JSW Energy Beneish M-Score Historical Data
The historical data trend for JSW Energy'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.
JSW Energy Beneish M-Score Chart
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JSW Energy Annual Data
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| Beneish M-Score |
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-2.35 |
-2.40 |
-2.93 |
-2.93 |
-2.10 |
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JSW Energy Quarterly Data
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| Beneish M-Score |
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-2.10 |
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Competitive Comparison of JSW Energy's Beneish M-Score
For the Utilities - Independent Power Producers subindustry, JSW Energy'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.
JSW Energy's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, JSW Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where JSW Energy's Beneish M-Score falls into.
JSW Energy 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 JSW Energy 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 * 1.2956 | + | 0.528 * 1.3284 | + | 0.404 * 0.7083 | + | 0.892 * 1.2702 | + | 0.115 * 1.6452 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2061 | + | 4.679 * -0.012443 | - | 0.327 * 1.502 |
| = | -2.10 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was ₹26,040 Mil.
Revenue was ₹103,122 Mil.
Gross Profit was ₹40,396 Mil.
Total Current Assets was ₹96,241 Mil.
Total Assets was ₹487,417 Mil.
Property, Plant and Equipment(Net PPE) was ₹288,090 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹11,692 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1,286 Mil.
Total Current Liabilities was ₹90,056 Mil.
Long-Term Debt & Capital Lease Obligation was ₹194,298 Mil.
Net Income was ₹14,778 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹20,843 Mil.
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Total Receivables was ₹15,823 Mil.
Revenue was ₹81,186 Mil.
Gross Profit was ₹42,247 Mil.
Total Current Assets was ₹52,004 Mil.
Total Assets was ₹309,325 Mil.
Property, Plant and Equipment(Net PPE) was ₹164,958 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹11,311 Mil.
Selling, General, & Admin. Expense(SGA) was ₹839 Mil.
Total Current Liabilities was ₹50,928 Mil.
Long-Term Debt & Capital Lease Obligation was ₹69,220 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) |
| = | (26039.9 / 103121.9) | / | (15823 / 81185.7) |
| = | 0.252516 | / | 0.194899 |
| | = | 1.2956 |
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) |
| = | (42246.6 / 81185.7) | / | (40396.3 / 103121.9) |
| = | 0.52037 | / | 0.391733 |
| | = | 1.3284 |
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 - (96241.1 + 288090.4) / 487417) | / | (1 - (52004.2 + 164958) / 309324.6) |
| = | 0.211493 | / | 0.298594 |
| | = | 0.7083 |
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 |
| = | 103121.9 | / | 81185.7 |
| | = | 1.2702 |
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)) |
| = | (11310.5 / (11310.5 + 164958)) | / | (11692.3 / (11692.3 + 288090.4)) |
| = | 0.064166 | / | 0.039003 |
| | = | 1.6452 |
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) |
| = | (1285.5 / 103121.9) | / | (839.1 / 81185.7) |
| = | 0.012466 | / | 0.010336 |
| | = | 1.2061 |
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) |
| = | ((194297.8 + 90056.2) / 487417) | / | ((69220.4 + 50927.6) / 309324.6) |
| = | 0.58339 | / | 0.38842 |
| | = | 1.502 |
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 |
| = | (14777.6 - 0 | - | 20842.7) | / | 487417 |
| | = | -0.012443 |
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.
JSW Energy has a M-score of -2.10 suggests that the company is unlikely to be a manipulator.
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