Sula Vineyards gets ₹6.45 crore tax demand order for FY23; to file appeal

Wine producer Sula Vineyards Limited on Friday (September 26) informed stock exchanges that it has received an order of assessment of tax under the Central Sales Tax Act, 1956, for the financial year 2022-23. The order was issued by the Deputy Commissioner of State Tax, Nashik, on September 25, 2025.

According to the company’s disclosure, the department has raised a demand of ₹6.45 crore owing to the non-availability of F-Forms and C-Forms, inclusive of interest. The breakup includes ₹3.57 crore on account of non-submission of forms and ₹2.88 crore as interest under Section 30.

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Sula Vineyards stated that it does not expect any financial implications in lieu of this order at this stage. The order has not imposed any penalty, restriction, or sanction. The company said it will file a rectification or appeal against the assessment order. No other relevant information was reported.

First Quarter Results

Sula Vineyards Ltd's consolidated net revenue fell 7.9% YoY to ₹118.3 crore, compared to ₹128.4 crore in Q1 FY25. The decline was largely led by a 10.8% fall in own-brand wine revenue, which dropped to ₹102.3 crore amid a continued urban consumption slowdown and spillover effects of excise-driven trade pre-loading in Maharashtra.

However, wine tourism emerged as a bright spot, with revenue rising 21.8% YoY to ₹13.7 crore, driven by higher footfalls, record Q1 occupancy at its resorts, and increased guest spending. The recently operationalised Samruddhi Highway, which reduces travel time from Mumbai to Nashik, also aided momentum.

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Shares of Sula Vineyards Ltd ended at ₹264.80, down by ₹4.65, or 1.73%, on the BSE.