Bhavan’s Vivekananda College

Of Science, Humanities and Commerce

Sainikpuri, Secunderabad
(Autonomous College)

Department of management Studies

MBA I Year I Semester

Mini Project

TATA CONSULTANCY SERVICES

SUJITHA CHATURVEDULA

140619672107

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 CERTIFICATE
This is to certify that mini project entitled Tata Consultancy Services
(TCS) Ltd.

is done by

Sujitha Chaturvedula

Roll No.: 140619672107

Group: M.B.A Semester -I

Academic year: 2019-2020

and is submitted for the Bhavans Vivekananda College of Science, Dec-

2019 which, is a record of bonafide work carried out by her. This mini
project is done as a partial fulfilment of obtaining MBA Degree

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 ACKNOLEDGEMENT

We express our sincere thankful and profound gratitude to

Dr.Y. ASHOK, principal of our college and Dr. CHAKRAVARTHY who
bestowed on us for bringing this project entitled “Tata Consultancy
Services (TCS)” for unflinching support and his encouragement for
this project.

We wish to regard our deep gratitude for his enthusiastic guidance and
valuable assistance.

We are obliged to all teaching and non-teaching staff house who helped
directly or indirectly in the project successfully.

Last but not the least, we would like to thank our parents and well-
wishers who encouraged for bringing out this project successfully.

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INTRODUCTION
Tata Consultancy Services Limited (TCS) is an Indian
multinational information technology (IT) service and consulting
company headquartered in Mumbai, Maharashtra, India. It is a
subsidiary of Tata Group and operates in 149 locations across 46
countries
TCS is the largest Indian company by market capitalization. Tata
consulting services is now placed among the most valuable IT
services brands worldwide.

Its early contracts included punched card services to sister

company TISCO (now Tata Steel), working on an Inter-Branch
Reconciliation System for the Central Bank of India, and
providing bureau services to Unit Trust of India.

In 2015, TCS was ranked 64th overall in the Forbes World's Most
Innovative Companies ranking, making it both the highest-ranked
IT services company and the top Indian company. It is the world's
largest IT services provider. As of 2018, it is ranked eleventh on
the Fortune India 500 list. In April 2018, TCS became the first
Indian IT company to reach $100 billion market capitalization,
and second Indian company ever (after Reliance Industries
achieved it in 2007) after its market capitalization stood at
₹6,79,332.81 crore ($102.6 billion) on the Bombay Stock
Exchange
In 2016-2017, Parent company Tata Sons owned 20% of TCS; and
more than 70% of Tata Sons' dividends were generated by TCS. In
March 2018, Tata Sons decided to sell stocks of TCS worth $1.25
billion in a bulk deal.

VISION

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  To decouple business growth and ecological footprint from
its operations to address the environment bottom-line.
 To grow sustainably and help our customers achieve
sustainable growth through our green solutions and service
offerings.

MISSION
To help customers achieve their business objectives by providing
innovative, best-in-class consulting, IT solutions and services & to
make it a joy for all stakeholders to work with us.

VALUES
Integrity, leading change, excellence, respect for the individual,
and fostering an environment of learning and sharing.

TAGLINE
“Experience Certainty”

Organization Heads
1. N. Chandrasekaran is the chairman of the Tata consultancy
services.
2. Rajesh Gopinathan is the CEO and Managing Director of
Tata Consultancy Services.

Headquarters
Mumbai, Maharashtra, India

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BUSINESS SERVED

MILESTONES
1968
 Tata Consultancy Services Limited, initially started as "Tata
Computer Systems" was founded by division of Tata Sons
Limited.

1975
 TCS delivered an electronic depository and trading system
called SECOM for the Swiss company SIS SegaInterSettle
(deutsch).

1980

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  TCS established India's first dedicated software research
and development centre, the Tata Research Development
and Design Centre (TRDDC) in Pune.

1981
 TCS established India's first client-dedicated offshore
development centre, set up for clients Tandem.

1993
 TCS partnered with Canada-based software factory Integrity
Software Corp, which TCS later acquired.

2004
 TCS became a Publicly Listed Company

2005
 TCS became the first India-based IT services company to
enter the bioinformatics market. In 2006, it designed an
ERP system for the Indian Railway Catering and Tourism
Corporation.

