Dealer stocking before Union Budget leads to increased sales With 20% volume growth during the quarter, the company posted one of the strongest quarters in the last five years. However, strong volumes have been led by dealer stocking of a week of additional inventories before the Budget in anticipation of introduction of excise duty. We believe Q2FY20 would witness moderation in volume growth with correction in inventory at the dealer level. In the last two years, the company has changed its product mix in favour of | 5-6 price point, which now accounts of 60% of the...