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

Thematic (Sector/Industry)

<ul>
<li>Travel and Tourism was one of the forefronts in the 2023-24 union budget speech.</li>
<li>While majority of the sectors have seen revival, the travel and tourism sector is still in recovery mode that awaits extraordinary growth.</li>
<li>Given the recent uptick in sectoral tailwinds and the conscious push by the government, travel and tourism looks set to be one of the 'Theme of the year'.</li>
</ul>


Travel and Tourism was one of the forefronts in the 2023-24 union budget speech.
While majority of the sectors have seen revival, the travel and tourism sector is still in recovery mode that awaits extraordinary growth.
Given the recent uptick in sectoral tailwinds and the conscious push by the government, travel and tourism looks set to be one of the 'Theme of the year'.


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

<ul>
<li>GoAir (Go First) is looking to raise up to US$500m in its upcoming India IPO. The company is owned by the Wadia family, who also own <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>.</li>
<li>Go Air is an ultra-low-cost carrier (ULCC) primarily operating in India. It had a market share of 10.8% in FY20 in the domestic market.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


GoAir (Go First) is looking to raise up to US$500m in its upcoming India IPO. The company is owned by the Wadia family, who also own Britannia Industries (BRIT IN).
Go Air is an ultra-low-cost carrier (ULCC) primarily operating in India. It had a market share of 10.8% in FY20 in the domestic market.
In this note, we will talk about the positive aspects of the deal.


Go Air (Go First) Pre-IPO - The Positives - Was Flying Reasonably High Pre-COVID

External broker reports(aggregated public sources), BOB Capital Markets Ltd

BOB Capital Markets Ltd.

External broker reports(aggregated public sources)

Equity Bottom-Up

SJET's Q4FY21 revenue plunged 35% YoY and it reported an adjusted net loss of Rs 2.4bn, translating to negative EPS of Rs 3.9<div class="content-highlight">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.</div>

SJET's Q4FY21 revenue plunged 35% YoY and it reported an adjusted net loss of Rs 2.4bn, translating to negative EPS of Rs 3.9Content 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.

Spicejet (SELL): Liquidity crisis, rising fuel cost dampen outlook; SELL

<a href="https://www.smartkarma.com/entities/go-air-limited" target="_blank" data-smartkarma-citation="entities:33416:1" rel="noopener">Go Air Limited (GO IN)</a>  is set to launch an IPO soon, becoming the 3rd active airlines company to get listed on the bourses after <a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a> and <a href="https://www.smartkarma.com/entities/spicejet-ltd" target="_blank" data-smartkarma-citation="entities:5266:1" rel="noopener">Spicejet Ltd (SJET IN)</a>. The company, promoted by the Wadia Group was launched in 2005 and currently controls 10.8% of the market share.
Operated as a ULCC (ultra low cost airlines), Go Air has been one of the faster growing airlines domestically in the last two years, clocking an available seat kilometer (ASK) and revenue CAGR growth of 30.2% and 25.2% from F18-F20. Moreover, Go Air has also been one of the better cost-efficient airlines in the sector, factored by lesser maintenance and better fuel efficiency.
However, given these metrics, there are numerous setbacks identified in the DRHP, primarily pertaining to accounting changes and balance sheet health, which we try to uncover in this insight.

Go Air Limited (GO IN)  is set to launch an IPO soon, becoming the 3rd active airlines company to get listed on the bourses after InterGlobe Aviation Ltd (INDIGO IN) and Spicejet Ltd (SJET IN). The company, promoted by the Wadia Group was launched in 2005 and currently controls 10.8% of the market share.
Operated as a ULCC (ultra low cost airlines), Go Air has been one of the faster growing airlines domestically in the last two years, clocking an available seat kilometer (ASK) and revenue CAGR growth of 30.2% and 25.2% from F18-F20. Moreover, Go Air has also been one of the better cost-efficient airlines in the sector, factored by lesser maintenance and better fuel efficiency.
However, given these metrics, there are numerous setbacks identified in the DRHP, primarily pertaining to accounting changes and balance sheet health, which we try to uncover in this insight.

InterGlobe Aviation Ltd / Equity Capital Markets

Interglobe Aviation (Indigo)’s board approved a fund raising of around US$400m (INR30,000m) on 10th May 2021. This is the second time over the past year that the company has obtained a board approval for undertaking a fund raising. The previous instance was in Aug 2020, when the board approved a fundraising of up to INR40,000m. However, the quicker than expected recovery since then meant that the company never raised the funds and in Jan 2021, its CFO stated that it had no intention of doing so either.However, the brutal COVID-19 second wave in India probably led to a change of heart. In this note, we will talk about the deal dynamics.

Interglobe Aviation (Indigo)’s board approved a fund raising of around US$400m (INR30,000m) on 10th May 2021. This is the second time over the past year that the company has obtained a board approval for undertaking a fund raising. The previous instance was in Aug 2020, when the board approved a fundraising of up to INR40,000m. However, the quicker than expected recovery since then meant that the company never raised the funds and in Jan 2021, its CFO stated that it had no intention of doing so either.However, the brutal COVID-19 second wave in India probably led to a change of heart. In this note, we will talk about the deal dynamics. 

Interglobe Aviation (Indigo) QIP Early Look - Headwinds Lead to a Change of Heart

India

SpiceJet Limited is a domestic low-budget air carrier which provides scheduled flights between major cities in India. The Company operates a fleet of Boeing 737 aircraft. E-booking and e-ticketing facilities are available online along with telephone booking. SpiceJet's maintenance support is handled by KLM and technology from Star Navigation, Russel Adams and Tech Log.

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Spicejet Ltd (SJET IN)

Travel and Tourism: Theme of the Year

Given the recent uptick in sectoral tailwinds and the conscious push by the government, travel and tourism looks set to be one of the 'Theme of the...

Nitin Mangal

Go Air (Go First) Pre-IPO - The Positives - Was Flying Reasonably High Pre-COVID

GoAir (Go First) is looking to raise up to US$500m in its upcoming India IPO. The company is owned by the Wadia family, who also own Britannia...

Sumeet Singh

Spicejet (SELL): Liquidity crisis, rising fuel cost dampen outlook; SELL

SJET's Q4FY21 revenue plunged 35% YoY and it reported an adjusted net loss of Rs 2.4bn, translating to negative EPS of Rs 3.9

BOB Capital Markets Ltd.

Go Air IPO- In Search Of Smooth Landing

Given the strong recent growth, there are numerous setbacks identified in the DRHP, primarily pertaining to accounting changes and balance sheet...

Nitin Mangal

Interglobe Aviation (Indigo) QIP Early Look - Headwinds Lead to a Change of Heart

Interglobe Aviation (Indigo)’s board approved a fund raising of around US$400m on 10th May 2021. This is the second time over the past year that...

Sumeet Singh

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