Huhtamaki India Beneish M-Score Historical Data
The historical data trend for Huhtamaki India'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.
Huhtamaki India Beneish M-Score Chart
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Huhtamaki India Annual Data
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Trend |
Dec14 |
Dec15 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.67 |
-2.79 |
-2.29 |
-2.58 |
-2.28 |
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Huhtamaki India Quarterly Data
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Jun19 |
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Dec23 |
Mar24 |
| Beneish M-Score |
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-2.28 |
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Competitive Comparison of Huhtamaki India's Beneish M-Score
For the Packaging & Containers subindustry, Huhtamaki India'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.
Huhtamaki India's Beneish M-Score Distribution in the Packaging & Containers Industry
For the Packaging & Containers industry and Consumer Cyclical sector, Huhtamaki India's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Huhtamaki India's Beneish M-Score falls into.
Huhtamaki India 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 Huhtamaki India 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 * 0.9891 | + | 0.528 * 0.8339 | + | 0.404 * 0.8467 | + | 0.892 * 0.8508 | + | 0.115 * 1.683 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9429 | + | 4.679 * 0.067992 | - | 0.327 * 0.7436 |
| = | -2.28 |
* 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 ₹5,649 Mil.
Revenue was ₹24,813 Mil.
Gross Profit was ₹7,304 Mil.
Total Current Assets was ₹12,607 Mil.
Total Assets was ₹20,010 Mil.
Property, Plant and Equipment(Net PPE) was ₹5,558 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹534 Mil.
Selling, General, & Admin. Expense(SGA) was ₹715 Mil.
Total Current Liabilities was ₹5,852 Mil.
Long-Term Debt & Capital Lease Obligation was ₹2,470 Mil.
Net Income was ₹4,096 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹2,736 Mil.
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Total Receivables was ₹6,713 Mil.
Revenue was ₹29,165 Mil.
Gross Profit was ₹7,160 Mil.
Total Current Assets was ₹10,623 Mil.
Total Assets was ₹17,507 Mil.
Property, Plant and Equipment(Net PPE) was ₹4,977 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹861 Mil.
Selling, General, & Admin. Expense(SGA) was ₹891 Mil.
Total Current Liabilities was ₹7,393 Mil.
Long-Term Debt & Capital Lease Obligation was ₹2,398 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) |
| = | (5648.6 / 24813.2) | / | (6712.7 / 29165) |
| = | 0.227645 | / | 0.230163 |
| | = | 0.9891 |
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) |
| = | (7159.5 / 29165) | / | (7304.3 / 24813.2) |
| = | 0.245483 | / | 0.294372 |
| | = | 0.8339 |
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 - (12606.7 + 5558.1) / 20009.6) | / | (1 - (10623 + 4977.4) / 17506.6) |
| = | 0.092196 | / | 0.108885 |
| | = | 0.8467 |
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 |
| = | 24813.2 | / | 29165 |
| | = | 0.8508 |
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)) |
| = | (860.5 / (860.5 + 4977.4)) | / | (533.5 / (533.5 + 5558.1)) |
| = | 0.147399 | / | 0.08758 |
| | = | 1.683 |
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) |
| = | (715.1 / 24813.2) | / | (891.4 / 29165) |
| = | 0.028819 | / | 0.030564 |
| | = | 0.9429 |
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) |
| = | ((2469.9 + 5851.5) / 20009.6) | / | ((2398.2 + 7393) / 17506.6) |
| = | 0.41587 | / | 0.559286 |
| | = | 0.7436 |
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 |
| = | (4096.3 - 0 | - | 2735.8) | / | 20009.6 |
| | = | 0.067992 |
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.
Huhtamaki India has a M-score of -2.28 suggests that the company is unlikely to be a manipulator.
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