The country’s largest wine producer Sula Vineyards on Saturday announced that the company’s chief financial officer Bittu Varghese has resigned. He tendered 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 services of the Company with effect from March 10, 2023 to pursue his professional interests outside Sula.” Sula Vineyards in its filing.
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 stock exchanges will be duly informed,” the filing said.
Sula Vineyards reports 15 percent increase in net profit 39 crores for the quarter ending December 2022. it is against net profit 34 crore in the year-ago period.
The company’s revenue has increased by 14 percent 209 crores as compared to 183 crore in Q3FY22.
In Q3In 2015, Sula recorded the highest-ever quarterly gross billing overall in both its own brand and the wine tourism business. Sula records 13 percent growth in sales of its brands 187.2 cr during Q3 as compared to Rs. 165.7 crore in Q3FY22. Whereas in the nine-month period of FY23, the growth rate was 28 per cent on a year-on-year basis. Company records 13 percent growth in wine tourism revenue 23 crore during Q3.
The company’s stock closed down 0.98 per cent on Friday. 355.20 on BSE.
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