Historical Financial Statement -TATA CONSULTANCY SERVI

Year Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

# Income Statement
Sales ₹ 81,809.4 ₹ 94,648.4 ₹ 108,646.0 ₹ 117,966.0 ₹ 123,104.0
Sales Growth - 15.69% 14.79% 8.58% 4.36%

COGS ₹ 50,853.2 ₹ 63,761.0 ₹ 57,919.0 ₹ 64,429.0 ₹ 69,096.0

COGS %of Sales 62.16% 67.37% 53.31% 54.62% 56.13%

Gross Profit ₹ 30,956.2 ₹ 30,887.5 ₹ 50,727.0 ₹ 53,537.0 ₹ 54,008.0

Gross Margin 37.84% 32.63% 46.69% 45.38% 43.87%

Selling & General Expense ₹ 5,803.4 ₹ 6,405.8 ₹ 20,050.0 ₹ 21,226.0 ₹ 21,492.0

S&G Exp % of Sales 7.09% 6.77% 18.45% 17.99% 17.46%

EBITDA ₹ 25,152.8 ₹ 24,481.7 ₹ 30,677.0 ₹ 32,311.0 ₹ 32,516.0

EBITDA % of Sales 30.75% 25.87% 28.24% 27.39% 26.41%

Interest ₹ 38.5 ₹ 104.2 ₹ 33.0 ₹ 32.0 ₹ 52.0

Interest% of Sales 0.05% 0.11% 0.03% 0.03% 0.04%

Depriciation ₹ 1,349.2 ₹ 1,798.7 ₹ 1,888.0 ₹ 1,987.0 ₹ 2,014.0

Depriciation % of Sales 1.65% 1.90% 1.74% 1.68% 1.64%

Earning Before Tax ₹ 23,765.1 ₹ 22,578.8 ₹ 28,756.0 ₹ 30,292.0 ₹ 30,450.0

EBT % of Sales 29.05% 23.86% 26.47% 25.68% 24.74%

Tax ₹ 6,070.0 ₹ 6,238.8 ₹ 7,502.0 ₹ 8,156.0 ₹ 8,212.0

Effective Tax Rate 25.54% 27.63% 26.09% 26.92% 26.97%

Net Profit ₹ 17,695.1 ₹ 16,340.0 ₹ 21,254.0 ₹ 22,136.0 ₹ 22,238.0

Net Margin 21.63% 17.26% 19.56% 18.76% 18.06%

No. of Equity Shares 391.75 391.75 394.09 394.09 382.86

Earnings per Share ₹ 45.2 ₹ 41.7 ₹ 53.9 ₹ 56.2 ₹ 58.1

EPS Growth % - -7.66% 29.30% 4.15% 3.41%

Dividend per Share ₹ 16.0 ₹ 39.5 ₹ 21.7 ₹ 23.5 ₹ 24.9

Dividend payout Ratio 35.42% 94.70% 40.32% 41.83% 42.94%

Retained Earning 64.58% 5.30% 59.68% 58.17% 57.06%

# Balance Sheet
Equity Share Capital ₹ 195.9 ₹ 195.9 ₹ 197.0 ₹ 197.0 ₹ 191.0
Reserves ₹ 48,998.9 ₹ 50,438.9 ₹ 70,875.0 ₹ 86,017.0 ₹ 84,937.0
 Borrowings ₹ 296.9 ₹ 357.7 ₹ 245.0 ₹ 289.0 ₹ 247.0
Other Liabilities ₹ 17,337.4 ₹ 22,325.5 ₹ 16,974.0 ₹ 15,830.0 ₹ 19,751.0
Total Liabilities ₹ 66,829.0 ₹ 73,317.9 ₹ 88,291.0 ₹ 102,333.0 ₹ 105,126.0

Fixed Assets Net Block ₹ 9,544.3 ₹ 11,638.2 ₹ 11,774.0 ₹ 11,701.0 ₹ 11,973.0

Capital Work in Progress ₹ 3,168.5 ₹ 2,766.4 ₹ 1,670.0 ₹ 1,541.0 ₹ 1,278.0
Investments ₹ 3,433.7 ₹ 1,661.8 ₹ 22,822.0 ₹ 41,980.0 ₹ 36,008.0
Other Assets ₹ 17,995.0 ₹ 18,241.5 ₹ 21,148.0 ₹ 20,324.0 ₹ 23,737.0
Total Non-Current Assets ₹ 34,141.5 ₹ 34,307.9 ₹ 57,414.0 ₹ 75,546.0 ₹ 72,996.0

Receivables ₹ 18,230.4 ₹ 20,437.9 ₹ 24,073.0 ₹ 22,617.0 ₹ 24,943.0

Inventory ₹ 15.2 ₹ 16.1 ₹ 16.0 ₹ 21.0 ₹ 26.0
Cash & Bank ₹ 14,441.8 ₹ 18,556.0 ₹ 6,788.0 ₹ 4,149.0 ₹ 7,161.0
Total Current Assets ₹ 32,687.5 ₹ 39,010.1 ₹ 30,877.0 ₹ 26,787.0 ₹ 32,130.0

