TVS Motor Co Beneish M-Score Historical Data
The historical data trend for TVS Motor Co'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.
TVS Motor Co Beneish M-Score Chart
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TVS Motor Co Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.40 |
-2.45 |
-1.82 |
-1.46 |
-1.81 |
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TVS Motor Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
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Mar21 |
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Dec21 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.46 |
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-1.81 |
Competitive Comparison of TVS Motor Co's Beneish M-Score
For the Auto Manufacturers subindustry, TVS Motor Co'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.
TVS Motor Co's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, TVS Motor Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TVS Motor Co's Beneish M-Score falls into.
TVS Motor Co 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 TVS Motor Co 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 * 1.0279 | + | 0.528 * 0.9243 | + | 0.404 * 0.9764 | + | 0.892 * 1.2243 | + | 0.115 * 0.9228 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * 0.069612 | - | 0.327 * 0.9897 |
| = | -1.81 |
* 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 ₹152,567 Mil.
Revenue was ₹391,447 Mil.
Gross Profit was ₹147,395 Mil.
Total Current Assets was ₹215,200 Mil.
Total Assets was ₹422,205 Mil.
Property, Plant and Equipment(Net PPE) was ₹46,321 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹9,751 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹210,782 Mil.
Long-Term Debt & Capital Lease Obligation was ₹131,330 Mil.
Net Income was ₹16,864 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-12,527 Mil.
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Total Receivables was ₹121,242 Mil.
Revenue was ₹319,740 Mil.
Gross Profit was ₹111,277 Mil.
Total Current Assets was ₹170,072 Mil.
Total Assets was ₹352,329 Mil.
Property, Plant and Equipment(Net PPE) was ₹44,932 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹8,589 Mil.
Selling, General, & Admin. Expense(SGA) was ₹13,361 Mil.
Total Current Liabilities was ₹192,187 Mil.
Long-Term Debt & Capital Lease Obligation was ₹96,276 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) |
| = | (152566.8 / 391447.4) | / | (121241.6 / 319739.9) |
| = | 0.38975 | / | 0.379188 |
| | = | 1.0279 |
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) |
| = | (111277.3 / 319739.9) | / | (147394.9 / 391447.4) |
| = | 0.348024 | / | 0.376538 |
| | = | 0.9243 |
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 - (215200.1 + 46321.3) / 422204.6) | / | (1 - (170072.3 + 44932.1) / 352329.1) |
| = | 0.380581 | / | 0.389763 |
| | = | 0.9764 |
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 |
| = | 391447.4 | / | 319739.9 |
| | = | 1.2243 |
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)) |
| = | (8588.6 / (8588.6 + 44932.1)) | / | (9751.2 / (9751.2 + 46321.3)) |
| = | 0.160472 | / | 0.173903 |
| | = | 0.9228 |
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) |
| = | (0 / 391447.4) | / | (13360.7 / 319739.9) |
| = | 0 | / | 0.041786 |
| | = | 0 |
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) |
| = | ((131330 + 210782.1) / 422204.6) | / | ((96275.9 + 192187) / 352329.1) |
| = | 0.810299 | / | 0.818731 |
| | = | 0.9897 |
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 |
| = | (16863.7 - 0 | - | -12526.7) | / | 422204.6 |
| | = | 0.069612 |
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.
TVS Motor Co has a M-score of -1.81 suggests that the company is unlikely to be a manipulator.
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