Bittu Varghese assumed control of the CFO role at Sula Vineyards in 2019 and oversaw the financial division, guiding the business to a prolific IPO last year.
Bittu Varghese, the company's chief financial officer, stepped down on Saturday, according to Sula Vineyards, the largest beverage producer in the nation. His resignation was submitted on March 10, 2023. "We hereby inform that Mr. Bittu Varghese, Chief Financial Officer and Key Managerial Personnel of the Company, on March 10, 2023, has tendered his resignation from the services of the Company to pursue his professional interests outside Sula," reads the company's official statement.
The hiring of a new CFO is underway, according to Sula Vineyards. On June 9, 2023, Varghese would be let go from his position. Varghese assumed control of the CFO role at Sula Vineyards in 2019 and oversaw the financial division, guiding the business to a prolific IPO on December 12, 2022. Earlier, had experience working for French spirits company Pernod Ricard.
According to the statement, "The Company is in the process of choosing a new Chief Financial Officer and the same would be promptly reported to the stock exchanges in due course." Sula Vineyards recorded a 15% rise in net for the three months ending in December 2022, coming in at Rs 39 crore. Comparatively, the same quarter a year ago saw a net profit of 34 crore. The company's revenue increased 14% to Rs 209 crore from Rs 183 crore in Q3FY22.
Sula's total quarterly total billings reached their greatest level ever in Q3. When compared to last fiscal year, Sula's own brand sales increased by 13% to 187.2 crore during the third quarter. In the third quarter, the company reported a 13% increase in wine tourist income to Rs 23 crore.
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