VST Tillers Tractors Beneish M-Score Historical Data
The historical data trend for VST Tillers Tractors'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.
VST Tillers Tractors Beneish M-Score Chart
|
VST Tillers Tractors Annual Data
|
|
Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.78 |
-2.92 |
-2.65 |
-1.34 |
-2.12 |
|
VST Tillers Tractors Quarterly Data
|
|
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-1.34 |
- |
- |
- |
-2.12 |
Competitive Comparison of VST Tillers Tractors's Beneish M-Score
For the Farm & Heavy Construction Machinery subindustry, VST Tillers Tractors'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.
VST Tillers Tractors's Beneish M-Score Distribution in the Farm & Heavy Construction Machinery Industry
For the Farm & Heavy Construction Machinery industry and Industrials sector, VST Tillers Tractors's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where VST Tillers Tractors's Beneish M-Score falls into.
VST Tillers Tractors 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 VST Tillers Tractors 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 * 1.0739 | + | 0.528 * 0.9346 | + | 0.404 * 0.5866 | + | 0.892 * 0.9619 | + | 0.115 * 0.9353 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * 0.062087 | - | 0.327 * 0.7919 |
| = | -2.12 |
* 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 ₹1,552 Mil.
Revenue was ₹9,681 Mil.
Gross Profit was ₹3,106 Mil.
Total Current Assets was ₹8,617 Mil.
Total Assets was ₹11,668 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,313 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹270 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹1,874 Mil.
Long-Term Debt & Capital Lease Obligation was ₹5 Mil.
Net Income was ₹1,211 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹486 Mil.
|
Total Receivables was ₹1,503 Mil.
Revenue was ₹10,064 Mil.
Gross Profit was ₹3,018 Mil.
Total Current Assets was ₹7,245 Mil.
Total Assets was ₹10,908 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,486 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹269 Mil.
Selling, General, & Admin. Expense(SGA) was ₹443 Mil.
Total Current Liabilities was ₹2,207 Mil.
Long-Term Debt & Capital Lease Obligation was ₹11 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) |
| = | (1552.34 / 9680.5) | / | (1502.843 / 10064.3) |
| = | 0.160357 | / | 0.149324 |
| | = | 1.0739 |
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) |
| = | (3017.5 / 10064.3) | / | (3105.5 / 9680.5) |
| = | 0.299822 | / | 0.3208 |
| | = | 0.9346 |
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 - (8616.979 + 2313.156) / 11668.447) | / | (1 - (7245.233 + 2486.02) / 10907.915) |
| = | 0.063274 | / | 0.107872 |
| | = | 0.5866 |
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 |
| = | 9680.5 | / | 10064.3 |
| | = | 0.9619 |
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)) |
| = | (269.425 / (269.425 + 2486.02)) | / | (270.059 / (270.059 + 2313.156)) |
| = | 0.097779 | / | 0.104544 |
| | = | 0.9353 |
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) |
| = | (0 / 9680.5) | / | (443.122 / 10064.3) |
| = | 0 | / | 0.044029 |
| | = | 0 |
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) |
| = | ((5.333 + 1873.756) / 11668.447) | / | ((11.287 + 2206.824) / 10907.915) |
| = | 0.16104 | / | 0.203349 |
| | = | 0.7919 |
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 |
| = | (1210.6 - 0 | - | 486.142) | / | 11668.447 |
| | = | 0.062087 |
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.
VST Tillers Tractors has a M-score of -2.12 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
BOM:531266 has been successfully added to your