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Radico Khaitan Ltd
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ladies and gentlemen, good day, and welcome to Radico Khaitan Q4 FY '24 Earnings Conference Call hosted by Dolat Capital. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Yash Visharia from Dolat Capital. Thank you, and over to you, sir.
Thank you, Steve. Good afternoon, everyone. On behalf of Dolat Capital, we welcome you all to Q4 FY '24 Earnings Call of Radico Khaitan. We would like to thank the management for giving us the opportunity to host the call. On the call, we have with us Mr. Abhishek Khaitan, Managing Director; Mr. Amar Sinha, Chief Operating Officer; Mr. Dilip Banthiya, Chief Financial Officer; and Mr. Sanjeev Banga, President, International Business. I would now like to hand over the call to Mr. Abhishek Khaitan for his opening comments. Thank you, and over to you, sir.
Good afternoon, ladies and gentlemen. Thank you for joining us on our Q4 FY '24 results conference call. FY 2024 has been a year of consolidation for Radico Khaitan. During the year, we have continued to grow the Prestige & Above brands ahead of our expectations. We have strengthened our portfolio with more premium and luxury brands. And we have successfully completed, commissioned our Sitapur project, which further strengthens our backward integration capabilities. Driven by the strength of our premium brands portfolio and focused marketing strategies, Radico Khaitan delivered [indiscernible] of a resilient performance with Prestige & Above category brands growing by 14% year-on-year. Growth during FY '24 was 20%.
All core brands continue to report strong momentum. Magic Moments vodka recorded 6.3 million cases sales during the year and gross sales value of INR 1,000 crores. Morpheus Super premium brandy and 1965 Spirit of Victory premium rum crossed 1 million case sales for the second consecutive year. The volume of Royal Ranthambore whiskey more than doubled. We have also signed an endorsement deal with Bollywood star Saif Ali Khan for Royal Ranthambore.
We remain committed to a focused product portfolio of premium brands where consumer aspirations drive brand choice. Right from ideation to blend development, packaging, marketing, brand communication, distributing and delivering value to consumers. We have a well-defined road map at each stage of the product life cycle. We are confident that these strategies will continue to help us deliver balanced growth and value creation for all our stakeholders.
During the quarter, we expanded our luxury portfolio through the launch of the Kohinoor Reserve Indian dark rum, which is crafted through small batch distillation. Using only fresh cane juice spirit during the North Indian winter season. It has then matured in American oak barrels previously used for maturing Indian single malt, followed by further maturation in Cognac XO and Vermouth casks. Priced at about USD 50 per bottle, it will be rolled out in coming months across global markets, including the U.S.A., U.K. EU, Asia as well as global travel retail.
During FY '24, Jaisalmer gin achieved market share of 50% in the luxury gin space in India. With Jaisalmer, we are experiencing the same consumer traction as we had seen in case of vodka at a much higher price point. We continue to expand the distribution of Rampur and Jaisalmer in India. In Q2 FY '24, we plan to introduce Jaisalmer Gold edition in the Indian markets to give a super luxury experience to the gin consumers.
During this year, we also plan to launch Rampur Asava in domestic market. Rampur is now available in 15 states and Jaisalmer in 22 states. During FY 2024, while the prices of certain packaging materials have been stable, cost of grain ENA and glass has been volatile. This has led to a significant pressure on our gross margin. However, with our product premium mix and price increases, we have been able to offset the pressure of raw material prices. With the expectations of a normal monsoon and better crop yield, we are seeing early signs of softening of grain prices. We continue to cautiously monitor the industry trends. We believe that the worst of the input cost is behind us, and we expect the benefit from any tailwinds in the raw material prices in FY '25. We expect our operating margins to see improving trajectory in FY '25.
With the rising affluence, low per capita consumption levels and a strong premiumization trend, I'm confident of the mid- to long-term potential of the Indian alcobev sector. To continue serving the discerning consumers, Radico Khaitan is progressing well on its brand creation journey with innovation and consumer aspirations as its core, which is backed by our integrated manufacturing facilities and distribution platform.
I would now like to hand over the call to our CFO for a detailed operational and financial review. Thank you, and over to you, Dilip.
