Jubilant 2.0 Execution Remains a Concern; Downgrade to REDUCE Jubilant FoodWorks (JFL) has posted a disappointing performance across all operational parameters in 4QFY17. Net sales fell by 0.9% YoY to Rs6.1bn, while EBITDA declined by 15.1% YoY to Rs605mn. Reported net profit fell from Rs278mn to Rs67mn on yoy basis, although the decline is also attributable to exceptional expense of Rs122mn in the quarter, apart from poor...