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

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/hindustan-unilever-ltd" target="_blank" data-smartkarma-citation="entities:13828:1" rel="noopener">Hindustan Unilever (HUVR IN)</a> / <a href="https://www.smartkarma.com/entities/marico-ltd" target="_blank" data-smartkarma-citation="entities:16903:1" rel="noopener">Marico Ltd (MRCO IN)</a> / <a href="https://www.smartkarma.com/entities/dabur-india-ltd" target="_blank" data-smartkarma-citation="entities:242:1" rel="noopener">Dabur India Ltd (DABUR IN)</a> / <a href="https://www.smartkarma.com/entities/britannia-industries-ltd" target="_blank" data-smartkarma-citation="entities:16495:1" rel="noopener">Britannia Industries (BRIT IN)</a> / <a href="https://www.smartkarma.com/entities/zydus-wellness-ltd" target="_blank" data-smartkarma-citation="entities:4353:1" rel="noopener">Zydus Wellness (ZYWL IN)</a> </p>
<p>We have separated the quotes to highlight<em><strong> Business Performance, Operating Environment, Commodity Inflation and Margins, Competition, Pricing, Direct to Consumer / E-commerce, Channel and GTM and 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 Hindustan Unilever (HUVR IN) / Marico Ltd (MRCO IN) / Dabur India Ltd (DABUR IN) / Britannia Industries (BRIT IN) / Zydus Wellness (ZYWL IN) 
We have separated the quotes to highlight Business Performance, Operating Environment, Commodity Inflation and Margins, Competition, Pricing, Direct to Consumer / E-commerce, Channel and GTM and Outlook.

The Narrative | Q2 FY22 | India Staples -  Hindustan Unilever, Marico, Dabur, Britannia, Zydus Well

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<p>MRCO maintained its positive trajectory in the Foods business. The management reiterated its sales target at INR5b by the end of FY22. Honey, Oodles, and Soya Chunks continue to do well, with strong market share and leadership position within their categories. With a sales target of INR4.5-5b by FY24 from digital first brands, there is a much required diversification in the portfolio, boosting its medium-to-longterm topline growth prospects.</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>

MRCO maintained its positive trajectory in the Foods business. The management reiterated its sales target at INR5b by the end of FY22. Honey, Oodles, and Soya Chunks continue to do well, with strong market share and leadership position within their categories. With a sales target of INR4.5-5b by FY24 from digital first brands, there is a much required diversification in the portfolio, boosting its medium-to-longterm topline growth prospects.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.

Result broadly in line; gross margin said to improve

<div><div id="annotable-executive_summary-1">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. </div></div><div><div id="annotable-executive_summary-2"></div></div><div><p>For the narrative, we will be covering commentary on the Demand environment, Business performance, Consumer behaviour, Pricing action, Gross margins, commodity inflation &amp; Inventory, Advertising spends, Marketshare movements, New launches, Capex and PLI, Online and D2C, International business and exports and Future outlook.</p></div><div><p>Companies covered include <a href="https://www.smartkarma.com/entities/britannia-industries-ltd" target="_blank" data-smartkarma-citation="entities:16495:1" rel="noopener">Britannia Industries (BRIT IN)</a> / <a href="https://www.smartkarma.com/entities/dabur-india-ltd" target="_blank" data-smartkarma-citation="entities:242:1" rel="noopener">Dabur India Ltd (DABUR IN)</a> / <a href="https://www.smartkarma.com/entities/hindustan-unilever-ltd" target="_blank" data-smartkarma-citation="entities:13828:1" rel="noopener">Hindustan Unilever (HUVR IN)</a> / <a href="https://www.smartkarma.com/entities/marico-ltd" target="_blank" data-smartkarma-citation="entities:16903:1" rel="noopener">Marico Ltd (MRCO IN)</a></p></div>