Thank you, Abhishek. Thank you, everyone, for joining us on this call today. During Q4 of financial year '24, we reported a total IMFL volume of 7.16 million cases, representing a degrowth of 1.2% on a year-on-year basis. Prestige & Above category volume grew by 14.2%. In value terms, the Prestige & Above category registered a 16.1% growth. Prestige brands have grown at a CAGR of 13% in volume terms and 20% in value terms since financial year 2019. We expect to continue to deliver 15% to 18% premium volume growth in financial year 2025.
Prestige & Above category now account for 49.6% of IMFL volume compared to 40.2% in quarter 4 of FY '23. The percentage of P&A is higher due to the significant degrowth in the regular category. Improvement in IMFL realization is due to the combination of price increases and continued premiumization. Regular category volume were impacted due to strategic rationalization of portfolio and certain state-specific excise policy changes, particularly in large states where we have received price increase in the regular category.
Gross margin during the quarter was 41% compared to 40.6% in quarter 4 of FY '23. On Y-o-Y basis, the grain price inflation had a negative impact of 490 basis points in quarter 4, which was more than compensated by IMFL price increases and product mix changes as well as the softening of other input costs. On a year-on-year basis, there was 285 basis point impact due to price increase in quarter 4 of financial year '24. On our IMFL sales value, on a full year basis, the impact of price increase was 200 basis points.
Despite commodity inflation in ENA and grain prices, we have been able to sustain gross margin due to ongoing premiumization and price increases in the IMFL business. Although price of certain packing material has softened recently, we cautiously monitor the trend of grain, ENA and glass bottle where volatility still persists. Going forward, our focus will be on improving profitability along with cash flow generation and a more efficient working capital management, resulting in debt reduction. We reiterate our commitment to be debt-free by FY '26.
With this, we now open the line for Q&A. Thank you.
[Operator Instructions] The first question is from the line of Abneesh Roy from Nuvama.
My first question is on the raw material scenario in FY '25. So you have highlighted that because good monsoons are expected, you would expect a gradual softening of the ENA grain prices. So will this be more of H2, both in terms of, say, ENA and say, even glass in terms of softening. So first half could be a bit challenging just like in Q4, where around 150 bps compression has happened versus full year there's a 150 bps compression in gross margin. So first half looks challenging in terms of both the raw materials?
So as far as the -- as we also see that there is a normal monsoon and good crop yield, which is expected. Early signs of the grain prices and the maize prices because basically the ethanol has mostly been shifted on maize. And that also is having a little less pressure on the broken rice prices. So we have seen the early signs of having a declining this thing, but it's early. At the same time, government very recently has also must have had press reports and all that, that the stock at the FCI is increasing continuously. And on a year-on-year basis, around 10 million tons of rice is extra with the government versus the last year same period, and government plans to dispose of it. So we see that after the election, there will be some impact on the broken rice prices as well as the maize prices.
Yes. So the impact of that will be felt from -- some impact will be seen in this first quarter, but I see that Q2 will have the -- in Q2 onward we will have impact on account of the...
It will be an optimistic.
Sure. Second question is on the current development of the election. So in a Lok Sabha election year, there are disruptions for the liquor sector in terms of excise officer availability, interstate transfer of raw material and finished products and of course, the dry days also. So could you tell us what kind of disruptions you expect in this time's Lok Sabha election in Q1?
Q1 actually -- since the election is starting from April to June beginning, and it is almost 6 weeks, and there are a number of dry days in those period. So there is some impact, at the same time, as you rightly said that the officers and other people, government officials are on official duty. So sometimes, it impacts the primaries and the release of payment, et cetera, but this is a very, very temporary phenomenon. I think after 3rd or 4th June these things will get set right.
Sure. Last question would be on the P&A growth. So the market leader also has been highlighting slowdown for now 2 quarters. Their results are yet to come, but we do expect a slowdown for them also. So generally, sir, discretionary -- most of the segments say in terms of pizza, apparel, everything is slowing down. So in that context, how confident are you in terms of current trajectory of 16% sales growth, which is much lower than full year growth of 29% in FY '24. How confident are you of this kind of a run rate given the slowdown seems to be more pronounced in Q4 versus the full year for you?
