Balance sheet of

Mar '06 Mar '07 Mar '08 Mar '09 Mar '10
TCS
12 mths 12 mths 12 mths 12 mths 12 mths

Sources Of Funds
Total Share Capital 48.93 97.86 197.86 197.86 295.72
Equity Share Capital 48.93 97.86 97.86 97.86 195.72
Share Application Money 0.00 0.00 0.00 0.00 0.00
Preference Share Capital 0.00 0.00 100.00 100.00 100.00
Reserves 5,560.40 7,961.13 10,806.95 13,248.39 14,820.90
Revaluation Reserves 0.00 0.00 0.00 0.00 0.00
Networth 5,609.33 8,058.99 11,004.81 13,446.25 15,116.62
Secured Loans 26.52 41.76 9.27 32.63 29.25
Unsecured Loans 8.98 8.98 8.98 7.74 6.49
Total Debt 35.50 50.74 18.25 40.37 35.74
Total Liabilities 5,644.83 8,109.73 11,023.06 13,486.62 15,152.36
Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Application Of Funds
Gross Block 1,695.13 2,315.36 3,240.64 4,359.24 4,871.21
Less: Accum. Depreciation 525.35 854.75 1,300.11 1,690.16 2,110.69
Net Block 1,169.78 1,460.61 1,940.53 2,669.08 2,760.52
Capital Work in Progress 280.00 757.85 889.74 685.13 940.72
Investments 1,963.52 3,252.04 4,509.33 5,936.03 7,893.39
Inventories 22.94 12.06 17.19 16.95 6.78
Sundry Debtors 2,326.63 2,799.80 3,747.01 3,717.73 3,332.30
Cash and Bank Balance 170.61 314.66 402.24 479.93 212.31
Total Current Assets 2,520.18 3,126.52 4,166.44 4,214.61 3,551.39
Loans and Advances 1,490.57 1,925.74 3,104.74 3,910.85 4,101.84
Fixed Deposits 0.56 242.48 125.28 1,125.33 3,183.85
Total CA, Loans & Advances 4,011.31 5,294.74 7,396.46 9,250.79 10,837.08
Deffered Credit 0.00 0.00 0.00 0.00 0.00
Current Liabilities 1,239.24 1,750.46 2,525.56 3,604.18 3,352.74
Provisions 540.54 905.05 1,187.44 1,450.23 3,926.61
Total CL & Provisions 1,779.78 2,655.51 3,713.00 5,054.41 7,279.35
Net Current Assets 2,231.53 2,639.23 3,683.46 4,196.38 3,557.73
Miscellaneous Expenses 0.00 0.00 0.00 0.00 0.00
Total Assets 5,644.83 8,109.73 11,023.06 13,486.62 15,152.36
Contingent Liabilities 851.64 3,003.25 2,726.11 2,924.33 3,292.50
Book Value (Rs) 114.64 82.35 111.43 136.38 76.72

Source : Religare Technova

Profit & Loss account

------------------- in Rs. Cr. -------------------
of Tata Consultancy
Services
Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Income
11,236.0
Sales Turnover 14,942.09 18,536.55 22,404.00 23,044.84
1
Excise Duty 5.51 2.12 2.83 2.08 0.39
11,230.5
Net Sales 14,939.97 18,533.72 22,401.92 23,044.45
0
Other Income -1.19 216.04 440.45 -456.24 182.10
Stock Adjustments 4.14 -2.79 -0.04 1.73 -1.38
11,233.4
Total Income 15,153.22 18,974.13 21,947.41 23,225.17
5
Expenditure
Raw Materials 161.50 22.02 45.81 53.67 23.75
Power & Fuel Cost 66.85 93.89 135.57 164.34 183.62
Employee Cost 5,113.96 6,186.85 6,015.19 7,370.09 7,882.43
Other Manufacturing Expenses 793.01 3,095.82 5,687.82 6,947.60 6,446.99
Selling and Admin Expenses 756.39 765.08 991.43 1,218.41 1,268.03
Miscellaneous Expenses 1,005.52 472.04 632.25 628.71 571.08
Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 0.00
Total Expenses 7,897.23 10,635.70 13,508.07 16,382.82 16,375.90
Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Operating Profit 3,337.41 4,301.48 5,025.61 6,020.83 6,667.17

