JFLs net revenues were up by 3.9% YoY to Rs 6.6bn, in line with our estimates of 3.5%. EBITDA & PAT declined by 16% & 37% YoY, respectively. Demonetisation has impacted JFL?s performance adversely and SSG stood at -3.3% vs. expectations of -4%. As delivery orders comprise 50% of JFL revenues, this resulted in increased pressure owing to demonetisation vis-?-vis its peers (McDonald?s SSG was 5%).