Indian Railway Finance Beneish M-Score Historical Data
The historical data trend for Indian Railway Finance'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.
Indian Railway Finance Beneish M-Score Chart
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Indian Railway Finance Annual Data
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Trend |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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- |
-1.24 |
-1.54 |
-1.76 |
-1.98 |
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Indian Railway Finance Quarterly Data
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Mar18 |
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Dec20 |
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Dec23 |
| Beneish M-Score |
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-1.98 |
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Competitive Comparison of Indian Railway Finance's Beneish M-Score
For the Credit Services subindustry, Indian Railway Finance'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.
Indian Railway Finance's Beneish M-Score Distribution in the Credit Services Industry
For the Credit Services industry and Financial Services sector, Indian Railway Finance's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Indian Railway Finance's Beneish M-Score falls into.
Indian Railway Finance 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 Indian Railway Finance 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 * 0.9477 | + | 0.528 * 1.196 | + | 0.404 * 1.0067 | + | 0.892 * 1.1746 | + | 0.115 * 0.6338 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0039 | + | 4.679 * 0.071101 | - | 0.327 * 1.0227 |
| = | -1.98 |
* 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 ₹9,926 Mil.
Revenue was ₹238,206 Mil.
Gross Profit was ₹114,964 Mil.
Total Current Assets was ₹345,634 Mil.
Total Assets was ₹4,911,467 Mil.
Property, Plant and Equipment(Net PPE) was ₹179 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹141 Mil.
Selling, General, & Admin. Expense(SGA) was ₹62 Mil.
Total Current Liabilities was ₹497,108 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,952,346 Mil.
Net Income was ₹63,370 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-285,838 Mil.
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Total Receivables was ₹8,917 Mil.
Revenue was ₹202,803 Mil.
Gross Profit was ₹117,062 Mil.
Total Current Assets was ₹344,378 Mil.
Total Assets was ₹4,499,802 Mil.
Property, Plant and Equipment(Net PPE) was ₹363 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹140 Mil.
Selling, General, & Admin. Expense(SGA) was ₹53 Mil.
Total Current Liabilities was ₹356,708 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,837,681 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) |
| = | (9925.9 / 238205.55) | / | (8916.78 / 202802.79) |
| = | 0.041669 | / | 0.043968 |
| | = | 0.9477 |
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) |
| = | (117061.93 / 202802.79) | / | (114963.54 / 238205.55) |
| = | 0.577221 | / | 0.482623 |
| | = | 1.196 |
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 - (345633.72 + 179.26) / 4911467.48) | / | (1 - (344378.04 + 363.11) / 4499802.24) |
| = | 0.929591 | / | 0.923387 |
| | = | 1.0067 |
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 |
| = | 238205.55 | / | 202802.79 |
| | = | 1.1746 |
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)) |
| = | (140.25 / (140.25 + 363.11)) | / | (140.62 / (140.62 + 179.26)) |
| = | 0.278628 | / | 0.439602 |
| | = | 0.6338 |
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) |
| = | (61.93 / 238205.55) | / | (52.52 / 202802.79) |
| = | 0.00026 | / | 0.000259 |
| | = | 1.0039 |
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) |
| = | ((1952346.15 + 497107.95) / 4911467.48) | / | ((1837680.77 + 356708.04) / 4499802.24) |
| = | 0.498721 | / | 0.487663 |
| | = | 1.0227 |
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 |
| = | (63370.13 - 0 | - | -285838.34) | / | 4911467.48 |
| | = | 0.071101 |
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.
Indian Railway Finance has a M-score of -1.98 suggests that the company is unlikely to be a manipulator.
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