Sula Vineyards Ltd reported a sharp decline in profit for the September quarter, dented by sales disruptions in Telangana, its third-largest market. Liquor stores in Telangana have not been restocking ahead of the expiry of the current licenses in November, Sula said.

The license auction process is ongoing, and the company expects it will drive a "a good recovery" towards the fourth quarter of the current fiscal year.

The winemaker’s net profit dropped 58.6% year-on-year to ₹6 crore, compared with ₹14.5 crore in the same quarter last year.

Revenue from operations was largely flat at ₹139.6 crore, down 1.1% from ₹141.2 crore a year ago.

EBITDA fell 23.9% to ₹25.9 crore, against ₹34 crore in the corresponding quarter of the previous year. Operating margins contracted to 18.5% from 24% l

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