Tcs Subsidiary Financials 2023 24

2
Subsidiary Financials | 2023-2024
TRANS
FO
RM
I
NG
IND
USTRI S
E
Backdrop: TCS Gitanjali Park Campus, Kolkata, India
20 years of creating
20 years of value value for you
creation
Since our IPO
(2004 in 2004
- 2024)
Integrated Annual Report
2023-2024
CONTENT
Name of subsidiary Page
Subsidiaries (held directly)

Indian
APTOnline Limited 1
MP Online Limited 2
C-Edge Technologies Limited 3
MahaOnline Limited 4
TCS e-Serve International Limited 5
TCS Foundation 6
Foreign
Tata Consultancy Services (Africa) (PTY) Ltd. 7
Tata Consultancy Services Asia Pacific Pte Ltd. 8
TCS FNS Pty Limited 9
Tata Consultancy Services Belgium 10
Tata Consultancy Services Deutschland GmbH 11
Tata Consultancy Services Sverige AB 12
Tata Consultancy Services Netherlands BV 13
TCS Iberoamerica SA 14
Tata Consultancy Services Qatar L.L.C. 15
Diligenta Limited 16
Tata America International Corporation 17
Tata Consultancy Services Canada Inc. 18
Tata Consultancy Services UK Limited 19
Tata Consultancy Services Ireland Limited 20
Subsidiaries (held indirectly)

Foreign
Tata Consultancy Services (South Africa) (PTY) Ltd. 21
TCS Financial Solutions Australia Pty Limited 22
TCS Financial Solutions Beijing Co., Ltd. 23
Tata Consultancy Services Malaysia Sdn Bhd 24
Tata Consultancy Services (China) Co., Ltd. 25
Tata Consultancy Services (Thailand) Limited 26

Name of subsidiary Page
PT Tata Consultancy Services Indonesia 27
Tata Consultancy Services (Philippines) Inc. 28
Tata Consultancy Services Japan, Ltd. 29
Tata Consultancy Services Italia s.r.l. 30
Tata Consultancy Services Luxembourg S.A. 31
Tata Consultancy Services Osterreich GmbH 32
Tata Consultancy Services France 33
Tata Consultancy Services Switzerland Ltd. 34
Tata Consultancy Services De Espana S.A.U. 35
Tata Consultancy Services (Portugal) Unipessoal, Limitada 36
Tata Consultancy Services Saudi Arabia 37
TCS Business Services GmbH 38
TCS Technology Solutions GmbH 39
TCS Uruguay S.A. 40
TCS Solution Center S.A. 41
Tata Consultancy Services Argentina S.A. 42
Tata Consultancy Services Do Brasil Ltda 43
Tata Consultancy Services De Mexico S.A., De C.V. 44
MGDC S.C. 45
TCS Inversiones Chile Limitada 46
Tata Consultancy Services Chile S.A. 47
TATASOLUTION CENTER S.A. 48
Tata Consultancy Services Bulgaria EOOD 49
Tata Consultancy Services Guatemala, S.A. 50
Diligenta (Europe) B.V. 51

APTOnline Limited
FINANCIAL STATEMENTS
For the year ended
March 31, 2024
APTOnline Limited 1.1
FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2024
CONTENT PAGE
Independent Auditor’s Report 1.2
Balance Sheet 1.12
Statement of Profit and Loss 1.13
Statement of Changes in Equity 1.14
Statement of Cash Flow 1.15
Notes forming part of the Financial Statements 1.17
Subsidiary Financials 2023-24

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1.2 APTOnline Limited
Auditor’s Report
UDIN No. 24048889BKAKRQ1182
TO THE MEMBERS OF
APTONLINE LIMITED,
HYDERABAD.
Report on the standalone Financial Statements
Opinion
We have audited the Standalone financial statements of APTOnline Limited (hereinafter referred to as “the Company”); which
comprises the Balance Sheet as at 31st March 2024 and Statement of Profit and Loss (including other comprehensive income),
statement of changes in equity and the Cash Flow Statement for the year then ended and notes to the standalone financial
statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to
as “the financial statements”).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements
give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view
in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31,
2024, and Statement of Profit and other comprehensive loss, changes in equity and its cash flows for the year ended on that
date.
Basis for opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies
Act, 2013. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the
Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued
by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of
the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our
other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the financial statements.
Information other than the Financial Statements and Auditor’s Report Thereon
The Company’s Management and Board of Directors is responsible for the other information. The other information comprises
the information included in the Company’s annual report sbut does not include the financial statements and our auditor’s
report thereon. The Company’s annual report is expected to be made available to us after the date of this auditor’s report.
Our opinion on the standalone financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained
during the course of our audit or otherwise appears to be materially misstated.
When we read the Company’s annual report, if we conclude that there is a material misstatement therein, we are required to
communicate the matter to those charged with governance and take necessary actions, as applicable under the relevant laws
and regulations.
Responsibility of Management’s and Board of Director’s for the Financial Statements

The Company’s Management and Board of Directors are responsible for the matters in Section 134(5) of the Companies Act,
2013 (‘the Act’) with respect to the preparation of these financial statements that give a true and fair view of the financial position,
financial performance and cash flow of the company in accordance with the accounting principles generally accepted in India,
including the Accounting Standards (AS) specified under Section 133 of the Act, as applicable. This responsibility also includes
maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance
of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of these financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
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In preparing the financial statements, the management and board of director’s are responsible for assessing the Company’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the company’s financial reporting process.
Auditor’s Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance
is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.
As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional skepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain evidence that is sufficient and appropriate to provide
a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the
Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by Management and Board of Directors.
• Conclude on the appropriateness of Management and Board of Director’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may
cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if
such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a
going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether
the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, related safeguards.
Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by the Central Government of India, in term of
section 143(11) of the Act, we give in the ‘Annexure A’ a statement on the matters specified in paragraphs 3 and 4 of the order
to the extent applicable.
(A) As required by Section 143(3) of the Act, We report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purpose of our audit.
(b) In our opinion, proper books of accounts as required by law have been kept by the Company so far as appears from
the examination of those books.
(c) The Balance Sheet, and the Statement of Profit and Loss(including other comprehensive income), the statement
of changes in equity and the Statement of Cash Flow dealt with by this report are in agreement with the books of
accounts.
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(d) In our opinion, aforesaid Financial Statements comply with the Ind AS specified under Section 133 of the Act.
(e) On the basis of the written representations received from the Directors as on March 31, 2024, taken on record by the
Board of Directors, none of the Directors is disqualified as on March 31, 2024 from being appointed as a Director in
terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company
and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”.
(B) With respect to the other matters to be included in the Independent Auditors’ Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the
explanations given to us:
(i) The Company has disclosed the impact of pending litigations on its financial position in its financial statements. Refer
Note 18 to the financial statements.
(ii) The Company did not have any long-term contracts including derivative contracts for which there were any material
foreseeable losses.
(iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the
Company.
(iv) (a) The management has represented that, to the best of its knowledge and belief, as disclosed in the note 22 to
the financial statements, no funds have been advanced or loaned or invested (either from borrowed funds or
share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies),
including foreign entities (“Intermediaries”), with the understanding, whether recorded in writing or otherwise,
that the Intermediary shall:
• directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever (“Ultimate
Beneficiaries”) by or on behalf of the Company or
• provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(b) The management has represented, that, to the best of its knowledge and belief, as disclosed in the note 22 to
the financial statements, no funds have been received by the Company from any persons or entities, including
foreign entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the
Company shall:
• directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party (“Ultimate Beneficiaries”) or
• provide any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries; and
(c) Based on the audit procedures performed that have been considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the representations under
sub-clause (iv) (a) and (iv) (b) contain any material mis-statement.
(v) The final dividend paid by the Company during the year, in respect of the same declared for the previous year, is in
accordance with Section 123 of the Act to the extent it applies to payment of dividend.
As stated in Note 23 to the financial statements, the Board of Directors of the Company has proposed final dividend
for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend
declared is in accordance with Section 123 of the Act to the extent it applies to declaration of dividend.
(vi) Reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is applicable with effect from 1 April
2023. The Company has used software for maintaining the books of accounts which has inbuilt feature of recording
the audit trail and logs of activities in the software. The same was used from 1st April 2023. This software once
activated cannot be tempered with. On the basis of verification of details on test check basis we have not come across
any inconsistency in the maintenance of audit trail during the year. The Company also uses some other software
such as portal for citizen services (G to C) and Human resource management, but they are not interfaced with the
accounting software. Data is downloaded and then entered in the accounting software. Hence they have not been
verified by us.
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(C) With respect to the matter to be included in the Auditor’s Report under Section 197(16) of the Act:
According to the information and explanations given to us, no remuneration has been paid by the Company to any of its
directors. Accordingly, provisions of Section 197 of the Act relating to remuneration to directors are not applicable. The
Ministry of Corporate Affairs has not prescribed other details under Section 197(16) of the Act which are required to be
commented upon by us.
For K B J & ASSOCIATES

Chartered Accountants
Firm Registration No. 114934W
Kaushik B. Joshi
Date:7th May 2024. Proprietor
Place: Mumbai (Membership No. 48889)
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ANNEXURE ‘A’ TO THE INDEPENDENT AUDITORS’ REPORT

Report on Companies (Auditor’s Report) Order, 2020 (‘the Order’) issued by the Central Government in terms of Section
143(11) of the Companies Act, 2013 (‘the Act’) of APTONLINE LIMITED (‘the Company’)
(i) (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation
of Plant, Property and Equipment.
(B) The Company has maintained proper records showing full particulars, including quantitative details and situation
of intangible assets.
(b) According to the information and explanations given to us and on the basis of our examination of records of the
Company, the Company has a regular programme of physical verification of its Property, plant and equipment by
which all Property, plant and equipment are verified every year. In accordance with this programme, Property, plant
and equipment were verified during the year. In our opinion, this periodicity of physical verification is reasonable having
regard to the size of the Company and the nature of its assets. No discrepancies were noticed on such verification.
(c) According to the information and explanations given to us and records examined by us, the company does not have
any immovable property (other than properties where the company is the lessee and the lease agreements are duly
executed in favour of the lessee). Accordingly, clause 3(i)(c) of the Order is not applicable.
(d) According to the information and explanations given to us and on the basis of our examination of the records of
the Company, the Company has not revalued its property, plant and equipment (including Right-of-use assets) and
intangible assets.
(e) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, there are no proceedings initiated or pending against the Company for holding any benami property under
the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder during the year.
(ii) (a) The inventory has been physically verified by the management during the year. In our opinion, the frequency of
such verification is reasonable, and procedures and coverage as followed by management were appropriate. No
discrepancies were noticed on verification between the physical stocks and the book records that were 10% or more
in the aggregate for each class of inventory
(b) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, the Company has not been sanctioned any working capital limits at any point of time of the year. Accordingly,
clause 3(ii)(b) of the Order is not applicable to the Company.
(iii) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, the Company has not made any investments, provided guarantee or security or granted any loans or advances
in the nature of loans, secured or unsecured, to companies, firms, limited liability partnerships or any other parties during
the year, except for investment in mutual funds and loan to a Company details of the same are given below:
(a) (A) The Company does not have any subsidiaries joint ventures or associates. Accordingly, clause 3(iii)(a)A of the
Order is not applicable.
(B) Based on the audit procedures carried on by us and as per the information and explanations given to us, the
Company has granted loans to other party as below:
Particulars Amt (` In Lakhs)

Aggregate Amount during the year- Other 1000.00
Balance outstanding at Balance sheet date Nil
(b) According to the information and explanations given to us and based on the audit procedures conducted by us, we are
of the opinion that the terms and conditions of the investments made, loans given are, prima facie, not prejudicial to
the interest of the Company.
(c) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, in the case of loans given, the repayment of principal and payment of interest has been stipulated and the
repayments or receipts have been regular.
(d) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, there is no overdue amount for more than ninety days in respect of loans given.
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Company, there is no loan given falling due during the year, which has been renewed or extended or fresh loans given
to settle the overdue of existing loans given to the same party.
(f) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, the Company has not given any loans either repayable on demand or without specifying any terms or period
of repayment.
(iv) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, the Company has not given any loans, or provided any guarantee or security as specified under Sections 185
of the Companies Act, 2013 (“the Act”) and the company has not made any investments or provided any guarantee or
security as specified under section 186 of the Companies Act, 2013 (“the Act”). Further, the company has complied with
the provisions of section 186 of the Companies Act, 2013 (“the Act”) in relation to the loan given.
(v) The Company has not accepted any deposits or amounts which are deemed to be deposits from the public. Accordingly,
clause 3(v) of the Order is not applicable.
(vi) According to the information and explanations given to us, the Central Government has not prescribed the maintenance
of cost records under Section 148(1) of the Companies Act, 2013 for the services provided by it. Accordingly, clause 3(vi) of
the Order is not applicable.
(vii) (a) The Company does not have liability in respect of Sales tax, Service tax, Duty of excise and Value added tax during the
year since effective 1 July 2017, these statutory dues has been subsumed into Goods and Service Tax (GST).
According to the information and explanations given to us and on the basis of our examination of the records of the
Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including GST,
Provident fund, Employees’ State Insurance, Income-tax, Cess and other material statutory dues have been generally
deposited with the appropriate authorities. As explained to us, the Company did not have any dues of Customs.
According to the information and explanations given to us, no undisputed amounts payable in respect of GST, Provident
fund, Employees’ State Insurance, Income-tax, Cess and other material statutory dues were in arrears as at 31 March
2024 for a period of more than six months from the date they became payable.
Company, there are no statutory dues relating to Provident Fund, Employees State Insurance, Income-Tax, or Cess or
other statutory dues, which have not been deposited with the appropriate authorities on account of any dispute. The
following dues of Value added tax and sales tax, have not been deposited by the Company on account of dispute:
Name of the Nature of the Amount under Amount paid Amount not Period to Forum where
statute dues dispute under protest paid which the dispute is
(ìn lakhs) (ìn lakhs) amount pending
relates
Andhra Pradesh Sales Tax 2.30 2.30 Nil 2002-03to Appellate
General Sales 2004-05 Tribunal,
Tax Act,1957 Hyderabad
Andhra Pradesh VAT 16.46 11.49 4.97 2005-06to Appellate
Value Added Tax (including 2011-12 Tribunal,
Act,2005 Penalty) Hyderabad
(viii) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, the Company has not surrendered or disclosed any transactions, previously unrecorded as income in the books
of account, in the tax assessments under the Income-tax Act, 1961 as income during the year.
(ix) (a) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, the Company did not have any loans or borrowings from any lender during the year. Accordingly, clause 3(ix)
(a) of the Order is not applicable.
Company, the Company has not been declared a wilful defaulter by any bank or financial institution or government or
government authority.
[c) According to the information and explanations given to us by the management, the Company has not obtained any
term loans during the year. Accordingly, clause 3(ix)(c) of the Order is not applicable.
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(d) According to the information and explanations given to us and on an overall examination of the balance sheet of the
Company, we report that no funds have been raised on short- term basis by the Company. Accordingly, clause 3(ix)(d)
of the Order is not applicable.
(e) The Company does not hold any investment in any subsidiary, associate or joint venture (as defined under the Act)
during the year ended 31 March 2024. Accordingly, clause 3(ix)(e) is not applicable.
(f) According to the information and explanations given to us and procedures performed by us, we report that the
Company has not raised loans during the year on the pledge of securities held in its subsidiaries as defined under the
Companies Act, 2013. Accordingly, clause 3(ix)(f) of the Order is not applicable.
(x) (a) The Company has not raised any moneys by way of initial public offer or further public offer (including debt
instruments). Accordingly, clause 3(x)(a) of the Order is not applicable.
Company, the Company has not made any preferential allotment or private placement of shares or fully or partly
convertible debentures during the year. Accordingly, clause 3(x)(b) of the Order is not applicable.
(xi) (a) Based on examination of the books and records of the Company and according to the information and explanations
given to us, no fraud by the Company or on the Company has been noticed or reported during the course of the audit.
(b) According to the information and explanations given to us, no report under sub-section (12) of Section 143 of the
Companies Act, 2013 has been filed by the auditors in Form ADT-4 as prescribed under Rule 13 of Companies (Audit
and Auditors) Rules, 2014 with the Central Government.
(c) Establishment of vigil mechanism is not mandated for the Company. As represented to us by the management, there
are no whistle blower complaints received by the company during the year vigil mechanism established voluntarily.
(xii) According to the information and explanations given to us, the Company is not a Nidhi Company. Accordingly, clause 3(xii)
(xiii) In our opinion and according to the information and explanations given to us, the transactions with related parties are in
compliance with Sections 177 and 188 of the Companies Act, 2013, where applicable, and the details of the related party
transactions have been disclosed in the financial statements as required by the applicable Indian Accounting Standards.
(xiv) (a) Based on information and explanations provided to us and our audit procedures, in our opinion, the Company has an
internal audit system commensurate with the size and nature of its business.
(b) We have considered the internal audit reports of the Company issued till date for the period under audit.
(xv) In our opinion and according to the information and explanations given to us, the Company has not entered into any
non-cash transactions with its directors or persons connected to its directors and hence, provisions of Section 192 of the
Companies Act, 2013 are not applicable to the Company.
(xvi) (a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly,
clause 3(xvi)(a) of the Order is not applicable.
(b) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly,
clause 3(xvi)(b) of the Order is not applicable.
(c) The Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of
India. Accordingly, clause 3(xvi)(c) of the Order is not applicable.
(d) According to the information and explanations provided to us, the Group (as per the provisions of the Core Investment
Companies (Reserve Bank) Directions, 2016) has more than one CIC as part of the Group. The Group has seven CICs
as part of the Group.
(xvii) The Company has not incurred cash losses in the current and in the immediately preceding financial year.
(xviii) There has been no resignation of the statutory auditors during the year. Accordingly, clause 3(xviii) of the Order is not
applicable.
(xix) According to the information and explanations given to us and on the basis of the financial ratios, ageing and expected
dates of realisation of financial assets and payment of financial liabilities, other information accompanying the financial
statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence
supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty
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exists as on the date of the audit report that the Company is not capable of meeting its liabilities existing at the date of
balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that
this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts
up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within
a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.
(xx) In our opinion and according to the information and explanations given to us, there is no unspent amount under sub-
section (5) of Section 135 of the Act pursuant to any project. Accordingly, clauses 3(xx)(a) and 3(xx)(b) of the Order are not
applicable.

Kaushik B. Joshi
Place: Mumbai Membership No. 48889
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Annexure B to the Independent Auditor’s Report on

the financial statements
Report on the internal financial controls with reference to the aforesaid financial statements
Opinion
We have audited the internal financial controls with reference to financial statements of APTOnline Limited (“the Company”)
as of 31 March 2024 in conjunction with our audit of the financial statements of the Company as at and for the year ended on
that date.
In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to financial
statements and such internal financial controls were operating effectively as at 31 March 2024, based on the internal financial
controls with reference to financial statements criteria established by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the
Institute of Chartered Accountants of India (the “Guidance Note”).
Management’s and Board of Directors’ Responsibilities for Internal Financial Controls

The Company’s Management and the Board of Directors are responsible for establishing and maintaining internal financial
controls with reference to financial statements based on the criteria established by the Company considering the essential
components of internal control stated in the Guidance Note. These responsibilities include the design, implementation and
maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient
conduct of its business, including adherence to the Company’s policies, the safeguarding of its assets, the prevention and
detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable
financial information, as required under the Act.
Auditors’ Responsibility
Our responsibility is to express an opinion on the Company’s internal financial controls with reference to financial statements
based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing, prescribed
under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to financial
statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to financial
statements were established and maintained and whether such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with
reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference
to financial statements included obtaining an understanding of such internal financial controls, assessing the risk that a
material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the
assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the
Company’s internal financial controls with reference to financial statements.
Meaning of Internal Financial Controls with Reference to Financial Statements

A company’s internal financial controls with reference to financial statements is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company’s internal financial controls with reference to financial
statements include those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance
that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with
authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or
timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material effect on
the financial statements.
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Inherent Limitations of Internal Financial Controls with Reference to Financial Statements

Because of the inherent limitations of internal financial controls with reference to financial statements, including the possibility
of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not
be detected. Also, projections of any evaluation of the internal financial controls with reference to financial statements to
future periods are subject to the risk that the internal financial controls with reference to financial statements may become
inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Kaushik B. Joshi
Place: Mumbai Membership No. 48889
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Balance Sheet
(` in lakhs)
As at As at
Note
March 31, 2024 March 31, 2023
ASSETS
Non-current assets
Property, plant and equipment 7(a) 476.06 418.73
Intangible assets 7(b) 86.76 6.04
Financial assets
Trade receivables 6(b)
Billed - -
Unbilled 48.77 48.77
Income-tax assets (net) 1,053.12 977.17
Deferred tax assets (net) 14 423.58 446.53
Total non-current assets 2,088.29 1,897.24
Current assets Inventories Financial assets
Inventories
Financial assets
Investments 7(d) 32.22 32.25
Trade receivables 6(a) 5,214.41 2,460.32
Billed 6(b) 4,597.85 6,518.03
Unbilled 429.17 289.32
Cash and cash equivalents 6(c) 2,341.09 769.12
Other balances with banks 6(d) 5,700.00 4,000.00
Loans 6(e) 14.62 1,012.40
Other financial assets 6(f) 917.74 745.51
Other assets 7(c) 435.18 262.98
Total current assets 19,682.28 16,089.93
TOTAL ASSETS 21,770.57 17,987.17
EQUITY AND LIABILITIES
Equity
Share capital 6(l) 177.00 177.00
Other equity 8 12,629.84 11,197.29
Total Equity 12,806.84 11,374.29
Liabilities
Non-current liabilities
(a) Financial liabilities Employee benefit obligations 11 106.28 83.11
Total non-current liabilities 106.28 83.11
Current liabilities
Financial liabilities
Trade payables 6(g) - -
Dues of creditors other than small enterprises and micro 6(g) 1,133.06 1,742.09
Other financial liabilities 6(h) 6,549.01 3,716.81
Unearned and deferred revenue 19.83 34.70
Other liabilities 7(e) 727.27 571.80
Employee benefit obligations 11 35.83 37.93
Income-tax liabilities (net) 392.45 426.44
Total current liabilities 8,857.45 6,529.77
TOTAL EQUITY AND LIABILITIES 21,770.57 17,987.17
NOTES FORMING PART OF THE FINANCIALS 1-23
As per our report of even date attached. For and on behalf of the Board
Firm’s registration number : 114934W
Kaushik B. Joshi G S Lakshmi Narayanan V Rajanna
Proprietor Director Director
Membership number : 048889 DIN : 07982712 DIN:01280277
Mumbai Date:May 07, 2024
Date:May 07, 2024
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Statement of Profit and Loss

(` in lakhs)
Note Year ended Year ended

March 31, 2024 March 31, 2023
Revenue from operations 9 16,406.16 13,439.98
Other income 10 783.84 463.85
TOTAL INCOME 17,190.00 13,903.83
Expenses:
Employee benefits expenses 11 2,802.58 2,443.14
Direct costs 12(a) 9,842.27 7,714.96
Purchases of stock-in-trade 12(b) 325.08 169.87
Changes in inventories of stock-in-trade 12(c) 0.03 (6.10)
Finance costs 13 1.62 1.69
Depreciation and amortisation expense 214.96 209.05
Other expenses 12(d) 752.09 1,145.68
TOTAL EXPENSES 13,938.63 11,678.29
PROFIT BEFORE TAX 3,251.37 2,225.54
Tax expense:
Current tax 14 810.64 710.24
Deferred tax 14 25.92 (107.01)
Previous years income-tax 14 - -
TOTAL TAX EXPENSE 836.56 603.23
PROFIT FOR THE YEAR 2,414.81 1,622.31
OTHER COMPREHENSIVE INCOME (OCI)
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined employee benefit plans (11.71) (25.54)
Income-tax on items that will not be reclassified subsequently 2.95 6.43
to profit or loss
TOTAL OTHER COMPREHENSIVE INCOME / (LOSSES) (8.76) (19.11)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 2,406.05 1,603.20
Earnings per equity share :- Basic and diluted (`) 15 136.43 91.66
Weighted average number of equity shares 1,770,000 1,770,000
NOTES FORMING PART OF THE FINANCIAL STATEMENTS 1-23



Date:May 07, 2024
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Statement of Changes in Equity
A. EQUITY SHARE CAPITAL

(` in lakhs)
Balance as at Change in equity share capital due to prior Restated balance as Change in equity share Balance as at
April 1, 2023 period errors at April 1, 2022 capital during the year* March 31, 2024
177.00 - - - 177.00
(` in lakhs)
Balance as at Change in equity share capital due to prior Restated balance as Change in equity share Balance as at
April 1, 2022 period errors at April 1, 2023 capital during the year* March 31, 2023
177.00 - - - 177.00
*Refer note 6(l).
B. OTHER EQUITY
General Capital redemption Retained Total Equity

reserve reserve earnings
Balance as at April 1, 2023 - 280.00 10,917.29 11,197.29

Profit for the year - - 2,414.81 2,414.81
Other comprehensive income / (losses) - - (8.76) (8.76)
Total comprehensive income - 280.00 13,323.34 13,603.34
Dividend - - (973.50) (973.50)
Balance as at March 31, 2024 - 280.00 12,349.84 12,629.84
Balance as at April 1, 2022 566.93 280.00 9,720.66 10,567.59

Profit for the year - - 1,622.31 1,622.31
Transfer from general reserve to retained earnings (566.93) - 566.93 -
Other comprehensive income / (losses) - - (19.11) (19.11)
Total comprehensive income - 280.00 11,890.79 12,170.79
Dividend - - (973.50) (973.50)
Balance as at March 31, 2023 - 280.00 10,917.29 11,197.29
Loss of ` 8.76 lakhs and ` 19.11 lakhs on remeasurement of defined employee benefits (net of tax) is recognised as a part of
retained earnings for year ended March 31, 2024 and 2023 respectively.
Nature and purpose of reserves
a. General Reserve
The general reserve is a free reserve which is used from time to time to transfer profits from retained earnings for
appropriation purposes.
b. Capital redemption reserve
As per Companies Act, 2013, capital redemption reserve is created when company purchases its own shares out of free
reserves or securities premium. A sum equal to the nominal value of the shares so purchased is transferred to capital
redemption reserve. The reserve is utilised in accordance with the provisoins of Section 69 of the Companies Act, 2013.
c. Retained earnings
This reserve represents undistributed accumulated earnings of the Company as on the balance sheet date.



