.4
40.2
138.0
441.2
71.2%
93.8
198.3
149.1
24.1%
3.9
35.0
29.7
88.3
18.1
70.2
11.3%
8.32
FY24
534.2
54.7
19.7
608.7
40.9
133.9
433.9
71.3%
87.0
171.1
175.9
28.9%
7.7
31.6
26.2
125.8
32.5
93.3
15.1%
11.06
Y-o-Y
2.2%
10.2%
-34.6%
1.8%
-1.7%
3.1%
1.7%
-6 bps
7.9%
15.9%
-15.2%
-482 bps
-49.0%
10.6%
13.4%
-29.8%
-44.1%
-24.8%
-388 bps
-24.8%
Q4 FY25 Performance Update
o Q4 Revenue growth subdued due to -
• Broad-based consumption slowdown in Urban India
• Sharp contraction in Exports (lower by INR 1.9 Cr vs. LY)
• WIPS credit being lower by INR 1.6 Cr vs LY due to capping of
WIPS at INR 20 Cr p.a. per unit
• Short-term retailer destocking in Uttar Pradesh &
Uttarakhand prior to new excise policy announcement
o Q4 Gross Margins improved by 375 bps YoY led by –
•
Improved Regional and Portfolio Mix
o Other expenses in Q4 rose on account of expenditure for
SulaFest’25, and higher investments in marketing and brand development
o Control over employee cost and non-marketing overheads
helped keep Operating EBITDA largely intact in Q4
o Outlook: Focused on delivering improved profitability and
getting back to earnings growth from FY26
Note: Gross Profit = Net Revenue from Operations - Excise Duty – Cost of Goods Sold.
9
Company Overview
10
Key Strengths
India’s Leading Wine Company
Strong Product Portfolio of Award-Winning Wines
❖ Market leader with >50% share in domestic wines
❖ Winery capacity:18.2 Mn liters, amongst top 5 in Asia
❖ Sula’s Shiraz Cabernet - India’s largest selling wine
❖ Wide & Diverse Portfolio of 68 labels across price points and
grape varietals
❖ Sula has won 50+ Awards over the last decade
Thriving Wine Tourism Business
Robust Sourcing & Distribution Infrastructure
❖ Two Luxury Vineyard Resorts in Nashik with 104 Keys; and
Three Wine Tourism Centers (Tasting & Tours, Gourmet Dining) at Domaine Sula, Milestone Cellars and York
❖ Among world’s most visited vineyards with 330K+ visitors p.a.
❖ Wine Tourism business scaled rapidly at 35% CAGR (FY21-25)
❖ 2,800+ acres of contracted vineyards, higher than next two
Indian wine producers combined
❖ ~25,000 POS touchpoints across 23 states and 7 UTs
Fostering Sustainability
Strong Performance Track Record
❖ >60% of annual energy needs met through Solar Energy
❖ Plan to install upto 2 MW of Battery Energy Storage by
Q3FY26
❖ Robust Performance: Delivered Revenue, Operating EBITDA and PAT CAGR of 10%, 25% and 116% over FY21-25
❖ Healthy Return Ratios: ROCE of 18% and ROE of 13%
❖ Healthy Balance Sheet with Debt-to-EBITDA at 1.9x
11 11
Our Brands – Wide & Diverse Portfolio across Price Points to Choose From
Brands
3 Labels
6 Labels
12 Labels
3 Labels
27 Labels
17 Labels
▪ Wide portfolio of 68 labels across 14 brands ▪ Category Split: Elite - 21 labels, Premium - 14 labels, Economy - 10 labels, Popular – 6 labels, and 17 Import labels
Note: All pricing are as per the state of Maharashtra
12
Robust & Growing Pan-India Distribution Network
Domestic presence in 23 States & 7 UTs
51 Distributors, 12 Corporations, 14 Licensed resellers, 6 Company depots, 3 Defence units
Points of sale ~25,000
Exports to 29 countries
Sula’s distribution presence
Owned production facility
Corporate office
Regional offices
13
Secured & Ample Wine Grape Supply to Meet Long-term Growth Needs
2,800+ acres Vineyards accessible to Sula covering >90% annual supply
Only a Small Fraction of total grape cultivation in India currently used for Wine Grapes
2,200+ acres Under long term supply contract with built-in price hike
Up to 12 years contract life and an option to renew further with mutual consent
Direct engagement with farmers on best practices to drive productivity
Continual focus to improve cost and quality of grape sourcing
Strong Brand and Farmer Trust provide solid foundation - seamless acreage expansion for future growth
14
Thriving Wine Tourism Business - Amongst Most Visited Vineyards Globally
Two Luxury Resorts (The Source & Beyond) at Nashik with 100+ Keys
Wine Tourism Facilities (Tasting & Tours, Bottle Shop & Gourmet Dining)
•
The Source and Beyond offer tasting & tours and gourmet dining in addition to luxury accommodations
• Among the most visited vineyards with >3 lakh visitors per year, average occupancy of
78% and ARR of INR 10,000+ in FY24
York offers great views of the lake while enjoying wine & gourmet dining. It sees 22,000+ visitors annually
Domaine Sula is Sula’s Karnataka winery and perfect spot for wine tasting & tour, gourmet dining
Located just 30 minutes from Gujarat border, Milestone is the first wine bar outside Sula campus
Domaine Sula (Karnataka)
Milestone Cellars (Nashik)
Expansion Plans
D2C Wine Business – Brief Overview
Q1 FY26
Q2 FY26
•
Launch of 3,500 sq ft Dindori Tasting Room and Bottle Shop at ND Wines
• New tasting room, expanded bottle shop and
• Wine Tourism provides a great retail platform for D2C wine business.
