JK Cement Beneish M-Score Historical Data
The historical data trend for JK Cement'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.
JK Cement Beneish M-Score Chart
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JK Cement Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-3.75 |
-2.18 |
-2.40 |
-2.22 |
-2.89 |
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JK Cement Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.22 |
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-2.89 |
Competitive Comparison of JK Cement's Beneish M-Score
For the Building Materials subindustry, JK Cement'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.
JK Cement's Beneish M-Score Distribution in the Building Materials Industry
For the Building Materials industry and Basic Materials sector, JK Cement's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where JK Cement's Beneish M-Score falls into.
JK Cement 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 JK Cement 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 * 0.689 | + | 0.528 * 0.9939 | + | 0.404 * 1.2131 | + | 0.892 * 1.1889 | + | 0.115 * 0.8665 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9996 | + | 4.679 * -0.078925 | - | 0.327 * 0.9622 |
| = | -2.89 |
* 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 ₹5,663 Mil.
Revenue was ₹115,560 Mil.
Gross Profit was ₹97,213 Mil.
Total Current Assets was ₹44,165 Mil.
Total Assets was ₹148,021 Mil.
Property, Plant and Equipment(Net PPE) was ₹93,752 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹5,726 Mil.
Selling, General, & Admin. Expense(SGA) was ₹24,162 Mil.
Total Current Liabilities was ₹34,001 Mil.
Long-Term Debt & Capital Lease Obligation was ₹43,658 Mil.
Net Income was ₹7,908 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹19,591 Mil.
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Total Receivables was ₹6,914 Mil.
Revenue was ₹97,202 Mil.
Gross Profit was ₹81,274 Mil.
Total Current Assets was ₹37,383 Mil.
Total Assets was ₹132,851 Mil.
Property, Plant and Equipment(Net PPE) was ₹87,992 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹4,619 Mil.
Selling, General, & Admin. Expense(SGA) was ₹20,331 Mil.
Total Current Liabilities was ₹29,468 Mil.
Long-Term Debt & Capital Lease Obligation was ₹42,966 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) |
| = | (5663.2 / 115560) | / | (6913.666 / 97202) |
| = | 0.049007 | / | 0.071127 |
| | = | 0.689 |
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) |
| = | (81273.5 / 97202) | / | (97213.3 / 115560) |
| = | 0.83613 | / | 0.841237 |
| | = | 0.9939 |
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 - (44164.5 + 93751.8) / 148021) | / | (1 - (37382.529 + 87992.323) / 132850.579) |
| = | 0.068265 | / | 0.056272 |
| | = | 1.2131 |
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 |
| = | 115560 | / | 97202 |
| | = | 1.1889 |
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)) |
| = | (4619.2 / (4619.2 + 87992.323)) | / | (5726.2 / (5726.2 + 93751.8)) |
| = | 0.049877 | / | 0.057562 |
| | = | 0.8665 |
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) |
| = | (24161.5 / 115560) | / | (20331.1 / 97202) |
| = | 0.209082 | / | 0.209163 |
| | = | 0.9996 |
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) |
| = | ((43658.2 + 34000.8) / 148021) | / | ((42966.218 + 29468.279) / 132850.579) |
| = | 0.524649 | / | 0.545233 |
| | = | 0.9622 |
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 |
| = | (7908.3 - 0 | - | 19590.8) | / | 148021 |
| | = | -0.078925 |
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.
JK Cement has a M-score of -2.89 suggests that the company is unlikely to be a manipulator.
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