Sector: Miscellaneous /Small-Cap | Earnings Update 3QFY18 Background: TBVF is one of the India's largest fitness chain and holds ~10% market share. TBVF has over 222 health clubs and gyms across 85 cities and towns of India and Sri Lanka with member base of over 200,000+. They have 103 owned gyms, 9 gyms subsidiary, 20 gyms Associates, 19 Franchisee gyms, 40 Power World Gyms, Zorba (4) and 25 HI-FI format gyms. Geographic distribution of gyms: West (32%), North (29%), South (34%) and East (6%). Urban, semi-urban mix's of gym: Tier I (47%),...