Jubilant Foodworks (JUBI) has reported below than expected revenue for Q1FY21 while net loss came-in lower than our estimates. National lock-down and local restrictions have fueled overall decline in revenue. However, with gradual opening of stores, overall business recovered to 53% compared to last year during 1QFY21. Delivery part of business recovered faster (at 77%) compared to takeaways (at 55%) and dine-in (at 3%). Positively, the month of Jul'20 and Aug'20 witnessed strong growth in all three channels; takeaways grew faster than delivery and dine-in. Overall business at the exit of Aug'20 stood at 89% of last year supported by brilliant execution. JUBI...