Havells India Beneish M-Score Historical Data
The historical data trend for Havells India'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.
Havells India Beneish M-Score Chart
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Havells India Annual Data
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Trend |
Mar15 |
Mar16 |
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Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-3.00 |
-1.12 |
-2.37 |
-1.92 |
-2.76 |
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Havells India Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
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Mar24 |
| Beneish M-Score |
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-1.92 |
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-2.76 |
Competitive Comparison of Havells India's Beneish M-Score
For the Electrical Equipment & Parts subindustry, Havells India'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.
Havells India's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Havells India's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Havells India's Beneish M-Score falls into.
Havells India 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 Havells India 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 * 0.9696 | + | 0.528 * 0.9503 | + | 0.404 * 0.8853 | + | 0.892 * 1.0993 | + | 0.115 * 1.037 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0968 | + | 4.679 * -0.054866 | - | 0.327 * 1.0097 |
| = | -2.76 |
* 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 ₹11,925 Mil.
Revenue was ₹185,900 Mil.
Gross Profit was ₹60,213 Mil.
Total Current Assets was ₹78,996 Mil.
Total Assets was ₹124,327 Mil.
Property, Plant and Equipment(Net PPE) was ₹29,032 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹3,385 Mil.
Selling, General, & Admin. Expense(SGA) was ₹5,274 Mil.
Total Current Liabilities was ₹42,831 Mil.
Long-Term Debt & Capital Lease Obligation was ₹2,424 Mil.
Net Income was ₹12,708 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹19,529 Mil.
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Total Receivables was ₹11,188 Mil.
Revenue was ₹169,107 Mil.
Gross Profit was ₹52,053 Mil.
Total Current Assets was ₹70,662 Mil.
Total Assets was ₹111,574 Mil.
Property, Plant and Equipment(Net PPE) was ₹24,390 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2,962 Mil.
Selling, General, & Admin. Expense(SGA) was ₹4,374 Mil.
Total Current Liabilities was ₹38,355 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,869 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) |
| = | (11924.9 / 185900.1) | / | (11187.7 / 169107.3) |
| = | 0.064147 | / | 0.066157 |
| | = | 0.9696 |
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) |
| = | (52052.6 / 169107.3) | / | (60213.3 / 185900.1) |
| = | 0.307808 | / | 0.323901 |
| | = | 0.9503 |
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 - (78996.1 + 29031.7) / 124326.9) | / | (1 - (70661.7 + 24389.7) / 111574.4) |
| = | 0.131099 | / | 0.14809 |
| | = | 0.8853 |
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 |
| = | 185900.1 | / | 169107.3 |
| | = | 1.0993 |
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)) |
| = | (2961.7 / (2961.7 + 24389.7)) | / | (3385 / (3385 + 29031.7)) |
| = | 0.108283 | / | 0.104421 |
| | = | 1.037 |
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) |
| = | (5273.6 / 185900.1) | / | (4374 / 169107.3) |
| = | 0.028368 | / | 0.025865 |
| | = | 1.0968 |
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) |
| = | ((2424.4 + 42830.8) / 124326.9) | / | ((1869.1 + 38355.4) / 111574.4) |
| = | 0.364002 | / | 0.360517 |
| | = | 1.0097 |
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 |
| = | (12707.6 - 0 | - | 19528.9) | / | 124326.9 |
| | = | -0.054866 |
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.
Havells India has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.
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