Greenlam Industries Beneish M-Score Historical Data
The historical data trend for Greenlam Industries'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.
Greenlam Industries Beneish M-Score Chart
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Greenlam Industries Annual Data
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Mar14 |
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Mar19 |
Mar20 |
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Mar22 |
Mar23 |
| Beneish M-Score |
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-2.06 |
-2.91 |
-3.12 |
-2.40 |
-2.55 |
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Greenlam Industries Quarterly Data
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Dec18 |
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Dec23 |
| Beneish M-Score |
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-2.55 |
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Competitive Comparison of Greenlam Industries's Beneish M-Score
For the Furnishings, Fixtures & Appliances subindustry, Greenlam Industries'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.
Greenlam Industries's Beneish M-Score Distribution in the Furnishings, Fixtures & Appliances Industry
For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Greenlam Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Greenlam Industries's Beneish M-Score falls into.
Greenlam Industries 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 Greenlam Industries 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 * 0.9184 | + | 0.528 * 0.9424 | + | 0.404 * 0.7588 | + | 0.892 * 1.1975 | + | 0.115 * 1.777 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1008 | + | 4.679 * -0.022778 | - | 0.327 * 1.0155 |
| = | -2.55 |
* 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 ₹1,593 Mil.
Revenue was ₹19,738 Mil.
Gross Profit was ₹8,945 Mil.
Total Current Assets was ₹10,093 Mil.
Total Assets was ₹20,526 Mil.
Property, Plant and Equipment(Net PPE) was ₹10,132 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹632 Mil.
Selling, General, & Admin. Expense(SGA) was ₹2,243 Mil.
Total Current Liabilities was ₹6,620 Mil.
Long-Term Debt & Capital Lease Obligation was ₹3,950 Mil.
Net Income was ₹1,284 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹1,752 Mil.
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Total Receivables was ₹1,448 Mil.
Revenue was ₹16,482 Mil.
Gross Profit was ₹7,039 Mil.
Total Current Assets was ₹8,558 Mil.
Total Assets was ₹13,842 Mil.
Property, Plant and Equipment(Net PPE) was ₹5,018 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹585 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1,702 Mil.
Total Current Liabilities was ₹5,055 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,964 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) |
| = | (1592.643 / 19737.562) | / | (1448.021 / 16481.66) |
| = | 0.080691 | / | 0.087857 |
| | = | 0.9184 |
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) |
| = | (7038.667 / 16481.66) | / | (8944.612 / 19737.562) |
| = | 0.427061 | / | 0.453177 |
| | = | 0.9424 |
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 - (10093.066 + 10132.284) / 20525.589) | / | (1 - (8557.535 + 5017.833) / 13842.206) |
| = | 0.014628 | / | 0.019277 |
| | = | 0.7588 |
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 |
| = | 19737.562 | / | 16481.66 |
| | = | 1.1975 |
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)) |
| = | (584.957 / (584.957 + 5017.833)) | / | (632.469 / (632.469 + 10132.284)) |
| = | 0.104405 | / | 0.058754 |
| | = | 1.777 |
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) |
| = | (2243.124 / 19737.562) | / | (1701.539 / 16481.66) |
| = | 0.113647 | / | 0.103238 |
| | = | 1.1008 |
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) |
| = | ((3950.311 + 6619.57) / 20525.589) | / | ((1964.014 + 5055.248) / 13842.206) |
| = | 0.514961 | / | 0.507091 |
| | = | 1.0155 |
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 |
| = | (1284.215 - 0 | - | 1751.745) | / | 20525.589 |
| | = | -0.022778 |
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.
Greenlam Industries has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.
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