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Sula Vineyards CFO Bittu Varghese resigns


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

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

He will be relieved of his duties on June 9, 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 exchanges in due course,” the filing said.

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

The company’s sales increased by 14 percent 209 crore compared to 183 crore in Q3FY22.

In the third quarter, Sula registered the highest quarterly gross invoices ever, both for own brands and wine tourism activities. Sula recorded a 13 percent increase in own brand sales to 187.2 crore during Q3 compared to 165.7 crore in Q3FY22. While in the nine-month period of FY23, annualized growth was 28 percent. The company posted a 13 percent growth in wine tourism revenues 23 crore during Q3.

The company’s share price ended 0.98 percent lower on Friday 355.20 on BSE.

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Joanna Swanson

Joanna Swanson is Europe correspondent at the Thomson Reuters Foundation based in Brussels covering politics, culture, business, climate change, society, economies and inclusive tech. With specific focus in breaking news, she has covered some of the world's most significant stories.