Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Nitin Mangal is a Research Analyst with more than 15 years of experience in Indian equities. He is Pioneer of Corporate Governance and Accounting Research in Indian Market and has successfully developed product for Institutional Investors named as "Analysis Beyond Consensus" during his association with Edelweiss Securities Ltd, Mumbai. Later during the career, he has worked with Veritas Investment Research Corporation, Canada as Asia Consultant covering Indian and US equities. He has been profiled by leading financial newspapers such as Wall Street Journal, Business Standard etc

Forensic Analyst

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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 Capital Markets

<p><a href="https://www.smartkarma.com/entities/paytm-mobile-solutions-pvt-ltd" target="_blank" data-smartkarma-citation="entities:26149:1" rel="noopener">Paytm (PAYTM IN)</a>, run by One97 Communications Ltd is one of India's leading start-ups engaged in building a digital ecosystem for consumer and merchants throughout the country. Paytm offers a two sided ecosystem and offers a range of payment, financial, cloud and commerce services. It is backed by some of the marquee investors like <a href="https://www.smartkarma.com/entities/ant-group-co-ltd" target="_blank" data-smartkarma-citation="entities:24240:1" rel="noopener">Ant Financial Services Group (6688 HK)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>, <a href="https://www.smartkarma.com/entities/berkshire-hathaway-inc-cl-a" target="_blank" data-smartkarma-citation="entities:1044:1" rel="noopener">Berkshire Hathaway Inc Cl A (BRK/A US)</a>, Elevation Capital, etc. </p>
<p>Paytm had filed its DRHP few days ago, as the company stages up for further growth. Given the behemoth of a brand and the immense popularity among the public, Paytm however does exhibit several shortfalls on the forensic end as far as financials are concerned. Although the company has still not entered the green zone of profitability, the annual report checks have denoted further issues like poor investment and asset quality, working capital gimmick and unrecognised DTA. There are also several red herrings seen from the regulatory side too.</p>

Paytm (PAYTM IN), run by One97 Communications Ltd is one of India's leading start-ups engaged in building a digital ecosystem for consumer and merchants throughout the country. Paytm offers a two sided ecosystem and offers a range of payment, financial, cloud and commerce services. It is backed by some of the marquee investors like Ant Financial Services Group (6688 HK), Alibaba Group (9988 HK), Berkshire Hathaway Inc Cl A (BRK/A US), Elevation Capital, etc. 
Paytm had filed its DRHP few days ago, as the company stages up for further growth. Given the behemoth of a brand and the immense popularity among the public, Paytm however does exhibit several shortfalls on the forensic end as far as financials are concerned. Although the company has still not entered the green zone of profitability, the annual report checks have denoted further issues like poor investment and asset quality, working capital gimmick and unrecognised DTA. There are also several red herrings seen from the regulatory side too.

Paytm

Paytm IPO: Few Bugs on the Show