BOM:544026 has been successfully added to your Stock Email Alerts list.
You can manage your stock email alerts here.
BOM:544026 has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
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.
Warning Sign:
Beneish M-Score 2.46 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Indian Renewable Energy Development Agency's Beneish M-Score or its related term are showing as below:
During the past 4 years, the highest Beneish M-Score of Indian Renewable Energy Development Agency was 2.46. The lowest was -1.90. And the median was -1.17.
The historical data trend for Indian Renewable Energy Development Agency'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.
Indian Renewable Energy Development Agency Annual Data | |||||||||
Trend | Mar21 | Mar22 | Mar23 | Mar24 | |||||
Beneish M-Score | - | - | - | -1.17 |
Indian Renewable Energy Development Agency Quarterly Data | |||||||||||
Mar21 | Mar22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | |
Beneish M-Score | Get a 7-Day Free Trial | - | - | -1.17 | -1.90 | 2.46 |
For the Credit Services subindustry, Indian Renewable Energy Development Agency'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.
For the Credit Services industry and Financial Services sector, Indian Renewable Energy Development Agency's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Indian Renewable Energy Development Agency's Beneish M-Score falls into.
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 Indian Renewable Energy Development Agency 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 * 6.2074 | + | 0.528 * 0.9879 | + | 0.404 * 0.0589 | + | 0.892 * 1.376 | + | 0.115 * 0.3811 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0 | + | 4.679 * 0.021009 | - | 0.327 * 0.9869 | |||||||
= | 2.46 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was ₹637,236 Mil. Revenue was 16026.877 + 15078.096 + 13035.602 + 12279.836 = ₹56,420 Mil. Gross Profit was 5516.49 + 5130.403 + 15863.32 + 4486.899 = ₹30,997 Mil. Total Current Assets was ₹650,924 Mil. Total Assets was ₹687,485 Mil. Property, Plant and Equipment(Net PPE) was ₹3,512 Mil. Depreciation, Depletion and Amortization(DDA) was ₹354 Mil. Selling, General, & Admin. Expense(SGA) was ₹0 Mil. Total Current Liabilities was ₹10 Mil. Long-Term Debt & Capital Lease Obligation was ₹539,892 Mil. Net Income was 3877.496 + 3836.934 + 3373.76 + 3355.379 = ₹14,444 Mil. Non Operating Income was 0 + 0 + 0 + 0 = ₹0 Mil. Cash Flow from Operations was 0 + 0 + 0 + 0 = ₹0 Mil. |
Total Receivables was ₹74,606 Mil. Revenue was 11635.667 + 11429.838 + 9377.846 + 8560.057 = ₹41,003 Mil. Gross Profit was 3493.895 + 3673.179 + 11930.67 + 3157.378 = ₹22,255 Mil. Total Current Assets was ₹90,609 Mil. Total Assets was ₹512,565 Mil. Property, Plant and Equipment(Net PPE) was ₹3,602 Mil. Depreciation, Depletion and Amortization(DDA) was ₹130 Mil. Selling, General, & Admin. Expense(SGA) was ₹185 Mil. Total Current Liabilities was ₹99,853 Mil. Long-Term Debt & Capital Lease Obligation was ₹308,027 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) |
= | (637235.688 / 56420.411) | / | (74605.59 / 41003.408) | |
= | 11.294418 | / | 1.819497 | |
= | 6.2074 |
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) | |
= | (22255.122 / 41003.408) | / | (30997.112 / 56420.411) | |
= | 0.542763 | / | 0.549395 | |
= | 0.9879 |
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 - (650923.83 + 3511.803) / 687484.744) | / | (1 - (90609.12 + 3601.94) / 512564.91) | |
= | 0.048073 | / | 0.816197 | |
= | 0.0589 |
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 | |
= | 56420.411 | / | 41003.408 | |
= | 1.376 |
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)) |
= | (130.202 / (130.202 + 3601.94)) | / | (353.841 / (353.841 + 3511.803)) | |
= | 0.034887 | / | 0.091535 | |
= | 0.3811 |
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 / 56420.411) | / | (184.89 / 41003.408) | |
= | 0 | / | 0.004509 | |
= | 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) |
= | ((539891.871 + 9.584) / 687484.744) | / | ((308027.4 + 99853.26) / 512564.91) | |
= | 0.785329 | / | 0.795764 | |
= | 0.9869 |
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 | |
= | (14443.569 - 0 | - | 0) | / | 687484.744 | |
= | 0.021009 |
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.
Indian Renewable Energy Development Agency has a M-score of 2.46 signals that the company is likely to be a manipulator.
Thank you for viewing the detailed overview of Indian Renewable Energy Development Agency's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
No Headlines
Disclaimers: GuruFocus.com is not operated by a broker or a dealer. It has an affiliated registered investment adviser, which serves as the subadviser to an exchange traded fund. This investment adviser does not provide advice to individual investors. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes provided by InterActive Data. Fundamental company data provided by Morningstar, updated daily.