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National Highways Infra Trust (BOM:543385) Piotroski F-Score : N/A (As of May. 11, 2024)


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What is National Highways Infra Trust Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

National Highways Infra Trust has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for National Highways Infra Trust's Piotroski F-Score or its related term are showing as below:

During the past 3 years, the highest Piotroski F-Score of National Highways Infra Trust was 4. The lowest was 4. And the median was 4.


National Highways Infra Trust Piotroski F-Score Historical Data

The historical data trend for National Highways Infra Trust's Piotroski F-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.

National Highways Infra Trust Piotroski F-Score Chart

National Highways Infra Trust Annual Data
Trend Mar21 Mar22 Mar23
Piotroski F-Score
N/A N/A N/A

National Highways Infra Trust Quarterly Data
Mar21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only N/A N/A N/A 4.00 N/A

Competitive Comparison of National Highways Infra Trust's Piotroski F-Score

For the Shell Companies subindustry, National Highways Infra Trust's Piotroski F-Score, along with its competitors' market caps and Piotroski F-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.


National Highways Infra Trust's Piotroski F-Score Distribution in the Diversified Financial Services Industry

For the Diversified Financial Services industry and Financial Services sector, National Highways Infra Trust's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where National Highways Infra Trust's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* 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 (Sep23) TTM:Last Year (Sep22) TTM:
Net Income was 699.223 + 632.6 + 826.114 + 739.141 = ₹2,897 Mil.
Cash Flow from Operations was 703.008 + 1998.763 + 2231.397 + 2040.909 = ₹6,974 Mil.
Revenue was 1939.039 + 2244.251 + 2379.315 + 2385.656 = ₹8,948 Mil.
Gross Profit was 1899.149 + 2203.043 + 2314.924 + 2313.409 = ₹8,731 Mil.
Average Total Assets from the begining of this year (Sep22)
to the end of this year (Sep23) was
(75437.392 + 104798.965 + 104915.52 + 104438.37 + 104822.568) / 5 = ₹98882.563 Mil.
Total Assets at the begining of this year (Sep22) was ₹75,437 Mil.
Long-Term Debt & Capital Lease Obligation was ₹29,519 Mil.
Total Current Assets was ₹2,940 Mil.
Total Current Liabilities was ₹1,167 Mil.
Net Income was 0 + 683.633 + 628.034 + 609.101 = ₹1,921 Mil.

Revenue was 0 + 1462.456 + 1376.833 + 1388.135 = ₹4,227 Mil.
Gross Profit was 0 + 1269.11 + 1345.496 + 1351.902 = ₹3,967 Mil.
Average Total Assets from the begining of last year (Sep21)
to the end of last year (Sep22) was
(0 + 0 + 75489.772 + 75743.003 + 75437.392) / 5 = ₹75556.72233333 Mil.
Total Assets at the begining of last year (Sep21) was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹14,455 Mil.
Total Current Assets was ₹1,175 Mil.
Total Current Liabilities was ₹1,384 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

National Highways Infra Trust's current Net Income (TTM) was 2,897. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

National Highways Infra Trust's current Cash Flow from Operations (TTM) was 6,974. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Sep22)
=2897.078/75437.392
=0.03840374

ROA (Last Year)=Net Income/Total Assets (Sep21)
=1920.768/0
=

National Highways Infra Trust's return on assets of this year was 0.03840374. National Highways Infra Trust's return on assets of last year was . ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

National Highways Infra Trust's current Net Income (TTM) was 2,897. National Highways Infra Trust's current Cash Flow from Operations (TTM) was 6,974. ==> 6,974 > 2,897 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Sep23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep22 to Sep23
=29519.264/98882.563
=0.29852851

Gearing (Last Year: Sep22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep21 to Sep22
=14454.809/75556.72233333
=0.19131069

National Highways Infra Trust's gearing of this year was 0.29852851. National Highways Infra Trust's gearing of last year was 0.19131069. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Sep23)=Total Current Assets/Total Current Liabilities
=2940.08/1167.142
=2.51904224

Current Ratio (Last Year: Sep22)=Total Current Assets/Total Current Liabilities
=1174.713/1384.341
=0.84857199

National Highways Infra Trust's current ratio of this year was 2.51904224. National Highways Infra Trust's current ratio of last year was 0.84857199. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

National Highways Infra Trust's number of shares in issue this year was 724.648. National Highways Infra Trust's number of shares in issue last year was 597.158. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=8730.525/8948.261
=0.97566723

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=3966.508/4227.424
=0.93828014

National Highways Infra Trust's gross margin of this year was 0.97566723. National Highways Infra Trust's gross margin of last year was 0.93828014. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Sep22)
=8948.261/75437.392
=0.11861838

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep21)
=4227.424/0
=

National Highways Infra Trust's asset turnover of this year was 0.11861838. National Highways Infra Trust's asset turnover of last year was . ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+1+0+1+0+1+1
=7

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

National Highways Infra Trust has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

National Highways Infra Trust  (BOM:543385) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


National Highways Infra Trust Piotroski F-Score Related Terms

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National Highways Infra Trust (BOM:543385) Business Description

Traded in Other Exchanges
Address
G 5&6, Sector-10, Dwarka, New Delhi, IND, 110 075
National Highways Infra Trust is an infrastructure investment trust established for making investments in special purpose vehicles.

National Highways Infra Trust (BOM:543385) Headlines

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