Date:May 07, 2024
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Statement of Cash Flow
(` in lakhs)
For the year ended For the year ended
March 31, 2024 March 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the year 2,414.81 1,622.31
Adjustments to reconcile profit and loss to net cash provided by
operating activities:
Depreciation and amortisation expenses 214.96 209.05
Bad debts and advances written off, allowance on trade receivables and 39.00 499.48
advances (net)
Tax expense 836.56 603.23
Net gain on disposal of property, plant and equipment (11.37) (1.60)
Net gain on disposal / fair valuation of investments (344.21) (133.62)
Interest income (412.62) (315.08)
Finance costs 1.62 1.69
Operating profit before working capital changes 2,738.75 2,485.46
Net Change in:
Inventories 0.03 (6.10)
Trade receivables
Billed 1,881.19 (812.61)
Unbilled (139.85) 30.49
Loans and Other financial assets (125.35) (358.74)
Other assets (172.19) (2.96)
Trade payables (609.03) (396.13)
Unearned and deferred revenue (14.87) 10.91
Other financial liabilities 2,832.20 (1,132.77)
Other liabilities and provisions 164.83 (357.43)
Cash generated from operations 6,555.71 (539.88)
Taxes paid (net of refunds) (920.56) (458.50)
Net cash generated in operating activities 5,635.15 (998.38)
CASH FLOWS FROM INVESTING ACTIVITIES
Bank deposits placed (6,698.00) (4,000.00)
Inter-corporate deposits placed 1,000.00 (1,000.00)
Purchase of investments (14,600.00) (7,800.00)
Payment for purchase of property, plant and equipment (241.08) (247.83)
Payment for purchase of intangible assets (111.96) -
Proceeds from bank deposits 4,998.00 5,421.00
Proceeds from disposal / redemption of investments 12,190.11 8,628.39
Proceeds from disposal of property, plant and equipment 11.37 1.60
Interest received 363.50 292.13
Net cash (used) / generated from investing activities (3,088.06) 1,295.29
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(` in lakhs)
March 31, 2024 March 31, 2023
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of lease liabilities - -
Interest paid (1.62) (1.69)
Dividend paid (973.50) (973.50)
Net cash used in financing activities (975.12) (975.19)
Cash and cash equivalents at the beginning of the year 769.12 1,447.40
Cash and cash equivalents at the end of the year (refer Note 6(c)) 2,341.09 769.12


Mumbai Date Date:May 07, 2024

Date: Date:May 07, 2024
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Notes forming part of the Financial Statements

1) Corporate information
APTOnline Limited (“formerly APOnline Limited”) was incorporated on September 25, 2002 and is jointly promoted by Tata
Consultancy Services Limited (TCS) and Andhra Pradesh Technology Services Limited (APTS), a corporation wholly owned
by the Government of Andhra Pradesh (GOAP). The Company carries on the business of development, maintenance and
management of the APONLINE portal for providing web-based services by Government to citizen, Government to business
and other portfolio services of Government.
The state of Telangana was carved out of the State of Andhra Pradesh, pursuant to Andhra Pradesh Reorganisation Act,
2014. Presently, the Company continues to serve both the states of Telangana and Andhra Pradesh.
The Company is unlisted public limited company incorporated and domiciled in India. The address of its registered office
is Synergy Park (Non- SEZ Campus), Sarayu, SGA-Z4, Gachibowli, Hyderabad-500032. Tata Consultancy Services Limited
(TCS’), the holding company, owns 89% of the Company’s equity share capital. Tata Sons Private limited is the ultimate
parent company.
The name of the Company has been changed from APOnline Limited to APTOnline Limited with effect from April 2, 2016.
The financial statements for the year ended March 31, 2024 are approved by the Board of Directors and authorised for
issue on May 07, 2024.
2) Statement of compliance
These financial statements have been prepared in accordance with the Indian Accounting Standards (referred to as “Ind
AS”) as prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards)
Rules as amended from time to time.
3) Basis of preparation
These financial statements have been prepared in Indian rupee (`) which is the functional currency of the Company.
These financial statements have been prepared on historical cost basis, except for certain financial instruments and
defined benefit plans which are measured at fair value or amortised cost at the end of each reporting period and employee
retirement obligation, as explained in the accounting policies below. Historical cost is generally based on the fair value of
the consideration given in exchange for goods and services. Fair value is the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between market participants at the measurement date. All assets
and liabilities have been classified as current and non-current as per the Company’s normal operating cycle. Based on the
nature of services rendered to customers and time elapsed between deployment of resources and the realisation in cash
and cash equivalents of the consideration for such services rendered, the Company has considered an operating cycle of
12 months.
The statement of cash flows have been prepared under indirect method, whereby profit or loss is adjusted for the effects
of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and
items of income or expense associated with investing or financing cash flows. The cash flows from operating, investing
and financing activities of the Company are segregated. The Company considers all highly liquid investments that are
readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value to be cash
equivalents.
The significant accounting policies used in preparation of the financial statements have been discussed in the respective
notes.
4) Use of estimates and judgements

The preparation of financial statements in conformity with the recognition and measurement principles of Ind AS requires
management to make estimates and assumptions that affect the reported balances of assets and liabilities, disclosures
of contingent liabilities at the date of the financial statements and the reported amounts of income and expenses for the
periods presented.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised
prospectively in the period in which the estimates are revised and future periods are affected.
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The Company uses the following critical accounting estimates in preparation of its financial statements:
(a) Useful lives of property, plant and equipment
The Company reviews the useful life of property, plant and equipment at the end of each reporting period. This
reassessment may result in change in depreciation expense in future periods.
(b) Fair value measurement of financial instruments
When the fair value of financial assets and financial liabilities recorded in the balance sheet cannot be measured based
on quoted prices in active markets, their fair value is measured using valuation techniques including the Discounted
Cash Flow model. The inputs to these models are taken from observable markets where possible, but where this
is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of
inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the
reported fair value of financial instruments.
(c) Provision for income tax and deferred tax assets
The Company uses estimates and judgements based on the relevant rulings in the areas of allocation of revenue,
costs, allowances and disallowances which is exercised while determining the provision for income tax. A deferred
tax asset is recognised to the extent that it is probable that future taxable profit will be available against which the
deductible temporary differences and tax losses can be utilised. Accordingly, the Company exercises its judgement to
reassess the carrying amount of deferred tax assets at the end of each reporting period.
(d) Provisions and contingent liabilities
The Company estimates the provisions that have present obligations as a result of past events and it is probable
that outflow of resources will be required to settle the obligations. These provisions are reviewed at the end of each
reporting period and are adjusted to reflect the current best estimates.
The Company uses significant judgements to disclose contingent liabilities. Contingent liabilities are disclosed when
there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence
or non-occurrence of one or more uncertain future events not wholly within the control of the Company or a present
obligation that arises from past events where it is either not probable that an outflow of resources will be required to
settle the obligation or a reliable estimate of the amount cannot be made. Contingent assets are neither recognised
nor disclosed in the financial statements.
(e) Employee benefits
The accounting of employee benefit plans in the nature of defined benefit requires the Company to use assumptions.
These assumptions have been explained under employee benefits note.
(f) Leases
The Company evaluates if an arrangement qualifies to be a lease as per the requirements of Ind AS 116. Identification
of a lease requires significant judgment. The Company uses significant judgement in assessing the lease term
(including anticipated renewals) and the applicable discount rate.
The Company determines the lease term as the non-cancellable period of a lease, together with both periods covered
by an option to extend the lease if the Company is reasonably certain to exercise that option; and periods covered by
an option to terminate the lease if the Company is reasonably certain not to exercise that option. In assessing whether
the Company is reasonably certain to exercise an option to extend a lease, or not to exercise an option to terminate a
lease, it considers all relevant facts and circumstances that create an economic incentive for the Company to exercise
the option to extend the lease, or not to exercise the option to terminate the lease. The Company revises the lease
term if there is a change in the non-cancellable period of a lease.
The discount rate is generally based on the incremental borrowing rate specific to the lease being evaluated or for a
portfolio of leases with similar characteristics.
The Company has elected not to apply the requirements of Ind AS 116 to leases of all assets with very low value or
short-term leased assets that have a lease term of 12 months or less and where the company has right to terminate
the lease before end of the lease period. The lease payments associated with these leases are recognized as an
expense as an when payment is made or due over the lease term.
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5) Recent pronouncements
Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to time. During the year ended March 31, 2024, MCA has not
notified any new standards or amendments to the existing standards applicable to the Company.
6) Financial assets, financial liabilities and equity instruments

Financial assets and liabilities are recognised when the Company becomes a party to the contractual provisions of
the instrument. Financial assets and liabilities are initially measured at fair value. Transaction costs that are directly
attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial
liabilities at fair value through profit or loss) are added to or deducted from the fair value measured on initial recognition
of financial asset or financial liability.
The Company derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or
when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity.
The Company derecognises financial liabilities when, and only when, the Company’s obligations are discharged, cancelled
or have expired.
Cash and cash equivalents
The Company considers all highly liquid financial investments, which are readily convertible into known amounts of cash
that are subject to an insignificant risk of change in value, to be cash equivalents. Cash and cash equivalents consist of
balances with banks which are unrestricted for withdrawal and usage.
Financial assets at amortised cost
Financial assets are subsequently measured at amortised cost if these financial assets are held within a business model
whose objective is to hold these assets in order to collect contractual cash flows and the contractual terms of the financial
asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount
outstanding.
Financial assets at fair value through other comprehensive income
Financial assets are measured at fair value through other comprehensive income if these financial assets are held within
a business model whose objective is achieved by both collecting contractual cash flows on specified dates that are solely
payments of principal and interest on the principal amount outstanding and selling financial assets.
The Company has made an irrevocable election to present subsequent changes in the fair value of equity investments not
held for trading in other comprehensive income.
Financial assets at fair value through profit or loss
Financial assets are measured at fair value through profit or loss unless it is measured at amortised cost or at fair value
through other comprehensive income on initial recognition. The transaction costs directly attributable to the acquisition
of financial assets and liabilities at fair value through profit or loss are immediately recognised in statement of profit and
loss.
Financial liabilities are measured at amortised cost using the effective interest method.
Equity instruments
An equity instrument is a contract that evidences residual interest in the assets of the company after deducting all of its
liabilities. Equity instruments issued by the Company are recognised at the proceeds received net of direct issue cost.
Impairment of financial assets (other than at fair value)
The Company assesses at each date of balance sheet whether a financial asset or a group of financial assets is impaired.
Ind AS 109 requires expected credit losses to be measured through a loss allowance. The Company recognises lifetime
expected losses for all contract assets and / or all trade receivables that do not constitute a financing transaction. In
determining the allowances for doubtful trade receivables, the Company has used a practical expedient by computing the
expected credit loss allowance for trade receivables based on a provision matrix. The provision matrix takes into account
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historical credit loss experience and is adjusted for forward looking information. The expected credit loss allowance is
based on the ageing of the receivables that are due and allowance rates used in the provision matrix. For all other financial
assets, expected credit losses are measured at an amount equal to the 12-months expected credit losses or at an amount
equal to the life time expected credit losses if the credit risk on the financial asset has increased significantly since initial
recognition.
(a) Investments
Investments consist of the following:
Investment - Non current
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Current
Investment carried at fair value through profit and Loss Quantity ` Quantity `
Mutual funds (quoted)
Tata-Liquid fund-Direct Plan - Growth 31,229.00 1,189.91 14,614.00 519.00
UTI-Liquid Cash Plan-Institutional-Direct Plan-Growth 8,734.00 345.70 - -
AXIS-Liquid Cash Plan-Institutional-Direct Plan-Growth 21,738.00 583.38 20,706.00 517.85
Aditya Birla Liquid Fund Direct Growth 1,65,864.00 646.34 - -
Bandhan Liquid Fund Direct Growth 21,248.00 619.88 - -
ICICI Liquid Fund Direct Growth 5,11,798.00 1,829.20 - -
Nippon-Liquid Cash Plan-Institutional-Direct Plan-Growth - - 25,849.00 1,423.47
7,60,611.00 5,214.41 61,169.00 2,460.32
Aggregate value of quoted investments is as follows:

(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Aggregate value of quoted investments 5,214.41 1,036.85
Aggregate market value of quoted investments 5,214.41 1,036.85
(b) Trade receivables - Billed
Trade receivables (unsecured) consists of the following:
Trade receivables - Billed - Non-current
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Trade receivables - Billed 1,599.41 1,560.41
Less: Allowance for doubtful trade receivables - Billed (1,599.41) (1,560.41)
Considered Good - -
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Ageing for trade receivables - non-current outstanding as at March 31, 2024 is as follows:
(` in lakhs)
Particulars Not Outstanding for following periods from Total
due due date of payment
Less then 6 months 1 - 2 2 - 3 More than
6 months - 1 year years years 3 years
Trade receivables - billed
Undisputed trade receivables - considered - - - - 25.47 1,564.18 1,589.65
good
Undisputed trade receivables - which have - - - - - - -
significant increase in credit risk
Undisputed trade receivables - credit - - - - 0.01 9.75 9.76
impaired
Disputed trade receivables - considered - - - - - - -
good
Disputed trade receivables - which have - - - - - - -
Disputed trade receivables - credit impaired - - - - - - -
- - - - 25.48 1,573.93 1,599.41
Less: Allowance for doubtful trade receivables - Billed (1,599.41)
-
Trade receivables - unbilled 48.77
48.77
(` in lakhs)
Less then 6 months 1 - 2 2 - 3 More than
Undisputed trade receivables - considered - - - - 70.29 1,490.12 1,560.41
good
Undisputed trade receivables - which have - - - - - - -
Undisputed trade receivables - credit - - - - - - -
impaired
good
Disputed trade receivables - credit impaired - - - - - - -
- - - - 70.29 1,490.12 1,560.41
Less: Allowance for doubtful trade receivables - Billed (1,560.41)
-
48.77
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Trade receivables - Billed - Current
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Trade receivables - Billed 4,597.85 6,518.03
Less: Allowance for doubtful trade receivables - Billed - -
Considered Good 4,597.85 6,518.03
Trade receivables - Billed - -
Credit impaired - -
4,597.85 6,518.03
Above balances of trade receivables include balances with related parties (Refer note 21).
Ageing for trade receivables - current outstanding as at March 31, 2024 is as follows:
(` in lakhs)
Particulars Not due Outstanding for following periods from Total
due date of payment
Less then 6 months 1-2 2-3 More than
Undisputed trade receivables - 1,176.38 1,806.04 667.45 393.47 333.87 220.63 4,597.84
considered good
Undisputed trade receivables - - - - - - - -
which have significant increase in
credit risk
Undisputed trade receivables - - - - - - - -
credit impaired
Disputed trade receivables - - - - - - - -
considered good
Disputed trade receivables - which - - - - - - -
have significant increase in credit
risk
Disputed trade receivables - credit - - - - - - -
impaired
1,176.38 1,806.04 667.45 393.47 333.87 220.63 4,597.84
Less: Allowance for doubtful trade receivables - Billed -
4,597.84
5,027.01
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(` in lakhs)
Less then 6 months 1-2 2 - 3 More than
Undisputed trade receivables - 790.8 2538.41 1.032.14 1,037.27 715.54 393.95 6,508.29
considered good
Undisputed trade receivables - which - - - - - - -
have significant increase in credit risk
Undisputed trade receivables - credit - - - - 0.03 9.72 9.75
impaired
Disputed trade receivables - - - - - - - -
considered good
Disputed trade receivables - which - - - - - - -
have significant increase in credit risk
Disputed trade receivables - credit - - - - - - -
impaired
790.8 2538.41 1.032.14 1,037.27 715.57 403.67 6,518.04
Less: Allowance for doubtful trade receivables - Billed -
6,518.04
6,807.36
(c) Cash and cash equivalents

Cash and cash equivalents consists of the following:
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Balances with banks
- in current accounts 2,341.09 769.12
2,341.09 769.12
(d) Other balances with banks

Other balances with banks consists of the following:
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Short-term bank deposits 5,700.00 4,000.00
5,700.00 4,000.00
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(e) Loans
Loans (unsecured) consists of the following:
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Loans - considered good
Inter-corporate deposits - 1,000.00
Loans and advances to employees 14.62 12.40
14.62 1,012.40
(f) Other financial assets

Other financial assets (unsecured) consists of the following:
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
a) Security deposits 32.19 32.19
b) Other advances 717.85 594.74
c) Accrued interest 167.70 118.58
917.74 745.51
(g) Trade Payables

Ageing for trade payables outstanding as at March 31, 2024 is as follows:
(` in lakhs)
Particulars Outstanding for following periods from Total
due date of payment
Not Due Less than 1-2 2-3 More than 3
1 year years years years
Trade Payables
MSME* - - - - - -
Others 142.93 360.69 - - - 503.62
Disputed dues - MSME* - - - - - -
Disputed dues - Others - - - - - -
142.93 360.69 0.00 0.00 0.00 503.62
Accrued expenses 629.44
1,133.06
*MSME as per the Micro, Small and Medium Enterprises Development Act, 2006.
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(` in lakhs)
Particulars Outstanding for following periods from Total
due date of payment
Not Due Less than 1-2 2-3 More than 3
Trade Payables
MSME* - - - - - -
Others 117.85 669.79 - - 150.23 937.87
Disputed dues - MSME* - - - - - -
117.85 669.79 0.00 0.00 150.23 937.87
1,742.09
(h) Other financial liabilities
Other financial liabilities consists of the following:
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
a) Amount collected on behalf of *
Government departments 5,784.97 2,955.07
Non-government departments 73.88 79.54
b) Security deposits received 551.96 560.82
c) Employee payables 138.19 121.38
6,549.00 3,716.81
* Amount collected on behalf of government and non-government includes collection of utility bills, ration card
charges, government taxes, etc.
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(i) Financial instruments by category
The carrying value of financial instruments by categories as of March 31, 2024 is as follows:
(` in lakhs)
Fair value through Amortised cost Total carrying value
profit or loss
Financial assets:
Cash and cash equivalents - 2,341.09 2,341.09
Other balances with bank - 5,700.00 5,700.00
Investments 5,214.41 - 5,214.41
Trade receivables
Billed - 4,597.85 4,597.85
Unbilled - 477.94 477.94
Loans - 14.62 14.62
Other financial assets - 917.74 917.74
Total 5,214.41 14,049.24 19,263.65
Financial liabilities:
Trade payables - 1,133.06 1,133.06
Other financial liabilities - 6,549.01 6,549.01
Total - 7,682.07 7,682.07
(` in lakhs)
profit or loss
Financial assets:
Cash and cash equivalents - 769.12 769.12
Investments 2,460.32 - 2,460.32
Trade receivables
Billed - 6,518.03 6,518.03
Unbilled - 338.09 338.09
Loans - 1,012.40 1,012.40
Total 2,460.32 13,383.14 15,843.46
Trade payables - 1,742.09 1,742.09
Total - 5,458.90 5,458.90
Carrying amounts of cash and cash equivalents, other balances with bank, trade receivables, unbilled receivables,
loans , other financial assets, trade payables and other financial liabilities as at March 31, 2024 and March 31, 2023
approximate the fair value due to their nature.
Carrying amounts of other balances with bank, other financial assets and other financial liabilities which are
subsequently measured at amortised cost also approximate the fair value due to their nature in each of the periods
presented.
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(j) Fair value hierarchy
The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either
observable or unobservable and consists of the following three levels:
Level 1 — Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 — Inputs are other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3 — Inputs are not based on observable market data (unobservable inputs). Fair values are determined in
whole or in part using a valuation model based on assumptions that are neither supported by prices from observable
current market transactions in the same instrument nor are they based on available market data.
The following table summarises financial assets and liabilities measured at fair value on a recurring basis and
financial assets that are not measured at fair value on a recurring basis (but fair value disclosures are required):
As of March 31, 2024 (` in lakhs))

Financial assets: Level 1 Level 2 Level 3 Total
Mutual fund units 5,214.41 - - 5,214.41
Total 5,214.41 - - 5,214.41
As of March 31, 2023 (` in lakhs)

Total 2,460.31 - - 2,460.31
(k) Financial risk management

The Company is exposed primarily to credit, liquidity and price risks, which may adversely impact the fair value of its
financial instruments. The Company has a risk management policy which covers risks associated with the financial
assets and liabilities. The focus of the risk management committee is to assess the unpredictability of the financial
environment and to mitigate potential adverse effects on the financial performance of the Company.
Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market prices. Such changes in the values of financial instruments may result from changes in the foreign
currency exchange rates, interest rates, credit, liquidity and other market changes.
• Interest rate risk
The Company investments are primarily in fixed rate interest bearing investments. Hence, the Company is not
significantly exposed to interest rate risk.
Credit risk
Credit risk is the risk of financial loss arising from counterparty failure to repay or service debt according to
the contractual terms or obligations. Credit risk encompasses of both, the direct risk of default and the risk of
deterioration of creditworthiness as well as concentration of risks. Credit risk is controlled by analysing credit limits
and creditworthiness of customers on a continuous basis to whom the credit has been granted after obtaining
necessary approvals for credit.
Financial instruments that are subject to concentrations of credit risk principally consist of trade receivables, unbilled
receivables, investments and other financial assets. None of the other financial instruments of the Company result in
material concentration of credit risk.
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• Exposure to credit risk
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit
risk was ` 19,263.65 lakhs and ` 15,843.45 lakhs as on March 31, 2024 and 2023, respectively, being the total of the
carrying amount of investment in mutual funds, balances with banks, trade receivables, unbilled receivables , loans
and other financial assets.
The Company exposure to customers is diversified. Apart from The principal Secretary-APPSC ` 991.97 lakhs,
(Previous Year - The Principal Secretary-APPSC ` 1,264.99 lakhs and The Director EDS-AP ` 682.29 lakhs), no other
customer contributes to more than 10% of outstanding accounts receivable as of March 31, 2024 and 2023.
• Geographic concentration of credit risk
The Company has a geographic concentration of trade receivables, net of allowances and unbilled receivables in
India.
The allowance for lifetime expected credit loss on trade receivables for the years ended March 31, 2024 and 2023 was
` 39 lakhs and ` 499.48 lakhs, respectively. The reconciliation of allowance for doubtful trade receivables is as follows:
(` in lakhs)
Year ended Year ended

March 31, 2024 March 31, 2023
Balance at the beginning of the year 1560.41 1060.93
Change during the year 39.00 499.48
Balance at the end of the year 1599.41 1560.41
Liquidity risk
Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk
management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements.
The Company consistently generates sufficient cash flows from operations to meet its financial obligations as and
when they fall due.
The tables below provide details regarding the contractual maturities of significant financial liabilities as of:
(` in lakhs)
March 31, 2024 Due in Due in Due in Due in Due in Total

1st Year 2nd Year 3rd Year 4th Year 5th Year
Trade payables 1,133.06 - - - - 1,133.06
Other financial liabilities 6,549.01 - - - - 6,549.01
Total 7,682.07 - - - - 7,682.07
(` in lakhs)

Trade payables 1,742.09 - - - - 1,742.09
Total 5,458.90 - - - - 5,458.90
Other price risks

The fair value of investment in mutual funds is ` 5,214.41 lakhs and ` 2,460.32 lakhs as on March 31, 2024 and
March 31, 2023 respectively. The Company is exposed to price risks arising from investment in mutual funds. The
investments are made in acceptable funds, while optimizing the returns.
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(l) Equity instruments
Share capital
The authorised, issued, subscribed and fully paid-up share capital comprises of the following :
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Authorised :
a) Equity shares ` 3,000,000 of ` 10 each with voting rights 300.00 300.00
(March 31, 2023: 3,000,000 equity shares of ` 10 each)
b) Redeemable preference shares ` 3,000,000 of ` 10 each 300.00 300.00
(March 31, 2023: 3,000,000 preference shares of ` 10 each)
600.00 600.00
Issued, Subscribed and Fully paid-up
1,770,000 equity shares of ` 10 each 177.00 177.00

177.00 177.00
I. Reconciliation of the number of shares:
Investments - Current As at March 31, 2024 As at March 31, 2023

No. of Equity Amount No. of Equity Amount
shares (` lakhs) shares (` lakhs)
Equity shares
Opening balance 1,770,000 177.00 1,770,000 177.00
Issued during the year - - - -
Closing balance 1,770,000 177.00 1,770,000 177.00
II. Rights, preferences and restrictions attached to the equity shares

The Company has one class of equity shares having a face value of ` 10 each. Each holder of equity share is entitled to
one vote per share held and carry a right to dividend. The dividend proposed by the Board of Directors is subject to the
approval of the share holders in the ensuing Annual General Meeting, except in case of interim dividend. In the event
of liquidation, the equity share holders are eligible to receive the remaining assets of the Company after distribution
of all preferential amounts, in proportion to their share holding.
III. Details of shares held by the holding company
As at March 31, 2024 As at March 31, 2023

Equity shares No. of Equity Amount No. of Equity Amount
Tata Consultancy Services Limited, 1,575,300 157.53 1,575,300 157.53
holding company
Total 1,575,300 157.53 1,575,300 157.53
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IV. Details of shares held by share holders holding more than 5% of a class of shares
(` in lakhs)

Number of % holding in Number of % holding in
shares held that class of shares held that class of
shares shares
Equity shares
Tata Consultancy Services Limited 1,575,300 89% 1,575,300 89%
Andhra Pradesh Technology Services 194,700 11% 194,700 11%
Limited
1,770,000 100% 1,770,000 100%
The Company’s objective for capital management is to maximise shareholder value, safeguard business continuity
and support the growth of the Company. The Company determines the capital requirement based on annual operating
plans and long-term and other strategic investment plans. The funding requirements are met through equity and
operating cash flows generated. The Company is not subject to any externally imposed capital requirements.
V. Disclosure of Shareholding Promoters
Disclosure of shareholding of promoters as at March 31, 2024 is as follows:
(` in lakhs)
Shares held by promoters % Change
Promoter name As at March 31, 2024 As at March 31, 2023 during the
year
No.of shares* % of total No.of shares* % of total
shares shares
Tata Consultancy Services Limited 1,575,300 89% 1,575,300 89% -
(holding company)
Andhra Pradesh Technology Services 194,700 11% 194,700 11% -
Limited (significant share holder)
Total 1,770,000 100% 1,770,000 100% -
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7) Non-financial assets and non-financial liabilities
(a) Property, plant and equipment
Property, plant and equipment are stated at cost comprising of purchase price and any initial directly attributable cost
of bringing the asset to its working condition for its intended use, less accumulated depreciation (other than freehold
land) and impairment loss, if any.
Depreciation is provided for property, plant and equipment on a straight-line basis so as to expense the cost less
residual value over their estimated useful lives based on a technical evaluation. The estimated useful lives and
residual values are reviewed at the end of each reporting period, with the effect of any change in estimate accounted
for on a prospective basis.
The estimated useful lives are as mentioned below:
(` in lakhs)
Type of asset Useful lives
Computer equipment 4 years
Vehicles 4 years
Office equipment 5 years
Furniture and fixtures 5 years
Property, plant and equipment assets with finite life are reviewed at each reporting date to determine whether there
is any indication of impairment. If any such indication exists, the recoverable amount (i.e. higher of the fair value less
cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash
flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined
for the cash generating unit (CGU) to which the asset belongs.
If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount
of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognised in the statement of profit
and loss.
Property, plant and equipment consists of the following:
(` in lakhs)
Description Computer Vehicles Office Furniture Total

equipment equipment and fixtures
Cost as at April 1, 2023 2,737.68 48.72 0.83 2.61 2,789.84
Additions 224.42 15.99 0.66 - 241.07
Disposals (356.24) (11.31) (0.06) - (367.61)
Gross block as at March 31, 2024 2,605.86 53.40 1.43 2.61 2,663.30
Accumulated depreciation as at April 1, 2023 (2,339.43) (28.93) (0.74) (2.01) (2,371.11)
Depreciation for the year (174.59) (8.54) (0.12) (0.49) (183.74)

On disposals 356.24 11.31 0.06 - 367.61
Accumulated depreciation as at March 31, (2,157.78) (26.16) (0.80) (2.50) (2,187.24)
2024
Net carrying amount as at March 31, 2024 448.08 27.24 0.63 0.11 476.06
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(` in lakhs)
Description Computer Vehicles Office Furniture Total
equipment equipment and
fixtures
Cost as at April 1, 2022 2,488.46 56.45 0.76 2.61 2,548.28
Additions 249.22 - 0.07 - 249.29
Disposals - (7.73) - - (7.73)
Gross block as at March 31, 2023 2,737.68 48.72 0.83 2.61 2,789.84
Accumulated depreciation as at April 1, 2022 (2,187.08) (26.00) (0.73) (1.52) (2,215.33)
Depreciation for the year (152.35) (9.20) (0.01) (0.49) (162.05)
On disposals - 6.27 - - 6.27
Accumulated depreciation as at March 31, 2023 (2,339.43) (28.93) (0.74) (2.01) (2,371.11)
Net carrying amount as at March 31, 2023 398.25 19.79 0.09 0.60 418.73
(b) Intangible assets

Intangible assets are measured at cost less accumulated amortisation and impairment loss if any.
Intangible assets are amortised over their estimated useful life on straight line method as follows:
Asset Useful life

Computer software 2 years
The estimated useful life of the intangible assets and the amortisation period are reviewed at the end of each financial
year and the amortisation period is revised to reflect the changed pattern, if any.
Intangible assets with finite life are reviewed at each reporting date to determine whether there is any indication of
impairment. If any such indication exists, the recoverable amount (i.e. higher of the fair value less cost to sell and
the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are
largely independent of those from other assets. In such cases, the recoverable amount is determined for the cash
generating unit (CGU) to which the asset belongs.
and loss.
Intangible assets consists of the following:
(` in lakhs)
Description Computer software Total
Cost as at April 1, 2023 386.61 386.61
Additions 111.95 111.95
Gross block as at March 31, 2024 498.56 498.56
Accumulated amortisation as at April 1, 2023 (380.57) (380.57)
Amortisation for the year (31.23) (31.23)
Accumulated amortisation as at March 31, 2024 (411.80) (411.80)
Net carrying amount as at March 31, 2024 86.76 86.76
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The estimated amortisation for the years subsequent to March 31, 2024 as follows:
(` in lakhs)
Year ending March 31 Amortisation expense
2025 55.98
2026 30.78
86.76
(` in lakhs)
Description Computer software Total
Cost as at April 1, 2022 386.61 386.61
Additions - -
Gross block as at March 31, 2023 386.61 386.61
Accumulated amortisation as at April 1, 2022 (333.57) (333.57)
Amortisation for the year (47.00) (47.00)
Accumulated amortisation as at March 31, 2023 (380.57) (380.57)
Net carrying amount as at March 31, 2023 6.04 6.04
The estimated amortisation for the years subsequent to March 31, 2023 as follows:
(` in lakhs)
Year ending March 31 Amortisation expense
2024 6.04
6.04
(c) Other assets

Other assets (unsecured) consists of the following:
A) Other assets - current (` in lakhs)

Considered good As at As at
March 31, 2024 March 31, 2023
a) Prpnairl expenses 264.89 137.90
b) Advance to suppliers 1.29 9.10
c) Indirect taxes recoverable 169.00 115.98
435.18 262.98
(d) Inventories
Inventories consist of finished goods. Inventories are valued at the lower of cost on First In Fist Out (FIFO) basis and
the net realisable value after providing for obsolescence and other losses, where considered necessary. The Cost of
finished goods purchased by the Company includes direct material and labour cost.
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Inventories consists of the following: (` in lakhs)

As at As at
March 31, 2024 March 31, 2023
Stock in trade 32.22 32.25
32.22 32.25
Inventories are carried at lower of cost and net realisable value.

(e) Other liabilities
Other liabilities consists of the following:
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Other liabilities - current 270.21 174.22
Advance received 278.16 185.26
Indirect tax payable and other statutory liabilities 178.90 212.32
Amount received from franchisees 727.27 571.80
8) Other equity
Other equity consist of the following:
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
(a) Capital redemption reserve
Opening balance 280.00 280.00
Movement - -
Closing balance 280.00 280.00
(b) General reserve
Opening balance - 566.93
Transfer to retained earnings - (566.93)
Closing balance - -
(c) Retained earnings

(i) Opening balance 10,917.29 9,720.66
(ii) Profit for the year 2,414.81 1,622.31
(iii) Other comprehensive income arising from remeasurement of (8.76) (19.11)
defined employee benefit plans, net of income-tax
(iv) Transfer from general reserve to retained earning - 566.93
13,323.34 11,890.79
Less: Appropriations
(i) Dividend on equity shares (973.50) (973.50)
12,349.84 10,917.29
12,629.84 11,197.29
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9) Revenue recognition
The Company earns revenue primarily from providing IT enabled services in the State of Andhra Pradesh and Telangana.
Revenue is recognised upon transfer of control of promised products or services to customers in an amount that reflects
the consideration which the Company expects to receive in exchange for those products or services.
• Revenue from time and material and job contracts is recognised on output basis measured by units delivered, efforts
expended, number of transactions processed, etc.
• Revenue related to fixed price maintenance and support services contracts where the Company is standing ready
to provide services is recognised based on time elapsed mode and revenue is straight lined over the period of
performance.
• Revenue from the sale of distinct third party software and hardware is recognised at the point in time when control is
transferred to the customer, net of applicable taxes and duties.
• Unearned and deferred revenue (“contract liability”) consists of advances received from customers. The Company
disaggregates revenue from contracts with customers by nature of services.
Revenue disaggregation by nature is as follows:
(` in lakhs)
March 31, 2024 March 31, 2023
A) Information technology and consultancy services
(a) Transaction revenue 2,908.31 2,730.12
(b) Aasara Pensions 656.21 616.74
(c) Software development services and maintenance 3,062.86 3,317.87
(d) Man power supply 681.34 610.81
(e) Data centre establishment and maintenance 114.88 109.04
(f) Franchisee fees 42.90 45.13
(g) Digital Assessment services 8,083.27 5,472.82
(h) Aadhaar authentication 334.16 257.29
(i) Others 101.43 66.09
Total 15,985.36 13,225.91
B) Sale of products
(a) Hardware 103.57 28.29
(b) Software 35.93 10.95
(c) Stationery 281.30 174.83
Total 420.80 214.07
Total 16,406.16 13,439.98
All revenue is derived in the State of Andhra Pradesh and Telangana.

