Our valuation multiple remains unchanged at 46x Dec-19E EPS, while our TP rises to Rs 2,662 (Rs 2,124 earlier) in line with the earnings upgrade. Maintain BUY. Jubilant FoodWorks (JFL) reported a blowout quarter with revenue growth of 20.7% (Rs 7.95bn), significantly ahead of our estimate (16%). EBITDA/APAT grew 114/230% YoY, vs est 70/139%. EBITDA margin hit a 4-year high (17.2%). Strong SSG growth of 17.8% (-3.3% in 3QFY17 and 5.5% in 2QFY18) was driven mostly by volume and 6-7% price hike (Nov-17) post the GST rate revision. Co has seen a strong consumer response on new offerings.