ReNew Energy Global Beneish M-Score Historical Data
The historical data trend for ReNew Energy Global'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.
ReNew Energy Global Beneish M-Score Chart
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ReNew Energy Global Annual Data
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Trend |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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- |
- |
- |
-2.61 |
-3.10 |
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ReNew Energy Global Quarterly Data
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Mar19 |
Mar20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-3.31 |
-3.10 |
-3.34 |
-3.26 |
-3.11 |
Competitive Comparison of ReNew Energy Global's Beneish M-Score
For the Utilities - Renewable subindustry, ReNew Energy Global'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.
ReNew Energy Global's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, ReNew Energy Global's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ReNew Energy Global's Beneish M-Score falls into.
ReNew Energy Global 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 ReNew Energy Global 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 * 0.4687 | + | 0.528 * 1.123 | + | 0.404 * 0.8037 | + | 0.892 * 1.1844 | + | 0.115 * 1.2371 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9781 | + | 4.679 * -0.065876 | - | 0.327 * 1.0525 |
| = | -3.11 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $198 Mil.
Revenue was 192.099 + 312.459 + 258.437 + 283.457 = $1,046 Mil.
Gross Profit was 179.943 + 298.399 + 251.577 + 199.462 = $929 Mil.
Total Current Assets was $1,684 Mil.
Total Assets was $10,651 Mil.
Property, Plant and Equipment(Net PPE) was $7,885 Mil.
Depreciation, Depletion and Amortization(DDA) was $207 Mil.
Selling, General, & Admin. Expense(SGA) was $123 Mil.
Total Current Liabilities was $1,976 Mil.
Long-Term Debt & Capital Lease Obligation was $6,683 Mil.
Net Income was -38.629 + 45.395 + 36.278 + 3.477 = $47 Mil.
Non Operating Income was -40.322 + -34.814 + -26.269 + 36.479 = $-65 Mil.
Cash Flow from Operations was 226.416 + 227.832 + 163.855 + 194.988 = $813 Mil.
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Total Receivables was $356 Mil.
Revenue was 159.687 + 243.727 + 283.954 + 196.169 = $884 Mil.
Gross Profit was 159.602 + 243.241 + 283.954 + 194.436 = $881 Mil.
Total Current Assets was $1,184 Mil.
Total Assets was $8,258 Mil.
Property, Plant and Equipment(Net PPE) was $6,030 Mil.
Depreciation, Depletion and Amortization(DDA) was $197 Mil.
Selling, General, & Admin. Expense(SGA) was $107 Mil.
Total Current Liabilities was $1,170 Mil.
Long-Term Debt & Capital Lease Obligation was $5,209 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) |
| = | (197.672 / 1046.452) | / | (356.065 / 883.537) |
| = | 0.188897 | / | 0.403 |
| | = | 0.4687 |
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) |
| = | (881.233 / 883.537) | / | (929.381 / 1046.452) |
| = | 0.997392 | / | 0.888126 |
| | = | 1.123 |
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 - (1683.859 + 7885.231) / 10650.984) | / | (1 - (1183.758 + 6030.303) / 8257.738) |
| = | 0.101577 | / | 0.126388 |
| | = | 0.8037 |
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 |
| = | 1046.452 | / | 883.537 |
| | = | 1.1844 |
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)) |
| = | (196.72 / (196.72 + 6030.303)) | / | (206.643 / (206.643 + 7885.231)) |
| = | 0.031591 | / | 0.025537 |
| | = | 1.2371 |
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) |
| = | (123.389 / 1046.452) | / | (106.512 / 883.537) |
| = | 0.117912 | / | 0.120552 |
| | = | 0.9781 |
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) |
| = | ((6683.138 + 1976.181) / 10650.984) | / | ((5208.587 + 1170.238) / 8257.738) |
| = | 0.813006 | / | 0.772466 |
| | = | 1.0525 |
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 |
| = | (46.521 - -64.926 | - | 813.091) | / | 10650.984 |
| | = | -0.065876 |
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.
ReNew Energy Global has a M-score of -3.11 suggests that the company is unlikely to be a manipulator.
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