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.

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Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/united-spirits-ltd" target="_blank" data-smartkarma-citation="entities:5146:1" rel="noopener">United Spirits (UNSP IN)</a> Q4F22 results have shown some good improvement.</li>
<li>There is all round progress witnessed, including debt reduction, focus on gaining market share, better scope of working capital management. There is an intent of supporting premiumization as well.</li>
<li>The results and strategic decision making reinforces our bullish stance on United Spirits; the cherry on top is that there is further room for improvement in the short-mid term.</li>
</ul>



United Spirits (UNSP IN) Q4F22 results have shown some good improvement.
There is all round progress witnessed, including debt reduction, focus on gaining market share, better scope of working capital management. There is an intent of supporting premiumization as well.
The results and strategic decision making reinforces our bullish stance on United Spirits; the cherry on top is that there is further room for improvement in the short-mid term.


United Spirits Update: All Round Progress

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Thematic (Sector/Industry)

<h3>About The Narrative</h3>
<p>Earnings conference calls are important sources that aid us in the identification of potential catalysts and drivers of stock returns. Every quarter we go through these transcripts and connect them with primary research with the objective of assessing on-ground reality against management commentary. </p>
<p>The edition focuses on key quotes from the earnings transcripts of <a href="https://www.smartkarma.com/entities/jubilant-foodworks-ltd" target="_blank" data-smartkarma-citation="entities:986:1" rel="noopener">Jubilant Foodworks (JUBI IN)</a> / <a href="https://www.smartkarma.com/entities/united-spirits-ltd" target="_blank" data-smartkarma-citation="entities:5146:1" rel="noopener">United Spirits (UNSP IN)</a> / <a href="https://www.smartkarma.com/entities/united-breweries-ltd" target="_blank" data-smartkarma-citation="entities:18080:1" rel="noopener">United Breweries (UBBL IN)</a> / <a href="https://www.smartkarma.com/entities/radico-khaitan-ltd" target="_blank" data-smartkarma-citation="entities:20842:1" rel="noopener">Radico Khaitan (RDCK IN).</a></p>
<p>We have separated the quotes to highlight<em><strong> Business Performance, Operating Environment &amp; Pricing, Inflation and Margins, Competition and Market Share, Consumer Behaviour,  Growth Strategy &amp; Outlook.</strong></em></p>

About The Narrative
Earnings conference calls are important sources that aid us in the identification of potential catalysts and drivers of stock returns. Every quarter we go through these transcripts and connect them with primary research with the objective of assessing on-ground reality against management commentary. 
The edition focuses on key quotes from the earnings transcripts of Jubilant Foodworks (JUBI IN) / United Spirits (UNSP IN) / United Breweries (UBBL IN) / Radico Khaitan (RDCK IN).
We have separated the quotes to highlight Business Performance, Operating Environment &amp; Pricing, Inflation and Margins, Competition and Market Share, Consumer Behaviour,  Growth Strategy &amp; Outlook.

The Narrative | Q2 FY22 | India F&B - Jubi Food, United Spirits, United Breweries, Radico Khaitan

<p><a href="https://www.smartkarma.com/entities/united-spirits-ltd" target="_blank" data-smartkarma-citation="entities:5146:1" rel="noopener">United Spirits (UNSP IN)</a> was undergoing process of balance sheet cleansing and cleaning since last 3-4 years as we discussed in few of our previous insights <a href="https://www.smartkarma.com/insights/usl-dream-run-has-just-begun" target="_blank" data-smartkarma-citation="insights:36137" rel="noopener">USL: Dream Run Has Just Begun</a> and post that the company was focused on reduction of debts, effective working capital management, product portfolio realignment etc. </p><p>Ms. Hina Nagarajan has taken over the position of chief executive officer (CEO) from April 1, 2021. During this quarter the strategies implemented by her has started showing fruits and first time she has presented the detailed strategy "Strategy Refresh" a future way for the company.  </p>

United Spirits (UNSP IN) was undergoing process of balance sheet cleansing and cleaning since last 3-4 years as we discussed in few of our previous insights USL: Dream Run Has Just Begun and post that the company was focused on reduction of debts, effective working capital management, product portfolio realignment etc. Ms. Hina Nagarajan has taken over the position of chief executive officer (CEO) from April 1, 2021. During this quarter the strategies implemented by her has started showing fruits and first time she has presented the detailed strategy "Strategy Refresh" a future way for the company.  

