Zydus Wellness Beneish M-Score Historical Data
The historical data trend for Zydus Wellness'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.
Zydus Wellness Beneish M-Score Chart
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Zydus Wellness Annual Data
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Mar14 |
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Mar23 |
| Beneish M-Score |
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5.48 |
-1.82 |
-2.67 |
-1.86 |
-1.87 |
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Zydus Wellness Quarterly Data
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Mar19 |
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Dec23 |
| Beneish M-Score |
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-1.87 |
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Competitive Comparison of Zydus Wellness's Beneish M-Score
For the Packaged Foods subindustry, Zydus Wellness'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.
Zydus Wellness's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Zydus Wellness's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Zydus Wellness's Beneish M-Score falls into.
Zydus Wellness 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 Zydus Wellness 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 * 1.2653 | + | 0.528 * 1.037 | + | 0.404 * 0.98 | + | 0.892 * 1.1278 | + | 0.115 * 1.0396 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0056 | + | 4.679 * 0.037486 | - | 0.327 * 0.8142 |
| = | -1.87 |
* 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 ₹2,331 Mil.
Revenue was ₹22,426 Mil.
Gross Profit was ₹10,896 Mil.
Total Current Assets was ₹9,078 Mil.
Total Assets was ₹58,331 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,833 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹250 Mil.
Selling, General, & Admin. Expense(SGA) was ₹4,446 Mil.
Total Current Liabilities was ₹6,924 Mil.
Long-Term Debt & Capital Lease Obligation was ₹35 Mil.
Net Income was ₹3,104 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹917 Mil.
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Total Receivables was ₹1,633 Mil.
Revenue was ₹19,885 Mil.
Gross Profit was ₹10,019 Mil.
Total Current Assets was ₹8,137 Mil.
Total Assets was ₹56,922 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,564 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹236 Mil.
Selling, General, & Admin. Expense(SGA) was ₹3,920 Mil.
Total Current Liabilities was ₹7,668 Mil.
Long-Term Debt & Capital Lease Obligation was ₹672 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) |
| = | (2330.8 / 22426.1) | / | (1633.3 / 19884.6) |
| = | 0.103932 | / | 0.082139 |
| | = | 1.2653 |
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) |
| = | (10019.4 / 19884.6) | / | (10896.3 / 22426.1) |
| = | 0.503877 | / | 0.485876 |
| | = | 1.037 |
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 - (9078.2 + 2833.2) / 58330.5) | / | (1 - (8137 + 2563.9) / 56921.8) |
| = | 0.795795 | / | 0.812007 |
| | = | 0.98 |
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 |
| = | 22426.1 | / | 19884.6 |
| | = | 1.1278 |
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)) |
| = | (236.2 / (236.2 + 2563.9)) | / | (250.2 / (250.2 + 2833.2)) |
| = | 0.084354 | / | 0.081144 |
| | = | 1.0396 |
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) |
| = | (4445.7 / 22426.1) | / | (3919.9 / 19884.6) |
| = | 0.198238 | / | 0.197132 |
| | = | 1.0056 |
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) |
| = | ((34.6 + 6924) / 58330.5) | / | ((672.1 + 7668.1) / 56921.8) |
| = | 0.119296 | / | 0.14652 |
| | = | 0.8142 |
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 |
| = | (3103.7 - 0 | - | 917.1) | / | 58330.5 |
| | = | 0.037486 |
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.
Zydus Wellness has a M-score of -1.87 suggests that the company is unlikely to be a manipulator.
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