JFL's Q1FY19 results beat our estimate with strong 25.9% Same Store Sales (SSSG) performance. After lackluster EBITDA outlook in 19 consecutive quarters (17.4% in Q3FY13 to 9.9% in Q4FY17), for the third consecutive quarter, the company exhibited striking operating performance with 490 bps margin expansion to 16.6%. Continuing momentum in core pizza due to product upgrade and Everyday Value Offer'(EDV) is driving growth. Further, better IPL season was a key driver of the growth. GST has been a boon for the company to increase profitability. Going ahead, we...