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

Edelweiss

External broker reports(aggregated public sources)

<p>United Spirits Limited is the largest spirits company in the branded spirits market in India.</p><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>

United Spirits Limited is the largest spirits company in the branded spirits market in India.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 - United Spirits Limited

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

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Forensic Accounting

<div>
<p>In our next Webinar, we welcome back Insight Providers <a href="https://www.smartkarma.com/profiles/pranav-bhavsar" target="_blank" data-smartkarma-citation="accounts:3191" rel="noopener">Pranav Bhavsar</a> and <a href="https://www.smartkarma.com/profiles/nitin-mangal" target="_blank" data-smartkarma-citation="accounts:1988" rel="noopener">Nitin Mangal</a> who will discuss their deep-dive analysis on <a href="https://www.smartkarma.com/entities/united-spirits-ltd" target="_blank" data-smartkarma-citation="entities:5146:1" rel="noopener">United Spirits (UNSP IN)</a> and share their views about what's in store for the company in 2021.</p>
<h3>The webinar was hosted on Wednesday, 17 March 2021, 17:00 SGT/HKT.<a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=89854305786" target="_blank" rel="noopener"></a>
</h3>
<p>Watch the session here:</p>
<p><iframe src="https://www.youtube.com/embed/S3g5y50LGeI" width="560" height="315" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="allowfullscreen"></iframe></p>
<p>Or subscribe to our podcast and listen on the go:</p>
<p><iframe src="https://open.spotify.com/embed/episode/5le0U3FJh85d0MfWTiaQOU" width="100%" height="232" frameborder="0" allowtransparency="true" allow="encrypted-media"></iframe></p>
</div>
<div>
<div>
<div>
<p>Pranav Bhavsar is the Founder of ASA Capital Management, focusing on research on consumer themes and companies operating in India or global companies that have significant exposure to India or the Indian economy.</p>
</div>
<div>
<p>Nitin Mangal is a SEBI registered Research Analyst with more than 10 years of experience in Indian equities. He is Pioneer of Corporate Governance and Accounting Research in Indian Market and has successfully developed a product for Institutional Investors named as "Analysis Beyond Consensus" during his association with Edelweiss Securities Ltd, Mumbai. </p>
</div>
</div>
</div>


In our next Webinar, we welcome back Insight Providers Pranav Bhavsar and Nitin Mangal who will discuss their deep-dive analysis on United Spirits (UNSP IN) and share their views about what's in store for the company in 2021.
The webinar was hosted on Wednesday, 17 March 2021, 17:00 SGT/HKT.

Watch the session here:

Or subscribe to our podcast and listen on the go:





Pranav Bhavsar is the Founder of ASA Capital Management, focusing on research on consumer themes and companies operating in India or global companies that have significant exposure to India or the Indian economy.


Nitin Mangal is a SEBI registered Research Analyst with more than 10 years of experience in Indian equities. He is Pioneer of Corporate Governance and Accounting Research in Indian Market and has successfully developed a product for Institutional Investors named as "Analysis Beyond Consensus" during his association with Edelweiss Securities Ltd, Mumbai. 




Smartkarma Webinar | United Spirits: What's the Best Way Forward?

India

United Spirits Ltd. manufactures and distributes alcoholic beverages. The Company provides a variety of alcohols and spirits, including whiskey, brandy, and rum. United Spirits also manufactures indian-made foreign liquor brands. United Spirits serves customers worldwide.

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United Spirits (UNITDSPR IN)

United Spirits Update: All Round Progress

The results and strategic decision making reinforces our bullish stance on United Spirits; the cherry on top is that there is further room for...

Nitin Mangal

The Narrative | Q2 FY22 | India F&B - Jubi Food, United Spirits, United Breweries, Radico Khaitan

The edition of "The Narrative" focuses on key quotes from the earnings transcripts of Jubilant Foodworks / United Spirits / United Breweries /...

Pranav Bhavsar

United Spirits: Strategy Refresh

With strong brand franchisee, restoration of strong financial statement, alogwith new management team, the company has huge opportunity to grow.

Nitin Mangal

Pick of the Week - United Spirits Limited

United Spirits Limited is the largest spirits company in the branded spirits market in India.

Edelweiss

Smartkarma Webinar | United Spirits: What's the Best Way Forward?

Join us on 17 March, 5pm SGT, as Pranav Bhavsar and Nitin Mangal discuss their deep-dive analysis on United Spirits (UNSP IN) and share their views...

Smartkarma Research

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