So as a matter of fact, as overall on an annualized basis, we have grown our P&A category by 20%, right? And quarter on one-quarter impact of 14% on all that is not the -- which gives us. We have a bouquet of portfolio of the P&A category, and we are confident of delivering more than 15% growth in P&A category in FY '25. I think Amar can elaborate that in much more detail, brand...
So gentlemen, since I've been asked to elaborate, I would like to say that these quarterly variations are really not so significant today. I think we need to look at a much larger picture of the liquor business that we are in. So I'll cite some numbers and then come to the main point with regard to Radico. And I think a lot of questions that are about to come will also get answered with this. See, if you look at some public sources of data like -- credible data like Data Bridge Market Research and Statista.com, the global spirits market is $72 billion.
The Indian spirit market out of this is $31 billion, which means India contributes 40% to 43% of the global spirits market by revenue. Now the forecast. The forecast for the next 5 years is $200 billion, which means from the current $31 billion of India, it is likely to reach $90 billion, which is 3x growth. Now what we see is that this brings a big opportunity for Radico in the times ahead. There are great brands which are being seeded as of now as we speak. Now who will capitalize upon this opportunity? Companies that have strong professional management, research and blending capabilities, distribution network, production network, captive raw material, they are the ones who will seize the opportunity.
As you have seen, we have done a lot of expansion in Rampur and Sitapur, and this is all with regard to seizing the opportunities that are going to arise. As you know, that Bob Sternfels, the CEO of Mackenzie has said that this century belongs to India, and this couldn't be more true than in the alcobev space. So today, Radico is already the largest alcobev playing player -- Indian alcobev playing player. This is the first time if you see FY '24, the industry has crossed 404 million cases of spirits. Having said that, we have actually in the last 7 years, performed consistently on all parameters of financial performance. You're fully aware of that.
As I said, quarterly variations are not so significant. We look -- we need to look at a much larger picture as far as Radico is concerned. Now let me tell you the bouquet of brands that we right now work on because your question was whether -- how will we maintain the growth rate on P&A. So just to throw some light on that, let's take Rampur Double Cask. It's in the super luxury segment, priced at INR 7,500 a bottle, available in 45 countries overseas, 15 states in India. You will be surprised, we have registered a 138% growth in FY '24 at the top end of the luxury segment, at the top end. It's an aspirational and status product, making India proud all over the world.
Then comes Rampur Asava, which is already launched overseas, and now we plan to bring it into India very shortly in quarter 1, quarter 2, priced at INR 10,000, higher than Rampur Double Cask. Jaisalmer gin is in the luxury segment, priced at INR 4,000 average per bottle available in 30 countries and 22 states in India. Fast-growing and evolving category, gin, as you know. Proudly, we have 50% market share of the luxury segment in gin. Jaisalmer Gold is another brand, which is a higher variant, which will be launched in India again in Q1, Q2, with a 50% higher consumer price, approximately INR 6,000 a bottle. And that's there to come.
Then in the luxury segment, we have Royal Ranthambore, which is priced approximately at INR 1,800, available now in 20 states, you will be surprised we have registered more than 100% growth in this brand in such a short period of time in FY '24. The brand has taken off. It's buoyant, brand to watch out for and brand for the future for Radico. Another product that we recently launched was Magic Moments Pink. Very encouraging response from day 1, priced INR 40 per bottle higher compared to Magic Flavor, very healthy brand contribution, launched in 10 states by now. And Magic Moments itself, as Mr. Abhishek Khaitan has pointed out, crossed the INR 1,000 crore sales mark with a volume of 6.3 million cases and a 60% plus market share.
Another one in the portfolio, 8PM Black, available now in 24 states. We've launched the convenience pack for our loyal customers and to recruit new customers. It's called the hipster pack. This will further push volumes. It's right now a 3 million plus brand and growing very rapidly.
South India is a brandy market. Now this is a -- I'm talking about the premium and super premium segment of the brandy segment where a bottle is priced at INR 1,000, INR 1,100 is Morpheus Black and Morpheus Blue at INR 1,400. We are available in 26 states. The vision was for the first time, which any company thought about to make brandy a national product, and we have successfully achieved that goal. So gentlemen, we have achieved 1.3 million cases of brandy selling nationally across the country and the only brand to be national. It's a very high contribution category again.
