Updater Services Beneish M-Score Historical Data
The historical data trend for Updater Services'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.
Updater Services Beneish M-Score Chart
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Updater Services Annual Data
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Trend |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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- |
- |
-1.91 |
-2.54 |
-2.37 |
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Updater Services Quarterly Data
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Mar20 |
Mar21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.54 |
- |
- |
- |
-2.37 |
Competitive Comparison of Updater Services's Beneish M-Score
For the Specialty Business Services subindustry, Updater Services'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.
Updater Services's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Updater Services's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Updater Services's Beneish M-Score falls into.
Updater Services 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 Updater Services 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 * 0.9579 | + | 0.528 * 0.871 | + | 0.404 * 0.83 | + | 0.892 * 1.1646 | + | 0.115 * 0.8387 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.022604 | - | 0.327 * 0.7322 |
| = | -2.37 |
* 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 ₹5,536 Mil.
Revenue was ₹24,444 Mil.
Gross Profit was ₹23,424 Mil.
Total Current Assets was ₹9,862 Mil.
Total Assets was ₹15,348 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,167 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹540 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹5,636 Mil.
Long-Term Debt & Capital Lease Obligation was ₹326 Mil.
Net Income was ₹679 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹1,026 Mil.
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Total Receivables was ₹4,962 Mil.
Revenue was ₹20,989 Mil.
Gross Profit was ₹17,520 Mil.
Total Current Assets was ₹7,018 Mil.
Total Assets was ₹12,169 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,026 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹370 Mil.
Selling, General, & Admin. Expense(SGA) was ₹386 Mil.
Total Current Liabilities was ₹5,992 Mil.
Long-Term Debt & Capital Lease Obligation was ₹463 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) |
| = | (5535.9 / 24443.63) | / | (4962.43 / 20988.87) |
| = | 0.226476 | / | 0.236431 |
| | = | 0.9579 |
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) |
| = | (17519.61 / 20988.87) | / | (23424.01 / 24443.63) |
| = | 0.83471 | / | 0.958287 |
| | = | 0.871 |
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 - (9862.29 + 1166.62) / 15348) | / | (1 - (7017.51 + 1025.99) / 12169.47) |
| = | 0.281411 | / | 0.339043 |
| | = | 0.83 |
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 |
| = | 24443.63 | / | 20988.87 |
| | = | 1.1646 |
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)) |
| = | (370.4 / (370.4 + 1025.99)) | / | (539.6 / (539.6 + 1166.62)) |
| = | 0.265255 | / | 0.316255 |
| | = | 0.8387 |
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 / 24443.63) | / | (385.6 / 20988.87) |
| = | 0 | / | 0.018372 |
| | = | 0 |
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) |
| = | ((325.57 + 5636.11) / 15348) | / | ((463.48 + 5992.18) / 12169.47) |
| = | 0.388434 | / | 0.53048 |
| | = | 0.7322 |
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 |
| = | (679.46 - 0 | - | 1026.39) | / | 15348 |
| | = | -0.022604 |
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.
Updater Services has a M-score of -2.37 suggests that the company is unlikely to be a manipulator.
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