Cakes, pastries and other bakery items are charged 18 percent GST, while restaurant services are charged 5 percent GST, subject to conditions.
The brokerage feels that urban consumption is likely to pick pace in coming quarters.
According to the brokerage, Jubilant stands out among its peers its due to its widest reach in tier 2/3 cities, leadership in the delivery segment, especially in metro cities, proven supply chain and strong balance sheet.
The management expects SSSG to rise to low double digits by end-FY16 driven by better consumer sentiment and lesser store splits, while Goldman Sachs sees 530 bps lower network growth in FY17 versus FY15.
The board has recommended a dividend of Rs 2.50 per equity share of Rs 10 each for FY15.
Jubilant's second quarter revenues rose around 28 percent year-on-year, but steep increases in raw material costs, wage bills and rents shaved 220 basis points from the operating margin and restricted the net profit growth to just 2.8 percent.