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Dredging of India (BOM:523618) Piotroski F-Score : 8 (As of Apr. 30, 2024)


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What is Dredging of India Piotroski F-Score?

Good Sign:

Piotroski F-Score is 8, indicates a very healthy situation.

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Dredging of India has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for Dredging of India's Piotroski F-Score or its related term are showing as below:

BOM:523618' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 5   Max: 9
Current: 8

During the past 13 years, the highest Piotroski F-Score of Dredging of India was 9. The lowest was 2. And the median was 5.


Dredging of India Piotroski F-Score Historical Data

The historical data trend for Dredging of India's Piotroski F-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.

Dredging of India Piotroski F-Score Chart

Dredging of India Annual Data
Trend Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 9.00 7.00 5.00 8.00 8.00

Dredging of India Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - 8.00 - - -

Competitive Comparison of Dredging of India's Piotroski F-Score

For the Engineering & Construction subindustry, Dredging of India's Piotroski F-Score, along with its competitors' market caps and Piotroski F-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.


Dredging of India's Piotroski F-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, Dredging of India's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Dredging of India's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* 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:
Net Income was ₹126 Mil.
Cash Flow from Operations was ₹1,400 Mil.
Revenue was ₹11,648 Mil.
Gross Profit was ₹11,648 Mil.
Average Total Assets from the begining of this year (Mar22)
to the end of this year (Mar23) was (23065.064 + 24083.596) / 2 = ₹23574.33 Mil.
Total Assets at the begining of this year (Mar22) was ₹23,065 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,894 Mil.
Total Current Assets was ₹7,614 Mil.
Total Current Liabilities was ₹7,691 Mil.
Net Income was ₹36 Mil.

Revenue was ₹8,010 Mil.
Gross Profit was ₹5,954 Mil.
Average Total Assets from the begining of last year (Mar21)
to the end of last year (Mar22) was (22641.003 + 23065.064) / 2 = ₹22853.0335 Mil.
Total Assets at the begining of last year (Mar21) was ₹22,641 Mil.
Long-Term Debt & Capital Lease Obligation was ₹762 Mil.
Total Current Assets was ₹6,954 Mil.
Total Current Liabilities was ₹8,007 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Dredging of India's current Net Income (TTM) was 126. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Dredging of India's current Cash Flow from Operations (TTM) was 1,400. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Mar22)
=125.579/23065.064
=0.00544455

ROA (Last Year)=Net Income/Total Assets (Mar21)
=35.696/22641.003
=0.00157661

Dredging of India's return on assets of this year was 0.00544455. Dredging of India's return on assets of last year was 0.00157661. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Dredging of India's current Net Income (TTM) was 126. Dredging of India's current Cash Flow from Operations (TTM) was 1,400. ==> 1,400 > 126 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=1894.273/23574.33
=0.08035321

Gearing (Last Year: Mar22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar21 to Mar22
=761.67/22853.0335
=0.03332905

Dredging of India's gearing of this year was 0.08035321. Dredging of India's gearing of last year was 0.03332905. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Mar23)=Total Current Assets/Total Current Liabilities
=7614.459/7691.051
=0.99004141

Current Ratio (Last Year: Mar22)=Total Current Assets/Total Current Liabilities
=6953.747/8007.249
=0.86843147

Dredging of India's current ratio of this year was 0.99004141. Dredging of India's current ratio of last year was 0.86843147. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Dredging of India's number of shares in issue this year was 23.17. Dredging of India's number of shares in issue last year was 28. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=11647.979/11647.979
=1

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=5954.245/8010.284
=0.74332508

Dredging of India's gross margin of this year was 1. Dredging of India's gross margin of last year was 0.74332508. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Mar22)
=11647.979/23065.064
=0.50500528

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar21)
=8010.284/22641.003
=0.35379546

Dredging of India's asset turnover of this year was 0.50500528. Dredging of India's asset turnover of last year was 0.35379546. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+1+0+1+1+1+1
=8

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Dredging of India has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

Dredging of India  (BOM:523618) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Dredging of India Piotroski F-Score Related Terms

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Dredging of India (BOM:523618) Business Description

Traded in Other Exchanges
Address
HB Colony Main Road, Dredge House, Seethammadhara, Visakhapatnam, AP, IND, 530022
Dredging Corp of India Ltd is an Indian-based company engaged in providing the services of Capital Dredging, Maintenance Dredging, Beach Nourishment, Land Reclamation, Shallow water Dredging, Project Management Consultancy, and Marine Construction. It provides dredging services to ports, the Indian Navy, fishing harbors, and other maritime organizations. It operates in a single segment of dredging services and generates its income from such services.

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