Yatra Online Beneish M-Score Historical Data
The historical data trend for Yatra Online'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.
Yatra Online Beneish M-Score Chart
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Yatra Online Annual Data
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|
Trend |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
|
- |
- |
-4.29 |
-1.50 |
-0.87 |
|
Yatra Online Semi-Annual Data
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|
Mar19 |
Mar20 |
Mar21 |
Sep21 |
Mar22 |
Sep22 |
Mar23 |
Sep23 |
| Beneish M-Score |
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|
- |
-1.50 |
- |
-0.87 |
- |
Competitive Comparison of Yatra Online's Beneish M-Score
For the Travel Services subindustry, Yatra Online'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.
Yatra Online's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Yatra Online's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Yatra Online's Beneish M-Score falls into.
Yatra Online 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 Yatra Online 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 * 0.8365 | + | 0.528 * 0.7729 | + | 0.404 * 0.8775 | + | 0.892 * 1.8687 | + | 0.115 * 1.2395 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9559 | + | 4.679 * 0.235878 | - | 0.327 * 0.9445 |
| = | -0.87 |
* 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 ₹3,125 Mil.
Revenue was ₹3,380 Mil.
Gross Profit was ₹1,645 Mil.
Total Current Assets was ₹5,059 Mil.
Total Assets was ₹6,813 Mil.
Property, Plant and Equipment(Net PPE) was ₹247 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹183 Mil.
Selling, General, & Admin. Expense(SGA) was ₹669 Mil.
Total Current Liabilities was ₹4,626 Mil.
Long-Term Debt & Capital Lease Obligation was ₹443 Mil.
Net Income was ₹76 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-1,531 Mil.
|
Total Receivables was ₹1,999 Mil.
Revenue was ₹1,809 Mil.
Gross Profit was ₹681 Mil.
Total Current Assets was ₹3,846 Mil.
Total Assets was ₹5,478 Mil.
Property, Plant and Equipment(Net PPE) was ₹252 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹281 Mil.
Selling, General, & Admin. Expense(SGA) was ₹375 Mil.
Total Current Liabilities was ₹4,081 Mil.
Long-Term Debt & Capital Lease Obligation was ₹235 Mil.
|
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) |
| = | (3125.35 / 3379.91) | / | (1999.31 / 1808.7) |
| = | 0.924684 | / | 1.105385 |
| | = | 0.8365 |
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) |
| = | (680.5 / 1808.7) | / | (1645.2 / 3379.91) |
| = | 0.376237 | / | 0.486759 |
| | = | 0.7729 |
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 - (5059.14 + 246.7) / 6812.5) | / | (1 - (3845.73 + 251.5) / 5477.81) |
| = | 0.221161 | / | 0.252031 |
| | = | 0.8775 |
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 |
| = | 3379.91 | / | 1808.7 |
| | = | 1.8687 |
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)) |
| = | (280.83 / (280.83 + 251.5)) | / | (182.79 / (182.79 + 246.7)) |
| = | 0.527549 | / | 0.425598 |
| | = | 1.2395 |
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) |
| = | (669.06 / 3379.91) | / | (374.57 / 1808.7) |
| = | 0.197952 | / | 0.207093 |
| | = | 0.9559 |
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) |
| = | ((443.34 + 4626.03) / 6812.5) | / | ((234.87 + 4080.78) / 5477.81) |
| = | 0.744128 | / | 0.787842 |
| | = | 0.9445 |
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 |
| = | (76.32 - 0 | - | -1530.6) | / | 6812.5 |
| | = | 0.235878 |
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.
Yatra Online has a M-score of -0.87 signals that the company is likely to be a manipulator.
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