Tata Power Co Beneish M-Score Historical Data
The historical data trend for Tata Power Co'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.
Tata Power Co Beneish M-Score Chart
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Tata Power Co Annual Data
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| Beneish M-Score |
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-3.00 |
-2.63 |
-2.46 |
-2.50 |
-2.60 |
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Tata Power Co Quarterly Data
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| Beneish M-Score |
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-2.50 |
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-2.60 |
Competitive Comparison of Tata Power Co's Beneish M-Score
For the Utilities - Independent Power Producers subindustry, Tata Power Co'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.
Tata Power Co's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Tata Power Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tata Power Co's Beneish M-Score falls into.
Tata Power Co 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 Tata Power Co 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 * 0.9323 | + | 0.528 * 0.9211 | + | 0.404 * 0.9792 | + | 0.892 * 1.115 | + | 0.115 * 1.071 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.063774 | - | 0.327 * 0.9676 |
| = | -2.60 |
* 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 ₹99,651 Mil.
Revenue was ₹614,489 Mil.
Gross Profit was ₹207,073 Mil.
Total Current Assets was ₹284,654 Mil.
Total Assets was ₹1,395,535 Mil.
Property, Plant and Equipment(Net PPE) was ₹755,541 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹37,867 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹412,515 Mil.
Long-Term Debt & Capital Lease Obligation was ₹411,347 Mil.
Net Income was ₹36,963 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹125,961 Mil.
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Total Receivables was ₹95,856 Mil.
Revenue was ₹551,091 Mil.
Gross Profit was ₹171,059 Mil.
Total Current Assets was ₹310,914 Mil.
Total Assets was ₹1,283,489 Mil.
Property, Plant and Equipment(Net PPE) was ₹638,834 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹34,413 Mil.
Selling, General, & Admin. Expense(SGA) was ₹4,029 Mil.
Total Current Liabilities was ₹440,928 Mil.
Long-Term Debt & Capital Lease Obligation was ₹342,192 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) |
| = | (99650.6 / 614489) | / | (95855.5 / 551090.8) |
| = | 0.162168 | / | 0.173938 |
| | = | 0.9323 |
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) |
| = | (171058.9 / 551090.8) | / | (207072.9 / 614489) |
| = | 0.310401 | / | 0.336984 |
| | = | 0.9211 |
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 - (284653.8 + 755541.2) / 1395534.9) | / | (1 - (310914.2 + 638833.7) / 1283488.9) |
| = | 0.254626 | / | 0.260026 |
| | = | 0.9792 |
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 |
| = | 614489 | / | 551090.8 |
| | = | 1.115 |
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)) |
| = | (34412.6 / (34412.6 + 638833.7)) | / | (37867.4 / (37867.4 + 755541.2)) |
| = | 0.051114 | / | 0.047727 |
| | = | 1.071 |
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 / 614489) | / | (4028.6 / 551090.8) |
| = | 0 | / | 0.00731 |
| | = | 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) |
| = | ((411347.3 + 412515.3) / 1395534.9) | / | ((342191.9 + 440927.8) / 1283488.9) |
| = | 0.590356 | / | 0.610149 |
| | = | 0.9676 |
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 |
| = | (36962.5 - 0 | - | 125961.1) | / | 1395534.9 |
| | = | -0.063774 |
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.
Tata Power Co has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.
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