Net revenues for Q2FY18 grew by 23% YoY to | 1276.4 crore (I-direct estimate: | 1102.8 crore), primarily driven by price increases, positive state and brand mix as well as beer exports. Industry volumes for the quarter grew by 5%, however for UBL volumes grew by 11%; indicating a market share gain. The volumes were above our estimates at ~36.8 million cases as compared to ~33.1 million cases in Q2FY17. The company experienced volume growth in North (driven by Delhi, UP and Rajasthan), South (driven by AP, Telengana, Tamil Nadu and...