Lux Industries Beneish M-Score Historical Data
The historical data trend for Lux Industries'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.
Lux Industries Beneish M-Score Chart
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Lux Industries Annual Data
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Mar19 |
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Mar23 |
| Beneish M-Score |
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-2.65 |
-2.17 |
-2.87 |
-0.47 |
-2.34 |
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Lux Industries Quarterly Data
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Mar19 |
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Dec23 |
| Beneish M-Score |
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-2.34 |
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Competitive Comparison of Lux Industries's Beneish M-Score
For the Apparel Manufacturing subindustry, Lux Industries'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.
Lux Industries's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Lux Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lux Industries's Beneish M-Score falls into.
Lux Industries 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 Lux Industries 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 * 1.1872 | + | 0.528 * 1.2965 | + | 0.404 * 0.6342 | + | 0.892 * 1.0341 | + | 0.115 * 1.151 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1749 | + | 4.679 * -0.018307 | - | 0.327 * 0.9046 |
| = | -2.34 |
* 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 ₹8,094 Mil.
Revenue was ₹23,613 Mil.
Gross Profit was ₹11,148 Mil.
Total Current Assets was ₹17,659 Mil.
Total Assets was ₹21,188 Mil.
Property, Plant and Equipment(Net PPE) was ₹3,377 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹198 Mil.
Selling, General, & Admin. Expense(SGA) was ₹2,711 Mil.
Total Current Liabilities was ₹6,155 Mil.
Long-Term Debt & Capital Lease Obligation was ₹474 Mil.
Net Income was ₹1,420 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹1,808 Mil.
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Total Receivables was ₹6,593 Mil.
Revenue was ₹22,835 Mil.
Gross Profit was ₹13,977 Mil.
Total Current Assets was ₹17,197 Mil.
Total Assets was ₹20,122 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,696 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹183 Mil.
Selling, General, & Admin. Expense(SGA) was ₹2,231 Mil.
Total Current Liabilities was ₹6,638 Mil.
Long-Term Debt & Capital Lease Obligation was ₹321 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) |
| = | (8093.9 / 23612.9) | / | (6593 / 22834.5) |
| = | 0.342775 | / | 0.28873 |
| | = | 1.1872 |
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) |
| = | (13976.7 / 22834.5) | / | (11147.8 / 23612.9) |
| = | 0.612087 | / | 0.472106 |
| | = | 1.2965 |
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 - (17659 + 3376.6) / 21188.4) | / | (1 - (17197.4 + 2696) / 20122.2) |
| = | 0.007211 | / | 0.011371 |
| | = | 0.6342 |
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 |
| = | 23612.9 | / | 22834.5 |
| | = | 1.0341 |
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)) |
| = | (183.4 / (183.4 + 2696)) | / | (197.8 / (197.8 + 3376.6)) |
| = | 0.063694 | / | 0.055338 |
| | = | 1.151 |
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) |
| = | (2710.5 / 23612.9) | / | (2230.9 / 22834.5) |
| = | 0.114789 | / | 0.097699 |
| | = | 1.1749 |
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) |
| = | ((473.9 + 6155) / 21188.4) | / | ((321.4 + 6638.1) / 20122.2) |
| = | 0.312855 | / | 0.345862 |
| | = | 0.9046 |
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 |
| = | (1420.3 - 0 | - | 1808.2) | / | 21188.4 |
| | = | -0.018307 |
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.
Lux Industries has a M-score of -2.34 suggests that the company is unlikely to be a manipulator.
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