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

Forensic Accounting

Mahindra Holidays & Resorts / Forensic Accounting

<p><a href="https://www.smartkarma.com/entities/mahindra-holidays-resorts" target="_blank" data-smartkarma-citation="entities:12959:1" rel="noopener">Mahindra Holidays &amp; Resorts (MHRL IN)</a> may have a unique and resilient business model. The 'Club Mahindra' has been a brand easily recallable in the minds of many. However, recent years have been tough for the company as a whole. Of course the pandemic is one of the reasons but it is not the sole one.</p>
<p>MHRIL has been under pressure for a while now, even before the pandemic. The balance sheet has witnessed a structural change post Ind AS 116, expectedly. But other than that, there are issues related to capital allocation and contingent liabilities as well, as we'll see.</p>

Mahindra Holidays &amp; Resorts (MHRL IN) may have a unique and resilient business model. The 'Club Mahindra' has been a brand easily recallable in the minds of many. However, recent years have been tough for the company as a whole. Of course the pandemic is one of the reasons but it is not the sole one.
MHRIL has been under pressure for a while now, even before the pandemic. The balance sheet has witnessed a structural change post Ind AS 116, expectedly. But other than that, there are issues related to capital allocation and contingent liabilities as well, as we'll see.

Forensic Analysis: Mahindra Holidays and Resorts