Total Assets ₹ 66,829.0 ₹ 73,317.9 ₹ 88,291.0 ₹ 102,333.0 ₹ 105,126.0

Check 1 1 1 1 1

# Cash Flow Statement

Operating Activities
Profit from operations ₹ 36,303.0 ₹ 43,397.0 ₹ 38,626.0 ₹ 28,840.0 ₹ 33,312.0
Receivables ₹ 445.0 (₹ 3,179.0) (₹ 2,223.0) (₹ 4,152.0) (₹ 10,688.0)
Inventory (₹ 2,853.0) (₹ 3,692.0) (₹ 5,743.0) (₹ 6,621.0) (₹ 3,560.0)
Payables ₹ 4,694.0 ₹ 3,598.0 ₹ 3,947.0 ₹ 9,301.0 ₹ 7,320.0
Loans Advances - - (₹ 520.0) - -
Other WC items ₹ 1,870.0 (₹ 398.0) ₹ 5,852.0 ₹ 4,727.0 ₹ 494.0
Working capital changes ₹ 4,157.0 (₹ 3,672.0) ₹ 1,313.0 ₹ 3,254.0 (₹ 6,434.0)
Direct taxes (₹ 4,308.0) (₹ 4,194.0) (₹ 2,040.0) (₹ 1,895.0) (₹ 3,021.0)
Cash from Operation activities ₹ 40,308.0 ₹ 31,860.0 ₹ 39,212.0 ₹ 33,454.0 ₹ 17,423.0

Investing Activities
Fixed assets purchased (₹ 26,975.0) (₹ 31,962.0) (₹ 31,503.0) (₹ 16,072.0) (₹ 35,079.0)
Fixed assets sold ₹ 50.0 ₹ 74.0 ₹ 59.0 ₹ 53.0 ₹ 30.0
Investments purchased (₹ 429.0) (₹ 5,461.0) (₹ 4,728.0) (₹ 6.0) (₹ 329.0)
Investments sold ₹ 4.0 ₹ 42.0 ₹ 89.0 ₹ 1,965.0 ₹ 2,381.0
Interest received ₹ 653.0 ₹ 698.0 ₹ 731.0 ₹ 638.0 ₹ 690.0
Dividends received ₹ 40.0 ₹ 80.0 ₹ 58.0 ₹ 620.0 ₹ 1,797.0
Invest in subsidiaries - - - - -
Investment in group cos - (₹ 160.0) - (₹ 107.0) (₹ 4.0)
Redemp n Canc of Shares - - - - ₹ 14.0
Acquisition of companies (₹ 185.0) - (₹ 111.0) - -
Inter corporate deposits - - - - -
Other investing items (₹ 1,149.0) ₹ 456.0 (₹ 1,289.0) (₹ 26,663.0) ₹ 5,360.0
Cash from Investing Activities (₹ 27,991.0) (₹ 36,233.0) (₹ 36,694.0) (₹ 39,572.0) (₹ 25,140.0)

Financing Activities
Proceeds from shares - - ₹ 7,433.0 ₹ 5.0 -
Redemption of debentures (₹ 658.0) (₹ 744.0) - - -
Proceeds from borrowings ₹ 33,258.0 ₹ 36,363.0 ₹ 19,519.0 ₹ 33,390.0 ₹ 37,482.0
Repayment of borrowings (₹ 29,141.0) (₹ 23,332.0) (₹ 24,924.0) (₹ 21,732.0) (₹ 29,964.0)
Interest paid fin (₹ 6,171.0) (₹ 6,307.0) (₹ 5,716.0) (₹ 5,336.0) (₹ 5,411.0)
Dividends paid (₹ 722.0) (₹ 720.0) (₹ 108.0) (₹ 121.0) (₹ 96.0)
Financial liabilities - - - - -
Other financing items (₹ 450.0) (₹ 57.0) - - -
Cash from Financing Activities (₹ 3,884.0) ₹ 5,203.0 (₹ 3,796.0) ₹ 6,206.0 ₹ 2,011.0

Net Cash Flow ₹ 8,433.0 ₹ 830.0 (₹ 1,278.0) ₹ 88.0 (₹ 5,706.0)

-TATA CONSULTANCY SERVICES LTD
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 LTM

