Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>Our flash checks across a couple of dealers indicate pressure on margins across the industry. <a href="https://www.smartkarma.com/entities/voltas-ltd" target="_blank" data-smartkarma-citation="entities:19924:1" rel="noopener">Voltas Ltd (VOLT IN)</a> is trying hard to gain market share.</li>
<li>Other names discussed include <a href="https://www.smartkarma.com/entities/pnb-housing-finance-ltd" target="_blank" data-smartkarma-citation="entities:23613:1" rel="noopener">PNB Housing Finance Ltd (PNBHOUSI IN)</a>, <a href="https://www.smartkarma.com/entities/vedant-fashions-limited" target="_blank" data-smartkarma-citation="entities:34260:1" rel="noopener">Vedant Fashions (MANYAVAR IN)</a> and <a href="https://www.smartkarma.com/entities/bandhan-bank-ltd" target="_blank" data-smartkarma-citation="entities:26705:1" rel="noopener">Bandhan Bank Ltd (BANDHAN IN)</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/varun-beverages-ltd" target="_blank" data-smartkarma-citation="entities:23653:1" rel="noopener">Varun Beverages (VBL IN)</a> and <a href="https://www.smartkarma.com/entities/schaeffler-india-ltd" target="_blank" data-smartkarma-citation="entities:6434:1" rel="noopener">Schaeffler India (SCHFL IN)</a> show up as interesting ARs to read. </li>
</ul>


Our flash checks across a couple of dealers indicate pressure on margins across the industry. Voltas Ltd (VOLT IN) is trying hard to gain market share.
Other names discussed include PNB Housing Finance Ltd (PNBHOUSI IN), Vedant Fashions (MANYAVAR IN) and Bandhan Bank Ltd (BANDHAN IN). 

Varun Beverages (VBL IN) and Schaeffler India (SCHFL IN) show up as interesting ARs to read. 


[#22] Namaste India 🙏 | Voltas Ltd (VOLT IN) | Margin Pressure to Continue

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Motilal Oswal's research report onABB India ABB, in its annual report, highlighted its growth strategy to continue targeting high growth profitable markets that benefit from key megatrends.</li><li>The company’s improved penetration into Tier II and Tier III cities, higher localization efforts, benefits from global feeder factories for exports, and improved product portfolio are helping it expand its presence across markets spanning 23 market segments.</li><li>The company has been able to double its share of orders from high-growth segments in the last five years.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Motilal Oswal's research report onABB India ABB, in its annual report, highlighted its growth strategy to continue targeting high growth profitable markets that benefit from key megatrends.The company’s improved penetration into Tier II and Tier III cities, higher localization efforts, benefits from global feeder factories for exports, and improved product portfolio are helping it expand its presence across markets spanning 23 market segments.The company has been able to double its share of orders from high-growth segments in the last five years.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>In Q3FY24, <a href="https://www.smartkarma.com/entities/larsen-toubro-ltd" target="_blank" data-smartkarma-citation="entities:2499:1" rel="noopener">Larsen &amp; Toubro (LT IN)</a> witnessed order inflow of INR 760bn (up 25% YoY) bolstering the order book to INR 4.7tn at the end of December 2023.</li>
<li>Margins continued to remain under pressure in 9MFY24 due to cost pressures in legacy jobs.</li>
<li>Strong project execution and healthy order book are expected to drive future growth with margins reviving after bottoming out.</li>
</ul>


In Q3FY24, Larsen &amp; Toubro (LT IN) witnessed order inflow of INR 760bn (up 25% YoY) bolstering the order book to INR 4.7tn at the end of December 2023.
Margins continued to remain under pressure in 9MFY24 due to cost pressures in legacy jobs.
Strong project execution and healthy order book are expected to drive future growth with margins reviving after bottoming out.


