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k o

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dia

(S

BI)

en

ab

lin

g r

ed

uct

ion

in

RO

I

acr

oss

th

e b

oa

rd b

y 2

50

bp

s th

us

pro

vid

ing

en

du

rin

g b

en

efi

ts t

o t

he

Co

mp

an

y.

T

he

ove

rall

im

pa

ct o

f th

e a

bo

ve h

as

en

ab

led

th

e c

om

pa

ny

to

re

du

ce t

he

in

tere

st c

ost

an

d

ma

na

ge

its

de

bt

eff

icie

ntl

y.

T

he

Co

mp

an

y’s

S

tan

da

lon

e N

et

De

bt

( G

ross

De

bt

– T

rea

sury

) h

as

go

ne

up

by

~ `

10

0 m

n

on

ly.

Cu

rre

nt

yea

r D

eb

t in

clu

de

s `

22

5 m

n b

orr

ow

ed

fo

r cl

ub

pu

rpo

se.

T

he

Co

mp

an

y h

as

ma

na

ge

d t

o r

ece

ive

AA

- ra

tin

g f

rom

2 c

red

it r

ati

ng

ag

en

cie

s b

ein

g I

CR

A

an

d C

AR

E.

•CASH AND CASH EQUIVALENTS

W

ith

an

ove

rall

in

cre

ase

in

th

e t

op

lin

e ,

Ca

sh a

nd

Ca

sh E

qu

iva

len

ts s

too

d a

t ` 4

66

mn

,

mo

stly

in t

he

fo

rm o

f B

an

k F

ixe

d D

ep

osi

ts.

T

he

Co

lle

ctiv

e m

ark

et

Va

lue

of

th

e I

mm

ova

ble

pro

pe

rtie

s is

in

exc

ess

of `

10

00

mn

an

d

ap

pe

ar

in t

he

bo

oks

at

ab

ou

t ` 3

00

mn

1

4

FIN

AN

CIA

L A

NA

LYS

IS

GO

ING

A

HE

AD

•

We

be

lie

ve t

ha

t th

e t

ou

gh

op

era

tin

g e

nv

iro

nm

en

t is

slo

wly

bo

tto

min

g o

ut

foll

ow

ing

a

he

alt

hy

GD

P g

row

th o

f 7

.5%

du

rin

g t

he

la

st q

ua

rte

r o

f F

Y1

5

•W

e i

nte

nd

to

bro

ad

en

th

e s

ha

re o

f va

lue

-ad

de

d s

erv

ice

s, r

est

art

th

e e

xpa

nsi

on

pro

cess

,

acq

uir

e q

ua

lity

loca

l g

ym

s/fi

tne

ss c

en

ters

an

d m

ain

tain

ou

r le

ad

ers

hip

po

siti

on

in

th

e

he

alt

h a

nd

fit

ne

ss s

eg

me

nt

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im t

o s

hif

t e

xist

ing

Nu

form

eq

uip

me

nt

in s

tan

da

lon

e s

tud

ios

to n

ea

rby

fit

ne

ss c

en

ter,

red

uci

ng

op

era

tin

g c

ost

s

•F

ive

mo

re H

iFi o

utl

ets

are

sla

ted

to

op

en

du

rin

g M

ay

-Ju

ne

20

15

in

Ah

ma

dn

ag

ar,

Pa

tna

,

Pu

ne

an

d T

ha

ne

, in

dic

ati

ng

bra

nd

tra

ctio

n

• S

eco

nd

pre

miu

m g

ym

is

sla

ted

to

op

en

in

Ch

urc

hg

ate

by

mid

Ma

y-2

01

5

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pro

ve s

am

e s

tore

sa

les

gro

wth

15

AB

OU

T

TA

LW

AL

KA

RS

(T

BV

FL

) •

Ind

ia’s

la

rge

st -

an

d o

nly

lis

ted

- f

itn

ess

ch

ain

•1

50

ce

ntr

es

acr

oss

79

In

dia

n c

itie

s a

nd

to

wn

s

•W

orl

d-c

lass

gy

mm

ing

exp

eri

en

ce b

ack

ed

by

a p

oo

l o

f h

igh

ly-p

rofe

ssio

na

l

tra

ine

rs

•M

od

ern

pe

rso

nn

el

tra

inin

g i

nst

itu

te i

n T

ha

ne

(M

um

ba

i)

•D

ive

rse

fit

ne

ss s

erv

ice

s in

clu

din

g s

tan

da

rd g

ym

min

g a

nd

fit

ne

ss,

Zu

mb

a®

(ae

rob

ics

an

d L

ati

n d

an

ce-i

nsp

ire

d f

itn

ess

pro

gra

mm

e),

Tra

nsf

orm

(h

olist

ic

fitn

ess

pro

gra

mm

e),

Re

du

ce (

die

t-b

ase

d,

ea

sy d

iet

pro

gra

mm

e),

Nu

Fo

rm

(tim

e-e

ffic

ien

t w

eig

ht

loss

pro

gra

mm

e),

sp

a,

ma

ssa

ge

, a

ero

bic

s a

nd

yo

ga

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o f

itn

ess

ce

ntr

e f

orm

ats

of

Talw

alk

ars

an

d H

iFi

16

AW

AR

DS

AN

D

AC

CO

LA

DE

S

•R

an

ked

26

1st

am

on

g t

he

‘5

00

Fa

ste

st G

row

ing

Mid

-Siz

ed

Co

mp

an

ies

in

Ind

ia’

