Easy Trip Planners Beneish M-Score Historical Data
The historical data trend for Easy Trip Planners'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.
Easy Trip Planners Beneish M-Score Chart
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Easy Trip Planners Annual Data
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Trend |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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- |
- |
0.83 |
0.02 |
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Easy Trip Planners Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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0.02 |
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Competitive Comparison of Easy Trip Planners's Beneish M-Score
For the Travel Services subindustry, Easy Trip Planners'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.
Easy Trip Planners's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Easy Trip Planners's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Easy Trip Planners's Beneish M-Score falls into.
Easy Trip Planners 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 Easy Trip Planners 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 * 1.4549 | + | 0.528 * 1.0261 | + | 0.404 * 0.1528 | + | 0.892 * 1.9069 | + | 0.115 * 0.9009 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.674 | + | 4.679 * 0.363876 | - | 0.327 * 0.916 |
| = | 0.02 |
* 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 ₹1,763 Mil.
Revenue was ₹4,488 Mil.
Gross Profit was ₹4,372 Mil.
Total Current Assets was ₹6,475 Mil.
Total Assets was ₹6,969 Mil.
Property, Plant and Equipment(Net PPE) was ₹160 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹29 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1,269 Mil.
Total Current Liabilities was ₹3,192 Mil.
Long-Term Debt & Capital Lease Obligation was ₹36 Mil.
Net Income was ₹1,342 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-1,194 Mil.
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Total Receivables was ₹636 Mil.
Revenue was ₹2,354 Mil.
Gross Profit was ₹2,352 Mil.
Total Current Assets was ₹3,233 Mil.
Total Assets was ₹4,831 Mil.
Property, Plant and Equipment(Net PPE) was ₹83 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹13 Mil.
Selling, General, & Admin. Expense(SGA) was ₹397 Mil.
Total Current Liabilities was ₹2,442 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0 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) |
| = | (1763.24 / 4488.26) | / | (635.55 / 2353.74) |
| = | 0.392856 | / | 0.270017 |
| | = | 1.4549 |
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) |
| = | (2352.36 / 2353.74) | / | (4371.73 / 4488.26) |
| = | 0.999414 | / | 0.974037 |
| | = | 1.0261 |
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 - (6475.01 + 159.97) / 6968.91) | / | (1 - (3232.92 + 83.25) / 4830.52) |
| = | 0.047917 | / | 0.313496 |
| | = | 0.1528 |
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 |
| = | 4488.26 | / | 2353.74 |
| | = | 1.9069 |
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)) |
| = | (13.37 / (13.37 + 83.25)) | / | (29.03 / (29.03 + 159.97)) |
| = | 0.138377 | / | 0.153598 |
| | = | 0.9009 |
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) |
| = | (1268.56 / 4488.26) | / | (397.4 / 2353.74) |
| = | 0.28264 | / | 0.168838 |
| | = | 1.674 |
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) |
| = | ((35.75 + 3191.55) / 6968.91) | / | ((0 + 2442.03) / 4830.52) |
| = | 0.4631 | / | 0.505542 |
| | = | 0.916 |
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 |
| = | (1341.98 - 0 | - | -1193.84) | / | 6968.91 |
| | = | 0.363876 |
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.
Easy Trip Planners has a M-score of 0.02 signals that the company is likely to be a manipulator.
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