United Breweries (UBL's) Q1FY21 was lackluster with 77% volume decline as peak season was severely impacted by pandemic. Volume decline in Jun'20 too was 57%. Revenue/GP/EBITDA/APAT declined by 75/77/129/162% YoY. Gross margin declined by 370/424 bps YoY/QoQ. A steep 62% decline in other expenses YoY was the silver lining. After healthy operating performance over FY17-19, for second consecutive year UBLs performance is expected to be subdued due to loss of key season and steep excise increases by state government....