HCL Technologies Beneish M-Score Historical Data
The historical data trend for HCL Technologies'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.
HCL Technologies Beneish M-Score Chart
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HCL Technologies Annual Data
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| Beneish M-Score |
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-1.39 |
-2.05 |
-2.41 |
-1.92 |
-2.03 |
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HCL Technologies Quarterly Data
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| Beneish M-Score |
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-2.03 |
-2.06 |
-2.03 |
-1.82 |
Competitive Comparison of HCL Technologies's Beneish M-Score
For the Information Technology Services subindustry, HCL Technologies'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.
HCL Technologies's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, HCL Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where HCL Technologies's Beneish M-Score falls into.
HCL Technologies 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 HCL Technologies 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 * 0.8197 | + | 0.528 * 1.2608 | + | 0.404 * 0.9468 | + | 0.892 * 1.1099 | + | 0.115 * 1.0511 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * 0.090817 | - | 0.327 * 0.9623 |
| = | -1.82 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ₹245,560 Mil.
Revenue was 284460 + 266720 + 262960 + 266060 = ₹1,080,200 Mil.
Gross Profit was 122340 + 75090 + 71190 + -35720 = ₹232,900 Mil.
Total Current Assets was ₹530,020 Mil.
Total Assets was ₹935,790 Mil.
Property, Plant and Equipment(Net PPE) was ₹78,820 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹39,973 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹206,850 Mil.
Long-Term Debt & Capital Lease Obligation was ₹41,240 Mil.
Net Income was 43500 + 38320 + 35340 + 39830 = ₹156,990 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₹0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 72004.787 = ₹72,005 Mil.
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Total Receivables was ₹269,900 Mil.
Revenue was 267000 + 246860 + 234640 + 224733.73 = ₹973,234 Mil.
Gross Profit was 118830 + 70640 + 65470 + 9631.073 = ₹264,571 Mil.
Total Current Assets was ₹481,710 Mil.
Total Assets was ₹885,150 Mil.
Property, Plant and Equipment(Net PPE) was ₹76,820 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹42,042 Mil.
Selling, General, & Admin. Expense(SGA) was ₹-40,809 Mil.
Total Current Liabilities was ₹187,440 Mil.
Long-Term Debt & Capital Lease Obligation was ₹56,430 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) |
| = | (245560 / 1080200) | / | (269900 / 973233.73) |
| = | 0.227328 | / | 0.277323 |
| | = | 0.8197 |
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) |
| = | (264571.073 / 973233.73) | / | (232900 / 1080200) |
| = | 0.271847 | / | 0.215608 |
| | = | 1.2608 |
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 - (530020 + 78820) / 935790) | / | (1 - (481710 + 76820) / 885150) |
| = | 0.349384 | / | 0.369 |
| | = | 0.9468 |
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 |
| = | 1080200 | / | 973233.73 |
| | = | 1.1099 |
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)) |
| = | (42042.33 / (42042.33 + 76820)) | / | (39973.405 / (39973.405 + 78820)) |
| = | 0.353706 | / | 0.336495 |
| | = | 1.0511 |
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 / 1080200) | / | (-40808.808 / 973233.73) |
| = | 0 | / | -0.041931 |
| | = | 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) |
| = | ((41240 + 206850) / 935790) | / | ((56430 + 187440) / 885150) |
| = | 0.265113 | / | 0.275513 |
| | = | 0.9623 |
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 |
| = | (156990 - 0 | - | 72004.787) | / | 935790 |
| | = | 0.090817 |
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.
HCL Technologies has a M-score of -1.82 suggests that the company is unlikely to be a manipulator.
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