Agni Green Power (NSE:AGNI) Beneish M-Score : -1.87 (As of May. 25, 2024)

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What is Agni Green Power Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -1.87 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Agni Green Power's Beneish M-Score or its related term are showing as below:

NSE:AGNI' s Beneish M-Score Range Over the Past 10 Years
Min: -2.21 Med: -2.03 Max: -1.87
Current: -1.87

During the past 5 years, the highest Beneish M-Score of Agni Green Power was -1.87. The lowest was -2.21. And the median was -2.03.

Agni Green Power Beneish M-Score Historical Data

The historical data trend for Agni Green Power'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.

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Agni Green Power Beneish M-Score Chart

Agni Green Power Annual Data

Trend

Mar19

Mar20

Mar21

Mar22

Mar23

Beneish M-Score

-2.03

-2.21

-1.87

Agni Green Power Semi-Annual Data
	Mar19	Mar20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23
Beneish M-Score	Get a 7-Day Free Trial			-	-2.21	-	-1.87	-

Competitive Comparison of Agni Green Power's Beneish M-Score

For the Solar subindustry, Agni Green Power'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.

Agni Green Power's Beneish M-Score Distribution in the Semiconductors Industry

For the Semiconductors industry and Technology sector, Agni Green Power's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Agni Green Power's Beneish M-Score falls into.

Agni Green Power 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 Agni Green Power for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.775

0.528 * 1.7107

0.404 * 0.9732

0.892 * 1.4301

0.115 * 1.1341

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9566

4.679 * -0.000301

0.327 * 0.8509

-1.87

This Year (Mar23) TTM:

Last Year (Mar22) TTM:

Total Receivables was ₹168.6 Mil.
Revenue was ₹220.2 Mil.
Gross Profit was ₹62.7 Mil.
Total Current Assets was ₹307.9 Mil.
Total Assets was ₹448.4 Mil.
Property, Plant and Equipment(Net PPE) was ₹35.7 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2.2 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.2 Mil.
Total Current Liabilities was ₹121.1 Mil.
Long-Term Debt & Capital Lease Obligation was ₹22.5 Mil.
Net Income was ₹-14.1 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹-14.0 Mil.

Total Receivables was ₹152.1 Mil.
Revenue was ₹154.0 Mil.
Gross Profit was ₹75.0 Mil.
Total Current Assets was ₹287.3 Mil.
Total Assets was ₹427.2 Mil.
Property, Plant and Equipment(Net PPE) was ₹37.3 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2.6 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.1 Mil.
Total Current Liabilities was ₹136.5 Mil.
Long-Term Debt & Capital Lease Obligation was ₹24.3 Mil.

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)
	=	(168.571 / 220.193)	/	(152.1 / 153.968)
	=	0.76556	/	0.987868
	=	0.775

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)
	=	(74.98 / 153.968)	/	(62.682 / 220.193)
	=	0.486984	/	0.284668
	=	1.7107

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 - (307.9 + 35.72) / 448.363)	/	(1 - (287.334 + 37.285) / 427.159)
	=	0.233612	/	0.240051
	=	0.9732

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
	=	220.193	/	153.968
	=	1.4301

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))
	=	(2.585 / (2.585 + 37.285))	/	(2.166 / (2.166 + 35.72))
	=	0.064836	/	0.057172
	=	1.1341

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)
	=	(0.16 / 220.193)	/	(0.117 / 153.968)
	=	0.000727	/	0.00076
	=	0.9566

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)
	=	((22.468 + 121.075) / 448.363)	/	((24.25 + 136.464) / 427.159)
	=	0.320149	/	0.376239
	=	0.8509

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
	=	(-14.124 - 0	-	-13.989)	/	448.363
	=	-0.000301

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.

Agni Green Power has a M-score of -1.87 suggests that the company is unlikely to be a manipulator.

Agni Green Power Beneish M-Score Related Terms

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Agni Green Power (NSE:AGNI) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Semiconductors » Agni Green Power Ltd (NSE:AGNI) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

114, Rajdanga Gold Park, Piyali Apartment, 1st Floor, South Parganas, Kolkata, WB, IND, 700107

Website

https://www.agnipower.com

Agni Green Power Ltd is engaged in the business of executing turn-key solar PV power plant projects. It also involves of manufacture, sale and installation of solar photovoltaic power plants, solar lamps, solar power conditioning units and other solar products like charge controller, solar pump controller, solar adaptors, solar generators, junction boxes etc. The Company's product categories consist of Lighting Systems, Power Conditioning Units, Solar MPPT Chargers, Balance Of Systems (BOS), Solarizer (Solar Adaptor), Solar Pumps and Remote Monitoring System.

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