IRCON International Beneish M-Score Historical Data
The historical data trend for IRCON International'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.
IRCON International Beneish M-Score Chart
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IRCON International Annual Data
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| Beneish M-Score |
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-2.24 |
-2.35 |
-2.41 |
-2.45 |
-1.58 |
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IRCON International Quarterly Data
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| Beneish M-Score |
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-1.58 |
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Competitive Comparison of IRCON International's Beneish M-Score
For the Engineering & Construction subindustry, IRCON International'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.
IRCON International's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, IRCON International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where IRCON International's Beneish M-Score falls into.
IRCON International 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 IRCON International 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 * 1.1388 | + | 0.528 * 1.1955 | + | 0.404 * 0.95 | + | 0.892 * 1.4064 | + | 0.115 * 1.0316 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.841 | + | 4.679 * 0.060053 | - | 0.327 * 0.9434 |
| = | -1.58 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was ₹25,163 Mil.
Revenue was ₹103,473 Mil.
Gross Profit was ₹8,146 Mil.
Total Current Assets was ₹112,174 Mil.
Total Assets was ₹155,374 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,554 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,070 Mil.
Selling, General, & Admin. Expense(SGA) was ₹166 Mil.
Total Current Liabilities was ₹72,654 Mil.
Long-Term Debt & Capital Lease Obligation was ₹14,408 Mil.
Net Income was ₹7,652 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-1,678 Mil.
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Total Receivables was ₹15,711 Mil.
Revenue was ₹73,575 Mil.
Gross Profit was ₹6,924 Mil.
Total Current Assets was ₹102,528 Mil.
Total Assets was ₹144,464 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,155 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹944 Mil.
Selling, General, & Admin. Expense(SGA) was ₹141 Mil.
Total Current Liabilities was ₹72,755 Mil.
Long-Term Debt & Capital Lease Obligation was ₹13,046 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) |
| = | (25162.6 / 103472.8) | / | (15711.2 / 73574.5) |
| = | 0.243181 | / | 0.213541 |
| | = | 1.1388 |
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) |
| = | (6924.4 / 73574.5) | / | (8145.6 / 103472.8) |
| = | 0.094114 | / | 0.078722 |
| | = | 1.1955 |
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 - (112173.5 + 2553.6) / 155373.8) | / | (1 - (102528 + 2154.6) / 144463.6) |
| = | 0.261606 | / | 0.27537 |
| | = | 0.95 |
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 |
| = | 103472.8 | / | 73574.5 |
| | = | 1.4064 |
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)) |
| = | (944.2 / (944.2 + 2154.6)) | / | (1070.4 / (1070.4 + 2553.6)) |
| = | 0.304699 | / | 0.295364 |
| | = | 1.0316 |
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) |
| = | (166.4 / 103472.8) | / | (140.7 / 73574.5) |
| = | 0.001608 | / | 0.001912 |
| | = | 0.841 |
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) |
| = | ((14407.5 + 72653.9) / 155373.8) | / | ((13045.6 + 72755.1) / 144463.6) |
| = | 0.560335 | / | 0.593926 |
| | = | 0.9434 |
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 |
| = | (7652.3 - 0 | - | -1678.3) | / | 155373.8 |
| | = | 0.060053 |
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.
IRCON International has a M-score of -1.58 signals that the company is likely to be a manipulator.
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