USL reported results with a faster than expected recovery QoQ in volumes (leading to mere 3.4% YoY decline in volumes), in spite of the continued closure of on-trade channels in various states, higher taxation post-Covid scenario and also contraction in the business in Andhra Pradesh. The recovery also saw higher growth in the P&A; segment (up 116% QoQ and flat YoY) compared to the popular segment (up 90% QoQ but down 7% YoY). The company also increased its A&P; expenses during the quarter, to launch its two renovated core brands (McDowell's No 1 and Royal Challenge)....