PNB Gilts Beneish M-Score Historical Data
The historical data trend for PNB Gilts'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.
PNB Gilts Beneish M-Score Chart
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PNB Gilts Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-0.15 |
-3.07 |
10.05 |
1.77 |
-0.13 |
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PNB Gilts Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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1.77 |
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- |
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-0.13 |
Competitive Comparison of PNB Gilts's Beneish M-Score
For the Capital Markets subindustry, PNB Gilts'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.
PNB Gilts's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, PNB Gilts's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PNB Gilts's Beneish M-Score falls into.
PNB Gilts 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 PNB Gilts 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 * 0.1159 | + | 0.528 * 0.9941 | + | 0.404 * 5.6682 | + | 0.892 * 1.7014 | + | 0.115 * 0.2341 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * 0.120002 | - | 0.327 * 0.9704 |
| = | -0.13 |
* 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 ₹2,368 Mil.
Revenue was ₹15,764 Mil.
Gross Profit was ₹15,371 Mil.
Total Current Assets was ₹5,414 Mil.
Total Assets was ₹245,397 Mil.
Property, Plant and Equipment(Net PPE) was ₹65 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹154 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹93 Mil.
Long-Term Debt & Capital Lease Obligation was ₹224,031 Mil.
Net Income was ₹694 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-28,754 Mil.
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Total Receivables was ₹12,003 Mil.
Revenue was ₹9,265 Mil.
Gross Profit was ₹8,981 Mil.
Total Current Assets was ₹177,822 Mil.
Total Assets was ₹214,970 Mil.
Property, Plant and Equipment(Net PPE) was ₹69 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹14 Mil.
Selling, General, & Admin. Expense(SGA) was ₹21 Mil.
Total Current Liabilities was ₹202,290 Mil.
Long-Term Debt & Capital Lease Obligation was ₹44 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) |
| = | (2367.716 / 15763.535) | / | (12002.559 / 9265.029) |
| = | 0.150202 | / | 1.295469 |
| | = | 0.1159 |
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) |
| = | (8980.605 / 9265.029) | / | (15370.759 / 15763.535) |
| = | 0.969301 | / | 0.975083 |
| | = | 0.9941 |
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 - (5414.181 + 65.133) / 245397.433) | / | (1 - (177822.2 + 69.115) / 214970.22) |
| = | 0.977672 | / | 0.172484 |
| | = | 5.6682 |
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 |
| = | 15763.535 | / | 9265.029 |
| | = | 1.7014 |
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)) |
| = | (13.597 / (13.597 + 69.115)) | / | (153.683 / (153.683 + 65.133)) |
| = | 0.16439 | / | 0.702339 |
| | = | 0.2341 |
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 / 15763.535) | / | (21.225 / 9265.029) |
| = | 0 | / | 0.002291 |
| | = | 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) |
| = | ((224030.871 + 93.231) / 245397.433) | / | ((44.214 + 202289.631) / 214970.22) |
| = | 0.913311 | / | 0.941218 |
| | = | 0.9704 |
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 |
| = | (694.107 - 0 | - | -28754.097) | / | 245397.433 |
| | = | 0.120002 |
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.
PNB Gilts has a M-score of -0.13 signals that the company is likely to be a manipulator.
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