Jubilant Foodworks (JUBI) has reported better than expected result for 3QFY21. JUBI reached 100% pre-covid levels during 3QFY21 driven strong growth momentum in delivery and takeaway while dine-in still operating at c. 42% pre-covid. Favourable competitive environment, benign raw material and delivery charges continued to support gross margin expansion. JUBI added higher no. of Dominos stores during 3QFY21. Also, added 5 stores of Hongs and EkDum. Positively, both these franchises are tracking well. Based on revised business outlook; we have revised our EPS estimates upwards by 7%, 9% and 7% in FY21E, FY22E, and FY23E. We upgrade our valuation...