Volumes continue to stay on stronger trajectory During H1, UB grew its volumes by 6% (ahead of the industry) resulting in a capture of 2-3% market share (from its existing ~51-52% MS). Although floods and elections continued to play spoilsport in key geographies like Maharashtra, Karnataka and Telangana, the volume gain in other key geographies led to a favourable outcome. We expect the market share of UBL to move up a little higher to 53% of the beer industry in FY20. Further,...