Radico Khaitan Beneish M-Score Historical Data
The historical data trend for Radico Khaitan'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.
Radico Khaitan Beneish M-Score Chart
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Radico Khaitan Annual Data
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Trend |
Mar15 |
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Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-1.92 |
-2.80 |
-2.16 |
-2.67 |
-2.31 |
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Radico Khaitan Quarterly Data
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Jun19 |
Sep19 |
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Mar24 |
| Beneish M-Score |
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-2.67 |
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-2.31 |
Competitive Comparison of Radico Khaitan's Beneish M-Score
For the Beverages - Wineries & Distilleries subindustry, Radico Khaitan'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.
Radico Khaitan's Beneish M-Score Distribution in the Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Radico Khaitan's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Radico Khaitan's Beneish M-Score falls into.
Radico Khaitan 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 Radico Khaitan 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 * 0.8953 | + | 0.528 * 0.9835 | + | 0.404 * 0.8556 | + | 0.892 * 1.3105 | + | 0.115 * 0.7144 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0033 | + | 4.679 * 0.019367 | - | 0.327 * 0.9991 |
| = | -2.31 |
* 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 ₹9,929 Mil.
Revenue was ₹41,185 Mil.
Gross Profit was ₹17,520 Mil.
Total Current Assets was ₹20,790 Mil.
Total Assets was ₹40,950 Mil.
Property, Plant and Equipment(Net PPE) was ₹17,463 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,138 Mil.
Selling, General, & Admin. Expense(SGA) was ₹4,326 Mil.
Total Current Liabilities was ₹12,120 Mil.
Long-Term Debt & Capital Lease Obligation was ₹3,512 Mil.
Net Income was ₹2,622 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹1,829 Mil.
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Total Receivables was ₹8,463 Mil.
Revenue was ₹31,428 Mil.
Gross Profit was ₹13,149 Mil.
Total Current Assets was ₹18,810 Mil.
Total Assets was ₹37,191 Mil.
Property, Plant and Equipment(Net PPE) was ₹15,518 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹709 Mil.
Selling, General, & Admin. Expense(SGA) was ₹3,290 Mil.
Total Current Liabilities was ₹10,891 Mil.
Long-Term Debt & Capital Lease Obligation was ₹3,320 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) |
| = | (9929.135 / 41185.22) | / | (8463.193 / 31428.158) |
| = | 0.241085 | / | 0.269287 |
| | = | 0.8953 |
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) |
| = | (13148.946 / 31428.158) | / | (17520.355 / 41185.22) |
| = | 0.418381 | / | 0.425404 |
| | = | 0.9835 |
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 - (20790.192 + 17462.588) / 40949.834) | / | (1 - (18809.867 + 15518.103) / 37190.875) |
| = | 0.065862 | / | 0.076979 |
| | = | 0.8556 |
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 |
| = | 41185.22 | / | 31428.158 |
| | = | 1.3105 |
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)) |
| = | (709.002 / (709.002 + 15518.103)) | / | (1137.654 / (1137.654 + 17462.588)) |
| = | 0.043692 | / | 0.061163 |
| | = | 0.7144 |
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) |
| = | (4326.107 / 41185.22) | / | (3290.247 / 31428.158) |
| = | 0.10504 | / | 0.104691 |
| | = | 1.0033 |
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) |
| = | ((3512.272 + 12120.192) / 40949.834) | / | ((3320.372 + 10890.553) / 37190.875) |
| = | 0.381747 | / | 0.382108 |
| | = | 0.9991 |
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 |
| = | (2621.746 - 0 | - | 1828.671) | / | 40949.834 |
| | = | 0.019367 |
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.
Radico Khaitan has a M-score of -2.31 suggests that the company is unlikely to be a manipulator.
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