2008
 Its e-business activities were generating over US$500
million in annual revenues

2011
 TCS entered the small and medium enterprises market for
the first time

2013
 TCS was awarded a six-year contract worth over ₹1100
crore to provide services to the Indian Department of Posts.
 The firm moved from the 13th position to 10th position in
the League of top 10 global IT services companies.

2014
 It became the first Indian company with over Rs 5 lakh
crore market capitalization

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2015
 TCS ends RIL's 23-year run as most profitable firm.

2017
 The company announced a partnership with Aurus, Inc., a
payments technology company, to deliver payment
solutions for retailers using TCS OmniStore, a first of its
kind unified store commerce platform. In the same year,
TCS China was associated as a joint venture with the
Chinese government.

2019
 TCS announced its FY19 Q3 results posting 24 percent
year-on-year (YoY) rise in profit at Rs 8,105 crore. The stock
plunged 2.5 percent intra-day as brokerages cut price
target.
 TCS Honoured with Four Stevies at the 2019 American
Business Awards.

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

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AQUISITIONS

Employee
Acquisition Countr s
Name Activities Price
date y of HQ
(at acq.)
Gets Embedded Expertise &
2001 $33.9 good Domestic customer
CMC Limited IT Services IND 3,102
October m reach. CMC Amalgamated
with TCS on 28 April 2015.
Airline Financial Support 2004 BPO expertise in Airline and
BPO IND $5.1 m 400
Services India (AFSI) January Hospitality sector
Aviation Software
Development Consultancy 2004 March IT Services IND $3.1 m 180
India (ASDC)
Business Process $130 Acquire expertise in
Phoenix Global Solutions 2004 May IND 400
Outsourcing m insurance-domain consulting
Acquire blue-chip European
customers like Ericsson,
IKEA, Vattenfall and
Swedish Indian IT
2005 May IT Services SWE $4.8 m n/a Hutchison; SITAR was TCS’
Resources AB (SITAR)
exclusive partner in Sweden
and a non-exclusive partner
in Norway.

2005 $94.7 Acquired life and pension

Pearl Group Insurance UK 950 outsourcing business from
October m
Pearl Group; Domain

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 knowledge of life and
pension underwriting
business.
TCS acquired core banking
solution product (BANCS)
Financial Network Services 2005 Core Banking
AUS $26 m 190 and access to 116 customers
(FNS) October Product
in 35 countries; FNS was an
existing partner for TCS.
Entry into Latin America;
2005
Comicrom Banking BPO CHL $23 m 1,257 Access to payment
November
processing platform.
The merger of Tata Infotech
2006 $259.2
Tata Infotech IT Services IND 3,600 added 15 new Fortune 500
February m
clients.
2006
TCS Management IT Services AUS $13 m 35 Access to Australian clients
November
Expand product portfolio by
acquiring rights to Quartz
2006 $80.4 and ownership of Alpha and
TKS-Teknosoft Banking Product CH 115
November m e-portfolio, enhanced
presence in Switzerland and
France
TCS acquired key Banking
Citigroup Global Services 2008 Captive BPO $512
IND 12,472 and Financial Services (BFS)
Limited December of Citigroup Inc. m
domain knowledge.
2010 Captive IT/BPO $100 TCS had a deal with
Supervalu Services India IND 600
September unit of Supervalu m Supervalu to have their

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 Software Outsourcing to TCS
Inc. in India and acquired Supervalu
India.
Acquire expertise in High
Computational Research 2012 High Performance Performance Computing
IND $34 m 80
Laboratories August Computing (HPC) applications and Cloud
services
Access to blue-chip French
and European clients in
$97.5
Alti SA 2013 April IT Services FRA 1200 banking, luxury,
Mn
manufacturing and utilities
sectors
2018 Management Acquire expertise in US
BridgePoint Group USA
November consulting Retirement services

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ACHIEVEMENTS
TCS won the following awards:

 Learning/ Training Team of the Year

Gold Stevie Winner: Tata Consultancy Services, Mumbai,
Maharashtra, India: Talent Development Team

 Training Programs or Media – Leadership Training

Gold Stevie Winner: Tata Consultancy Services, Mumbai,
Maharashtra, India: Leveraging Leadership Potential as a
Business Advantage though Learning Interventions

