JFL delivered a muted performance lead by multiple factors: 1) underperformance in Dine-in and Takeaway (9.8% combined growth), 2) Flat LFL growth (0.3% in Q3 FY23 as compared to 8.4% in the previous quarter), 3) Steep inflation in major Raw material – Cheese lead to sharp contraction in Gross margins (230bps), and 4) High competition at lower price points. The company has added 60 new stores in 16 new cities maintaining guidance for annual store addition of ~250 stores.