Our interaction with United Breweries' (UBL) CEO, Shekhar Ramamurthy, provided a positive outlook for the company, with expectations of the beer industry growing in high single digits and UBL continuing to gain market share. Management, however, cautioned on its near-term growth that may be impacted due to election disruptions. UBL's focus on scaling up its premium products, which are growing at over 30%, and widening its manufacturing presence for these should drive further share gains and profitability. Input inflation is higher in FY20, but higher profitability from premium products, cost efficiencies and a recovery in high-margin markets (Maharashtra and West Bengal) should support modest...