 Achievement in Workforce Development and Learning

-Gold Stevie Winner: Tata Consultancy Services, Mumbai,
Maharashtra, India: Transforming the Workforce for Digital
Evolution at Accelerated Pace
- Bronze Stevie Winner: Tata Consultancy Services, Toronto,
ON Canada: TCS Canada

 Chief Learning Officer of the Year

Gold Stevie Winner: Tata Consultancy Services, Mumbai,
Maharashtra, India: Damodar Padhi, VP and Global Head of
Talent Development

 Human Resources Professional of the Year

Gold Stevie Winner: Tata Consultancy Services, Mumbai,
Maharashtra, India: Nidhi Raina, Global Head of Personal
Excellence Academy

 Achievement in Recruitment
Silver Stevie Winner: Tata Consultancy Services, Toronto,
ON Canada: TCS Canada

 Human Resources Team of the Year - Other

Silver Stevie Winner: Tata Consultancy Services, Mumbai,

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 Maharashtra, India: HR Interventions as a Strategic
Business Advantage in the Digital Era

 Employer of the Year – Computer Software – More Than

250 Employees
Bronze Stevie Winner: Tata Consultancy Services, Edison,
NJ USA

 Strategic Business Advantage in the Digital Era

Bronze Stevie Winner: Tata Consultancy Services, Edison,
NJ USA: Nurture people, enabling business growth,
empowering communities – the HR differentiator

 Achievement in HR Technology
Bronze Stevie Winner: Tata Consultancy Services, Toronto,
ON Canada: Digital Learning Platform (DLP)

HR PRACTICES
Talent Development:
 In FY 2018, TCS focused on internal talent development
at scale, making large investments in a digital learning
platform that empowers employees to acquire new skills
and stay relevant at a time of immense technology change.
At an overall level over 247,000 employees were trained in
digital technologies, resulting in them gaining over
860,000+ digital competencies.
 An inclusive learning pyramid has been designed for
learners at every level, including new hires, middle
managers, and technical architects, with programs defined
across technology, leadership, domain, and languages.
 Enabling the 5As of learning – Anyone to learn Anytime
Anywhere using Any content delivered on Any device – is

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 the key differentiator in translating the contextual
knowledge
Career Management:
TCS has launched multiple initiatives to help employees grow in
their careers:
 Career Hub: A platform enabling capture and fulfilment of
career aspirations of employees and providing them a
mentoring platform. Employees can choose their own
mentors based on a match with their aspirational skill sets.
 Inspire: A specialized program used to groom and provide
fast-track career progression to high-potential employees.
 Structured coaching programs at senior leadership levels to
help people realize their full potential.
 Leadership review and assessment profile of all leaders to
ensure the maintenance of a healthy succession pipeline.
Talent Engagement:
 Cara: AI-based HR assistant that answers employee
questions on HR policies.
 Milo: A chatbot that facilitates the mentoring process.
 Knome, KnowMax, GEMS: Platforms for social
collaboration, learning, sharing, and reward and recognition
within the organization.
 Safety First: Initiative focused on employee safety and
security. n Fit4life: Builds a fraternity of health- and
fitness-conscious employees and creates a culture of
fitness.
 Purpose4life: Forum for volunteering for community
projects in the areas of education, health, and the
environment.
 Maitree: Helps in improving employee bonding within the
organization and promoting work-life balance, thereby
increasing employee retention.

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  PULSE: Our annual employee engagement and satisfaction
survey; the organization’s formal listening forum.

Diversity and Inclusion:

 Talent Acquisition: Potential employees are selected purely
based on performance, merit, competence and potential and
any other parameters that may be specified in the
respective country’s policy on ‘Eligibility of Employment’.
Open positions and job descriptions are drafted to ensure
that they do not exclude people based on a diversity
parameter. Managers and recruiters are trained and
sensitised to understand and apply this policy during
recruitment.
 Talent Development Opportunities: All the associates are
provided the opportunity to develop individual and
organisational competencies through learning programs,
selection of which is uniform and based on role requirement
only.
 Talent Management: Decisions pertaining to performance
evaluation, career progression, promotions and
compensation, transfers and role movement are decided
purely based on performance, merit, competence and
potential and not limited by diversity parameter only.
 Assistance for Differently Abled Associates: Differently
abled associates are advised to inform the company about
the same and let them know of any reasonable adjustments
to their employment or working conditions which they
consider to be necessary for performance of their duties.
Careful consideration is given to such proposals and
adjustments are made if the proposal is reasonable enough.