Larsen & Toubro (LT IN): Order Book Remains Robust Amidst Margin Concerns

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>ABB India: ABB reported muted Q4CY23 revenue/EBITDA/PAT at INR 27.6/4.2/3.4bn, missing our estimates by 11/13/13%</li><li>The company achieved strong Q4CY23/CY23 order inflow at INR 31.5/123.2bn (+35%/+23% YoY), taking the backlog to INR 84bn</li><li>Base Q4CY23 order inflows remained stable and large traction converter order aided growth</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ABB India: ABB reported muted Q4CY23 revenue/EBITDA/PAT at INR 27.6/4.2/3.4bn, missing our estimates by 11/13/13%The company achieved strong Q4CY23/CY23 order inflow at INR 31.5/123.2bn (+35%/+23% YoY), taking the backlog to INR 84bnBase Q4CY23 order inflows remained stable and large traction converter order aided growthContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ABB India - Muted Results; Strong Order Booking

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>AIL reported revenue growth of 8.3% YoY in Q3FY24 (versus our expectations of 8% YoY), slightly in line with IPM's 9.8% growth.</li><li>A change in product mix, and a higher share of the antidiabetics, vitamins, and Hormones which reported YoY growth of 11.2%, 10.8% and 16.4% respectively, resulted in higher sales growth.</li><li>However, this was partially offset by Mixtard and Novomix, which recorded -0.4% growth and -11.8% YoY de-growth, leading to high single-digit topline growth to some extent.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

AIL reported revenue growth of 8.3% YoY in Q3FY24 (versus our expectations of 8% YoY), slightly in line with IPM's 9.8% growth.A change in product mix, and a higher share of the antidiabetics, vitamins, and Hormones which reported YoY growth of 11.2%, 10.8% and 16.4% respectively, resulted in higher sales growth.However, this was partially offset by Mixtard and Novomix, which recorded -0.4% growth and -11.8% YoY de-growth, leading to high single-digit topline growth to some extent.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Abbott India Ltd - Highest Ever EBITDA Margins

India

ABB India Limited undertakes engineering and construction projects and manufactures heavy engineering and industrial equipment. The Company undertakes projects in the field of energy production, power transmission, transportation, process automation and pollution control. ABB India's products include pollution control equipment, switch gears and high current rectifiers.

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ABB India Ltd (ABB IN)

[#22] Namaste India 🙏 | Voltas Ltd (VOLT IN) | Margin Pressure to Continue

Industry margins under pressure, Voltas Ltd striving for market share. Other companies discussed include PNB Housing Finance Ltd, Vedant Fashions,...

Pranav Bhavsar

ABB India - Quality Versus Price

Motilal Oswal's research report onABB India ABB, in its annual report, highlighted its growth strategy to continue targeting high growth profitable...

Motilal Oswal

Larsen & Toubro (LT IN): Order Book Remains Robust Amidst Margin Concerns

LT reported strong order inflow in Q3FY24, but margins remained under pressure. Strong execution and healthy order book are expected to drive...

Tina Banerjee

ABB India - Muted Results; Strong Order Booking

We have recalibrated our estimates to factor in likely muted H1CY24 ordering. We maintain ADD with a TP of INR 5,487/sh (rolled over to 65x Mar-26...

HDFC Securities

Abbott India Ltd - Highest Ever EBITDA Margins

AIL reported revenue growth of 8.3% YoY in Q3FY24 (versus our expectations of 8% YoY), slightly in line with IPM's 9.8% growth.

Axis Direct

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[#22] Namaste India 🙏 | Voltas Ltd (VOLT IN) | Margin Pressure to Continue

​Industry margins under pressure, Voltas Ltd striving for market share. Other companies discussed include PNB Housing Finance Ltd, Vedant Fashions,...

Pranav Bhavsar

ABB India - Quality Versus Price

Motilal Oswal's research report onABB India ABB, in its annual report, highlighted its growth strategy to continue targeting high growth profitable...

Motilal Oswal

Larsen & Toubro (LT IN): Order Book Remains Robust Amidst Margin Concerns

LT reported strong order inflow in Q3FY24, but margins remained under pressure. Strong execution and healthy order book are expected to drive...

Tina Banerjee

ABB India - Muted Results; Strong Order Booking

We have recalibrated our estimates to factor in likely muted H1CY24 ordering. We maintain ADD with a TP of INR 5,487/sh (rolled over to 65x Mar-26...

HDFC Securities

Abbott India Ltd - Highest Ever EBITDA Margins

AIL reported revenue growth of 8.3% YoY in Q3FY24 (versus our expectations of 8% YoY), slightly in line with IPM's 9.8% growth.

Axis Direct

Industry margins under pressure, Voltas Ltd striving for market share. Other companies discussed include PNB Housing Finance Ltd, Vedant Fashions,...