Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Pranav Bhavsar & the team at India Independent Insight (Iii), provide research on consumer companies operating or have exposure to in India. The research methodology focuses on carrying out on-the-ground channel surveillance/checks that include supplier/distributor/customer interactions, access to industry experts, and bespoke primary data sources that aid in providing unique insights and counter consensus ideas.  

Leveraging the team's forensic analysis along with channel surveillance, the team at Iii also aids investors in early identification of changing consumer trends, identification and quantification of accounting/governance risks, and the associated impact on the business model of the company.

Pranav has over 15 years of experience in the Indian equity market, and has worked with some of the global activists, long only and PE funds for their India projects. Prior roles also include building and leading an institutional sell-side desk. In his free time, Pranav is a traveler, biker, and a young Indian contributing to the country’s social and economic development.

Consumer Analyst / Channel Surveillance Specialist

Asian Paints (APNT IN) | Masking Growth Concerns

India Channel Insight | Asian Paints (APNT IN) | Mindshare Master

The Narrative | Q2 FY22 | India Consumer - Asian Paints, PVR, Reliance Retail, Titan, Page, Indigo

Asian Paints | Why This Pricey Indian Paint Company Offers a Better Return Potential in the Region

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

The Narrative | Q2 FY22 | India F&B - Jubi Food, United Spirits, United Breweries, Radico Khaitan

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

<ul>
<li>Strong volume growth in Tier 1/2 locations aided revenue surprise, while RM inflation hurt profitability in Q3.</li>
<li>Impact of price hikes and demand revival in Tier 3/4 locations could be the possible catalysts to monitor going into Q4 </li>
<li>Valuations apart,  <a href="https://www.smartkarma.com/entities/asian-paints-ltd" target="_blank" data-smartkarma-citation="entities:6354:1" rel="noopener">Asian Paints (APNT IN)</a> market share gaining ability, strategic positioning and possibility of revenue surprise suggest the trade is best BULLISH and not BEARISH on APNT.</li>
</ul>


Strong volume growth in Tier 1/2 locations aided revenue surprise, while RM inflation hurt profitability in Q3.
Impact of price hikes and demand revival in Tier 3/4 locations could be the possible catalysts to monitor going into Q4 
Valuations apart,  Asian Paints (APNT IN) market share gaining ability, strategic positioning and possibility of revenue surprise suggest the trade is best BULLISH and not BEARISH on APNT.


Asian Paints (APNT IN) | Q3 | Leveraging Leadership Position