Learning Programmes:

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 Topics covered during the ILP include (but are not limited
to) the following:
 TCS orientation
 Inter-cultural effectiveness
 Product development lifecycle
 Case studies
 Technical training specific to customer requirements
An array of training programs - including course work in
Technologies, Domains, Quality, Process and Soft Skills -
are offered through various training methodologies like
Instructor-Led Training, e-Learning, Computer & Video
Based Training, Guided Self-Study, In Project "On the Job"
Training, and External Training Programs. TCS associates
are encouraged to utilize these programs to obtain
certifications in a wide range of subject areas including the
latest technologies

Working Hours at TCS:

The purpose of this policy is to ensure that employees
comply with the required working hours and work timings
and effectively execute their official responsibilities during
these hours.
Provisions: It is mandatory for all TCS employees to adhere
to the working hours as defined below:
 TCS follows a 5-day working week from Monday to
Friday.
 The working hours for TCS are defined as 45 hours
per week.
 The work timings may vary across locations and all
employees are expected to adhere to the work timings
defined for their respective location.
Note: The break time would be as per the provisions of
the Shops & Establishments Act of the respective State

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 in which the employee is employed. The break is not
included in the mandatory 45 working hours per week.

Leaves and Holidays:

10 paid holidays per calendar year- 8 fixed for all branches;
2 Flexi holidays which differ from branch to branch and can
be chosen from a list.
16 Earned Leaves per financial year- Employees are
encouraged to utilize their leaves for better work-life
balance.
Casual Leaves- 7 working days per financial year
Sick Leaves- 10 Working days per financial year

PRODUCTS & SERVICES

TCS provides a wide range of information technology-related
products and services including application development,
business process outsourcing, capacity planning, consulting,
enterprise software, hardware sizing, payment processing,
software management, and technology education services. The
firm's established software products are TCS BaNCS and TCS
MasterCraft.

SERVICE LINES
TCS' services are currently organised into the following service
lines (percentage of total TCS revenues in the 2012-13 financial
year generated by each respective service line is shown in
parentheses):

• Application development and maintenance (43.80%) value;

• Asset leverage solutions (2.70%);

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• Assurance services (7.70%);
• Business process outsourcing (12.50%);
• Consulting (2.00%);
• Engineering and Industrial services (4.60%);
• Enterprise solution (15.21%); and
• IT infrastructure services (11.50%).

MARKET SHARE

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 Stock Yearly High/Low

Year Ending High High Date Low Low Date

19-12-2019 2,296.00 03-09-2019 1,809.55 15-01-2019

31-12-2018 2,273.00 01-10-2018 1,311.35 02-01-2018

29-12-2017 1,387.00 13-11-2017 1,077.15 02-02-2017

30-12-2016 1,370.00 12-08-2016 1,027.35 15-11-2016

31-12-2015 1,405.00 04-03-2015 1,158.33 07-12-2015

31-12-2014 1,417.00 07-10-2014 1,000.25 19-05-2014

31-12-2013 1,129.03 15-10-2013 627.5 10-01-2013

31-12-2012 719 14-09-2012 523.28 23-04-2012

30-12-2011 623.5 06-04-2011 451.45 22-08-2011

31-12-2010 589.5 31-12-2010 346 25-05-2010

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 TCS LIMITED

Price History
Price Rs 2,222.6 % ch % -0.3
No. of
Mkt Cap Rs m 8,509,199 shares m 3,828.58
Vol '000 139.7 % ch week % 7.3
P/E X 26.2 % ch 1-mth % 5.4
P/CF X 25.3 % ch 12-mth % 13.6
2,296.0/1,809.
EPS (TTM) Rs 84.8 52 week H/L Rs 6
(As on Dec 20, 2019 (Close))

