Yatra Online (Yatra Online) Beneish M-Score : -1.47 (As of May. 12, 2024)

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What is Yatra Online Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Warning Sign:

Beneish M-Score -1.47 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Yatra Online's Beneish M-Score or its related term are showing as below:

YTRA' s Beneish M-Score Range Over the Past 10 Years
Min: -5.65 Med: -1.88 Max: 0.14
Current: -1.47

During the past 10 years, the highest Beneish M-Score of Yatra Online was 0.14. The lowest was -5.65. And the median was -1.88.

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.

* Premium members only.

Yatra Online Beneish M-Score Chart

Yatra Online Annual Data

Trend

Dec13

Dec14

Dec15

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Beneish M-Score

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-1.52

-3.20

-4.20

-1.50

-0.83

Yatra Online Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-0.87	-0.83	-1.42	-1.56	-1.47

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:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.1928

0.528 * 1.0677

0.404 * 0.535

0.892 * 1.2938

0.115 * 1.0299

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9861

4.679 * 0.113518

0.327 * 0.4283

-1.47

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $54.32 Mil.
Revenue was 13.357 + 11.407 + 13.449 + 14.517 = $52.73 Mil.
Gross Profit was 10.071 + 9.407 + 10.785 + 11.743 = $42.01 Mil.
Total Current Assets was $136.92 Mil.
Total Assets was $152.75 Mil.
Property, Plant and Equipment(Net PPE) was $2.53 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.26 Mil.
Selling, General, & Admin. Expense(SGA) was $28.48 Mil.
Total Current Liabilities was $52.58 Mil.
Long-Term Debt & Capital Lease Obligation was $4.48 Mil.
Net Income was -0.342 + -3.243 + -0.302 + 0.076 = $-3.81 Mil.
Non Operating Income was 0.136 + -0.523 + 0.375 + 0.323 = $0.31 Mil.
Cash Flow from Operations was -13.537 + -3.538 + 0.747 + -5.134 = $-21.46 Mil.

Total Receivables was $35.20 Mil.
Revenue was 10.944 + 10.359 + 11.513 + 7.939 = $40.76 Mil.
Gross Profit was 8.518 + 9.186 + 9.634 + 7.327 = $34.67 Mil.
Total Current Assets was $59.23 Mil.
Total Assets was $74.27 Mil.
Property, Plant and Equipment(Net PPE) was $2.96 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.80 Mil.
Selling, General, & Admin. Expense(SGA) was $22.33 Mil.
Total Current Liabilities was $62.06 Mil.
Long-Term Debt & Capital Lease Obligation was $2.71 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)
	=	(54.317 / 52.73)	/	(35.195 / 40.755)
	=	1.030097	/	0.863575
	=	1.1928

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)
	=	(34.665 / 40.755)	/	(42.006 / 52.73)
	=	0.85057	/	0.796624
	=	1.0677

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 - (136.918 + 2.531) / 152.751)	/	(1 - (59.227 + 2.958) / 74.274)
	=	0.087083	/	0.162762
	=	0.535

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
	=	52.73	/	40.755
	=	1.2938

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))
	=	(2.796 / (2.796 + 2.958))	/	(2.261 / (2.261 + 2.531))
	=	0.485923	/	0.471828
	=	1.0299

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)
	=	(28.484 / 52.73)	/	(22.325 / 40.755)
	=	0.540186	/	0.547786
	=	0.9861

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)
	=	((4.476 + 52.581) / 152.751)	/	((2.714 + 62.057) / 74.274)
	=	0.373529	/	0.872055
	=	0.4283

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
	=	(-3.811 - 0.311	-	-21.462)	/	152.751
	=	0.113518

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 -1.47 signals that the company is likely to be a manipulator.

Yatra Online Beneish M-Score Related Terms

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Yatra Online (Yatra Online) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Travel & Leisure » Yatra Online Inc (NAS:YTRA) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

26Y:Germany

Address

Gulf Adiba, Plot No. 272, 4th Floor, Udyog Vihar, Phase-II, Sector-20, Gurugram, HR, IND, 122008

Website

https://www.yatra.com

Yatra Online Inc is an Indian consumer travel platform provider and online travel agent. The company is organized into the following business segments; Air Ticketing, Hotels and Packages, and Others. It mainly provides travel-related services, which include domestic and international air ticketing, hotel bookings, homestays, holiday packages, bus ticketing, rail ticketing, activities and ancillary services. It also involves hosting advertisements on its internet websites, the sale of rail and bus tickets, and facilitating website access to travel insurance companies. Some of its applications include Yatra Mini, Yatra Web Check-In, Yatra Corporate, and Travelguru HomeStay.

Executives

Macquarie Group Ltd	10 percent owner	50 MARTIN PLACE, SYDNEY, NSW 2000 C3 2000
Mihi Llc	10 percent owner	125 WEST 55TH STREET, NEW YORK NY 10019
Macquarie Corporate Holdings Pty. Ltd	10 percent owner	LEVEL 6, 50 MARTIN PLACE, SYDNEY C3 NSW 2000