ICICI Direct's research report on Talwalkars
Talwalkars reported a mixed set of numbers. Revenues increased 14.9% YoY to Rs 60.2 crore (below I-direct estimate of Rs 63.9 crore) mainly led by an improvement in same store sales growth (SSS) and addition of 20 new gyms at Bengaluru.
Outlook
As a result, although we remain positive on the stock from a long term perspective, near term concern prompts us to downgrade the stock from BUY to HOLD. We revise our target valuation downward to Rs 235/share.
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