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

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ASA Capital Management

ASA Capital Management is a boutique Research and Investment Advisory firm focusing on primary research in India. ASA provides bespoke research services to Institutional Clients with a focus on due diligence backed with primary research, Field Trips & Channel Checks.

Equity Bottom-Up

<p>For this Insight, we interact with distributors on the ground to understand if there is any change in business fundamentals for the non-cigarette business. </p>
<p>We do not see any catalyst that changes our core thesis on <a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd (ITC IN)</a>  that is on capital allocation for the non-cigarette business. The recent run-up in share prices can be best attributed to relative cheapness than a change in business fundamentals and hence, we expect ITC to remain an underperformer. </p>

For this Insight, we interact with distributors on the ground to understand if there is any change in business fundamentals for the non-cigarette business. 
We do not see any catalyst that changes our core thesis on ITC Ltd (ITC IN)  that is on capital allocation for the non-cigarette business. The recent run-up in share prices can be best attributed to relative cheapness than a change in business fundamentals and hence, we expect ITC to remain an underperformer. 

ITC Limited (ITC IN) | Channel Interactions Suggest No Change on the Ground