Financials
No. of Months 12 12 12 12 12
* Results Consolidated Year Ending Mar-15* Mar-16* Mar-17* Mar-18* Mar-19*
EQUITY SHARE DATA
High Rs 2,834 2,769 2,732 3,195 3,604
Low Rs 2,001 2,119 2,105 2,272 1,722
Sales per share (Unadj.) Rs 483.2 551.4 598.7 643.1 390.3
Earnings per share (Unadj.) Rs 101.4 123.5 133.8 135.2 84.1
Diluted earnings per share Rs 51.9 63.6 68.8 67.6 82.4
Cash flow per share (Unadj.) Rs 110.5 133.1 143.8 145.7 89.6
Dividends per share (Unadj.) Rs 79.00 27.00 47.00 29.00 30.00
Adj. dividends per share Rs 40.42 13.90 24.19 14.50 29.40
Dividend yield (eoy) % 3.3 1.1 1.9 1.1 1.1
Book value per share
(Unadj.) Rs 286.2 360.7 437.5 444.7 238.4
Adj. book value per share Rs 146.4 185.6 225.2 222.3 233.6
Shares outstanding (eoy) m 1,958.72 1,970.43 1,970.43 1,914.29 3,752.38
Bonus/Rights/Conversions - IS - BB B
Price / Sales ratio x 5.0 4.4 4.0 4.3 6.8
Avg P/E ratio x 23.8 19.8 18.1 20.2 31.7
P/CF ratio (eoy) x 21.9 18.4 16.8 18.8 29.7
Price / Book Value ratio x 8.4 6.8 5.5 6.1 11.2

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Dividend payout % 77.9 21.9 35.1 21.5 35.7
5,232,90
Avg Mkt Cap Rs m 4,734,716 4,815,731 4,765,978 3 9,991,275
No. of employees `000 319.7 350.0 387.0 395.0 424.3
Total wages/salary Rs m 387,012 553,480 616,210 663,960 782,460
Avg. sales/employee Rs Th 2,960.9 3,104.2 3,048.2 3,116.6 3,452.0
Avg. wages/employee Rs Th 1,210.7 1,581.4 1,592.3 1,680.9 1,844.2
Avg. net profit/employee Rs Th 621.0 695.4 681.1 655.2 743.9
INCOME DATA
1,231,04
Net Sales Rs m 946,484 1,086,460 1,179,660 0 1,464,630
Other income Rs m 32,299 30,840 42,210 36,420 43,110
1,267,46
Total revenues Rs m 978,783 1,117,300 1,221,870 0 1,507,740
Gross profit Rs m 244,817 306,770 323,110 325,160 395,060
Depreciation Rs m 17,987 18,880 19,870 20,140 20,560
Interest Rs m 1,042 330 320 520 1,980
Profit before tax Rs m 258,087 318,400 345,130 340,920 415,630
Minority Interest Rs m -2,075 0 0 0 0
Prior Period Items Rs m 0 0 0 0 0
Extraordinary Inc (Exp) Rs m 4,898 0 0 0 0
Tax Rs m 62,388 75,020 81,560 82,120 100,010
Profit after tax Rs m 198,522 243,380 263,570 258,800 315,620
Gross profit margin % 25.9 28.2 27.4 26.4 27.0
Effective tax rate % 24.2 23.6 23.6 24.1 24.1
Net profit margin % 21.0 22.4 22.3 21.0 21.5
BALANCE SHEET DATA
Current assets Rs m 489,010 632,130 803,160 812,240 921,310
Current liabilities Rs m 146,720 155,690 145,120 178,280 220,840
Networking cap to sales % 36.2 43.9 55.8 51.5 47.8
Current ratio x 3.3 4.1 5.5 4.6 4.2
Inventory Days Days 0 0 0 0 0
Debtors Days Days 79 81 70 74 68
Net fixed assets Rs m 131,950 134,440 132,420 132,510 132,530
Share capital Rs m 1,970 1,970 1,970 1,910 3,750

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"Free" reserves Rs m 558,560 708,750 860,170 849,370 890,710
Net worth Rs m 560,530 710,720 862,140 851,280 894,460
Long term debt Rs m 1,150 830 710 540 440
1,062,96
Total assets Rs m 729,660 890,960 1,032,520 0 1,149,430
Interest coverage x 248.7 965.8 1,079.5 656.6 210.9
Debt to equity ratio x 0 0 0 0 0
Sales to assets ratio x 1.3 1.2 1.1 1.2 1.3
Return on assets % 27.4 27.4 25.6 24.4 27.6
Return on equity % 35.4 34.2 30.6 30.4 35.3
Return on capital % 46.6 44.8 40.0 40.1 46.7
Exports to sales % 0.5 0 0 0 0
Imports to sales % 0.6 0.5 0.5 0.6 0.3
Exports (fob) Rs m 4,696 0 0 0 0
Imports (cif) Rs m 5,706 5,021 5,610 7,680 4,470
Fx inflow Rs m 722,879 818,847 863,700 922,580 119,499
Fx outflow Rs m 253,162 300,566 321,140 337,820 497,830
Net fx Rs m 469,717 518,281 542,560 584,760 -378,331
CASH FLOW
From Operations Rs m 193,688 191,090 252,230 250,670 285,930
From Investments Rs m -17,013 -51,500 -167,320 28,860 15,960
From Financial Activity Rs m -171,676 -96,660 -110,260 -268,850 -278,970
Net Cashflow Rs m 3,940 44,330 -26,980 12,860 23,410
* Results Consolidated Source: Company Annual Reports, Regulatory Filings, Equitymaster

