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>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

<ul>
<li>The index seems to be finding support at 19,500 for the second consecutive week. Bullish momentum could resume when we close above 19,800 on the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a> .</li>
<li>Names discussed include <a href="https://www.smartkarma.com/entities/titan-co-ltd" target="_blank" data-smartkarma-citation="entities:12630:1" rel="noopener">Titan Co Ltd (TTAN IN)</a>, <a href="https://www.smartkarma.com/entities/maruti-suzuki-india-ltd" target="_blank" data-smartkarma-citation="entities:733:1" rel="noopener">Maruti Suzuki India (MSIL IN)</a> and <a href="https://www.smartkarma.com/entities/metro-brands" target="_blank" data-smartkarma-citation="entities:35289:1" rel="noopener">Metro Brands (METROBRA IN)</a>.  </li>
<li>We also introduce the Earnings Diary which will be part of the publication, tracking estimates and narratives around over coverage. </li>
</ul>


The index seems to be finding support at 19,500 for the second consecutive week. Bullish momentum could resume when we close above 19,800 on the NIFTY Index (NIFTY INDEX) .
Names discussed include Titan Co Ltd (TTAN IN), Maruti Suzuki India (MSIL IN) and Metro Brands (METROBRA IN).  
We also introduce the Earnings Diary which will be part of the publication, tracking estimates and narratives around over coverage. 


[Week 6] Namaste India 🙏 | TTAN's Glittery Update and Earnings Workbook

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>Company revenue grew 15% YoY, while SSSG decreased 3% YoY.</li><li>Gross margins were 35.8% (down 152bps YoY), reflecting price cuts to attract value customers and a negative mix. EBITDA margins were 7.7% (down 736bps YoY), reflecting higher operating costs related to Lime Road and higher marketing spend in the online business.</li><li>Adj EBITDA margins were 13%. However, management remains cautiously optimistic about demand, seeing early signs of recovery in certain markets, although it expects full recovery only in the H2FY24</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.

Company revenue grew 15% YoY, while SSSG decreased 3% YoY.Gross margins were 35.8% (down 152bps YoY), reflecting price cuts to attract value customers and a negative mix. EBITDA margins were 7.7% (down 736bps YoY), reflecting higher operating costs related to Lime Road and higher marketing spend in the online business.Adj EBITDA margins were 13%. However, management remains cautiously optimistic about demand, seeing early signs of recovery in certain markets, although it expects full recovery only in the H2FY24Content 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.

V-Mart Ltd -Demand To Recover Gradually; Maintain BUY

<ul><li>The company’s revenue grew 30% YoY (21% on a 3-Year CAGR) while SSSG grew 10% YoY as it undertook price reduction to drive footfall.</li><li>Its gross margins stood at 31.9% (down 300bps YoY) owing to price cuts to attract value customers and a negative mix.</li><li>EBITDA margins stood at 3.9% (down 711bps YoY) owing to higher operating expenses related to Lime Road and increased marketing spends in online 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.

The company’s revenue grew 30% YoY (21% on a 3-Year CAGR) while SSSG grew 10% YoY as it undertook price reduction to drive footfall.Its gross margins stood at 31.9% (down 300bps YoY) owing to price cuts to attract value customers and a negative mix.EBITDA margins stood at 3.9% (down 711bps YoY) owing to higher operating expenses related to Lime Road and increased marketing spends in online 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.

V-Mart Ltd - Demand To Recover Gradually; Maintain BUY

<ul><li>Higher inflation and increase in prices of essential goods have been impacting overall consumption in rural and smaller towns.</li><li>However, the demand environment is expected to normalize in Tier 2-3 towns (which are V-Mart’s key markets) on account of moderating inflation, rural revival, government spending ahead of the election year, and high remittances.</li><li>This, in turn, is expected to result in footfall recovery in FY24. Keeping this in view, we expect traction in the value retailers such as V-Mart to report healthy performance going ahead.</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.

Higher inflation and increase in prices of essential goods have been impacting overall consumption in rural and smaller towns.However, the demand environment is expected to normalize in Tier 2-3 towns (which are V-Mart’s key markets) on account of moderating inflation, rural revival, government spending ahead of the election year, and high remittances.This, in turn, is expected to result in footfall recovery in FY24. Keeping this in view, we expect traction in the value retailers such as V-Mart to report healthy performance going ahead.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:15 May 2023 - V-Mart Retail Ltd

India

V-Mart is a value retail chain in India, primarily targeting Tier II, III, and IV cities, offering fashion apparel, footwear, accessories, and general merchandise. The company also operates a digital marketplace platform. V-Mart was founded in 2002 and is headquartered in Gurugram, Haryana, India.

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V-Mart (VMART IN)

[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

[Week 6] Namaste India 🙏 | TTAN's Glittery Update and Earnings Workbook

Bullish momentum may resume if NIFTY Index closes above 19,800. Names discussed Titan Co Ltd, Maruti Suzuki India, and Metro Brands. Earnings...

Pranav Bhavsar

V-Mart Ltd -Demand To Recover Gradually; Maintain BUY

Adj EBITDA margins were 13%. However, management remains cautiously optimistic about demand, seeing early signs of recovery in certain markets,...

Axis Direct

V-Mart Ltd - Demand To Recover Gradually; Maintain BUY

The company’s revenue grew 30% YoY (21% on a 3-Year CAGR) while SSSG grew 10% YoY as it undertook price reduction to drive footfall.

Axis Direct

Pick of the Week:15 May 2023 - V-Mart Retail Ltd

Higher inflation and increase in prices of essential goods have been impacting overall consumption in rural and smaller towns.

Axis Direct

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[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

[Week 6] Namaste India 🙏 | TTAN's Glittery Update and Earnings Workbook

​Bullish momentum may resume if NIFTY Index closes above 19,800. Names discussed Titan Co Ltd, Maruti Suzuki India, and Metro Brands. Earnings...

Pranav Bhavsar

V-Mart Ltd -Demand To Recover Gradually; Maintain BUY

Adj EBITDA margins were 13%. However, management remains cautiously optimistic about demand, seeing early signs of recovery in certain markets,...

Axis Direct

V-Mart Ltd - Demand To Recover Gradually; Maintain BUY

The company’s revenue grew 30% YoY (21% on a 3-Year CAGR) while SSSG grew 10% YoY as it undertook price reduction to drive footfall.

Axis Direct

Pick of the Week:15 May 2023 - V-Mart Retail Ltd

Higher inflation and increase in prices of essential goods have been impacting overall consumption in rural and smaller towns.

Axis Direct

Bullish momentum may resume if NIFTY Index closes above 19,800. Names discussed Titan Co Ltd, Maruti Suzuki India, and Metro Brands. Earnings...