Talwalkars Better Value Fitness Ltd. (TBVFL) reported a lower than estimated net revenue growth of 10.1% YoY in Q2FY18, while PAT growth was more or less in line at 25.3% YoY, aided by higher other income and lower effective tax rate. Driven by cost efficiencies, EBITDA margins expanded 284bps YoY to 61.7%, which was encouraging.