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 the Demand environment, Business performance, Consumer behaviour, Pricing action, Gross margins, commodity inflation &amp; Inventory, Advertising spends, Marketshare movements, New launches, Capex and PLI, Online and D2C, International business and exports and Future outlook.Companies covered include Britannia Industries (BRIT IN) / Dabur India Ltd (DABUR IN) / Hindustan Unilever (HUVR IN) / Marico Ltd (MRCO IN)

The Narrative | Q1 FY22 | India Staples - BRIT, DABUR, HUVR, MRCO

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

ICICI Securities Limited

<p>EBITDA was at Rs 481 crore, up 3.1% YoY, with margins at 19% Consequent PAT was at Rs 365 crore (down 5.3% YoY) What should investors do? Marico's share price has given 84% return in the last...</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>

EBITDA was at Rs 481 crore, up 3.1% YoY, with margins at 19% Consequent PAT was at Rs 365 crore (down 5.3% YoY) What should investors do? Marico's share price has given 84% return in the last...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.

Marico: Saffola Growth Momentum Continues

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>HSIE Results Daily Marico: Marico posted in-line revenue growth, however margin was a miss. Revenue/EBITDA grew by 31/3% (HSIE 31/7%). Domestic revenue and volume grew 31/21%, 7/2% 2-year CAGR, a good show despite the COVID pressure. PCNO saw volume growth of 12% YoY, albeit on a low base (- 11%), impacted by extended lockdowns in its core south and west markets. VAHO registered 35% YoY value growth (-32% in the base year) and saw 70bps share gain. Saffola remained a torchbearer (clocked 60/24% value/volume growth), aided by improved penetration and +450bps volume share gain.</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>

HSIE Results Daily Marico: Marico posted in-line revenue growth, however margin was a miss. Revenue/EBITDA grew by 31/3% (HSIE 31/7%). Domestic revenue and volume grew 31/21%, 7/2% 2-year CAGR, a good show despite the COVID pressure. PCNO saw volume growth of 12% YoY, albeit on a low base (- 11%), impacted by extended lockdowns in its core south and west markets. VAHO registered 35% YoY value growth (-32% in the base year) and saw 70bps share gain. Saffola remained a torchbearer (clocked 60/24% value/volume growth), aided by improved penetration and +450bps volume share gain.
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.

HSIE Results Daily: Marico, JSW Energy, Container Corporation and More

India

Marico Limited manufactures consumer products and services in the beauty and wellness space. The Company is known for its presence in the following categories: Coconut Oil, Hair Oils, Anti-lice Treatment, Premium Refined Edible Oils and Fabric Care. Marico Limited is present in the Skin Care Services segment through Kaya Skin Clinics.

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Marico Ltd (MRCO IN)

The Narrative | Q2 FY22 | India Staples - Hindustan Unilever, Marico, Dabur, Britannia, Zydus Well

The edition focuses on key quotes from the earnings transcripts of Hindustan Unilever / Marico / Dabur / Britannia / Zydus Wellness

Pranav Bhavsar

Result broadly in line; gross margin said to improve

MRCO maintained its positive trajectory in the Foods business. The management reiterated its sales target at INR5b by the end of FY22. Honey,...

Motilal Oswal

The Narrative | Q1 FY22 | India Staples - BRIT, DABUR, HUVR, MRCO

For the narrative, we will be covering commentary from Britannia Industries (BRIT IN) / Dabur India Ltd (DABUR IN) / Hindustan Unilever (HUVR IN) /...

Pranav Bhavsar

Marico: Saffola Growth Momentum Continues

EBITDA was at Rs 481 crore, up 3.1% YoY, with margins at 19% Consequent PAT was at Rs 365 crore (down 5.3% YoY) What should investors do? Marico's...

ICICI Securities Limited

HSIE Results Daily: Marico, JSW Energy, Container Corporation and More

HSIE Results Daily Marico: Marico posted in-line revenue growth, however margin was a miss. Revenue/EBITDA grew by 31/3% (HSIE 31/7%). Domestic...

HDFC Securities

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