HMT Beneish M-Score Historical Data
The historical data trend for HMT'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.
HMT Beneish M-Score Chart
|
HMT Annual Data
|
|
Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-1.02 |
0.62 |
-2.63 |
2.21 |
-4.00 |
|
HMT Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
-4.00 |
- |
- |
- |
Competitive Comparison of HMT's Beneish M-Score
For the Farm & Heavy Construction Machinery subindustry, HMT'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.
HMT's Beneish M-Score Distribution in the Farm & Heavy Construction Machinery Industry
For the Farm & Heavy Construction Machinery industry and Industrials sector, HMT's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where HMT's Beneish M-Score falls into.
HMT 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 HMT 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 * 0.9213 | + | 0.528 * 1.3412 | + | 0.404 * 0.3333 | + | 0.892 * 1.1597 | + | 0.115 * 1.0086 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0158 | + | 4.679 * -0.324405 | - | 0.327 * 0.9547 |
| = | -4.00 |
* 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 ₹2,335 Mil.
Revenue was ₹2,038 Mil.
Gross Profit was ₹571 Mil.
Total Current Assets was ₹6,193 Mil.
Total Assets was ₹6,961 Mil.
Property, Plant and Equipment(Net PPE) was ₹462 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹93 Mil.
Selling, General, & Admin. Expense(SGA) was ₹26 Mil.
Total Current Liabilities was ₹49,593 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0 Mil.
Net Income was ₹-1,229 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹1,029 Mil.
|
Total Receivables was ₹2,185 Mil.
Revenue was ₹1,757 Mil.
Gross Profit was ₹660 Mil.
Total Current Assets was ₹5,083 Mil.
Total Assets was ₹6,411 Mil.
Property, Plant and Equipment(Net PPE) was ₹482 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹98 Mil.
Selling, General, & Admin. Expense(SGA) was ₹22 Mil.
Total Current Liabilities was ₹47,845 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0 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) |
| = | (2334.939 / 2038.086) | / | (2185.327 / 1757.385) |
| = | 1.145653 | / | 1.243511 |
| | = | 0.9213 |
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) |
| = | (660.255 / 1757.385) | / | (570.938 / 2038.086) |
| = | 0.375703 | / | 0.280134 |
| | = | 1.3412 |
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 - (6193.216 + 462.08) / 6961.417) | / | (1 - (5083.094 + 482.376) / 6411.458) |
| = | 0.043974 | / | 0.131949 |
| | = | 0.3333 |
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 |
| = | 2038.086 | / | 1757.385 |
| | = | 1.1597 |
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)) |
| = | (98.367 / (98.367 + 482.376)) | / | (93.265 / (93.265 + 462.08)) |
| = | 0.169381 | / | 0.167941 |
| | = | 1.0086 |
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) |
| = | (25.626 / 2038.086) | / | (21.755 / 1757.385) |
| = | 0.012574 | / | 0.012379 |
| | = | 1.0158 |
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) |
| = | ((0 + 49592.952) / 6961.417) | / | ((0 + 47844.502) / 6411.458) |
| = | 7.123974 | / | 7.462344 |
| | = | 0.9547 |
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 |
| = | (-1229.029 - 0 | - | 1029.291) | / | 6961.417 |
| | = | -0.324405 |
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.
HMT has a M-score of -4.00 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
BOM:500191 has been successfully added to your