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Sun TV Network (BOM:532733) Beneish M-Score

: -2.63 (As of Today)
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The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.63 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Sun TV Network's Beneish M-Score or its related term are showing as below:

BOM:532733' s Beneish M-Score Range Over the Past 10 Years
Min: -3.39   Med: -2.65   Max: -2.27
Current: -2.63

During the past 13 years, the highest Beneish M-Score of Sun TV Network was -2.27. The lowest was -3.39. And the median was -2.65.


Sun TV Network Beneish M-Score Historical Data

The historical data trend for Sun TV Network'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.

* Premium members only.

Sun TV Network Annual Data
Trend Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.73 -2.53 -2.33 -2.27 -2.63

Sun TV Network Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - -2.63 - - -

Competitive Comparison

For the Broadcasting subindustry, Sun TV Network'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.


Sun TV Network Beneish M-Score Distribution

For the Media - Diversified industry and Communication Services sector, Sun TV Network's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Sun TV Network's Beneish M-Score falls into.



Sun TV Network 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 Sun TV Network 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 * 0.9623+0.528 * 1.0146+0.404 * 1.2297+0.892 * 1.0522+0.115 * 0.5657
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1362+4.679 * -0.038342-0.327 * 1.0307
=-2.63

* 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 ₹16,702 Mil.
Revenue was ₹37,721 Mil.
Gross Profit was ₹31,511 Mil.
Total Current Assets was ₹59,509 Mil.
Total Assets was ₹101,481 Mil.
Property, Plant and Equipment(Net PPE) was ₹9,624 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹4,860 Mil.
Selling, General, & Admin. Expense(SGA) was ₹2,232 Mil.
Total Current Liabilities was ₹8,236 Mil.
Long-Term Debt & Capital Lease Obligation was ₹332 Mil.
Net Income was ₹17,064 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹20,955 Mil.
Total Receivables was ₹16,496 Mil.
Revenue was ₹35,848 Mil.
Gross Profit was ₹30,383 Mil.
Total Current Assets was ₹52,849 Mil.
Total Assets was ₹88,981 Mil.
Property, Plant and Equipment(Net PPE) was ₹13,067 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹3,061 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1,867 Mil.
Total Current Liabilities was ₹6,653 Mil.
Long-Term Debt & Capital Lease Obligation was ₹636 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)
=(16702 / 37720.5) / (16495.5 / 35848.2)
=0.442783 / 0.460149
=0.9623

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)
=(30383.3 / 35848.2) / (31510.5 / 37720.5)
=0.847554 / 0.835368
=1.0146

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 - (59508.9 + 9623.9) / 101480.8) / (1 - (52848.8 + 13066.6) / 88981)
=0.31876 / 0.259219
=1.2297

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
=37720.5 / 35848.2
=1.0522

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))
=(3061.3 / (3061.3 + 13066.6)) / (4859.9 / (4859.9 + 9623.9))
=0.189814 / 0.33554
=0.5657

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)
=(2232 / 37720.5) / (1867 / 35848.2)
=0.059172 / 0.052081
=1.1362

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)
=((332.4 + 8235.5) / 101480.8) / ((635.6 + 6653.2) / 88981)
=0.084429 / 0.081914
=1.0307

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
=(17064.1 - 0 - 20955.1) / 101480.8
=-0.038342

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.

Sun TV Network has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.


Sun TV Network Beneish M-Score Related Terms

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Sun TV Network (BOM:532733) Business Description

Traded in Other Exchanges
Address
73, MRC Nagar Main Road, Murasoli Maran Towers, MRC Nagar, Chennai, TN, IND, 600028
Sun TV Network Ltd is a media and entertainment company. The group owns and operates a series of television networks across four languages in the news, music, action, life, movies, kids, and comedy genres. It also airs FM stations in several Indian languages. Its business activities are reported under a single segment being Broadcasting. The company generates revenues from advertising, broadcasting fees, International subscriptions, other subscriptions, movie distribution, and content trading. Geographically, the group is focused on the Indian market with few operations outside India.

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