The revenue recognised in the statement of profit and loss equals to the contracted price.
While disclosing the aggregate amount of transaction price yet to be recognized as revenue towards unsatisfied or partially
satisfied performance obligations, along with the broad time band for the expected time to recognize those revenues, the
Company has applied the practical expedient. Accordingly, the Company has not disclosed the aggregate transaction
price allocated to unsatisfied (or partially satisfied) performance obligations which pertain to contracts where revenue
recognized corresponds to the value transferred to customer typically involving time and material, outcome based and
event based contracts.
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The Company does not have contract assets.
Changes in Unearned and deferred revenue are as follows:
(` in lakhs)
March 31, 2024 March 31, 2023
Revenue recognised that was included in the unearned and deferred (34.70) (23.79)
revenue at the beginning of the year.
Increase due to invoicing during the year, excluding amounts recognised 19.83 34.70
as revenue during the year.
Unearned and deferred revenue (“contract liability”) is recognised when there is billings in excess of revenues.
10) Other income

Other Income comprises of interest income for all financial instruments measured at amortised cost. Interest income is
recorded on accrual basis. Interest income is included in Other income in the Statement of Profit and Loss.
Other Income comprises of interest income for all financial instruments measured at amortised cost. Interest income is
recorded on accrual basis. Interest income is included in Other income in the Statement of Profit and Loss.
Dividend income is recorded when the right to receive payment is established. Interest income is recognised using effective
interest method.
Other income consists of the following:
(` in lakhs)
March 31, 2024 March 31, 2023
(a) Net gain on disposal / fair valuation of investments carried at fair 344.21 133.62
value through profit of loss
(b) Interest income 412.62 315.08
(c) Net gain on disposal of property, plant and equipment 11.37 1.60
(d) Miscellaneous income 15.64 13.55
783.84 463.85
11) Employee benefits

Defined benefit plans
For defined benefit plans, the cost of providing benefits is determined using the Projected Unit Credit Method, with
actuarial valuations being carried out at the date of each balance sheet date. Actuarial gains and losses are recognised
in full in the other comprehensive income for the period in which they occur. Past service cost both vested and unvested
is recognised as an expense at the earlier of (a) when the plan amendment or curtailment occurs; and (b) when the entity
recognises related restructuring costs or termination benefits.
The retirement benefit obligations recognised in the balance sheet represents the present value of the defined benefit
obligations reduced by the fair value of scheme assets. Any asset resulting from this calculation is limited to the present
value of available refunds and reductions in future contributions to the scheme.
The Company provides Gratuity to it’s employees is treated as defined contribution plan.
Defined contribution plans
Contributions to defined contribution plans are recognised as expense when employees have rendered services entitling
them to such benefits.
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The Company provides Provident Fund to it’s employees is treated as defined contribution plan.
Short term employee benefits
All employee benefits payable wholly within twelve months of rendering the service are classified as short-term employee
benefits. Benefits such as salaries, wages, etc. and the expected cost of ex-gratia are recognized in the period in which
the employee renders the related service. A liability is recognised for the amount expected to be paid if the Company has
a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the
obligation can be estimated reliably.
Compensated absences
Compensated absences which are not expected to occur within twelve months after the end of the period in which the
employee renders the related services are recognised as an actuarially determined liability at the present value of the
defined benefit obligation at the balance sheet date.
Other short-term employee benefits
Other short-term employee benefits, including performance incentives expected to be paid in exchange for the services
rendered by employees, are recognised during the period when the employee renders the service.
Employee benefit expenses consists of the following:
(` in lakhs)
March 31, 2024 March 31, 2023
a) Salaries, incentives and allowances 2,531.42 2,197.90
b) Contributions to provident fund 158.09 140.78
c) Contributions to ESIC 9.59 8.51
d) Staff welfare expenses 103.48 95.95
2,802.58 2,443.14
Employee benefit obligations consists of the following:
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
(A) Employee benefit obligation - Non-current
Compensated absences 106.28 83.11
106.28 83.11
(B) Employee benefit obligation - Current
35.83 37.93
Gratuity
In accordance with Indian law, the Company operates a scheme of gratuity which is defined benefit plan. The gratuity
plan provide for a lump sum payment to vested employees at retirement, death while in employment or on termination of
employment of an amount equivalent to 15 day’s basic salary payable for each completed year of service. Vesting occurs
upon completion of five continuous years of service. The Company manages the plan through a trust. Trustees administer
contributions made to the trust through LIC group gratuity fund.
The following table sets out the funded status of the defined benefit schemes and the amount recognised in the financial
statements.
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The estimate of future salary increase considered in actuarial valuation takes account of inflation, seniority, promotion and
other relevant factors such as supply and demand factors in the employment market.
(` in lakhs)
March 31, 2024 March 31, 2023
Change in defined benefit obligations
Benefit obligations, beginning of the year 259.03 235.78
Service cost 24.92 24.74
Interest cost 18.78 13.56
Benefit paid (21.45) (43.61)
Actuarial loss/(gain) recognized in OCI 19.82 28.56
Benefit obligations, end of the year 301.10 259.03
(` in lakhs)
March 31, 2024 March 31, 2023
Change in plan assets
Fair value of plan assets, beginning of the year 297.31 208.24
Interest Income 21.56 11.97
Employer contribution 99.57 117.69
Actuarial (loss)/gain - -
Benefits paid (21.45) (43.61)
Remeasurement-return on plan assets excluding amount included in 8.11 3.02
interest income
Fair value of plan assets, end of the year 405.10 297.31
(` in lakhs)
Funded status:
Surplus / (Deficit) of plan assets over obligations 104.00 38.29

Category of assets:
Insurance managed funds 405.10 297.31
Net periodic gratuity cost included in employee cost consists of the following components:
(` in lakhs)
Net interest on net defined benefit (asset) / liability (2.78) 1.58
Net periodic gratuity cost 22.14 26.32
Actual return on plan assets 11.71 25.54
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Remeasurement of the net defined benefit liability/(asset):
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Actuarial (gains) and losses arising from changes in demographic 8.84 (0.74)
assumptions.
Actuarial (gains) and losses arising from changes in financial - 3.12
assumptions.
Actuarial (gains) and losses arising from changes in experience 10.99 26.18
adjustments.
Remeasurement of the net defined benefit liability 19.83 28.56
Remeasurement - return on plan assets excluding amount included in (8.11) (3.02)
interest income
Total 11.72 25.54
The assumptions used in according for the defined benefit plan are set out below:
(` in lakhs)
March 31, 2024 March 31, 2023
Discount rate 7.25% 7.25%
Rate of increase in compensation 8.00% 8.00%
Levels of covered employees
Rate of return on plan assets
Weighted average duration of
defined benefit obligations
Attrition rate
i) If Services for 0 years to 5 years 29.98% 37.58%
ii) If Services for 6 years and above 20.44% 27.91%
Mortality Rate Indian Assured Lives Indian Assured Lives
Mortality (2012-14) Mortality (2012-14)
(Urban) (Urban)
The expected benefits are based on the same assumptions as are used to measure the Company’s defined benefit plan
obligations as at March 31, 2024.
The Company is expected to contribute ` nil lakhs to the defined benefit plan obligation for the year ending March 31, 2024.
Remeasurement (Gain) of defined employee benefit plan in other comprehensive income for the fiscals 2024 and 2023 are
` 11.71 lakhs and ` 25.54 lakhs respectively.
The significant actuarial assumptions for the determination of the defined benefit obligations are discount rate and
expected salary increase. The sensitivity analysis below have been determined based on reasonably possible changes of
the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.
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If the discount rate increases / decreases by 0.50%, the defined benefit obligations would increase / (decrease) as follows:
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Increase of 0.50% (5.40) (3.15)
Decrease of 0.50% 5.63 3.26
If the expected salary growth increases / decreases by 0.50%, the defined benefit obligations would increase / (decrease)
as follows:
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Increase of 0.50% 5.54 3.22
Decrease of 0.50% (5.37) (3.15)
The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligations
as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumption may be
correlated.
Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligations has been
calculated using the Projected Unit Credit Method at the end of the reporting period, which is the same as that applied in
calculating the defined benefit obligation liability recognised in the Balance sheet.
Each year an Asset - Liability matching study is performed in which the consequences of the strategic investment policies
are analysed in terms of risk and return profiles. Investment and contribution policies are integrated within this study.
The defined benefit obligations shall mature after year ended March 31, 2024 as follows:
Year ending March 31, 2024 Defined benefit obligations

2024 56.02
2025 49.16
2026 45.50
2027 42.95
2028 35.16
2029-2033 108.56
2034 and above 78.87
416.22
Provident Fund
In accordance with Indian law, all eligible employees of the Company are entitled to receive benefits under the provident
fund plan in which both the employee and employer (at a determined rate) contribute monthly to Regional Provident Fund
Commissioner. The Company recognised ` 158.09 lakhs and ` 140.78 lakhs towards contribution provident fund and family
pension fund in fiscals 2024 and 2023 respectively. The contributions payable to these plans by the Company are at rates
specified in the rules of the schemes.
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12) Cost recognition
Costs and expenses are recognised when incurred and have been classified according to their primary nature.
The costs of the Company are broadly categorised in direct costs, employee benefit expenses, purchases of stock-in-trade,
depreciation and amortisation and other expenses. Direct costs include service charges and manpower supply. Employee
costs include employee compensation, allowances paid, contribution to various funds and staff welfare expenses. Other
expenses majorly include lease rentals, facility charges, travelling and conveyance, legal and professional fees, internet
connectivity charges, allowances for doubtful trade receivables and miscellaneous expenses. Miscellaneous expenses
is an aggregation of costs which are individually not material such as courier charges, Banker commision for Bank
Guarantee’s, recruitment and training, entertainment, etc.
(a) Direct costs
Direct costs consists of the following:
(` in lakhs)
March 31, 2024 March 31, 2023
(a) Service charges 8,161.23 6,286.97
(b) Man power charges 1,681.04 1,427.99
Total 9,842.27 7,714.96
(b) Purchase of stock-in-trade

Purchase of stock-in-trade consists of the following:
(` in lakhs)
March 31, 2024 March 31, 2023
(a) Hardware Purchase 81.17 1.87
(b) Stationery Purchase 243.91 168.00
Total 325.08 169.87
(c) Changes in inventories of stock-in-trade

(` in lakhs)
March 31, 2024 March 31, 2023
Inventories at the end of the year:
Stock-in-trade
(a) Hardware, stationery, etc. 32.22 32.25
32.22 32.25
Inventories at the beginning of the year:
Stock-in-trade
(a) Hardware, stationery, etc. 32.25 26.15
32.25 26.15
Net increase / (decrease) 0.03 (6.10)
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(d) Other expenses
Other expenses consists of the following:
(` in lakhs)
March 31, 2024 March 31, 2023
(a) Consumables 1.18 0.34
(b) Facility charges 228.72 194.94
(c) Repairs and maintenance - Others 42.50 38.09
(d) Rates and taxes 0.91 0.72
(e) Internet connectivity charges 74.58 73.26
(f) Travelling and conveyance 32.01 31.75
(g) Printing and stationery 35.10 27.52
(h) Business promotion expenses 23.84 25.66
(i) Legal and professional fees 32.41 33.15
(j) Corporate Social Responsibility (refer Note below) 43.00 53.32
(k) Payments to auditors (refer Note 17) 7.28 7.39
(l) Software maintenance charges 72.48 59.78
(m) Allowance on trade receivables and advances 39.00 499.48
(n) Miscellaneous expenses 119.10 100.28
Total 752.11 1,145.68
(e) Corporate Social Responsibility (CSR)

As per section 135 of the Companies Act, 2013, amount required to be spent on CSR by the Company during the
year ended March 31, 2024 and 2023 is ` 42.88 lakhs and ` 53.00 lakhs, respectively, computed at 2% of its average
net profit for the immediately preceding three financial years. The Company incurred an amount of 43.00 lakhs and
` 53.32 lakhs during the year ended March 31, 2024 and 2023, respectively, towards CSR expenditure for purposes
other than construction / acquisition of any asset.
(` in lakhs)
March 31, 2024 March 31, 2023
1 Amount required to be spent by the company during the year 42.88 53.00
2 Amount of expenditure incurred on:
(i) Construction / acquisition of any asset - -
(ii) On purpose other than (i) and above 43.00 53.32
3 Shortfall at the end of the year, - -
4 Total of previous years shortfall - -
5 Reason for shortfall, NA NA
6 Nature of CSR activities, - -
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(` in lakhs)
March 31, 2024 March 31, 2023
7
Details of related party transactions in relation to CSR `25 lakhs and `22 lakhs paid
expenditure as per relevant Accounting Standard `18 lakhs paid to to Rotary Club
Hyderabad Eye of Banjara Hills,
Institute (Operating Hyderabad (For
Trust of L V Prasad Palliative care), `31.32
Eye institute) for lakhs contributed to
performing critical Schools in Penagalur,
eye surgeries for Andhra Pradesh for
economically under providing Mattresses,
privileged back Beds, Benches and
ground patients at R.O. Water Plants.
no cost to them from
Andhra Pradesh &
Telangana Sates.
13) Finance costs

Finance costs consists of the following:
(` in lakhs)
March 31, 2024 March 31, 2023
(i) interest on lease liabilities - -
(ii) Interest on tax matters 1.62 1.69
(iii) Other interest costs - -
1.62 1.69
14) Income taxes

Income-tax expense comprises current tax expense and the net change in the deferred tax asset or liability during the
year. Current and deferred tax are recognised in statement of profit and loss, except when they relate to items that are
recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also
recognised in other comprehensive income or directly in equity, respectively.
Current income taxes
Current tax is measured based on taxable profit for the year and is computed in accordance with the Income Tax Act, 1961
using the tax rates that have been enacted or substantively enacted at the end of the reporting period.
Advance taxes and provisions for current income taxes are presented in the balance sheet after off-setting advance taxes
paid and income tax provisions arising in the same tax jurisdictions and where the relevant tax paying unit intends to settle
the asset and liability on a net basis.
Deferred income taxes
Deferred income tax is recognised using the balance sheet approach. Deferred income tax assets and liabilities are
recognised for deductible and taxable temporary differences arising between the tax base of assets and liabilities and
their carrying amount, except when the deferred income-tax arises from the initial recognition of goodwill or an asset or
liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the
time of the transaction.
Deferred income-tax asset are recognised to the extent that it is probable that taxable profit will be available against which
the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised.
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The carrying amount of deferred income tax assets and labilities are reviewed at each reporting date and are reduced or
increasedas the case may be.
Deferred tax assets and liabilities are measured using substantively enacted tax rates expected to apply to taxable income
in the years in which the temporary differences are expected to be received or settled.
The Income - tax expense consists of the following
(` in lakhs)
March 31, 2024 March 31, 2023
Current tax:
Current tax expense for current year 800.33 680.83
Current tax (benefit) / expense pertaining to prior 10.31 29.41
years
Deferred tax:
Deferred tax (benefit) / expense for current year 25.92 (107.01)
Deferred tax (benefit) / expense pertaining to Prior - -
Years
Total Income tax expense recognised in current year 836.56 603.23
Income - tax expense recognised in Other Comprehensive Income (OCI)

Deferred tax on remeasurement of defined employee benefit plans 2.95 6.43
Total income - tax expense recognised 2.95 6.43
The reconciliation of estimated income tax expense at statutory income tax rate to income tax expense reported in
statement of profit and loss is as follows:
(` in lakhs)
March 31, 2024 March 31, 2023
Profit before taxes 3,251.36 2,225.54
Indian Statutory income - tax rate 25.168% 25.168%
Expected Incometax expense 818.30 560.12
Tax effect of adjustments to reconcile expected income - tax expense
to reported income - tax expense:
Tax pertaining to prior years 10.31 29.41
Disallowance U/s 37
CSR expenses 10.82 13.42
Others (2.88) 0.28
Total Income tax expenses 836.55 603.23
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Significant components of net deferred tax assets and liabilities for the year ended March 31, 2024 are as follows:
(` in lakhs)
Opening Recognised Recognised Recognised Closing
balance / reversed / Reversed / Reversed balance
through through other through retained
profit or loss comprehensive earnings
income
Deferred tax assets / (liabilities) in
relation to:
Property, plant and equipment 14.53 (6.52) - - 8.01
Provision for employee benefits 51.38 (9.96) 2.95 - 44.37
Provision for doubtful debts 392.72 9.82 - - 402.54
Others (12.10) (19.26) - - (31.36)
Total deferred tax assets / 446.53 (25.92) 2.95 - 423.56
(liabilities)
(` in lakhs)
balance / reversed / Reversed / Reversed balance
through through other through retained
profit or loss comprehensive earnings
income
relation to:
Property, plant and equipment 12.63 1.90 - - 14.53
Provision for employee benefits 62.55 (17.60) 6.43 - 51.38
Others (9.10) (3.00) - - (12.10)
Total deferred tax assets / 333.10 107.01 6.43 - 446.54
(liabilities)
Gross deferred tax assets and liabilities are as follows:
(` in lakhs)
As at 31 March,2024 Assets Liabilities Net
Deferred tax assets / (liabilities) in relation to:
Property, plant and equipment 8.01 - 8.01
Provision for employee benefits 44.37 - 44.37
Provision for doubtful debts 402.54 - 402.54
Others - (31.36) (31.36)
Total deferred tax assets / (liabilities) 454.92 (31.36) 423.56
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(` in lakhs)
As at 31 March,2023 Assets Liabilities Net
Others - (12.10) (12.10)
15) Earnings per share

Basic earnings per share are computed by dividing profit or loss attributable to equity shareholders of the Company by
the weighted average number of equity shares outstanding during the period. The Company did not have any potentially
dilutive securities in any of the periods presented.
(` in lakhs)
March 31, 2024 March 31, 2023
Amount available for equity shareholders 2,414.81 1,622.31
Weighted average number equity shares 1,770,000 1,770,000
Total weighted average number of equity shares 1,770,000 1,770,000
Basic and diluted earning per share (`) 136.43 91.66

Face value per equity share (`) 10.00 10.00
16) Auditors remuneration
(` in lakhs)
March 31, 2024 March 31, 2023
Services as statutory auditors (including quarterly audits) 5.00 5.00
Tax audit 2.00 2.00
Re-imbursement of out-of-pocket expenses 0.39 0.39
7.39 7.39
17) Segment information

Operating segments are defined as components of an enterprise for which discrete financial information is available that
is evaluated regularly by the chief operating decision maker for assessing the Company’s performance and allocating the
resources based on an analysis of various performance indicators by business segments and geographic segments.
The Company is mainly engaged in the business of providing IT enabled services to various departments of Government of
Andhra Pradesh and Government of Telangana which constitute a single business segment. These activities are conducted
only in one geographic segment viz India. Therefore, the disclosure requirements of the Ind AS 108 “Segment Reporting”
are not applicable.
For the year ended March 31 ,2024 there are three customers that contribute more than 10% each of total revenue.
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18) Commitments and Contingencies
The Company uses significant judgements to disclose contingent liabilities. Contingent liabilities are disclosed when there
is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-
occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation
that arises from past events where it is either not probable that an outflow of resources will be required to settle the
obligation or a reliable estimate of the amount cannot be made. Contingent assets are neither recognised nor disclosed
in the financial statements
(` in lakhs)
March 31, 2024 March 31, 2023
Contingent liability :
Sales tax demands
(1) Claims against the Company not acknowledged as debt - 18.76 18.76
disputed sales tax liability
Capital commitment (net of advances) :
(2) Estimated amount of contracts remaining to be executed on - -
capital account
19) The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the
company towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the
Code on Social Security, 2020 on November 13, 2020, and has invited suggestions from stakeholders which are under
active consideration by the Ministry. The Company will assess the impact and its evaluation once the subject rules are
notified and will give appropriate impact in its financial statements in the period in which, the Code becomes effective and
the related rules to determine the financial impact are published.
20) Related party transactions

The Company’s principal related parties consist of its holding company, Tata Consultancy Services and its fellow-
subsidiaries, and key managerial personnel. The Company’s material related party transactions and outstanding balances
are with related parties with whom the Company routinely enter into transactions in the ordinary course of business.
Key Management Personnel (KMP)
Mr. Satish Kumar Elaprolu
(` in lakhs)
Year ended March 31, 2024
Tata Tata AIA Life Tata Tele Andhra Pradesh Total
Consultancy Insurance Services Technology
Services Co Ltd Ltd Services Limited
Revenue from sale of services and licenses 3.00 - 0.04 - 3.04
Purchases of goods and services (including 6,083.84 13.91 1.20 - 6,098.95
reimbursement)*
Dividend paid 866.42 - - 107.09 973.50
Rent expense 71.44 - - - 71.44
*The key manangement personnel of the Company are on deputation and have drawn remuneration of ` 55.42 Lakhs from
Tata Consultancy Services Limited during the year ended March 31, 2024. Service charges are payable by the Company to
Tata Consultancy Services Limited.
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(` in lakhs)
Tata Tata AIA Life Tata Tele Andhra Pradesh Total
Consultancy Insurance Services Technology
Services Co Ltd Ltd Services Limited
Revenue from sale of services and licenses - 0.01 0.14 - 0.15
Purchases of goods and services (including 4,321.60 - 1.20 - 4,322.80
reimbursement)*
Dividend paid 866.42 - - 107.09 973.50
Rent expense 71.44 - - - 71.44
*The key manangement personnel of the Company are on deputation and have drawn remuneration of ` 56.21 Lakhs from
Tata Consultancy Services Limited during the year ended March 31, 2023. Service charges are payable by the Company to
Tata Consultancy Services Limited.
(` in lakhs)
Tata Tata AIA Life Tata Tele Total
Consultancy Insurance Services Ltd
Services Co Ltd
Trade receivables and unbilled receivables - 0.87 - 0.87
Total - 0.87 - 0.87
(` in lakhs)
Services Co Ltd
Trade receivables and unbilled receivables 16.77 0.05 - 16.81
Total 16.77 0.05 - 16.81
(` in lakhs)
Services Co Ltd
Trade payables 499.85 - - 499.85
(` in lakhs)
Services Co Ltd
Trade payables 762.59 - 0.04 762.63
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21) Additional Regulatory Information
• Ratios Numerator Denominator Current Previous % Reason for

Year Year Variance Variance
Current ratio (in times) Total current Total current 2.22 2.46 (9.76)%
assets liabilities
Debt-Equity ratio (in Debt consists of Total equity - - -
times) borrowings and
lease liabilities
Return On equity ratio Profit for the year Average total 19.97% 14.67% 36.13 % Increase due to
(in %) less Preference equity increase in profit
dividend (if any) during the year
Inventory turnover ratio Raw materials, Average 10.09 5.61 79.86 % Increased due
(in times) subassemblies, inventories to increase
components, in stationery
finished goods and and hardware
work in progress purchases
consumed
Trade receivable Revenue from Average trade 2.75 2.00 37.50 % Increase due
turnover ratio (in times) operations receivables to increase in
revenue from
operations and
decrease in Trade
receivables
Trade payables turnover Cost of equipment Average trade 7.60 4.65 63.44 % Increased due
ratio (in times) and software payables to as trade
licenses + Other payables and
direct expenses
reduced
Net capital turnover Revenue from Average working 1.61 1.44 11.81 %
ratio (in times) operations capital (ie. Total
current assets
less Total current
liabilities
Net profit ratio (in %) Profit for the year Revenue from 14.72% 12.07% 21.96 %
operations
Return on capital Profit before tax Capital employed 25.40% 19.58% 29.72 % Increase due
employed (in %) and finance cost = Net worth + to increase in
Lease liabilities revenue from
+ Deferred tax operations
liabilities
Return on investments Income generated Average invested 8.71% 5.60% 55.54 % Income
(in %) from invested funds in treasury generated from
funds investments invested funds
has increased
due to increase
in fixed deposits
and mutual fund
during this year.
*Restricted to two decimals
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22) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources
or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”)
with the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party
identified by or on behalf of the Company (Ultimate Beneficiaries). The Company has not received any fund from any
party(s) (Funding Party) with the understanding that the Company shall whether, directly or indirectly lend or invest in
other persons or entities identified by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.
23) Dividends
Dividends paid during the year ended March 31, 2024 include an amount of ` 55 per equity share for the year ended March
31, 2023. Dividends paid during the year ended March 31, 2023 include an amount of ` 55 per equity share towards dividend
for the year ended March 31, 2022.
Dividends declared by the Company are based on the profit available for distribution. On May 07, 2024 the Board of
Directors of the Company have proposed a final dividend of ` 85 per share in respect of the year ended March 31, 2024
subject to the approval of shareholders at the Annual General Meeting, and if approved, would result in a cash outflow of
approximately `1,504.50lakhs.
For K B J & ASSOCIATES For and on behalf of the Board

Kaushik B. Joshi G S Lakshmi Narayanan V.Rajanna

Mumbai Date: May 07, 2024

Date: May 07, 2024
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MP ONLINE LIMITED
For the year ended
March 31, 2024
MP Online Limited 2.1
CONTENT PAGE
Balance Sheet 2.11

2.2 MP Online Limited
AUDITOR’S REPORT
UDIN:- 24048889BKAKRP8931
TO THE MEMBERS MP ONLINE LIMITED BHOPAL
Opinion
We have audited the Standalone financial statements of MP Online Limited (hereinafter referred to as “the Company”); which
2024, and Statement of Profit and other comprehensive loss, changes in equity and its cash flows for the year ended on that
date.
Basis for Opinion
the information included in the Company’s annual report but does not include the financial statements and our auditor’s report
thereon. The Company’s annual report is expected to be made available to us after the date of this auditor’s report.
and regulations.
Responsibility of Management’s and Board of Director’s for the Financial Statements
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statements.
internal control.
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may
exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if
such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a
going concern.
• Evaluate the overall presentation, structure, and content of the financial statements, including the disclosures, and whether
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
(b) In our opinion, proper books of accounts as required by law have been kept by the Company so far as appears from
(c) The Balance Sheet and the Statement of Profit and Loss (including other comprehensive income), the statement
accounts.
(d) In our opinion, aforesaid Financial Statements comply with the Ind AS specified under Section 133 of the Act.
(e) On the basis of the written representations received from the Directors as on March 31, 2024, taken on record by the
Board of Directors, none of the Directors is disqualified as on March 31, 2024, from being appointed as a Director in
(f) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company
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(i) The Company has disclosed the impact of pending litigations on its financial position in its financial statements. Refer
Note 19 to the financial statements.
(ii) The Company did not have any long-term contracts including derivative contracts for which there were any material
foreseeable losses.
(iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the
Company.
(iv) (a) The management has represented that, to the best of its knowledge and belief, as disclosed in the note 23 to
(b) The management has represented, that, to the best of its knowledge and belief, as disclosed in the note 23 to
Company shall:
(v) The final dividend paid by the Company during the year, in respect of the same declared for the previous year, is in
As stated in Note 24 to the financial statements, the Board of Directors of the Company has proposed final dividend for the
year which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend declared is in
accordance with Section 123 of the Act to the extent it applies to declaration of dividend.
(vi) Reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is applicable with effect from 1st April
2023. The Company has used software for maintaining the books of accounts which has inbuilt feature of recording
the audit trail and logs of activities in the software. The same was used from 14th May 2023. This software once
activated cannot be tempered with. On the basis of verification of details on test check basis we have not come across
any inconsistency in the maintenance of audit trail during the year. The Company also uses some other software such
as portal for citizen services (G to C) and but it is not interfaced with the accounting software. Data is downloaded and
then entered in the accounting software. Hence they have not been verified by us.
For K B J & ASSOCIATES.
(Chartered Accountants)
(Firm Registration No. 114934W)
Kaushik B. Joshi
7th May 2024. Proprietor
Mumbai (Membership No. 48889)
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Report on Companies (Auditor’s Report) Order, 2020 (‘the Order’) issued by
the Central Government in terms of Section 143(11) of the Companies Act,
2013 (‘the Act’) of MP ONLINE LIMITED (‘the Company’)
(B) The Company does not have any intangible assets. Accordingly, clause 3(i)(a)(B) of the Order is not applicable.
Company, the Company has a regular programme of physical verification of its property, plant and equipment by which
all Property, plant and equipment are verified every year. In accordance with this programme, Property, plant and
equipment were verified during the year. In our opinion, this periodicity of physical verification is reasonable having
Company, the Company has not revalued its property, plant and equipment (including Right-of-use assets).
the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.
(ii) (a) The Company is a service company, primarily rendering development, management services of online portal for
providing web-based services by Government to citizens. Accordingly, it does not hold any physical inventories.
Accordingly, clause 3(ii)(a) of the Order is not applicable
(iii) According to the information and explanations given to us and on the basis of our examination of the records of
the Company, the Company has not made any investments, provided guarantee or security or granted any loans or
advances in the nature of loans, secured or unsecured, to companies, firms, limited liability partnerships or any other
parties during the year, except for investment in mutual funds and loan to a company details of the same are given
below:
(a) (A) The Company does not have any subsidiaries. Accordingly, clause 3(iii)(a) A of the Order is not applicable.
Particulars Amt (` In Lakhs)

Aggregate Amount during the year- Other 6,000.00
Balance outstanding at Balance sheet date 6,000.00
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to settle the overdue of existing loans given to the same party.
of repayment.
Company, the Company has not given any loans, or provided any guarantee or security as specified under Sections
185 of the Companies Act, 2013 (“the Act”) and the company has not made any investments or provided any guarantee
or security as specified under section 186 of the Companies Act, 2013 (“the Act”). Further, the company has complied
with the provisions of section 186 of the Companies Act, 2013 (“the Act”) in relation to loans given.
of cost records under Section 148(1) of the Companies Act, 2013 for the services provided by it. Accordingly, clause
3(vi) of the Order is not applicable.
(vii) (a) The Company does not have liability in respect of Sales tax, Service tax, Duty of excise and Value added tax during
the year since effective 1 July 2017, these statutory dues has been subsumed into Goods and Service Tax (GST).
According to the information and explanations given to us and on the basis of our examination of the records
of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues
including GST, Provident fund, Employees’ State Insurance, Income-tax, Cess and other material statutory dues
have been generally deposited with the appropriate authorities. As explained to us, the Company did not have any
dues of Customs.
According to the information and explanations given to us, no undisputed amounts payable in respect of GST,
Provident fund, Employees’ State Insurance, Income-tax, Cess and other material statutory dues were in arrears
as at 31 March 2024 for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us and on the basis of our examination of the records of
the Company, there are no statutory dues relating to Provident Fund, Employees State Insurance, Income-Tax,
Service Tax or Cess or other statutory dues, which have not been deposited with the appropriate authorities
on account of any dispute. The following dues of Service Tax and Income Tax have not been deposited by the
Company on account of dispute:
Name of the Nature of Amount Amount paid Amount not Period to Forum where
statute the dues under under protest paid which the dispute is
dispute (ìn lakhs) amount pending
(ìn lakhs) relates
The Finance Service Tax 2,995.27 112.32 2,882.96 Oct-09 to Appellate
Act, 1994 Sept-14 Tribunal
The Finance Service Tax 1,273.16 95.48 1,177.67 Oct-14 to Appellate
Act, 1994 Mar-16 Tribunal
The Finance Service Tax 997.32 67.99 929.33 April-16 to Appellate
Act, 1994 June-17 Tribunal
The Income Income Tax 7.15 - 7.15 AY 2014-15 Commissioner
Tax Act, 1961 of Income Tax
(Appeals)
The Income Income Tax 2.35 - 2.35 AY 2018-19 Commissioner
Tax Act, 1961 of Income Tax
(Appeals)
Company, the Company has not surrendered or disclosed any transactions, previously unrecorded as income in the
books of account, in the tax assessments under the Income-tax Act, 1961 as income during the year.
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(c) According to the information and explanations given to us by the management, the Company has not obtained any
(xii) According to the information and explanations given to us, the Company is not a Nidhi Company. Accordingly,clause 3(xii)
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applicable.
applicable.

