Sula Vineyards CFO Bittu Varghese Resigns

 Sula Vineyards (AFP)Premium
Sula Vineyards (AFP)

He will be relieved of his duties on 9 June, 2023.

The largest wine producer in the country, Sula Vineyards on Saturday announced that Bittu Varghese, chief financial officer of the company has resigned. He tendered his resignation on 10 March,2023. 

“we hereby inform that Mr. Bittu Varghese, Chief Financial Officer, and Key Managerial Personnel of the Company, on March 10, 2023, has tendered his resignation from the services of the Company to pursue his professional interests outside Sula," said Sula Vineyards in its filing.

He will be relieved of his duties on 9 June, 2023. Sula Vineyards said it is in the process of appointing a new CFO.

“The Company is in the process of appointing a new Chief Financial Officer and the same will be duly communicated to the stock exchanges in due course," the filing added.

Sula Vineyards reported a 15 per cent increase in net profit at 39 crore for the quarter ended December 2022. This is against a net profit of 34 crore in the year-ago period.

The company's revenue rose 14 per cent at 209 crore as compared to 183 crore in Q3FY22.

In Q3, Sula recorded the highest-ever quarterly gross billings overall in both its own brands and wine tourism business. Sula registered an upside of 13 per cent in own brands sales to 187.2 crore during Q3 as compared to 165.7 crore in Q3FY22. While in nine months period of FY23, the growth was at 28 per cent on a year-on-year basis. The company posted a 13 per cent growth in wine tourism revenues to 23 crore during Q3.

On Friday, the company's scrip ended 0.98 per cent down at 355.20 on BSE. 

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