MPS Beneish M-Score Historical Data
The historical data trend for MPS'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.
MPS Beneish M-Score Chart
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MPS Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.48 |
-2.50 |
-2.84 |
-2.36 |
-2.30 |
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MPS Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
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Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.30 |
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Competitive Comparison of MPS's Beneish M-Score
For the Publishing subindustry, MPS'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.
MPS's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, MPS's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where MPS's Beneish M-Score falls into.
MPS 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 MPS 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 * 0.9735 | + | 0.528 * 1.0004 | + | 0.404 * 1.6081 | + | 0.892 * 1.0896 | + | 0.115 * 0.9622 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8762 | + | 4.679 * 0.00099 | - | 0.327 * 1.4375 |
| = | -2.30 |
* 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 ₹1,524 Mil.
Revenue was ₹5,453 Mil.
Gross Profit was ₹5,449 Mil.
Total Current Assets was ₹3,348 Mil.
Total Assets was ₹7,365 Mil.
Property, Plant and Equipment(Net PPE) was ₹246 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹200 Mil.
Selling, General, & Admin. Expense(SGA) was ₹280 Mil.
Total Current Liabilities was ₹2,084 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0 Mil.
Net Income was ₹1,188 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹1,180 Mil.
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Total Receivables was ₹1,436 Mil.
Revenue was ₹5,005 Mil.
Gross Profit was ₹5,003 Mil.
Total Current Assets was ₹3,561 Mil.
Total Assets was ₹5,602 Mil.
Property, Plant and Equipment(Net PPE) was ₹257 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹195 Mil.
Selling, General, & Admin. Expense(SGA) was ₹293 Mil.
Total Current Liabilities was ₹1,061 Mil.
Long-Term Debt & Capital Lease Obligation was ₹42 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) |
| = | (1523.603 / 5453.065) | / | (1436.391 / 5004.505) |
| = | 0.279403 | / | 0.28702 |
| | = | 0.9735 |
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) |
| = | (5002.562 / 5004.505) | / | (5448.93 / 5453.065) |
| = | 0.999612 | / | 0.999242 |
| | = | 1.0004 |
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 - (3347.978 + 245.646) / 7365.27) | / | (1 - (3561.438 + 256.651) / 5602.036) |
| = | 0.512085 | / | 0.318446 |
| | = | 1.6081 |
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 |
| = | 5453.065 | / | 5004.505 |
| | = | 1.0896 |
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)) |
| = | (194.908 / (194.908 + 256.651)) | / | (199.835 / (199.835 + 245.646)) |
| = | 0.431634 | / | 0.448583 |
| | = | 0.9622 |
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) |
| = | (279.647 / 5453.065) | / | (292.92 / 5004.505) |
| = | 0.051283 | / | 0.058531 |
| | = | 0.8762 |
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) |
| = | ((0.382 + 2083.792) / 7365.27) | / | ((42.171 + 1060.593) / 5602.036) |
| = | 0.282973 | / | 0.196851 |
| | = | 1.4375 |
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 |
| = | (1187.682 - 0 | - | 1180.393) | / | 7365.27 |
| | = | 0.00099 |
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.
MPS has a M-score of -2.30 suggests that the company is unlikely to be a manipulator.
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