Share Holding
Indian Promoters: 72.1%
Foreign collaborators: 0.0%
Indian inst/Mut Fund: 2.2%
FIIs: 16.1%
ADR/GDR: 0.0%
Free float: 28.0%
Shareholders: 616,828
Pledged promoter(s) holding: 2.0%

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 Company Information
REGD OFF: 9th Floor, Nirmal Building., Nariman Point, Mumbai - 400 021
E-MAIL: investor.relations@tcs.com
WEB: www.tcs.com
TELEPHONE: (022) 6778 9595
FAX: (022) 6778 9660
SECTOR: SOFTWARE
GROUP: TATA
TSR Darashaw, H. Moosa Patrawala Ind. Est., E.Moses Rd.,
TR AGENT: Mumbai-11
AUDITOR: Deloitte Haskins & Sells
CHM: Cyrus Mistry
COMP SEC: Suprakash Mukhopadhyay
YEAR OF INC: 1960
BSE CODE: 532540
FV (Rs): 1
DIV YIELD (%): 1.3

24
 Comparative balance sheet of TCS
No. of
* Results 12 12
Months (+ or -) % change
Consolidated Mar-18* Mar-17*
Year Ending
Current assets Rs m 812,240 803,160 9080 1.131
Current liabilities Rs m 178,280 145,120 33160 22.850
Net fixed assets Rs m 132,510 132,420 90 0.068
Share capital Rs m 1,910 1,970 -60 -3.046
"Free" reserves Rs m 849,370 860,170 -10800 -1.256
Net worth Rs m 851,280 862,140 -10860 -1.260
Long term debt Rs m 540 710 -170 -23.944
Total assets Rs m 1,062,960 1,032,520 30440 2.948
Imports (cif) Rs m 7,680 5,610 2070 36.898
Fx inflow Rs m 922,580 863,700 58880 6.817
Fx outflow Rs m 337,820 321,140 16680 5.194
Net fx Rs m 584,760 542,560 42200 7.778

Comparative balance sheet of TCS

No. of
* Results Months 12 12
Consolidated Year Ending Mar-19* Mar-18* (+ or -) % change
Current assets Rs m 921,310 812,240 109070 13.4283
Current liabilities Rs m 220,840 178,280 42560 23.87256
Net fixed assets Rs m 132,530 132,510 20 0.015093
Share capital Rs m 3,750 1,910 1840 96.33508
"Free" reserves Rs m 890,710 849,370 41340 4.867137
Net worth Rs m 894,460 851,280 43180 5.072362
Long term debt Rs m 440 540 -100 -18.5185
Total assets Rs m 1,149,430 1,062,960 86470 8.134831
Imports (cif) Rs m 4,470 7,680 -3210 -41.7969
Fx inflow Rs m 119,499 922,580 -803081 -87.0473
Fx outflow Rs m 497,830 337,820 160010 47.36546
Net fx Rs m -378,331 584,760 -963091 -164.699

25
COMPETITORS

Infosys Technologies Limited

Tech Mahindra
IBM
Wipro Cooperation
HCL Tech
Sapient Cooperation
Oracle
Hewlett Packard Global Soft Ltd
And Many more...

SWOT ANALYSIS
Strengths:
High Quality & Price Performance
Large Pool of Knowledge Workers
Flexibility and Adaptability
Reliability
High Growth
Large Projects
Weaknesses:
Lack of Domestic Computerization
Project Management Skills
Localization
Opportunities:
Global Market
Domestic Demand
E-Commerce/E-Business
Threats:
Economical & Technological Threats
Government Interference
Lack of Speed
Cost

26