Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Pranav Bhavsar & the team at India Independent Insight (Iii), provide research on consumer companies operating or have exposure to in India. The research methodology focuses on carrying out on-the-ground channel surveillance/checks that include supplier/distributor/customer interactions, access to industry experts, and bespoke primary data sources that aid in providing unique insights and counter consensus ideas.  

Leveraging the team's forensic analysis along with channel surveillance, the team at Iii also aids investors in early identification of changing consumer trends, identification and quantification of accounting/governance risks, and the associated impact on the business model of the company.

Pranav has over 15 years of experience in the Indian equity market, and has worked with some of the global activists, long only and PE funds for their India projects. Prior roles also include building and leading an institutional sell-side desk. In his free time, Pranav is a traveler, biker, and a young Indian contributing to the country’s social and economic development.

Consumer Analyst / Channel Surveillance Specialist

India Channel Insight | Maruti, Hyundai, Tata Motors, Eicher, Ola Electric

India Channel Insight #39 | Maruti, Hyundai

India Staples | Supplier Interaction Indicates Demand Momentum Likely to Continue

Maruti Suzuki (MSIL IN) | Volume Recovery Could Remain Short-Lived

Marico (MRCO IN) | Why We Got It Wrong? And What Is Priced In?

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

<h3>In this Insight </h3>
<p><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>: Although very early considering the current uncertainty, based on initiation channel feedback, we take a shot at estimating possible trends in wholesale and retail for FY22.</p>
<p><a href="https://www.smartkarma.com/entities/pvr-ltd" target="_blank" data-smartkarma-citation="entities:10144:1" rel="noopener">PVR Ltd (PVRL IN)</a> &amp; <a href="https://www.smartkarma.com/entities/inox-leisure-ltd" target="_blank" data-smartkarma-citation="entities:1999:1" rel="noopener">Inox Leisure (INOL IN)</a>: We expect a ~10% reduction in the number of screens due to this pandemic, however, we do not see any material impact of the same on ATPs (expecting them to remain lower). </p>
<p><a href="https://www.smartkarma.com/entities/computer-age-management-services" target="_blank" data-smartkarma-citation="entities:28843:1" rel="noopener">Computer Age Management Services (CAMS IN)</a>: Flows mixed, but digitization tailwind could aid revenue growth. Currently, our channels indicate no material stress in terms of SIP flows. </p>
<p><a href="https://www.smartkarma.com/entities/marico-ltd" target="_blank" data-smartkarma-citation="entities:16903:1" rel="noopener">Marico Ltd (MRCO IN)</a>: Our channels reiterate the strong growth prospects for edible oil. Tailwinds remain and players like MRCO are likely to benefit with volumes expected to remain buoyant. </p>
<h3>About India Channel Insight</h3>
<div>
<p>Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions.  </p>
</div>

In this Insight 
Maruti Suzuki India (MSIL IN): Although very early considering the current uncertainty, based on initiation channel feedback, we take a shot at estimating possible trends in wholesale and retail for FY22.
PVR Ltd (PVRL IN) &amp; Inox Leisure (INOL IN): We expect a ~10% reduction in the number of screens due to this pandemic, however, we do not see any material impact of the same on ATPs (expecting them to remain lower). 
Computer Age Management Services (CAMS IN): Flows mixed, but digitization tailwind could aid revenue growth. Currently, our channels indicate no material stress in terms of SIP flows. 
Marico Ltd (MRCO IN): Our channels reiterate the strong growth prospects for edible oil. Tailwinds remain and players like MRCO are likely to benefit with volumes expected to remain buoyant. 
About India Channel Insight

Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions.  


Computer Age Management Services (CAMS IN)

India Channel Insight | Maruti, PVR, Inox, CAMS, Marico