Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Nitin Mangal is a Research Analyst with more than 15 years of experience in Indian equities. He is Pioneer of Corporate Governance and Accounting Research in Indian Market and has successfully developed product for Institutional Investors named as "Analysis Beyond Consensus" during his association with Edelweiss Securities Ltd, Mumbai. Later during the career, he has worked with Veritas Investment Research Corporation, Canada as Asia Consultant covering Indian and US equities. He has been profiled by leading financial newspapers such as Wall Street Journal, Business Standard etc

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/apollo-tyres-ltd" target="_blank" data-smartkarma-citation="entities:8423:1" rel="noopener">Apollo Tyres (APTY IN)</a> may be one of the leading Indian origin tyre manufacturers, but it has been facing concerns of its own, predominantly capital allocation woes, that has created several potholes on its roadmap.</p>
<p>The company has successfully (as it proclaims) been able to buy revenues, this however did not bring free cash flow to the books. Poor capital allocation has always been a feature of Apollo Tyres, and this once again got depicted in the Q3F21 results where the management decided to provide for impairment in one of its trademark European arm, Vredestein.</p>

Apollo Tyres (APTY IN) may be one of the leading Indian origin tyre manufacturers, but it has been facing concerns of its own, predominantly capital allocation woes, that has created several potholes on its roadmap.
The company has successfully (as it proclaims) been able to buy revenues, this however did not bring free cash flow to the books. Poor capital allocation has always been a feature of Apollo Tyres, and this once again got depicted in the Q3F21 results where the management decided to provide for impairment in one of its trademark European arm, Vredestein.

Apollo Tyres

Apollo Tyres Limited: Drifting Apart