Gujarat Pipavav Port Beneish M-Score Historical Data
The historical data trend for Gujarat Pipavav Port'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.
Gujarat Pipavav Port Beneish M-Score Chart
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Gujarat Pipavav Port Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.82 |
-2.69 |
-2.83 |
-2.35 |
-2.93 |
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Gujarat Pipavav Port Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Mar21 |
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Sep21 |
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Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.35 |
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-2.93 |
Competitive Comparison of Gujarat Pipavav Port's Beneish M-Score
For the Marine Shipping subindustry, Gujarat Pipavav Port'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.
Gujarat Pipavav Port's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Gujarat Pipavav Port's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Gujarat Pipavav Port's Beneish M-Score falls into.
Gujarat Pipavav Port 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 Gujarat Pipavav Port 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 * 0.6138 | + | 0.528 * 0.9299 | + | 0.404 * 0.9968 | + | 0.892 * 1.078 | + | 0.115 * 0.9936 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.049993 | - | 0.327 * 1.1907 |
| = | -2.93 |
* 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 ₹582 Mil.
Revenue was ₹9,884 Mil.
Gross Profit was ₹6,190 Mil.
Total Current Assets was ₹11,296 Mil.
Total Assets was ₹29,365 Mil.
Property, Plant and Equipment(Net PPE) was ₹14,356 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,156 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹3,714 Mil.
Long-Term Debt & Capital Lease Obligation was ₹567 Mil.
Net Income was ₹3,420 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹4,888 Mil.
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Total Receivables was ₹880 Mil.
Revenue was ₹9,170 Mil.
Gross Profit was ₹5,340 Mil.
Total Current Assets was ₹10,528 Mil.
Total Assets was ₹28,693 Mil.
Property, Plant and Equipment(Net PPE) was ₹14,525 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,162 Mil.
Selling, General, & Admin. Expense(SGA) was ₹326 Mil.
Total Current Liabilities was ₹2,896 Mil.
Long-Term Debt & Capital Lease Obligation was ₹617 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) |
| = | (582.47 / 9884.29) | / | (880.3 / 9169.5) |
| = | 0.058929 | / | 0.096003 |
| | = | 0.6138 |
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) |
| = | (5340.15 / 9169.5) | / | (6190.13 / 9884.29) |
| = | 0.582382 | / | 0.626259 |
| | = | 0.9299 |
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 - (11295.68 + 14355.65) / 29364.98) | / | (1 - (10527.77 + 14524.61) / 28692.77) |
| = | 0.126465 | / | 0.126875 |
| | = | 0.9968 |
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 |
| = | 9884.29 | / | 9169.5 |
| | = | 1.078 |
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)) |
| = | (1161.54 / (1161.54 + 14524.61)) | / | (1156.01 / (1156.01 + 14355.65)) |
| = | 0.074049 | / | 0.074525 |
| | = | 0.9936 |
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 / 9884.29) | / | (326.37 / 9169.5) |
| = | 0 | / | 0.035593 |
| | = | 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) |
| = | ((567.28 + 3714.29) / 29364.98) | / | ((617.45 + 2896.1) / 28692.77) |
| = | 0.145805 | / | 0.122454 |
| | = | 1.1907 |
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 |
| = | (3420 - 0 | - | 4888.04) | / | 29364.98 |
| | = | -0.049993 |
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.
Gujarat Pipavav Port has a M-score of -2.93 suggests that the company is unlikely to be a manipulator.
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