Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research 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.

Independent & Unbiased Research

Equity Bottom-Up

Indian Railway Catering and Tourism / Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/indian-railway-catering-and-tourism-corporation-limited" target="_blank" data-smartkarma-citation="entities:33951:1" rel="noopener">Indian Railway Catering and Tourism (IRCTC IN)</a> has given a superficial return to the shareholders since it has got listed on the Indian bourses. The company is in news post the announced split of shares in the ratio of 1:5. On October 28, 2021, the split of share of the company got effected.</p><p>On the same day i.e. October 28, 2021, post market hours, the company informed exchanges that Ministry of Railways vide above referred letter has conveyed its decision to share the revenue earned from convenience fee collected by IRCTC in the ratio of 50: 50 w.e.f.  November 1, 2021.  The stock got hammered next morning by more than 28%; later during the day i.e. October 29, 2021, the company again informed exchanges that Ministry of Railways has withdrawn its order for sharing convenience fee, as a result stock got recovered and closed at ~7.5% down from the previous close.</p><p>There are few grey areas in the news created around the company and in this insight we try to analyse the situation and possible way ahead the Ministry may be eyeing for.</p>

Indian Railway Catering and Tourism (IRCTC IN) has given a superficial return to the shareholders since it has got listed on the Indian bourses. The company is in news post the announced split of shares in the ratio of 1:5. On October 28, 2021, the split of share of the company got effected.On the same day i.e. October 28, 2021, post market hours, the company informed exchanges that Ministry of Railways vide above referred letter has conveyed its decision to share the revenue earned from convenience fee collected by IRCTC in the ratio of 50: 50 w.e.f.  November 1, 2021.  The stock got hammered next morning by more than 28%; later during the day i.e. October 29, 2021, the company again informed exchanges that Ministry of Railways has withdrawn its order for sharing convenience fee, as a result stock got recovered and closed at ~7.5% down from the previous close.There are few grey areas in the news created around the company and in this insight we try to analyse the situation and possible way ahead the Ministry may be eyeing for.

IRCTC Limited: The Possible Implication Of Regulatory Fiasco

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

<p>Easy Trip Planners or EaseMyTrip.com (EMT) is the fastest growing and only profitable company in the online travel portal in India. It was founded as a B2B2C portal in 2008, providing travel agents access to its website to book domestic travel airline tickets. Subsequently, the company diversified into the business to customer (B2C) distribution channel in 2011.</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>

Easy Trip Planners or EaseMyTrip.com (EMT) is the fastest growing and only profitable company in the online travel portal in India. It was founded as a B2B2C portal in 2008, providing travel agents access to its website to book domestic travel airline tickets. Subsequently, the company diversified into the business to customer (B2C) distribution channel in 2011.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.

Easy Trip Planners: Digital Play on Travel Recovery

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

<p>This channel insight focuses on <a href="https://www.smartkarma.com/entities/zomato-media-pvt" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOM IN)</a>, <a href="https://www.smartkarma.com/entities/au-small-finance-bank-limited" target="_blank" data-smartkarma-citation="entities:24196:1" rel="noopener">AU Small Finance Bank Limited (AUBANK IN),</a><a href="https://www.smartkarma.com/entities/hitachi-home-life-solutions-india-ltd" target="_blank" data-smartkarma-citation="entities:6172:1" rel="noopener">Hitachi Home &amp; Life Solutions India Ltd (JCHAC IN)</a>, <a href="https://www.smartkarma.com/entities/nilkamal-ltd" target="_blank" data-smartkarma-citation="entities:5323:1" rel="noopener">Nilkamal Ltd (NILK IN)</a> and <a href="https://www.smartkarma.com/entities/makemytrip-ltd" target="_blank" data-smartkarma-citation="entities:23580:1" rel="noopener">Makemytrip Ltd (MMYT US)</a>. States, where our channels were based, include- West Bengal, Rajasthan, Gujarat, Maharashtra, Madhya Pradesh, Bihar.  </p>
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<h3>About India Channel Insight</h3>
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<p>Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets emerging out of these interactions and have been aiding us to generate interesting trade ideas and have often proven to be reliable sources of qualitative alpha. </p>
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This channel insight focuses on Zomato (ZOM IN), AU Small Finance Bank Limited (AUBANK IN),Hitachi Home &amp; Life Solutions India Ltd (JCHAC IN), Nilkamal Ltd (NILK IN) and Makemytrip Ltd (MMYT US). States, where our channels were based, include- West Bengal, Rajasthan, Gujarat, Maharashtra, Madhya Pradesh, Bihar.  

