DLF Beneish M-Score Historical Data
The historical data trend for DLF'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.
DLF Beneish M-Score Chart
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DLF Annual Data
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Mar15 |
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Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.90 |
-2.39 |
-2.81 |
-2.48 |
-2.40 |
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DLF Quarterly Data
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Dec19 |
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Jun20 |
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Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.40 |
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Competitive Comparison of DLF's Beneish M-Score
For the Real Estate - Development subindustry, DLF'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.
DLF's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, DLF's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where DLF's Beneish M-Score falls into.
DLF 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 DLF 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 * 1.0897 | + | 0.528 * 1.0286 | + | 0.404 * 0.8817 | + | 0.892 * 1.0998 | + | 0.115 * 0.9563 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9844 | + | 4.679 * 0.003125 | - | 0.327 * 1.2076 |
| = | -2.40 |
* 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 ₹28,317 Mil.
Revenue was ₹62,492 Mil.
Gross Profit was ₹34,197 Mil.
Total Current Assets was ₹325,567 Mil.
Total Assets was ₹602,624 Mil.
Property, Plant and Equipment(Net PPE) was ₹8,465 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,479 Mil.
Selling, General, & Admin. Expense(SGA) was ₹4,279 Mil.
Total Current Liabilities was ₹141,411 Mil.
Long-Term Debt & Capital Lease Obligation was ₹26,670 Mil.
Net Income was ₹27,271 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹25,388 Mil.
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Total Receivables was ₹23,628 Mil.
Revenue was ₹56,820 Mil.
Gross Profit was ₹31,981 Mil.
Total Current Assets was ₹257,707 Mil.
Total Assets was ₹539,280 Mil.
Property, Plant and Equipment(Net PPE) was ₹8,961 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,486 Mil.
Selling, General, & Admin. Expense(SGA) was ₹3,952 Mil.
Total Current Liabilities was ₹111,848 Mil.
Long-Term Debt & Capital Lease Obligation was ₹12,709 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) |
| = | (28317.331 / 62492.095) | / | (23627.783 / 56819.715) |
| = | 0.453135 | / | 0.415838 |
| | = | 1.0897 |
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) |
| = | (31981.138 / 56819.715) | / | (34197.362 / 62492.095) |
| = | 0.562853 | / | 0.547227 |
| | = | 1.0286 |
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 - (325567.346 + 8465.271) / 602623.97) | / | (1 - (257706.924 + 8961.207) / 539279.908) |
| = | 0.445703 | / | 0.505511 |
| | = | 0.8817 |
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 |
| = | 62492.095 | / | 56819.715 |
| | = | 1.0998 |
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)) |
| = | (1486.327 / (1486.327 + 8961.207)) | / | (1479.467 / (1479.467 + 8465.271)) |
| = | 0.142266 | / | 0.148769 |
| | = | 0.9563 |
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) |
| = | (4278.661 / 62492.095) | / | (3951.933 / 56819.715) |
| = | 0.068467 | / | 0.069552 |
| | = | 0.9844 |
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) |
| = | ((26669.875 + 141410.501) / 602623.97) | / | ((12709.493 + 111847.622) / 539279.908) |
| = | 0.278914 | / | 0.230969 |
| | = | 1.2076 |
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 |
| = | (27271.051 - 0 | - | 25388.076) | / | 602623.97 |
| | = | 0.003125 |
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.
DLF has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
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