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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