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

HPL Electric & Power / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hpl-electric-power-ltd" target="_blank" data-smartkarma-citation="entities:36893:1" rel="noopener">HPL Electric &amp; Power (HPLE IN)</a> is one of the key players in domestic electric meters market and domestic on-load, change-over switches market. The company also manufactures LED products.</li>
<li>Forensic overview of the company indicates poor capital allocation in the past, along with cash generation issues.</li>
<li>One must also keep a note of the inherent credit risk, as well as some interesting line items such as software and designs, on the balance sheet.</li>
</ul>



HPL Electric &amp; Power (HPLE IN) is one of the key players in domestic electric meters market and domestic on-load, change-over switches market. The company also manufactures LED products.
Forensic overview of the company indicates poor capital allocation in the past, along with cash generation issues.
One must also keep a note of the inherent credit risk, as well as some interesting line items such as software and designs, on the balance sheet.


HPL Electric and Power Ltd- Forensic Analysis

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Hindustan Unilever: HUL reported marginally better revenue growth at 16% (HSIE 14%), with volume growth of 5% (HSIE 5%)</li><li>Three-year revenue and volume CAGRs stand at 11% and 3.5%</li><li>Home care remained the showstopper, revenue/EBIT grew by 32/23% YoY</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.

Hindustan Unilever: HUL reported marginally better revenue growth at 16% (HSIE 14%), with volume growth of 5% (HSIE 5%)Three-year revenue and volume CAGRs stand at 11% and 3.5%Home care remained the showstopper, revenue/EBIT grew by 32/23% YoYContent 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.

HSIE Results Daily: Hindustan Unilever, Asian Paints, Havells India

HSIE Results Daily - Hindustan Unilever, Asian Paints

<ul><li>Expect improving Q3 print, aggregate revenue YoY/three-year CAGR at 13/16%: Our appliances coverage universe is expected to deliver revenue YoY/three-year CAGR (ex-Butterfly acquisition) of 13/16% in Q3FY23 (vs 7/11% in Q3FY22 and 6/12% in Q2FY23)</li><li>Q2FY23 was marred by a variety of reasons like commodity-led destocking, an unfavourable base, negative oplev and slow infra activities led by extended monsoon</li><li>We have observed that some of the headwinds have eased out in Q3 and thereby expect better delivery in Q3 after the washout show in Q2</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.

Expect improving Q3 print, aggregate revenue YoY/three-year CAGR at 13/16%: Our appliances coverage universe is expected to deliver revenue YoY/three-year CAGR (ex-Butterfly acquisition) of 13/16% in Q3FY23 (vs 7/11% in Q3FY22 and 6/12% in Q2FY23)Q2FY23 was marred by a variety of reasons like commodity-led destocking, an unfavourable base, negative oplev and slow infra activities led by extended monsoonWe have observed that some of the headwinds have eased out in Q3 and thereby expect better delivery in Q3 after the washout show in Q2Content 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.

Consumer Durables (Q3FY23 Results Preview): Better Q3 print assisted by pre-buying in fans

<ul><li>Weak Q2 print, aggregate revenue YoY/three-year CAGR at 6/12%: Our appliances coverage universe is expected to deliver revenue YoY/three-year CAGR (ex-Butterfly acquisition) of 6/12% in Q2FY23 (vs 24/11% in Q2FY22 and 61/9% in Q1FY23)</li><li>The quarter marred by destocking impact, unfavorable base, and extended monsoon saw weak execution</li><li>The premium segment has done well across categories but mass segment has seen slowdown during Q2.</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.

Weak Q2 print, aggregate revenue YoY/three-year CAGR at 6/12%: Our appliances coverage universe is expected to deliver revenue YoY/three-year CAGR (ex-Butterfly acquisition) of 6/12% in Q2FY23 (vs 24/11% in Q2FY22 and 61/9% in Q1FY23)The quarter marred by destocking impact, unfavorable base, and extended monsoon saw weak executionThe premium segment has done well across categories but mass segment has seen slowdown during Q2.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.

Consumer Durables (Q2FY23 Results Preview): Weak Q2 print, expect better H2FY23 delivery

India

Havells India Limited manufactures electrical products. The Company's products include building circuit protection equipment, industrial switchgears, energy meters, cables & wires, modular switches, fans and lighting products.

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Havells India (HAVL IN)

HPL Electric and Power Ltd- Forensic Analysis

Forensic overview of the company indicates poor capital allocation in the past, along with cash generation issues, inherent credit risk, as well as...

Nitin Mangal

HSIE Results Daily: Hindustan Unilever, Asian Paints, Havells India

Hindustan Unilever: HUL reported marginally better revenue growth at 16% (HSIE 14%), with volume growth of 5% (HSIE 5%). Three-year revenue and...

HDFC Securities

HSIE Results Daily - Hindustan Unilever, Asian Paints

Hindustan Unilever: HUL reported marginally better revenue growth at 16% (HSIE 14%), with volume growth of 5% (HSIE 5%). Three-year revenue and...

HDFC Securities

Consumer Durables (Q3FY23 Results Preview): Better Q3 print assisted by pre-buying in fans

Our appliances coverage universe is expected to deliver revenue YoY/three-year CAGR (ex-Butterfly acquisition) of 13/16% in Q3FY23 (vs 7/11% in...

HDFC Securities

Consumer Durables (Q2FY23 Results Preview): Weak Q2 print, expect better H2FY23 delivery

Our appliances coverage universe is expected to deliver revenue YoY/three-year CAGR (ex-Butterfly acquisition) of 6/12% in Q2FY23 (vs 24/11% in...

HDFC Securities

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