PBDIT 3,336.22 4,517.52 5,466.06 5,564.59 6,849.27
Interest 4.49 3.43 3.42 7.44 9.54
PBDT 3,331.73 4,514.09 5,462.64 5,557.15 6,839.73
Depreciation 257.38 343.41 458.78 417.46 469.35
Other Written Off 0.00 0.00 0.00 0.00 0.00
Profit Before Tax 3,074.35 4,170.68 5,003.86 5,139.69 6,370.38
Extra-ordinary items -38.03 -2.59 -37.52 -103.11 -13.98
PBT (Post Extra-ord Items) 3,036.32 4,168.09 4,966.34 5,036.58 6,356.40
Tax 319.45 410.80 457.58 340.37 737.89
Reported Net Profit 2,716.87 3,757.29 4,508.76 4,696.21 5,618.51
Total Value Addition 7,735.73 10,613.68 13,462.26 16,329.15 16,352.15
Preference Dividend 0.00 0.00 0.08 7.00 17.00
Equity Dividend 660.56 1,125.39 1,370.05 1,370.05 3,914.43
Corporate Dividend Tax 92.64 169.48 232.85 234.02 657.51
Per share data (annualised)
Shares in issue (lakhs) 4,893.05 9,786.10 9,786.10 9,786.10 19,572.21
Earning Per Share (Rs) 55.53 38.39 46.07 47.92 28.62
Equity Dividend (%) 1,350.00 1,150.00 1,400.00 1,400.00 2,000.00
Book Value (Rs) 114.64 82.35 111.43 136.38 76.72

Source : Religare Technova

Cash Flow of Tata ------------------- in Rs. Cr. -------------------
Consultancy Services

Cash flow Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Net Profit Before Tax 3074.35 4170.68 5003.86 5139.68 6370.38
Net Cash From Operating Activities 2344.42 3551.26 3827.91 4874.12 6264.74
Net Cash (used in)/from
-1464.97 -2076.42 -2404.90 -3162.22 -4556.64
Investing Activities
Net Cash (used in)/from Financing Activities -882.30 -1075.35 -1424.77 -1588.25 -1969.65
Net (decrease)/increase In Cash and Cash
-5.10 385.97 -29.62 123.65 -261.55
Equivalents
Opening Cash & Cash Equivalents 176.27 171.17 557.14 417.00 554.83
Closing Cash & Cash Equivalents 171.17 557.14 527.52 540.65 293.28

Source : Religare Technova

RATIOS ANALYSIS
Mar
Mar '07 Mar '08 Mar '09 Mar '10
'06

Investment Valuation Ratios

Face Value 1.00 1.00 1.00 1.00 1.00
Dividend Per Share 13.50 11.50 14.00 14.00 20.00
Operating Profit Per Share (Rs) 68.21 43.95 51.35 61.52 34.06
Net Operating Profit Per Share (Rs) 229.52 152.67 189.39 228.92 117.74
Free Reserves Per Share (Rs) 113.86 80.25 110.22 134.37 75.24
Bonus in Equity Capital 18.61 59.30 59.30 59.30 79.65
Profitability Ratios
Operating Profit Margin(%) 29.71 28.79 27.11 26.87 28.93
Profit Before Interest And Tax Margin(%) 27.26 26.34 24.42 24.75 26.62
Gross Profit Margin(%) 30.07 29.17 24.64 25.01 26.89
Cash Profit Margin(%) 26.33 27.29 25.29 26.09 26.44
Adjusted Cash Margin(%) 27.25 26.44 25.29 26.09 26.44
Net Profit Margin(%) 24.05 25.00 24.11 20.74 24.13
Adjusted Net Profit Margin(%) 24.97 24.15 24.11 20.74 24.13
Return On Capital Employed(%) 55.70 49.87 42.92 43.27 42.46
Return On Net Worth(%) 48.43 46.62 41.34 35.13 37.30
Adjusted Return on Net Worth(%) 50.28 45.04 39.16 41.06 37.75
Return on Assets Excluding Revaluations 36.59 34.90 30.60 136.38 76.72
Return on Assets Including Revaluations 36.59 34.90 30.60 136.38 76.72
Return on Long Term Funds(%) 55.97 50.12 42.96 43.27 42.46
Liquidity And Solvency Ratios
Current Ratio 2.19 1.93 1.98 1.83 1.49
Quick Ratio 2.22 1.98 1.97 1.83 1.48
Debt Equity Ratio 0.01 0.01 0.01 0.01 0.01
Long Term Debt Equity Ratio -- -- 0.01 0.01 0.01
Debt Coverage Ratios
Interest Cover 700.35 1,179.14 1,383.58 784.41 674.43
Total Debt to Owners Fund 0.01 0.01 0.01 0.01 0.01
Financial Charges Coverage Ratio 757.67 1,279.26 1,517.73 840.52 723.63
Financial Charges Coverage Ratio Post Tax 663.42 1,196.54 1,453.50 688.32 639.14
Management Efficiency Ratios
Inventory Turnover Ratio 492.37 1,245.97 1,137.21 1,321.77 3,398.94
Debtors Turnover Ratio 5.93 5.83 5.66 6.00 6.54
Investments Turnover Ratio 536.84 1,412.30 1,137.21 1,321.77 3,398.94
Fixed Assets Turnover Ratio 9.11 8.20 5.74 5.15 4.74
Total Assets Turnover Ratio 1.99 1.85 1.68 1.66 1.52
Asset Turnover Ratio 6.68 6.49 5.74 5.15 4.74

