Varun Beverages Beneish M-Score Historical Data
The historical data trend for Varun Beverages'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.
Varun Beverages Beneish M-Score Chart
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Varun Beverages Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.57 |
-2.86 |
-2.62 |
-2.19 |
-2.17 |
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Varun Beverages Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
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Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Mar22 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.19 |
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-2.17 |
Competitive Comparison of Varun Beverages's Beneish M-Score
For the Beverages - Non-Alcoholic subindustry, Varun Beverages'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.
Varun Beverages's Beneish M-Score Distribution in the Beverages - Non-Alcoholic Industry
For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, Varun Beverages's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Varun Beverages's Beneish M-Score falls into.
Varun Beverages 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 Varun Beverages 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 * 1.3076 | + | 0.528 * 0.9774 | + | 0.404 * 0.8042 | + | 0.892 * 1.209 | + | 0.115 * 1.2127 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9947 | + | 4.679 * -0.022049 | - | 0.327 * 0.9841 |
| = | -2.17 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ₹10,703 Mil.
Revenue was ₹156,217 Mil.
Gross Profit was ₹80,706 Mil.
Total Current Assets was ₹42,356 Mil.
Total Assets was ₹151,872 Mil.
Property, Plant and Equipment(Net PPE) was ₹102,795 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹6,809 Mil.
Selling, General, & Admin. Expense(SGA) was ₹16,574 Mil.
Total Current Liabilities was ₹41,532 Mil.
Long-Term Debt & Capital Lease Obligation was ₹33,868 Mil.
Net Income was ₹20,559 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹23,908 Mil.
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Total Receivables was ₹6,770 Mil.
Revenue was ₹129,211 Mil.
Gross Profit was ₹65,246 Mil.
Total Current Assets was ₹34,040 Mil.
Total Assets was ₹116,182 Mil.
Property, Plant and Equipment(Net PPE) was ₹75,749 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹6,172 Mil.
Selling, General, & Admin. Expense(SGA) was ₹13,782 Mil.
Total Current Liabilities was ₹39,688 Mil.
Long-Term Debt & Capital Lease Obligation was ₹18,924 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) |
| = | (10702.58 / 156217.42) | / | (6769.81 / 129210.52) |
| = | 0.068511 | / | 0.052394 |
| | = | 1.3076 |
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) |
| = | (65245.53 / 129210.52) | / | (80706.33 / 156217.42) |
| = | 0.504955 | / | 0.516628 |
| | = | 0.9774 |
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 - (42356.3 + 102794.85) / 151871.83) | / | (1 - (34040.3 + 75749.1) / 116182.43) |
| = | 0.044252 | / | 0.055026 |
| | = | 0.8042 |
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 |
| = | 156217.42 | / | 129210.52 |
| | = | 1.209 |
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)) |
| = | (6171.89 / (6171.89 + 75749.1)) | / | (6809.06 / (6809.06 + 102794.85)) |
| = | 0.07534 | / | 0.062124 |
| | = | 1.2127 |
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) |
| = | (16574.28 / 156217.42) | / | (13781.96 / 129210.52) |
| = | 0.106098 | / | 0.106663 |
| | = | 0.9947 |
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) |
| = | ((33868.23 + 41532.12) / 151871.83) | / | ((18924.47 + 39687.54) / 116182.43) |
| = | 0.496474 | / | 0.504483 |
| | = | 0.9841 |
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 |
| = | (20559.22 - 0 | - | 23907.78) | / | 151871.83 |
| | = | -0.022049 |
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.
Varun Beverages has a M-score of -2.17 suggests that the company is unlikely to be a manipulator.
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