Poonawalla Fincorp Beneish M-Score Historical Data
The historical data trend for Poonawalla Fincorp's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Poonawalla Fincorp Beneish M-Score Chart
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Poonawalla Fincorp Annual Data
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Trend |
Mar15 |
Mar16 |
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Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.93 |
-3.40 |
-1.36 |
-0.77 |
0.37 |
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Poonawalla Fincorp Quarterly Data
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Jun19 |
Sep19 |
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Mar24 |
| Beneish M-Score |
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-0.77 |
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0.37 |
Competitive Comparison of Poonawalla Fincorp's Beneish M-Score
For the Credit Services subindustry, Poonawalla Fincorp's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Poonawalla Fincorp's Beneish M-Score Distribution in the Credit Services Industry
For the Credit Services industry and Financial Services sector, Poonawalla Fincorp's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Poonawalla Fincorp's Beneish M-Score falls into.
Poonawalla Fincorp Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Poonawalla Fincorp for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 1.9517 | + | 0.528 * 0.7695 | + | 0.404 * 0.0984 | + | 0.892 * 1.584 | + | 0.115 * 1.1518 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * 0.383579 | - | 0.327 * 1.1471 |
| = | 0.37 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₹220,751 Mil.
Revenue was ₹29,728 Mil.
Gross Profit was ₹15,781 Mil.
Total Current Assets was ₹225,660 Mil.
Total Assets was ₹240,869 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,771 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹644 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹34 Mil.
Long-Term Debt & Capital Lease Obligation was ₹152,157 Mil.
Net Income was ₹16,828 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-75,565 Mil.
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Total Receivables was ₹71,406 Mil.
Revenue was ₹18,767 Mil.
Gross Profit was ₹7,667 Mil.
Total Current Assets was ₹98,793 Mil.
Total Assets was ₹232,206 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,753 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹776 Mil.
Selling, General, & Admin. Expense(SGA) was ₹838 Mil.
Total Current Liabilities was ₹73,451 Mil.
Long-Term Debt & Capital Lease Obligation was ₹54,447 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (220750.7 / 29727.8) | / | (71405.8 / 18767.3) |
| = | 7.425733 | / | 3.804799 |
| | = | 1.9517 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (7666.5 / 18767.3) | / | (15780.6 / 29727.8) |
| = | 0.408503 | / | 0.530836 |
| | = | 0.7695 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (225660.1 + 1771.3) / 240869) | / | (1 - (98793.4 + 1753) / 232206.1) |
| = | 0.055788 | / | 0.566995 |
| | = | 0.0984 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 29727.8 | / | 18767.3 |
| | = | 1.584 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (776.3 / (776.3 + 1753)) | / | (643.5 / (643.5 + 1771.3)) |
| = | 0.306923 | / | 0.266482 |
| | = | 1.1518 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (0 / 29727.8) | / | (837.6 / 18767.3) |
| = | 0 | / | 0.044631 |
| | = | 0 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((152157.2 + 33.8) / 240869) | / | ((54447 + 73450.8) / 232206.1) |
| = | 0.631841 | / | 0.550794 |
| | = | 1.1471 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (16827.5 - 0 | - | -75564.9) | / | 240869 |
| | = | 0.383579 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Poonawalla Fincorp has a M-score of 0.37 signals that the company is likely to be a manipulator.
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