Nestle India Beneish M-Score Historical Data
The historical data trend for Nestle India'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.
Nestle India Beneish M-Score Chart
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Nestle India Annual Data
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Trend |
Dec13 |
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-2.88 |
-2.45 |
-2.52 |
-2.02 |
-2.55 |
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Nestle India Quarterly Data
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Dec18 |
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Sep23 |
| Beneish M-Score |
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-2.55 |
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Competitive Comparison of Nestle India's Beneish M-Score
For the Packaged Foods subindustry, Nestle India'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.
Nestle India's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Nestle India's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nestle India's Beneish M-Score falls into.
Nestle India 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 Nestle India 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 * 0.9993 | + | 0.528 * 1.0361 | + | 0.404 * 0.8577 | + | 0.892 * 1.1449 | + | 0.115 * 1.0146 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8849 | + | 4.679 * -0.038637 | - | 0.327 * 1.0138 |
| = | -2.55 |
* 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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Total Receivables was ₹2,544 Mil.
Revenue was ₹167,895 Mil.
Gross Profit was ₹90,397 Mil.
Total Current Assets was ₹34,902 Mil.
Total Assets was ₹89,787 Mil.
Property, Plant and Equipment(Net PPE) was ₹34,021 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹4,030 Mil.
Selling, General, & Admin. Expense(SGA) was ₹14,988 Mil.
Total Current Liabilities was ₹30,798 Mil.
Long-Term Debt & Capital Lease Obligation was ₹2,173 Mil.
Net Income was ₹23,905 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹27,374 Mil.
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Total Receivables was ₹2,223 Mil.
Revenue was ₹146,649 Mil.
Gross Profit was ₹81,805 Mil.
Total Current Assets was ₹27,622 Mil.
Total Assets was ₹82,341 Mil.
Property, Plant and Equipment(Net PPE) was ₹32,409 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹3,902 Mil.
Selling, General, & Admin. Expense(SGA) was ₹14,794 Mil.
Total Current Liabilities was ₹27,647 Mil.
Long-Term Debt & Capital Lease Obligation was ₹2,178 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) |
| = | (2543.6 / 167895.3) | / | (2223.4 / 146649) |
| = | 0.01515 | / | 0.015161 |
| | = | 0.9993 |
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) |
| = | (81804.9 / 146649) | / | (90396.7 / 167895.3) |
| = | 0.557828 | / | 0.538411 |
| | = | 1.0361 |
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 - (34901.5 + 34020.6) / 89787.4) | / | (1 - (27621.8 + 32409) / 82341.3) |
| = | 0.232386 | / | 0.270952 |
| | = | 0.8577 |
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 |
| = | 167895.3 | / | 146649 |
| | = | 1.1449 |
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)) |
| = | (3901.9 / (3901.9 + 32409)) | / | (4030.1 / (4030.1 + 34020.6)) |
| = | 0.107458 | / | 0.105914 |
| | = | 1.0146 |
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) |
| = | (14987.5 / 167895.3) | / | (14793.9 / 146649) |
| = | 0.089267 | / | 0.10088 |
| | = | 0.8849 |
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) |
| = | ((2173.1 + 30797.5) / 89787.4) | / | ((2177.8 + 27647.4) / 82341.3) |
| = | 0.367207 | / | 0.362214 |
| | = | 1.0138 |
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 |
| = | (23905.2 - 0 | - | 27374.3) | / | 89787.4 |
| | = | -0.038637 |
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.
Nestle India has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.
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