Bharti Airtel Beneish M-Score Historical Data
The historical data trend for Bharti Airtel'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.
Bharti Airtel Beneish M-Score Chart
|
Bharti Airtel Annual Data
|
|
Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.96 |
-3.06 |
-2.76 |
-2.17 |
-2.74 |
|
Bharti Airtel 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 |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
-2.74 |
- |
-2.87 |
-2.90 |
Competitive Comparison of Bharti Airtel's Beneish M-Score
For the Telecom Services subindustry, Bharti Airtel'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.
Bharti Airtel's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Bharti Airtel's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bharti Airtel's Beneish M-Score falls into.
Bharti Airtel 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 Bharti Airtel 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 * 1.0504 | + | 0.528 * 0.9765 | + | 0.404 * 0.9286 | + | 0.892 * 1.1022 | + | 0.115 * 1.0072 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.068 | + | 4.679 * -0.106873 | - | 0.327 * 1.0034 |
| = | -2.90 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ₹55,099 Mil.
Revenue was 378995 + 370438 + 374400 + 360090 = ₹1,483,923 Mil.
Gross Profit was 254296 + 248411 + 250989 + 205377 = ₹959,073 Mil.
Total Current Assets was ₹642,882 Mil.
Total Assets was ₹4,456,927 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,655,598 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹292,146 Mil.
Selling, General, & Admin. Expense(SGA) was ₹84,748 Mil.
Total Current Liabilities was ₹1,333,210 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,922,770 Mil.
Net Income was 24422 + 13407 + 16125 + 30056 = ₹84,010 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₹0 Mil.
Cash Flow from Operations was 214346 + -16806 + 208097 + 154700 = ₹560,337 Mil.
|
Total Receivables was ₹47,595 Mil.
Revenue was 358044 + 345268 + 328046 + 315003 = ₹1,346,361 Mil.
Gross Profit was 236987 + 225144 + 211214 + 176354 = ₹849,699 Mil.
Total Current Assets was ₹587,413 Mil.
Total Assets was ₹4,378,397 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,507,572 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹268,271 Mil.
Selling, General, & Admin. Expense(SGA) was ₹71,999 Mil.
Total Current Liabilities was ₹1,229,452 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,958,412 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) |
| = | (55099 / 1483923) | / | (47595 / 1346361) |
| = | 0.037131 | / | 0.035351 |
| | = | 1.0504 |
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) |
| = | (849699 / 1346361) | / | (959073 / 1483923) |
| = | 0.631108 | / | 0.646309 |
| | = | 0.9765 |
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 - (642882 + 1655598) / 4456927) | / | (1 - (587413 + 1507572) / 4378397) |
| = | 0.48429 | / | 0.521518 |
| | = | 0.9286 |
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 |
| = | 1483923 | / | 1346361 |
| | = | 1.1022 |
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)) |
| = | (268271 / (268271 + 1507572)) | / | (292146 / (292146 + 1655598)) |
| = | 0.151067 | / | 0.149992 |
| | = | 1.0072 |
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) |
| = | (84748 / 1483923) | / | (71999 / 1346361) |
| = | 0.057111 | / | 0.053477 |
| | = | 1.068 |
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) |
| = | ((1922770 + 1333210) / 4456927) | / | ((1958412 + 1229452) / 4378397) |
| = | 0.730544 | / | 0.728089 |
| | = | 1.0034 |
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 |
| = | (84010 - 0 | - | 560337) | / | 4456927 |
| | = | -0.106873 |
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.
Bharti Airtel has a M-score of -2.90 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
NSE:BHARTIARTL has been successfully added to your