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 Capital Markets

Utkarsh Small Finance Bank / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/utkarsh-small-finance-bank-ltd" target="_blank" data-smartkarma-citation="entities:39909:1" rel="noopener">Utkarsh Small Finance Bank (1639303D IN)</a> IPO opens for subscription this week.</li>
<li>The company currently is fifth largest SFB in India and has demonstrated robust growth in loan portfolio, deposits and improved productivity in the last two years.</li>
<li>However, one must be cautious of the write offs worth INR 6 bn done in the last two years which benefitted the NPAs</li>
</ul>



Utkarsh Small Finance Bank (1639303D IN) IPO opens for subscription this week.
The company currently is fifth largest SFB in India and has demonstrated robust growth in loan portfolio, deposits and improved productivity in the last two years.
However, one must be cautious of the write offs worth INR 6 bn done in the last two years which benefitted the NPAs


Utkarsh Small Finance Bank IPO- Forensic Analysis

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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

Ujjivan Small Finance Bank  / Equity Bottom-Up

<ul><li>FY23 has been a year of recovery for UJSFB from 2 major setbacks – (a) An abrupt management change along with (b) Asset quality challenges due to the impact of the pandemic on the core customer base.</li><li>However, the recovery has been remarkable, with the new management in place successfully implementing the ‘100-day plan’ bringing in stability and enabling the bank not only to regain its growth momentum but also simultaneously improving its asset quality meaningfully.</li><li>With the pandemic-related headwinds decisively behind, the bank expects to sustain the business growth momentum and harbours ambitions to build a Mass Market Bank.</li></ul>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.

FY23 has been a year of recovery for UJSFB from 2 major setbacks – (a) An abrupt management change along with (b) Asset quality challenges due to the impact of the pandemic on the core customer base.However, the recovery has been remarkable, with the new management in place successfully implementing the ‘100-day plan’ bringing in stability and enabling the bank not only to regain its growth momentum but also simultaneously improving its asset quality meaningfully.With the pandemic-related headwinds decisively behind, the bank expects to sustain the business growth momentum and harbours ambitions to build a Mass Market Bank.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.

Ujjivan Small Finance Bank Ltd. - Building a Mass Market Bank!

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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.

Thematic (Sector/Industry)

<ul><li>Asian Paints: Asian Paints’ top line grew 11.3% YoY (four-year CAGR: 15%), marginally short of expectations (var: -1.6%)</li><li>The decorative business clocked 16/13% volume/value growth (15/12% volume/value growth YoY in Q4FY23)</li><li>The mix in Q4 was led by economy emulsions and waterproofing</li></ul>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.

Asian Paints: Asian Paints’ top line grew 11.3% YoY (four-year CAGR: 15%), marginally short of expectations (var: -1.6%)The decorative business clocked 16/13% volume/value growth (15/12% volume/value growth YoY in Q4FY23)The mix in Q4 was led by economy emulsions and waterproofingContent 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: Asian Paints, Godrej Consumers, Eicher Motors

HSIE Results Daily: Asian Paints, Godrej Consumers, Eicher Motors, Aditya Birla Capital

<ul><li>Disbursement growth (+23/24% YoY/QoQ) across products remained healthy.</li><li>Strong Advances growth of 33/10% YoY/QoQ was primarily driven by MFI loans (+41/1% YoY/QoQ), while non-MFI loans grew by 16/4% YoY/QoQ.</li><li>NII growth was strong by 36/6% YoY led by strong advances growth, even as margins contracted by ~85/30bps YoY/QoQ and stood at 9.1%.</li></ul>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.

Disbursement growth (+23/24% YoY/QoQ) across products remained healthy.Strong Advances growth of 33/10% YoY/QoQ was primarily driven by MFI loans (+41/1% YoY/QoQ), while non-MFI loans grew by 16/4% YoY/QoQ.NII growth was strong by 36/6% YoY led by strong advances growth, even as margins contracted by ~85/30bps YoY/QoQ and stood at 9.1%.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.

Ujjivan Small Finance Bank Ltd. - Strong Quarter, Growth Visibility Strong!

India

Ujjivan Small Finance Bank Limited operates as a bank. The Company offers various types of financial services such as saving account, deposits, loans, and insurance solutions. Ujjivan Small Finance Bank serves customers in India.

Ujjivan Small Finance Bank  (UJJIVANS IN)

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Ujjivan Small Finance Bank (UJJIVANS IN)

Utkarsh Small Finance Bank IPO- Forensic Analysis

Utkarsh demonstrated robust growth in loan portfolio, deposits and improved productivity in the last two years. However one must be cautious of the...

Nitin Mangal

Ujjivan Small Finance Bank Ltd. - Building a Mass Market Bank!

With the pandemic-related headwinds decisively behind, the bank expects to sustain the business growth momentum and harbours ambitions to build a...

Axis Direct

HSIE Results Daily: Asian Paints, Godrej Consumers, Eicher Motors

Asian Paints: Asian Paints’ top line grew 11.3% YoY (four-year CAGR: 15%), marginally short of expectations (var: -1.6%). The decorative business...

HDFC Securities

HSIE Results Daily: Asian Paints, Godrej Consumers, Eicher Motors, Aditya Birla Capital

Asian Paints: Asian Paints’ top line grew 11.3% YoY (four-year CAGR: 15%), marginally short of expectations (var: -1.6%). The decorative business...

HDFC Securities

Ujjivan Small Finance Bank Ltd. - Strong Quarter, Growth Visibility Strong!

NII growth was strong by 36/6% YoY led by strong advances growth, even as margins contracted by ~85/30bps YoY/QoQ and stood at 9.1%.

Axis Direct

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