Kaushik B. Joshi
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Annexure B to the Independent Auditor’s Report on the financial

statements Report on the internal financial controls with
reference to the aforesaid financial statements
Opinion
We have audited the internal financial controls with reference to financial statements of MP Online Limited (“the Company”)
that date.
authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or
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Kaushik B. Joshi
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Balance Sheet
(` in lakhs)
Note As at March 31, 2024 As at March 31, 2023
I. ASSETS
Non - current assets
Right-of-use assets 7 576.22 410.92
Financial assets
Trade receivables
Billed 6(b) - -
Other financial assets 6(f) 2,571.39 6,053.00
Income tax assets (net) 112.57 124.47
Other assets 8(b) 285.56 280.32
Current assets
Financial assets
Investments 6(a) 2,877.40 4,699.22
Trade receivables
Billed 6(b) 1,814.45 99.03
Cash and cash equivalents 6(c) 2,319.22 2,760.91
Loans 6(e) 3.00 2.68
Other financial assets 6(f) 6,926.89 422.07
Other assets 8(b) 383.26 331.45
TOTAL ASSETS 21,945.13 18,082.02
II. EQUITY AND LIABILITIES
Equity
Share capital 6(m) 100.00 100.00
Other equity 9 13,919.46 12,620.09
Total Equity 14,019.46 12,720.09
Liabilities
Lease liabilities 651.88 482.09
Income tax liabilities (net)
Other liabilities 7c) - 0.00
Deferred tax liabilities (net) 7
Current liabilities
Trade payables
Dues of small enterprises and micro enterprises 6(g) - -
Dues to creditors other than small enterprises and micro enterprises 6(h) 640.54 623.89
Other financial liabilities 6(i) 4,700.12 2,908.76
Other liabilities 8(c) 1,429.18 1,075.48
Income tax liabilities (net) 81.49 43.29
TOTAL EQUITY AND LIABILITIES 1-24 21,945.13 18,082.02
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
As per our report of even date attached. For and on behalf of the Board of MPOnline Limited
CIN number : U72400MP2006PLC01877
For KBJ & Associates
Kaushik B. Joshi Lakshminarayanan G S Venguswamy Ramaswamy
Membership number : 048889 DIN : 07982712 DIN : 07943675
Mumbai, May 07,2024 Mumbai, May 07,2024
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(` in lakhs)

March 31, 2024 March 31, 2023
Other income 11 1,250.28 828.87
TOTAL INCOME 10,161.56 10,013.47
Expenses
Employee benefit expenses 12 1,490.65 1,391.06
Finance cost 14 55.46 49.65
Depreciation expense 7, 8(a) 86.89 104.63
Other expenses 13(a) 4,644.54 4,944.75
TOTAL EXPENSES 6,277.54 6,490.09
Tax expense
Current tax 15 1,052.10 915.00
Deferred tax 15 (53.66) (10.57)
OTHER COMPREHENSIVE INCOME (OCI) /(LOSS)
Items that will not be reclassified subsequently to profit or loss
Income-tax on items that will not be reclassified subsequently 2.08 3.27

to profit or loss
TOTAL OTHER COMPREHENSIVE INCOME /(LOSS) (6.21) (9.71)
TOTAL OTHER COMPREHENSIVE INCOME FOR THE YEAR 2,879.37 2,609.24
Earnings per equity share :- Basic and diluted (`) 16 288.56 261.90
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(` in lakhs)
Balance as at Changes in equity share capital Restated balance Changes in equity share Balance as at
April 1, 2023 due to prior period errors as at April 1, 2023 capital during the year March 31, 2024
100 - - - 100
(` in lakhs)
Balance as at Changes in equity share capital Restated balance Changes in equity share Balance as at
April 1, 2022 due to prior period errors as at April 1, 2022 capital during the year March 31, 2023
100 - - - 100
*Refer note 6(l).
B. OTHER EQUITY
(` in lakhs)
Retained earnings
Balance as at April 1, 2023 12,620.09
Profit for the year 2,885.58
Other comprehensive losses (6.21)
Total comprehensive income 15,499.46
Dividend (1,580.00)
Balance as at March 31, 2024 13,919.46
Balance as at April 1, 2022 12,040.85
Profit for the year 2,618.95
Other comprehensive losses (9.71)
General reserve -
Total comprehensive income 14,650.09
Dividend (2,030.00)
Balance as at March 31, 2023 12,620.09

General Reserve
The general reserve is a free reserve which is used from time to time to transfer profits from retained earnings for appropriation
purposes.
Retained earnings
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(` in lakhs)
March 31, 2024 March 31, 2023
I CASH FLOWS FROM OPERATING ACTIVITIES
Operating activities
Depreciation expense 86.89 104.63
Net gain on investements (629.64) (354.99)
Bad debts and advances written off, allowance for doubtful trade receivables and (22.83) 36.18
advances (net)
Unrealised gain on investments 217.44 (5.70)
Net change in
Trade receivables (1,692.59) (24.60)
Loans and other financial assets (0.32) (3.09)
Other assets (57.05) 248.09
Trade payables 16.65 397.04
Unearned and deferred revenue 145.93 (37.69)
Employee benefit obligations 25.21 5.11
Other liabilities and provisions 2,145.06 1,429.99
Cash generated from operations 3,336.15 4,900.40
Taxes paid (net of refunds) (1,002.02) (1,064.52)
Net cash generated from operating activities 2,334.13 3,835.88
II CASH FLOWS FROM INVESTING ACTIVITIES
Inter-corporate deposits placed - (6,000.00)
Purchase of investments (19,000.00) (3,100.00)
Payment for purchase of property, plant and equipment - (29.30)
Proceeds from bank deposits 4,541.43 5.72
Proceeds from disposal / redemption of investments 21,234.01 10,822.77
Net cash generated from / (used in) investing activities (1,116.56) (753.97)
III CASH FLOWS FROM FINANCING ACTIVITIES

Dividend (1,580.00) (2,030.00)
Repayment of lease liabilities (23.80) (34.47)
Net cash (used in) financing activities (1,659.26) (2,114.12)
Net change in cash and cash equivalents (441.69) 967.79
Cash and cash equivalents at the beginning of the year 2,760.91 1,793.12
Cash and cash equivalents at the end of the year (refer Note 6(c)) 2,319.22 2,760.91
Note: The above Statement of Cash Flows has been prepared under the ‘Indirect Method’ as set out in Ind AS 7, ‘Statement of Cash Flows’
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1. Corporate information
MPOnline Limited (herein referred to as ‘the Company’) is a subsidiary of Tata Consultancy Services Limited (‘TCS’ or
‘Holding Company’) The Company primarily operates an e-commerce portal allowing payments and money transfer to be
made through the Internet, enabling citizens and businesses to make payment of dues to various departments of state
governments, educational institutions, public utilities and insurance companies.
The Company, is a public company incorporated and domiciled in India. The address of its registered office and principal
place of business Office Block No.9 & 10, DB City Corporate block , DB Mall Fifth Floor, Arera Hills, MP Nagar, Bhopal
462011. As of March 31, 2024 Tata Consultancy Services Limited, the holding company owned 89% of the Company’s equity
share capital. Tata Sons Private Limited is the ultimate parent.
The Company is a venture between Tata Consultancy Services Limited and Madhya Pradesh State Electronics Development
Corporation Limited (‘Significant Shareholder’). The shareholding agreement between parties is valid until March 31,
2027.
The financial statements for the year ended March 31, 2024 were approved by the Board of Directors and authorised for
issue on May 07,2024
2. Statement of compliance
AS”) prescribed under Section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards)
3. Basis of preparation
These financial statements have been prepared in Indian Rupee which is the functional currency of the Company.
These financial statements have been prepared on the historical cost basis, except for financial instruments which are
measured at fair values at the end of each reporting period and employee retirement obligations as explained in the
accounting policies below. Historical cost is generally based on fair value of consideration given in exchange of goods and
services. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measerement date.
All assets and liabilities have been classified as current or non current as per the Company’s normal operating cycle and
other criteria as set out in division II of Schedule III to the Company’s Act, 2013. Based on the nature of services rendered
to customer and time elapsed between deployment of resources and realisation in cash and cash equivalents of the
consideration for such a services rendered, the Company has considered an operating cycle of 12 months.
equivalents.
4. Use of estimates and judgements

The preparation of these financial statements in conformity with the recognition and measurement principles of Ind AS
requires management to make estimates and assumptions that affect the reported balances of assets and liabilities,
disclosures relating to contingent liabilities as at the date of the financial statements and the reported amounts of income
and expenses for the periods presented.
in the period in which the estimates are revised and future periods are affected.
The Company uses the following critical accounting estimates in preparation of its financial statements :
a) Useful lives of property, plant and equipment
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b) Fair value measurement of financial instruments
c) Provision for income tax and deferred tax assets
costs, allowances and disallowances which is exercised while determining the provision for income tax.
A deferred tax asset is recognised to the extent that it is probable that future taxable profit will be available against
which the deductible temporary differences and tax losses can be utilised. Accordingly, the Company exercises its
judgement to reassess the carrying amount of deferred tax assets at the end of each reporting period.
d) Provisions and contingent liabilities
or non- occurrence of one or more uncertain future events not wholly within the control of the Company or a present
e) Employee benefits
f) Leases
5. Recent pronouncements
(Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31, 2024, MCA has not notified
any new standards or amendments to the existing standards applicable to the Company.
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6. Financial assets, financial liabilities and equity instruments
The Company considers all highly liquid investments, which are readily convertible into known amounts of cash that are
subject to an insignificant risk of change in value, to be cash equivalents. Cash and cash equivalents consist of balances
with banks which are unrestricted for withdrawal and usage.
Financial assets are subsequently measured at amortised cost if these financial assets are held within a business model
whose objective is to hold these assets in order to collect contractual cash flows and the contractual terms of the financial
outstanding.
Financial assets are measured at fair value through other comprehensive income if these financial assets are held within a
business whose objective is achieved by both collecting contractual cash flows on specified dates that are solely payments
of principal and interest on the principal amount outstanding and selling financial assets.
Financial assets are measured at fair value through profit or loss unless they are measured at amortised cost or at
fair value through other comprehensive income on initial recognition. The transaction costs directly attributable to the
acquisition of financial assets and liabilities at fair value through profit or loss are immediately recognised in statement of
profit and loss.
Equity instruments
The Company assesses at each date of balance sheet whether a financial asset or a Group of financial assets is impaired.
Ind AS 109 requires expected credit losses to be measured through a loss allowance. In determining the allowances for
doubtful trade receivables, the Company has used a practical expedient by computing the expected credit loss allowance
for trade receivables based on a provision matrix. The provision matrix takes into account historical credit loss experience
and is adjusted for forward looking information. The expected credit loss allowance is based on the ageing of the receivables
that are due and rates used in the provision matrix. For all other financial assets, expected credit losses are measured at
an amount equal to the 12-month expected credit losses or at an amount equal to the life time expected credit losses if
the credit risk on the financial asset has increased significantly since initial recognition.
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a) Investments - current
As at As at
March 31, 2024 March 31, 2023
Investments carried at fair value through profit or loss
Mutual funds units (quoted) 2,877.40 4,699.22
2,877.40 4,699.22
Quantity As at Quantity As at
March 31, 2024 March 31, 2023
Aditya Birla Sun Life Liquid Fund - Growth-Direct 2,56,960.25 1,001.32 63,029.59 228.85
Plan
Nippon - Liquid Fund - Growth-Direct Plan 9,664.96 571.10 23,041.71 1,268.89
SBI - Liquid Fund - Growth-Direct Plan 20,549.88 800.58 32,197.38 1,134.42
DSP Savings Fund - Direct Plan - Growth 10,19,379.37 504.40 - -
ICICI Prudential - Liquid Fund - Growth-Direct - - 3,41,495.25 1,137.81
Plan
Kotak Liquid Fund - Growth-Direct Plan - - 20,430.25 929.25
13,06,554.46 2,877.40 4,80,194.18 4,699.22

(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
b) Trade receivables - Billed
Trade receivables - Billed (unsecured) consist of the following:
Trade receivables - Billed - Non-current
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Trade receivables - Billed 530.76 554.24
Less : Allowance for doubtful trade receivables - Billed (530.76) (554.24)
Considered good - -
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Ageing for trade receivables – non-current outstanding as at March 31, 2024 is as follows:
(` in lakhs)
Outstanding for following periods from due date of payment
Particulars Not due Less 6 1-2 2-3 More Total
than 6 months years years than 3
months - 1 year years
Trade receivables - Billed
Undisputed trade receivables – considered - - - - - 530.76 530.76
good
Undisputed trade receivables – which have - - - - - - -
Undisputed trade receivables – credit - - - - - - -
impaired
Disputed trade receivables – considered - - - - - - -
good
Disputed trade receivables – which have - - - - - - -
Disputed trade receivables – credit impaired - - - - - - -
- - - - - 530.76 530.76
Less: Allowance for doubtful trade (530.76)
receivables - Billed
-
(` in lakhs)
Undisputed trade receivables – considered - - - 23.32 17.58 513.34 554.24
good
impaired
good
- - - 23.32 17.58 513.34 554.24
Less: Allowance for doubtful trade (554.24)
-
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(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Trade receivables - Billed 1,814.45 99.03
Considered good 1,814.45 99.03
Above balances of trade receivables include balances with related parties (Refer note 21).
(` in lakhs)
Undisputed trade receivables – considered 1,798.81 - 1.14 14.50 - - 1,814.45
good
impaired
good
1,798.81 - 1.14 14.50 - - 1,814.45
Less: Allowance for doubtful trade -
1,814.45
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(` in lakhs)
Undisputed trade receivables – considered 30.72 43.63 24.68 - - - 99.03
good
impaired
good
30.72 43.63 24.68 - - - 99.03
Less: Allowance for doubtful trade -
99.03
c) Cash and cash equivalents

Cash and cash equivalents consists of the following:
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Balances with banks
In current accounts 2,319.22 2,760.91
2,319.22 2,760.91
d) Other balances with banks

Other balances with banks consists of the following:
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Earmarked balances with banks* 21.79 41.43
3,697.79 2,541.43
*Earmarked balances includes balances held as margin money against guarantees.
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e) Loans
Loans (unsecured) consists of the following:
Loans - Current
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Unsecured, considered good
Loans and advances to employee 3.00 2.68
3.00 2.68
f) Other financial assets

Other financial assets consist of the following:
Other financial assets - Non-current
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Bank deposits 2,500.00 -
Security deposits 19.29 26.92
Earmarked balances with banks * 52.10 26.08
Inter-corporate deposits** - 6,000.00
2,571.39 6,053.00
Other financial assets - Current

(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Inter-corporate deposits** 6,000.00 -
Interest receivable 926.89 422.07
6,926.89 422.07

**Inter-corporate deposits placed with financial institutions yield fixed interest rate.The same financial institution has
since, been merged with bank.
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g) Dues of small enterprises and micro enterprises
The disclosure pursuant to the Micro, Small and Medium Enterprises Development Act, 2006, (MSMED Act) for dues
to micro enterprises and small enterprises as at March 31, 2024 and March 31, 2023 is as under:
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Dues remaining unpaid to any supplier Principal - -
Interest on the above - -
Amount of interest paid in terms of section 16 of the MSMED Act, - -
2006, along with the amount of the payment made to the supplier
beyond the appointed day during each accounting year
Amount of interest accrued and remaining unpaid - -
Amount of further interest remaining due and payable even in - -
the succeeding years, until such date when the interest dues as
above are actually paid to the small enterprise, for the purpose
of disallowance as a deductible expenditure under section 23 of
MSMED Act, 2006
- -
h) Trade payables
(` in lakhs)
Particulars Not Due Less than 1-2 2-3 More than 3 Total
MSME - - - - - -
Others 304.81 - 9.42 - 156.56 470.79
Disputed dues - MSME - - - - - -
304.81 - 9.42 - 156.56 470.79
640.54
Above balances of trade payables include balances with related parties (Refer note 21).
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(` in lakhs)
Particulars Not Due Less than 1-2 2-3 More than 3 Total
MSME - - - - - -
Others 365.56 9.42 - - 156.56 531.54
365.56 9.42 - - 156.56 531.54
623.89
i) Other financial liabilities
Other financial liabilities consist of the following:
Other financial liabilities - Current
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Amount collected on behalf of customers 4,645.22 2,853.51
Security deposits received 54.90 54.90
Accrued payroll - 0.34
4,700.12 2,908.75
j) Financial instruments by category

(` in lakhs)
profit or loss
Financial assets:
Investments 2,877.40 - 2,877.40
Trade receivables - 1,814.45 1,814.45
Loans - 3.00 3.00
Other financial assets - 9,498.28 9,498.28
Total 2,877.40 17,332.74 20,210.14
Trade payables - 640.54 640.54
Lease liabilities - 729.28 729.28
Total - 6,069.94 6,069.94
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(` in lakhs)
profit or loss
Financial assets:
Other balances with banks - 2,541.43 2,541.43
Investments 4,699.22 - 4,699.22
Trade receivables - 99.03 99.03
Loans - 2.68 2.68
Total 4,699.22 11,879.12 16,578.34
Total - 4,077.53 4,077.53
Carrying amounts of cash and cash equivalents, other balances with bank, trade receivables, loans receivables,
trade payables and other financial liabilities as at March 31, 2024 and 2023 approximate the fair value due to their
nature.Carrying amounts of other balances with bank, other financial assets and other financial liabilities which are
subsequently measured at amortised cost also approximate the fair value due to their nature in each of the periods
presented.
Measurement of fair value
The management assessed the fair values of cash and cash equivalents, trade receivables, unbilled revenue, loan
receivables, other financial assets, trade payable and other financial liabilities at their carrying amounts due to short
term maturities of these investments.
k) Fair value hierarchy
observable or unobservable and consist of the following three levels:
• Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.
• Level 2 - Inputs are other than quoted prices included within Level 1 that are observable for the asset or liability,
• Level 3 - Inputs are not based on observable market data (unobservable inputs). Fair values are determined
in whole or in part using a valuation model based on assumptions that are neither supported by prices from
observable current market transactions in the same instrument nor are they based on available market data.
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As at March 31, 2024 (` in lakhs))

Financial assets Level 1 Level 2 Level 3 Total
Total 2,877.40 - - 2,877.40
As of March 31, 2023 (` in lakhs)

Total 4,699.22 - - 4,699.22
l) Financial risk management

The Company is exposed primarily to credit and liquidity risk which may adversely impact the fair value of its financial
instruments. The Company has a risk management policy which covers risks associated with the financial assets
and liabilities. The focus of the Board is to assess the unpredictability of the financial environment and to mitigate
potential adverse effects on the financial performance of the Company.
Market risk
Foreign currency exchange rate risk
The Company has no exposure to foreign currency risk.
Interest rate risk
The Company investments are primarily in fixed rate interest bearing investments. Hence the Company is not
Credit risk
Financial instruments that are subject to concentrations of credit risk principally consist of trade receivables,
investments, cash and cash equivalents, bank deposits, inter corporate deposits and other financial assets. Inter
corporate deposits of ` 6,000 lakhs and ` 6,000 lakhs as of March 31, 2024 and 2023, respectively are with a financial
institution having a high credit-rating assigned by credit-rating agencies. Bank deposits of ` 6,249.89.00 lakhs and
` 2,567.51 lakhs as at March 31, 2024 and 2023, respectively is held with Indian banks having high credit ratings. None
of the other financial instruments of the Company result in material concentration of credit risk.
Exposure to credit risk
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to
credit risk was ` 20,210.14 lakhs and ` 16,578.34 lakhs as of March 31, 2024 and 2023, respectively, being the total
of the Carrying amount of balances with banks, bank deposits, investments, trade receivables, loans receivables,
Intercorporate deposits and other financial assets.
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Of the total trade receivables ` 2,345.21 lakhs as at March 31, 2024, Amt of ` 1,774.74/- is due from the variuos
collecting agents which have since been received. Out of balance receivables of ` 570.47 lakhs following two are
largest customers of the Company. There are no other customers who represent more than 10% of the total trade
receivables other than collecting agents.
(` in lakhs)

March 31, 2024 March 31, 2023
Customer A 327.81 327.81
Customer B 191.76 191.76
Customer C - 18.74
Customer D - 17.45
519.57 555.76
Geographic concentration of credit risk

The Company has a geographic concentration of trade receivables, net of allowances in India.
Liquidity risk
management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements. The
Company consistently generated sufficient cash flows from operations to meet its financial obligations as and when
they fall due.
(` in lakhs)
March 31, 2024 Due in Due in 2nd Due in 3rd Due after Total
1st Year Year to 5th Year 5th Year
Trade and other payables 640.54 - - - 640.54
Lease liabilities 77.40 79.46 262.44 1,403.43 1,822.73
Other financial liabilities 4,700.12 - - - 4,700.12
Total 5,418.06 79.46 262.44 1,403.43 7,163.39
(` in lakhs)
March 31, 2023 Due in Due in 2nd Due in 3rd Due after Total
1st Year Year to 5th Year 5th Year
Lease liabilities 62.77 35.77 116.80 1,419.01 1,634.35
Other financial liabilities 2,908.76 - - - 2,908.76
Total 3,595.42 35.77 116.80 1,419.01 5,167.00
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m) Equity instruments
The authorised, issued, subscribed and fully paid-up share capital comprises of the following:
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Authorised :
1,000,000 equity shares of `10 each 100.00 100.00
(March 31, 2023 : 1,000,000 Equity shares of ` 10 each) - -
Issued, Subscribed and Fully paid up
(March 31, 2023 : 1,000,000 Equity shares of ` 10 each) - -
100.00 100.00
a. Reconciliation of the number of shares

Number of Amount Number of Amount
Equity shares
Opening balance 10,00,000 100.00 10,00,000 100.00
Closing balance 10,00,000 100.00 10,00,000 100.00
b. Rights, preferences and restrictions attached to shares

The Company has one class of equity shares having a par value of `10 per share. Each shareholder is eligible
for one vote per share held and carry a right to dividend. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of the interim
dividend. In the event of liquidation, the equity share holders are eligible to receive the remaining assets of the
Company after distribution of all preferential amounts, in proportion to their shareholding.
c. Shares held by holding company
Number of shares
As at As at
March 31, 2024 March 31, 2023
Equity shares
Holding Company
8,90,000 equity shares are held by Tata Consultancy Services Limited 8,90,000 8,90,000
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d. Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company

Class of shares / Name of Number of % holding in Number of % holding in
shareholder shares held that class of shares held that class of
shares shares
Equity shares
Madhya Pradesh State Electronics 1,10,000 11% 1,10,000 11%
Development Corporation
e. Disclosure of Shareholding of Promoters
Shares held by promoters % Change

Promoter name As at March 31, 2024 As at March 31, 2023 during the
year
Number of % of total Number of % of total
shares shares shares shares
Tata Consultancy Services 8,90,000 89% 8,90,000 89% 0%
Limited
Madhya Pradesh State 1,10,000 11% 1,10,000 11% 0%
Electronics Development
Corporation Limited
f. The Company’s objective for capital management is to maximise shareholder value, safeguard business
continuity and support the growth of the Company. The Company determines the capital requirement based on
annual operating plans and long-term and other strategic investment plans. The funding requirements are met
through equity and operating cash flows generated. The Company is not subject to any externally imposed capital
requirements.
7. Leases
A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of
time in exchange for consideration.
Company as a lessee
The Company accounts for each lease component within the contract as a lease separately from non-lease components
of the contract and allocates the consideration in the contract to each lease component on the basis of the relative stand-
alone price of the lease component and the aggregate stand-alone price of the non-lease components.
The Company recognises right-of-use asset representing its right to use the underlying asset for the lease term at the
lease commencement date. The cost of the right-of-use asset measured at inception shall comprise of the amount of
the initial measurement of the lease liability adjusted for any lease payments made at or before the commencement date
less any lease incentives received, plus any initial direct costs incurred and an estimate of costs to be incurred by the
lessee in dismantling and removing the underlying asset or restoring the underlying asset or site on which it is located.
The right-of-use assets is subsequently measured at cost less any accumulated depreciation, accumulated impairment
losses, if any and adjusted for any remeasurement of the lease liability. The right-of use assets is depreciated using the
straight-line method from the commencement date over the shorter of lease term or useful life of right-of-use asset. The
estimated useful lives of right-of-use assets are determined on the same basis as those of property, plant and equipment.
Right-of-use assets are tested for impairment whenever there is any indication that their carrying amounts may not be
recoverable. Impairment loss, if any, is recognised in the statement of profit and loss.
The Company measures the lease liability at the present value of the lease payments that are not paid at the commencement
date of the lease. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily
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determined. If that rate cannot be readily determined, the Company uses incremental borrowing rate. For leases with
reasonably similar characteristics, the Company, on a lease by lease basis, may adopt either the incremental borrowing
rate specific to the lease or the incremental borrowing rate for the portfolio as a whole. The lease payments shall include
fixed payments, variable lease payments, residual value guarantees, exercise price of a purchase option where the
Company is reasonably certain to exercise that option and payments of penalties for terminating the lease, if the lease
term reflects the lessee exercising an option to terminate the lease. The lease liability is subsequently remeasured by
increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease
payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications or to reflect
revised in- substance fixed lease payments. The Company recognises the amount of the re-measurement of lease liability
due to modification as an adjustment to the right-of-use asset and statement of profit and loss depending upon the nature
of modification. Where the carrying amount of the right-of-use asset is reduced to zero and there is a further reduction
in the measurement of the lease liability, the Company recognises any remaining amount of the re-measurement in
statement of profit and loss.
The Company has elected not to apply the requirements of Ind AS 116 to short-term leases of all assets that have a lease
term of 12 months or less and leases for which the underlying asset is of low value. The lease payments associated with
these leases are recognized as an expense on a straight-line basis over the lease term.
Company as a lessee
The details of the right-of-use asset held by the Company is as follows:
(` in lakhs)
Additions for the year Net carrying amount
ended as at
March 31, 2024 March 31, 2024
Leasehold Building 217.31 576.22
217.31 576.22
(` in lakhs)
ended as at
March 31, 2023 March 31, 2023
Leasehold Building - 410.92
- 410.92
(` in lakhs)

March 31, 2024 March 31, 2023
Depreciation
Leasehold Building 52.01 47.51
52.01 47.51
Interest on lease liabilities is ` 55.46 lakhs and ` 49.65 lakhs for the years ended March 31, 2024 and 2023, respectively.
The total cash outflow for leases is ` 80.12 lakhs and ` 84.12 lakhs for the years ended March 31, 2024 and 2023, respectively.
The Company incurred ` 2.85 lakhs and Nil lakhs for the years ended March 31, 2024 and 2023, respectively, towards
expenses relating to short-term leases and leases of low-value assets.
Lease contracts entered by the Company majorly pertains for buildings taken on lease to conduct its business in the
ordinary course. The Company does not have any lease restrictions and commitment towards variable rent as per the
contract.
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8. Non-financial assets and non-financial liabilities
a) Property, plant and equipment
Property, plant and equipment are stated at cost, less accumulated depreciation and impairment loss, if any. Cost
of an item of property, plant and equipment comprises of its purchases price including non refundable taxes, after
deducting trade discount and any directly attributable cost of bringing the item to its working condition for its intended
use.
Depreciation is provided for property, plant and equipment on straight line basis so as to expense the cost less

