Margins shrink significantly, prompts sharp earnings cut Standalone net sales were up 9.8% YoY to INR20.5b (our estimate: INR20.4b) in 1QFY20. EBITDA declined 17.8% YoY to INR3.3b (our estimate: INR3.8b), while adj. PAT was down 25.9% YoY to INR1.6b (our estimate: INR2b). Volumes were up 5% YoY. There was no comment on market share, which is unusual. According to the press release, UBBL faced challenges in the form of restricted...