IRM Energy Beneish M-Score Historical Data
The historical data trend for IRM Energy'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.
IRM Energy Beneish M-Score Chart
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IRM Energy Annual Data
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Trend |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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- |
- |
- |
-2.83 |
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IRM Energy Quarterly Data
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Mar21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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- |
- |
- |
- |
-2.83 |
Competitive Comparison of IRM Energy's Beneish M-Score
For the Utilities - Regulated Gas subindustry, IRM Energy'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.
IRM Energy's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, IRM Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where IRM Energy's Beneish M-Score falls into.
IRM Energy 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 IRM Energy 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 * 1.0229 | + | 0.528 * 0.7463 | + | 0.404 * 0.4839 | + | 0.892 * 0.9086 | + | 0.115 * 1.077 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.1358 | + | 4.679 * 0.014693 | - | 0.327 * 0.4843 |
| = | -2.83 |
* 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 ₹453 Mil.
Revenue was 2142.46 + 2261.11 + 2201.21 + 2297.72 = ₹8,903 Mil.
Gross Profit was 563.43 + 626.04 + 627 + 580.92 = ₹2,397 Mil.
Total Current Assets was ₹5,772 Mil.
Total Assets was ₹12,966 Mil.
Property, Plant and Equipment(Net PPE) was ₹6,410 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹265 Mil.
Selling, General, & Admin. Expense(SGA) was ₹10 Mil.
Total Current Liabilities was ₹1,692 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,310 Mil.
Net Income was 89.67 + 237.76 + 260.21 + 269.06 = ₹857 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₹0 Mil.
Cash Flow from Operations was 0 + 0 + 198.71 + 467.48 = ₹666 Mil.
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Total Receivables was ₹487 Mil.
Revenue was 2431.48 + 2660.73 + 2562.12 + 2144.02 = ₹9,798 Mil.
Gross Profit was 389.73 + 574.29 + 495.77 + 509.55 = ₹1,969 Mil.
Total Current Assets was ₹2,255 Mil.
Total Assets was ₹7,929 Mil.
Property, Plant and Equipment(Net PPE) was ₹4,683 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹209 Mil.
Selling, General, & Admin. Expense(SGA) was ₹5 Mil.
Total Current Liabilities was ₹1,019 Mil.
Long-Term Debt & Capital Lease Obligation was ₹2,771 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) |
| = | (452.61 / 8902.5) | / | (486.99 / 9798.35) |
| = | 0.050841 | / | 0.049701 |
| | = | 1.0229 |
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) |
| = | (1969.34 / 9798.35) | / | (2397.39 / 8902.5) |
| = | 0.200987 | / | 0.269294 |
| | = | 0.7463 |
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 - (5772.17 + 6410.21) / 12966.19) | / | (1 - (2255.12 + 4683.44) / 7929.02) |
| = | 0.06045 | / | 0.124916 |
| | = | 0.4839 |
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 |
| = | 8902.5 | / | 9798.35 |
| | = | 0.9086 |
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)) |
| = | (208.98 / (208.98 + 4683.44)) | / | (264.73 / (264.73 + 6410.21)) |
| = | 0.042715 | / | 0.03966 |
| | = | 1.077 |
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) |
| = | (10.08 / 8902.5) | / | (5.19 / 9798.35) |
| = | 0.001132 | / | 0.00053 |
| | = | 2.1358 |
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) |
| = | ((1309.68 + 1691.6) / 12966.19) | / | ((2770.52 + 1019.47) / 7929.02) |
| = | 0.23147 | / | 0.47799 |
| | = | 0.4843 |
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 |
| = | (856.7 - 0 | - | 666.19) | / | 12966.19 |
| | = | 0.014693 |
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.
IRM Energy has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
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