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

AU Small Finance Bank Limited / Equity Bottom-Up

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In the postcard series, our objective is to understand the macro environment shaping India and to assess the on-ground progress on its ambitious plan to reach USD 5 trillion from the current USD 2.7 trillion economy.
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In this Postcard, we present our key takeaways from the interactions in Jaisalmer, a tourist hotspot in the state of Rajasthan.
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In the postcard series, our objective is to understand the macro environment shaping India and to assess the on-ground progress on its ambitious plan to reach USD 5 trillion from the current USD 2.7 trillion economy.


In this Postcard, we present our key takeaways from the interactions in Jaisalmer, a tourist hotspot in the state of Rajasthan.


Postcard from Jaisalmer | Changing Consumers, Shifting Gears

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

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CarTrade Tech raised around US$400m in its India IPO. The company is backed by Warburg Pincus and Temasek.
CarTrade Tech (CTT) is an online auto portal for sale of cars and two-wheelers in India. It is a multichannel auto platform with coverage and presence across vehicle types and value-added services through its various brands, namely: CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz.
We have covered various aspects of the deal in our previous notes, <a href="https://www.smartkarma.com/insights/cartrade-tech-pre-ipo-acquisition-adjusted-growth-remains-lows" target="_blank" rel="noopener">CarTrade Tech Pre-IPO - Acquisition adjusted growth remains low</a> and <a href="https://www.smartkarma.com/insights/cartrade-tech-ipo-too-expensive-for-our-taste" target="_blank" rel="noopener">Cartrade Tech IPO - Too Expensive for Our Taste</a>.
In this note, we will talk about the trading dynamics.
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CarTrade Tech raised around US$400m in its India IPO. The company is backed by Warburg Pincus and Temasek.
CarTrade Tech (CTT) is an online auto portal for sale of cars and two-wheelers in India. It is a multichannel auto platform with coverage and presence across vehicle types and value-added services through its various brands, namely: CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz.
We have covered various aspects of the deal in our previous notes, CarTrade Tech Pre-IPO - Acquisition adjusted growth remains low and Cartrade Tech IPO - Too Expensive for Our Taste.
In this note, we will talk about the trading dynamics.


Cartrade Tech IPO Trading - Decent Demand but It Remains Expensive

CarTrade Tech aims to raise around US$400m in its India IPO. The company is backed by Warburg Pincus and Temasek.CarTrade Tech (CTT) is an online auto portal for sale of cars and two-wheelers in India. It is a multichannel auto platform with coverage and presence across vehicle types and value-added services through its various brands, namely: CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz.In 4Q21 (period ending March 21), its platforms had an average of 31.99m unique visitors per month and 814,316 vehicles were listed for auction in FY 2021. Although, most of the prior growth appears to have come via acquisitions. Were one to adjust for the acquisitions, the underlying growth doesn’t appear to be very strong.We have covered various aspects of the deal in our previous note, <a href="https://www.smartkarma.com/insights/cartrade-tech-pre-ipo-acquisition-adjusted-growth-remains-lows" target="_blank" rel="noopener">CarTrade Tech Pre-IPO - Acquisition adjusted growth remains low</a>.In this note, we will run the deal through our ECM framework and talk about pricing.

CarTrade Tech aims to raise around US$400m in its India IPO. The company is backed by Warburg Pincus and Temasek.CarTrade Tech (CTT) is an online auto portal for sale of cars and two-wheelers in India. It is a multichannel auto platform with coverage and presence across vehicle types and value-added services through its various brands, namely: CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz.In 4Q21 (period ending March 21), its platforms had an average of 31.99m unique visitors per month and 814,316 vehicles were listed for auction in FY 2021. Although, most of the prior growth appears to have come via acquisitions. Were one to adjust for the acquisitions, the underlying growth doesn’t appear to be very strong.We have covered various aspects of the deal in our previous note, CarTrade Tech Pre-IPO - Acquisition adjusted growth remains low.In this note, we will run the deal through our ECM framework and talk about pricing.

