Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research 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

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indiamart-intermesh-limited" target="_blank" data-smartkarma-citation="entities:27733:1" rel="noopener">IndiaMart (INMART IN)</a>'s volume growth is expected to under-power in 2022 due to both internal and external factors. The company might struggle to acquire increasing growth in subscribers.</li>
<li>Cost savings are likely to perish in future. This would put margins under pressure.</li>
<li>As a proxy for SMEs and MSMEs, lack of business confidence and hazy pent-up demand can turn into major headwinds.</li>
</ul>



IndiaMart (INMART IN)'s volume growth is expected to under-power in 2022 due to both internal and external factors. The company might struggle to acquire increasing growth in subscribers.
Cost savings are likely to perish in future. This would put margins under pressure.
As a proxy for SMEs and MSMEs, lack of business confidence and hazy pent-up demand can turn into major headwinds.


2022 High Conviction- IndiaMart (INMART IN)- Bet Against Growth Propellants

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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>Indiamart provides online B2B marketplace for business products and services.</li><li>It makes it easier to do business by connecting buyers (Indian small and medium enterprises SMEs, and large corporate) and sellers across product categories and geographies in India through business enablement solutions.</li><li>It provides ease and convenience to the buyers by offering a wide assortment of products and a responsive seller base while offering lead generation, lead management and payment solutions to its sellers.</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.

Indiamart provides online B2B marketplace for business products and services.It makes it easier to do business by connecting buyers (Indian small and medium enterprises SMEs, and large corporate) and sellers across product categories and geographies in India through business enablement solutions.It provides ease and convenience to the buyers by offering a wide assortment of products and a responsive seller base while offering lead generation, lead management and payment solutions to its sellers.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.

Pick of the Week - Indiamart Intermesh Ltd - 31 JULY 2023

<ul><li>Indiamart Intermesh Ltd (Indiamart) reported revenue of Rs 282 Cr in Q1FY24, up 5% QoQ and 26% YoY, which stood above our expectations.</li><li>The company’s operating profit stood at Rs 84 Cr, reporting a growth of 20% on a QoQ basis, which was led by lower employee costs during the quarter.</li><li>Its operating margins improved by 200bps to 27%, largely driven by moderated employee expenses. </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.

Indiamart Intermesh Ltd (Indiamart) reported revenue of Rs 282 Cr in Q1FY24, up 5% QoQ and 26% YoY, which stood above our expectations.The company’s operating profit stood at Rs 84 Cr, reporting a growth of 20% on a QoQ basis, which was led by lower employee costs during the quarter.Its operating margins improved by 200bps to 27%, largely driven by moderated employee expenses. 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.

Indiamart Intermesh Ltd. - Robust Result; Market Share Gain Continues

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy</a> aims to raise US$1.25bn in its upcoming India IPO. The company has filed confidentially for its IPO, which is likely to be launched towards the end of the year.</li>
<li>Swiggy, along with Zomato, operates a duopoly that has come to dominate the food delivery market in India. In 1H24, Swiggy serviced over 274,000 restaurants via its 370,000 delivery partners.</li>
<li>In this note, we will take an early look at the company based on the publicly available financials. </li>
</ul>



Swiggy aims to raise US$1.25bn in its upcoming India IPO. The company has filed confidentially for its IPO, which is likely to be launched towards the end of the year.
Swiggy, along with Zomato, operates a duopoly that has come to dominate the food delivery market in India. In 1H24, Swiggy serviced over 274,000 restaurants via its 370,000 delivery partners.
In this note, we will take an early look at the company based on the publicly available financials. 


Swiggy Pre-IPO Early Look - Innovation Leader, Profitability Laggard

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.

Thematic (Sector/Industry)

<ul><li>Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 145, is premised on margin pressure due to increasing petchem supplies/capacity, moderation in refining margins, and lower auto-fuel marketing margins</li><li>IOCL’s Q4FY24 reported EBITDA at INR 104bn (-32% YoY, -33% QoQ) and APAT at INR 48bn (-52% YoY, -40% QoQ) came in below our estimates</li><li>Earnings were impacted by weak performance from the petchem segment, lower refining margins, inventory loss and higher-than-expected expenses</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.

Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 145, is premised on margin pressure due to increasing petchem supplies/capacity, moderation in refining margins, and lower auto-fuel marketing marginsIOCL’s Q4FY24 reported EBITDA at INR 104bn (-32% YoY, -33% QoQ) and APAT at INR 48bn (-52% YoY, -40% QoQ) came in below our estimatesEarnings were impacted by weak performance from the petchem segment, lower refining margins, inventory loss and higher-than-expected expensesContent 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: Indian Oil Corporation, Star Health and Allied Insurance

India

IndiaMart InterMesh Limited operates as an e-commerce company. The Company offers air coolers, tower fans, washing machines, mixer grinders, barcode printers, steel pipes, tubes, water tanks, roofing supplies, mobile phones, computers, automobile parts, and machine tools. IndiaMart Intermesh markets its products in India

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IndiaMart (INMART IN)

2022 High Conviction- IndiaMart (INMART IN)- Bet Against Growth Propellants

IndiaMart's volume growth is expected to under-power in 2022 due to both internal and external factors. The company might struggle to acquire...

Nitin Mangal

Pick of the Week - Indiamart Intermesh Ltd - 31 JULY 2023

It makes it easier to do business by connecting buyers (Indian small and medium enterprises SMEs, and large corporate) and sellers across product...

Axis Direct

Swiggy Pre-IPO Early Look - Innovation Leader, Profitability Laggard

Swiggy aims to raise US$1.25bn in its upcoming India IPO. The company has filed confidentially for its IPO, which is likely to be launched towards...

Sumeet Singh

HSIE Results Daily: Indian Oil Corporation, Star Health and Allied Insurance

Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 145, is premised on margin pressure due to increasing petchem...

HDFC Securities

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