by

In

c. I

nd

ia

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ste

d a

mo

ng

th

e t

op

-10

0 I

nd

ian

mid

-siz

ed

co

mp

an

ies

wit

h i

nn

ova

tive

bu

sin

ess

pra

ctic

es

by

In

c. I

nd

ia

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eco

gn

ize

d in

th

e ‘

Be

st u

nd

er

a B

illi

on

’ li

st o

f 2

00

co

mp

an

ies

by

Fo

rbe

s

Asi

a (

Au

gu

st 2

01

3)

•P

rash

an

t Ta

lwa

lka

r, C

EO

an

d M

D,

Talw

alk

ars

Be

tte

r V

alu

e F

itn

ess

Lim

ite

d,

ha

s b

ee

n s

ele

cte

d a

mo

ng

th

e ‘

Top

-30

inn

ova

tive

CE

Os

of

the

cou

ntr

y’

by

In

c. I

nd

ia m

ag

azi

ne

17

CA

UT

ION

AR

Y S

TA

TE

ME

NT

A

ND

DIS

CL

AIM

ER

T

he

vie

ws

exp

ress

ed

he

re m

ay

co

nta

in i

nfo

rma

tio

n d

eri

ved

fro

m p

ub

licl

y a

vail

ab

le s

ou

rce

s th

at

ha

ve n

ot

be

en

ind

ep

en

de

ntl

y v

eri

fie

d.

No

re

pre

sen

tati

on

or

wa

rra

nty

is

ma

de

as

to t

he

acc

ura

cy,

com

ple

ten

ess

or

reli

ab

ilit

y o

f th

is

info

rma

tio

n.

An

y f

orw

ard

-lo

ok

ing

in

form

ati

on

in

th

is p

rese

nta

tio

n h

as

be

en

pre

pa

red

on

th

e b

asi

s o

f a

nu

mb

er

of

ass

um

pti

on

s w

hic

h

ma

y p

rove

to

be

in

corr

ect

. T

his

pre

sen

tati

on

sh

ou

ld n

ot

be

re

lie

d u

po

n a

s a

re

com

me

nd

ati

on

or

fore

cast

by

Ta

lwa

lka

rs

Be

tte

r V

alu

e F

itn

ess

Lim

ite

d.

Th

is p

rese

nta

tio

n m

ay

co

nta

in '

forw

ard

-lo

ok

ing

sta

tem

en

ts’

- th

at

is,

sta

tem

en

ts r

ela

ted

to

fu

ture

, n

ot

pa

st,

eve

nts

. In

this

co

nte

xt,

forw

ard

-lo

ok

ing

sta

tem

en

ts o

fte

n a

dd

ress

ou

r e

xpe

cte

d f

utu

re b

usi

ne

ss a

nd

fin

an

cia

l p

erf

orm

an

ce,

an

d

oft

en

co

nta

in w

ord

s su

ch a

s 'e

xpe

cts,

’ 'a

nti

cip

ate

s,'

'in

ten

ds,

' 'p

lan

s,'

'be

lie

ves,

' 's

ee

ks,'

or

'wil

l.' F

orw

ard

-lo

ok

ing

sta

tem

en

ts b

y t

he

ir n

atu

re a

dd

ress

ma

tte

rs t

ha

t a

re,

to d

iffe

ren

t d

eg

ree

s, u

nce

rta

in.

Fo

r u

s, u

nce

rta

inti

es

ari

se f

rom

th

e b

eh

av

ior

of

fin

an

cia

l m

ark

ets

an

d c

ha

ng

e i

n c

on

sum

pti

on

pa

tte

rns;

fro

m f

utu

re

inte

gra

tio

n o

f a

cqu

ire

d b

usi

ne

sse

s; a

nd

fro

m n

um

ero

us

oth

er

ma

tte

rs o

f n

ati

on

al,

re

gio

na

l a

nd

glo

ba

l sc

ale

, in

clu

din

g

tho

se o

f a

n e

nv

iro

nm

en

tal,

cli

ma

tic,

na

tura

l, p

oli

tica

l, e

con

om

ic,

bu

sin

ess

, co

mp

eti

tive

or

reg

ula

tory

na

ture

. T

he

se

un

cert

ain

tie

s m

ay

ca

use

ou

r a

ctu

al

futu

re r

esu

lts

to b

e m

ate

ria

lly

dif

fere

nt

tha

n t

ho

se e

xpre

sse

d i

n o

ur

forw

ard

-lo

ok

ing

sta

tem

en

ts.

We

do

no

t u

nd

ert

ake

to

up

da

te o

ur

forw

ard

-lo

ok

ing

sta

tem

en

ts.

18

CO

NTA

CT

IN

FO

RM

AT

ION

A

NA

NT

GA

WA

ND

E

Pro

mote

r D

ire

cto

r, C

FO

anan

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.net

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61

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ISH

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er

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