JUBI's net sales grew 20.7% YoY to INR8b (est. of INR7.5b) in 3QFY18. EBITDA grew 113.7% YoY to INR1.4b (est. of INR895m), while a dj. PAT increased230.6% YoY to INR660m (est. of INR330m). SSS grew 17.8% (est. of +10%) for the quarter.JUBI opened three and closed one Domino's store in 3QFY18. Gross margin shrunk 100bp YoY to 74.5%. However, EBITDA margin expanded sharply by 770bp YoY to 17.2%, led by lower other expenses (-310bp YoY to31%), staff costs (-310bp YoY to 23.1%) and rent costs (-130bp YoY to 11.1%). Concall highlights: 1) There is still no gain of share from unorganized players, as GST rates have reduced from 18% to 5%. 2 ) Growth was led by base effect,GST impact and the company's own initiatives. However, it is yet to see any strong up move in consumer sentiment. 3) JUBI will add 30 stores in FY18