Sula Vineyards Shares Near Two-Month Low After Q4 Profit Falls
The wine producers' consolidated net profit fell 4.84% year-on-year to Rs 13.55 crore in quarter ended March 2024, according to an exchange filing.
![India's largest winemaker Sula Vineyards drops 5% in market debut](https://media.assettype.com/bloombergquint%2F2024-05%2F91f88c7d-6ffe-431e-a580-e12eafa676aa%2Ffglmli48_reuters_image_625x300_22_December_22.jpg?rect=0%2C105%2C3821%2C2149&auto=format%2Ccompress&w=200)
Shares of Sula Vineyards Ltd. fell to their lowest since March 14 on Thursday after its profit declined in the fourth quarter.
The wine producers' consolidated net profit fell 4.84% year-on-year to Rs 13.55 crore in quarter ended March 2024, according to an exchange filing.
Sula Vineyards Q4 Results Highlights (Consolidated, YoY)
Revenue up 9.74% at Rs 122.52 crore.
Ebitda down 4.41% at Rs 29.46 crore.
Margin down 313 bps at 24.04%.
Net profit down 4.84% at Rs 13.55 crore.
Board recommends final dividend of Rs 4.5 per share.
![Sula Vineyards Shares Near Two-Month Low After Q4 Profit Falls](https://media.assettype.com/bloombergquint%2F2024-05%2F4ad3e1ac-0416-4a88-a554-8a8e3b8954b0%2FSULA__2_.png?auto=format%2Ccompress)
Shares of Sula Vineyards fell 6.95% to Rs 504.30, the lowest level since March 14. It was trading 6.46% down at Rs 506.95 as of 12:02 p.m., as compared to 0.62% decline in the NSE Nifty 50.
The stock rose 1.36% on year-to-date basis and 19.32% in last 12 months. The total traded volume so far in the day stood at 1.93 times its 30-day average. The relative strength index was at 30.11.
Out of five analysts tracking the company, four maintain a 'buy' rating and one suggests 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 27.3%.