₹ 146,463.0 ₹ 156,949.0 ₹ 164,177.0 ₹ 191,754.0 ₹ 225,458.0 ₹ 238,818.0

18.98% 7.16% 4.61% 16.80% 17.58% 5.93%

₹ 80,516.0 ₹ 87,857.0 ₹ 93,276.0 ₹ 108,717.0 ₹ 129,403.0 ₹ 175,912.0

54.97% 55.98% 56.81% 56.70% 57.40% 73.66%

₹ 65,947.0 ₹ 69,092.0 ₹ 70,901.0 ₹ 83,037.0 ₹ 96,055.0 ₹ 62,906.0

45.03% 44.02% 43.19% 43.30% 42.60% 26.34%

₹ 26,441.0 ₹ 26,983.0 ₹ 24,355.0 ₹ 29,980.0 ₹ 36,796.0

18.05% 17.19% 14.83% 15.63% 16.32% 0.00%

₹ 39,506.0 ₹ 42,109.0 ₹ 46,546.0 ₹ 53,057.0 ₹ 59,259.0 ₹ 62,906.0

26.97% 26.83% 28.35% 27.67% 26.28% 26.34%

₹ 198.0 ₹ 924.0 ₹ 637.0 ₹ 784.0 ₹ 779.0 ₹ 824.0

0.14% 0.59% 0.39% 0.41% 0.35% 0.35%

₹ 2,056.0 ₹ 3,529.0 ₹ 4,065.0 ₹ 4,604.0 ₹ 5,022.0 ₹ 5,025.0

1.40% 2.25% 2.48% 2.40% 2.23% 2.10%

₹ 37,252.0 ₹ 37,656.0 ₹ 41,844.0 ₹ 47,669.0 ₹ 53,458.0 ₹ 57,057.0

25.43% 23.99% 25.49% 24.86% 23.71% 23.89%

₹ 10,001.0 ₹ 9,801.0 ₹ 11,198.0 ₹ 13,238.0 ₹ 14,604.0 ₹ 15,506.0

26.85% 26.03% 26.76% 27.77% 27.32% 27.18%

₹ 27,251.0 ₹ 27,855.0 ₹ 30,646.0 ₹ 34,431.0 ₹ 38,854.0 ₹ 41,551.0

18.61% 17.75% 18.67% 17.96% 17.23% 17.40%

375.24 375.24 369.91 365.91 365.91 365.91

₹ 72.6 ₹ 74.2 ₹ 82.8 ₹ 94.1 ₹ 106.2 ₹ 113.6

25.03% 2.22% 11.61% 13.58% 12.85% 6.94%

₹ 30.0 ₹ 73.0 ₹ 38.0 ₹ 43.0 ₹ 115.0 -

41.28% 98.28% 45.88% 45.71% 108.33% 0.00%

58.72% 1.72% 54.12% 54.29% 0.00% 100.00%

₹ 375.0 ₹ 375.0 ₹ 370.0 ₹ 366.0 ₹ 366.0

₹ 89,071.0 ₹ 83,751.0 ₹ 86,063.0 ₹ 88,773.0 ₹ 90,058.0
 ₹ 62.0 ₹ 8,174.0 ₹ 7,795.0 ₹ 7,818.0 ₹ 7,688.0
₹ 24,393.0 ₹ 27,820.0 ₹ 35,764.0 ₹ 43,967.0 ₹ 44,747.0
₹ 113,901.0 ₹ 120,120.0 ₹ 129,992.0 ₹ 140,924.0 ₹ 142,859.0

₹ 12,290.0 ₹ 20,928.0 ₹ 21,021.0 ₹ 21,298.0 ₹ 20,515.0

₹ 963.0 ₹ 906.0 ₹ 926.0 ₹ 1,205.0 ₹ 1,234.0
₹ 29,330.0 ₹ 26,356.0 ₹ 29,373.0 ₹ 30,485.0 ₹ 37,163.0
₹ 31,114.0 ₹ 31,727.0 ₹ 39,256.0 ₹ 27,885.0 ₹ 22,933.0
₹ 73,697.0 ₹ 79,917.0 ₹ 90,576.0 ₹ 80,873.0 ₹ 81,845.0

₹ 27,346.0 ₹ 30,532.0 ₹ 30,079.0 ₹ 41,810.0 ₹ 49,954.0

₹ 10.0 ₹ 5.0 ₹ 8.0 ₹ 20.0 ₹ 28.0
₹ 12,848.0 ₹ 9,666.0 ₹ 9,329.0 ₹ 18,221.0 ₹ 11,032.0
₹ 40,204.0 ₹ 40,203.0 ₹ 39,416.0 ₹ 60,051.0 ₹ 61,014.0

₹ 113,901.0 ₹ 120,120.0 ₹ 129,992.0 ₹ 140,924.0 ₹ 142,859.0

1 1 1 1 TRUE

₹ 28,771.0 ₹ 23,352.0 ₹ 31,198.0 ₹ 26,943.0 ₹ 41,694.0

(₹ 9,109.0) ₹ 9,950.0 (₹ 5,505.0) ₹ 185.0 (₹ 2,213.0)
₹ 2,069.0 ₹ 2,326.0 ₹ 3,814.0 ₹ 472.0 (₹ 5,665.0)
(₹ 4,692.0) (₹ 8,085.0) ₹ 5,748.0 (₹ 7,012.0) ₹ 6,945.0
- - - - -
₹ 4,512.0 ₹ 875.0 (₹ 4,150.0) (₹ 4,396.0) (₹ 2,194.0)
(₹ 7,221.0) ₹ 5,065.0 (₹ 93.0) (₹ 10,750.0) (₹ 3,127.0)
(₹ 2,659.0) (₹ 1,785.0) (₹ 2,105.0) (₹ 1,910.0) (₹ 3,179.0)
₹ 11,671.0 ₹ 31,698.0 ₹ 28,907.0 ₹ 3,532.0 ₹ 32,261.0

