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

Zomato's Investments Game: Stain on Governance

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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

<p><a href="https://www.smartkarma.com/entities/zomato-media-pvt" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a>'s euphoria was rather evident on the listing date. However in its Q1F22 results, the company has displayed some grey areas. While the company has continued reporting an upward trend in GOV, the results have also showed widening of losses, principally owing to the ESOPs. </p>
<p>We had also written a preliminary insight on Zomato's forensics, which is available in the insight stream.</p>

Zomato (ZOMATO IN)'s euphoria was rather evident on the listing date. However in its Q1F22 results, the company has displayed some grey areas. While the company has continued reporting an upward trend in GOV, the results have also showed widening of losses, principally owing to the ESOPs. 
We had also written a preliminary insight on Zomato's forensics, which is available in the insight stream.

Zomato

Zomato: The Grey Area