Indoco Remedies Beneish M-Score Historical Data
The historical data trend for Indoco Remedies'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.
Indoco Remedies Beneish M-Score Chart
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Indoco Remedies Annual Data
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Mar14 |
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Mar20 |
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Mar23 |
| Beneish M-Score |
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-3.11 |
-2.83 |
-2.33 |
-2.34 |
-2.10 |
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Indoco Remedies Quarterly Data
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Mar19 |
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Dec23 |
| Beneish M-Score |
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-2.10 |
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Competitive Comparison of Indoco Remedies's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Indoco Remedies'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.
Indoco Remedies's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Indoco Remedies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Indoco Remedies's Beneish M-Score falls into.
Indoco Remedies 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 Indoco Remedies 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 * 1.0794 | + | 0.528 * 1.0206 | + | 0.404 * 1.2792 | + | 0.892 * 1.0907 | + | 0.115 * 1.2439 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.022054 | - | 0.327 * 0.9828 |
| = | -2.10 |
* 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 ₹3,516 Mil.
Revenue was ₹16,401 Mil.
Gross Profit was ₹11,188 Mil.
Total Current Assets was ₹8,082 Mil.
Total Assets was ₹16,582 Mil.
Property, Plant and Equipment(Net PPE) was ₹6,676 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹706 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹4,245 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,585 Mil.
Net Income was ₹1,423 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹1,788 Mil.
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Total Receivables was ₹2,987 Mil.
Revenue was ₹15,037 Mil.
Gross Profit was ₹10,469 Mil.
Total Current Assets was ₹7,736 Mil.
Total Assets was ₹14,861 Mil.
Property, Plant and Equipment(Net PPE) was ₹5,847 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹790 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1,512 Mil.
Total Current Liabilities was ₹4,249 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,068 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) |
| = | (3516.3 / 16400.5) | / | (2986.839 / 15037.3) |
| = | 0.214402 | / | 0.198629 |
| | = | 1.0794 |
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) |
| = | (10469.4 / 15037.3) | / | (11187.6 / 16400.5) |
| = | 0.696229 | / | 0.68215 |
| | = | 1.0206 |
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 - (8081.8 + 6675.9) / 16582) | / | (1 - (7736.191 + 5846.626) / 14860.921) |
| = | 0.110017 | / | 0.086004 |
| | = | 1.2792 |
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 |
| = | 16400.5 | / | 15037.3 |
| | = | 1.0907 |
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)) |
| = | (789.6 / (789.6 + 5846.626)) | / | (706.1 / (706.1 + 6675.9)) |
| = | 0.118983 | / | 0.095652 |
| | = | 1.2439 |
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 / 16400.5) | / | (1512.349 / 15037.3) |
| = | 0 | / | 0.100573 |
| | = | 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) |
| = | ((1585.4 + 4245.1) / 16582) | / | ((1068.472 + 4248.536) / 14860.921) |
| = | 0.351616 | / | 0.357785 |
| | = | 0.9828 |
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 |
| = | (1422.5 - 0 | - | 1788.2) | / | 16582 |
| | = | -0.022054 |
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.
Indoco Remedies has a M-score of -2.10 suggests that the company is unlikely to be a manipulator.
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