Very recently, we launched Happiness in 3 variants Happiness in a Bottle. It's a gin in the mid-price segment, in the premium category. We have test marketed it in 4 states. It started picking up. We plan to launch it in 10 states during the year '24-'25. And last, but not the least, we have launched 1965 Premium Rum. Rum is normally considered to be a cheap product in India, but we launched it at a premium price, higher than the other large selling rum segment. And today, we are 30% market share in defense and 14% market share in the domestic market. This is all the brands are all organic.
Radico continues to launch premium brands in the times ahead. Overseas, we have launched a product called Kohinoor Indian Dark Rum at USD 50. The beauty of international market and we desire to bring in India as well in the times ahead, depending upon allocation. Now there are many more gentlemen on the drawing board ready to take on the world, premiumization story that Radico has is going well on track. Market share in the P&A category is on the increase, and I repeat, faster than the industry.
Next 3 years, we'll surprise the tipplers across the world. Market leadership position, as you see, has already been obtained in India, in the white spirits, which is vodka and gin. And we are already leaders in the brandy segment, in the premium and super premium categories. And of course, rum, as I said. So vodka, gin, brandy and rum are taken care of. Whiskey has started creating waves. Brands like Royal Ranthambore, 8PM Black, Rampur Single Malt, not only in India but also globally.
Gentlemen, the big growth drivers are gin and vodka category as of now, and Radico continues to grow much higher -- at a much higher rate in the premium segments compared to the industry. The P&A industry has increased nationally for the industry and so has Radico. But the big story is that the P&A industry actually grew for the industry at an x rate and Radico grew at 2x rate. Top end of the premium portfolio is growing faster. P&A brands have grown at a CAGR of 13% since 2019 and now 45.6% of total IMFL. There is a sustainable improvement in realization per case. We are probably one of the larger companies, which has 7 million case -- million case plus brands in our portfolio. And our premium brands continue to show very healthy growth. So gentlemen, India is -- we are making India proud and the world proud of India as well. So thank you very much. Dilip?
Thank you. Thank you, Amar, for giving such detailed elaborative brand-related our vision and aspirations. Thank you.
The next question is from the line of Dhiraj Mistry from Antique Stock Broking.
Congrats on very good set of numbers. So my question on realization growth. So if I see that P&A realization growth has now dropped and it is more or less anniversarized. How do we see that what kind of product mix improvement would lead to the realization growth? What kind of realization growth we can expect in FY '25 for P&A?
So Dhiraj, actually, the -- we can't see this on a quarter-on-quarter basis. But if you see on an annualized basis, the growth in realization because of the product mix and the kind of brands which are being launched and taking spread, I think 600 basis points to 700 basis points, we can see as an impact on account of that in our P&A category between volume and value.
Okay. And so if we are expecting like 15% volume growth and 6 percentage points of realization growth, we can expect on an annualized basis.
Yes, annualized basis 500 to 600 basis points on account of brand product mix.
And just wanted to confirm that is there any one-off in P&A volume growth in this quarter. So earlier, we were clocking more than almost 30% this value growth and with 20% plus volume growth. And this quarter, we have 15% -- 14%. Is there any one-off in this quarter?
So this is not one-off, but as a strategy, some brand in one state has been given further on royalty. So those have come below the line over this thing in royalty volume than it was earlier in P&A category. And it is depending on state route to market, et cetera.
Okay. Got it. And second and last question on this realization profitability of non-IMFL business, that's how we should look forward for that.
So after the price increase and all that, as last year, we were in negative EBITDA margins, this thing. We are now making mid-single-digit EBITDA margin on our this thing on our non-IMFL business. Some of the impact has also been seen there because of the grain prices. If this grain prices as we see initial this thing, signs of getting some softening. So we expect that margins on the non-IMFL also to stabilize at late single digits, like 8%, 9%, 10% will be the ideal situation.
For FY '25?
Yes, FY '25.
Okay, okay. This would be on a -- for average for FY '25 or exit of FY '25?
No. I think average of FY '25, some you will see from Q2 onward.
The next question is from the line of Karan Taurani from Elara Capital.
