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 two dealers 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> &amp; <a href="https://www.smartkarma.com/entities/escorts-ltd" target="_blank" data-smartkarma-citation="entities:6773:1" rel="noopener">Escorts Ltd (ESC IN)</a> </li>
<li>High pressure on billing is denting dealer profitability leading to dealership closures </li>
<li>Weddings and changing spending patterns suggest a weak demand environment likely to continue. </li>
</ul>


We interact with two dealers of Mahindra &amp; Mahindra (MM IN) &amp; Escorts Ltd (ESC IN) 
High pressure on billing is denting dealer profitability leading to dealership closures 
Weddings and changing spending patterns suggest a weak demand environment likely to continue. 


India Channel Insight #25 | Mahindra and Mahindra, Escorts

<ul>
<li>For this channel insight, we interact with commercial vehicle (CV) dealers from 5 cities representing <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/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/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> </li>
<li>Our interactions suggest first-time buyers and retail transporters have disappeared from the market.</li>
<li>We believe the odds of an MHCV (Medium and Heavy Commercial Vehicles) recovery over the next year are slim.  </li>
</ul>


For this channel insight, we interact with commercial vehicle (CV) dealers from 5 cities representing Ashok Leyland (AL IN) , Mahindra &amp; Mahindra (MM IN), Tata Motors Ltd (TTMT IN) 
Our interactions suggest first-time buyers and retail transporters have disappeared from the market.
We believe the odds of an MHCV (Medium and Heavy Commercial Vehicles) recovery over the next year are slim.  


India Channel Insight #20 | Ashok Leyland, M&M (CV), Tata Motors (CV)

<ul>
<li>We speak to a <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> dealer based in the state of Uttar Pradesh.</li>
<li>Overall, MHCV volumes remain muted showing no signs of recovery. LCV remains the only saviour for the Industry.</li>
<li>Inquiries from schools are gaining traction, but uncertain and inconsistent growth in the overall economy suggests MHCV volumes are likely to remain muted. </li>
</ul>


We speak to a Mahindra &amp; Mahindra (MM IN) dealer based in the state of Uttar Pradesh.
Overall, MHCV volumes remain muted showing no signs of recovery. LCV remains the only saviour for the Industry.
Inquiries from schools are gaining traction, but uncertain and inconsistent growth in the overall economy suggests MHCV volumes are likely to remain muted. 


Beyond 280 #5 | Mahindra & Mahindra (MM IN) - Conversation with a Dealer

Thematic (Sector/Industry)

<h3>About The Narrative</h3>
<p>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. </p>
<p>The edition focuses on key quotes from the earnings transcripts of <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> / <a href="https://www.smartkarma.com/entities/eicher-motors-ltd" target="_blank" data-smartkarma-citation="entities:18316:1" rel="noopener">Eicher Motors (EIM IN)</a> / <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> / <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/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN)</a>.</p>
<p>We have separated the quotes to highlight<em><strong> Business Performance and Demand Environment, Consumer Behaviour and Profile, Commodity Inflation, Discounts &amp; Margins, Inventory, New Products / EV / Hybrid,  Exports, Outlook.</strong></em></p>

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 Maruti Suzuki India (MSIL IN) / Eicher Motors (EIM IN) / Tata Motors Ltd (TTMT IN) / Mahindra &amp; Mahindra (MM IN) / Ashok Leyland (AL IN).
We have separated the quotes to highlight Business Performance and Demand Environment, Consumer Behaviour and Profile, Commodity Inflation, Discounts &amp; Margins, Inventory, New Products / EV / Hybrid,  Exports, Outlook.

The Narrative | Q2 FY22 | India 4Ws - Maruti, Eicher, Tata Motors, Mahindra, Ashok Leyland

<div>
<p>The objective of "The Narrative" is to aid us in assessing management commentary, which we can further connect with ground reality via primary checks, aiding us in identifying key catalysts that could be potential drivers of stock returns.</p>
<p>For the narrative, we will be covering commentary on Demand Environment &amp; Business performance; Margins &amp; Inventory; Supply Chain, price increases and discounting; Competition and market share; New launches; Electric vehicles (EVs); Outlook and Strategy</p>
</div>
<p>Companies covered included <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/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> (Primarily Standalone India Business) / <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/maruti-suzuki-india-ltd" target="_blank" data-smartkarma-citation="entities:733:1" rel="noopener">Maruti Suzuki India (MSIL IN)</a></p>


The objective of "The Narrative" is to aid us in assessing management commentary, which we can further connect with ground reality via primary checks, aiding us in identifying key catalysts that could be potential drivers of stock returns.
For the narrative, we will be covering commentary on Demand Environment &amp; Business performance; Margins &amp; Inventory; Supply Chain, price increases and discounting; Competition and market share; New launches; Electric vehicles (EVs); Outlook and Strategy

Companies covered included Mahindra &amp; Mahindra (MM IN) / Tata Motors Ltd (TTMT IN) (Primarily Standalone India Business) / Ashok Leyland (AL IN) /  Maruti Suzuki India (MSIL IN)

The Narrative | Q1 FY22 | India 4Ws - MM, TTMT, AL, MSIL

India

Mahindra & Mahindra Ltd. manufactures automobiles, farm equipment and automotive components. The Company's automobile products include light, medium and heavy commercial vehicles, jeep type vehicles and passenger cars. Mahindra & Mahindra also manufactures agricultural tractors, agricultural implements, internal combustion engines, industrial petrol engines, spare parts and machine tools.

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Mahindra & Mahindra (MM IN)

India Channel Insight #25 | Mahindra and Mahindra, Escorts

We interact with two dealers of Mahindra & Mahindra (MM IN) & Escorts Ltd (ESC IN) to understand the current demand environment and sales outlook

Pranav Bhavsar

India Channel Insight #20 | Ashok Leyland, M&M (CV), Tata Motors (CV)

For this channel insight, we interact with commercial vehicle (CV) dealers from 5 cities representing Ashok Leyland (AL IN) , Mahindra & Mahindra...

Pranav Bhavsar

Beyond 280 #5 | Mahindra & Mahindra (MM IN) - Conversation with a Dealer

We speak to a Mahindra & Mahindra (MM IN) dealer based in the state of Utter Pradesh with an objective to understand the current operating and...

Pranav Bhavsar

The Narrative | Q2 FY22 | India 4Ws - Maruti, Eicher, Tata Motors, Mahindra, Ashok Leyland

The edition focuses on key quotes from the earnings transcripts of Maruti Suzuki / Eicher Motors / Tata Motors Ltd / Mahindra & Mahindra / Ashok...

Pranav Bhavsar

The Narrative | Q1 FY22 | India 4Ws - MM, TTMT, AL, MSIL

For the narrative, we will be covering commentary from Companies covered included Mahindra & Mahindra (MM IN) / Tata Motors Ltd (TTMT IN) / Ashok...

Pranav Bhavsar

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