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 * 0.468 | + | 0.528 * 1.1235 | + | 0.404 * 0.8037 | + | 0.892 * 1.1524 | + | 0.115 * 1.2333 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0075 | + | 4.679 * -0.066637 | - | 0.327 * 1.0525 |
| = | -3.15 |
* 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 €181.3 Mil.
Revenue was 176.155 + 292.774 + 238.537 + 264.749 = €972.2 Mil.
Gross Profit was 165.008 + 279.6 + 232.206 + 186.297 = €863.1 Mil.
Total Current Assets was €1,544.1 Mil.
Total Assets was €9,767.0 Mil.
Property, Plant and Equipment(Net PPE) was €7,230.8 Mil.
Depreciation, Depletion and Amortization(DDA) was €191.7 Mil.
Selling, General, & Admin. Expense(SGA) was €114.9 Mil.
Total Current Liabilities was €1,812.2 Mil.
Long-Term Debt & Capital Lease Obligation was €6,128.4 Mil.
Net Income was -35.423 + 42.536 + 33.485 + 3.247 = €43.8 Mil.
Non Operating Income was -36.976 + -32.621 + -24.247 + 34.071 = €-59.8 Mil.
Cash Flow from Operations was 207.623 + 213.479 + 151.238 + 182.119 = €754.5 Mil.
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Total Receivables was €336.1 Mil.
Revenue was 150.745 + 246.164 + 268.621 + 178.121 = €843.7 Mil.
Gross Profit was 150.664 + 245.673 + 268.621 + 176.548 = €841.5 Mil.
Total Current Assets was €1,117.5 Mil.
Total Assets was €7,795.3 Mil.
Property, Plant and Equipment(Net PPE) was €5,692.6 Mil.
Depreciation, Depletion and Amortization(DDA) was €187.3 Mil.
Selling, General, & Admin. Expense(SGA) was €98.9 Mil.
Total Current Liabilities was €1,104.7 Mil.
Long-Term Debt & Capital Lease Obligation was €4,916.9 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) |
| = | (181.265 / 972.215) | / | (336.125 / 843.651) |
| = | 0.186445 | / | 0.398417 |
| | = | 0.468 |
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) |
| = | (841.506 / 843.651) | / | (863.111 / 972.215) |
| = | 0.997457 | / | 0.887778 |
| | = | 1.1235 |
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 - (1544.099 + 7230.757) / 9766.952) | / | (1 - (1117.467 + 5692.606) / 7795.304) |
| = | 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 |
| = | 972.215 | / | 843.651 |
| | = | 1.1524 |
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)) |
| = | (187.291 / (187.291 + 5692.606)) | / | (191.7 / (191.7 + 7230.757)) |
| = | 0.031853 | / | 0.025827 |
| | = | 1.2333 |
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) |
| = | (114.862 / 972.215) | / | (98.931 / 843.651) |
| = | 0.118145 | / | 0.117265 |
| | = | 1.0075 |
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) |
| = | ((6128.438 + 1812.158) / 9766.952) | / | ((4916.907 + 1104.705) / 7795.304) |
| = | 0.813007 | / | 0.772467 |
| | = | 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 |
| = | (43.845 - -59.773 | - | 754.459) | / | 9766.952 |
| | = | -0.066637 |
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 -3.15 suggests that the company is unlikely to be a manipulator.
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