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 Bottom-Up

<p><a href="https://www.smartkarma.com/entities/united-spirits-ltd" target="_blank" data-smartkarma-citation="entities:5146:1" rel="noopener">United Spirits (UNSP IN)</a> was undergoing process of balance sheet cleansing and cleaning since last 3-4 years as we discussed in few of our previous insights <a href="https://www.smartkarma.com/insights/usl-dream-run-has-just-begun" target="_blank" data-smartkarma-citation="insights:36137" rel="noopener">USL: Dream Run Has Just Begun</a> and post that the company was focused on reduction of debts, effective working capital management, product portfolio realignment etc. </p><p>Ms. Hina Nagarajan has taken over the position of chief executive officer (CEO) from April 1, 2021. During this quarter the strategies implemented by her has started showing fruits and first time she has presented the detailed strategy "Strategy Refresh" a future way for the company.  </p>

United Spirits (UNSP IN) was undergoing process of balance sheet cleansing and cleaning since last 3-4 years as we discussed in few of our previous insights USL: Dream Run Has Just Begun and post that the company was focused on reduction of debts, effective working capital management, product portfolio realignment etc. Ms. Hina Nagarajan has taken over the position of chief executive officer (CEO) from April 1, 2021. During this quarter the strategies implemented by her has started showing fruits and first time she has presented the detailed strategy "Strategy Refresh" a future way for the company.  

External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

External broker reports(aggregated public sources)

<p>United Spirits Limited is the largest spirits company in the branded spirits market in India.</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>

United Spirits Limited is the largest spirits company in the branded spirits market in India.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.

Pick of the Week - United Spirits Limited

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

Motilal Oswal

<p>United Spirits (UNSP) reported in-line sales and significantly better-thanexpected EBITDA and PAT in 4QFY21. The key highlight of the result was the net debt declining to INR5.6b at end-FY21 (from INR20.7b at end-FY20) the net debt has halved even over Sep'20 levels. While deleveraging has historically been a key success area for UNSP, it was particularly laudable in FY21 given the weak operating environment. Therefore, ROCE dipped just 50bp to 16.8% despite a ~42% EPS reduction in FY21.</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>

United Spirits (UNSP) reported in-line sales and significantly better-thanexpected EBITDA and PAT in 4QFY21. The key highlight of the result was the net debt declining to INR5.6b at end-FY21 (from INR20.7b at end-FY20) the net debt has halved even over Sep'20 levels. While deleveraging has historically been a key success area for UNSP, it was particularly laudable in FY21 given the weak operating environment. Therefore, ROCE dipped just 50bp to 16.8% despite a ~42% EPS reduction in FY21.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.

Better-than-expected results; lockdown leads to sharp EPS cut

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>The Ramco Cements: Ramco Cements (TRCL) reported a strong 4QFY21 performance. Standalone net sales/EBITDA/APAT grew 22/13/7% QoQ (17/61/47% YoY) to INR 13.3/4.5/2.1bn respectively. Unitary EBITDA cooled off 6% QoQ to INR 1,417/MT due to surge in freight and fixed costs. Healthy cash generation met its ongoing capex requirements; hence net debt remained largely flat YoY. TRCL continues to focus on its large retail presence and superior cost controls, which continues to support its industry-leading margin.</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>

The Ramco Cements: Ramco Cements (TRCL) reported a strong 4QFY21 performance. Standalone net sales/EBITDA/APAT grew 22/13/7% QoQ (17/61/47% YoY) to INR 13.3/4.5/2.1bn respectively. Unitary EBITDA cooled off 6% QoQ to INR 1,417/MT due to surge in freight and fixed costs. Healthy cash generation met its ongoing capex requirements; hence net debt remained largely flat YoY. TRCL continues to focus on its large retail presence and superior cost controls, which continues to support its industry-leading margin.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: United Spirits, Crompton Consumer, The Ramco Cements, Multi Commodity Exchange

