GVK Power & Infrastructure Beneish M-Score Historical Data
The historical data trend for GVK Power & Infrastructure'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.
GVK Power & Infrastructure Beneish M-Score Chart
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GVK Power & Infrastructure Annual Data
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Mar23 |
| Beneish M-Score |
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-2.34 |
5.93 |
-4.00 |
0.55 |
-1.09 |
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GVK Power & Infrastructure Quarterly Data
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| Beneish M-Score |
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-1.09 |
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Competitive Comparison of GVK Power & Infrastructure's Beneish M-Score
For the Utilities - Independent Power Producers subindustry, GVK Power & Infrastructure'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.
GVK Power & Infrastructure's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, GVK Power & Infrastructure's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where GVK Power & Infrastructure's Beneish M-Score falls into.
GVK Power & Infrastructure 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 GVK Power & Infrastructure 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 * 0.1756 | + | 0.528 * 1.1458 | + | 0.404 * 1.4344 | + | 0.892 * 2.4705 | + | 0.115 * 0.1937 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.483 | + | 4.679 * 0.106444 | - | 0.327 * 0.7323 |
| = | -1.09 |
* 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 ₹4,203 Mil.
Revenue was ₹21,204 Mil.
Gross Profit was ₹11,472 Mil.
Total Current Assets was ₹25,885 Mil.
Total Assets was ₹76,894 Mil.
Property, Plant and Equipment(Net PPE) was ₹37,427 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹3,997 Mil.
Selling, General, & Admin. Expense(SGA) was ₹604 Mil.
Total Current Liabilities was ₹40,387 Mil.
Long-Term Debt & Capital Lease Obligation was ₹30,736 Mil.
Net Income was ₹24,389 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹16,205 Mil.
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Total Receivables was ₹9,691 Mil.
Revenue was ₹8,583 Mil.
Gross Profit was ₹5,321 Mil.
Total Current Assets was ₹29,993 Mil.
Total Assets was ₹115,719 Mil.
Property, Plant and Equipment(Net PPE) was ₹71,477 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,362 Mil.
Selling, General, & Admin. Expense(SGA) was ₹506 Mil.
Total Current Liabilities was ₹111,048 Mil.
Long-Term Debt & Capital Lease Obligation was ₹35,108 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) |
| = | (4203 / 21203.6) | / | (9690.9 / 8582.6) |
| = | 0.198221 | / | 1.129133 |
| | = | 0.1756 |
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) |
| = | (5320.6 / 8582.6) | / | (11472.1 / 21203.6) |
| = | 0.619929 | / | 0.541045 |
| | = | 1.1458 |
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 - (25884.9 + 37426.9) / 76893.7) | / | (1 - (29992.7 + 71476.7) / 115719.2) |
| = | 0.176632 | / | 0.123141 |
| | = | 1.4344 |
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 |
| = | 21203.6 | / | 8582.6 |
| | = | 2.4705 |
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)) |
| = | (1361.7 / (1361.7 + 71476.7)) | / | (3997.4 / (3997.4 + 37426.9)) |
| = | 0.018695 | / | 0.096499 |
| | = | 0.1937 |
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) |
| = | (604.3 / 21203.6) | / | (506.4 / 8582.6) |
| = | 0.0285 | / | 0.059003 |
| | = | 0.483 |
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) |
| = | ((30735.9 + 40386.7) / 76893.7) | / | ((35108.2 + 111048.3) / 115719.2) |
| = | 0.924947 | / | 1.263027 |
| | = | 0.7323 |
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 |
| = | (24389.4 - 0 | - | 16204.5) | / | 76893.7 |
| | = | 0.106444 |
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.
GVK Power & Infrastructure has a M-score of -1.09 signals that the company is likely to be a manipulator.
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