Volumes were marred heavily by no supplies in Q1 and excise hikes (that led to loss of share to liquor players). Q2 saw the situation ease up, with the state wise lifting of lockdown (resumption of supplies) and lowered excise burden in AP and Odisha. West Bengal has also lowered its beer prices, which is expected to boost the fortunes of beer in the state (after a 90% decline in the east since excise hike in April). Also, certain key markets such as Karnataka, Tamil Nadu and Goa posted YoY growth in volumes in September. With an expectation of a strong festive season and opening up...