The study analyzed whether X Consultancy Services can cover their short-term debts effectively. By looking at their financial data from 2018 to 2020, the researchers calculated different liquidity ratios. They found that the company's current assets grew faster than their current liabilities, indicating good ability to cover short-term debts. However, the operating cash flow ratio decreased over the years, suggesting a need for improvement in managing cash flow. Overall, the company is able to cover their short-term liabilities well, but should focus on improving their operating cash flow.