Talwalkars Better Value Fitness (TBVF) share price surged over 7 per cent on Wednesday after it informed exchanges regarding the launch of 33 Zorba – renaissance studios in 25 cities in the span of 60 days.
In a BSE filing, the company said, “Aiming to capture the growth and further spread the Yoga wellness the premium Zorba chain will witness an expansion of 100 to 120 studios in India as well as in overseas markets like Dubai, London, New York and more through their alliance with TBVF.”
The share price of the company closed 7.38 per cent up at Rs 213.90. The scrip opened at Rs 207.10 and touched a high and low of Rs 215.40 and Rs 205.20 respectively. Sensex closed 17 points, or 0.07 per cent, up at 24,900.
In a BSE filing, Anant Gawande, CFO, Talwalkars Better Value Fitness said, “The investment of TBVF in Zorba- a renaissance studio marks our entry into rapidly growing Yoga space valued at $3.2 trillion globally. TBVF has observed an EBITDA increase from 35 per cent to 50 per cent post the partnership and through the success story of the existing studio chain in Chennai and Bengaluru. Yoga is the second most revenue generating business in the health and fitness category and we expect the industry to increase by 20 per cent in the next 5 years.”
For the quarter ended December 2015, TBVF reported a consolidated net profit of Rs 5.42 crore, up 20.91 per cent, against Rs 4.48 crore in the same quarter last year.
In the past one year, the share price of TBVF plummeted 43.82 per cent to Rs 199.20 till April 5, whereas BSE Sensex slid 12.70 per cent during the same period.