Volumes stumble in Q3 but expected to regain momentum During 9MFY20, UBL grew its volumes by 2% against H1 growth at 6%, due to several factors such as an economic slowdown, supply chain disruption due to extra rainfall in few states (in October) and new excise regime in AP. However, with stabilisation of the Andhra pipeline and expected price hikes in few other states, the revenue profile is expected to pick up. We expect the market share for UBL to move a little higher to 53% of the beer industry in FY21E and FY22E. Further, the management expects single digit growth in...