(₹ 35,304.0) (₹ 29,702.0) (₹ 20,205.0) (₹ 15,168.0) (₹ 19,230.0)

₹ 67.0 ₹ 171.0 ₹ 351.0 ₹ 230.0 ₹ 285.0
(₹ 130.0) (₹ 1,439.0) (₹ 7,530.0) (₹ 3,008.0) (₹ 50.0)
₹ 5,644.0 ₹ 21.0 ₹ 226.0 ₹ 104.0 ₹ 6,895.0
₹ 761.0 ₹ 1,104.0 ₹ 428.0 ₹ 653.0 ₹ 973.0
₹ 232.0 ₹ 21.0 ₹ 18.0 ₹ 32.0 ₹ 46.0
- - - - -
(₹ 9.0) (₹ 606.0) (₹ 10.0) - -
₹ 533.0 - - - ₹ 19.0
(₹ 8.0) (₹ 27.0) - (₹ 98.0) -
- - - - -
₹ 7,335.0 (₹ 2,659.0) ₹ 1,051.0 ₹ 12,813.0 (₹ 4,357.0)
(₹ 20,879.0) (₹ 33,116.0) (₹ 25,671.0) (₹ 4,442.0) (₹ 15,419.0)

- ₹ 3,889.0 ₹ 2,603.0 ₹ 19.0 ₹ 20.0

 - - - - -
₹ 51,128.0 ₹ 38,297.0 ₹ 46,641.0 ₹ 46,578.0 ₹ 43,934.0
(₹ 35,198.0) (₹ 29,847.0) (₹ 29,709.0) (₹ 42,816.0) (₹ 62,557.0)
(₹ 7,005.0) (₹ 7,518.0) (₹ 8,123.0) (₹ 9,251.0) (₹ 9,336.0)
(₹ 95.0) (₹ 57.0) (₹ 30.0) (₹ 100.0) (₹ 141.0)
- (₹ 1,346.0) (₹ 1,477.0) (₹ 1,559.0) (₹ 1,517.0)
- (₹ 29.0) - ₹ 3,750.0 ₹ 3,355.0
₹ 8,830.0 ₹ 3,389.0 ₹ 9,905.0 (₹ 3,379.0) (₹ 26,242.0)

(₹ 378.0) ₹ 1,971.0 ₹ 13,141.0 (₹ 4,289.0) (₹ 9,400.0)

 Ratio Analysis -TATA CONSULTANCY SERVICES LTD
Year Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

Sales Growth 15.69% 14.79% 8.58% 4.36% 18.98% 7.16%

EBITDA Growth -2.67% 25.31% 5.33% 0.63% 21.50% 6.59%
EBIT Growth -4.99% 27.36% 5.34% 0.52% 22.34% 1.08%
Net Profit Growth -7.66% 30.07% 4.15% 0.46% 22.54% 2.22%
Dividened Growth 146.87% -44.95% 8.05% 6.17% 20.19% 143.33%

Gross Margin 37.84% 32.63% 46.69% 45.38% 43.87% 45.03% 44.02%

EBITDA Margin 30.75% 25.87% 28.24% 27.39% 26.41% 26.97% 26.83%
EBIT Margin 29.10% 23.97% 26.50% 25.71% 24.78% 25.57% 24.58%
EBT Margin 29.05% 23.86% 26.47% 25.68% 24.74% 25.43% 23.99%
Net Profit Margin 21.63% 17.26% 19.56% 18.76% 18.06% 18.61% 17.75%

Sales Expenses % of Sales 7.09% 6.77% 18.45% 17.99% 17.46% 18.05% 17.19%
Depriciation % of Sales 1.65% 1.90% 1.74% 1.68% 1.64% 1.40% 2.25%
Operating income % of sales 29.10% 23.97% 26.50% 25.71% 24.78% 25.57% 24.58%

Return on Capital Employed 48.10% 44.48% 40.37% 35.06% 35.73% 41.84% 41.80%
Retained Earnings 64.58% 5.30% 59.68% 58.17% 57.06% 58.72% 1.72%
Return on Equity 35.97% 32.27% 29.90% 25.68% 26.12% 30.47% 33.11%
Self Sustained Growth Rate 23.23% 1.71% 17.85% 14.94% 14.90% 17.89% 0.57%
Interest Coverage Ratio 617.96x 217.71x 872.39x 947.63x 586.58x 189.14x 41.75x

Debtors Turnover Ratio 4.49x 4.63x 4.51x 5.22x 4.94x 5.36x 5.14x
Creditors Turnover Ratio 4.72x 4.24x 6.40x 7.45x 6.23x 6.00x 5.64x
Inventory Turnover Ratio 5378.66x 5889.76x 6790.38x 5617.43x 4734.77x ### ###
Fixed Asset Turnover Ratio 8.57x 8.13x 9.23x 10.08x 10.28x 11.92x 7.50x
Capital Turnover Ratio 1.66x 1.87x 1.53x 1.37x 1.45x 1.64x 1.87x

Debtor Days 81 79 81 70 74 68 71
Payable Days 77 86 57 49 59 61 65
Inventory Days 0 0 0 0 0 0 0
Cash Conversion Cycle Days 4 -7 24 21 15 7 6

