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RPP Infra Projects (NSE:RPPINFRA) Beneish M-Score : -2.31 (As of Dec. 14, 2024)


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What is RPP Infra Projects 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 -2.31 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for RPP Infra Projects's Beneish M-Score or its related term are showing as below:

NSE:RPPINFRA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.18   Med: -2.37   Max: 3.03
Current: -2.31

During the past 13 years, the highest Beneish M-Score of RPP Infra Projects was 3.03. The lowest was -3.18. And the median was -2.37.


RPP Infra Projects Beneish M-Score Historical Data

The historical data trend for RPP Infra Projects'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.

* Premium members only.

RPP Infra Projects Beneish M-Score Chart

RPP Infra Projects Annual Data
Trend Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.75 3.03 -2.37 -2.49 -2.31

RPP Infra Projects 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - - -2.31 - -

Competitive Comparison of RPP Infra Projects's Beneish M-Score

For the Engineering & Construction subindustry, RPP Infra Projects'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.


RPP Infra Projects's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, RPP Infra Projects's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where RPP Infra Projects's Beneish M-Score falls into.



RPP Infra Projects 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 RPP Infra Projects 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 * 0.767+0.528 * 0.9348+0.404 * 0.9543+0.892 * 1.3009+0.115 * 0.8404
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.4413+4.679 * 0.015364-0.327 * 0.9299
=-2.31

* 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 ₹5,256 Mil.
Revenue was ₹13,534 Mil.
Gross Profit was ₹1,853 Mil.
Total Current Assets was ₹6,885 Mil.
Total Assets was ₹8,422 Mil.
Property, Plant and Equipment(Net PPE) was ₹664 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹107 Mil.
Selling, General, & Admin. Expense(SGA) was ₹45 Mil.
Total Current Liabilities was ₹3,932 Mil.
Long-Term Debt & Capital Lease Obligation was ₹202 Mil.
Net Income was ₹572 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹443 Mil.
Total Receivables was ₹5,267 Mil.
Revenue was ₹10,403 Mil.
Gross Profit was ₹1,332 Mil.
Total Current Assets was ₹6,263 Mil.
Total Assets was ₹7,801 Mil.
Property, Plant and Equipment(Net PPE) was ₹691 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹91 Mil.
Selling, General, & Admin. Expense(SGA) was ₹78 Mil.
Total Current Liabilities was ₹3,799 Mil.
Long-Term Debt & Capital Lease Obligation was ₹319 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)
=(5255.7 / 13534.1) / (5266.9 / 10403.3)
=0.38833 / 0.506272
=0.767

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)
=(1331.5 / 10403.3) / (1853 / 13534.1)
=0.127988 / 0.136913
=0.9348

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 - (6885.1 + 664.4) / 8422.3) / (1 - (6262.6 + 690.9) / 7800.6)
=0.10363 / 0.108594
=0.9543

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
=13534.1 / 10403.3
=1.3009

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))
=(91 / (91 + 690.9)) / (106.8 / (106.8 + 664.4))
=0.116383 / 0.138485
=0.8404

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)
=(44.5 / 13534.1) / (77.5 / 10403.3)
=0.003288 / 0.00745
=0.4413

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)
=((201.8 + 3932.1) / 8422.3) / ((318.5 + 3798.7) / 7800.6)
=0.490828 / 0.527806
=0.9299

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
=(572 - 0 - 442.6) / 8422.3
=0.015364

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.

RPP Infra Projects has a M-score of -2.31 suggests that the company is unlikely to be a manipulator.


RPP Infra Projects Beneish M-Score Related Terms

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RPP Infra Projects Business Description

Traded in Other Exchanges
Address
Dr Radha Krishnan Salai, New Door No. 39, Old Door No. 23, 6th Floor, Mylapore, Landmark - Yellow Page Building, Chennai, TN, IND, 600004
RPP Infra Projects Ltd is engaged in engineering and construction activities. The firm is engaged in construction across multiple infrastructure verticals like roads, buildings, industrial structures, power, irrigation, and water management. It focuses on buildings, water management, and infrastructure. It is engaged in one business segment, namely Construction and Infrastructure Development. Geographically, the company derives the majority of its revenue from India.

RPP Infra Projects Headlines

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