Leasehold improvements Lease term
Vehicles 4 years
Electrical installations 10 years
Property, plant and equipment with finite life are evaluated for recoverability whenever there is any indication that
their carrying amounts may not be recoverable. If any such indication exists, the recoverable amount (i.e. higher of the
fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not
generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount
is determined for the Cash Generating Unit (CGU) to which the asset belongs.
and loss.
Property, plant and equipment consists of the following:
(` in lakhs)
Description Leasehold Computer Vehicles Office Electrical Furniture Total

improvements equipment equipment installations and
fixtures
Cost as at April 1, 2023 204.00 628.51 9.04 109.43 16.28 52.69 1,019.95
Additions - - - - - -
Disposals (60.70) (0.42) - (19.72) - (4.20) (85.04)

Cost as at March 31, 2024 143.30 628.09 9.04 89.71 16.28 48.49 934.91
Accumulated depreciation as (78.10) (579.69) (9.04) (103.88) (16.28) (52.69) (839.68)

at April 1, 2023
Disposals 60.70 0.42 - 19.72 - 4.20 85.04
Depreciation for the year (8.89) (20.49) - (5.50) - - (34.88)
at March 31, 2024
Net carrying amount as at 117.01 28.33 - 0.05 - - 145.39
March 31, 2024
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(` in lakhs)
Description Leasehold Computer Vehicles Office Electrical Furniture Total

fixtures
Cost as at April 1, 2022 204.00 599.21 9.04 109.43 16.28 52.69 990.65
Additions - 29.30 - - - - 29.30
Disposals - - - - - - -
Cost as at March 31, 2023 204.00 628.51 9.04 109.43 16.28 52.69 1,019.95

at April 1, 2022
Disposals - - - - - - -
Depreciation for the year (11.84) (34.18) - (11.10) - - (57.12)
at March 31, 2023
Net carrying amount as at 125.90 48.82 - 5.55 - - 180.27
March 31, 2023
b) Other assets
Other assets consist of the following:
Other assets - Non - current
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Prepaid expenses 9.76 4.52
Balance with Government authorities 275.80 275.80
285.56 280.32
Other assets - Current
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Other advance* 334.02 291.15
383.26 331.45
* Paid to MP Electricty Board & NSDL for wallet
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c) Other liabilities
Other liabilities - Current
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Advance received from collection agents 1,380.81 984.11
1,429.18 1,075.48
9. Other Equity
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Retained earnings
Opening balance 12,620.09 12,040.85
Other comprehensive income arising from remeasurement of defined (6.21) (9.71)
employee benefit plans, net of income-tax
15,499.46 14,650.09
Less: Appropriations
Dividend (1,580.00) (2,030.00)
13,919.46 12,620.09
10. Revenue recognition

Revenue from time and material is recognised on output basis measured by number of transactions processed.
Revenue is measured based on the transaction price, which is the consideration as specified in the contract with the
customer. Revenue excludes taxes collected from customers.
Unearned and deferred revenue (“contract liability”) is recognised when there is billings in excess of revenues. The
Company disaggregates revenue from contracts with customers by nature of services.
(` in lakhs)
March 31, 2024 March 31, 2023
Transaction revenue 8,885.16 9,070.51
Adhar authentication 26.12 15.88
Franchisee fees - 56.21
Manpower supply - 42.00
8,911.28 9,184.60
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Company has applied the practical expedient aligning Ind AS 115. Accordingly, the Company has not disclosed the aggregate
transaction price allocated to unsatisfied (or partially satisfied) performance obligations which pertain to contracts where
revenue recognized corresponds to the value transferred to customer typically involving time and material, outcome based
and event based contracts.
The Company does not have any contract assets.
Movement in contract liabilities is given below:
(` in lakhs)
March 31, 2024 March 31, 2023
Revenue recognised that was included in the contract liability balance (401.83) (250.77)
at the beginning of the period.
Increase due to invoicing during the year, excluding amounts recognised 547.76 213.08
as revenue during the year.
For the current year, the revenue recongnised in the statement of profit and loss equals to the contracted price. All the
revenue is derived in the state of Madhya Pradesh in India
11. Other Income

Dividend income is recorded when the right to receive payment is established. Interest income is recognised using the
effective interest method.
Other income (net) consist of the following :
(` in lakhs)
March 31, 2024 March 31, 2023
Interest income 836.63 465.89
Net gain on investments carried at fair value through profit or loss (217.44) 5.70
Net gain on sale of investments carried at fair value through profit or 629.64 354.99
loss
Miscellaneous income * 1.45 2.29
1,250.28 828.87
Interest income comprises :
Interest on bank deposits 415.22 94.59
Interest income on corporate deposit 421.41 371.30
(*) Includes interest on lease deposits 1.45 1.71
12. Employee benefits

For defined benefit plans, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial
valuations being carried out at each balance sheet date. Remeasurement, comprising actuarial gains and losses, the
effect of the changes to the asset ceiling and the return on plan assets (excluding interest), is reflected immediately in
the balance sheet with a charge or credit recognised in other comprehensive income in the period in which they occur.
Past service cost, both vested and unvested, is recognised as an expense at the earlier of (a) when the plan amendment
or curtailment occurs; and (b) when the entity recognises related restructuring costs or termination benefits.
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Short-term employee benefits
benefits. Benefits such as salaries, wages etc. and the expected cost of ex-gratia are recognized in the period in which
Compensated absences which are expected to occur within twelve months after the end of the period in which the employee
renders the related services are recognised as undiscounted liability at the balance sheet date. Compensated absences
which are not expected to occur within twelve months after the end of the period in which the employee renders the
related services are recognised as an actuarially determined liability at the present value of the defined benefit obligation
at the balance sheet date.
Employee benefit expenses consist of the following:
(` in lakhs)
March 31, 2024 March 31, 2023
Salaries, incentives and allowances 1,348.13 1,260.80
Contribution to provident and other funds 85.00 79.56
Staff welfare expenses 57.52 50.70
1,490.65 1,391.06
Employee benefit obligation - Non-Current
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Gratuity 94.99 71.00
94.99 71.00
Employee benefit plans consist of the following:

Employee benefit obligation - Current
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Gratuity 38.93 36.05
103.80 94.29
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Employee benefit obligations consist of the following:
Gratuity
In accordance with law, the Company operates a scheme of Gratuity which is a defined benefit plan. The gratuity plan
provides for a lump sum payment to vested employees at retirement, death while in employment or on termination of
employment of an amount equivalent to 15 to 30 days’ salary payable for each completed year of service. Vesting occurs
upon completion of five continous years of service.
The present value of the defined benefit obligation and the related current service cost were measured using the Projected
Unit Credit Method with actuarial valuations being carried out at each balance sheet date.
The following table sets out the details of the defined benefit retirement plans and the amounts recognised in the financial
statements:
(` in lakhs)
March 31, 2024 March 31, 2023
Change in benefit obligations
Actuarial losses on obligations for the year 7.10 12.20
Benefit paid (3.62) (17.04)
Benefit obligaons,end of the year 185.82 155.50
Change in plan assets
Fair value of plan assets, beginning of the year 48.46 44.98
Employers’ contributions 1.00 1.00
Return on plan assets, excluding interest income (1.19) (0.78)
Fair value of plan assets, end of the year 51.90 48.46
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Net obligation:
(Deficit) of plan assets over obligations (133.92) (107.05)
(133.92) (107.05)
As at As at
March 31, 2024 March 31, 2023
Category of assets:
Insurer managed funds 51.90 48.46
51.90 48.46
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Net periodic gratuity cost included in employee cost consists of the following components:
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Net interest on net defined benefit liability / (asset) 8.03 6.60
Net periodic gratuity / pension cost 23.20 21.04
Actual return on plan asets 3.63 3.26
Remeasurement of the net defined benefit liability / (asset):
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Actuarial (gains) arising from changes in demographic assumptions 3.46 6.17
Actuarial losses arising from changes in financial assumptions 4.28 (4.25)
Actuarial losses arising from changes in experience adjustments (0.65) 10.28
Return on plan assets, excluding interest income 1.19 0.78
Remeasurement of the net defined benefit liability / (assets) 8.28 12.98
The assumptions used in according for the defined benefit plan are set out below:
(` in lakhs)
March 31, 2024 March 31, 2023
Salary escalation rate 6% 6%
Attrition rate
i) If Services < = 5 years 17.07% 18.98%
ii) If Services > 5 years 5.58% 4.32%
Mortality rate Indian Assured Lives Indian Assured Lives
Future mortality experience assumptions are taken based on the published statistics by the Life Insurance Corporation of
India.
The Company is expected to contribute ` 38.93 lakhs to the defined benefit plan obligation for the year ending March 31,
2024.
Remeasurement (gain) / loss of defined employee benefit plan in other comprehensive income for the fiscals 2024 and
2023 are ` 8.29 lakhs and ` 12.98 lakhs respectively.
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If the discount rate increases / decreases by 0.50%, the defined benefit obligations would increase / (decrease) as follows:
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Increase of 0.50% (8.40) (7.98)
Decrease of 0.50% 9.08 8.69
as follows:
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Increase of 0.50% 9.15 8.77
Decrease of 0.50% (8.54) (8.13)
correlated.
calculating the defined benefit obligation liability recognised in the Balance sheet.
Year ending March 31, Defined benefit obligations

2025 12.08
2026 12.14
2027 14.41
2028 13.07
2029 13.62
2030 to 2034 70.28
2034 and above 300.76
Provident Fund
In accordance with law, the employees of the Company are entitled to receive benefits under the provident fund plan in
which both the employee and employer (at a determined rate) contribute monthly.
These are plans in which the Company pays pre-defined amounts to separate funds and does not have any legal or
informal obligation to pay additional sums. The Company offers its employees defined contribution plan in the form of
provident fund and family pension fund. Provident fund and family pension fund covers substantially all regular employees.
While both, the employee and the Company pay predetermined contributions into the provident fund, contribution into the
family pension fund are made by only the Company. The contribution is based on certain proportion of employee’s salary.
Contributions to Provident Fund are made to The Regional Provident Fund Commissioner for qualifying employees.
The Company expensed contributed ` 59.20 lakhs (March 31, 2023: ` 55.75 lakhs) for provident fund during the year ended
March 31, 2024.
13. Cost recognition

Costs and expenses are recognised when incurred and have been classified according to their nature.
The costs of the Company are broadly categorised in employee benefit expenses, depreciation and amortisation expense
and other expenses. Other expenses mainly include fees to external consultants, facility expenses, travel expenses, cost
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of equipment and software licences, communication expenses, comission, bad debts and advances written off, allowance
for doubtful trade receivable and advances (net) and other expenses. Other expenses is an aggregation of costs which are
individually not material such as commission and brokerage, recruitment and training, entertainment, etc.
(a) Other expenses
Other expenses consist of the following:
(` in lakhs)
March 31, 2024 March 31, 2023
Fees to external consultants 656.86 470.81
Facility expenses 157.30 132.45
Cost of equipment and software licences 16.15 13.86
Communication expenses 135.41 197.98
Commission 3,550.30 3,945.68
Bad debts and advances written off, allowance for doubtful trade (22.83) 36.18
receivables and advances (net)
Expenditure on Corporate Social Responsibility (refer to in note 56.26 48.54
13b)
Others (includes auditors remuneration referred to in note 17) 95.09 99.25
Total 4,644.54 4,944.75
(b) Corporate Social Responsibility (CSR) expenditure

(` in lakhs)
March 31, 2024 March 31, 2023
1 Amount required to be spent by the Company during the year 56.26 48.54
(i). Construction/acquisition of any asset - -
(ii) On purposes other than (i) above 56.26 48.54
3 Shortfall at the end of the year - -
5 Reason for shortfall - -
6 Nature of CSR activities Education and welfare of children with
disabilities
7 Details of related party transactions in relation to CSR - -
expenditure as per relevant Accounting Standard
14. Finance costs

Finance costs consists of the following:
(` in lakhs)
March 31, 2024 March 31, 2023
Interest on lease liabilities 55.46 49.65
55.46 49.65
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15. Income Tax
Income tax expense comprises current tax expense and the net change in the deferred tax asset or liability during the
Advance taxes and provisions for current income taxes are presented in the Balance Sheet after offsetting advance taxes
paid and income tax provisions arising in the same tax jurisdictions.
their carrying amount, except when the deferred income tax arises from the initial recognition of goodwill or an asset or
Deferred income tax assets are recognised to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be
utilised.
The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is
no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be
utilised.
The income tax expense consists of the following:
(` in lakhs)
March 31, 2024 March 31, 2023
Current tax
Current tax expenses for current year 1,052.10 915.00
Current tax benefit pertaining to prior years
Deferred tax 1,052.10 915.00
Deferred tax expenses/(benefit) (53.66) (10.57)
Deferred tax expense / (benefit) pertaining to prior years (53.66) (10.57)
Total income tax expense recognised in current year 998.44 904.43
Income tax expense recognised in OCI

Deferred tax on remeasurement of defined employee benefit plan 2.08 3.27
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statement of profit and loss is as follows:
(` in lakhs)
March 31, 2024 March 31, 2023
Profit before income taxes 3,884.02 3,523.38
Indian statutory income tax rate 25.17% 25.17%
Expected income tax expense 977.61 886.83
Tax effect of adjustments to reconcile expected income tax expense
Disallowance of CSR expenses 14.15 12.22
Others (net) 6.68 5.38
Total income tax expense 998.44 904.43
Deferred tax balance

(` in lakhs)
balance in profit and through OCI through balance
loss Retained earning
relation to
Property, plant and equipment 28.40 (4.60) - - 23.81
Provision for employee benefits 41.60 6.34 2.09 - 50.04
Unrealised gain on securities carried (63.80) 54.73 - (9.07)
at fair value through profit or loss /
other comprehensive income
Operating lease liabilities 33.71 4.81 - - 38.52
Provision for doubtful debts 139.50 (5.92) - - 133.58
Others (3.16) (1.73) - - (4.89)
Net deferred tax assets / (liabilities) 176.25 53.63 2.09 - 231.99

(` in lakhs)
As at 31 March, 2024 Assets Liabilities Net
Deferred tax assets / (liabilities) in relation to
Unrealised gain on securities carried at fair value through - (9.07) (9.07)
profit or loss / other
Right of Use 183.56 - 183.56
Operating lease liabilities - (145.04) (145.04)
Others (4.89) - (4.89)
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(` in lakhs)
balance in profit and through OCI through balance
loss Retained earning
relation to
Property, plant and equipment 26.43 1.97 - - 28.40
Unrealised gain on securities carried (62.37) (1.43) - - (63.80)
at fair value through profit or loss /
other comprehensive income
Operating lease liabilities 30.42 3.29 - - 33.71
Others 0.10 (3.26) - - (3.16)
Net deferred tax assets / (liabilities) 162.41 10.57 3.27 - 176.25

( ` lakhs)
As at 31 March, 2023 Assets Liabilities Net

Unrealised gain on securities carried at fair value through - (63.80) (63.80)
profit or loss / other
Right of Use - (103.43) (103.43)
Operating lease liabilities 137.14 - 137.14
Others - (3.16) (3.16)
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16. Earnings per share
Basic earnings per share is computed by dividing profit or loss attributable to equity shareholders of the Company by the
weighted average number of equity shares outstanding during the year. The Company did not have any potentially dilutive
securities in any of the years presented.
( ` lakhs)

March 31, 2024 March 31, 2023
Profit for the year (` in lakhs ) 2,885.58 2,618.95
Earnings per share basic and diluted (`) 288.56 261.90
Face value per equity share (`) 10 10
17. Auditors remuneration
(` in lakhs)
March 31, 2024 March 31, 2023
Services as statutory auditors 5.15 5.00
Tax audit 1.25 1.25
Re-imbursement of out of pocket expenses 0.31 0.28
6.71 6.53
18. Segment information

The Company has been operating largely in one business segment viz. development, maintenance and management of
the MPOnline portal for providing web based services and the other activities of the Company are incidental to the portal.
These activities conducted only in one geographic segment viz India. Therefore, the disclosure requirements of the Ind AS
108 on “Segment Reporting” are not applicable.
For the year ended March 31, 2024 there are three customers that contribute more than 10% each of total revenue.
( ` lakhs)

March 31, 2024 March 31, 2023
Customer A 1,683.08 1,970.47
Customer B 1,180.39 1,173.86
Customer C 553.88 1,127.91
19. Commitments and Contingencies

Indirect tax matters
The Company has ongoing disputes with tax authorities mainly relating to treatment of characterisation and classification
of certain items. As at March 31, 2024, the Company has demands amounting to ` 5,265.76 lakhs (March 31, 2023:
` 5,265.76 lakhs) from indirect tax authority which are being contested by the Company.
Income tax matters
The Company has ongoing disputes with income tax authorities relating to tax treatment of certain items. The disputes
relate to tax treatment of certain expenses claimed as deductions, computation or eligibility of tax incentives or allowances,
and characterisation of fees for services received.
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The Company has contingent liability in respect of demands from direct tax authorities, which are being contested by the
Company on appeal amounting ` 9.50 lakhs and ` 9.50 lakhs as at March 31, 2024 and 2023, respectively.
Bank guarantees
The Company has provided guarantees to third parties aggregating ` 55.00 lakhs (March 31, 2023: ` 60.00 lakhs). The
Company does not expect any outflow of resources in respect of the above.
20. The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the
21. Related Party transactions

The Company’s principal related parties consist of its Holding Company Tata Consultancy Services Limited, Madhya
Pradesh State Electronics Development Corporation Limited and key managerial personnel. The Company’s material
related party transactions and outstanding balances are with related parties with whom the Company routinely enter into
transactions in the ordinary course of business.
Ultimate Holding Company
Tata Sons Private Limited
Holding Company
Tata Consultancy Services Limited
Significant shareholder
Madhya Pradesh State Electronics Development Corporation Limited
Key Management Personnel (KMP)
Arun Panchal - Chief Operating Officer
Transactions with related parties are as follows:
(` in lakhs)
Holding Significant Total
Company shareholder
Revenue from operations - 594.53 594.53
Purchases of goods and services* 444.02 32.90 476.92
Reimbursement of expenses - 15.52 15.52
Dividend paid 1,406.20 173.80 1,580.00
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(` in lakhs)
Company shareholder
Revenue from operations 42.00 17.11 59.11
Purchases of goods and services* 266.51 32.90 299.41
Reimbursement of expenses 4.05 13.10 17.15
Dividend paid 1,806.70 223.30 2,030.00
* The key manangement personnel of the Company are on deputation and draw remuneration ` 38.52 lakhs and ` 44.40
lakhs from Tata Consultancy Services Limited as at March 31, 2024 and 2023, respectively. Service charges are payable by
the Company to Tata Consultancy Services Limited
(` in lakhs)
Company shareholder
Trade receivables 10.98 17.09 28.07
Security deposit - 8.15 8.15
Total 10.98 25.24 36.22
(` in lakhs)
Company shareholder
Trade receivables 54.37 211.04 265.41
Security deposit - 8.15 8.15
Total 54.37 219.19 273.56
Balances payable to related parties are as follows:
(` in lakhs)
Company shareholder
Trade payables, unearned and deferred revenue, other financial liabilities 144.79 - 144.79
and other liabilities
Total 144.79 - 144.79
(` in lakhs)
Company shareholder
Trade payables, unearned and deferred revenue, other financial liabilities 35.21 - 35.21
Total 35.21 - 35.21
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22. Additional Regulatory Information
a) Ratios
Numerator Denominator Current Previous

Year Year
Current ratio (in times) Total current assets Total current 2.51 2.26
Debt-Equity ratio (in times)* Debt consists of borrowings and Total equity 0.05 0.04
lease liabilities
Debt service coverage ratio Earning for Debt Service = Net Debt service = Interest 38.49 32.61
(in times) Profit after taxes + Non-cash and lease payments+Pri
operating Mexpenses + Interest + ncipal repayments
Other non-cash adjustments
Return on equity ratio (in %)* Profit for the year less Preference Average total equity 29% 28%
dividend (if any
Trade receivables turnover Revenue from operations Average trade 9.31 87.62
ratio (in times)** receivables
Trade payables turnover ratio Cost of equipment and software Average trade payables 7.38 11.62
(in times)*** licences + Other expenses
Net capital turnover ratio (in Revenue from operations Average working capital 1.06 1.06
times) (i.e. Total current assets
less Total current
liabilities)
Net profit ratio (in %) Profit for the year Revenue from operations 32% 29%
Return on capital employed Profit before tax and finance cost Capital employed = Net 27% 28%
(in %)*** worth + Lease liabilities
+ Deferred tax liabilities
Return on investment (in Income generated from invested Average invested funds 0.09 0.06
%)**** funds in treasury investments
*Debts of the company has gone up because company has taken new office on lease.
**Trade receivables turnover ratio (in times) has gone done due to increase in receivables from collecting agents.
*** Trade payable turnover ratio(in times) has gone down to increase in average trade payables.
**** Due to funds invested in high yeild return.
23. No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources
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24. Dividends
Dividends paid during the year ended March 31, 2024 include an amount of ` 158 per equity share for the year ended
March 31, 2023.
Dividends declared by the Company are based on the profit available for distribution. On May 07,2024 the Board of Directors
of the Company have proposed a final dividend of ` 174 per share in respect of the year ended March 31, 2024 subject to the
approval of shareholders at the Annual General Meeting, and if approved, would result in a cash outflow of approximately
` 1740 lakhs.
Note:
Previous Years Figures have been reclassed wherever necessary.
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C - Edge Technologies Limited
( CIN: U72900MH2006PLC159038 )
For the year ended
March 31, 2024
C-Edge Technologies Limited 3.1
Subsidiary Financials for the year ended March 31, 2024
CONTENTS PAGE
Independent auditors’ report 3.2
Separate statement of financial position as at March 31, 2024 3.10
Separate statement of profit or loss and other comprehensive income for the 3.11
year ended March 31, 2024
Separate statement of changes in equity for the year ended March 31, 2024 3.12
Separate statement of cash flows for the year ended March 31, 2024 3.13
Notes to the separate financial statements as at March 31, 2024 3.15

3.2 C-Edge Technologies Limited
Independent Auditors’ Report
To the Members of C - Edge Technologies Limited
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of C - Edge Technologies Limited (the “Company”) which comprise the balance sheet
as at 31 March 2024, and the statement of profit and loss (including other comprehensive income), statement of changes
in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material
accounting policies and other explanatory information.
give the information required by the Companies Act, 2013 (“Act”) in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March
2024, and its profit and other comprehensive income, changes in equity and its cash flows for the year ended on that date.
Basis for opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the
Act. Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial
statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion on the financial statements.
Management’s and Board of Directors’ Responsibilities for the Financial Statements
The Company’s Management and Board of Directors are responsible for the matters stated in Section 134(5) of the Act with
respect to the preparation of these financial statements that give a true and fair view of the state of affairs, profit/ loss and
other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act. This
responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for
safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements
that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Management and Board of Directors are responsible for assessing the Company’s
The Board of Directors is also responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material
statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout
the audit. We also:
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
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provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than
for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether
the Company has adequate internal financial controls with reference to financial statements in place and the operating
effectiveness of such controls.
disclosures made by the Management and Board of Directors.
• Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting
in preparation of financial statements and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related
disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause
the Company to cease to continue as a going concern.
1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by the Central Government of India in
terms of Section 143(11) of the Act, we give in the “Annexure A” a statement on the matters specified in paragraphs 3 and
4 of the Order, to the extent applicable.
2 A. As required by Section 143(3) of the Act, we report that:
a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purposes of our audit.
b. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from
our examination of those books except for the matters stated in the paragraph 2B(f) below on reporting under Rule
11(g) of the Companies (Audit and Auditors) Rules, 2014.
c. The balance sheet, the statement of profit and loss (including other comprehensive income), the statement of changes
in equity and the statement of cash flows dealt with by this Report are in agreement with the books of account.
d. In our opinion, the aforesaid financial statements comply with the Ind AS specified under Section 133 of the Act.
e. On the basis of the written representations received from the directors as on 31 March 2024 to 01 April 2024 taken on
record by the Board of Directors, none of the directors is disqualified as on 31 March 2024 from being appointed as a
director in terms of Section 164(2) of the Act.
f. The modifications relating to the maintenance of accounts and other matters connected therewith are as stated in the
paragraph 2A(b) above on reporting under Section 143(3)(b) of the Act and paragraph 2B(f) below on reporting under
Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.
g. With respect to the adequacy of the internal financial controls with reference to financial statements of the
Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”.
B. With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given
to us:
a. The Company has disclosed the impact of pending litigations as at 31 March 2024 on its financial position in its
financial statements - Refer income tax liabilities disclosed in the balance sheet along with Note 17 to the financial
statements.
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b. The Company did not have any long-term contracts including derivative contracts for which there were any material
foreseeable losses.
c. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the
Company.
d (i) The management has represented that, to the best of it’s knowledge and belief, as disclosed in the Note 22 to
that the Intermediary shall directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries.
(ii) The management has represented that, to the best of it’s knowledge and belief, as disclosed in the Note 22
to the financial statements, no funds have been received by the Company from any person(s) or entity(ies),
including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise,
that the Company shall directly or indirectly, lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Parties (“Ultimate Beneficiaries”) or provide any guarantee, security
or the like on behalf of the Ultimate Beneficiaries.
(iii) Based on the audit procedures performed that have been considered reasonable and appropriate in the
sub-clause (i) and (ii) of Rule 11(e), as provided under (i) and (ii) above, contain any material misstatement.
e. The final dividend paid by the Company during the year, in respect of the same declared for the previous year, is in
As stated in Note 23 to the financial statements, the Board of Directors of the Company has proposed final dividend
for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend
declared is in accordance with Section 123 of the Act to the extent it applies to declaration of dividend.
f. The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is applicable from 1 April 2023.
Based on our examination which included test checks, except for the instances mentioned below, the Company has
used accounting softwares for maintaining its books of account, which have a feature of recording audit trail (edit
log) facility and the same has operated throughout the year for all relevant transactions recorded in the respective
software:
i. The feature of recording audit trail (edit log) facility was not enabled at the database level to log any direct data
changes for the accounting softwares used for maintaining the books of account relating to payroll and certain
non-editable fields/tables of the accounting software used for maintaining general ledger.
ii. The feature of recording audit trail (edit log) facility was not enabled at the application layer of the accounting
softwares relating to revenue, trade receivables and general ledger for the period 1 April 2023 to 13 November
2023, relating to property, plant and equipment for the period 1 April 2023 to 14 December 2023 and relating to
payroll for the period 1 April 2023 to 15 February 2024.
Further, for the periods where audit trail (edit log) facility was enabled and operated throughout the year for the
respective accounting software, we did not come across any instance of the audit trail feature being tampered
with.
C. With respect to the matter to be included in the Auditor’s Report under Section 197(16) of the Act:
In our opinion and according to the information and explanations given to us, the Company has not paid any remuneration
to its directors during the year. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) of
the Act which are required to be commented upon by us.
For B S R & Co. LLP
Firm’s Registration No.:101248W/W-100022
Rajesh Shetty
Partner
Place: Mumbai Membership No.: 130778
Date: 25 April 2024 ICAI UDIN:24130778BKHNSU4420
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Annexure A to the Independent Auditor’s Report on the Financial Statements of C - Edge Technologies Limited for the year
ended 31 March 2024
(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)
of Property, Plant and Equipment.
(B) The Company has maintained proper records showing full particulars of intangible assets.
(i) (b) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, the Company has a regular programme of physical verification of its Property, Plant and Equipment by
which all property, plant and equipment are verified every year. In accordance with this programme, all property, plant
and equipment were verified during the year. In our opinion, this periodicity of physical verification is reasonable
having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such
verification.
(c) The Company does not have any immovable property (other than immovable properties where the Company is the
lessee and the leases agreements are duly executed in favour of the lessee). Accordingly, clause 3(i)(c) of the Order is
not applicable.
the Company, the Company has not revalued its Property, Plant and Equipment (including Right of Use assets) or
intangible assets or both during the year.
(ii) (a) The Company is a service company, primarily rendering information technology related solution. Accordingly, it does
not hold any physical inventories. Accordingly, clause 3(ii)(a) of the Order is not applicable.
Company, the Company has not been sanctioned any working capital limits in excess of five crore rupees in aggregate
from banks and financial institutions on the basis of security of current assets at any point of time of the year.
Accordingly, clause 3(ii)(b) of the Order is not applicable to the Company.
the year. Accordingly, provisions of clauses 3(iii)(a) to 3(iii)(f) of the Order are not applicable to the Company.
(iv) According to the information and explanations given to us and on the basis of our examination of records of the Company,
the Company has neither made any investments nor has it given loans or provided guarantee or security and therefore
the relevant provisions of Sections 185 and 186 of the Companies Act, 2013 (“the Act”) are not applicable to the Company.
Accordingly, clause 3(iv) of the Order is not applicable.
(vi) According to the information and explanations given to us, the Central Government has not prescribed the maintenance of
cost records under Section 148(1) of the Act for the products manufactured by it (and/or services provided by it). Accordingly,
clause 3(vi) of the Order is not applicable.
(vii) (a) The Company does not have liability in respect of Service tax, Duty of excise, Sales tax and Value added tax during the
year since effective 1 July 2017, these statutory dues has been subsumed into GST.
Company, in our opinion amounts deducted / accrued in the books of account in respect of undisputed statutory dues
including Goods and Service Tax, Provident Fund, Employees State Insurance, Income-Tax, Cess or other statutory
dues have been regularly deposited by the Company with the appropriate authorities. As explained to us, the Company
did not have any dues on account of Duty of Customs.
Company, no undisputed amounts payable in respect of Goods and Service Tax, Provident Fund, Employees State
Insurance, Income-Tax, Cess or other statutory dues were in arrears as at 31 March 2024 for a period of more than
six months from the date they became payable.
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(b) According to the information and explanations given to us, there are no statutory dues of Goods and Service Tax,
Provident Fund, Employees' State Insurance, Income-tax, Cess or other statutory dues which have not been deposited
by the Company on account of any dispute except for the following:
Name of the statute Nature of Amount Period to Forum where dispute Remarks,
the dues (` in lakhs)** which the is pending if any
amount
relates
Goods and Service GST 213.07 2017 Joint Commisioner None
Tax Act
**The amount is net of amount paid under protest of Rs. 91.31 lakhs
of account, in the tax assessments under the Income Tax Act, 1961 as income during the year.
(a) of the Order is not applicable to the Company.
(d) According to the information and explanations given to us and on an overall examination of the balance sheet of
the Company, we report that no funds raised on short-term basis have been used for long-term purposes by the
Company.
(e) The Company does not hold any investment in any subsidiaries, associates or joint ventures (as defined under the Act)
(f) The Company does not hold any investment in any subsidiaries, associates or joint ventures (as defined under the Act)
during the year ended 31 March 2024. Accordingly, clause 3(ix)(f) is not applicable.
(b) According to the information and explanations given to us, no report under sub-section (12) of Section 143 of the Act
has been filed by the auditors in Form ADT-4 as prescribed under Rule 13 of the Companies (Audit and Auditors)
Rules, 2014 with the Central Government.
(c) Based on the information and explanations provided to us, the Company does not have a vigil mechanism and is
not required to have a vigil mechanism as per the Act or SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
(xiii) Pursuant to circular dated July 05, 2017 notified by Ministry of Corporate Affairs (MCA), the Company is exempted from
the requirements of constitution of audit committee, accordingly the requirements as stipulated by the provisions of
Section 177 of the Act are not applicable to the Company. In our opinion and according to the information and explanations
given to us and on the basis of our examination of records of the Company, transactions with the related parties are in
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compliance with Section 188 of the Act where applicable and details of such transactions have been disclosed in the
financial statements as required by the applicable accounting standards.
(xv) In our opinion and according to the information and explanations given to us, the Company has not entered into any non-
cash transactions with its directors or persons connected to its directors and hence, provisions of Section 192 of the Act
are not applicable to the Company.
applicable.
dates of realisation of financial assets and payment of financial liabilities, our knowledge of the Board of Directors and
management plans and based on our examination of the evidence supporting the assumptions, nothing has come to
our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report that the
Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a
period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability
of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither
give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date,
will get discharged by the Company as and when they fall due.
applicable.
For B S R & Co. LLP
Rajesh Shetty
Partner
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Annexure B to the Independent Auditor’s Report on the financial statements of C - Edge Technologies Limited for the year
ended 31 March 2024
Report on the internal financial controls with reference to the aforesaid financial statements under Clause (i) of
Sub-section 3 of Section 143 of the Act
(Referred to in paragraph 2(A)(g) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even
date)
Opinion
We have audited the internal financial controls with reference to financial statements of C - Edge Technologies Limited (“the
Company”) as of 31 March 2024 in conjunction with our audit of the financial statements of the Company for the year ended
on that date.
controls based on the internal financial controls with reference to financial statements criteria established by the Company
considering the essential components of internal control stated in the Guidance Note. These responsibilities include the
design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring
the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets,
the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely
preparation of reliable financial information, as required under the Act.
Auditor’s Responsibility
statements were established and maintained and if such controls operated effectively in all material respects.
reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to
financial statements included obtaining an understanding of internal financial controls with reference to financial statements,
assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal
control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or error.
A company's internal financial controls with reference to financial statements is a process designed to provide reasonable
accordance with generally accepted accounting principles. A company's internal financial controls with reference to financial
authorisations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or
timely detection of unauthorised acquisition, use, or disposition of the Company's assets that could have a material effect on
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For B S R & Co. LLP
Rajesh Shetty
Partner
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Balance Sheet
(` in lakhs)
Note As at As at
March 31, 2024 March 31, 2023
ASSETS
Non - current assets
Property, plant and equipment 8(a) 4,306.38 3,390.27
Right-of-use assets 7 2,818.81 727.91
Intangible assets 8(b) 2,361.30 725.93
Financial assets
Other financial assets 6(c) 129.00 9,204.64
Income tax asset (net) 644.36 1,482.92
Other assets 8(c) 280.88 352.12
Current assets
Financial assets
Trade receivables
Billed 6(a) 9,726.19 5,534.69
Unbilled 1,359.61 2,772.45
Cash and cash equivalents 6(b)(i) 15,840.99 14,671.86
Other balances with bank 6(b)(ii) 12,006.07 2,618.13
Other financial assets 6(c) 1,476.68 512.43
Other assets 8(c) 2,359.08 1,690.49
TOTAL ASSETS 53,655.34 44,094.47
Equity
Share capital 6(i) 1,000.00 1,000.00
Other equity 6(j) 40,083.19 35,090.28
Total equity 41,083.19 36,090.28
Liabilities
Lease liabilities 2,744.47 463.46
Employee benefit obligations 11 (ii) (a) 86.63 81.38
Total non-current liabilities 3,010.35 1,011.80
Current liabilities
Trade payables
Dues of small enterprises and micro enterprises 6(d) 22 92 -
Dues of creditors other than small enterprises and micro enterprises 6(e) 4,823.35 3,479.67
Other financial liabilities 6(f) 88.51 32.59
Unearned and deferred revenue 904.36 1 099.27
Other liabilities 8(d) 1,760.20 701.75
Employee benefit obligations 11 (ii) (b) 485.79 428.30
Income tax liabilities (net) 1,245.69 923.91
NOTES FORMING PART OF FINANCIAL STATEMENTS 1 – 23
As per our report of even date attached For and on behalf of the Board
For B S R & Co. LLP
Firm’s registration number: 101248W/W-100022
Rajesh Shetty Lakshminarayanan Gomatam Seshadri Satish Rao

