FY19 sees continued momentum in volume growth In FY19, volumes grew 13% YoY (on a base of 10%), mainly due to growth across all key markets except West Bengal and UP. All southern markets saw double digit volume growth (except Karnataka, which grew in single digits), whereas all key markets in west grew in single digits (except rest of Maharashtra, which grew double digits). Other significant markets were mainly Odisha, Jharkhand (in East India), Rajasthan and Haryana (in North). The market share for UBL has remained stable at 51-52% of the beer...