Aurobindo Pharma Beneish M-Score Historical Data
The historical data trend for Aurobindo Pharma'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.
Aurobindo Pharma Beneish M-Score Chart
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Aurobindo Pharma Annual Data
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| Beneish M-Score |
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-2.84 |
-2.32 |
-2.57 |
-2.48 |
-2.35 |
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Aurobindo Pharma Quarterly Data
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| Beneish M-Score |
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-2.35 |
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Competitive Comparison of Aurobindo Pharma's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Aurobindo Pharma'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.
Aurobindo Pharma's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Aurobindo Pharma's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Aurobindo Pharma's Beneish M-Score falls into.
Aurobindo Pharma 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 Aurobindo Pharma 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 * 0.9141 | + | 0.528 * 0.9587 | + | 0.404 * 1.031 | + | 0.892 * 1.166 | + | 0.115 * 0.9444 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9139 | + | 4.679 * 0.016384 | - | 0.327 * 1.0382 |
| = | -2.35 |
* 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 ₹53,446 Mil.
Revenue was ₹287,045 Mil.
Gross Profit was ₹154,683 Mil.
Total Current Assets was ₹242,056 Mil.
Total Assets was ₹450,715 Mil.
Property, Plant and Equipment(Net PPE) was ₹144,117 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹14,919 Mil.
Selling, General, & Admin. Expense(SGA) was ₹25,024 Mil.
Total Current Liabilities was ₹121,991 Mil.
Long-Term Debt & Capital Lease Obligation was ₹23,874 Mil.
Net Income was ₹31,730 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹24,345 Mil.
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Total Receivables was ₹50,144 Mil.
Revenue was ₹246,171 Mil.
Gross Profit was ₹127,174 Mil.
Total Current Assets was ₹215,457 Mil.
Total Assets was ₹398,900 Mil.
Property, Plant and Equipment(Net PPE) was ₹128,036 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹12,446 Mil.
Selling, General, & Admin. Expense(SGA) was ₹23,482 Mil.
Total Current Liabilities was ₹114,938 Mil.
Long-Term Debt & Capital Lease Obligation was ₹9,405 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) |
| = | (53445.8 / 287045) | / | (50143.8 / 246171.3) |
| = | 0.186193 | / | 0.203695 |
| | = | 0.9141 |
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) |
| = | (127174.3 / 246171.3) | / | (154682.9 / 287045) |
| = | 0.516609 | / | 0.53888 |
| | = | 0.9587 |
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 - (242056.3 + 144116.9) / 450715.1) | / | (1 - (215456.7 + 128036) / 398899.9) |
| = | 0.143199 | / | 0.1389 |
| | = | 1.031 |
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 |
| = | 287045 | / | 246171.3 |
| | = | 1.166 |
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)) |
| = | (12445.8 / (12445.8 + 128036)) | / | (14919.1 / (14919.1 + 144116.9)) |
| = | 0.088594 | / | 0.09381 |
| | = | 0.9444 |
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) |
| = | (25024.1 / 287045) | / | (23481.7 / 246171.3) |
| = | 0.087178 | / | 0.095388 |
| | = | 0.9139 |
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) |
| = | ((23874.3 + 121991.3) / 450715.1) | / | ((9404.9 + 114937.8) / 398899.9) |
| = | 0.323631 | / | 0.311714 |
| | = | 1.0382 |
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 |
| = | (31729.7 - 0 | - | 24345.2) | / | 450715.1 |
| | = | 0.016384 |
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.
Aurobindo Pharma has a M-score of -2.35 suggests that the company is unlikely to be a manipulator.
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