ICICI Securities Beneish M-Score Historical Data
The historical data trend for ICICI Securities'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.
ICICI Securities Beneish M-Score Chart
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ICICI Securities Annual Data
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Trend |
Mar15 |
Mar16 |
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Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-0.05 |
1.30 |
-0.50 |
-1.85 |
0.02 |
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ICICI Securities Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Mar24 |
| Beneish M-Score |
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-1.85 |
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0.02 |
Competitive Comparison of ICICI Securities's Beneish M-Score
For the Capital Markets subindustry, ICICI Securities'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.
ICICI Securities's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, ICICI Securities's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ICICI Securities's Beneish M-Score falls into.
ICICI Securities 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 ICICI Securities 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 * 1.2058 | + | 0.528 * 0.9527 | + | 0.404 * 1.8305 | + | 0.892 * 1.4865 | + | 0.115 * 1.3059 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * 0.285597 | - | 0.327 * 0.9295 |
| = | 0.02 |
* 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 ₹128,935 Mil.
Revenue was ₹49,455 Mil.
Gross Profit was ₹38,583 Mil.
Total Current Assets was ₹242,653 Mil.
Total Assets was ₹256,227 Mil.
Property, Plant and Equipment(Net PPE) was ₹4,709 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,089 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹24,549 Mil.
Long-Term Debt & Capital Lease Obligation was ₹168,759 Mil.
Net Income was ₹16,967 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-56,211 Mil.
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Total Receivables was ₹71,933 Mil.
Revenue was ₹33,269 Mil.
Gross Profit was ₹24,727 Mil.
Total Current Assets was ₹150,436 Mil.
Total Assets was ₹155,688 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,309 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹751 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1,175 Mil.
Total Current Liabilities was ₹125,382 Mil.
Long-Term Debt & Capital Lease Obligation was ₹988 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) |
| = | (128934.8 / 49454.7) | / | (71933.2 / 33268.5) |
| = | 2.607129 | / | 2.162201 |
| | = | 1.2058 |
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) |
| = | (24727.1 / 33268.5) | / | (38582.9 / 49454.7) |
| = | 0.743259 | / | 0.780166 |
| | = | 0.9527 |
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 - (242652.8 + 4708.7) / 256226.7) | / | (1 - (150436 + 2309.3) / 155688) |
| = | 0.034599 | / | 0.018901 |
| | = | 1.8305 |
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 |
| = | 49454.7 | / | 33268.5 |
| | = | 1.4865 |
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)) |
| = | (750.7 / (750.7 + 2309.3)) | / | (1089.2 / (1089.2 + 4708.7)) |
| = | 0.245327 | / | 0.187861 |
| | = | 1.3059 |
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 / 49454.7) | / | (1175.1 / 33268.5) |
| = | 0 | / | 0.035322 |
| | = | 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) |
| = | ((168758.7 + 24549.1) / 256226.7) | / | ((988.2 + 125381.9) / 155688) |
| = | 0.754441 | / | 0.811688 |
| | = | 0.9295 |
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 |
| = | (16966.9 - 0 | - | -56210.7) | / | 256226.7 |
| | = | 0.285597 |
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.
ICICI Securities has a M-score of 0.02 signals that the company is likely to be a manipulator.
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