Hindustan Copper Beneish M-Score Historical Data
The historical data trend for Hindustan Copper'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.
Hindustan Copper Beneish M-Score Chart
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Hindustan Copper Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-1.32 |
63.92 |
-11.12 |
-3.75 |
-3.32 |
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Hindustan Copper Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
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Dec23 |
| Beneish M-Score |
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-3.32 |
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Competitive Comparison of Hindustan Copper's Beneish M-Score
For the Copper subindustry, Hindustan Copper'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.
Hindustan Copper's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Hindustan Copper's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hindustan Copper's Beneish M-Score falls into.
Hindustan Copper 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 Hindustan Copper 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 * 0.94 | + | 0.528 * 1.0865 | + | 0.404 * 1.0871 | + | 0.892 * 0.9184 | + | 0.115 * 0.9378 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.4398 | + | 4.679 * -0.126661 | - | 0.327 * 0.847 |
| = | -3.32 |
* 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 ₹908 Mil.
Revenue was ₹16,651 Mil.
Gross Profit was ₹7,671 Mil.
Total Current Assets was ₹7,012 Mil.
Total Assets was ₹29,853 Mil.
Property, Plant and Equipment(Net PPE) was ₹20,447 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,749 Mil.
Selling, General, & Admin. Expense(SGA) was ₹721 Mil.
Total Current Liabilities was ₹8,298 Mil.
Long-Term Debt & Capital Lease Obligation was ₹175 Mil.
Net Income was ₹2,955 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹6,736 Mil.
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Total Receivables was ₹1,052 Mil.
Revenue was ₹18,131 Mil.
Gross Profit was ₹9,075 Mil.
Total Current Assets was ₹8,784 Mil.
Total Assets was ₹29,546 Mil.
Property, Plant and Equipment(Net PPE) was ₹18,583 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,483 Mil.
Selling, General, & Admin. Expense(SGA) was ₹322 Mil.
Total Current Liabilities was ₹7,964 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,936 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) |
| = | (907.828 / 16651.354) | / | (1051.581 / 18130.994) |
| = | 0.05452 | / | 0.057999 |
| | = | 0.94 |
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) |
| = | (9075.433 / 18130.994) | / | (7671.114 / 16651.354) |
| = | 0.500548 | / | 0.46069 |
| | = | 1.0865 |
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 - (7012.395 + 20447.035) / 29852.715) | / | (1 - (8783.582 + 18583.057) / 29545.501) |
| = | 0.08017 | / | 0.073746 |
| | = | 1.0871 |
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 |
| = | 16651.354 | / | 18130.994 |
| | = | 0.9184 |
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)) |
| = | (1483.063 / (1483.063 + 18583.057)) | / | (1749.266 / (1749.266 + 20447.035)) |
| = | 0.073909 | / | 0.078809 |
| | = | 0.9378 |
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) |
| = | (721.075 / 16651.354) | / | (321.799 / 18130.994) |
| = | 0.043304 | / | 0.017749 |
| | = | 2.4398 |
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) |
| = | ((174.775 + 8297.535) / 29852.715) | / | ((1935.82 + 7964.364) / 29545.501) |
| = | 0.283804 | / | 0.335083 |
| | = | 0.847 |
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 |
| = | (2954.594 - 0 | - | 6735.763) | / | 29852.715 |
| | = | -0.126661 |
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.
Hindustan Copper has a M-score of -3.32 suggests that the company is unlikely to be a manipulator.
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