Cartrade Tech IPO - Too Expensive for Our Taste

<a href="https://www.smartkarma.com/entities/zomato-media-pvt" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOM IN)</a>  aims to raise US$1.1bn in its upcoming India IPO. This would be the largest listing in India from the technology sector.Zomato operates a technology platform that provides services for restaurant partners, customers, and delivery partners. During FY20, Zomato recorded 41.5m average MAU and was one of the leading Food Services platforms in India, in terms of value of goods sold, according to RedSeer. As of 31 Dec 20, it had a presence in 526 Indian cities and had 350,174 active restaurant listings

Zomato (ZOM IN)  aims to raise US$1.1bn in its upcoming India IPO. This would be the largest listing in India from the technology sector.Zomato operates a technology platform that provides services for restaurant partners, customers, and delivery partners. During FY20, Zomato recorded 41.5m average MAU and was one of the leading Food Services platforms in India, in terms of value of goods sold, according to RedSeer. As of 31 Dec 20, it had a presence in 526 Indian cities and had 350,174 active restaurant listings

Zomato Pre-IPO - Filings Lack Narrative, a Little Bit of History Helps

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Forensic Accounting

We had written about this largest 'B2B Market-Leader' back when it got listed in 2019. Since listing, <a href="https://www.smartkarma.com/entities/indiamart-intermesh-limited" target="_blank" data-smartkarma-citation="entities:27733:1" rel="noopener">IndiaMart (INMART IN)</a> has attracted a lot of eyes in the market, but the numbers in the last two years especially have been in line with our expectations of a slowdown. When it comes to the nitty-gritty of the operations, we have uncovered several operational discomforts that question whether the company is really growing? Or is it just reporting growth? Horrors of slowdown and de-growth which has been evident recently, is starting to haunt the company.
In this insight, we highlight several fundamental issues with the balance sheet and reported metrics (updated with the F21 results) that lead us to believe that company is no-where a giant of a growth company that the management believes. 
IndiaMART may have reported a constant upsurge in the buyers and enquiries, alongside a formidable growth in PAT, but a closer look at the numbers, especially unreasonable trends in revenue growth, platform growth, collection and employee costs, tell us something else and leads us to believe that a slowdown was evident. Also as more and more financial information is available our core belief of reported accounts not reflecting reality is strengthened.

We had written about this largest 'B2B Market-Leader' back when it got listed in 2019. Since listing, IndiaMart (INMART IN) has attracted a lot of eyes in the market, but the numbers in the last two years especially have been in line with our expectations of a slowdown. When it comes to the nitty-gritty of the operations, we have uncovered several operational discomforts that question whether the company is really growing? Or is it just reporting growth? Horrors of slowdown and de-growth which has been evident recently, is starting to haunt the company.
In this insight, we highlight several fundamental issues with the balance sheet and reported metrics (updated with the F21 results) that lead us to believe that company is no-where a giant of a growth company that the management believes. 
IndiaMART may have reported a constant upsurge in the buyers and enquiries, alongside a formidable growth in PAT, but a closer look at the numbers, especially unreasonable trends in revenue growth, platform growth, collection and employee costs, tell us something else and leads us to believe that a slowdown was evident. Also as more and more financial information is available our core belief of reported accounts not reflecting reality is strengthened.

IndiaMart InterMesh Ltd: Audible Phantom Notes

India

IndiaMart InterMesh Limited operates as an e-commerce company. The Company offers air coolers, tower fans, washing machines, mixer grinders, barcode printers, steel pipes, tubes, water tanks, roofing supplies, mobile phones, computers, automobile parts, and machine tools. IndiaMart Intermesh markets its products in India

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IndiaMart (INMART IN)

Postcard from Jaisalmer | Changing Consumers, Shifting Gears

In this Postcard, we present our key takeaways from the interactions in Jaisalmer, a tourist hotspot in the state of Rajasthan.

Pranav Bhavsar

Cartrade Tech IPO Trading - Decent Demand but It Remains Expensive

CarTrade Tech raised around US$400m in its India IPO. The company is backed by Warburg Pincus and Temasek. It is an online portal for sale of cars...

Sumeet Singh

Cartrade Tech IPO - Too Expensive for Our Taste

CarTrade Tech aims to raise around US$400m in its India IPO, via a 100% secondary selldown. The company is backed by Warburg Pincus and Temasek.

Sumeet Singh

Zomato Pre-IPO - Filings Lack Narrative, a Little Bit of History Helps

Zomato aims to raise US$1.1bn in its upcoming India IPO. This would be the largest listing in India from the technology sector.

Sumeet Singh

IndiaMart InterMesh Ltd: Audible Phantom Notes

IndiaMART may have reported a constant upsurge in the buyers and enquiries, alongside a formidable growth in PAT, but a closer look at the numbers...

Nitin Mangal

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