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>We interact with channels of <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a> , <a href="https://www.smartkarma.com/entities/bajaj-electricals-ltd" target="_blank" data-smartkarma-citation="entities:9615:1" rel="noopener">Bajaj Electricals (BJE IN)</a> &amp; <a href="https://www.smartkarma.com/entities/havells-india-ltd" target="_blank" data-smartkarma-citation="entities:9158:1" rel="noopener">Havells India (HAVL IN)</a> with an objective to understand sources of stress in rural India. </li>
<li>Price increases, lack of savings and irregular rural cash flows are taking a toll on Tractor Sales. </li>
<li>In durables, there are no signs of recovery, with lower prices being the only catalyst that would bring back volumes. </li>
</ul>


We interact with channels of Mahindra &amp; Mahindra (MM IN) , Bajaj Electricals (BJE IN) &amp; Havells India (HAVL IN) with an objective to understand sources of stress in rural India. 
Price increases, lack of savings and irregular rural cash flows are taking a toll on Tractor Sales. 
In durables, there are no signs of recovery, with lower prices being the only catalyst that would bring back volumes. 


Channel Insight #26 | M&M (Tractors), Bajaj Electricals (Murphy Richards), Havells

<ul>
<li>We analyze Q3 FY22 Earnings for <a href="https://www.smartkarma.com/entities/bajaj-electricals-ltd" target="_blank" data-smartkarma-citation="entities:9615:1" rel="noopener">Bajaj Electricals (BJE IN)</a> , <a href="https://www.smartkarma.com/entities/crompton-greaves-consumer-electricals" target="_blank" data-smartkarma-citation="entities:24046:1" rel="noopener">Crompton Greaves Consumer Electricals (CROMPTON IN)</a> , <a href="https://www.smartkarma.com/entities/havells-india-ltd" target="_blank" data-smartkarma-citation="entities:9158:1" rel="noopener">Havells India (HAVL IN)</a> and <a href="https://www.smartkarma.com/entities/stove-kraft-ltd" target="_blank" data-smartkarma-citation="entities:31372:1" rel="noopener">Stove Kraft (0490943D IN)</a> </li>
<li>Stress in rural is hurting BJE, CROMPTON is riding high on new products, Upcoming AC season is the key for HAVL. For Stove Kraft growth is falling off a cliff. </li>
<li>BJE and HAVL would be best placed to explore a potentially long and short respectively. </li>
</ul>


We analyze Q3 FY22 Earnings for Bajaj Electricals (BJE IN) , Crompton Greaves Consumer Electricals (CROMPTON IN) , Havells India (HAVL IN) and Stove Kraft (0490943D IN) 
Stress in rural is hurting BJE, CROMPTON is riding high on new products, Upcoming AC season is the key for HAVL. For Stove Kraft growth is falling off a cliff. 
BJE and HAVL would be best placed to explore a potentially long and short respectively. 


India Household Appliances | Q3 Earnings Review and Channel Check Map

<ul>
<li>We interact with Channels of <a href="https://www.smartkarma.com/entities/symphony-ltd" target="_blank" data-smartkarma-citation="entities:17047:1" rel="noopener">Symphony Ltd (SYML IN)</a> , <a href="https://www.smartkarma.com/entities/sheela-foam-ltd" target="_blank" data-smartkarma-citation="entities:28073:1" rel="noopener">Sheela Foam Ltd (SFL IN)</a> , <a href="https://www.smartkarma.com/entities/relaxo-footwears-ltd" target="_blank" data-smartkarma-citation="entities:6995:1" rel="noopener">Relaxo Footwears (RLXF IN)</a> to understand the demand environment and competitive positioning.</li>
<li>
<a href="https://www.smartkarma.com/entities/symphony-ltd" target="_blank" data-smartkarma-citation="entities:17047:1" rel="noopener">Symphony Ltd (SYML IN)</a> channels are reporting some market share loss, <a href="https://www.smartkarma.com/entities/sheela-foam-ltd" target="_blank" data-smartkarma-citation="entities:28073:1" rel="noopener">Sheela Foam Ltd (SFL IN)</a> 's operating and competitive positioning is encouraging. </li>
<li>For <a href="https://www.smartkarma.com/entities/relaxo-footwears-ltd" target="_blank" data-smartkarma-citation="entities:6995:1" rel="noopener">Relaxo Footwears (RLXF IN)</a> , school reopening could be possible upside catalysts. </li>
</ul>


We interact with Channels of Symphony Ltd (SYML IN) , Sheela Foam Ltd (SFL IN) , Relaxo Footwears (RLXF IN) to understand the demand environment and competitive positioning.

Symphony Ltd (SYML IN) channels are reporting some market share loss, Sheela Foam Ltd (SFL IN) 's operating and competitive positioning is encouraging. 
For Relaxo Footwears (RLXF IN) , school reopening could be possible upside catalysts. 


