Engro Fertilizers Beneish M-Score Historical Data
The historical data trend for Engro Fertilizers'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.
Engro Fertilizers Beneish M-Score Chart
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Engro Fertilizers Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.40 |
-4.25 |
-1.38 |
-3.01 |
-3.68 |
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Engro Fertilizers 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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-2.51 |
-2.74 |
-3.50 |
-3.68 |
-2.90 |
Competitive Comparison of Engro Fertilizers's Beneish M-Score
For the Agricultural Inputs subindustry, Engro Fertilizers'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.
Engro Fertilizers's Beneish M-Score Distribution in the Agriculture Industry
For the Agriculture industry and Basic Materials sector, Engro Fertilizers's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Engro Fertilizers's Beneish M-Score falls into.
Engro Fertilizers 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 Engro Fertilizers 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 * 0.8413 | + | 0.528 * 0.7856 | + | 0.404 * 0.6159 | + | 0.892 * 1.5439 | + | 0.115 * 0.8537 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0627 | + | 4.679 * -0.095276 | - | 0.327 * 1.0554 |
| = | -2.90 |
* 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 ₨30,922 Mil.
Revenue was 73783.443 + 75173.873 + 66164.543 + 38375.077 = ₨253,497 Mil.
Gross Profit was 22517.654 + 29109.274 + 20988.821 + 11424.057 = ₨84,040 Mil.
Total Current Assets was ₨75,214 Mil.
Total Assets was ₨160,496 Mil.
Property, Plant and Equipment(Net PPE) was ₨79,683 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨4,222 Mil.
Selling, General, & Admin. Expense(SGA) was ₨15,523 Mil.
Total Current Liabilities was ₨101,687 Mil.
Long-Term Debt & Capital Lease Obligation was ₨3,271 Mil.
Net Income was 10783.85 + 11146.572 + 9580.653 + 1059.669 = ₨32,571 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₨0 Mil.
Cash Flow from Operations was -1987.742 + 15769.702 + 38079.642 + -3999.543 = ₨47,862 Mil.
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Total Receivables was ₨23,807 Mil.
Revenue was 43991.099 + 46141.357 + 35739.302 + 38323.193 = ₨164,195 Mil.
Gross Profit was 10775.076 + 10543.43 + 9752.03 + 11690.702 = ₨42,761 Mil.
Total Current Assets was ₨53,398 Mil.
Total Assets was ₨140,091 Mil.
Property, Plant and Equipment(Net PPE) was ₨78,759 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨3,535 Mil.
Selling, General, & Admin. Expense(SGA) was ₨9,461 Mil.
Total Current Liabilities was ₨80,476 Mil.
Long-Term Debt & Capital Lease Obligation was ₨6,328 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) |
| = | (30921.712 / 253496.936) | / | (23806.646 / 164194.951) |
| = | 0.121981 | / | 0.14499 |
| | = | 0.8413 |
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) |
| = | (42761.238 / 164194.951) | / | (84039.806 / 253496.936) |
| = | 0.26043 | / | 0.331522 |
| | = | 0.7856 |
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 - (75214.184 + 79683.371) / 160495.554) | / | (1 - (53398.42 + 78758.897) / 140090.743) |
| = | 0.034879 | / | 0.056631 |
| | = | 0.6159 |
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 |
| = | 253496.936 | / | 164194.951 |
| | = | 1.5439 |
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)) |
| = | (3535.056 / (3535.056 + 78758.897)) | / | (4221.794 / (4221.794 + 79683.371)) |
| = | 0.042956 | / | 0.050316 |
| | = | 0.8537 |
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) |
| = | (15523.232 / 253496.936) | / | (9461.435 / 164194.951) |
| = | 0.061236 | / | 0.057623 |
| | = | 1.0627 |
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) |
| = | ((3271.481 + 101687.14) / 160495.554) | / | ((6327.518 + 80476.205) / 140090.743) |
| = | 0.653966 | / | 0.619625 |
| | = | 1.0554 |
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 |
| = | (32570.744 - 0 | - | 47862.059) | / | 160495.554 |
| | = | -0.095276 |
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.
Engro Fertilizers has a M-score of -2.90 suggests that the company is unlikely to be a manipulator.
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