Devyani International Beneish M-Score Historical Data
The historical data trend for Devyani International'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.
Devyani International Beneish M-Score Chart
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Devyani International Annual Data
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Trend |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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- |
-3.21 |
-1.63 |
-3.03 |
-2.35 |
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Devyani International Quarterly Data
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Mar19 |
Mar20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.03 |
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-2.35 |
Competitive Comparison of Devyani International's Beneish M-Score
For the Restaurants subindustry, Devyani International'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.
Devyani International's Beneish M-Score Distribution in the Restaurants Industry
For the Restaurants industry and Consumer Cyclical sector, Devyani International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Devyani International's Beneish M-Score falls into.
Devyani International 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 Devyani International 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 * 1.0749 | + | 0.528 * 1.0379 | + | 0.404 * 1.5895 | + | 0.892 * 1.1863 | + | 0.115 * 1.0462 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.110534 | - | 0.327 * 1.058 |
| = | -2.35 |
* 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 ₹527 Mil.
Revenue was ₹35,563 Mil.
Gross Profit was ₹20,048 Mil.
Total Current Assets was ₹4,861 Mil.
Total Assets was ₹49,325 Mil.
Property, Plant and Equipment(Net PPE) was ₹32,011 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹3,848 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹9,113 Mil.
Long-Term Debt & Capital Lease Obligation was ₹25,804 Mil.
Net Income was ₹473 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹5,925 Mil.
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Total Receivables was ₹413 Mil.
Revenue was ₹29,977 Mil.
Gross Profit was ₹17,539 Mil.
Total Current Assets was ₹3,099 Mil.
Total Assets was ₹29,885 Mil.
Property, Plant and Equipment(Net PPE) was ₹22,040 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2,788 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1,667 Mil.
Total Current Liabilities was ₹5,355 Mil.
Long-Term Debt & Capital Lease Obligation was ₹14,640 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) |
| = | (526.91 / 35563.17) | / | (413.17 / 29977.23) |
| = | 0.014816 | / | 0.013783 |
| | = | 1.0749 |
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) |
| = | (17539.21 / 29977.23) | / | (20047.67 / 35563.17) |
| = | 0.585084 | / | 0.56372 |
| | = | 1.0379 |
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 - (4861.19 + 32010.59) / 49324.52) | / | (1 - (3098.68 + 22039.68) / 29885.27) |
| = | 0.252466 | / | 0.158838 |
| | = | 1.5895 |
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 |
| = | 35563.17 | / | 29977.23 |
| | = | 1.1863 |
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)) |
| = | (2787.59 / (2787.59 + 22039.68)) | / | (3848.21 / (3848.21 + 32010.59)) |
| = | 0.112279 | / | 0.107316 |
| | = | 1.0462 |
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 / 35563.17) | / | (1666.78 / 29977.23) |
| = | 0 | / | 0.055602 |
| | = | 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) |
| = | ((25803.83 + 9112.96) / 49324.52) | / | ((14640.24 + 5354.85) / 29885.27) |
| = | 0.707899 | / | 0.669062 |
| | = | 1.058 |
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 |
| = | (472.63 - 0 | - | 5924.67) | / | 49324.52 |
| | = | -0.110534 |
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.
Devyani International has a M-score of -2.35 suggests that the company is unlikely to be a manipulator.
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