Talwalkars Better Value Fitness Ltd (TBVFL) reported in-line numbers for Q3FY17 with a revenue and PAT growth of 14.4% & 13.9% YoY. Led by lower operating cost, EBITDA margins expanded 260bps YoY to 49.5%. With steady gym additions, healthy same store sales growth and higher contribution from value added services, we expect healthy growth momentum in revenue and profit to continue.