CFO/Sales 49.27% 33.66% 36.09% 28.36% 14.15% 7.97% 20.20%

CFO/Total Assets 60.32% 43.45% 44.41% 32.69% 16.57% 10.25% 26.39%
CFO/Total Debts ### 8906.91% ### ### 7053.85% ### 387.79%
CY SERVICES LTD
Mar-21 Mar-22 Mar-23 Trend Mean Median

4.61% 16.80% 17.58% 12.06% 14.79%

10.54% 13.99% 11.69% 10.32% 10.54%
11.12% 13.92% 12.14% 9.87% 11.12%
10.02% 12.35% 12.85% 9.67% 10.02%
-47.90% 13.16% 167.44% 45.82% 13.16%

43.19% 43.30% 42.60% 42.46% 43.59%

28.35% 27.67% 26.28% 27.48% 27.18%
25.88% 25.27% 24.06% 25.54% 25.42%
25.49% 24.86% 23.71% 25.33% 25.15%
18.67% 17.96% 17.23% 18.55% 18.34%

14.83% 15.63% 16.32% 14.98% 16.76%

2.48% 2.40% 2.23% 1.94% 1.82%
25.88% 25.27% 24.06% 25.54% 25.42%

45.08% 49.97% 55.28% 43.77% 43.16%

54.12% 54.29% 0.00% 41.36% 55.67%
35.46% 38.63% 42.97% 33.06% 32.69%
19.19% 20.97% 0.00% 13.12% 16.39%
66.69x 61.80x 69.62x 367.13x 203.42x

5.46x 4.59x 4.51x 4.88x 4.78x

4.59x 4.36x 5.04x 5.47x 5.34x
### 9587.70x 8052.07x 11260.90x 7421.22x
7.81x 9.00x 10.99x 9.35x 9.12x
1.90x 2.15x 2.49x 1.79x 1.76x

67 80 81 75 76
80 84 72 69 69
0 0 0 0 0
-13 -4 8 6 7

17.61% 1.84% 14.31% 22.35% 18.90%

22.24% 2.51% 22.58% 28.14% 24.49%
370.84% 45.18% 419.63% 7716.67% 7980.38%
 TATA CONSULTANCY SERVICES LTD - Sales TATA CONSULTANCY SERVICES LTD - EBITDA
Year Weight Year Sales Sales Growth Year Weight Year EBITDA
1 2014A 81809.4 1 2014A 25152.8
2 2015A 94648.4 15.69% 2 2015A 24481.7
3 2016A 108646.0 14.79% 3 2016A 30677.0
4 2017A 117966.0 8.58% 4 2017A 32311.0
5 2018A 123104.0 4.36% 5 2018A 32516.0
6 2019A 146463.0 18.98% 6 2019A 39506.0
7 2020A 156949.0 7.16% 7 2020A 42109.0
8 2021A 164177.0 4.61% 8 2021A 46546.0
9 2022A 191754.0 16.80% 9 2022A 53057.0
10 2023A 225458.0 17.58% 10 2023A 59259.0
11 2024E #NAME? #NAME? 11 2024E #NAME?
12 2025E #NAME? #NAME? 12 2025E #NAME?
13 2026E #NAME? #NAME? 13 2026E #NAME?
14 2027E #NAME? #NAME? 14 2027E #NAME?
15 2028E #NAME? #NAME? 15 2028E #NAME?

Sales Forecast EBITDA Forecast

250000.0 0.2 70000.0
0.18 60000.0
200000.0 0.16
0.14 50000.0
150000.0 0.12 40000.0
0.1
100000.0 0.08 30000.0
0.06 20000.0
50000.0 0.04
10000.0
0.02
0.0 0 0.0
14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 14 15 16 17 18 19 20 21 22 23 24 25 26 27
20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20
RVICES LTD - EBITDA TATA CONSULTANCY SERVICES LTD - Earnings per Share
EBITDA Growth Year WeighYear EPS EPS Growth
1 2014A 45.2
-2.67% 2 2015A 41.7 -7.66%
25.31% 3 2016A 53.9 29.30%
5.33% 4 2017A 56.2 4.15%
0.63% 5 2018A 58.1 3.41%
21.50% 6 2019A 72.6 25.03%
6.59% 7 2020A 74.2 2.22%
10.54% 8 2021A 82.8 11.61%
13.99% 9 2022A 94.1 13.58%
11.69% 10 2023A 106.2 12.85%
#NAME? 11 2024E #NAME? #NAME?
#NAME? 12 2025E #NAME? #NAME?
#NAME? 13 2026E #NAME? #NAME?
#NAME? 14 2027E #NAME? #NAME?
#NAME? 15 2028E #NAME? #NAME?

