Lanka Ashok Leyland Beneish M-Score Historical Data
The historical data trend for Lanka Ashok Leyland'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.
Lanka Ashok Leyland Beneish M-Score Chart
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Lanka Ashok Leyland Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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10.00 |
-3.74 |
-3.17 |
0.36 |
-3.31 |
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Lanka Ashok Leyland Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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0.36 |
-0.21 |
-1.91 |
-2.37 |
-3.31 |
Competitive Comparison of Lanka Ashok Leyland's Beneish M-Score
For the Auto Manufacturers subindustry, Lanka Ashok Leyland'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.
Lanka Ashok Leyland's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Lanka Ashok Leyland's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lanka Ashok Leyland's Beneish M-Score falls into.
Lanka Ashok Leyland 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 Lanka Ashok Leyland 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 * 0.6793 | + | 0.528 * 0.4426 | + | 0.404 * 0.2883 | + | 0.892 * 1.5496 | + | 0.115 * 1.1703 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7594 | + | 4.679 * -0.062179 | - | 0.327 * 1.6568 |
| = | -3.31 |
* 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 රු993 Mil.
Revenue was 1749.566 + 2070.337 + 1038.016 + 546.469 = රු5,404 Mil.
Gross Profit was 481.309 + 752.244 + 436.715 + 144.149 = රු1,814 Mil.
Total Current Assets was රු6,243 Mil.
Total Assets was රු7,585 Mil.
Property, Plant and Equipment(Net PPE) was රු1,068 Mil.
Depreciation, Depletion and Amortization(DDA) was රු152 Mil.
Selling, General, & Admin. Expense(SGA) was රු698 Mil.
Total Current Liabilities was රු2,927 Mil.
Long-Term Debt & Capital Lease Obligation was රු11 Mil.
Net Income was 235.851 + 407.398 + 199.909 + 14.629 = රු858 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = රු0 Mil.
Cash Flow from Operations was 538.551 + 232.636 + 556.342 + 1.884 = රු1,329 Mil.
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Total Receivables was රු944 Mil.
Revenue was 633.606 + 495.932 + 1193.602 + 1164.565 = රු3,488 Mil.
Gross Profit was 216.648 + 95.488 + 367.612 + -161.462 = රු518 Mil.
Total Current Assets was රු3,747 Mil.
Total Assets was රු5,122 Mil.
Property, Plant and Equipment(Net PPE) was රු733 Mil.
Depreciation, Depletion and Amortization(DDA) was රු125 Mil.
Selling, General, & Admin. Expense(SGA) was රු593 Mil.
Total Current Liabilities was රු1,167 Mil.
Long-Term Debt & Capital Lease Obligation was රු30 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) |
| = | (993.429 / 5404.388) | / | (943.79 / 3487.705) |
| = | 0.183819 | / | 0.270605 |
| | = | 0.6793 |
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) |
| = | (518.286 / 3487.705) | / | (1814.417 / 5404.388) |
| = | 0.148604 | / | 0.33573 |
| | = | 0.4426 |
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 - (6243.21 + 1068.105) / 7584.957) | / | (1 - (3747.304 + 733.413) / 5121.568) |
| = | 0.036077 | / | 0.125128 |
| | = | 0.2883 |
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 |
| = | 5404.388 | / | 3487.705 |
| | = | 1.5496 |
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)) |
| = | (124.787 / (124.787 + 733.413)) | / | (151.54 / (151.54 + 1068.105)) |
| = | 0.145405 | / | 0.124249 |
| | = | 1.1703 |
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) |
| = | (697.993 / 5404.388) | / | (593.196 / 3487.705) |
| = | 0.129153 | / | 0.170082 |
| | = | 0.7594 |
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) |
| = | ((11.113 + 2926.724) / 7584.957) | / | ((30.42 + 1166.893) / 5121.568) |
| = | 0.387324 | / | 0.233779 |
| | = | 1.6568 |
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 |
| = | (857.787 - 0 | - | 1329.413) | / | 7584.957 |
| | = | -0.062179 |
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.
Lanka Ashok Leyland has a M-score of -3.31 suggests that the company is unlikely to be a manipulator.
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