Electronics Mart India Beneish M-Score Historical Data
The historical data trend for Electronics Mart India'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.
Electronics Mart India Beneish M-Score Chart
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Electronics Mart India Annual Data
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Trend |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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- |
- |
- |
- |
-1.99 |
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Electronics Mart India Quarterly Data
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Mar20 |
Mar21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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- |
-1.99 |
-2.13 |
-2.15 |
-2.14 |
Competitive Comparison of Electronics Mart India's Beneish M-Score
For the Specialty Retail subindustry, Electronics Mart India'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.
Electronics Mart India's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Electronics Mart India's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Electronics Mart India's Beneish M-Score falls into.
Electronics Mart India 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 Electronics Mart India 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 * 0.7925 | + | 0.528 * 0.9796 | + | 0.404 * 1.4976 | + | 0.892 * 1.1163 | + | 0.115 * 1.0463 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * 0.055116 | - | 0.327 * 1.0786 |
| = | -2.14 |
* 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 ₹1,256 Mil.
Revenue was 18848.36 + 13860.96 + 19749.39 + 11543.59 = ₹64,002 Mil.
Gross Profit was 2549.42 + 1961.61 + 2939.94 + -1496.71 = ₹5,954 Mil.
Total Current Assets was ₹13,613 Mil.
Total Assets was ₹30,687 Mil.
Property, Plant and Equipment(Net PPE) was ₹15,502 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,205 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹5,881 Mil.
Long-Term Debt & Capital Lease Obligation was ₹10,113 Mil.
Net Income was 315.54 + 245.42 + 724.88 + 405.48 = ₹1,691 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₹0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = ₹0 Mil.
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Total Receivables was ₹1,420 Mil.
Revenue was 17745.21 + 13030.43 + 16836.17 + 9720.61 = ₹57,332 Mil.
Gross Profit was 2531.57 + 1956.83 + 2457 + -1720.24 = ₹5,225 Mil.
Total Current Assets was ₹11,814 Mil.
Total Assets was ₹24,854 Mil.
Property, Plant and Equipment(Net PPE) was ₹12,190 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹995 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹4,123 Mil.
Long-Term Debt & Capital Lease Obligation was ₹7,887 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) |
| = | (1256.48 / 64002.3) | / | (1420.19 / 57332.42) |
| = | 0.019632 | / | 0.024771 |
| | = | 0.7925 |
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) |
| = | (5225.16 / 57332.42) | / | (5954.26 / 64002.3) |
| = | 0.091138 | / | 0.093032 |
| | = | 0.9796 |
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 - (13613.48 + 15502.4) / 30686.65) | / | (1 - (11814.28 + 12190.47) / 24854.25) |
| = | 0.051187 | / | 0.034179 |
| | = | 1.4976 |
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 |
| = | 64002.3 | / | 57332.42 |
| | = | 1.1163 |
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)) |
| = | (995.15 / (995.15 + 12190.47)) | / | (1205.16 / (1205.16 + 15502.4)) |
| = | 0.075472 | / | 0.072133 |
| | = | 1.0463 |
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 / 64002.3) | / | (0 / 57332.42) |
| = | 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) |
| = | ((10113.02 + 5881.42) / 30686.65) | / | ((7887.29 + 4123.44) / 24854.25) |
| = | 0.521218 | / | 0.483247 |
| | = | 1.0786 |
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 |
| = | (1691.32 - 0 | - | 0) | / | 30686.65 |
| | = | 0.055116 |
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.
Electronics Mart India has a M-score of -2.14 suggests that the company is unlikely to be a manipulator.
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