Talwalkars reported a mixed set of numbers. Revenues increased 14.9% YoY to | 60.2 crore (below I-direct estimate of | 63.9 crore) mainly led by an improvement in same store sales growth (SSS) and addition of 20 new gyms at Bengaluru EBITDA margin increased 209 bps YoY to 43.3% (above I-direct estimate of 38.5%) due to operating leverage benefit TBVF has proposed to re-organise its business into Gym Co (asset light business) and Lifestyle Co (asset heavy business). This reorganisation is expected to be completed by Q4FY17E. The...