India's Sula Vineyards posts Q1 profit rise on premium wine demand

Bengaluru, Aug 9 (Reuters) - Indias biggest winemaker Sula Vineyards (SULA.NS)reported a 24.4% rise in first-quarter profit on Wednesday, helped by strong demand for its premium wines and increased footfall at its vineyards.

The Mumbai-based company, which became Indias only listed winemaker in December last year, said its consolidated net profit stood at 136.8 million rupees ($1.65 million) compared with 110 million rupees a year earlier.

The owner of the Dindori and Rasa wine brands, reported a 21% rise in revenue from operations to 1.17 billion rupees, with its Own Brands segment, comprising premium wine brands, accounting for about 89% of the topline.

Revenue from wine tourism also increased 11% to 114 million rupees due to a 70% jump in visitors at its winery located outside the city of Bengaluru.

Shares of Sula Vineyards settled 1.3% higher ahead of the results. It gained 24.78% in the June quarter, and has risen 35.7%% since its market debut in December.

($1 = 82.8390 Indian rupees)