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Dabur India (BOM:500096) Beneish M-Score : -2.57 (As of Dec. 11, 2024)


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What is Dabur India 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.

Good Sign:

Beneish M-Score -2.57 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BOM:500096' s Beneish M-Score Range Over the Past 10 Years
Min: -2.73   Med: -1.77   Max: -1.32
Current: -2.57

During the past 13 years, the highest Beneish M-Score of Dabur India was -1.32. The lowest was -2.73. And the median was -1.77.


Dabur India Beneish M-Score Historical Data

The historical data trend for Dabur India'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.

Dabur India Beneish M-Score Chart

Dabur India Annual Data
Trend Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.69 -2.73 -2.30 -1.99 -2.57

Dabur India Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Beneish M-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 - - -2.57 - -

Competitive Comparison of Dabur India's Beneish M-Score

For the Household & Personal Products subindustry, Dabur India'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.


Dabur India's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Dabur India's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Dabur India's Beneish M-Score falls into.



Dabur India 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 Dabur India 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 * 1.0367+0.528 * 0.9512+0.404 * 0.8611+0.892 * 1.0731+0.115 * 0.9077
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1985+4.679 * -0.011294-0.327 * 1.033
=-2.57

* 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 ₹10,465 Mil.
Revenue was ₹122,617 Mil.
Gross Profit was ₹57,652 Mil.
Total Current Assets was ₹56,796 Mil.
Total Assets was ₹151,227 Mil.
Property, Plant and Equipment(Net PPE) was ₹27,700 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹3,992 Mil.
Selling, General, & Admin. Expense(SGA) was ₹15,216 Mil.
Total Current Liabilities was ₹39,304 Mil.
Long-Term Debt & Capital Lease Obligation was ₹7,062 Mil.
Net Income was ₹18,427 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹20,135 Mil.
Total Receivables was ₹9,407 Mil.
Revenue was ₹114,265 Mil.
Gross Profit was ₹51,104 Mil.
Total Current Assets was ₹42,490 Mil.
Total Assets was ₹136,544 Mil.
Property, Plant and Equipment(Net PPE) was ₹24,087 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹3,110 Mil.
Selling, General, & Admin. Expense(SGA) was ₹11,832 Mil.
Total Current Liabilities was ₹36,094 Mil.
Long-Term Debt & Capital Lease Obligation was ₹4,432 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)
=(10464.7 / 122616.5) / (9406.9 / 114265.1)
=0.085345 / 0.082325
=1.0367

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)
=(51104.2 / 114265.1) / (57652.4 / 122616.5)
=0.447242 / 0.470185
=0.9512

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 - (56796.2 + 27700.3) / 151226.8) / (1 - (42489.6 + 24087.4) / 136543.7)
=0.44126 / 0.512413
=0.8611

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
=122616.5 / 114265.1
=1.0731

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))
=(3109.6 / (3109.6 + 24087.4)) / (3992.1 / (3992.1 + 27700.3))
=0.114336 / 0.125964
=0.9077

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)
=(15216.3 / 122616.5) / (11831.6 / 114265.1)
=0.124097 / 0.103545
=1.1985

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)
=((7062.4 + 39304.3) / 151226.8) / ((4432 + 36094.3) / 136543.7)
=0.306604 / 0.296801
=1.033

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
=(18426.8 - 0 - 20134.7) / 151226.8
=-0.011294

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.

Dabur India has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.


Dabur India Beneish M-Score Related Terms

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Dabur India Business Description

Traded in Other Exchanges
Address
Kaushambi, Dabur Corporate Office, Sahibabad, Ghaziabad, UP, IND, 201010
Dabur India Ltd is an Indian FMCG company. Dabur operates in various consumer product categories: hair care, oral care, healthcare, skin care, home and personal care foods. Its portfolio includes the following separate brand identities, promoting a product category: Dabur, for natural healthcare products; Real, for fruit juices and drinks; Vatika, for premium personal care; Hajmola, for digestives; and Fem for skin-care products. The operating segments of the company are; Consumer care, Food, Retail, and others. Maximum revenue is generated from its Consumer care business which represents the sales of home care, personal care, and health care products.

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