Congrats on a good quarter. My first question was on the regular volume decline. So of course, there are 2 parts to it. One is the price hike that you've taken in. Second is a bit attempt to sort out supplies to drive better profitability. So how should one foresee regular volumes in FY '25 given the scenario right now?
So Karan, first of all, this year, because of election, there were certain excise policy which got delayed. And because of that, there is a pipeline filling in certain states also. And in particular, those states where the EDP of regular category is much -- a little higher, much higher than others. That has impacted the [indiscernible] at the same time, there is a large state in South where the price increase have happened. And when it happens, then the MRP goes up and it takes some time to readjust this thing. So that will get adjusted in a couple of quarters. Another this thing is Delhi, which is a kind of unstable market still because of obvious reasons. And in certain markets like Kerala and all that, we discontinued certain brands because of the lower contribution. But as we say, and Amar can further add that we expect back the regular growth because we have seen these kind of corrections. And I think 3%, 4% kind of growth in the regular category from -- in FY '25 is the one which we plan for.
So yes, I think regular category is something that does not concern us so much right now with softening of raw material prices and packaging prices, we will probably recover volumes also. And the post-election -- the election phenomena will get over, say, by the end of quarter 1.
Right. And about profitability margins. So of course, you're mentioning that commodity prices are pulling off, so we will also start seeing policy impact of backward integration. So any kind of aspiration EBITDA margin brand, say, towards FY '26 that you would like to maintain, whether it's 14%, 16% or 15% to 17%, any band on EBITDA margin?
As we have said in our opening remarks that from here onwards, we should continue to have an improved EBITDA margin quarter after quarter, and particular from Q2 onwards, you will see that trajectory. And I think our aspiration to bring this to mid-teens kind of margin remains that because of product premiumization, some price increases and all that. And in 2, 3 years, we will again 100 to 125 basis points of increase in FY '26 further. So 16% to 17% kind of margin is expected by '26.
That's very helpful. And lastly, any potential price hike expected post-elections in any of the states?
We have received price increase in 15 states already in the recent past last year. So I think right now, it's too early to look for a price increase again. It's an ongoing process where we keep talking to the government based on cost inflation, the process continues.
The next question is from the line of Pratik Patel from NiftyMillionaire.
Congratulations for the good numbers. So my question is regarding like -- I was reading about some Indri in Indian single malt and they have sold 1 lakh cases in 2 years. So does it have affected our brands, existing brands like Rampur and all, right? So I want to understand the scenario where the market is expanding or whether we are losing the market share?
Actually, Rampur Indian single malt is absolutely in a different category. It's a super luxury single malt. And compared to the competition, it is price doubled. So the price point comparison is not there with any of the Indian single malts. And Rampur itself, as Amar was saying, has shown a phenomenal growth, 138 per [indiscernible] last year, and it continues to grow because it's on allocation.
Just to add what Abhishek has said, it's also important that more single malts coming into the Indian market is expanding the single malt category as a whole, so which bodes very well for the category in the medium and long term. And then in any case here the product, the quality, the packaging, everything plays a good part, and we are well positioned to encash on that growing category.
And I was reading one report regarding this Indian -- like I am a sell side. Are the global acceptance is increasing of Indian brands, right? So what is your outlook regarding our brands, on our export side out of India, yes?
See, there are 2 segments in terms of international market for Indian brands. One is the luxury category, which has the Indian single malt and then craft gin, now we've launched the World malt -- Sangam World malt as well as soon to be released in the international market, the Indian Dark Rum. And then there is the [indiscernible] category over there. There is obviously a growing acceptance of the luxury portfolio across the world and people are looking at new innovative products.
And Indian products are now been greatly appreciated not only by the Indian diaspora, but even the mainstream consumers. The fact is go to any fine dining Indian restaurant anywhere in the world, whether it is New York, whether it is London or Dubai, they're so proudly serving and displaying the Indian luxury products.
And that's giving a big, big boost, and mind you, most of the people who go to the fine dining in Indian restaurants, apart from the HNIs or the Indian diaspora are the mainstream consumers as well which get a taste of the Indian luxury products and helps the retail market as well. So the growing acceptance of Indian products is a very heartening thing across the globe.
Okay. And sir, can you define if you can share it, like what are the factors that is driving this big change about Indian brands? Is it a quality or maybe the taste or what?
