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

Forensic Analysis- Narayana Hrudayalaya Ltd

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

Narayana Hrudayalaya Ltd / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/narayana-hrudayalaya-ltd" target="_blank" data-smartkarma-citation="entities:26939:1" rel="noopener">Narayana Hrudayalaya Ltd (NARH IN)</a> is on an expansion spree and looks to add further 1500 beds in the next four years, to its 5683 operational beds as at FY24.</li>
<li>As far as forensics are concerned, the company has shown improvement in its capital allocation, shown ramp up/turnaround in some hospitals; also impairments are done with in the past. </li>
<li>However, few concerns loom over PPE disposals and non-reconciliation with cash flows, treatment of reversal of provisions and high growth rate assumed in goodwill CGU.</li>
</ul>



Narayana Hrudayalaya Ltd (NARH IN) is on an expansion spree and looks to add further 1500 beds in the next four years, to its 5683 operational beds as at FY24.
As far as forensics are concerned, the company has shown improvement in its capital allocation, shown ramp up/turnaround in some hospitals; also impairments are done with in the past. 
However, few concerns loom over PPE disposals and non-reconciliation with cash flows, treatment of reversal of provisions and high growth rate assumed in goodwill CGU.


Narayana Hrudayalaya Ltd

Narayana Hrudayalaya: Forensic Review