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 earnings coverage continues for the second edition and is expected to continue for one more week.</li>
<li>At the bottom, we provide a consolidated view of all earnings tracked so far (Bullish / Bearish) and would be happy to engage on any of them.</li>
<li>We also highlight the earnings of some of the global companies that have significant operations or growth in India.</li>
</ul>


Our earnings coverage continues for the second edition and is expected to continue for one more week.
At the bottom, we provide a consolidated view of all earnings tracked so far (Bullish / Bearish) and would be happy to engage on any of them.
We also highlight the earnings of some of the global companies that have significant operations or growth in India.


[Week 9] Namaste India 🙏 | Earnings Edition - Part II

HDFC Asset Management Co Ltd / Equity Bottom-Up

<ul>
<li>Due to the ongoing earnings season, for the next two weeks, we will temporarily deviate from our regular format and instead focus on reported earnings.</li>
<li>We focus on reported earnings, performance against expectations, and the top three highlights that we believe are important from earnings calls for each company that is usually under coverage.</li>
<li>Besides the Bullish/Bearish names, we draw attention to the ones that are highlighted as interesting and would be pleased to engage in discussions about any of them.</li>
</ul>


Due to the ongoing earnings season, for the next two weeks, we will temporarily deviate from our regular format and instead focus on reported earnings.
We focus on reported earnings, performance against expectations, and the top three highlights that we believe are important from earnings calls for each company that is usually under coverage.
Besides the Bullish/Bearish names, we draw attention to the ones that are highlighted as interesting and would be pleased to engage in discussions about any of them.


[Week 8] Namaste India 🙏 | Earnings Edition - Part I

<ul>
<li>The trade remains Long Nifty with a watch on earnings. </li>
<li>
<a href="https://www.smartkarma.com/entities/infosys-ltd" target="_blank" data-smartkarma-citation="entities:267:1" rel="noopener">Infosys Ltd (INFO IN)</a> reported a beat on revenues and a miss on EPS, heading into seasonally weak quarters is the pain now consensus? </li>
<li>Other names discussed include <a href="https://www.smartkarma.com/entities/delta-corp-ltd" target="_blank" data-smartkarma-citation="entities:4627:1" rel="noopener">Delta Corp Ltd (DELTA IN)</a>, <a href="https://www.smartkarma.com/entities/hdfc-asset-management-co-ltd" target="_blank" data-smartkarma-citation="entities:27027:1" rel="noopener">HDFC Asset Management Co Ltd (HDFCAMC IN)</a> and <a href="https://www.smartkarma.com/entities/dmart" target="_blank" data-smartkarma-citation="entities:23656:1" rel="noopener">Avenue Supermarts Ltd (DMART IN)</a>. </li>
</ul>


The trade remains Long Nifty with a watch on earnings. 

Infosys Ltd (INFO IN) reported a beat on revenues and a miss on EPS, heading into seasonally weak quarters is the pain now consensus? 
Other names discussed include Delta Corp Ltd (DELTA IN), HDFC Asset Management Co Ltd (HDFCAMC IN) and Avenue Supermarts Ltd (DMART IN). 


[Week 7] Namaste India 🙏 | Infosys Ltd (INFO IN) | Seasonal Sluggishness Now Consensus

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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>Avenue Supermarts: Revenue grew by 18.5% (four-year CAGR: 19.9%)</li><li>Sales density remains sub-par vis-a-vis the pre-pandemic level (~INR35.3k/sq ft in Q2FY24 vs INR36.6k/sq ft in Q2FY20)</li><li>Lower discretionary purchases vs pre-pandemic levels (general merchandise’s contribution trending towards pre-pandemic times though) kept underlying profitability/unit economics weak</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.

Avenue Supermarts: Revenue grew by 18.5% (four-year CAGR: 19.9%)Sales density remains sub-par vis-a-vis the pre-pandemic level (~INR35.3k/sq ft in Q2FY24 vs INR36.6k/sq ft in Q2FY20)Lower discretionary purchases vs pre-pandemic levels (general merchandise’s contribution trending towards pre-pandemic times though) kept underlying profitability/unit economics weakContent 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.

