Jubilant Pharmova Beneish M-Score Historical Data
The historical data trend for Jubilant Pharmova'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.
Jubilant Pharmova Beneish M-Score Chart
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Jubilant Pharmova Annual Data
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| Beneish M-Score |
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-2.63 |
-2.68 |
-3.11 |
-2.55 |
-2.72 |
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Jubilant Pharmova Quarterly Data
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| Beneish M-Score |
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-2.72 |
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Competitive Comparison of Jubilant Pharmova's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Jubilant Pharmova'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.
Jubilant Pharmova's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Jubilant Pharmova's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Jubilant Pharmova's Beneish M-Score falls into.
Jubilant Pharmova 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 Jubilant Pharmova 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 * 1.0183 | + | 0.528 * 1.0972 | + | 0.404 * 0.9777 | + | 0.892 * 1.0264 | + | 0.115 * 0.851 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9112 | + | 4.679 * -0.064683 | - | 0.327 * 1.0692 |
| = | -2.72 |
* 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 ₹11,940 Mil.
Revenue was ₹62,193 Mil.
Gross Profit was ₹39,965 Mil.
Total Current Assets was ₹37,624 Mil.
Total Assets was ₹111,566 Mil.
Property, Plant and Equipment(Net PPE) was ₹33,651 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹5,540 Mil.
Selling, General, & Admin. Expense(SGA) was ₹3,757 Mil.
Total Current Liabilities was ₹17,724 Mil.
Long-Term Debt & Capital Lease Obligation was ₹33,236 Mil.
Net Income was ₹-610 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹6,607 Mil.
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Total Receivables was ₹11,424 Mil.
Revenue was ₹60,592 Mil.
Gross Profit was ₹42,722 Mil.
Total Current Assets was ₹35,092 Mil.
Total Assets was ₹99,909 Mil.
Property, Plant and Equipment(Net PPE) was ₹27,911 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹3,817 Mil.
Selling, General, & Admin. Expense(SGA) was ₹4,017 Mil.
Total Current Liabilities was ₹15,916 Mil.
Long-Term Debt & Capital Lease Obligation was ₹26,764 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) |
| = | (11940.02 / 62193.02) | / | (11424.04 / 60591.65) |
| = | 0.191983 | / | 0.188541 |
| | = | 1.0183 |
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) |
| = | (42721.77 / 60591.65) | / | (39965.11 / 62193.02) |
| = | 0.705077 | / | 0.642598 |
| | = | 1.0972 |
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 - (37624.01 + 33651.18) / 111566.47) | / | (1 - (35091.92 + 27910.99) / 99908.67) |
| = | 0.361141 | / | 0.369395 |
| | = | 0.9777 |
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 |
| = | 62193.02 | / | 60591.65 |
| | = | 1.0264 |
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)) |
| = | (3817.04 / (3817.04 + 27910.99)) | / | (5540.27 / (5540.27 + 33651.18)) |
| = | 0.120305 | / | 0.141364 |
| | = | 0.851 |
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) |
| = | (3757.29 / 62193.02) | / | (4017.2 / 60591.65) |
| = | 0.060413 | / | 0.0663 |
| | = | 0.9112 |
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) |
| = | ((33236.45 + 17724.02) / 111566.47) | / | ((26764.35 + 15916.01) / 99908.67) |
| = | 0.456772 | / | 0.427194 |
| | = | 1.0692 |
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 |
| = | (-609.8 - 0 | - | 6606.66) | / | 111566.47 |
| | = | -0.064683 |
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.
Jubilant Pharmova has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
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