Sula Vineyards

₹476.4 -20.6 | 4.1%

WEBSITE BSE:543711 NSE : SULA 10 May, 16:01

Market Cap ₹4020 Cr.

Stock P/E 43.1

P/B 7.3

Current Price ₹476.4

Book Value ₹ 65.2

Face Value 2

52W High ₹699.8

Dividend Yield 1.78%

52W Low ₹ 395.2

Edit Ratio

Sula Vineyards Research see more...

Equity Research: Sula Vineyards Ltd.

Overview Inc. Year: 2003Industry: Breweries & Distilleries

Sula Vineyards Ltd is an Indian wine producer and hospitality company located in the Nashik region of Maharashtra, India. Founded in 1999 by Rajeev Samant, the company has grown to become one of the largest and most popular wine brands in India, producing a variety of red, white, rosé, and sparkling wines. Sula Vineyards operates a large winery and vineyard that spans over 3000 acres, and has tasting rooms, restaurants, and hotels on its premises. The company also exports its wines to several countries, including the United States, Canada, Europe, and Asia. In addition to its wine production and hospitality operations, Sula Vineyards is also committed to sustainable and socially responsible practices. The company has implemented several initiatives to reduce its carbon footprint and promote the welfare of its employees and surrounding communities.

Sula Vineyards Share Price

New

Volume

Price

Price: NSE50 DMA200 DMAVolume

Quarterly Price

Quarterly Monthly

Show Value Show %

Peer Comparison

Sula Vineyards Quarterly Results

#(Fig in Cr.)	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Net Sales	183	112	96	128	209	120	117	143	218	132
Other Income	1	1	1	1	1	1	2	1	1	4
Total Income	183	113	97	129	210	121	118	144	219	136
Total Expenditure	127	83	71	91	145	89	86	99	146	102
Operating Profit	57	29	26	38	65	32	32	45	73	33
Interest	6	5	5	5	6	5	5	7	8	6
Depreciation	6	6	6	6	7	7	8	8	8	8
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	45	19	15	26	53	20	19	31	57	19
Provision for Tax	11	5	4	7	13	6	5	8	14	5
Profit After Tax	34	14	11	20	39	14	14	23	43	14
Adjustments	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	34	14	11	20	39	14	14	23	43	14
Adjusted Earnings Per Share	4.4	1.7	1.3	2.4	4.7	1.7	1.6	2.7	5.1	1.6

Sula Vineyards Profit & Loss

#(Fig in Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	273	336	322	379	500	485	386	424	516	610
Other Income	2	1	1	2	2	2	4	3	3	8
Total Income	275	338	323	381	502	487	390	427	520	617
Total Expenditure	234	286	281	326	432	436	325	311	359	433
Operating Profit	42	51	42	55	70	50	65	116	161	183
Interest	3	7	12	17	25	33	33	23	21	26
Depreciation	9	10	12	15	20	35	26	24	26	32
Exceptional Income / Expenses	0	0	0	0	0	0	-2	0	0	0
Profit Before Tax	30	34	17	22	26	-17	3	70	114	126
Provision for Tax	11	14	8	10	19	-4	0	17	30	32
Profit After Tax	19	20	9	12	7	-14	3	52	84	94
Adjustments	-0	0	0	0	0	0	-0	0	0	0
Profit After Adjustments	19	20	9	12	7	-13	3	52	84	94
Adjusted Earnings Per Share	2.5	2.8	1.2	1.7	1	-1.8	0.3	6.6	10	11

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	22%	2%	6%	0%
Operating Profit CAGR	39%	48%	24%	0%
PAT CAGR	62%	0%	48%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	11%	NA%	NA%	NA%
ROE Average	18%	11%	6%	6%
ROCE Average	20%	14%	10%	10%

Sula Vineyards Balance Sheet

#(Fig in Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	249	266	308	317	323	300	305	395	532
Minority's Interest	0	0	0	0	3	2	0	0	0
Borrowings	3	2	20	25	59	79	59	48	54
Other Non-Current Liabilities	12	15	20	22	28	46	36	25	24
Total Current Liabilities	114	176	265	307	358	407	352	290	271
Total Liabilities	377	459	613	671	772	834	752	759	881
Fixed Assets	140	165	254	279	325	355	318	361	413
Other Non-Current Assets	14	18	35	38	56	32	27	27	44
Total Current Assets	224	276	324	354	391	448	407	371	424
Total Assets	377	459	613	671	772	834	752	759	881

