margin improved YoY by 40bps to 50.9% led by low-base of Q4FY19. The decline in EBITDA/APAT would have been even more severe but for favorable base. Q4FY19 EBITDA/APAT were -17.8/-25.3% YoY. After healthy operating performance over FY17-19, for second consecutive year UBLs performance is expected to be subdued due to loss of key season on account of Covid and steep excise increases by state government. Q1/H1 accounts for ~40/65% of its PAT. We like UBL owing to (a) strong volume growth potential of beer in...