Jubilant Foodworks (JUBI) has reported below expected result for Q4FY20. Revenue came in line with our estimates but higher expenses and exceptional losses led to negative surprise on PAT. During first two months of the quarter, JUBI reported strong recovery in SSSG. However, in the month of March (only 10 days lock-down), decline in SSSG has been steep. JUBI has now opened 70% of their stores and aims to open other 30% by the mid June'20. Positively, JUBI is likely to soon launch Zero Contact Takeaways which is likely to offset business lost in dine-in (this earlier contributed 3540% of revenue). Also, due to COVID19 QSRs which are based on open-kitchen concept will gain market share from un-unorganized restaurants as customers will give more...