Birlasoft Beneish M-Score Historical Data
The historical data trend for Birlasoft'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.
Birlasoft Beneish M-Score Chart
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Birlasoft Annual Data
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Mar15 |
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Mar20 |
Mar21 |
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Mar24 |
| Beneish M-Score |
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-2.46 |
-2.90 |
-2.02 |
-2.90 |
-2.44 |
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Birlasoft Quarterly Data
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Dec24 |
| Beneish M-Score |
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-2.44 |
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Competitive Comparison of Birlasoft's Beneish M-Score
For the Information Technology Services subindustry, Birlasoft'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.
Birlasoft's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Birlasoft's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Birlasoft's Beneish M-Score falls into.
Birlasoft 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 Birlasoft 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 * 1.0811 | + | 0.528 * 0.9611 | + | 0.404 * 0.9957 | + | 0.892 * 1.1008 | + | 0.115 * 0.869 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9171 | + | 4.679 * -0.024065 | - | 0.327 * 0.9525 |
| = | -2.44 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₹11,931 Mil.
Revenue was ₹52,781 Mil.
Gross Profit was ₹23,289 Mil.
Total Current Assets was ₹27,674 Mil.
Total Assets was ₹39,256 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,036 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹850 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1,444 Mil.
Total Current Liabilities was ₹7,458 Mil.
Long-Term Debt & Capital Lease Obligation was ₹578 Mil.
Net Income was ₹6,238 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹7,182 Mil.
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Total Receivables was ₹10,025 Mil.
Revenue was ₹47,948 Mil.
Gross Profit was ₹20,334 Mil.
Total Current Assets was ₹21,698 Mil.
Total Assets was ₹31,873 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,390 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹823 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1,430 Mil.
Total Current Liabilities was ₹6,187 Mil.
Long-Term Debt & Capital Lease Obligation was ₹662 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) |
| = | (11930.81 / 52781.45) | / | (10025.46 / 47947.69) |
| = | 0.226042 | / | 0.209092 |
| | = | 1.0811 |
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) |
| = | (20334.23 / 47947.69) | / | (23289.42 / 52781.45) |
| = | 0.424092 | / | 0.441243 |
| | = | 0.9611 |
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 - (27674.16 + 2035.57) / 39256.49) | / | (1 - (21697.72 + 2390.22) / 31872.68) |
| = | 0.243189 | / | 0.244245 |
| | = | 0.9957 |
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 |
| = | 52781.45 | / | 47947.69 |
| | = | 1.1008 |
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)) |
| = | (822.65 / (822.65 + 2390.22)) | / | (850.26 / (850.26 + 2035.57)) |
| = | 0.256048 | / | 0.294633 |
| | = | 0.869 |
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) |
| = | (1444.09 / 52781.45) | / | (1430.43 / 47947.69) |
| = | 0.02736 | / | 0.029833 |
| | = | 0.9171 |
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) |
| = | ((577.63 + 7458.02) / 39256.49) | / | ((662.12 + 6187.4) / 31872.68) |
| = | 0.204696 | / | 0.214903 |
| | = | 0.9525 |
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 |
| = | (6237.6 - 0 | - | 7182.31) | / | 39256.49 |
| | = | -0.024065 |
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.
Birlasoft has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.
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