Bajaj Auto Beneish M-Score Historical Data
The historical data trend for Bajaj Auto'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.
Bajaj Auto Beneish M-Score Chart
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Bajaj Auto Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.63 |
-1.82 |
-2.04 |
-2.46 |
-2.42 |
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Bajaj Auto Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.46 |
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-2.42 |
Competitive Comparison of Bajaj Auto's Beneish M-Score
For the Auto Manufacturers subindustry, Bajaj Auto'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.
Bajaj Auto's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Bajaj Auto's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bajaj Auto's Beneish M-Score falls into.
Bajaj Auto 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 Bajaj Auto 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 * 0.7821 | + | 0.528 * 0.9636 | + | 0.404 * 0.9613 | + | 0.892 * 1.2371 | + | 0.115 * 0.8857 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * 0.029232 | - | 0.327 * 1.6477 |
| = | -2.42 |
* 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 ₹22,835 Mil.
Revenue was ₹437,821 Mil.
Gross Profit was ₹119,364 Mil.
Total Current Assets was ₹117,984 Mil.
Total Assets was ₹393,437 Mil.
Property, Plant and Equipment(Net PPE) was ₹31,757 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹3,648 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹90,912 Mil.
Long-Term Debt & Capital Lease Obligation was ₹6,333 Mil.
Net Income was ₹77,082 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹65,582 Mil.
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Total Receivables was ₹23,602 Mil.
Revenue was ₹353,915 Mil.
Gross Profit was ₹92,981 Mil.
Total Current Assets was ₹96,504 Mil.
Total Assets was ₹351,365 Mil.
Property, Plant and Equipment(Net PPE) was ₹28,468 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2,859 Mil.
Selling, General, & Admin. Expense(SGA) was ₹6,106 Mil.
Total Current Liabilities was ₹52,707 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0 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) |
| = | (22834.5 / 437820.8) | / | (23602.4 / 353915.2) |
| = | 0.052155 | / | 0.066689 |
| | = | 0.7821 |
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) |
| = | (92980.9 / 353915.2) | / | (119363.8 / 437820.8) |
| = | 0.262721 | / | 0.272632 |
| | = | 0.9636 |
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 - (117983.7 + 31756.9) / 393436.9) | / | (1 - (96504 + 28467.9) / 351364.5) |
| = | 0.619404 | / | 0.644324 |
| | = | 0.9613 |
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 |
| = | 437820.8 | / | 353915.2 |
| | = | 1.2371 |
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)) |
| = | (2858.5 / (2858.5 + 28467.9)) | / | (3647.7 / (3647.7 + 31756.9)) |
| = | 0.091249 | / | 0.103029 |
| | = | 0.8857 |
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 / 437820.8) | / | (6106.1 / 353915.2) |
| = | 0 | / | 0.017253 |
| | = | 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) |
| = | ((6333.3 + 90912.3) / 393436.9) | / | ((0 + 52707.4) / 351364.5) |
| = | 0.247169 | / | 0.150008 |
| | = | 1.6477 |
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 |
| = | (77082.4 - 0 | - | 65581.6) | / | 393436.9 |
| | = | 0.029232 |
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.
Bajaj Auto has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.
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