Hit by demonetisation; highway ban a roadblock United Breweries' Q3FY17 revenues were below our expectations. Gross revenues grew 2% YoY (down 1.5% QoQ) to | 2185 crore. However, higher excise duty (55% vs. 52% in Q3FY16) and lower other operating income (down 26% YoY) resulted in net revenues degrowth of 6.6% YoY to | 1025 crore (I-direct estimate: | 1070 crore) Volumes for UBL and industry were both severely impacted by demonetisation, with de-growth of 8%. Overall market share for UBL continues to remain above 50%. UBL gained market share in the North with Delhi and Uttarakhand markets growing faster than industry. With...