Petronet LNG Beneish M-Score Historical Data
The historical data trend for Petronet LNG'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.
Petronet LNG Beneish M-Score Chart
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Petronet LNG Annual Data
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Mar14 |
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Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-1.49 |
-2.94 |
-2.82 |
-0.41 |
-1.87 |
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Petronet LNG Quarterly Data
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Dec18 |
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Dec23 |
| Beneish M-Score |
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-1.87 |
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Competitive Comparison of Petronet LNG's Beneish M-Score
For the Oil & Gas Refining & Marketing subindustry, Petronet LNG'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.
Petronet LNG's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Petronet LNG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Petronet LNG's Beneish M-Score falls into.
Petronet LNG 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 Petronet LNG 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 * 0.9642 | + | 0.528 * 1.425 | + | 0.404 * 0.3216 | + | 0.892 * 1.3876 | + | 0.115 * 1.0206 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * 0.033262 | - | 0.327 * 0.955 |
| = | -1.87 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was ₹38,397 Mil.
Revenue was ₹598,994 Mil.
Gross Profit was ₹51,827 Mil.
Total Current Assets was ₹118,470 Mil.
Total Assets was ₹227,525 Mil.
Property, Plant and Equipment(Net PPE) was ₹99,133 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹7,643 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹29,004 Mil.
Long-Term Debt & Capital Lease Obligation was ₹30,705 Mil.
Net Income was ₹33,258 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹25,690 Mil.
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Total Receivables was ₹28,699 Mil.
Revenue was ₹431,686 Mil.
Gross Profit was ₹53,227 Mil.
Total Current Assets was ₹87,153 Mil.
Total Assets was ₹213,618 Mil.
Property, Plant and Equipment(Net PPE) was ₹97,496 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹7,685 Mil.
Selling, General, & Admin. Expense(SGA) was ₹435 Mil.
Total Current Liabilities was ₹27,367 Mil.
Long-Term Debt & Capital Lease Obligation was ₹31,332 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) |
| = | (38397 / 598993.5) | / | (28699.1 / 431685.7) |
| = | 0.064103 | / | 0.066481 |
| | = | 0.9642 |
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) |
| = | (53226.5 / 431685.7) | / | (51826.6 / 598993.5) |
| = | 0.123299 | / | 0.086523 |
| | = | 1.425 |
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 - (118469.7 + 99133.4) / 227524.9) | / | (1 - (87153.2 + 97496.2) / 213617.7) |
| = | 0.043608 | / | 0.135608 |
| | = | 0.3216 |
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 |
| = | 598993.5 | / | 431685.7 |
| | = | 1.3876 |
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)) |
| = | (7684.6 / (7684.6 + 97496.2)) | / | (7643.4 / (7643.4 + 99133.4)) |
| = | 0.073061 | / | 0.071583 |
| | = | 1.0206 |
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 / 598993.5) | / | (435.2 / 431685.7) |
| = | 0 | / | 0.001008 |
| | = | 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) |
| = | ((30704.7 + 29004) / 227524.9) | / | ((31331.7 + 27367.4) / 213617.7) |
| = | 0.262427 | / | 0.274786 |
| | = | 0.955 |
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 |
| = | (33258.2 - 0 | - | 25690.2) | / | 227524.9 |
| | = | 0.033262 |
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.
Petronet LNG has a M-score of -1.87 suggests that the company is unlikely to be a manipulator.
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