Forecast EPS Forecast

0.3 120.0 0.35
0.25 0.3
100.0
0.25
0.2
80.0 0.2
0.15 0.15
60.0
0.1 0.1
40.0 0.05
0.05
0
0 20.0
-0.05
-0.05 0.0 -0.1
21 022 023 024 025 026 027 028 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
2 2 2 2 2 2 2 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20
 Common Size Income Statement -TATA CONSULTANCY SERVICES LTD

Particulars Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Raw Material Cost 0.00% 0.00% 0.00% 0.08% 0.07% 0.03% 0.01%
Change in Inventory 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Power and Fuel 0.64% 0.61% 0.00% 0.00% 0.00% 0.00% 0.00%
Other Mfr. Exp 25.02% 25.87% 2.37% 2.30% 2.12% 1.52% 1.20%
Employee Cost 36.50% 40.89% 50.94% 52.24% 53.93% 53.42% 54.76%
Selling and admin 5.23% 5.12% 14.35% 13.90% 13.65% 13.92% 13.08%
Other Expenses 1.86% 1.65% 4.11% 4.10% 3.80% 4.13% 4.11%
Other Income 2.00% 3.93% 2.84% 3.58% 2.96% 2.94% 2.93%
Depreciation 1.65% 1.90% 1.74% 1.68% 1.64% 1.40% 2.25%
Interest 0.05% 0.11% 0.03% 0.03% 0.04% 0.14% 0.59%
Profit before tax 31.05% 27.79% 29.31% 29.26% 27.69% 28.38% 26.92%
Tax 7.42% 6.59% 6.90% 6.91% 6.67% 6.83% 6.24%
Net profit 23.43% 20.97% 22.34% 22.29% 20.98% 21.49% 20.61%
Dividend Amount 7.66% 16.35% 7.89% 7.85% 7.76% 7.68% 17.44%
EBITDA 30.75% 25.87% 28.24% 27.39% 26.41% 26.97% 26.83%

Particulars Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

Total Liabilities 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Equity Share Capital 0.29% 0.27% 0.22% 0.19% 0.18% 0.33% 0.31%
Reserves 73.32% 68.79% 80.27% 84.06% 80.80% 78.20% 69.72%
Borrowings 0.44% 0.49% 0.28% 0.28% 0.23% 0.05% 6.80%
Other Liabilities 25.94% 30.45% 19.23% 15.47% 18.79% 21.42% 23.16%

Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Net Block 14.28% 15.87% 13.34% 11.43% 11.39% 10.79% 17.42%
Capital Work in Progress 4.74% 3.77% 1.89% 1.51% 1.22% 0.85% 0.75%
Investments 5.14% 2.27% 25.85% 41.02% 34.25% 25.75% 21.94%
Other Assets 75.84% 78.09% 58.92% 46.04% 53.14% 62.61% 59.88%

Receivables 27.28% 27.88% 27.27% 22.10% 23.73% 24.01% 25.42%

Inventory 0.02% 0.02% 0.02% 0.02% 0.02% 0.01% 0.00%
Cash & Bank 21.61% 25.31% 7.69% 4.05% 6.81% 11.28% 8.05%
RVICES LTD

Mar-21 Mar-22 Mar-23

100.00% 100.00% 100.00%

0.01% 0.02% 0.02%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.88% 0.59% 0.82%
55.92% 56.09% 56.56%
11.16% 12.09% 12.82%
3.67% 3.54% 3.50%
1.17% 2.10% 1.53%
2.48% 2.40% 2.23%
0.39% 0.41% 0.35%
26.65% 26.95% 25.24%
6.82% 6.90% 6.48%
19.75% 19.99% 18.69%
8.56% 8.21% 18.67%
28.35% 27.67% 26.28%

Mar-21 Mar-22 Mar-23

100.00% 100.00% 100.00%

0.28% 0.26% 0.26%
66.21% 62.99% 63.04%
6.00% 5.55% 5.38%
27.51% 31.20% 31.32%

100.00% 100.00% 100.00%

16.17% 15.11% 14.36%
0.71% 0.86% 0.86%
22.60% 21.63% 26.01%
60.52% 62.40% 58.76%

23.14% 29.67% 34.97%

0.01% 0.01% 0.02%
7.18% 12.93% 7.72%
COMPANY NAME TATA CONSULTANCY SERVICES LTD
LATEST VERSION 2.10 PLEAS
CURRENT VERSION 2.10

META
Number of shares 362.49
Face Value 1.00
Current Price 3,977.30
Market Capitalization 1,441,712.68

PROFIT & LOSS

Report Date Mar-14 Mar-15 Mar-16 Mar-17
Sales 81,809.36 94,648.41 108,646.00 117,966.00
Raw Material Cost 94.00
Change in Inventory 1.00
Power and Fuel 527.10 573.87
Other Mfr. Exp 20,466.04 24,485.93 2,571.00 2,715.00
Employee Cost 29,860.01 38,701.15 55,348.00 61,621.00
Selling and admin 4,278.52 4,842.25 15,589.00 16,392.00
Other Expenses 1,524.90 1,563.50 4,461.00 4,834.00
Other Income 1,636.74 3,719.66 3,084.00 4,221.00
Depreciation 1,349.15 1,798.69 1,888.00 1,987.00
Interest 38.52 104.19 33.00 32.00
Profit before tax 25,401.86 26,298.49 31,840.00 34,513.00
Tax 6,069.99 6,238.79 7,502.00 8,156.00
Net profit 19,163.87 19,852.18 24,270.00 26,289.00
Dividend Amount 6,267.84 15,473.73 8,569.50 9,259.00