Avenue Supermarts - Margin Pressure Continues

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>Financial Performance: DMART Q2FY24 reported consolidated revenue growth of 19% YoY (20% on a 4-Year CAGR basis) to Rs 12,624 Cr.</li><li>The growth was led by FMCG and Staples segments while the General Merchandise and Apparel segments remained weakas expected.</li><li>The company’s gross margins stood at 14.7%, down 45bps YoY, signifying stress in high-margin general merchandise and the apparel business. </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.

Financial Performance: DMART Q2FY24 reported consolidated revenue growth of 19% YoY (20% on a 4-Year CAGR basis) to Rs 12,624 Cr.The growth was led by FMCG and Staples segments while the General Merchandise and Apparel segments remained weakas expected.The company’s gross margins stood at 14.7%, down 45bps YoY, signifying stress in high-margin general merchandise and the apparel business. 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.

Avenue Supermarts Ltd - General Merchandise & Apparel Yet to Recover

India

Avenue Supermarts Ltd. (ASL) owns and operates hypermarkets and supermarkets. The Company offers products such as garments, footwears, toys and games, bed and bath linen, stationery, grocery, household, and electronic products. ASL operates throughout India.

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Avenue Supermarts Ltd (DMART IN)

[Week 9] Namaste India 🙏 | Earnings Edition - Part II

Deviation from the normal weekly, this insight continues to focus on earnings coverage with a consolidated view of tracked earnings and focus on...

Pranav Bhavsar

[Week 8] Namaste India 🙏 | Earnings Edition - Part I

Deviating from our usual format due to earnings season, this is a long but must-read for anyone who is keen to track the earnings of Indian...

Pranav Bhavsar

[Week 7] Namaste India 🙏 | Infosys Ltd (INFO IN) | Seasonal Sluggishness Now Consensus

The trade remains long Nifty. Names discussed include INFO, DMART, DELTACORP and HDFCAMC. The next two weeks are going to be busy as the full...

Pranav Bhavsar

Avenue Supermarts - Margin Pressure Continues

Avenue Supermarts: Revenue grew by 18.5% (four-year CAGR: 19.9%) Sales density remains sub-par vis-a-vis the pre-pandemic level (~INR35.3k/sq ft in...

HDFC Securities

Avenue Supermarts Ltd - General Merchandise & Apparel Yet to Recover

Financial Performance: DMART Q2FY24 reported consolidated revenue growth of 19% YoY (20% on a 4-Year CAGR basis) to Rs 12,624 Cr.

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Week 9] Namaste India 🙏 | Earnings Edition - Part II

​Deviation from the normal weekly, this insight continues to focus on earnings coverage with a consolidated view of tracked earnings and focus on...

Pranav Bhavsar

[Week 8] Namaste India 🙏 | Earnings Edition - Part I

Deviating from our usual format due to earnings season, this is a long but must-read for anyone who is keen to track the earnings of Indian...

Pranav Bhavsar

[Week 7] Namaste India 🙏 | Infosys Ltd (INFO IN) | Seasonal Sluggishness Now Consensus

The trade remains long Nifty. Names discussed include INFO, DMART, DELTACORP and HDFCAMC. The next two weeks are going to be busy as the full...

Pranav Bhavsar

Avenue Supermarts - Margin Pressure Continues

Avenue Supermarts: Revenue grew by 18.5% (four-year CAGR: 19.9%) Sales density remains sub-par vis-a-vis the pre-pandemic level (~INR35.3k/sq ft in...

HDFC Securities

Avenue Supermarts Ltd - General Merchandise & Apparel Yet to Recover

Financial Performance: DMART Q2FY24 reported consolidated revenue growth of 19% YoY (20% on a 4-Year CAGR basis) to Rs 12,624 Cr.

Axis Direct

Deviation from the normal weekly, this insight continues to focus on earnings coverage with a consolidated view of tracked earnings and focus on...