Partner Director Director
Membership number: 130778
Mumbai, April 25, 2024
Rahul Kulkarni Aarti Salekar Rohinton Peer

Chief Executive Officer Company Secretary Chief Financial Officer
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(` in lakhs)
Note For the year ended For the year ended

March 31, 2024 March 31, 2023
Other income 10 1,872.13 1,231.10
TOTAL INCOME 44,163.27 36,807.92
Expenses:
Employee benefits expenses 11(i) 7,467.37 6,535.19
Depreciation and amortisation expense 2,459.57 1,931.82
Other expenses 12 21,225.16 16,802.59
TOTAL EXPENSES 31,359.21 25,322.21
Tax expense:
Current tax 15 3,259.25 3,097.97
Deferred tax 15 61.43 (173.98)
Total tax expenses 3,320.68 2,923.99
Items that will not be reclassified subsequently to profit or loss.
Remeasurement of defined employee benefit plans 12.74 (43.61)
Income tax on item that will not be reclassified subsequently to the (3.21) 10.98
statement of profit or loss
TOTAL OTHER COMPREHENSIVE INCOME / (LOSSES) 9.53 (32 63)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 9,492.91 8,529.09
Earnings per equity share- Basic and diluted (`) 19 94.83 85.62
NOTES FORMING PART OF FINANCIAL STATEMENTS 1 – 23
For B S R & Co. LLP


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(` in lakhs)
Balance as at Changes in equity share capital due to Restated balance as Changes in equity share Balance as at
April 1, 2023 prior period errors at April 1, 2023 capital during the year March 31, 2024
1,000.00 - 1,000.00 - 1,000.00
(` in lakhs)
Balance as at Changes in equity share capital due to Restated balance as Change in equity share Balance as at
April 1, 2022 prior period errors at April 1, 2022 capital during the year March 31, 2023
1,000.00 - 1,000.00 - 1,000.00
*Refer note 6(l).
B. OTHER EQUITY
Retained earnings Total Equity
Balance as at April 1, 2023 35,090.28 35,090.28

Other comprehensive income / (losses) 9.53 9.53
Total comprehensive income 9,492.91 9,492.91
Dividend (4,500.00) (4,500.00)
Balance as at March 31, 2024 40,083.19 40,083.19

Other comprehensive income / (losses) (32.63) (32.63)
Total comprehensive income 8,529.09 8,529.09
Dividend (3,700.00) (3,700.00)

a. Retained earnings
For B S R & Co. LLP


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(` in lakhs)
March 31, 2024 March 31, 2023
Adjustments for :
Depreciation and amortisation expense 2,459.57 1,931.82
Bad debts written off, allowance for expected credit losses and doubtful - 731.29
advances (net)
Tax expense 3,320.68 2,923.99
Unrealised (gain) / loss on lease modification (80.92) (22.91)
Net loss on disposal of property, plant & equipment 20.99 -
Interest income (1,790.34) (1,204.56)
Net Change in:
Trade receivables
Billed (4,191.50) (139.20)
Unbilled 1,412.84 (1,023.08)
Other financial assets (88.03) (21.62)
Other assets (597.35) (114.48)
Trade payables 1,366.60 (381.11)
Unearned and deferred revenues (482.62) (344.39)
Other financial liabilities (14.70) 15.42
Other liabilities and provision 1,133.93 (31.79)
Cash generated from operations 12,159.64 10,933.71
Taxes paid (net of refunds) (1,969.74) (3,094.31)
Net cash generated from operating activities 10,189.90 7,839.40
Bank deposits matured 2,618.13 10,195.45
Payment for purchase of property, plant and equipment (2,539.93) (1,930.89)
Payment for intangible assets (1,959.63) (788.00)
Interest received 780.06 1,416.37
Net cash used in Investing activities (4,101.37) (2,731.27)
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(` in lakhs)
March 31, 2024 March 31, 2023
Dividend paid (4,500.00) (3,700.00)
Net cash used in financing activities (4,919.40) (4,046.24)
Net change in cash and cash equivalents 1,169.13 1,061.89
Cash and cash equivalents at the beginning of the year 14,671.86 13,609.97
Cash and cash equivalents at the end of the year (Refer note 6(b)(i)) 15,840.99 14,671.86
Components of cash and cash equivalents
Balances with bank
In current accounts 892.84 2,960.18
In deposit accounts 14,948.15 11,711.68
15,840.99 14,671.86
Refer note 12(j) for amount spent during the years ended March 31, 2024 and 2023 on construction / acquisition of any asset
and other purposes relating to CSR activities.
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Notes to the Separate Financial Statements

C-Edge Technologies Limited (herein referred to as 'the Company') is a subsidiary of Tata Consultancy Services Limited
('TCS' or 'Holding Company’) which owns 51% of the equity shares. The balance 49% of the equity shares are owned
by State Bank of India ('SBI' or 'Significant Shareholder'). The main objects of the Company are to provide information
technology related services and solutions; to develop, procure, license / sublicense and supply computer software and to
design, manufacture, procure, supply hardware and to develop, customize and adapt any software for its own use or for
the use of multiple users and to provide computer hardware / software maintenance services.
The Company is a public limited company incorporated and domiciled in India. The address of its Corporate office is Lodha
iThink, Tower A, Floor 9th, Kolshet Road, Sandoz Baug, Thane (West) – 400607.
issue on April 25, 2024.
These financial statements have been prepared in accordance with the Indian Accounting Standards (referred to as "Ind
AS") as prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards)
Adoption of new accounting principles
Deferred tax related to assets and liabilities arising from a single transaction (amendments to Ind AS 12 -Income Taxes):
The amendments clarify that lease transactions give rise to equal and offsetting temporary differences and financial
statements should reflect the future tax impacts of these transactions through recognizing deferred tax. The Company
has adopted this amendment effective 1 April 2023. The Company previously accounted for deferred tax on leases on a
net basis. Following the amendments, the Company has recognized a separate deferred tax asset in relation to its lease
liabilities and a deferred tax liability in relation to its right-of-use assets. The adoption did not have any impact on the
current and comparative periods presented in the financial statements.
defined benefit plans which are measured at fair value or at amortised cost at the end of each reporting period. Historical
cost is generally based on the fair value of the consideration given in exchange for goods and services. Fair value is
the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. All assets and liabilities have been classified as current or non-current as per
the Company's normal operating cycle. Based on the nature of services rendered to customer and time elapsed between
deployment of resources and realisation in cash and cash equivalents of the consideration for such a services rendered,
the Company has considered an operating cycle of 12 months.
The statement of cash flows has been prepared under indirect method, whereby profit or loss is adjusted for the effects
equivalents.
These financial statements have been prepared in Indian Rupee (`) which is the functional currency of the Company.
Foreign currency transactions are recorded at exchange rates prevailing on the date of the transaction. Foreign currency
denominated monetary assets and liabilities are retranslated at the exchange rate prevailing on the balance sheet dates
and exchange gains and losses arising on settlement and restatement are recognised in the statement of profit and
loss. Non-monetary assets and liabilities that are measured in terms of historical cost in foreign currencies are not
retranslated.
The material accounting policy information related to preparation of the financial statements have been discussed in the
respective notes.
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management of the Company to make estimates and judgements that affect the reported balances of assets and liabilities,
disclosures of contingent liabilities as at the date of the financial statements and the reported amounts of income and
expenses for the periods presented.
The Company uses the following critical accounting judgements, estimates and assumptions in preparation of its financial
statements:
reassessment may result in change in depreciation expense in future periods. (Refer note 8 (a))
b) Provision for income tax and deferred tax assets
The Company uses judgements based on the relevant rulings in the areas of allocation of revenue, costs, allowances
and disallowances which is exercised while determining the provision for income tax. A deferred tax asset is recognised
to the extent that it is probable that future taxable profit will be available against which the deductible temporary
differences and tax losses can be utilised. Accordingly, the Company exercises its judgement to reassess the carrying
amount of deferred tax assets at the end of each reporting period. (Refer note 15)
c) Provisions and contingent liabilities
balance sheet date and are adjusted to reflect the current best estimates. (Refer note 17)
The Company uses significant judgements to assess contingent liabilities. Contingent liabilities are disclosed when
d) Employee benefits
These assumptions have been explained under employee benefits note. (Refer note 11(ii))
e) Leases
The Company evaluates if an arrangement qualifies to be a lease as per the requirement of Ind AS 116. Identification
of a lease require significant judgements. The Company uses significant judgement in assessing the term (including
anticipated renewals) and the applicable discount rate.
by an option to extend the lease if the Company is reasonably certain to exercise that option; and the periods covered
by an option to terminate the lease if the Company is reasonably certain not to exercise that option. In assessing
whether the Company is reasonably certain to exercise an option to extend a lease, or not to exercise an option
to terminate a lease, it considers all relevant facts and circumstances that create an economic incentive for the
Company to exercise the option to extend the lease, or not to exercise the option to terminate the lease. The Company
revises the lease term if there is a change in the non-cancellable period of a lease.
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6) Financial assets, financial liabilities and equity instruments
Financial assets and liabilities are recognised when the Company becomes a party to the contractual provisions of the
instrument.
Financial assets and liabilities are initially measured at fair value, except for trade receivables which are initially measured
at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and
financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or
deducted from the fair value measured on initial recognition of financial asset or financial liability.
or have expired.
Financial assets are subsequently measured at amortised cost if these financial assets are held within a business whose
objective is to hold these assets in order to collect contractual cash flows and the contractual terms of the financial
assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount
outstanding.
a business whose objective is achieved by both collecting contractual cash flows on specified date that are solely payments
profit and loss.
Equity instruments
An equity instrument is a contract that evidences residual interest in the assets of the Company after deducting all of its
expected losses for all contract assets and/or all trade receivables that do not constitute a financing transaction. In
determining the allowances for expected credit losses, the Company has used a practical expedient by computing the
based on the ageing of the receivables that are due and allowance rate used in the provision matrix. For all other financial
assets, expected credit losses are measured at an amount equal to the 12- months expected credit losses or at an amount
recognition.
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6) (a) Trade receivables - Billed
Trade receivables - Billed – Current
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Trade receivable - Billed 10,207.47 6,190.69
Less : Allowance for expected credit loss (481.28) (656.00)
Considered good 9,726.19 5,534.69
Trade receivable - Billed 664.32 701.85
Less : Allowance for expected credit loss (664.32) (701.85)
Credit impaired 9,726.19 5,534.69
Above balances of trade receivables include balances with related parties (Refer note 18)
Ageing for trade receivables – current outstanding as at March 31, 2024 is as follows:
(` in lakhs)
Particulars Outstanding for following periods from due date of payment Total
Not due Less than 6 6 months - 1 - 2 years 2 - 3 years More than 3
months 1 year years
Undisputed trade receivables –
6,758.53 3,155.93 207.06 85.95 - - 10,207.47
considered good
- - - 233.70 309.31 121.31 664.32
credit impaired
6,758.53 3,155.93 207.06 319.65 309.31 121.31 10,871.79
Less : Allowance for expected
(1,145.60)
credit loss
9,726.19
1,359.61
Trade Receivables - unbilled 11,085.80
Ageing for trade receivables – current outstanding as at March 31, 2023 is as follows:
(` in lakhs)
Not due Less than 6 6 months - 1 - 2 years 2 - 3 years More than 3
months 1 year years
1,512.29 3,994.27 454.91 169.82 41.67 17.73 6,190.69
considered good
- - - 478.72 183.47 39.66 701.85
credit impaired
1,512.29 3,994.27 454.91 648.54 225.14 57.39 6,892.54
Less : Allowance for expected
(1,357.85)
credit loss
5,534.69
2,772.45
Trade Receivables - unbilled 8,307.14
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(b) i Cash and cash equivalents
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Balances with banks
In current accounts * 892.84 2,960.18
In deposit accounts with original maturity less than 3 months ***
14,948.15 11,711.68
15,840.99 14,671.86
* Above balances of cash and cash equivalents include balances with related parties (Refer note 18)
** The deposits maintained by the Company with banks and financial institutions comprise of time deposits, which
can be withdrawn by the Company at any point without prior notice or penalty on the principal.
(b) ii Other balances with bank
Other balances with bank consists of the following:
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Short term bank deposits* 12,006.07 2,618.13
12,006.07 2,618.13
*Above balances of short term bank deposits include balances with related parties (Refer note 18)
(c) Other financial assets
(i) Other financial assets - Non – current
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Bank deposit more than 12 months - 9,006.07
129.00 9,204.64
(ii) Other financial assets – current

(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
(a) Security depos its 96.88 56.50
(b) Interest receivable * 1,379.80 455.93
1,476.68 512.43
*Above balances of interest receivable include balances with related parties (Refer note 18)
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d) Dues of small enterprises and micro enterprises
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Dues remaining unpaid to any supplier 22.92 -
Principal - -
Interest on the above
2006, along wi th the amount of the payment made to the s upplier
Amount of interest due and payable for the period of delay in - -
making payment (which has been paid but beyond the appointed
day during the year) but without adding the interest specified
under the MSMED Act, 2006
Amount of further interest remaining due and payable even in - -
the succeeding years, until such date when the interest dues as
above are actually paid to the small enterprise, for the purpose
of disallowance as a deductible expenditure under section 23 of
MSMED Act, 2006
(e) Trade payables
(` in lakhs)
Not due Less than 1 - 2 years 2 - 3 years More than
1 months 3 years
MSME * 22.92 - - - - 22.92
Others ** - 776.32 - - 113.47 889.79
Disputed dues - Others • - - - - - -
22.92 776.32 - - 113.47 912.71
3,933.56
Accrued expenses 4,846.27
* MSME as per the Micro, Small and Medium Enterprises Development Act, 2006.
• Disputed Trade Payables pertain to those parties where a legal claim has been filed in any court in India.
**Above balances of trade payables include balances with related parties (Refer note 18).
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(` in lakhs)
Not due Less than 1 - 2 years 2 - 3 years More than
1 months 3 years
MSME * - - - - - -
Others ** - 488.73 45.90 - 113.47 648.10
Disputed dues - Others • - - - - - -
- 488.73 45.90 - 113.47 648.10
2,831.57
Accrued expenses 3,479.67
• Disputed Trade Payables pertain to those parties where a legal claim has been filed in any court in India.
* Above balances of trade payables include balances with related parties (Refer note 18).
(f) Other financial liabilities - current
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Accrued payroll 17.89 32.59
Capital creditors 70.62 -
88.51 32.59
g) Financial instruments by category

The carrying value of financial instruments by categories as at March 31, 2024 is as follows:
(` in lakhs)
Fair value through
Amortised cost Total carrying value
Profit and Loss
Financial assets
Trade receivables
Billed - 9,726.19 9,726.19
Unbilled - 1,359.61 1,359.61
Other bank balances - 12,006.07 12,006.07
Total - 40,538.54 40,538.54
Trade payables - 4,823.35 4,823.35
Lease liabilities - 2,975.45 2,975.45
Other financial liabilities - 88.51 88.51
Total - 7,887.31 7,887.31
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(` in lakhs)
Fair value through
Profit and Loss
Financial assets
Trade receivables
Billed - 5,534.69 5,534.69
Unbilled - 2,772.45 2,772.45
Other bank balances - 2,618.13 2,618.13
Total - 35,314.20 35,314.20
Trade and other payables - 3,479.67 3,479.67
Total - 4,302.62 4,302.62
Carrying amounts of cash and cash equivalents, trade receivables and trade payables as at March 31, 2024 and 2023,
approximate the fair value due to their nature. Carrying amounts of bank deposits, other financial assets and other
financial liabilities which are subsequently measured at amortised cost also approximate the fair value due to their
nature in each of the periods presented. Fair value measurement of lease liabilities is not required.
(h) Financial risk management
The Company is exposed primarily to credit, liquidity and interest rate risks which may adversely impact the fair value
of its financial instruments. The Company has a risk management policy which covers risks associated with the
financial assets and liabilities. The focus of the Board is to assess the unpredictability of the financial environment
and to mitigate potential adverse effects on the financial performance of the Company.
a) Interest rate risk
The Company’s investments are primarily in fixed rate interest bearing investments. Hence the Company is not
b) Credit risk
the contractual terms or obligations. Credit risk encompasses of both, the direct risk of default and the risk
of deterioration of creditworthiness as well as concentration of risks. Credit risk is controlled by analysing
credit limits and creditworthiness of customers on a continuous basis to whom the credit has been granted
after obtaining necessary approvals for credit. Refer note 4 for methods, assumptions and information used to
measure expected credit losses.
Financial instruments that are subject to credit risk consist of trade receivables, unbilled receivable, cash and
cash equivalents, bank deposits and other financial assets. Bank deposits include an amount of ` 26,954.22 lakhs
held with two banks having high credit rating which is individually in excess of 10% or more of the Company’s
total bank deposit as at March 31,2024.
The Company’s exposure to customers is diversified and there are no customers other than the Holding Company
who contributes to more than 10% of outstanding trade receivables as at March 31, 2024 and March 31, 2023.
None of the other financial instruments of the Company result in material concentration of credit risk.
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The allowance for lifetime expected credit loss on trade receivables for the years ended March 31,2024 and 2023,
was ` NIL lakhs and ` 731.29 lakhs respectively. The reconciliation of allowance for expected credit loss is as
follows:
(` in lakhs)
March 31, 2024 March 31, 2023
Balance at the beginning of the year 1,357.85 757.85
Changes during the year - 731.29
Bad debts written off (212.25) (131.29)
Balance at the end of the year 1,145.60 1,357.85
c) Liquidity risk
The Company consistently generated sufficient cash flows from operations to meet its financial obligations
including lease liabilities as and when they fall due.
The tables below provide details regarding the contractual maturities of significant financial liabilities as at:
(` in lakhs)
Due in 1st year Due in 2nd year Due in 3rd to 5th year Due after 5 years Total
March 31, 2024
Trade payables 4,823.35 - - - 4,823.35
Lease liabilities 454.37 430.63 1,425.47 1,796.22 4,106.69
Other financial liabilities 88.51 - - - 88.51
5,366.23 430.63 1,425.47 1,796.22 9,018.55
March 31, 2023

Trade payables 3,479.67 - - - 3,479.67
Lease liabilities 365.59 318.59 164.61 - 848.79
3,877.85 318.59 164.61 - 4,361.05
d) Foreign currency exchange rate risk

The Company’s exposure to foreign currency risk is not material.
(i) Equity instruments
The authorised, issued, subscribed and fully paid-up share capital consist of the following:
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Authorised :
4,00,00,000 equity shares of ` 10 each 4,000.00 4,000.00
(March 31, 2023 : 4,00,00,000 equity shares of ` 10 each)
4,000.00 4,000.00
Issued, subscribed and fully paid-up:
1,00,00,000 equity shares of ` 10 each 1,000.00 1,000.00
(March 31, 2023 : 1,00,00,000 equity shares of ` 10 each)
1,000.00 1,000.00
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The Company’s objective for capital management is to maximise shareholder value, safeguard business
continuity and support the growth of the Company. The Company determines the capital requirement based on
annual operating plans and long-term and other strategic investment plans. The funding requirements are met
requirements.
i) Reconciliation of number of shares (` in lakhs)

shares (` in lakhs) shares (` in lakhs)
Equity shares
Opening balance 1,00,00,000 1,000.00 1,00,00,000 1,000.00
Closing balance 1,00,00,000 1,000.00 1,00,00,000 1,000.00
ii) Rights, preferences and restrictions attached to shares

The Company has one class of equity shares having a par value of ` 10 per share. Each shareholder is eligible for
one vote per share held and carry a right to dividend. The dividend, proposed by the Board of Directors is subject
to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In
the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after
distribution of all preferential amounts, in proportion to their shareholding.
iii) Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company
Equity shares

Number of Number of
Holding Holding
shares shares
Tata Consultancy Services Limited (Holding 51,00,000 51% 51,00,000 51%
company)
State Bank of India (significant shareholder) 49,00,000 49% 49,00,000 49%
iv) Disclosure of Shareholding of Promoters
Sr. Promoter name Shares held by promoters % Change during

no. the year
No. of shares % of total
shares
1 Tata Consultancy Services Limited (holding company) 51,00,000 51 -
2 State Bank of India (significant shareholder) 49,00,000 49 -
Total 1,00,00,000 100 -
Sr. Promoter name Shares held by promoters % Change during

no. the year
No. of shares % of total
shares
Tata Consultancy Services Limited (holding
1 51,00,000 51 -
company)
2 State Bank of India (significant shareholder) 49,00,000 49 -
Total 1,00,00,000 100 -
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(j) Other equity
Other equity consists of the following:
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
(i) Retained earnings
(ii) Profit for the year 9,483.38 8,561.72
(iii) OCI Impact and remeasurement of defined employee benefit plans 9.53 (32.63)
(iv) Appropriation :
(v) Less :
(a) Dividend on equity shares (4,500.00) (3,700.00)
40,083.19 35,090.28
7) Leases
Company as a lessee
of the contract and allocates the consideration in the contract to each lease component on the basis of the relative
standalone price of the lease component and the aggregate standalone price of the non-lease components.
losses, if any and adjusted for any remeasurement of the lease liability. The right- of-use asset is depreciated using the
reasonably similar characteristics, the Company, on a lease-by-lease basis, may adopt either the incremental borrowing
revised in-substance fixed lease payments. The Company recognises the amount of the re-measurement of lease liability
these leases are recognised as an expense on a straight-line basis over the lease term.
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(` in lakhs)
Additions for Net carrying
the year ended amount as at
March 31, 2024 March 31, 2024
Buildings 3,029.76 2,818.81
3,029.76 2818.81
(` in lakhs)
March 31, 2023 March 31, 2022
Buildings 199.38 727.91
199.38 727.91
(` in lakhs)
March 31, 2024 March 31, 2023
Buildings 541.42 315.21
541.42 315.21
Interest on lease liabilities is ` 207.11 lakhs and ` 52.61 lakhs for the year ended March 31, 2024 and 2023 respectively.
The Company incurred ` 8.25 lakhs and ` 6.91 lakhs for the year ended March 31, 2024 and 2023 respectively towards
The total cash outflow for leases is ` 427.65 lakhs and ` 353.15 lakhs for the year ended March 31, 2024 and 2023
respectively , including cash outflow for short term and low value leases.
Lease contracts entered by the Company majorly pertains for premises taken on lease to conduct its business in the
ordinary course. The Company does not have any lease restrictions and commitments towards variable rent as per
contract.
8) Non-financial assets and non-financial liabilities

of bringing the asset to its working condition for its intended use less accumulated depreciation and impairment loss,
if any.
Depreciation is provided for property, plant and equipment on a straight line basis so as to expense the cost less
residual value over their estimated useful lives as prescribed in schedule II of the Companies Act, 2013 except in
respect of certain categories of assets, where the useful life of the asset has been assessed based on a technical
evaluation. The estimated useful lives and residual values are reviewed at the end of each reporting period, with the
effect of any change in estimate accounted for on a prospective basis.
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Type of the asset Useful life
Office equipment 5 - 10 years *
Buildings (Leasehold) Lease term
Furniture and fixtures 5 years *
Computer equipment 4 years *
*The Company believes that the technically evaluated useful lives, different from Schedule II of the Companies Act,
2013, best represent the period over which these assets are expected to be used.
Depreciation is not recorded on capital work-in-progress until construction and installation is complete and the asset
is ready for its intended use.
Property, plant and equipment with finite life are reviewed at each reporting date to determine whether there is any
indication of impairment. If any such indication exists, the recoverable amount (i.e. higher of the fair value less cost to
sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows
that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the
cash generating unit (CGU) to which the asset belongs.
and loss.
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Property, plant and equipment
3.28
Property, plant and equipment consist of the following:
(` in lakhs)
Description Gross Block as Additions Disposals Gross block as at Accumulated Depreciation Depreciation Accumulated Net carrying Net carrying
at April 1, 2023 March 31, 2024 depreciation as for the year on disposals depreciation amount as amount as
at April 1, 2023 as at March 31, at March 31 , at March 31,
2024 2024 2023
Computer equipment 11,098.84 1,451.83 194.82 12,355.85 (7,889.78) (1,451.66) (194.82) (9,146.62) 3,209.23 3,209.06
Office equipment 279.35 233.98 127.59 385.74 (148.54) (43.85) (81.83) (110.56) 275.18 130.81
Furniture and fixtures 116.11 208.47 63.38 261.20 (113.53) (37.87) (63.38) (88.02) 173.18 2.58
C-Edge Technologies Limited
Leasehold Improvements 208.13 661.48 89.29 780.32 (160.31) (60.51) (89.29) (131.53) 648.79 47.82
Total 11,702.43 2,555.76 475.08 13,783.11 (8,312.16) (1,593.89) (429.32) (9,476.73) 4,306.38 3,390.27
(` in lakhs)
Description Gross Block as Additions Disposals Gross block as at Accumulated Depreciation Depreciation Accumulated Net carrying Net carrying
at April 1, 2022 March 31, 2023 depreciation as for the year on disposals depreciation amount as amount as
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at April 1, 2022 as at March 31, at March 31 , at March 31,

