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ICICI Bank Beneish M-Score

: -2.62 (As of Today)
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The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.62 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for ICICI Bank's Beneish M-Score or its related term are showing as below:

NYSE:IBN' s Beneish M-Score Range Over the Past 10 Years
Min: -4.27   Med: -2.4   Max: -1.2
Current: -2.62

-4.27
-1.2

During the past 13 years, the highest Beneish M-Score of ICICI Bank was -1.20. The lowest was -4.27. And the median was -2.40.


ICICI Bank Beneish M-Score Historical Data

The historical data trend for ICICI Bank'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.

* Premium members only.

ICICI Bank Annual Data
Trend Mar12 Mar13 Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.67 -2.33 -2.53 -2.58 -2.62

ICICI Bank Quarterly Data
Jun16 Sep16 Dec16 Mar17 Sep17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.27 - -2.62 - -

Competitive Comparison

For the Banks - Regional subindustry, ICICI Bank'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 Bank Beneish M-Score Distribution

For the Banks industry and Financial Services sector, ICICI Bank's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where ICICI Bank's Beneish M-Score falls into.



ICICI Bank 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 Bank 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 * 0.8778+0.528 * 1+0.404 * 1.0028+0.892 * 1.1544+0.115 * 0.9706
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.3507+4.679 * -0.076-0.327 * 0.6921
=-2.60

* 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 (Mar21) TTM:Last Year (Mar20) TTM:
Accounts Receivable was $1,519 Mil.
Revenue was $16,278 Mil.
Gross Profit was $16,278 Mil.
Total Current Assets was $26,451 Mil.
Total Assets was $216,125 Mil.
Property, Plant and Equipment(Net PPE) was $1,484 Mil.
Depreciation, Depletion and Amortization(DDA) was $202 Mil.
Selling, General, & Admin. Expense(SGA) was $1,518 Mil.
Total Current Liabilities was $7,741 Mil.
Long-Term Debt & Capital Lease Obligation was $18,685 Mil.
Net Income was $2,525 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $18,953 Mil.
Accounts Receivable was $1,499 Mil.
Revenue was $14,101 Mil.
Gross Profit was $14,101 Mil.
Total Current Assets was $22,928 Mil.
Total Assets was $184,752 Mil.
Property, Plant and Equipment(Net PPE) was $1,396 Mil.
Depreciation, Depletion and Amortization(DDA) was $184 Mil.
Selling, General, & Admin. Expense(SGA) was $3,749 Mil.
Total Current Liabilities was $6,314 Mil.
Long-Term Debt & Capital Lease Obligation was $26,326 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Accounts Receivable 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)
=(1519.1790259765 / 16277.636790095) / (1499.2978368358 / 14101.002559418)
=0.09332921 / 0.10632562
=0.8778

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)
=(14101.002559418 / 14101.002559418) / (16277.636790095 / 16277.636790095)
=1 / 1
=1

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 - (26450.734403924 + 1484.3885574763) / 216124.81318217) / (1 - (22928.175408662 + 1396.2319143856) / 184751.90981137)
=0.87074542 / 0.86834016
=1.0028

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
=16277.636790095 / 14101.002559418
=1.1544

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))
=(183.72517378019 / (183.72517378019 + 1396.2319143856)) / (202.05686381139 / (202.05686381139 + 1484.3885574763))
=0.11628491 / 0.11981228
=0.9706

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)
=(1517.5735653588 / 16277.636790095) / (3748.8952650768 / 14101.002559418)
=0.09323058 / 0.26586019
=0.3507

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)
=((18684.764156903 + 7740.7307235964) / 216124.81318217) / ((26326.27194218 + 6314.281484999) / 184751.90981137)
=0.1222696 / 0.17667235
=0.6921

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
=(2524.6389708265 - 0 - 18953.042862087) / 216124.81318217
=-0.076

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 Bank has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.


ICICI Bank Beneish M-Score Related Terms

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ICICI Bank Business Description

ICICI Bank logo
Industry
Financial Services » Banks NAICS : 0 SIC : 0
Address
ICICI Bank Towers, Bandra-Kurla Complex, Mumbai, MH, IND, 400 051
ICICI Bank Ltd provides banking services. The company's operating segment include Retail Banking; Wholesale Banking; Treasury and Other Banking Business. It generates maximum revenue from the Retail Banking segment. Retail Banking segment includes exposures of the Bank, which satisfy the four qualifying criteria of a regulatory retail portfolio as stipulated by RBI guidelines on the Basel III framework as well as includes income from credit cards, debit cards, third party product distribution, and the associated costs. Treasury segment includes the entire investment and derivative portfolio of the Bank. Wholesale Banking segment includes all advances to trusts, partnership firms, companies, and statutory bodies.

ICICI Bank Headlines

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