Ambuja Cements Beneish M-Score Historical Data
The historical data trend for Ambuja Cements'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.
Ambuja Cements Beneish M-Score Chart
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Ambuja Cements Annual Data
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Dec13 |
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Dec19 |
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Mar24 |
| Beneish M-Score |
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-1.88 |
-2.90 |
-3.18 |
-2.68 |
-2.40 |
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Ambuja Cements Quarterly Data
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Mar24 |
| Beneish M-Score |
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-2.40 |
Competitive Comparison of Ambuja Cements's Beneish M-Score
For the Building Materials subindustry, Ambuja Cements'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.
Ambuja Cements's Beneish M-Score Distribution in the Building Materials Industry
For the Building Materials industry and Basic Materials sector, Ambuja Cements's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ambuja Cements's Beneish M-Score falls into.
Ambuja Cements 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 Ambuja Cements 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 * 1.0093 | + | 0.528 * 0.972 | + | 0.404 * 0.9966 | + | 0.892 * 1.1615 | + | 0.115 * 1.0152 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9326 | + | 4.679 * -0.031686 | - | 0.327 * 0.7527 |
| = | -2.40 |
* 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 (Dec21) TTM: |
Total Receivables was ₹12,194 Mil.
Revenue was ₹331,596 Mil.
Gross Profit was ₹282,369 Mil.
Total Current Assets was ₹248,522 Mil.
Total Assets was ₹652,978 Mil.
Property, Plant and Equipment(Net PPE) was ₹233,735 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹16,234 Mil.
Selling, General, & Admin. Expense(SGA) was ₹80,006 Mil.
Total Current Liabilities was ₹121,289 Mil.
Long-Term Debt & Capital Lease Obligation was ₹5,180 Mil.
Net Income was ₹35,768 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹56,458 Mil.
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Total Receivables was ₹10,401 Mil.
Revenue was ₹285,481 Mil.
Gross Profit was ₹236,287 Mil.
Total Current Assets was ₹170,184 Mil.
Total Assets was ₹452,046 Mil.
Property, Plant and Equipment(Net PPE) was ₹163,275 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹11,525 Mil.
Selling, General, & Admin. Expense(SGA) was ₹73,859 Mil.
Total Current Liabilities was ₹112,252 Mil.
Long-Term Debt & Capital Lease Obligation was ₹4,060 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) |
| = | (12193.8 / 331596.4) | / | (10401.4 / 285480.8) |
| = | 0.036773 | / | 0.036435 |
| | = | 1.0093 |
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) |
| = | (236287.1 / 285480.8) | / | (282368.6 / 331596.4) |
| = | 0.827681 | / | 0.851543 |
| | = | 0.972 |
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 - (248521.6 + 233734.6) / 652978.1) | / | (1 - (170184.2 + 163274.9) / 452045.9) |
| = | 0.261451 | / | 0.262334 |
| | = | 0.9966 |
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 |
| = | 331596.4 | / | 285480.8 |
| | = | 1.1615 |
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)) |
| = | (11524.9 / (11524.9 + 163274.9)) | / | (16233.8 / (16233.8 + 233734.6)) |
| = | 0.065932 | / | 0.064943 |
| | = | 1.0152 |
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) |
| = | (80006.4 / 331596.4) | / | (73859.3 / 285480.8) |
| = | 0.241276 | / | 0.258719 |
| | = | 0.9326 |
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) |
| = | ((5179.6 + 121288.8) / 652978.1) | / | ((4060.2 + 112252) / 452045.9) |
| = | 0.193679 | / | 0.257302 |
| | = | 0.7527 |
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 |
| = | (35767.9 - 0 | - | 56458.2) | / | 652978.1 |
| | = | -0.031686 |
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.
Ambuja Cements has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
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