Current weakness in the beer sector comes amid a weak base in FY20 (impacted by general elections in Q1, policy changes in AP, Covid impact in Q4). UBL's FY20 volumes de-grew 4% YoY. We expect FY21E to follow suit due to a shutdown in various states in April, May (peak summer season), lower disposable income, restrictions on social gatherings and excise hikes across states. However, with further opening up of the economy, we expect the situation to normalise in medium to long term. Any intervention by state governments to lower excise impact on the beer sector (excise calculation...