UBL continues to have a robust balance sheet with virtually debt free position (net cash of | 97 crore) by building up a stronger WC position, cost control measures and lowered capex requirement. It also has dominant 5253% market share in the beer sector. The management has also displayed discipline and prudence when dealing with evolving customer needs via broad portfolio and wide reach. Being an underpenetrated segment (per capita ~2 litre consumption) and a youth centric status of ready to drink social drink, enables the sector to have long term growth potential. We...