Divgi TorqTransfer Systems Beneish M-Score Historical Data
The historical data trend for Divgi TorqTransfer Systems'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.
Divgi TorqTransfer Systems Beneish M-Score Chart
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Divgi TorqTransfer Systems Annual Data
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Trend |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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- |
- |
-1.71 |
-2.13 |
-2.24 |
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Divgi TorqTransfer Systems Quarterly Data
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Mar20 |
Mar21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.13 |
- |
- |
- |
-2.24 |
Competitive Comparison of Divgi TorqTransfer Systems's Beneish M-Score
For the Auto Parts subindustry, Divgi TorqTransfer Systems'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.
Divgi TorqTransfer Systems's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Divgi TorqTransfer Systems's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Divgi TorqTransfer Systems's Beneish M-Score falls into.
Divgi TorqTransfer Systems 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 Divgi TorqTransfer Systems 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 * 0.8584 | + | 0.528 * 1.014 | + | 0.404 * 1.247 | + | 0.892 * 0.935 | + | 0.115 * 0.8584 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * 0.011341 | - | 0.327 * 0.6418 |
| = | -2.24 |
* 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 ₹631 Mil.
Revenue was ₹2,534 Mil.
Gross Profit was ₹1,472 Mil.
Total Current Assets was ₹3,793 Mil.
Total Assets was ₹6,414 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,387 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹187 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹547 Mil.
Long-Term Debt & Capital Lease Obligation was ₹11 Mil.
Net Income was ₹397 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹325 Mil.
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Total Receivables was ₹786 Mil.
Revenue was ₹2,710 Mil.
Gross Profit was ₹1,597 Mil.
Total Current Assets was ₹4,279 Mil.
Total Assets was ₹6,420 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,953 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹130 Mil.
Selling, General, & Admin. Expense(SGA) was ₹67 Mil.
Total Current Liabilities was ₹852 Mil.
Long-Term Debt & Capital Lease Obligation was ₹18 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) |
| = | (630.95 / 2534.24) | / | (786.11 / 2710.43) |
| = | 0.24897 | / | 0.290031 |
| | = | 0.8584 |
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) |
| = | (1596.54 / 2710.43) | / | (1472.16 / 2534.24) |
| = | 0.589036 | / | 0.580908 |
| | = | 1.014 |
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 - (3792.87 + 2386.67) / 6413.9) | / | (1 - (4278.52 + 1953.34) / 6419.98) |
| = | 0.036539 | / | 0.029302 |
| | = | 1.247 |
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 |
| = | 2534.24 | / | 2710.43 |
| | = | 0.935 |
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)) |
| = | (129.85 / (129.85 + 1953.34)) | / | (186.88 / (186.88 + 2386.67)) |
| = | 0.062332 | / | 0.072616 |
| | = | 0.8584 |
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 / 2534.24) | / | (67.28 / 2710.43) |
| = | 0 | / | 0.024823 |
| | = | 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) |
| = | ((11.13 + 546.65) / 6413.9) | / | ((17.99 + 851.86) / 6419.98) |
| = | 0.086964 | / | 0.135491 |
| | = | 0.6418 |
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 |
| = | (397.35 - 0 | - | 324.61) | / | 6413.9 |
| | = | 0.011341 |
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.
Divgi TorqTransfer Systems has a M-score of -2.24 suggests that the company is unlikely to be a manipulator.
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