Average Raw Material Holding 85.76 144.33 98.28 93.98 72.97

Average Finished Goods Held 0.48 0.05 0.03 0.07 0.04
Number of Days In Working Capital 71.53 63.60 71.55 67.44 55.58
Profit & Loss Account Ratios
Material Cost Composition 1.43 0.14 0.24 0.23 0.10
Imported Composition of Raw Materials
80.37 70.79 80.43 79.74 78.67
Consumed
Selling Distribution Cost Composition 0.10 0.20 0.14 0.09 0.03
Expenses as Composition of Total Sales 90.17 92.38 90.51 93.01 92.38
Cash Flow Indicator Ratios
Dividend Payout Ratio Net Profit 27.72 34.46 35.55 34.20 81.61
Dividend Payout Ratio Cash Profit 25.32 31.57 32.26 31.41 75.30
Earning Retention Ratio 73.30 64.34 62.47 70.74 19.37
Cash Earning Retention Ratio 75.53 67.42 66.11 72.81 25.53
AdjustedCash Flow Times 0.01 0.01 0.00 0.01 0.01

Mar
Mar '07 Mar '08 Mar '09 Mar '10
'06
 Earnings Per Share 55.53 38.39 46.07 47.92 28.62
Book Value 114.64 82.35 111.43 136.38 76.72

Quarterly Results of
Tata Consultancy ------------------- in Rs. Cr. -------------------

Services

Jun '09 Sep '09 Dec '09 Mar '10 J

Sales Turnover 5,609.60 5,744.40 5,883.39 5,807.06 6,

Other Income 1.26 -25.36 40.36 161.34
Total Income 5,610.86 5,719.04 5,923.75 5,968.40 6,
Total Expenses 4,055.37 4,072.02 4,035.02 4,210.37 4,
Operating Profit 1,554.23 1,672.38 1,848.37 1,596.69 1,
Profit On Sale Of Assets -- -- -- --
Profit On Sale Of Investments -- -- -- --
Gain/Loss On Foreign Exchange -- -- -- --
VRS Adjustment -- -- -- --
Other Extraordinary Income/Expenses -- -- -- --
Total Extraordinary Income/Expenses -- -- -- --
Tax On Extraordinary Items -- -- -- --
Net Extra Ordinary Income/Expenses -- -- -- --
Gross Profit 1,555.49 1,647.02 1,888.73 1,758.03 1,
Interest 1.44 1.42 2.51 4.17
PBDT 1,554.05 1,645.60 1,886.22 1,753.86 1,
Depreciation 113.20 118.97 118.41 118.77
Depreciation On Revaluation Of Assets -- -- -- --
PBT 1,440.85 1,526.63 1,767.81 1,635.09 1,
Tax 164.41 179.03 213.61 194.82
Net Profit 1,276.44 1,347.60 1,554.20 1,440.27 1,
Prior Years Income/Expenses -- -- -- --
Depreciation for Previous Years Written Back/ Provided -- -- -- --
Dividend -- -- -- --
Dividend Tax -- -- -- --
Dividend (%) -- -- -- --
Earnings Per Share 6.52 6.89 7.94 7.36
Book Value -- -- -- --
Equity 195.72 195.72 195.72 195.72
Reserves -- -- -- 14,820.90
Face Value 1.00 1.00 1.00 1.00
Source : Religare Technova

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