restaurant capacity at Domaine Sula, Karnataka
• Expansion of Wine Tourism business bodes well for Sula enabling expansion
• 30 Key Resort with convention facilities slated to open at York in time for the festive season
of the lucrative D2C wine business
15
Fostering Sustainability
~3MW installed solar PV capacity - Provided 66% of annual energy needs in FY25
Generates around 4 million kWH from solar energy at Sula’s owned and leased facilities in Maharashtra and Karnataka
Rainwater harvesting reservoirs at all facilities with storage capacity of over 36.8 mn liters; Reduced water usage per case produced by over 15% in last four fiscal years
Plan to install upto 2 MW of Battery Energy Storage by Q3FY26. These systems will store excess energy and make it available for use during peak load times resulting in cost savings.
Optimizing packaging materials using lightweight bottles
16
Strong Performance Track Record
Net Revenue
EBITDA & EBITDA Margin % *
PAT & PAT Margin %
CAGR: 10%
417.9
453.9
608.7
618.8
553.5
CAGR: 25%
25.0%
113.3
14.6%
60.9
28.5% 28.9%
175.9
157.5
24.1%
149.1
CAGR: 116%
0.7%
3.2
15.2% 15.3%
84.1
93.3
11.7%
70.2
11.5%
52.1
FY21
FY22
FY23
FY24
FY25
FY21
FY22
FY23
FY24
FY25
FY21
FY22
FY23
FY24
FY25
(INR Cr)
Own Brands Revenue
Elite & Premium Revenue
Wine Tourism Revenue
CAGR: 17%
CAGR: 21%
CAGR: 35%
534.2
546.2
480.7
382.2
287.1
401.5
420.9
347.5
269.8
196.9
54.7
60.3
34.7
45.0
18.1
FY21
FY22
FY23
FY24
FY25
FY21
FY22
FY23
FY24
FY25
FY21
FY22
FY23
FY24
FY25
Note: *Refers to Operating EBITDA and Operating EBITDA Margin
17
Growth Strategy
18
Growth Strategy
Accelerating Earnings Growth over next 3 years (FY25-FY28) with improved EBITDA margins and capital efficiency
1
6
2
5
Product Development
• Continue launching new products to meet evolving consumer demands
• Exciting new launches in pipeline. At least one new wine to be launched in FY26
Calibrated Capacity Expansion
• On-track to expand Cellar capacity by 1 Mn Liters to total capacity of 19.2 Mn
Liters per annum by the end of FY26 at 33% lower capex
3
4
Expand Market Penetration
• Expand sales to CSD with near-doubling of wine listings from 5 to 9 labels. • Significantly expand footprint of ‘The Source’ and ‘RASA' (wider national availability) • Tap new markets (Andhra Pradesh)
Expand Wine Tourism & D2C Business
• Launch of Dindori Tasting Room and Bottle Shop in Q1 FY26 • Tasting room, expanded bottle shop & restaurant at Domaine Sula in Q2FY26 • 30 Key Resort at York Winery in time for the festive period
Augment Wine Adoption & Brand Visibility
• Annual SulaFest • Continue expanding Pan-India tastings • Targeted promotional campaigns and events
Strategic M&A
• Pursue strategic investments and acquisitions in Indian AlcoBev Industry
19
Thank You
Sula Vineyards
For more information, please contact -
Mandar Kapse | IR Head
Email: mandar.kapse@sulawines.com
Contact No: +91 7304563606