2023 2023 2022
Computer equipment 11,455.98 1,916.21 2,273.35 11,098.84 (8,682.28) (1,480.85) (2,273.35) (7,889.78) 3,209.06 2,773.70
Office equipment 269.33 10.02 - 279.35 (119.54) (29.00) - (148.54) 130.81 149.79
Furniture and fixtures 111.45 4.66 - 116.11 (99.35) (14.18) - (113.53) 2.58 12.10
Leasehold Improvements 208.13 0.00 - 208.13 (129.80) (30.51) - (160.31) 47.82 78.33
Total 12,044.89 1,930.89 2,273.35 11,702.43 (9,030.97) (1,554.54) (2,273.35) (8,312.16) 3,390.27 3,013.92

Intangible assets purchased are measured at cost as at the date of acquisition, as applicable, less accumulated
amortisation and accumulated impairment, if any.
Intangible assets consist of rights under licensing agreement and software licences which are amortised over licence
period which equates the economic useful life of 4 years on a straight-line basis over the period of its economic useful
life.
Intangible assets with finite life are evaluated for recoverability whenever there is any indication that their carrying
amounts may not be recoverable. If any such indication exists, the recoverable amount (i.e. higher of the fair value less
and loss.
Intangible assets consist of the following:
(` in lakhs)
Software licences
Cost as at April 1, 2023 788.00
Additions 1,959.63
Disposals / Derecognised -
Cost as at March 31, 2024 2,747.63
Accumulated amortisation as at April 1, 2023 (62.07)
Amortisation (324.26)
Accumulated amortisation as at March 31 2024 (386.33)
Net carrying amount as at March 31, 2024 2,361.30
(` in lakhs)
Software licences
Cost as at April 1, 2022 -
Additions 788.00
Cost as at March 31, 2023 788.00
Accumulated amortisation as at April 1, 2022 -
Amortisation (62.07)
Accumulated amortisation as at March 31, 2023 (62.07)
Net carrying amount as at March 31, 2023 725.93
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The estimated amortisation for years subsequent to March 31, 2024 is as follows:
(` in lakhs)
Amortisation expense
Year ending March 31,
2025 686.91
2026 686.91
2027 624.84
2028 362.64
2,361.30
(c) Other assets

(i) Other assets - Non – current
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Considered good
Contract fulfill ment cost * 96.39 211.13
Balance with Government Authorities ** 91.31 91.31
280.88 352.12
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Advance to suppliers 34.95 5.40
Contract fulfillment cost * 694.98 640.00
Indirect taxes recoverable 1,216.22 869.18
Advances to employees 4.89 1.60
2,359.08 1,690.49
* Contract fulfilment costs of ` 1,315.28 lakhs and ` 1,018.53 lakhs for the years ended March 31, 2024 and 2023,
respectively, have been amortized in the statement of profit and loss.
(d) Other liabilities
(i) Other liabilities – current
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Advance received from customers 104.50 -
Indirect taxes payable and other statutory liabilities 1,655.70 701.75
1,760.20 701.75
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The Company earns revenue primarily from providing IT services and business solutions.
The Company’s contracts with customers could include commitment to transfer multiple products and services to a
customer. The Company assesses the products / services committed in a contract and identifies distinct performance
obligations in the contract including whether a performance obligation is satisfied at a point in time or over a period
of time. Revenue towards satisfaction of a performance obligation is measured at the amount of transaction price (net
of variable consideration) allocated to that performance obligation. The estimated amount of variable consideration is
adjusted in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of
cumulative revenue recognised will not occur and is reassessed at each reporting period.
• Revenue from ASP (Applications Service Provider) platforms are recognised as the services are performed and
amount earned. Revenue is recognised on a time elapsed mode and revenue is straight lined over the period of
performance. Amounts are considered to be earned once evidence of an agreement or contractual arrangement has
been obtained, services are delivered and collectability is reasonably assured.
• Revenue from the supply of third party equipment or software is recognised at the point in time when control is
transferred to the customer net of applicable taxes and duties.
Contract fulfilment costs
Contract fulfilment costs are generally expensed as incurred except for certain software license costs which meet the
criteria for capitalisation. Such costs are amortized over the contractual period or useful life of the license whichever
is less. The assessment of this criteria requires the application of judgement, in particular when considering if costs
generate or enhance resources to be used to satisfy future performance obligations and whether costs are expected to be
recovered.
Revenue is measured based on the transaction price, which is the consideration as specified in the contract with the
The Company disaggregates revenue from contracts with customers by industry verticals and nature of services.
In accordance with Ind AS 37, the Company recognises an onerous contract provision when the unavoidable costs of
meeting the obligations under a contract exceed the economic benefits to be received.
Contracts are subject to modification to account for changes in contract specification and requirements. The Company
reviews modification to contract in conjunction with the original contract, basis which the transaction price could be
allocated to a new performance obligation, or transaction price of an existing obligation could undergo a change. In the
event transaction price is revised for existing obligation, a cumulative adjustment is accounted for.
Significant shareholder, along with its Regional Rural Banks, and the Holding Company contributes 39% (40% : March
2023 ) and 31% ( 29% : March 31, 2023) of the company’s total revenue for year ended March 31, 2024, respectively.
Other income comprises of interest income for financial instruments namely bank and corporate deposits measured at
amortised cost which is recorded on accrual basis.
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Revenue from operations
The Company generates revenue from consultancy services and sale of equipment to the Banking, Financial Services and
Insurance (BFSI) sector in India.
(` in lakhs)

March 31, 2024 March 31, 2023
(a) Information technology and consultancy services 41,075.06 35,339.99
(b) Sale of equipment 1,216.08 236.83
42,291.14 35,576.82
The Company has applied practical expedient of not disclosing the aggregate transaction price allocated to unsatisfied (or
partially satisfied) performance obligations which pertain to contracts where revenue recognized corresponds to the value
transferred to customer typically involving time and material, outcome based and event based contracts.
The Company does not have any contract assets.
Movement in contract liabilities is given below:
(` in lakhs)

March 31, 2024 March 31, 2023
Less : Revenue recognised that was included in contract liability (1,001.33) (1,487.32)
balance at the beginning of the year
Add : Increase due to invoicing during the year, excluding amounts 518.71 1,142.93
recognised as revenue during the year
Closing balance 1,083.61 1,566.23
The revenue recongnised in the statement of profit and loss equals to the contracted price.
10) Other income

Interest income is recognised using the effective interest method. Other income consist of the following:
(` in lakhs)
March 31, 2024 March 31, 2023
Interest income 1,771.70 1,204.56
Other income 100.43 26.54
Closing balance 1,872.13 1,231.10

Interest income on bank deposits and interest on financial assets 1,703.93 1,170.49
carried at amortised cost.
Interest revenue - Income tax refunds 67.77 34.07
Others income comprises :
Net gain on lease modification 80.92 22.91
Others 19.51 3.63
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11) Employee benefits
i) Short-term employee benefits
benefits. Benefits such as salaries, wages etc. and the expected cost of ex-gratia are recognized in the period in which
ii) Defined benefit plans
The Company provided benefits such as gratuity and provident fund to its employees which are treated as defined benefit
plan.
iii) Defined contribution plan
iv) Other employee benefit obligations
i) Employee benefit expenses consist of the following:
(` in lakhs)

March 31, 2024 March 31, 2023
(a) Salaries, incentives and allowances 7,006.73 6,114.96
(b) Contribution to provident and other funds 307.03 273.57
(c) Staff welfare expenses 153.61 146.66
7,467.37 6,535.19
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Employee benefit obligation consist of the following:
(ii)(a) Employee benefit obligations - non current
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Gratuity liability 86.63 81.38
86.63 81.38
(ii)(b) Employee benefit obligations – current

(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
485.79 428.30
Employee benefit plans consists of the following:

i) Defined contribution plans
Provident fund
In accordance with Indian law, the Company’s employees are entitled to receive benefits under the provident fund plan
in which both the employee and employer (at a determined rate) contribute monthly.
These are plans in which the Company pays pre-defined amounts to separate funds (provident fund and pension fund)
and does not have any legal or informal obligation to pay additional sums. The Company offers its employees defined
contribution plan in the form of provident fund and family pension fund. Provident fund and family pension fund covers
substantially all regular employees. While both, the employee and the Company pay predetermined contributions into
the provident fund, contribution into the family pension fund are made by only the Company. The contribution is based
on certain proportion of employee’s salary. Contributions to Provident Fund are made to The Regional Provident Fund
Commissioner for qualifying employees.
The Company contributed ` 241.05 lakhs (March 31, 2023 : ` 219.52 lakhs) for provident fund during the year ended
March, 31 2024.
Gratuity
In accordance with Indian law, the Company operate a scheme of Gratuity which is a defined benefit plan and is wholly
unfunded. The gratuity plan provides for a lump sum payment to vested employees at retirement, death while in
employment or on termination of employment of an amount equivalent to 15 days’ salary payable for each completed
year of service. Vesting occurs upon completion of five continuous years of service.
The present value of the defined benefit obligation and the related current service cost were measured using the
Projected Unit Credit Method with actuarial valuations being carried out at each balance sheet date.
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The following table sets out the details of the defined benefit retirement plans and the amount recognised in the
financial statements:
(` in lakhs)
March 31, 2024 March 31, 2023
Change in benefit obligations
Benefits paid (9.25) (47.58)
Actuarial losses / (gains) recognized in OCI (12.74) 43.62
Benefit obligations, end of the year 388.71 348.77

Net interest on net defined benefit (assets)/liabilities 25.29 17.41
Net periodic gratuity cost 61.93 48.90
The Company has no plan assets.

The assumptions used in accounting for the defined benefit plan are set out below:
Salary escalation rate 5.00% 7.00%
Mortality Rate Indian Assured Lives I ndian Assured Lives
Future mortality assumptions are taken based on the published statistics by the Insurance Regulatory and
Development Authority of India.
Attrition rate
i) If Services < = 5 years 33.52% 33.27%
Remeasurement of net defined benefit liability / (asset)

(` in lakhs)

March 31, 2024 March 31, 2023
Actuarial (gains) and losses a rising from changes in demographic (0.88) 8.65
assumptions
Actuarial (gains) and losses a rising from changes in financial (26.59) 5.01
assumptions
Actuarial (gains) and losses a rising from changes in experience 14.73 29.95
adjustments
Remeasurement of net defined benefit liability / (asset) (12.74) 43.61
The expected benefits are based on the same assumptions as used to measure the Company’s defined benefit
obligations as at March 31, 2024.
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Remeasurement loss / (gain) of the defined benefit obligation of ` (12.74) lakhs and ` 43.61 lakhs for the years ended
March 31, 2024 and March 31, 2023 has been accounted in other comprehensive income.
The significant actuarial assumptions for determination of defined benefit obligation are the discount rate and
expected salary increase. The sensitivity analysis below have been determined based on reasonably possible changes
of the respective assumptions occurring at the end of the period, while holding all other assumptions constant.
If the discount rate increases / decreases by 0.50%, the defined benefit obligations would increase / (decrease) as
follows:
(` in lakhs)

March 31, 2024 March 31, 2023
Increase of 0.50% 6.25 (4.87)
Decrease of 0.50% (6.01) 5.05
If the expected salary growth increases / decreases by 0.50%, the defined benefit obligations would increase /
(decrease) as follows:
(` in lakhs)

March 31, 2024 March 31, 2023
Increase of 0.50% 6.35 5.04
Decrease of 0.50% (6.17) (4.91)
Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been
calculated using the projected unit method at the end of the reporting period, which is the same as that applied in
calculating the defined benefit obligation recognised in the balance sheet.
(` in lakhs)
Year ending March 31, Defined benefit obligation

2025 86.63
2026 68.11
2027 59.13
2028 55.42
2029 44.37
2030 to 2034 127.92
12) Cost recognition

Cost and expenses are recognised when incurred and have been classified according to their nature.
The costs of the Company are broadly categorised in employee benefit expenses, cost of equipment and software licences,
depreciation and amortisation expense and other expenses. Other expenses mainly include fees to external consultants,
facility expenses, travel expenses, communication expenses, bad debts and advances written off, allowance for expected
credit losses and doubtful advances (net) and other expenses. Other expenses are aggregation of costs which are
individually not material such as commission and brokerage, recruitment and training, entertainment, etc.
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(` in lakhs)

March 31, 2024 March 31, 2023
(a) Fees to external consultants 2,517.01 1,424.88
(b) Software and material costs 9,709.14 6,754.85
(c) Communication expenses 7,067.90 6,280.14
(d) Travelling and conveyance expenses 102.10 69.84
(e) Facility and hosting charges 617.14 588.10
(f) Repairs and maintenance 466.29 357.05
(g) Electricity expenses 113.44 116.68
(h) Bad debts written off, allowance for trade receivable and advance (net) - 731.29
(i) Security charges 54.07 44.81
(j) Corporate Social Responsibility* 220.89 206.09
(k) Others (includes Auditor's remuneration referred to in note 13) 357.18 228.86
21,225.16 16,802.59
* Corporate Social Responsibility (CSR) expenditure

(` in lakhs)
March 31, 2024 March 31, 2023
• Amount approved by the Board and required to be spent by the company 220.89 206.09
during the year
• Amount of expenditure incurred on :
(i) Construction/acquisition of any asset - -
(ii) On purposes other than (i) above 220.89 206.09
• Excess / (Shortfall) at the end of the year - -
• Total of previous years shortfall - -
• Nature of CSR activities Education, Skilling, Health,
Hygiene and Sanitation
13) Auditor’s remuneration

Auditor’s remuneration consists of the following:
(` in lakhs)

March 31, 2024 March 31, 2023
Auditor 6.73 6.73
For other services 2.36 2.36
For reimbursement of out-of-pocket expenses 0.50 0.50
9.59 9.59
Inclusive of indirect taxes input credit has been / will be availed.
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14) Auditor’s remuneration
Finance costs consist of the following:
(` in lakhs)

March 31, 2024 March 31, 2023
Interest expense 207.11 52.61
207.11 52.61
15) Income taxes

year. Current and deferred taxes are recognised in statement of profit and loss, except when they relate to items that
are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also
i) Current income taxes
Advance taxes and provisions for current income taxes are presented in the Balance Sheet after offsetting advance taxes
paid and income tax provisions arising in the same tax jurisdictions.
ii) Deferred income taxes
their carrying amount, except when the deferred income tax arises from the initial recognition of an asset or liability in
a transaction that is not a business combination, affects neither accounting nor taxable profit or loss at the time of the
transaction.
Deferred income tax asset are recognised to the extent that it is probable that taxable profit will be available against which
utilised.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax labilities and assets
and the Company can settle current tax labilities and assets on a net basis.
Income tax recognised in the statement of profit and loss
(` in lakhs)
March 31, 2024 March 31, 2023
Current tax:
Current tax expense for current year 3,258.76 3,113.95
Current tax expense pertaining to prior years 0.49 (15.98)
3,259.25 3,097.97
Deferred tax expense / (benefit) 61.43 (173.98)
Total income tax expense recognised in the current year 3,320.68 2,923.99
Income tax expense recognised in OCI
Deferred tax on remeasurement of defined employee benefit plan. (3.21) 10.98
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statement of profit or loss is as follows:
(` in lakhs)
March 31, 2024 March 31, 2023
Profit before taxes 12,804.06 11,485.71
Indian statutory income tax rate 25.170% 25.170%
Expected income tax expense 3,222.78 2,890.95
to reported income tax expense
(a) Current tax expense pertaining to prior years 0.49 (15.98)
(b) Disallowance under section 37
(i) CSR expenses 56.80 51.87
(c) Others (net) 40.61 (2.85)
Total income tax expense 3,320.68 2,923.99
(` in lakhs)
Opening Recognised Recognised in/ Recognised in/ Closing
balance / (reversed) reclassified reclassified balance
through from other from retained
statement of comprehensive earnings
profit and loss income
Property, plant and equipment (84.01) (64.24) - - (148.25)
Lease liabilities and right-of-use assets 23.14 43.73 - - 66.87
Provision for Employee benefit 129.73 12.51 (3.21) - 139.03
Provision for receivables, loans and advances 341.77 (53.43) - - 288.34
Total deferred tax assets / (liabilities) 410.63 (61.43) (3.21) - 345.99

(` in lakhs)
As at March 31, 2024 Assets Liabilities Net
Property, plant and equipment - (148.25) (148.25)
Lease liabilities 748.92 - 748.92
Right-of-use assets - (682.05) (682.05)
Provi sion for Employee benefit 139.03 - 139.03
Provision for receivables, loans and advances 288.34 - 288.34
Net deferred tax assets / (liabilities) 1,176.29 (830.30) 345.99
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(` in lakhs)
Opening Recognised Recognised in/ Recognised in/ Closing
balance / (reversed) reclassified reclassified balance
through from other from retained
statement of comprehensive earnings
profit and loss income
Property, plant and equipment (102.43) 18.42 - - (84.01)
Lease liabilities and right-of-use assets 20.93 2.21 - - 23.14
Provision for Employee benefit 116.42 2.33 10.98 - 129.73
Provision for receivables, loans and advances 190.75 151.02 - - 341.77
Total deferred tax assets / (liabilities) 225.67 173.98 10.98 - 410.63

(` in lakhs)
Property, pla nt and equipment - (84.01) (84.01)
Right-of-use assets - (175.80) (175.80)
Provision for Employee benefit 129.73 - 129.73
Provision for receivables, loans and advances 341.77 - 341.77
Net deferred tax assets / (liabilities) 670.44 (259.81) 410.63
16) Segment information

Operating segments are defined as components of an enterprise for which discrete financial information is available
that is evaluated regularly by the chief operating decision maker, in deciding how to allocate resources and assessing
performance. The Company’s chief operating decision maker is the Chief Executive Officer.
The Company has been operating largely in one business segment viz. Banking, Financial Services and Insurance
(BFSI). The activities of the Company are conducted only in one geographic segment viz India. Therefore, the disclosure
requirements of the Ind AS 108 on “Segment Reporting” are not applicable.
17) Commitments and contingencies

The company has contractually committed (net of advances) ` 1200.00 lakhs as at March 31, 2024 (March 31, 2023 :
` 286.01 lakhs) for purchase of property, plant and equipment.
Contingencies
Indirect tax matters
The Company has received a demand notice from the Office of the Commissioner of Goods and Service Tax dated
September 03, 2020 demanding ` 304.38 lakhs which the Company has claimed as transition benefits u/s 140 of the
Central Goods and Service Tax Act, 2017. The Company has filed an appeal before the Appellate Authority after making
payment of 10% of the confirmed demand, i.e. ` 30.44 lakhs.
Since the Appellate Authority has upheld the base demands, consequential interest and penalties have also been upheld
via order in appeal dated April 05, 2021, the next recourse available to the company is to file an appeal within three months
of constitution of the Appellate Tribunal, as also clarified by CBIC vide Circular 132/2/2020 – GST dated 18.03.2020.
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However, in view of non-constitution of the GST Appellate Tribunal, company is unable to file the appeal as on date.
Company has complied with the pre-deposit requirement u/s 112 (9) of the CGST Act, 2017 and made further payment of
` 60.88 lakhs. The total deposit paid by the company is ` 91.31 lakhs.
18) Related Party Disclosures

The Company’s material related party transactions and outstanding balances are with its Holding Company and Significant
Shareholder with whom the Company routinely enters into transactions in the ordinary course of business.
a) Related parties and their relationship
Ultimate Holding Company Tata Sons Private Limited
Holding Company Tata Consultancy Services Limited
Significant shareholder State Bank of India
Key Management Personnel Rahul Kulkarni - Chief Executive Officer *
Rohinton Peer - Chief Financial Officer *
b) Transactions with the related parties
For the year ended March 31, 2024 and March 31, 2023
(` in lakhs)
Particulars Holding Significant Key Management Total
Company shareholder Personnel*
i) Revenues from operation 13,084.14 1,542.48 - 14,626.62
10,140.04 1,344.42 - 11,484.46
ii) Managerial remuneration - - - -
- - - -
iii) Other operating expenses 2,182.05 - 144.05 2,326.10
1,407.25 - 142.23 1,549.48
iv) Interest income - 1,277.83 - 1,277.83
- 588.16 - 588.16
v) Dividend paid 2,295.00 2,205.00 - 4,500.00
1,887.00 1,813.00 - 3,700.00
vi) Bad debts - - - -
278.45 - - 278.45
vii) Deposits - 3,000.00 - 3,000.00
- 3,800.00 - 3,800.00
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As at March 31, 2024 and March 31, 2023
(` in lakhs)
Particulars Holding Significant Key Management Total
Company shareholder Personnel*
i) Trade payables 959.69 - - 959.69
710.52 - - 710.52
ii) Trade receivables 7,029.53 319.72 - 7,349.25
5,108.87 159.08 - 5,267.95
iii) Balances with bank - 15,840.99 - 15,840.99
- 14,671.86 - 14,671.86
iv) Unearned and deferred 47.90 - - 47.90
revenues 235.00 - - 235.00
v) Interest receivable - 839.80 - 839.80
- 196.07 - 196.07
vi) Bad debts 153.79 - - 153.79
278.45 - - 278.45
vii) Deposits - 6,800.00 - 6,800.00
- 3,800.00 - 3,800.00
* The Chief Executive Officer and Chief Financial Officer of the Company are on deputation and draw remuneration
from Tata Consultancy Services Limited. Service charges are payable by the Company to Tata Consultancy Services
Limited.
Figures in italics in the above tables pertains to March 31, 2023.
19) Earning per share (EPS)

Basic earnings per share is computed by dividing profit or loss attributable to equity shareholders of the Company by
dilutive securities in any of the years presented.
(` in lakhs)
March 31, 2024 March 31, 2023
Profit for the year (` in lakhs) 9,483.38 8,561.72
Earning per share basic and diluted (`) 94.83 85.62
20) The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the
notified. The Company will give appropriate impact in its financial statements in the period in which, the Code becomes
effective and the related rules to determine the financial impact are published.
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Ratio Numerator Denominator March 31, March 31, % variance Reason for
2024 2023 variance
Current ratio (in times) Total current assets Total current liabilities 4.47 3.98 12.31%
Debt service coverage Earning for Debt Service = Debt service = Interest and lease 22.74 30.46 (25.34)% Reduction in ratio
ratio (in times) Profit after tax + Noncash payments + Principal repayments due to increase in
operating expenses + Interest + Debt Service as
Other non-cash adjustments the Company has
acquired new lease
office.
Return On equity ration Profit for the year Average total equity 24.58% 25.42% (3.30)%
(in %)
Trade receivable turnover Revenue from operations Average trade receivables 4.36 4.40 (0.91)%
ratio (in times)
Trade payables turnover Cost of equipment and software Average trade payables 5.11 4.52 13.05%
ratio (in times) licenses + Other expenses
Net capital turnover ratio Revenue from operations Average working capital (ie. Total 1.57 1.71 (8.19)%
(in times) current assets less Total current
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liabilities

Net profit ratio (in %) Profit for the year Revenue from operations 22.42% 24.07% (6.86)%
Return on capital Profit before tax and finance Capital employed = Tangible net 29.53% 31.29% (5.62)%
employed (in %) cost worth + Lease Liability + Deferred
tax liabilities
Return on investments Income generated from Average invested funds 8.25% 8.17% 0.98%
(in %) invested funds
Debt equity ratio (in times) Lease liability Total equity 0.07 0.02 250.00% Increase in ratio
due to increase in
lease liability as
the Company has
acquired new lease
office.
C-Edge Technologies Limited
3.43

22) No funds have been advanced/loaned/invested (from borrowed funds or from share premium or from any other
sources / kind of funds) by the Company to any other person(s) or entity(ies), including foreign entities (Intermediaries),
with the understanding (whether recorded in writing or otherwise) that the Intermediary shall (i) directly or indirectly
lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Group (Ultimate
Beneficiaries) or (ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
No funds have been received by the Company from any person(s) or entity(ies), including foreign entities (Funding Parties),
with the understanding (whether recorded in writing or otherwise) that the Group shall (i) directly or indirectly, lend or
invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate
Beneficiaries) or (ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
23) Subsequent event

Dividend paid during the year ended March 31, 2024 pertains to final dividend for the year ended March 31, 2023.
The dividends declared by the Company are based on the profits available for distribution as reported in the financial
statements of the Company. Accordingly, the Retained Earnings reported in these financial statements may not be fully
distributable. As at March 31, 2024, income available for distribution were ` 5000.00 lakhs. On April 25, 2024 the Board
of Directors of the Company have proposed a final dividend of ` 50.00 per equity share in respect of the year ended
March 31, 2024 subject to the approval of shareholders at the Annual General Meeting. If approved, the dividend would
result in a cash outflow of ` 5000.00 lakhs.
For B S R & Co. LLP


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MAHAOnline Limited
For the year ended
March 31, 2024
MahaOnline Limited 4.1
CONTENT PAGE
Balance Sheet 4.12

4.2 MahaOnline Limited
INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS MAHAONLINE LIMITED,
Opinion
We have audited the Standalone financial statements of MahaOnline Limited (hereinafter referred to as “the Company”); which
2024 and Statement of Profit and other comprehensive loss, changes in equity and its cash flows for the year ended on that
date.
Basis for Opinion
the information included in the Company’s annual report but does not include the financial statements and our auditor’s report
thereon. The Company’s annual report is expected to be made available to us after the date of this auditor’s report.
and regulations.
Responsibility of Management and Board of Directors for the Financial Statements
ability to continue as a going concern disclosing as applicable, matters related to going concern and using the going concern
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statements.
internal control.
and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may
exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or,
if such disclosures are inadequate, to modify our opinion. Attention is invited to Note 23 to the financial statement about
management’s views on use of the Going Concern basis of accounting for the year. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to
cease to continue as a going concern.
[a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
[b) In our opinion, proper books of accounts as required by law have been kept by the Company so far as appears from
[c) The Balance Sheet and the Statement of Profit and Loss (including other comprehensive income), the statement
accounts.
[d) In our opinion, aforesaid Financial Statements comply with the Ind AS specified under Section 133 of the Act.
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[e) On the basis of the written representations received from the Directors as on March 31, 2024, taken on record by the
Board of Directors, none of the Directors is disqualified as on March 31, 2024 from being appointed as a Director in
[f) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company
i) The Company has disclosed the impact of pending litigations on its financial position in its financial statements-
Refer Note 19 to the financial statements.
ii) The Company did not have any long-term contracts including derivative contracts for which there were any material
foreseeable losses.
iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the
Company.
[iv) (a) The management has represented that, to the best of its knowledge and belief, as disclosed in the Note 24 to
(b) The management has represented, that, to the best of its knowledge and belief, as disclosed in the Note 24 to
Company shall:
[v) The final dividend paid by the Company during the year, in respect of the same declared for the previous year, is in
As stated in Note 25 to the financial statements, the Board of Directors of the Company has proposed final dividend for the
year which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend declared is in
accordance with Section 123 of the Act to the extent it applies to declaration of dividend.
vi) Reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is applicable with effect from 1st April 2023.
The Company has used software for maintaining the accounting books of accounts which has inbuilt feature of recording the
audit trail and logs of activities in the software. The same was used from 1st April 2023. This software once activated cannot
be tempered with. On the basis of verification of details on test check basis we have not come across any inconsistency in the
maintenance of audit trail during the year.
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Kaushik B. Joshi
th May,2024 Proprietor
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Report on Companies (Auditor’s Report) Order, 2020 (‘the Order’) issued by the Central Government in terms of Section
143(11) of the Companies Act, 2013 (‘the Act’) of MahaOnline Limited (‘the Company’)
(B) The Company has maintained proper records showing full particulars of Intangible assets.
Company, the Company has a regular programme of physical verification of its Property, plant and equipment by
which all Property, plant and equipment are verified every year. In accordance with this programme, Property, plant
and equipment were verified during the year. In our opinion, this periodicity of physical verification is reasonable having
the Company, the Company has not revalued its property, plant and equipment (including Right-of-use assets) and
intangible assets.
(ii) (a) The Company is a service company, primarily rendering information technology related solutions. Accordingly, it does
the year, except for investment in mutual funds and loan to a Company details of the same are given below:
(a) (A) The Company does not have any subsidiaries, joint ventures or associates. Accordingly, clause 3(iii)(a)A of the
Order is not applicable.
Particulars Amount
(` In Lakhs)
Aggregate Amount during the year- Other 1,401.72
Balance outstanding at Balance sheet date Nil
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to settle the overdue of existing loans given to the same party
of repayment.
Company, the Company has not given any loans, or provided any guarantee or security as specified under Sections 185
of the Companies Act, 2013 (“the Act”) and the company has not made any investments or provided any guarantee or
security as specified under section 186 of the Companies Act, 2013 (“the Act”). Further, the company has complied with
the provisions of section 186 of the Companies Act, 2013 (“the Act”) in relation to the loan given.
of cost records under Section 148(1) of the Companies Act, 2013 for the services provided by it. Accordingly, clause 3(vi) of
the Order is not applicable.
(vii) (a) The Company does not have liability in respect of Sales tax, Service tax, Duty of excise and Value added tax during the
year since effective 1 July 2017, these statutory dues has been subsumed into Goods and Service Tax (GST).
Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including GST,
Provident fund, Employees’ State Insurance, Income-tax, Cess and other material statutory dues have been generally
deposited with the appropriate authorities. As explained to us, the Company did not have any dues of Customs.
According to the information and explanations given to us, no undisputed amounts payable in respect of GST, Provident
fund, Employees’ State Insurance, Income-tax, Cess and other material statutory dues were in arrears as at 31 March
2024 for a period of more than six months from the date they became payable.
Company, there are no statutory dues relating to Provident Fund, Employees State Insurance, Income-Tax, or Cess or
other statutory dues, which have not been deposited with the appropriate authorities on account of any dispute. The
following dues of Income tax and value added tax, have not been deposited by the Company on account of dispute:
Name of the statute Nature of the dues Amount under Period to which the Forum where
dispute (` in lakhs) amount relates dispute is pending
The Income Tax Act, 1961 Income Tax 12.95 AY 2017-18 Commissioner
of Income Tax
(Appeals)
The Income Tax Act, 1961 Income Tax 0.75 AY 2012-13 and AY Assessing Officer
2013-14
Company, the Company has not surrendered or disclosed any transactions, previously unrecorded as income in the
books of account, in the tax assessments under the Income-tax Act, 1961 as income during the year.
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(xiv) Based on information and explanations provided to us, the Company is not required to have internal audit system.
Accordingly, clause (xiv) of the Order is not applicable
(xviii)There has been no resignation of the statutory auditors during the year. Accordingly, clause 3(xviii) of the Order is not
applicable.
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(xx) As stated in Note 13 (b) of the Financial statements and according to the information and explanations given to us, during
the year provision of Section 135 is not applicable to the company. Accordingly, clauses 3(xx)(a) and 3(xx)(b) of the Order
are not applicable