India Channel Insight #24 | Symphony, Sheela Foam, Relaxo

<ul>
<li>For this India Channel Insight (ICI), we interact with distributors and dealers based out of 6 cities (Indore, Vadodara, Amritsar, Jalgaon, Pune, Jodhpur) </li>
<li>Rural channels are showing signs of slowdown that is partly attributed to changing channel mix and income effect. </li>
<li>Companies in focus are <a href="https://www.smartkarma.com/entities/bajaj-electricals-ltd" target="_blank" data-smartkarma-citation="entities:9615:1" rel="noopener">Bajaj Electricals (BJE IN)</a> , <a href="https://www.smartkarma.com/entities/crompton-greaves-consumer-electricals" target="_blank" data-smartkarma-citation="entities:24046:1" rel="noopener">Crompton Greaves Consumer Electricals (CROMPTON IN)</a> and <a href="https://www.smartkarma.com/entities/havells-india-ltd" target="_blank" data-smartkarma-citation="entities:9158:1" rel="noopener">Havells India (HAVL IN)</a>. </li>
</ul>


For this India Channel Insight (ICI), we interact with distributors and dealers based out of 6 cities (Indore, Vadodara, Amritsar, Jalgaon, Pune, Jodhpur) 
Rural channels are showing signs of slowdown that is partly attributed to changing channel mix and income effect. 
Companies in focus are Bajaj Electricals (BJE IN) , Crompton Greaves Consumer Electricals (CROMPTON IN) and Havells India (HAVL IN). 


India Channel Insight #19 | Bajaj Electricals, Crompton, Havells

Thematic (Sector/Industry)

<h3>About The Narrative</h3>
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 <a href="https://www.smartkarma.com/entities/havells-india-ltd" target="_blank" data-smartkarma-citation="entities:9158:1" rel="noopener">Havells India (HAVL IN)</a> / <a href="https://www.smartkarma.com/entities/symphony-ltd" target="_blank" data-smartkarma-citation="entities:17047:1" rel="noopener">Symphony Ltd (SYML IN)</a> / <a href="https://www.smartkarma.com/entities/crompton-greaves-consumer-electricals" target="_blank" data-smartkarma-citation="entities:24046:1" rel="noopener">Crompton Greaves Consumer Electricals (CROMPTON IN)</a> / <a href="https://www.smartkarma.com/entities/ttk-prestige-ltd" target="_blank" data-smartkarma-citation="entities:9779:1" rel="noopener">TTK Prestige (TTKPT IN)</a> / <a href="https://www.smartkarma.com/entities/bajaj-electricals-ltd" target="_blank" data-smartkarma-citation="entities:9615:1" rel="noopener">Bajaj Electricals (BJE IN)</a> 
We have separated the quotes to highlight Demand Environment &amp; Business Performance,  Pricing, Volume and Margins, Market Shares, E-Commerce Business, Inventory and Outlook.

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 Havells India (HAVL IN) / Symphony Ltd (SYML IN) / Crompton Greaves Consumer Electricals (CROMPTON IN) / TTK Prestige (TTKPT IN) / Bajaj Electricals (BJE IN) 
We have separated the quotes to highlight Demand Environment &amp; Business Performance,  Pricing, Volume and Margins, Market Shares, E-Commerce Business, Inventory and Outlook. 

The Narrative | Q2 FY22 | India Household Durables - Havells, Symphony, Crompton Cons, TTK, Bajaj

India

Bajaj Electricals Limited manufactures electric fans and general lighting items, such as lamps, special lamps, fluorescent tubes, and lighting fixtures.  The Company also manufactures consumer durables like small electrical appliances.

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Bajaj Electricals (BJE IN)

Channel Insight #26 | M&M (Tractors), Bajaj Electricals (Murphy Richards), Havells

We interact with channels of Mahindra & Mahindra (MM IN) , Bajaj Electricals (BJE IN) & Havells India (HAVL IN) with an objective to understand...

Pranav Bhavsar

India Household Appliances | Q3 Earnings Review and Channel Check Map

We analyze Q3 FY22 Earnings for Bajaj Electricals, Crompton Greaves Consumer Electricals, Havells India and Stove Kraft along with presenting...

Pranav Bhavsar

India Channel Insight #24 | Symphony, Sheela Foam, Relaxo

We interact with Channels of Symphony Ltd (SYML IN), Sheela Foam Ltd (SFL IN), Relaxo Footwears (RLXF IN) to understand the demand environment and...

Pranav Bhavsar

India Channel Insight #19 | Bajaj Electricals, Crompton, Havells

For this India Channel Insight (ICI), we interact with distributors and dealers based out of 6 cities with an objective to understand the current...

Pranav Bhavsar

The Narrative | Q2 FY22 | India Household Durables - Havells, Symphony, Crompton Cons, TTK, Bajaj

The edition focuses on key quotes from the earnings transcripts of Havells / Symphony / Crompton Consumer / TTK Prestige / Bajaj Electricals

Pranav Bhavsar

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