Deccan Health Care Beneish M-Score Historical Data
The historical data trend for Deccan Health Care'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.
Deccan Health Care Beneish M-Score Chart
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Deccan Health Care Annual Data
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Mar19 |
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Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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- |
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-2.24 |
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Deccan Health Care Quarterly Data
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Mar18 |
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Dec24 |
| Beneish M-Score |
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-2.15 |
-2.24 |
-2.17 |
-2.27 |
-2.41 |
Competitive Comparison of Deccan Health Care's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Deccan Health Care'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.
Deccan Health Care's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Deccan Health Care's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Deccan Health Care's Beneish M-Score falls into.
Deccan Health Care 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 Deccan Health Care 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 * 0.7184 | + | 0.528 * 1.037 | + | 0.404 * 1.0285 | + | 0.892 * 1.1473 | + | 0.115 * 0.9452 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * 0.010279 | - | 0.327 * 0.6093 |
| = | -2.41 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was ₹100.4 Mil.
Revenue was 204.288 + 188.208 + 131.855 + 159.682 = ₹684.0 Mil.
Gross Profit was 70.681 + 74.562 + 44.348 + 28.089 = ₹217.7 Mil.
Total Current Assets was ₹936.6 Mil.
Total Assets was ₹1,131.8 Mil.
Property, Plant and Equipment(Net PPE) was ₹150.2 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹14.5 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹111.0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹10.1 Mil.
Net Income was 1.443 + 5.285 + 3.624 + 1.282 = ₹11.6 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₹0.0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = ₹0.0 Mil.
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Total Receivables was ₹121.8 Mil.
Revenue was 153.431 + 171.945 + 112.231 + 158.592 = ₹596.2 Mil.
Gross Profit was 36.155 + 68.517 + 57.568 + 34.508 = ₹196.7 Mil.
Total Current Assets was ₹823.1 Mil.
Total Assets was ₹1,024.1 Mil.
Property, Plant and Equipment(Net PPE) was ₹161.4 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹14.6 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹165.4 Mil.
Long-Term Debt & Capital Lease Obligation was ₹14.4 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) |
| = | (100.369 / 684.033) | / | (121.774 / 596.199) |
| = | 0.146731 | / | 0.204251 |
| | = | 0.7184 |
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) |
| = | (196.748 / 596.199) | / | (217.68 / 684.033) |
| = | 0.330004 | / | 0.31823 |
| | = | 1.037 |
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 - (936.637 + 150.211) / 1131.829) | / | (1 - (823.148 + 161.359) / 1024.077) |
| = | 0.039742 | / | 0.03864 |
| | = | 1.0285 |
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 |
| = | 684.033 | / | 596.199 |
| | = | 1.1473 |
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)) |
| = | (14.649 / (14.649 + 161.359)) | / | (14.503 / (14.503 + 150.211)) |
| = | 0.083229 | / | 0.08805 |
| | = | 0.9452 |
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 / 684.033) | / | (0 / 596.199) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((10.129 + 110.998) / 1131.829) | / | ((14.422 + 165.443) / 1024.077) |
| = | 0.107019 | / | 0.175636 |
| | = | 0.6093 |
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 |
| = | (11.634 - 0 | - | 0) | / | 1131.829 |
| | = | 0.010279 |
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.
Deccan Health Care has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.
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