Showing consistency in SSSG, margin improvement: FRL reported revenue growth of 14% YoY (in-line) to INR52.3b in 1QFY20. EBITDA grew 20% YoY to INR2.7b on a pre-Ind-AS 116 basis (reported EBITDA at INR6.3b), with margin improving 30bp YoY to 5.1% led by healthy SSSG of 8.3% YoY. PAT (pre-IndAS) grew 11% YoY to INR1.7b (reported growth of +6% YoY, implying an impact of INR75m from the accounting change). Healthy trends at Big Bazaar; Easyday WIP: Big Bazaar (BB) recorded steady SSSG of 8.1% with three store additions (BB and FBB). In our view, BB grew revenue/EBITDA at 8%/18% YoY, led by healthy margin improvement....