Electronics Mart India Beneish M-Score Historical Data
The historical data trend for Electronics Mart India'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.
Electronics Mart India Beneish M-Score Chart
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Electronics Mart India Annual Data
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Trend |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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- |
- |
- |
- |
-1.88 |
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Electronics Mart India Quarterly Data
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Mar20 |
Mar21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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- |
-1.04 |
- |
- |
-1.88 |
Competitive Comparison of Electronics Mart India's Beneish M-Score
For the Internet Retail subindustry, Electronics Mart India'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.
Electronics Mart India's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Electronics Mart India's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Electronics Mart India's Beneish M-Score falls into.
Electronics Mart India 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 Electronics Mart India 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 * 1.1357 | + | 0.528 * 0.9346 | + | 0.404 * 0.7959 | + | 0.892 * 1.1542 | + | 0.115 * 0.98 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * 0.060131 | - | 0.327 * 0.9865 |
| = | -1.88 |
* 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 ₹1,829 Mil.
Revenue was 14944.18 + 17887.14 + 13132.09 + 16890.65 = ₹62,854 Mil.
Gross Profit was 2201.96 + 2531.57 + 1956.83 + 2457 = ₹9,147 Mil.
Total Current Assets was ₹15,416 Mil.
Total Assets was ₹30,591 Mil.
Property, Plant and Equipment(Net PPE) was ₹13,996 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,057 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹7,816 Mil.
Long-Term Debt & Capital Lease Obligation was ₹9,076 Mil.
Net Income was 405.48 + 457.65 + 373.76 + 602.58 = ₹1,839 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₹0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = ₹0 Mil.
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Total Receivables was ₹1,396 Mil.
Revenue was 13278.11 + 14817.12 + 12277.42 + 14084.45 = ₹54,457 Mil.
Gross Profit was 1837.26 + 1925.05 + 1675.45 + 1969.1 = ₹7,407 Mil.
Total Current Assets was ₹14,079 Mil.
Total Assets was ₹26,939 Mil.
Property, Plant and Equipment(Net PPE) was ₹11,554 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹854 Mil.
Selling, General, & Admin. Expense(SGA) was ₹521 Mil.
Total Current Liabilities was ₹7,414 Mil.
Long-Term Debt & Capital Lease Obligation was ₹7,665 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) |
| = | (1829.45 / 62854.06) | / | (1395.65 / 54457.1) |
| = | 0.029106 | / | 0.025628 |
| | = | 1.1357 |
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) |
| = | (7406.86 / 54457.1) | / | (9147.36 / 62854.06) |
| = | 0.136013 | / | 0.145533 |
| | = | 0.9346 |
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 - (15415.95 + 13995.54) / 30590.88) | / | (1 - (14079.34 + 11554.48) / 26938.76) |
| = | 0.038554 | / | 0.048441 |
| | = | 0.7959 |
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 |
| = | 62854.06 | / | 54457.1 |
| | = | 1.1542 |
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)) |
| = | (853.79 / (853.79 + 11554.48)) | / | (1056.86 / (1056.86 + 13995.54)) |
| = | 0.068808 | / | 0.070212 |
| | = | 0.98 |
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 / 62854.06) | / | (520.84 / 54457.1) |
| = | 0 | / | 0.009564 |
| | = | 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) |
| = | ((9076.3 + 7815.55) / 30590.88) | / | ((7664.76 + 7413.83) / 26938.76) |
| = | 0.552186 | / | 0.559736 |
| | = | 0.9865 |
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 |
| = | (1839.47 - 0 | - | 0) | / | 30590.88 |
| | = | 0.060131 |
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.
Electronics Mart India has a M-score of -1.88 suggests that the company is unlikely to be a manipulator.
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