Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

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

Forensic Accounting

<ul>
<li>In FY24, <a href="https://www.smartkarma.com/entities/gravita-india-ltd" target="_blank" data-smartkarma-citation="entities:17385:1" rel="noopener">Gravita India (GRAV IN)</a> had faced qualified opinion from the auditors regarding its accounting pertaining to share based payments, which in a way boosted the earnings. </li>
<li>However, the unusual accounting behaviour is not for the company. We have seen some irregular line items in the past as well, w.r.t. gains and losses on commodities and forex. </li>
<li>Other key takeaways include negative free cash flows and difficulty in cash generation, revenues from traded goods not being in sync, fresh contingent liabilities, etc.</li>
</ul>


In FY24, Gravita India (GRAV IN) had faced qualified opinion from the auditors regarding its accounting pertaining to share based payments, which in a way boosted the earnings. 
However, the unusual accounting behaviour is not for the company. We have seen some irregular line items in the past as well, w.r.t. gains and losses on commodities and forex. 
Other key takeaways include negative free cash flows and difficulty in cash generation, revenues from traded goods not being in sync, fresh contingent liabilities, etc.


Asia Ex Japan; Technology and Consumption.

Rohinee Sharma

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Bottom-Up

<p>Gravita is a  company whose philosophy is to usher in a better tomorrow by changing and nurturing the world for the better. Sounds like corporate vaporing? But it is literally what Gravita India Ltd does - Waste Recycling!  Twenty-five years ago the company took its first step with recycling of Lead ( 84% of revenues and 93% of EBIT -FY18E  ) and over the last few years added Aluminium and PET Recycling.</p><p>The company's present size (market cap: US$150M) is no deterrent to its aspiration to become the largest recycler in the world by 2023. Our analysis does not give us reasons to doubt that they are executing well. The company generates very healthy ROEs of 28% and 31% ( FY18E &amp; FY19E, vs 22.5% FY17), has impressive sales and profit growth estimates in the range of 44 % and 61% for FY18 ( 45% and 43% for FY19E). Who said you can’t make money from trash ?!</p>

Gravita is a  company whose philosophy is to usher in a better tomorrow by changing and nurturing the world for the better. Sounds like corporate vaporing? But it is literally what Gravita India Ltd does - Waste Recycling!  Twenty-five years ago the company took its first step with recycling of Lead ( 84% of revenues and 93% of EBIT -FY18E  ) and over the last few years added Aluminium and PET Recycling.The company's present size (market cap: US$150M) is no deterrent to its aspiration to become the largest recycler in the world by 2023. Our analysis does not give us reasons to doubt that they are executing well. The company generates very healthy ROEs of 28% and 31% ( FY18E &amp; FY19E, vs 22.5% FY17), has impressive sales and profit growth estimates in the range of 44 % and 61% for FY18 ( 45% and 43% for FY19E). Who said you can’t make money from trash ?!

From Trash To Cash: A Sustainable Recycling Theme

India

Gravita India is a global recycling company specializing in the recycling of lead, aluminum, plastic, lithium-ion batteries, and waste tires through environmentally responsible processes. The company also provides turnkey recycling solutions globally. It was founded in 1992 and is headquartered in Jaipur, India.

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Gravita India (GRAV IN)

Gravita India Ltd- Forensic Analysis

In FY24, Gravita India faced auditor scrutiny for accounting practices, however the unusual accounting/irregularity in line items was there before...

Nitin Mangal

From Trash To Cash: A Sustainable Recycling Theme

Gravita is a company whose philosophy is to usher in a better tomorrow by changing and nurturing the world for the better. Sounds like corporate...

Rohinee Sharma

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52-week Range

Market Cap (USDm)

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Gravita India Ltd- Forensic Analysis

​In FY24, Gravita India faced auditor scrutiny for accounting practices, however the unusual accounting/irregularity in line items was there before...

Nitin Mangal

From Trash To Cash: A Sustainable Recycling Theme

Gravita is a company whose philosophy is to usher in a better tomorrow by changing and nurturing the world for the better. Sounds like corporate...

Rohinee Sharma

In FY24, Gravita India faced auditor scrutiny for accounting practices, however the unusual accounting/irregularity in line items was there before...