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Volume growth was supported by addition of 14 fitness centres in FY14.
Talwalkars’ reported 17.7% yoy rise in net revenues driven by growth in value added services and gym additions
Operating synergies and sourcing benefits support 190bps yoy margin expansion to 58.2%
Higher finance costs due to short term loans offset by lower minority interest; PAT up a healthy 22.6% yoy
Company added 14 fitness centres during the fiscal and posted ~24%/22% rise in FY14 revenues/PAT
Remain +ve on growth prospects along with scope for same store sales improvement; retain BUY with revised target of Rs204
| (Rs m) | Q4 FY14 | Q4 FY13 | % yoy | FY14 | FY13 | % yoy |
| Gross sales | 659 | 558 | 18.1 | 2,095 | 1,688 | 24.1 |
| Less: service tax | (70) | (60) | 16.8 | (222) | (179) | 23.7 |
| Service tax (%) | 10.6 | 10.7 | - | 10.6 | 10.6 | - |
| Net sales | 589 | 498 | 18.2 | 1,873 | 1,509 | 24.1 |
| Other op income | 4 | 5 | (32.9) | 11 | 13 | (17.6) |
| Revenues | 593 | 504 | 17.7 | 1,884 | 1,522 | 23.8 |
| Staff | (93) | (83) | 13.1 | (359) | (312) | 15.0 |
| Admin & other expenses | (154) | (137) | 12.2 | (587) | (471) | 24.6 |
| Operating profit | 345 | 284 | 21.6 | 938 | 739 | 27.0 |
| OPM (%) | 58.2 | 56.4 | 190 bps | 49.8 | 48.6 | 124 bps |
| Depreciation | (45) | (41) | 11.9 | (242) | (146) | 65.1 |
| Interest | (37) | (21) | 70.5 | (120) | (108) | 10.9 |
| PBT | 263 | 222 | 18.7 | 576 | 484 | 19.0 |
| Tax | (108) | (90) | 20.7 | (178) | (158) | 12.7 |
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