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Forensic Accounting

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<p>In our next Webinar, we welcome back Insight Providers <a href="https://www.smartkarma.com/profiles/pranav-bhavsar" target="_blank" data-smartkarma-citation="accounts:3191" rel="noopener">Pranav Bhavsar</a> and <a href="https://www.smartkarma.com/profiles/nitin-mangal" target="_blank" data-smartkarma-citation="accounts:1988" rel="noopener">Nitin Mangal</a> who will discuss their deep-dive analysis on <a href="https://www.smartkarma.com/entities/united-spirits-ltd" target="_blank" data-smartkarma-citation="entities:5146:1" rel="noopener">United Spirits (UNSP IN)</a> and share their views about what's in store for the company in 2021.</p>
<h3>The webinar was hosted on Wednesday, 17 March 2021, 17:00 SGT/HKT.<a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=89854305786" target="_blank" rel="noopener"></a>
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<p>Watch the session here:</p>
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<p>Or subscribe to our podcast and listen on the go:</p>
<p><iframe src="https://open.spotify.com/embed/episode/5le0U3FJh85d0MfWTiaQOU" width="100%" height="232" frameborder="0" allowtransparency="true" allow="encrypted-media"></iframe></p>
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<p>Pranav Bhavsar is the Founder of ASA Capital Management, focusing on research on consumer themes and companies operating in India or global companies that have significant exposure to India or the Indian economy.</p>
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<p>Nitin Mangal is a SEBI registered Research Analyst with more than 10 years of experience in Indian equities. He is Pioneer of Corporate Governance and Accounting Research in Indian Market and has successfully developed a product for Institutional Investors named as "Analysis Beyond Consensus" during his association with Edelweiss Securities Ltd, Mumbai. </p>
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In our next Webinar, we welcome back Insight Providers Pranav Bhavsar and Nitin Mangal who will discuss their deep-dive analysis on United Spirits (UNSP IN) and share their views about what's in store for the company in 2021.
The webinar was hosted on Wednesday, 17 March 2021, 17:00 SGT/HKT.

Watch the session here:

Or subscribe to our podcast and listen on the go:





Pranav Bhavsar is the Founder of ASA Capital Management, focusing on research on consumer themes and companies operating in India or global companies that have significant exposure to India or the Indian economy.


Nitin Mangal is a SEBI registered Research Analyst with more than 10 years of experience in Indian equities. He is Pioneer of Corporate Governance and Accounting Research in Indian Market and has successfully developed a product for Institutional Investors named as "Analysis Beyond Consensus" during his association with Edelweiss Securities Ltd, Mumbai. 




Smartkarma Webinar | United Spirits: What's the Best Way Forward?

India

United Spirits Ltd. manufactures and distributes alcoholic beverages. The Company provides a variety of alcohols and spirits, including whiskey, brandy, and rum. United Spirits also manufactures indian-made foreign liquor brands. United Spirits serves customers worldwide.

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United Spirits (UNSP IN)

United Spirits: Strategy Refresh

With strong brand franchisee, restoration of strong financial statement, alogwith new management team, the company has huge opportunity to grow.

Nitin Mangal

Pick of the Week - United Spirits Limited

United Spirits Limited is the largest spirits company in the branded spirits market in India.

Edelweiss

Better-than-expected results; lockdown leads to sharp EPS cut

United Spirits (UNSP) reported in-line sales and significantly better-thanexpected EBITDA and PAT in 4QFY21. The key highlight of the result was...

Motilal Oswal

HSIE Results Daily: United Spirits, Crompton Consumer, The Ramco Cements, Multi Commodity Exchange

The Ramco Cements: Ramco Cements (TRCL) reported a strong 4QFY21 performance. Standalone net sales/EBITDA/APAT grew 22/13/7% QoQ (17/61/47% YoY) to...

HDFC Securities

Smartkarma Webinar | United Spirits: What's the Best Way Forward?

Join us on 17 March, 5pm SGT, as Pranav Bhavsar and Nitin Mangal discuss their deep-dive analysis on United Spirits (UNSP IN) and share their views...

Smartkarma Research

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