Sula Vineyards IPO - Outlook, Valuations, Financials, Concerns: Angel One

Angel One's IPO Report

Incorporated in 2003, Sula Vineyards Ltd. is the India's largest wine producer and seller as of March 31, 2022.

The company also distribute wines under a bouquet of popular brands including 'RASA,' 'Dindori', 'The source,' 'Satori', 'Madera' and 'Dia' with its flagship brand 'Sula' being the 'category creator' of wine in India.

The company's business is broadly classified under two categories-

1. The production of wine, the import of wines and spirits, and the distribution of wines and spirits (the 'wine business'); and

2. the sale of services from ownership and operation of wine tourism venues, including vineyard resorts and tasting rooms (the 'wine tourism business').

Sula benefits from high import duties imposed on imports of international wines in India, these duties could be reduced or eliminated in the future.

Adverse climatic conditions may impact the quality of wine grapes which is the key raw material.

Company may not be able to adjust the retail prices of its products as a result of state regulation.

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