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Vindhya Telelinks (BOM:517015) Beneish M-Score : -2.47 (As of Dec. 14, 2024)


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What is Vindhya Telelinks 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 -2.47 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BOM:517015' s Beneish M-Score Range Over the Past 10 Years
Min: -2.66   Med: -1.89   Max: -1.32
Current: -2.47

During the past 13 years, the highest Beneish M-Score of Vindhya Telelinks was -1.32. The lowest was -2.66. And the median was -1.89.


Vindhya Telelinks Beneish M-Score Historical Data

The historical data trend for Vindhya Telelinks'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.

Vindhya Telelinks Beneish M-Score Chart

Vindhya Telelinks 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 -2.21 -2.32 -2.66 -1.34 -2.47

Vindhya Telelinks 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 - - -2.47 - -

Competitive Comparison of Vindhya Telelinks's Beneish M-Score

For the Engineering & Construction subindustry, Vindhya Telelinks'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.


Vindhya Telelinks's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, Vindhya Telelinks's Beneish M-Score distribution charts can be found below:

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



Vindhya Telelinks 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 Vindhya Telelinks 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 * 0.5922+0.528 * 1.1961+0.404 * 1.0529+0.892 * 1.4106+0.115 * 0.912
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0989+4.679 * -0.023344-0.327 * 0.9084
=-2.47

* 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 ₹12,952 Mil.
Revenue was ₹40,787 Mil.
Gross Profit was ₹5,912 Mil.
Total Current Assets was ₹28,157 Mil.
Total Assets was ₹67,869 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,581 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹242 Mil.
Selling, General, & Admin. Expense(SGA) was ₹81 Mil.
Total Current Liabilities was ₹16,725 Mil.
Long-Term Debt & Capital Lease Obligation was ₹3,013 Mil.
Net Income was ₹2,827 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹4,411 Mil.
Total Receivables was ₹15,505 Mil.
Revenue was ₹28,914 Mil.
Gross Profit was ₹5,013 Mil.
Total Current Assets was ₹27,016 Mil.
Total Assets was ₹60,684 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,288 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹177 Mil.
Selling, General, & Admin. Expense(SGA) was ₹52 Mil.
Total Current Liabilities was ₹15,754 Mil.
Long-Term Debt & Capital Lease Obligation was ₹3,675 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)
=(12951.622 / 40786.548) / (15505.228 / 28914.245)
=0.317546 / 0.536249
=0.5922

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)
=(5013.311 / 28914.245) / (5912.322 / 40786.548)
=0.173386 / 0.144958
=1.1961

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 - (28157.094 + 1581.241) / 67869.161) / (1 - (27015.57 + 1288.03) / 60684.435)
=0.561828 / 0.533594
=1.0529

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
=40786.548 / 28914.245
=1.4106

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))
=(177.202 / (177.202 + 1288.03)) / (241.733 / (241.733 + 1581.241))
=0.120938 / 0.132604
=0.912

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)
=(80.617 / 40786.548) / (52.021 / 28914.245)
=0.001977 / 0.001799
=1.0989

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)
=((3013.311 + 16724.925) / 67869.161) / ((3674.887 + 15753.598) / 60684.435)
=0.290828 / 0.320156
=0.9084

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
=(2826.881 - 0 - 4411.223) / 67869.161
=-0.023344

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.

Vindhya Telelinks has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.


Vindhya Telelinks Beneish M-Score Related Terms

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Vindhya Telelinks Business Description

Traded in Other Exchanges
Address
N.H-8, Near 32nd Avenue, 5th Floor, Signature Tower III, Tower 'C', Sector 15-II, Gurugram, HR, IND, 122001
Vindhya Telelinks Ltd is engaged in the manufacturing and sale of cables as well as turnkey contracts and services business. The company's operating segment includes Cable and EPC (Engineering, Procurement and Construction). It generates maximum revenue from the EPC segment. EPC segment undertakes and executes contracts or provides infrastructure related services with or without materials. Geographically, it derives a majority of its revenue from India. The company derives revenue from goods and services such as Construction Contracts, Indefeasible Right of Usage (IRU), and Operation and Maintenance Services.

Vindhya Telelinks Headlines

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