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 emerging out of these interactions and have been aiding us to generate interesting trade ideas and have often proven to be reliable sources of qualitative alpha. 


India Channel Insight | Zomato, AU Bank, Johnson Hitachi, Nilkamal, Makemytrip

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<p>In this Insight, we present our takeaways from channel interactions that are focused on <a href="https://www.smartkarma.com/entities/asian-paints-ltd" target="_blank" data-smartkarma-citation="entities:6354:1" rel="noopener">Asian Paints (APNT IN)</a> , <a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN)</a>, <a href="https://www.smartkarma.com/entities/makemytrip-ltd" target="_blank" data-smartkarma-citation="entities:23580:1" rel="noopener">Makemytrip Ltd (MMYT US)</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></p>
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<h3>About India Channel Insight</h3>
</div>
<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, we present our takeaways from channel interactions that are focused on Asian Paints (APNT IN) , Ashok Leyland (AL IN), Makemytrip Ltd (MMYT US) and Stove Kraft (0490943D IN)

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.  


India Channel Insight | Asian Paints, Ashok Leyland, Makemytrip, Stove Kraft

<div>
<h2>About India Channel Insight</h2>
</div>
<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>
<div>
<p>For this insight, we focus on <a href="https://www.smartkarma.com/entities/easemytrip" target="_blank" data-smartkarma-citation="entities:28897:1" rel="noopener">EaseMyTrip (0896537D IN)</a> with an objective to understand it's on-ground competitiveness; <a href="https://www.smartkarma.com/entities/matrimony-com" target="_blank" data-smartkarma-citation="entities:22922:1" rel="noopener">Matrimony.com (MATRIM IN)</a> where Q3 is hinting at a change in stance compared to our earlier view and a sourcing channel of <a href="https://www.smartkarma.com/entities/trent-ltd" target="_blank" data-smartkarma-citation="entities:8410:1" rel="noopener">Trent Ltd (TRENT IN) </a>to understand the growth prospects ahead. </p>
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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.  


For this insight, we focus on EaseMyTrip (0896537D IN) with an objective to understand it's on-ground competitiveness; Matrimony.com (MATRIM IN) where Q3 is hinting at a change in stance compared to our earlier view and a sourcing channel of Trent Ltd (TRENT IN) to understand the growth prospects ahead. 


India Channel Insight | Easemytrip, Matrimony.com, Trent

India

Easy Trip Planners Limited operates as a travel company. The Company offers ticket booking, transport arrangement, tour planning, and accommodation services. Easy Trip Planners serves customers in India.

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Easy Trip Planners (EASEMYTR IN)

IRCTC Limited: The Possible Implication Of Regulatory Fiasco

There are few grey areas in the news created around the company regarding convenience fee sharing. In this insight we try to analyse the situation...

Nitin Mangal

Easy Trip Planners: Digital Play on Travel Recovery

Easy Trip Planners or EaseMyTrip.com (EMT) is the fastest growing and only profitable company in the online travel portal in India.

ICICI Securities Limited

India Channel Insight | Zomato, AU Bank, Johnson Hitachi, Nilkamal, Makemytrip

This channel insight focuses on ZOM IN, AUBANK IN, JCHAC IN, NILK IN and MMYT US. States, where our channels were based, include- West Bengal,...

Pranav Bhavsar

India Channel Insight | Asian Paints, Ashok Leyland, Makemytrip, Stove Kraft

In this Insight, we present our takeaways from channel interactions that are focused on Asian Paints, Ashok Leyland, Makemytrip Ltd and Stove Kraft

Pranav Bhavsar

India Channel Insight | Easemytrip, Matrimony.com, Trent

Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. For this insight...

Pranav Bhavsar

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