SULA2023-04-012023-06-30 SULA2023-04-012023-06-30in-bse-fin:OneOperatingExpenses01Member SULA2023-04-012023-06-30in-bse-fin:OneOperatingExpenses02Member SULA2023-04-012023-06-30in-bse-fin:OneOperatingExpenses03Member SULA2023-06-30 SULA2023-04-012023-06-30in-bse-fin:OneItemsThatWillNotBeReclassifiedToProfitAndLoss01Member iso4217:INRxbrli:purexbrli:sharesiso4217:INRxbrli:shares 543711 SULA NOTLISTED Sula Vineyards Limited Equity 2023-04-01 2024-03-31 2023-08-09 2023-08-03 INR Crores First quarter 16:30:00 17:25:00 2023-08-09 2023-08-09 Not applicable Single segment The Company is engaged in the business of manufacture, purchase, and sale of alcoholic beverages (wines and spirits) 2023-04-01 2023-06-30 Unaudited Standalone 1156300000.00 17200000.00 1173500000.00 106200000.00 44800000.00 88900000.00 205500000.00 50100000.00 67900000.00 392700000.00 956100000.00 217400000.00 0.00 217400000.00 58400000.00 -4800000.00 53600000.00 0.00 163800000.00 0.00 0.00 0.00 0.00 163800000.00 -11500000.00 152300000.00 0.00 0.00 168800000.00 2 1.94 1.94 0.00 0.00 1.94 1.94 0.00 0.00 0.00 1. The standalone unaudited financial results of Sula Vineyards Limited (Formerly Sula Vineyards Private Limited) (the 'Company') have been prepared to comply in all material respects with the Indian Accounting standards ('Ind AS') as prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules, as amended, and in terms of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended). These results have been reviewed and recommended to the Board of Directors by the Audit Committee of the Company and subsequently approved by the Board of Directors of the Company at their respective meetings held 9 August 2023. 2. The Company is engaged in the business of manufacture, purchase and sale of alcoholic beverages (wines and spirits). The Company’s chief operating decision makers (which include the CEO, CFO, COO and members of the Board of Directors) monitor and review the operating result of the Company as a whole. Therefore, there are no reportable segments for the Company as per requirements of Ind AS 108 ‘Operating Segments’. Further, considering the seasonality of the business, the revenue, costs and profits do not accrue evenly over the year and therefore the quarterly results may vary and not be strictly comparable. 3. As at 30 June 2023, the Company has non-current investments and non-current loans amounting to INR 27.60 crore and INR 31.06 crore, respectively, in its wholly owned subsidiary Artisan Spirits Private Limited ('ASPL'). As at 30 June 2023 while ASPL has accumulated losses and its net-worth has been substantially eroded, the management believes that the net-worth of the subsidiary does not represent its true market value. Basis the forecast of future business plans and other growth prospects, the realisable value of the subsidiary on a going concern basis has been assessed by an independent valuer to be higher than the carrying value. Consequently, the Company's non-current investment and non-current loans to ASPL, as at 30 June 2023, have been considered good and fully recoverable. 4.During the quarter ended 30 June 2023; 120,111 fully paid up equity shares of face value of INR 2 each have been allotted against the exercise of options under Employees Stock Option Scheme ESOP 2021 and Employees Stock Option Scheme ESOP 2020 of the Company at an exercise price of INR 170 per equity share. 5. The Company has a disputed excise duty demand of INR 115.90 crore in respect of which a stay was granted by Hon’ble Minister for State Excise (‘Minister') in earlier years. On 21 July 2023, the stay was vacated by the Minister and the Company filed a Writ Petition before Hon’ble Bombay High Court (‘HC’) challenging the vacation of stay order. HC vide its Order dated 4 August 2023 has set aside the Order passed by Minister for vacation of stay and has instructed Minister to decide the matter within a period of four months from the date of receipt of Order of the HC. The Company has been legally advised that it has a good case and consequently no provision is considered necessary in the standalone unaudited financial results for the quarter ended 30 June 2023. Excise duty on sales 80700000.00 Others 193100000.00 Selling, distribution and marketing expense 118900000.00 Gain / (loss) on remeasurement of defined benefit plans (net of tax) -11500000.00 -11500000.00 0.00 0.00