There are a couple of things. One is the overall certain imagery that of India has improved in the global market. Now India, the way Indian economy is growing, the way Indians are traveling, the way Indians are spending money as well, so everyone's looking forward to Indians being there, the -- most of the countries are now talking of either a long-term visa or visa-free entry for India because they all realize how much Indian travelers contribute to that. Second is the passion that Indians outside have for products coming from India because they are now competing with all the world-class brands over there. All this is helping in creating a huge market for Indian beverage alcohol products in the international market.
[Operator Instructions] The next question is from the line of Abhishek Agarwal from [ Nadi ] Investment.
Sir, in next 3 to 4 years, India market reaching 90 billion market. So what is our CapEx plan for next 3 to 4 years? Or we have enough capacity to take opportunity from this market increased 32 billion to 90 billion?
So as far as CapEx is done, we have done a large CapEx, and there is no further CapEx which is on anvil. At the same time, next 4 to 6 years, I think we will be living with our own distillation capacity. We have currently 29 million as our volume, and we can cater to because outsourcing availability of ENA from other sources for regular category if these are further the leveraging, which we can do. So don't see, and there will be a normal CapEx -- maintenance CapEx and all that, which has run rate of INR 60 crores to INR 70 crores per annum.
Okay, sir. And what is the Radico market share in India?
We are around 8% market share. However, our market share -- it is across board. But however, where price point where we are in, in case of premium segment, it is much more. Only those segments, then it will be around 13%, 14%. But we are not available. And in India, there is a [ cheap ], there economy. All these are part of the 400 million cases. So we are not present there. So market share onboard is 8%, but if we take out only the places we are, it will be much more.
Okay. And sir, last, if we do CapEx of INR 1, so what is our asset turnover?
Asset turnover -- we don't count that way that the CapEx of INR 1, how much. Most of the CapEx we did in last 10 year other than this large CapEx was Sitapur on greenfield project, we have done on our branded business. And branded business CapEx doesn't have that one-on-one ratio. So otherwise, at present the company's turnover is INR 4,000 crores and, gross [ profit ] is INR 3,000 crores. So -- and there is -- in this business, there is a lot of outsourcing which happens. So outsourcing will leverage us for the volume growth.
The next question is from the line of Shirish Pardeshi from Centrum Booking.
Congratulations for good set of numbers. I have just two questions. Out of 11.3 million cases what we have closed grown at 20% in FY '24, what would be a Rampur absolute number and Royal Ranthambore? This would have been excess of 500,000?
As far as Jaisalmer is concerned, we have already said that we are 50% of the whole luxury gin segment. And this gin segment is more than a lakh cases kind of things, right? Rampur Indian Single Malt, we have had 140% growth on this thing. Presently, on top line side, it is 6.5% of the IMFL branded business. As we are growing, we said that in -- I think 10% double digit out of the luxury segment is the aspiration for the 1, 1.5 years.
Sir, I got that. I'm just saying put together Rampur and Ranthambore, would we close to about 500,000 cases of 20 million -- 11.5 million?
500,000 cases.
We don't share numbers like this.
I'm not asking exact number, it would be more than 500,000?
500,000 will take some time. Actually, 500,000 for these -- the luxury brand doesn't work like that, frankly. And that to at 8,000 and above level in case of Rampur, and 4,000 for craft gin. But definitely, our growth is showing us that there is a good growth potential in these brands. Do you want to add?
Yes. I got that. My second question is out of 11.3 million cases what we have closed in FY '24, what is the CSD and what is the international part in this?
So CSD as our overall volume is around 9%, and export is around -- volume side is 4.5%. In value terms, CSD is around 11.5% to 12%, and export 8.5% to 9%.
The next question is from the line of Jasdeep Walia from Clockvine Capital.
Your voice is not clear.
Am I audible right now?
You're not audible still, sir. You need to come closer to the mic. Request you to please establish a better connection, then you can get back in queue.
Is it better now?
Yes, this is much better. Sir, please go ahead.
Sir, what percentage of your sales is the luxury, semi-luxury and super premium category taken all together?
So as we have already in our presentation that volume side, the premium category which we start from Prestige & Above is 49.6% of the overall volume, and value terms, it is 73%.
