CL Educate Beneish M-Score Historical Data
The historical data trend for CL Educate'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.
CL Educate Beneish M-Score Chart
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CL Educate Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-3.79 |
-2.54 |
-2.65 |
-2.15 |
-2.72 |
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CL Educate Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
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Sep21 |
Dec21 |
Mar22 |
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Sep22 |
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Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.72 |
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Competitive Comparison of CL Educate's Beneish M-Score
For the Education & Training Services subindustry, CL Educate'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.
CL Educate's Beneish M-Score Distribution in the Education Industry
For the Education industry and Consumer Defensive sector, CL Educate's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CL Educate's Beneish M-Score falls into.
CL Educate 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 CL Educate 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 * 0.9391 | + | 0.528 * 0.9566 | + | 0.404 * 0.7947 | + | 0.892 * 1.0791 | + | 0.115 * 1.1163 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0769 | + | 4.679 * -0.027018 | - | 0.327 * 1.0811 |
| = | -2.72 |
* 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 ₹852 Mil.
Revenue was ₹3,019 Mil.
Gross Profit was ₹704 Mil.
Total Current Assets was ₹2,439 Mil.
Total Assets was ₹3,881 Mil.
Property, Plant and Equipment(Net PPE) was ₹166 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹138 Mil.
Selling, General, & Admin. Expense(SGA) was ₹325 Mil.
Total Current Liabilities was ₹927 Mil.
Long-Term Debt & Capital Lease Obligation was ₹92 Mil.
Net Income was ₹151 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹256 Mil.
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Total Receivables was ₹841 Mil.
Revenue was ₹2,798 Mil.
Gross Profit was ₹624 Mil.
Total Current Assets was ₹2,077 Mil.
Total Assets was ₹3,728 Mil.
Property, Plant and Equipment(Net PPE) was ₹108 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹112 Mil.
Selling, General, & Admin. Expense(SGA) was ₹279 Mil.
Total Current Liabilities was ₹865 Mil.
Long-Term Debt & Capital Lease Obligation was ₹41 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) |
| = | (851.827 / 3019.271) | / | (840.558 / 2797.853) |
| = | 0.28213 | / | 0.30043 |
| | = | 0.9391 |
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) |
| = | (624.033 / 2797.853) | / | (703.946 / 3019.271) |
| = | 0.22304 | / | 0.233151 |
| | = | 0.9566 |
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 - (2438.863 + 165.766) / 3880.622) | / | (1 - (2077.392 + 108.285) / 3728.285) |
| = | 0.328811 | / | 0.413758 |
| | = | 0.7947 |
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 |
| = | 3019.271 | / | 2797.853 |
| | = | 1.0791 |
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)) |
| = | (111.653 / (111.653 + 108.285)) | / | (138.264 / (138.264 + 165.766)) |
| = | 0.507657 | / | 0.454771 |
| | = | 1.1163 |
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) |
| = | (324.772 / 3019.271) | / | (279.475 / 2797.853) |
| = | 0.107566 | / | 0.099889 |
| | = | 1.0769 |
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) |
| = | ((92.021 + 926.788) / 3880.622) | / | ((40.576 + 864.774) / 3728.285) |
| = | 0.262538 | / | 0.242833 |
| | = | 1.0811 |
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 |
| = | (150.901 - 0 | - | 255.746) | / | 3880.622 |
| | = | -0.027018 |
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.
CL Educate has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
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