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

Thematic (Sector/Industry)

<ul>
<li>The focus of this channel Insight is the state of Uttar Pradesh, one of the largest and most important states in India currently undergoing Legislative elections. </li>
<li>The objective is to know the on-ground narrative about business and elections and is not aimed at forecasting the outcome of the event. </li>
<li>Business sentiment is not very encouraging, however, most of them seem to be hinting at the ruling party BJP remaining in power. </li>
</ul>


The focus of this channel Insight is the state of Uttar Pradesh, one of the largest and most important states in India currently undergoing Legislative elections. 
The objective is to know the on-ground narrative about business and elections and is not aimed at forecasting the outcome of the event. 
Business sentiment is not very encouraging, however, most of them seem to be hinting at the ruling party BJP remaining in power. 


India Channel Insight # 27 | Postcard from Uttar Pradesh (UP) | BJP Likely to Remain in Power

External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

External broker reports(aggregated public sources)

Edelweiss Broking Limited

Edelweiss Broking Limited is an Indian Financial services company based in Mumbai, India. The company is a subsidiary of Edelweiss Group. 

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.

Equity Bottom-Up

Crompton Greaves Consumer Electricals / Equity Bottom-Up

<ul><li>Acquisition of Butterfly Gandhimathi Appliances Ltd.</li></ul><div class="content-highlight"><em>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.</em></div>

Acquisition of Butterfly Gandhimathi Appliances Ltd.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.

Company Update | Crompton Greaves Consumer Electricals

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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>Market leader in the domestic fan industry with value market share of 27%.</li><li>The company has enhanced focus on increasing market share in home appliances categories like (air coolers, water heater and kitchen appliances) Robust balance sheet with RoE &amp; RoCE of 34% &amp; 39% (three-year average),.</li><li>.</li></ul><div class="content-highlight"><em>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.</em></div>

Market leader in the domestic fan industry with value market share of 27%.The company has enhanced focus on increasing market share in home appliances categories like (air coolers, water heater and kitchen appliances) Robust balance sheet with RoE &amp; RoCE of 34% &amp; 39% (three-year average),..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.

<ul><li>The acquisition values Butterfly at MCap/sales of 2.3x on annualized FY22E sales (TTK FY22E Mcap/Sales: 4.2x).</li><li>The acquisition will help Crompton to have stronger connect in south India, expand distribution network, will offer better right-to-win in kitchen appliances and reduce over dependence on Crompton brand.</li><li>.</li></ul><div class="content-highlight"><em>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.</em></div>

The acquisition values Butterfly at MCap/sales of 2.3x on annualized FY22E sales (TTK FY22E Mcap/Sales: 4.2x).The acquisition will help Crompton to have stronger connect in south India, expand distribution network, will offer better right-to-win in kitchen appliances and reduce over dependence on Crompton brand..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.

Butterfly acquisition likely to be earnings accretive in FY24 assuming 5% synergy benefits

India

Crompton Greaves Consumer Electricals Limited manufactures consumer electrical products. The Company offers fans, lamps, luminaires, and pumps, as well as a variety of other household appliances.

Crompton Greaves Consumer Electricals (CROMPTON IN)

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Crompton Greaves Consumer Electricals (CROMPTON IN)

India Channel Insight # 27 | Postcard from Uttar Pradesh (UP) | BJP Likely to Remain in Power

The focus of this channel Insight is the state of Uttar Pradesh, one of the largest and most important states in India currently undergoing...

Pranav Bhavsar

Company Update | Crompton Greaves Consumer Electricals

Acquisition of Butterfly Gandhimathi Appliances Ltd

Edelweiss

Crompton Greaves Consumer Electrials

Market leader in the domestic fan industry with value market share of 27%. The company has enhanced focus on increasing market share in home...

ICICI Securities Limited

Company Update | Crompton Greaves Consumer Electricals

Acquisition of Butterfly Gandhimathi Appliances Ltd

Edelweiss

Butterfly acquisition likely to be earnings accretive in FY24 assuming 5% synergy benefits

The acquisition values Butterfly at MCap/sales of 2.3x on annualized FY22E sales (TTK FY22E Mcap/Sales: 4.2x). The acquisition will help Crompton...

ICICI Securities Limited

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