HCL Technologies Beneish M-Score Historical Data
The historical data trend for HCL Technologies'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.
HCL Technologies Beneish M-Score Chart
|
HCL Technologies Annual Data
|
|
Trend |
Jun14 |
Jun15 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-1.82 |
-2.45 |
-2.12 |
-2.08 |
-1.62 |
|
HCL Technologies Quarterly Data
|
|
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.08 |
-2.10 |
-2.06 |
-1.88 |
-1.62 |
Competitive Comparison of HCL Technologies's Beneish M-Score
For the Information Technology Services subindustry, HCL Technologies'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.
HCL Technologies's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, HCL Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where HCL Technologies's Beneish M-Score falls into.
HCL Technologies 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 HCL Technologies 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 * 0.8642 | + | 0.528 * 1.0486 | + | 0.404 * 0.9494 | + | 0.892 * 1.0834 | + | 0.115 * 1.0091 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * 0.157371 | - | 0.327 * 1.0135 |
| = | -1.62 |
* 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 ₹263,160 Mil.
Revenue was 284990 + 284460 + 266720 + 262960 = ₹1,099,130 Mil.
Gross Profit was 116380 + 122340 + 110170 + 107470 = ₹456,360 Mil.
Total Current Assets was ₹593,310 Mil.
Total Assets was ₹997,770 Mil.
Property, Plant and Equipment(Net PPE) was ₹79,090 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹41,730 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹227,260 Mil.
Long-Term Debt & Capital Lease Obligation was ₹45,620 Mil.
Net Income was 39860 + 43500 + 38320 + 35340 = ₹157,020 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₹0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = ₹0 Mil.
|
Total Receivables was ₹281,090 Mil.
Revenue was 266060 + 267000 + 246860 + 234640 = ₹1,014,560 Mil.
Gross Profit was 113780 + 118830 + 107700 + 101400 = ₹441,710 Mil.
Total Current Assets was ₹535,770 Mil.
Total Assets was ₹934,110 Mil.
Property, Plant and Equipment(Net PPE) was ₹77,480 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹41,450 Mil.
Selling, General, & Admin. Expense(SGA) was ₹32,502 Mil.
Total Current Liabilities was ₹214,310 Mil.
Long-Term Debt & Capital Lease Obligation was ₹37,750 Mil.
|
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) |
| = | (263160 / 1099130) | / | (281090 / 1014560) |
| = | 0.239426 | / | 0.277056 |
| | = | 0.8642 |
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) |
| = | (441710 / 1014560) | / | (456360 / 1099130) |
| = | 0.435371 | / | 0.415201 |
| | = | 1.0486 |
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 - (593310 + 79090) / 997770) | / | (1 - (535770 + 77480) / 934110) |
| = | 0.326097 | / | 0.343493 |
| | = | 0.9494 |
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 |
| = | 1099130 | / | 1014560 |
| | = | 1.0834 |
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)) |
| = | (41450 / (41450 + 77480)) | / | (41730 / (41730 + 79090)) |
| = | 0.348524 | / | 0.34539 |
| | = | 1.0091 |
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 / 1099130) | / | (32501.974 / 1014560) |
| = | 0 | / | 0.032036 |
| | = | 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) |
| = | ((45620 + 227260) / 997770) | / | ((37750 + 214310) / 934110) |
| = | 0.27349 | / | 0.26984 |
| | = | 1.0135 |
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 |
| = | (157020 - 0 | - | 0) | / | 997770 |
| | = | 0.157371 |
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.
HCL Technologies has a M-score of -1.62 signals that the company is likely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
NSE:HCLTECH has been successfully added to your