JFL's Q2FY19 results were in line with our estimate with strong 20.5% Same Store Sales (SSSG) performance. The company continues to post strong margin performance for the fourth consecutive quarter, exhibited striking operating performance with 270bps margin expansion to 16.7%. Continuing momentum in core pizza due to product upgrade and Everyday Value Offer'(EDV) is driving growth. GST has been a boon for the company to increase profitability. Going ahead, we believe that the company would post high single digit SSSG as the base would become unfavorable hereon....