Quarters
Report Date Sep-21 Dec-21 Mar-22 Jun-22
Sales 46,867.00 48,885.00 50,591.00 52,758.00
Expenses 33,751.00 35,452.00 36,746.00 39,342.00
Other Income 1,111.00 1,205.00 981.00 789.00
Depreciation 1,116.00 1,196.00 1,217.00 1,230.00
Interest 142.00 251.00 245.00 199.00
Profit before tax 12,969.00 13,191.00 13,364.00 12,776.00
Tax 3,316.00 3,385.00 3,405.00 3,257.00
Net profit 9,624.00 9,769.00 9,926.00 9,478.00
Operating Profit 13,116.00 13,433.00 13,845.00 13,416.00
BALANCE SHEET
Report Date Mar-14 Mar-15 Mar-16 Mar-17
Equity Share Capital 195.87 195.87 197.00 197.00
Reserves 48,998.89 50,438.89 70,875.00 86,017.00
Borrowings 296.87 357.70 245.00 289.00
Other Liabilities 17,337.35 22,325.46 16,974.00 15,830.00
Total 66,828.98 73,317.92 88,291.00 102,333.00
Net Block 9,544.33 11,638.17 11,774.00 11,701.00
Capital Work in Progress 3,168.48 2,766.37 1,670.00 1,541.00
Investments 3,433.74 1,661.78 22,822.00 41,980.00
Other Assets 50,682.43 57,251.60 52,025.00 47,111.00
Total 66,828.98 73,317.92 88,291.00 102,333.00
Receivables 18,230.40 20,437.94 24,073.00 22,617.00
Inventory 15.21 16.07 16.00 21.00
Cash & Bank 14,441.84 18,556.04 6,788.00 4,149.00
No. of Equity Shares ### ### ### ###
New Bonus Shares
Face value 1.00 1.00 1.00 1.00

CASH FLOW:
Report Date Mar-14 Mar-15 Mar-16 Mar-17
Cash from Operating Activity 14,751.41 19,368.78 19,109.00 25,223.00
Cash from Investing Activity -9,451.67 -1,807.14 -5,010.00 -16,895.00
Cash from Financing Activity -5,673.24 -17,167.61 -9,666.00 -11,026.00
Net Cash Flow -373.50 394.03 4,433.00 -2,698.00

PRICE: 1,066.58 1,276.98 1,260.15 1,215.90

DERIVED:
Adjusted Equity Shares in Cr 391.75 391.75 394.09 394.09
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

123,104.00 146,463.00 156,949.00 164,177.00 191,754.00 225,458.00
86.00 40.00 18.00 14.00 29.00 37.00

2,614.00 2,230.00 1,887.00 1,448.00 1,134.00 1,844.00

66,396.00 78,246.00 85,952.00 91,814.00 107,554.00 127,522.00
16,808.00 20,387.00 20,527.00 18,322.00 23,187.00 28,913.00
4,684.00 6,054.00 6,456.00 6,033.00 6,793.00 7,883.00
3,642.00 4,311.00 4,592.00 1,916.00 4,018.00 3,449.00
2,014.00 2,056.00 3,529.00 4,065.00 4,604.00 5,022.00
52.00 198.00 924.00 637.00 784.00 779.00
34,092.00 41,563.00 42,248.00 43,760.00 51,687.00 56,907.00
8,212.00 10,001.00 9,801.00 11,198.00 13,238.00 14,604.00
25,826.00 31,472.00 32,340.00 32,430.00 38,327.00 42,147.00
9,550.00 11,250.00 27,375.00 14,060.00 15,738.00 42,090.00

Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23

55,309.00 58,229.00 59,162.00 59,381.00 59,692.00 60,583.00
40,793.00 42,676.00 43,388.00 44,383.00 43,946.00 44,195.00
965.00 520.00 1,175.00 1,397.00 1,006.00 -96.00
1,237.00 1,269.00 1,286.00 1,243.00 1,263.00 1,233.00
148.00 160.00 272.00 163.00 159.00 230.00
14,096.00 14,644.00 15,391.00 14,989.00 15,330.00 14,829.00
3,631.00 3,761.00 3,955.00 3,869.00 3,950.00 3,732.00
10,431.00 10,846.00 11,392.00 11,074.00 11,342.00 11,058.00
14,516.00 15,553.00 15,774.00 14,998.00 15,746.00 16,388.00
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
191.00 375.00 375.00 370.00 366.00 366.00
84,937.00 89,071.00 83,751.00 86,063.00 88,773.00 90,058.00
247.00 62.00 8,174.00 7,795.00 7,818.00 7,688.00
19,751.00 24,393.00 27,820.00 35,764.00 43,967.00 44,747.00
105,126.00 113,901.00 120,120.00 129,992.00 140,924.00 142,859.00
11,973.00 12,290.00 20,928.00 21,021.00 21,298.00 20,515.00
1,278.00 963.00 906.00 926.00 1,205.00 1,234.00
36,008.00 29,330.00 26,356.00 29,373.00 30,485.00 37,163.00
55,867.00 71,318.00 71,930.00 78,672.00 87,936.00 83,947.00
105,126.00 113,901.00 120,120.00 129,992.00 140,924.00 142,859.00
24,943.00 27,346.00 30,532.00 30,079.00 41,810.00 49,954.00
26.00 10.00 5.00 8.00 20.00 28.00
7,161.00 12,848.00 9,666.00 9,329.00 18,221.00 11,032.00
### ### ### ### ### ###

