Strong Q1FY19 in the offing; recent correction an entry opportunity: Our channel checks indicate strong double-digit volume growth for UBL in Q1FY19, as key states of Telangana, Andhra Pradesh, Rajasthan, Kerala and UP (~40% of volume) have reported strong double-digit volume growth in April-May'18. Karnataka and Maharashtra (~20% of industry volume) volumes have been soft, but are recovering post Karnataka elections and lower comparables in Maharashtra. We expect UBL to report 12% volume growth in Q1FY19, driving Revenue/EBITDA/PAT growth of 20%/30%/39%. UBL extending market leadership in premium segment: With the premium segment...