Sir, but I'm asking about only 3 categories, luxury, semi-luxury and super premium, all together, what percentage of sales, is it -- are these 3 categories by value?
Value terms around 12%, 13%.
Got it. And sir, how are you placed with respect to capacity for your luxury, semi-luxury and super premium brands like Rampur, Royal Ranthambore, Jaisalmer gin, do you have enough capacities to take care of growth in the next 1 or 2 years?
Yes. As far as Jaisalmer goes, we have tripled our capacity. So I think capacity won't be an issue. And as far as Royal Ranthambore also, capacity is not an issue for us. Rampur, yes, is on allocation, but -- we've invested a lot into the maturation. And that's why if you see we've had a growth of more than 100% in the current year. And we expect in the next 3 years, the volume to double from here because we would have sufficient malt to cater.
The next question is from the line of Pankaj Kumar from Kotak Securities.
Most of the questions are answered. Just one question is on the non-IMFL side of your business. So this year, we have roughly reported some INR 1,300 crores sales revenue out of it. So can you give us some outlook for next year? So how do you see that going?
Non-IMFL has a quarterly run rate of around INR 400 crores to INR 415 crores, and next year, with all capacity utilization being utilized for full year, I think INR 1,600 crores will be this thing and the ratio of IMFL and non-IMFL, branded versus this thing is, 2/3, 1/3.
Okay. And in FY '24, what was the margin in this non-IMFL? And how do we see in FY '25?
As I said, it is mid-single-digit margins in non-IMFL.
And next year, you're saying 9% sort of margin.
Yes, we expect that to stabilize between 8% to 9%.
[Operator Instructions] We have the next question from the line of Narendra Porwal, an Individual Investor.
[Foreign Language]
We can't say about brand specific, but we already answered you on luxury and semi-luxury, which is in the range of 11%, 12% of our top line from branded business.
[Foreign Language]
So actually, company is agile to the market conditions and market behaviors and the consumer demand. As and when it is needed by the company and company [indiscernible] for that.
Sorry, I'll take your question. [Foreign Language] there is always a high priced segment and there is a mid- and low-priced segment. Malt whiskeys are also seeing a similar feature in India. It's an evolving category. As far as luxury segment is concerned, Rampur has taken the lead and will continue to strengthen its portfolio in the times ahead, and we don't see competition coming close to us, one. As far as the lower and mid segments of malt are concerned, we are preparing well for it. And soon in India, we are going to introduce our Sangam World Malt, and we have already -- we are already close to launching it. So yes, to answer your question, we are also gearing up to meet the requirements of that segment. 1999 Pure Malt whiskey has already been launched, test marketed in UP. We've got a good response, that will also be spread across 10 states in the next about 6 months.
[Foreign Language]
So single malt cannot -- you cannot buy the material from outside. So it is all produced within house for the single malt.
Produced and matured.
[Operator Instructions] We have one last question from the line of Anurag Jain, an Individual Investor.
My question is on the export segment. How has been the performance of the export segment during full year FY '24 versus FY '23?
See, in terms of export market, our luxury portfolio continues to grow and expand. We had to rationalize in terms of some of the IMFL brands because of the currency issues in a couple of African markets. So our focus is not so much on the volume, but it is more on value creation and expanding our luxury portfolio. This year, our focus is going to be more on expanding our luxury portfolio in the travel retail, which is the duty-free channels across the world. And the response from all the customers and operators has been very positive. So we are very positive of continuing with the export growth.
And just to add to that, we have registered a 10% increase in our export sales compared to last year. And the saliency in our entire portfolio for exports has also increased. Thank you.
Ladies and gentlemen, that was the last question. I would now like to hand the conference over to the management for closing comments. Over to you, sir.
So we will continue to deliver a strong P&A volume growth driven by our diverse brand portfolio, a focused approach in sales and marketing and consumer-centric thought process, coupled with integrated business model, which allow us to capitalize on opportunities in the Indian alcobev industry. We look forward to interacting with you in our next earnings call. In the meanwhile, if you have any queries, please follow up and please feel free to write to us. Thank you.
On behalf of Dolat Capital, that concludes this conference. Thank you all for joining us. You may now disconnect your lines.