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

Religare Enterprises: Will Fortunes Change?

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

Religare Enterprises / Forensic Accounting

<p><a href="https://www.smartkarma.com/entities/religare-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:14799:1" rel="noopener">Religare Enterprises (RELG IN)</a> is a conglomerate which provides all sort of financial services such as investments, broking, lending, insurance etc. The subsidiaries over the years may have contributed heavily to the topline (Consolidated total income amounted to INR 25.3 bn vis a vis standalone income of INR 1.2 bn in F21), but along with large contribution, these subsidiaries have also brought in some shady red herrings that tarnish the balance sheet and governance.</p><p>The results for year ended F21 have stated several auditor red flags, both quantitative and qualitative in nature. Whats worrying is that these red flags have been persistent since few years, and they are heading nowhere. </p>

Religare Enterprises (RELG IN) is a conglomerate which provides all sort of financial services such as investments, broking, lending, insurance etc. The subsidiaries over the years may have contributed heavily to the topline (Consolidated total income amounted to INR 25.3 bn vis a vis standalone income of INR 1.2 bn in F21), but along with large contribution, these subsidiaries have also brought in some shady red herrings that tarnish the balance sheet and governance.The results for year ended F21 have stated several auditor red flags, both quantitative and qualitative in nature. Whats worrying is that these red flags have been persistent since few years, and they are heading nowhere. 

Religare Enterprises: Sustained Red Flags