Gujarat State Petronet (NSE:GSPL) Beneish M-Score : -2.73 (As of Dec. 11, 2024)

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What is Gujarat State Petronet Beneish M-Score?

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.

Good Sign:

Beneish M-Score -2.73 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Gujarat State Petronet's Beneish M-Score or its related term are showing as below:

NSE:GSPL' s Beneish M-Score Range Over the Past 10 Years
Min: -2.85 Med: -2.59 Max: 1.65
Current: -2.73

During the past 13 years, the highest Beneish M-Score of Gujarat State Petronet was 1.65. The lowest was -2.85. And the median was -2.59.

Gujarat State Petronet Beneish M-Score Historical Data

The historical data trend for Gujarat State Petronet'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.

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Gujarat State Petronet Beneish M-Score Chart

Gujarat State Petronet Annual Data

Trend

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Beneish M-Score

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-2.69

-2.34

-2.12

-2.82

-2.73

Gujarat State Petronet Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-	-	-2.73	-	-

Competitive Comparison of Gujarat State Petronet's Beneish M-Score

For the Utilities - Regulated Gas subindustry, Gujarat State Petronet'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.

Gujarat State Petronet's Beneish M-Score Distribution in the Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Gujarat State Petronet's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Gujarat State Petronet's Beneish M-Score falls into.

Gujarat State Petronet 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 Gujarat State Petronet for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0263

0.528 * 0.993

0.404 * 1.0267

0.892 * 0.9546

0.115 * 0.9771

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9288

4.679 * -0.060027

0.327 * 0.9068

-2.73

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₹11,523 Mil.
Revenue was ₹172,075 Mil.
Gross Profit was ₹41,823 Mil.
Total Current Assets was ₹40,108 Mil.
Total Assets was ₹190,558 Mil.
Property, Plant and Equipment(Net PPE) was ₹118,648 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹6,641 Mil.
Selling, General, & Admin. Expense(SGA) was ₹530 Mil.
Total Current Liabilities was ₹30,251 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,074 Mil.
Net Income was ₹16,595 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹28,034 Mil.

Total Receivables was ₹11,762 Mil.
Revenue was ₹180,256 Mil.
Gross Profit was ₹43,506 Mil.
Total Current Assets was ₹31,356 Mil.
Total Assets was ₹173,159 Mil.
Property, Plant and Equipment(Net PPE) was ₹113,655 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹6,208 Mil.
Selling, General, & Admin. Expense(SGA) was ₹597 Mil.
Total Current Liabilities was ₹30,181 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,209 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)
	=	(11523.275 / 172074.573)	/	(11761.852 / 180256.387)
	=	0.066967	/	0.065251
	=	1.0263

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)
	=	(43506.226 / 180256.387)	/	(41823.307 / 172074.573)
	=	0.241357	/	0.243053
	=	0.993

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 - (40107.975 + 118647.926) / 190558.426)	/	(1 - (31356.306 + 113654.592) / 173159.056)
	=	0.166891	/	0.162557
	=	1.0267

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
	=	172074.573	/	180256.387
	=	0.9546

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))
	=	(6208.046 / (6208.046 + 113654.592))	/	(6641.351 / (6641.351 + 118647.926))
	=	0.051793	/	0.053008
	=	0.9771

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)
	=	(529.569 / 172074.573)	/	(597.458 / 180256.387)
	=	0.003078	/	0.003314
	=	0.9288

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)
	=	((1073.889 + 30251.437) / 190558.426)	/	((1208.634 + 30180.587) / 173159.056)
	=	0.164387	/	0.181274
	=	0.9068

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
	=	(16595.25 - 0	-	28033.953)	/	190558.426
	=	-0.060027

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.

Gujarat State Petronet has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.

Gujarat State Petronet Beneish M-Score Related Terms

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Gujarat State Petronet Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Regulated » Gujarat State Petronet Ltd (NSE:GSPL) » Definitions » Beneish M-Score

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532702:India

Address

GSPL Bhavan, E-18, GIDC Electronics Estate, Sector-26, Near K-7 Circle, Gandhinagar, GJ, IND, 382028

Website

https://www.gspcgroup.com

Gujarat State Petronet Ltd is a regulated Indian natural gas utility company of which the shareholder is a state-owned oil and gas exploration company, Gujarat State Petroleum Corporation. Gujarat State Petronet is involved in the provision of natural gas, compressed natural gas, and liquefied natural gas transmission services in the West Indian state of Gujarat through its pipeline network. The company derives the vast majority of its sales from service fees relating to the transportation of gas to domestic, industrial, and commercial customers. With its many subsidiaries and associate firms, such as Gujarat Gas Limited, Gujarat State Petronet is one of the gas distributors in India.

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