Sula Vineyards Cash Flow

#(Fig in Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	0	8	10	16	14	3	37	41	10
Cash Flow from Operating Activities	10	8	2	13	15	45	120	87	88
Cash Flow from Investing Activities	-66	-30	-55	-59	-56	-44	-22	-57	-73
Cash Flow from Financing Activities	64	25	59	44	30	33	-94	-61	-9
Net Cash Inflow / Outflow	8	2	6	-2	-11	34	3	-31	6
Closing Cash & Cash Equivalent	8	10	16	14	3	37	41	10	16

Sula Vineyards Ratios

#	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	2.53	2.77	1.19	1.68	0.96	-1.76	0.33	6.63	9.97
CEPS(Rs)	3.75	4.15	2.89	3.75	3.59	2.86	3.78	9.64	13.05
DPS(Rs)	0.1	0.4	0.4	1	0.6	0.6	0	4.9	8.35
Book NAV/Share(Rs)	33.72	36.04	41.71	42.86	42.86	39.76	40.24	49.96	63.07
Core EBITDA Margin(%)	14.14	14.85	11.26	12.28	12.34	9.24	14.58	24.96	28.46
EBIT Margin(%)	11.73	12.2	8.06	9.11	9.09	2.93	8.75	20.37	24.41
Pre Tax Margin(%)	10.54	10.07	4.74	5.21	4.68	-3.28	0.76	15.32	20.6
PAT Margin (%)	6.61	6.05	2.43	2.86	1.29	-2.55	0.67	11.49	15.19
Cash Profit Margin (%)	9.79	9.07	5.89	6.4	4.84	4.06	6.82	16.69	19.87
ROA(%)	4.92	4.87	1.64	1.92	1	-1.68	0.35	6.91	10.25
ROE(%)	7.51	7.95	3.07	3.97	2.25	-4.35	0.93	14.98	18.19
ROCE(%)	10.93	12.49	7.03	7.77	8.74	2.42	5.74	15.03	20.04
Receivable days	80.78	81.18	105.17	116.36	109.39	114.63	121.38	93.68	73.87
Inventory Days	129.98	115.37	128.99	115.93	94.96	113.23	137.66	123.11	112.53
Payable days	157.74	140.62	155.22	209.01	151.66	161.03	201.41	296.26	323.99
PER(x)	0	0	0	0	0	0	0	0	36.87
Price/Book(x)	0	0	0	0	0	0	0	0	5.83
Dividend Yield(%)	0	0	0	0	0	0	0	0	2.27
EV/Net Sales(x)	0.22	0.28	0.49	0.59	0.6	0.71	0.69	0.53	6.31
EV/Core EBITDA(x)	1.42	1.84	3.81	4.09	4.29	6.79	4.1	1.94	20.23
Net Sales Growth(%)	0	23.04	-4.26	17.75	31.94	-2.98	-20.46	9.97	21.64
EBIT Growth(%)	0	24.46	-29.2	35.34	28.5	-69.33	135.97	152.82	46.08
PAT Growth(%)	0	9.52	-56.93	40.97	-41.9	-288.14	120.77	1758.79	61.17
EPS Growth(%)	0	9.48	-56.93	40.59	-42.99	-284.11	118.97	1885.57	50.35
Debt/Equity(x)	0.22	0.34	0.53	0.71	0.91	1.23	0.99	0.58	0.36
Current Ratio(x)	1.96	1.57	1.22	1.15	1.09	1.1	1.16	1.28	1.57
Quick Ratio(x)	1.08	0.93	0.69	0.72	0.65	0.68	0.75	0.72	0.91
Interest Cover(x)	9.85	5.72	2.42	2.34	2.06	0.47	1.1	4.03	6.41
Total Debt/Mcap(x)	0	0	0	0	0	0	0	0	0.06

Sula Vineyards Shareholding Pattern

#	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	27.33	27.33	27.27	26.27	26.27	26.18
FII	7.41	5.86	6.78	20.62	19.69	13.85
DII	8.86	11.76	10.23	17.52	19.56	22.62
Public	56.4	55.06	55.72	35.59	34.48	37.36
Others	0	0	0	0	0	0
Total	100	100	100	100	100	100

#	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	2.3	2.3	2.3	2.22	2.22	2.21
FII	0.62	0.49	0.57	1.74	1.66	1.17
DII	0.75	0.99	0.86	1.48	1.65	1.91
Public	4.75	4.64	4.7	3	2.91	3.15
Others	0	0	0	0	0	0
Total	8.42	8.42	8.44	8.44	8.44	8.44

Pros

Company has delivered good profit growth of 47% CAGR over last 5 years
Company is almost debt free.

Cons

Promoter holding is low: 26.18%.
Company has a low return on equity of 11% over the last 3 years.
Debtor days have increased from 296.26 to 323.99days.
Stock is trading at 7.3 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.