Ashok Leyland Beneish M-Score Historical Data
The historical data trend for Ashok Leyland'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.
Ashok Leyland Beneish M-Score Chart
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Ashok Leyland Annual Data
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Mar14 |
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Mar19 |
Mar20 |
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Mar23 |
| Beneish M-Score |
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-1.35 |
-2.35 |
-2.35 |
-2.64 |
-1.62 |
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Ashok Leyland Quarterly Data
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Mar19 |
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| Beneish M-Score |
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-1.62 |
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Competitive Comparison of Ashok Leyland's Beneish M-Score
For the Farm & Heavy Construction Machinery subindustry, Ashok Leyland'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.
Ashok Leyland's Beneish M-Score Distribution in the Farm & Heavy Construction Machinery Industry
For the Farm & Heavy Construction Machinery industry and Industrials sector, Ashok Leyland's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ashok Leyland's Beneish M-Score falls into.
Ashok Leyland 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 Ashok Leyland 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 * 0.8106 | + | 0.528 * 1.0663 | + | 0.404 * 1.0261 | + | 0.892 * 1.589 | + | 0.115 * 0.9694 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1493 | + | 4.679 * 0.104883 | - | 0.327 * 0.9854 |
| = | -1.62 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was ₹130,957 Mil.
Revenue was ₹414,883 Mil.
Gross Profit was ₹125,528 Mil.
Total Current Assets was ₹241,715 Mil.
Total Assets was ₹547,285 Mil.
Property, Plant and Equipment(Net PPE) was ₹59,021 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹9,002 Mil.
Selling, General, & Admin. Expense(SGA) was ₹11,891 Mil.
Total Current Liabilities was ₹224,550 Mil.
Long-Term Debt & Capital Lease Obligation was ₹196,918 Mil.
Net Income was ₹12,408 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-44,993 Mil.
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Total Receivables was ₹101,668 Mil.
Revenue was ₹261,103 Mil.
Gross Profit was ₹84,234 Mil.
Total Current Assets was ₹185,747 Mil.
Total Assets was ₹436,008 Mil.
Property, Plant and Equipment(Net PPE) was ₹58,838 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹8,660 Mil.
Selling, General, & Admin. Expense(SGA) was ₹6,511 Mil.
Total Current Liabilities was ₹186,159 Mil.
Long-Term Debt & Capital Lease Obligation was ₹154,579 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) |
| = | (130956.7 / 414883) | / | (101668.4 / 261102.6) |
| = | 0.315647 | / | 0.389381 |
| | = | 0.8106 |
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) |
| = | (84234.4 / 261102.6) | / | (125527.5 / 414883) |
| = | 0.32261 | / | 0.302561 |
| | = | 1.0663 |
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 - (241715.2 + 59021) / 547285.3) | / | (1 - (185746.7 + 58838.2) / 436007.8) |
| = | 0.450495 | / | 0.439035 |
| | = | 1.0261 |
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 |
| = | 414883 | / | 261102.6 |
| | = | 1.589 |
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)) |
| = | (8659.6 / (8659.6 + 58838.2)) | / | (9002.2 / (9002.2 + 59021)) |
| = | 0.128295 | / | 0.13234 |
| | = | 0.9694 |
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) |
| = | (11890.5 / 414883) | / | (6510.9 / 261102.6) |
| = | 0.02866 | / | 0.024936 |
| | = | 1.1493 |
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) |
| = | ((196918.3 + 224549.5) / 547285.3) | / | ((154578.7 + 186159) / 436007.8) |
| = | 0.770106 | / | 0.781495 |
| | = | 0.9854 |
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 |
| = | (12408.1 - 0 | - | -44992.6) | / | 547285.3 |
| | = | 0.104883 |
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.
Ashok Leyland has a M-score of -1.62 signals that the company is likely to be a manipulator.
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