1.00 1.00 1.00 1.00 1.00 1.00

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

25,067.00 28,593.00 32,369.00 38,802.00 39,949.00 41,965.00
3,104.00 1,645.00 8,968.00 -7,956.00 -738.00 548.00
-26,885.00 -27,897.00 -39,915.00 -32,634.00 -33,581.00 -47,878.00
1,286.00 2,341.00 1,422.00 -1,788.00 5,630.00 -5,365.00

1,424.58 2,001.65 1,826.10 3,177.85 3,739.95 3,205.90

382.86 375.24 375.24 369.91 365.91 365.91

 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
Cash from Operating Activity - 18,384 22,163 36,151 35,531 37,900 30,199 23,857
Profit from operations 22,432 24,406 36,303 43,397 38,626 28,840 33,312
Receivables -6,659 -5,177 445 -3,179 -2,223 -4,152 -10,688
Inventory -2,719 -2,656 -2,853 -3,692 -5,743 -6,621 -3,560
Payables 5,867 8,132 4,694 3,598 3,947 9,301 7,320
Loans Advances 0 0 0 0 -520 0 0
Other WC items 1,231 -303 1,870 -398 5,852 4,727 494
Working capital changes -2,280 -3 4,157 -3,672 1,313 3,254 -6,434
Direct taxes -1,768 -2,240 -4,308 -4,194 -2,040 -1,895 -3,021
Cash from Investing Activity - -19,464 -22,969 -27,991 -36,232 -36,694 -39,571 -25,139
Fixed assets purchased -13,876 -18,863 -26,975 -31,962 -31,503 -16,072 -35,079
Fixed assets sold 93 37 50 74 59 53 30
Investments purchased -5,857 73 -429 -5,461 -4,728 -6 -329
Investments sold 84 34 4 42 89 1,965 2,381
Interest received 467 713 653 698 731 638 690
Dividends received 70 95 40 80 58 620 1,797
Invest in subsidiaries -304 0 0 0 0 0 0
Investment in group cos -9 0 0 -160 0 -107 -4
Redemp n Canc of Shares 0 0 0 0 0 0 14
Acquisition of companies 0 0 -185 0 -111 0 0
Inter corporate deposits -3 45 0 0 0 0 0
Other investing items -129 -5,103 -1,149 456 -1,289 -26,663 5,360
Cash from Financing Activity - 6,567 -1,692 -3,883 5,201 -3,795 6,205 2,012
Proceeds from shares 139 1 0 0 7,433 5 0
Redemption of debentures 0 -97 -658 -744 0 0 0
Proceeds from borrowings 27,462 27,863 33,258 36,363 19,519 33,390 37,482
Repayment of borrowings -15,010 -20,395 -29,141 -23,332 -24,924 -21,732 -29,964
Interest paid fin -3,374 -4,666 -6,171 -6,307 -5,716 -5,336 -5,411
Dividends paid -1,503 -1,551 -722 -720 -108 -121 -96
Financial liabilities 0 0 0 0 0 0 0
Other financing items -1,147 -2,849 -450 -57 0 0 0
Net Cash Flow 5,488 -2,499 4,277 4,500 -2,589 -3,167 730
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
18,891 26,633 29,001 14,283 35,388
28,771 23,352 31,198 26,943 41,694
-9,109 9,950 -5,505 185 -2,213
2,069 2,326 3,814 472 -5,665
-4,692 -8,085 5,748 -7,012 6,945
0 0 0 0 0
4,512 875 -4,150 -4,396 -2,194
-7,221 5,065 -93 -10,750 -3,127
-2,659 -1,785 -2,105 -1,910 -3,179
-20,878 -33,115 -25,672 -4,444 -15,417
-35,304 -29,702 -20,205 -15,168 -19,230
67 171 351 230 285
-130 -1,439 -7,530 -3,008 -50
5,644 21 226 104 6,895
761 1,104 428 653 973
232 21 18 32 46
0 0 0 0 0
-9 -606 -10 0 0
533 0 0 0 19
-8 -27 0 -98 0
0 0 0 0 0
7,335 -2,659 1,051 12,813 -4,357
8,830 3,390 9,904 -3,380 -26,243
0 3,889 2,603 19 20
0 0 0 0 0
51,128 38,297 46,641 46,578 43,934
-35,198 -29,847 -29,709 -42,816 -62,557
-7,005 -7,518 -8,123 -9,251 -9,336
-95 -57 -30 -100 -141
0 -1,346 -1,477 -1,559 -1,517
0 -29 0 3,750 3,355
6,843 -3,092 13,232 6,459 -6,272