Kaushik B. Joshi
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Annexure B to the Independent Auditor’s Report on

the financial statements
Report on the internal financial controls with reference to the aforesaid financial statements
Opinion
We have audited the internal financial controls with reference to financial statements of MahaOnline Limited (“the Company”)
that date.
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Kaushik B. Joshi
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Balance Sheet
(` in lakhs)
Note As at As at
March 31, 2024 March 31, 2023
ASSETS
Non-current assets
Property, plant and equipment 8(a) - 0.39
Right-of-use assets 7 - 3.11
Intangible Assets 8(b) - -
Financial assets
Trade Receivables
Billed 6(b) - -
Income-tax assets (net) 535.11 483.26
Total non-current assets 541.11 623.50
Current assets
Financial assets
Investments 6(a) 8,401.22 3,340.55
Trade receivables
Billed 6(b) 3,208.77 3,059.46
Cash and cash equivalents 6(c) 652.87 3,496.56
Loans 6(e) - 1,401.72
Other assets 8(c) 66.84 87.25
TOTAL ASSETS 14,600.04 14,805.49
Equity
Share capital 6(l) 255.27 255.27
Other equity 9 8,229.84 8,288.49
Total Equity 8,485.11 8,543.76
Liabilities
Other financial liabilities 6(h) - 42.70
Unearned and deferred revenue 10 - 47.16
Deferred tax liability (net) 15 187.45 91.10
Current liabilities
Financial liabilities - 119.08
Lease liabilities
Trade payables
Dues of creditors other than micro enterprises and small enterprises 6(g) 1,087.79 1,175.97
Other financial liabilities 6(h) 4,651.34 4,679.84
Other liabilities 8(d) 110.88 98.29
Income tax liabilities (net) 66.59 -
CIN: U72900MH2010PLC206026
For KBJ & Associates Tej Paul Bhatla Chaitanya Sathe

Chartered Accountants Director Director
Firm's registration no: 114934W Din No: 08491426 DIN No: 06942922
Kaushik B. Joshi Shanti Nair

Proprietor Chief Operating Officer
Membership No: 48889
Mumbai
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(` in lakhs)

March 31, 2024 March 31, 2023
Revenue from operations 10 11.87 71.91

Other income 11 988.31 499.54
Exceptional income 11(a) - 541.65
TOTAL INCOME 1,000.18 1,113.10
Expenses
Employee benefit expenses 12 42.40 37.07
Depreciation 7,8(a) 3.33 13.59
Other expenses 13(a) 109.89 119.01
TOTAL EXPENSES 157.31 181.77
PROFIT BEFORE TAX 842.87 931.33
Tax expense
Current tax 15 103.08 1.67
Deferred tax 15 96.82 232.45
PROFIT FOR THE YEAR 642.97 697.21
OTHER COMPREHENSIVE INCOME
Income tax on items that will not be reclassified 0.47 0.55

subsequently to profit or loss
TOTAL OTHER COMPREHENSIVE (LOSSES)/INCOME (1.41) (1.57)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 641.56 695.64
Earnings per equity share- Basic and diluted (`) 16 25.19 27.31
CIN: U72900MH2010PLC206026


Mumbai
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A EQUITY SHARE CAPITAL
(` in lakhs)
Balance as on Changes in equity Restated balance at the Changes in equity Balance as at

April 1, 2023 share capital due to beginning of the current share capital during March 31, 2024
prior period erros reporting period the year
255.27 - - - 255.27
(` in lakhs)
Balance as on Changes in equity Restated balance at the Changes in equity Balance as at

April 1, 2022 share capital due to beginning of the current share capital during March 31, 2023
prior period erros reporting period the year
255.27 - - - 255.27
*Refer note 6(l)
B OTHER EQUITY
(` in lakhs)
Reserves and surplus

Profit for the year 642.97 642.97
Other comprehensive income (1.41) (1.41)
Total comprehensive income 641.56 641.56
Dividend 700.21 700.21
Dividend 147.04 147.04
Retained earnings
Loss of ` (1.41) lakhs and of `(1.57) lakhs on remeasurement of defined employee benefit plans (net of tax) is recognised
as a part of retained earnings for the years ended March 31, 2024 and 2023, respectively.
CIN: U72900MH2010PLC206026


Mumbai
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Statement of Cash Flows
(` in lakhs)
March 31, 2024 March 31, 2023
operating activities
Depreciation 3.33 13.59
Net gain on disposal of property, plant and equipment (0.78) (4.25)
Net gain on investments (127.42) (24.67)
Provision for doubtful debts (net) - (74.10)
Unrealised gain on investments (383.26) (159.72)
Operating profit before working capital changes 163.85 383.37
Net change in
Trade receivables (149.30) (73.35)
Other financial assets 251.62 190.43
Other assets 20.41 (1.57)
Trade payables (88.18) (668.47)
Unearned and deferred revenue (47.16) -
Other financial liabilities (71.20) 1,667.31
Other liabilities and provisions 14.00 (2.49)
Cash generated from operations 94.04 1,495.23
Taxes paid (net of refunds) (88.34) 165.64
Net cash (used in)/ generated from operating activities 5.70 1,660.87
Inter-corporate deposits placed - (1,401.72)
Purchase of investments (5,300.00) -
Payment for purchase of property, plant and equipment 0.01 (0.03)
Proceeds from disposal of property, plant and equipmen 0.94 28.29
Proceeds from bank deposits 2,557.40 3,943.39
Proceeds from inter-corporate deposits 1,401.72 1,344.83
Proceeds from disposal / redemption of investments 750.00 200.00
Net cash generated from investing activities (2,028.41) 1,793.64
Dividend paid (700.21) (147.04)
Net change in cash and cash equivalents (2,843.69) 3,100.07
Cash and cash equivalents at the beginning of the yea 3,496.56 396.49
Cash and cash equivalents at the end of the year (Refer Note 6 (c)) 652.87 3,496.56
CIN: U72900MH2010PLC206026


Mumbai
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Notes forming part of the financial statements

MahaOnline Limited (hereinafter referred as ‘the Company’) provides information technology (IT) and IT enabled services
in the State of Maharashtra. The Company is engaged into the business of development, maintenance and management
of MahaOnline portals for providing web-based services by Government to Citizens (G2C), Government to Business and
other portal services of Government of Maharashtra.
The Company is unlisted public limited company incorporated and domiciled in India. The address of the registered office
is Directorate of Information Technology, Mantralaya Annex, 7th Floor, Mumbai - 400032 and corporate office is 5th floor,
Trade World, D-Wing, Kamala City, Senapati Bapat Marg, Lower Parel, Mumbai 400013. Tata Consultancy Services Limited
(TCS), the holding company, owns 74% of the Company’s equity share capital. Tata Sons Limited is the ultimate parent.
The joint venture between Tata Consultancy Services ( “TCS” ) and the Government of Maharashtra (“GoM”) to provide
IT services to the GoM was for a period of 10 years until the agreement is terminated or the Joint Venture (“JV”) Company is
liquidated/dissolved. The agreement expired in July 2020 and post July 2020 the Joint Venture agreement is in continuation
until notice of termination of the agreement by either party is received.
Effective 1st April 2020, MahaOnline transferred its projects to Maharashtra Information Technology Corporation Limited
( MahaIT ). However, MahaOnline continues to assist Maha IT in fulfilling its service responsibilities on these projects
that Maha IT now has with Government of Maharashtra. MahaOnline will raise invoices with agreed markup on MahaIT
for the expenses incurred on the its associates cost, office premises lease cost and all AMCs renewal /firewall/UPS cost
(Refer Note No 23).
issue on XXXXXX
These financial statements have been prepared in accordance with the Indian Accounting Standards (referred to as
“Ind AS”) as prescribed under Section 133 of the Companies Act, 2013 (“the Act”) read with the Companies
(Indian Accounting Standards) Rules as amended from time to time.
These financial statements have been prepared in Indian Rupee which is the functional currency of the company.
These financial statements have been prepared on historical cost basis except for certain financial instruments and
defined benefit plans which are measured at fair value or amortised cost at the end of each reporting period. Historical
participants at the measurement date.
All assets and liabilities have been classified as current or non current as per the Company’s normal operating cycle.
Based on the nature of services rendered to customer and time elapsed between deployment of resources and realisation
in cash and cash equivalents of the consideration for such services rendered, the Company has considered an operating
cycle of 12 months.
equivalents.
denominated monetary assets and liabilities are retranslated at the exchange rate prevailing on the balance sheet date
and exchange gains and losses arising on settlement and restatement are recognised in the statement of profit and loss.
notes.
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requires the management to make estimates and assumptions that affect the reported balances of assets and liabilities,
disclosures relating to contingent liabilities as at the date of the financial statements and the reported amounts of income
The Company uses the following critical accounting estimates in preparation of its financial statements.
The Company reviews the useful life of property, plant and equipment at the end of each reporting period.
This reassessment may result in change in depreciation expense in future periods.
b) Provision for income tax and deferred tax
tax asset is recognised to the extent that it is probable that future taxable profit will be available against which
the deductible temporary differences and tax losses can be utilised.The Company reviews the carrying amount of
deferred tax assets at the end of each reporting period.
c) Provision and contingent liabilities
A provision is recognised when the Company has a present obligation as a result of past event and it is probable that
an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made.
These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which
will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within
the control of the Company or a present obligation that arises from past events where it is either not probable that
an outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made.
Contingent assets are neither recognised nor disclosed in the financial statements.
d) Employee benefits
e) Leases
Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to time. On March 31, 2024, MCA has not notified any new
standards or amendments to the existing standards applicable to the Company.
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liabilities at fair value through profit or loss) are added toor deducted from the fair value measured on initial recognition
or have expired.
outstanding.
profit and loss.
Equity instruments
expected losses for all contract assets and / or all trade receivables that do not constitute a financing transaction.
In determining the allowances for doubtful trade receivables, the Company has used a practical expedient by computing the
based on the ageing of the receivables that are due and allowance rates used in the provision matrix.For all other financial
assets, expected credit losses are measured at an amount equal to the 12-month expected credit losses or at an amount
recognition.
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a) Investment
(` in lakhs)
Investments - Current As at As at
March 31, 2024 March 31, 2023
Quantity ` Quantity `
Investment carried at fair value through
profit and loss Mutual funds (quoted)
Tata Liquid Fund Direct Plan - Growth 1,04,763 3,991.74 41,891 1,487.71
UTI Liquid Cash Plan - Direct Growth Plan 1,11,408 4,409.48 50,221 1,852.84
2,16,171 8,401.22 92,112 3,340.55

(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
b) Trade receivables - Billed
Trade receivables - Billed (unsecured) consist of the following
(` in lakhs)
Trade receivables - Billed - Non Current As at As at

March 31, 2024 March 31, 2023
Less: Allowance for doubtful trade receivables - Billed (41.76) (41.76)
Considered good - -
Trade receivables - Billed - -
Credit impaired - -
- -
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Ageing for trade receivables - non-current outstanding as at March 31, 2024 is as follow
(` in lakhs)
Particulars Outstanding for following periods from due date of payment
Not Less than 6 months 1 - 2 2-3 More than 3 Total
Due 6 months - 1 years years years years
Trade receivables - billed - - - - - 41.76 41.76
Undisputed trade receivables – - - - - - - -
considered good
credit risk
credit impaired
Disputed trade receivables – - - - - - - -
considered good
credit risk
credit impaired
- - - - - 41.76 41.76
Less: Allowance for doubtful (41.76)
trade receivables - Billed
-
Ageing for trade receivables - non-current outstanding as at March 31, 2023 is as follow
(` in lakhs)
Not Less than 6 months 1 - 2 2-3 More than 3 Total
Trade receivables - billed - - - - - 41.76 41.76
considered good
credit risk
credit impaired
considered good
credit risk
credit impaired
- - - 0.00 0.00 41.76 41.76
Less: Allowance for doubtful (41.76)
-
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(` in lakhs)
Trade receivables - Billed - Current As at As at

March 31, 2024 March 31, 2023
Trade receivables - Billed 3,208.77 3059.46
Considered good 3,208.77 3059.46
Ageing for trade receivables - current outstanding as at March 31, 2024 is as follow:
(` in lakhs)

Not Less than 6 months 1-2 2-3 More than 3 Total
Undisputed trade receivables – - 26.46 123.58 264.84 481.42 2,312.47 3,208.77
considered good
credit risk
credit impaired
considered good
credit risk
credit impaired
- 26.46 123.58 264.84 481.42 2,312.47 3,208.77
Less: Allowance for doubtful -
3,208.77
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Ageing for trade receivables - current outstanding as at March 31, 2023 is as follow:
(` in lakhs)

Not Less than 6 months 1-2 2-3 More than 3 Total
Undisputed trade receivables – - 129.98 157.02 459.26 614.42 1,698.77 3,059.45
considered good
credit risk
credit impaired
considered good Disputed
trade receivables – which have - - - - - - -
credit impaired
- 129.98 157.02 459.26 614.42 1,698.77 3,059.45
Less: Allowance for doubtful -
3,059.45
c) Cash and cash equivalents

Cash and cash equivalents consist of the following:
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Balances with banks
In current accounts 652.87 3,496.56
652.87 3,496.56
d) Other balances with banks

Other balances with banks consist of the following:
( ` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Earmarked balances with banks* 3.40 3.28
1,698.73 2,540.74
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e) Loans
Loans receivable (unsecured) consist of the following:
Loans receivables - Current
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Considered good
Inter-corporate deposits* - 1,401.72
- 1,401.72
*Inter-corporate deposits placed with financial institutions yield fixed interest rate.
f) Other Financial Assets
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
6.00 136.74
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Security deposits - 1.79
Sub -lease receivable - 119.08
30.50 255.71
g) Trade payables
(` in lakhs)

Not Due Less than 1-2 2-3 More than 3 Total
MSME * - - - - -
Others - 0.08 13.07 1.59 1,018.23 1,032.97
- 0.08 13.07 1.59 1,018.23 1,032.97
Accrued Expenses 54.81
1,087.78
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(` in lakhs)

Not Due Less than 1-2 2-3 More than 3 Total
MSME * - - - - -
Others - 31.70 0.65 7.65 1,024.82 1,064.82
- 31.70 0.65 7.65 1,024.82 1,064.82
Accrued Expenses 111.15
1,175.97
h) Other Financial Liabilities
Other financial liabilities - Non-current (` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Security deposits received - 42.70
- 42.70
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Amounts collected on behalf of customers * 4,360.72 4,431.92
4,651.34 4,679.84
* Amount collected on behalf of customers includes collection of government services fees
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i) Financial instruments by category
(` in lakhs)

profit or loss
Financial assets:
Bank deposits - 1,695.33 1,695.33
Earmarked balances with banks - 3.40 3.40
Investments 8,401.22 - 8,401.22
Total 8,401.22 5,596.87 13,998.09
Trade payables - 1,087.79 1,087.79
Total - 5,739.13 5,739.13
(` in lakhs)

profit or loss
Financial assets:
Bank deposits - 2,537.46 2,537.46
Earmarked balances with banks - 3.28 3.28
Investments 3,340.55 - 3,340.55
Loans * - 1,401.72 1,401.72
Total 3,340.55 10,890.93 14,231.48
Trade and other payables - 1,175.97 1,175.97
Total - 6,017.59 6,017.59
* Loans consist inter corporate deposits of ` 1,401.72 lakhs with original maturity period within 12 months
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Carrying amounts of cash and cash equivalents, trade receivables, unbilled receivables, loans receivables and trade
payables as at March 31, 2024 and March 31, 2023 approximate the fair value. Carrying amounts of bank deposits,
other balances with banks, other financial assets and other financial liabilities which are subsequently measured
at amortised cost also approximate the fair value due to their nature in each of the periods presented. Fair value
measurement of lease liabilities is not required.
j) Fair value hierarchy:
• Level 1 — Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.
• Level 2 — Inputs are other than quoted prices included within Level 1 that are observable for the asset or liability,
• Level 3 — Inputs are not based on observable market data (unobservable inputs). Fair values are determined
The following table summarises financial assets measured at fair value on a recurring basis.
(` in lakhs)
As of March 31, 2024: Level 1 Level 2 Level 3 Total

Financial assets:
Investments in Mutual fund units 8,401.22 - - 8,401.22
Total 8,401.22 - - 8,401.22
(` in lakhs)

Financial assets:
Investments in Mutual fund units 3,340.55 - - 3,340.55
Total 3,340.55 - - 3,340.55
k) Financial risk management:

The Company is exposed primarily to credit ,liquidity and interest rate risk which may adversely impact the fair value
of its financial instruments. The Company’s focus is to assess the unpredictability of the financial environment and to
mitigate potential adverse effects on its financial performance.
Market risk
changes in market prices. Such change in financial instruments may result from changes in the credit rating and
other market changes. The Company’s exposure to the market risk is primarily on account of fluctuation in market
rates of NAV of mutual funds.
Interest rate risk
The fixed deposits and intercorporate deposits made by the Company bears a fixed rate of interest. Hence the
Company is not significantly expose to interest rate risk.
Credit risk
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receivables, investments, cash and cash equivalents, bank deposits, inter corporate deposits and other financial
assets. Inter corporate deposits of ` Nil lakhs and ` 1401.72 as of March 31, 2024 and 2023, respectively, are with a
financial institution having a high credit-rating assigned by credit-rating agencies. Bank deposits of ` 1695.33 lakhs
and ` 2537.46 lakhs as at March 31, 2024 and 2023 is held with Indian banks having high credit ratings. None of the
other financial instruments of the Company result in material concentration of credit risk.
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure
to credit risk was ` 13,998.09 lakhs and ` 14,231.48 lakhs as of March 31, 2024 and 2023, respectively, being
the total of the carrying amount of balances with banks, bank deposits, trade receivables, unbilled receivables,
investments and loans receivables and other financial assets.
Of the trade receivables balance as at March 31, 2024, ` 2372.06 lakhs and ` 674.52 lakhs (March 31, 2023:
` 2,222.03 lakhs and ` 674.52 lakhs) are due from Maharashtra Information Technology Corporation Ltd and
Rural Development Department respectively, the Company’s largest customers. There are no other customers
who represent more than 10% of the total trade receivables.
The Company has a geographic concentration of trade receivables, net of allowances and unbilled revenue in
India. The allowance for lifetime expected credit loss on trade receivables for the year ended March 31, 2024
and 2023 was ` Nil lakhs and ` (756.59) lakhs respectively .The reconciliation of allowance for doubtful trade
receivables is as follows:
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Change during the year - (756.59)
Liquidity risk
Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of
liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per
requirements. The Company consistently generated sufficient cash flows from operations to meet its financial
obligations including lease liabilities as and when they fall due.
(` in lakhs)

Trade payables 1,087.79 - - - - 1,087.79
Total 5,739.13 - - - - 5,739.13
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(` in lakhs)

Trade payables 1,175.97 - - - - 1,175.97
Lease Liability 120.75 120.75
Total 6,019.26 - - - - 6,019.26
l) Equity instruments
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Authorised :
25,000,000 equity shares of ` 10 each 2,500.00 2,500.00
(March 31, 2023 : 25,000,000 equity shares of ` 10 each)
2,500.00 2,500.00
Issued, Subscribed and Fully paid-up:
(March 31, 2023 : 2,552,705 equity shares of ` 10 each)
255.27 255.27
a) Reconciliation of number of shares
(` in lakhs)

No. of Equity Amount No. of Equity Amount
Opening balance 2,552,705 255.27 2,552,705 255.27
Closing balance 2,552,705 255.27 2,552,705 255.27
b) Rights, preferences and restrictions attached to shares

The Company has one class of equity shares having a par value of ` 10 each. Each shareholder is eligible for
one vote per share held and carry right to dividend. The dividend, proposed by the Board of Directors is subject
to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend.
In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company
after distribution of all preferential amounts in proportion of their shareholding.
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c) Shares held by holding company and subsidiaries of holding company
(` in lakhs)
Number of shares
Equity shares
Holding Company
1,889,005 equity shares (March 31, 2023: 1,889,005) are held 1,889,005 1,889,005
by Tata Consultancy Services Limited
18,89,005 18,89,005
(d) Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company
(` in lakhs)
Equity Shares As at March 31, 2024 As at March 31, 2023

No. of shares Holding No. of shares Holding
(Holding company)
Governor, Government of 6,63,700 26% 6,63,700 26%
Maharashtra
2,552,705 100% 2,552,705 100%
(e) Disclosure of Shareholding of Promoters

(` in lakhs)
Shares held by promoters at the end of the year % Change

Sr. no. Promoter name No. of shares* % of total shares during the year
1 Tata Consultancy Services Limited 18,89,005 74 -

2 Governor, Government of Maharashtra 6,63,700 26 -
Total 25,52,705 100 -
(` in lakhs)

Sr. no. Promoter name No. of shares* % of total shares during the year
1 Tata Consultancy Services Limited 18,89,005 74 -
2 Governor, Government of Maharashtra 6,63,700 26 -
Total 25,52,705 100 -
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7. Leases
Company as a lessee
stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components.
losses, if any and adjusted for any remeasurement of the lease liability. The right-of-use assets is depreciated using the
straight-line method from the commencement date over the shorter of lease term or useful life of right-of-use asset.
The estimated useful lives of right-of-use assets are determined on the same basis as those of property, plant and
equipment. Right-of-use assets are tested for impairment whenever there is any indication that their carrying amounts
may not be recoverable. Impairment loss, if any, is recognised in the statement of profit and loss.
of modification. Where the carrying amount of the right- of-use asset is reduced to zero and there is a further reduction
Company as a lessor
At the inception of the lease the Company classifies each of its leases as either an operating lease or a finance lease.
The Company recognises lease payments received under operating leases as income on a straight- line basis over the
lease term. In case of a finance lease, finance income is recognised over the lease term based on a pattern reflecting a
constant periodic rate of return on the lessor’s net investment in the lease. When the Company is an intermediate lessor it
accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease
with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. If a head
lease is a short term lease to which the Company applies the exemption described above, then it classifies the sub-lease
as an operating lease.
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(` in lakhs)
Addition for the year Net carrying amount

ended March 31, 2024 as at March 31, 2024
Building - -
- -
(` in lakhs)
Addition for the year Net carrying amount

Building - 3.11
- 3.11
Depreciation on right-of-use assets is as follows:
(` in lakhs)

March 31, 2024 March 31, 2023
Depreciation
Building 3.11 5.59
3.11 5.59
Interest on lease liabilities is ` 1.67 lakhs for the year ended March 31, 2024 (March 31, 2023: ` 11.70 lakhs)
The Company incurred ` Nil for the year ended March 31, 2024 (March 31, 2023: ` Nil lakhs) towards expenses relating
to short-term leases and leases of low-value assets.The total cash outflow for leases is ` Nil for the year ended
March 31, 2024 (March 31, 2023: ` Nil lakhs), including cash outflow for short term and low value leases.
Lease contracts entered by the Company pertains for buildings taken on lease to conduct its business in the ordinary
course. The Company does not have any lease restrictions and commitment towards variable rent as per the contract.
During December 2020, leased property has been sub-let by the Company. The lease and sub-lease expired in
October 2023. The lease income is equal to lease payments. The Company classifies the sub-lease as a finance lease
because it is for the whole of the remaining term.
(` in lakhs)
Sublease movement As at As at
March 31, 2024 March 31, 2023
Balance at the beginning of the period 119.08 314.38
Additions during the period - -
Interest income accrued during the period 1.67 11.70
Lease receipts (120.75) (207.00)
Balance at the end of the period - 119.08
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The following tables sets out maturity analysis of lease receivables, showing the undiscounted lease payaments to be
received after the reporting date.
(` in lakhs)
2024 2023
Less than one year - 120.75
One or two years - -
Two or three years - -
Total undiscounted lease receivables - 120.75

a) Property, plant and equipment
Property, plant and equipment are stated at cost, less accumulated depreciation and impairment loss, if any.
Cost of an item of property, plant and equipment comprises of its purchases price including non refundable taxes,
after deducting trade discount and any directly attributable cost of bringing the item to its working condition for its
intended use.
Depreciation is provided for property, plant and equipment on straight line method so as to expense the cost less
residual value over their estimated useful lives based on technical evaluation. The estimated useful lives, residual
values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in
estimate accounted for on a prospective basis.
Type of asset Method Useful life

Computer equipment Straight line 4 years
Office equipment Straight line 5 years
Electrical installation Straight line 5 years
Furniture and fixtures Straight line 5 years
Leasehold improvements Straight line Lease term
Depreciation is not recorded on capital work-in-progress until construction and installation are complete and the
asset is ready for its intended use.
of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognised in the statement of
profit and loss.
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(` in lakhs)
Leasehold Computer Furniture Office Electrical Total

improvements equipment and fixtures equipment installations
Cost as at April 1, 2023 10.74 188.79 69.34 55.87 64.92 389.66
Additions - - - - - -
Disposals (10.74) (186.90) (69.34) (55.87) (64.92) (387.77)
Cost as at March 31, 2024 - 1.89 - - - 1.89
Accumulated depreciation as (10.74) (188.76) (69.34) (55.51) (64.92) (389.27)

at April 1, 2023
Depreciation for the year - (0.03) - (0.20) - (0.22)
On disposals 10.74 186.90 69.34 55.71 64.92 387.61
Accumulated depreciation as - (1.89) - - - (1.89)

at March 31, 2024
Net carrying amount as at - - - - - -
March 31, 2024
(` in lakhs)

Cost as at April 1, 2022 10.74 591.77 69.57 55.87 64.92 792.87
Additions - 0.03 - - - 0.03
Disposals - (403.01) (0.23) - - (403.24)
Cost as at March 31, 2023 10.74 188.79 69.34 55.87 64.92 389.66

at April 1, 2022
Depreciation for the year - (7.61) - (0.39) - (8.00)
On disposals - 378.97 0.23 - - 379.20
at March 31, 2023
Net carrying amount as at - 0.03 - 0.36 - 0.39
March 31, 2023
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b) Intangible assets
Intangible assets purchased including acquired in business combination, are measured at cost as at the date of
acquisition, as applicable, less accumulated amortisation and accumulated impairment, if any.
Intangible assets are amortised on a straight line basis.
Intangible assets consist of software licenses.
(` in lakhs)
Description Softwares licenses

Additions -
Disposals / Derecognised (30.33)
Cost as of March 31, 2024 -
Accumulated depreciation as of April 1, 2023 (30.33)
Amortisation -
Disposals / Derecognised 30.33
Accumulated depreciation as of March 31, 2024 -
Net carrying amount as of March 31, 2024 -
(` in lakhs)
Description Softwares licenses

Additions -
Cost as of March 31, 2023 30.33
Accumulated depreciation as at April 1, 2022 (30.33)
Amortisation -
Accumulated depreciation as at March 31, 2023 (30.33)
Net carrying amount as at March 31, 2023 -
c) Other assets
(` in lakhs)
Other assets - Current As at As at

March 31, 2024 March 31, 2023
Considered good
Prepaid expenses - 1.64
Indirect taxes recoverable 61.96 57.54
Advances to suppliers - 0.50
Others 4.88 27.57
66.84 87.25
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d) Other liabilities
Other liabilities consist of the following:
(` in lakhs)
Other liabilities - Current As at As at

March 31, 2024 March 31, 2023
Advance received from collection agencies 109.77 90.02
Indirect taxes payable and other statutory liabilities 1.11 8.27
110.88 98.29
9. OTHER EQUITY
Other equity consist of the following: (` in lakhs)

Dividend 700.21 700.21
Dividend 147.04 147.04

The Company earns revenue primarily from providing IT and IT enabled services in the State of Maharashtra.
performance.
• Revenue is measured based on the transaction price, which is the consideration as specified in the contract with the
• Support service income is accounted on accrual basis in accordance with the terms of the contract entered into
between the Company and the counterparty. It is calculated based on agreed mark-up on costs incurred.
• Unearned and deferred revenue (“contract liability”) is recognised when there is billings in excess of revenues.
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• Contract assets are recognised when there is excess of revenue earned over billings on contracts. Contract assets are
classified as unbilled receivables (only act of invoicing is pending) when there is unconditional right to receive cash,
and only passage of time is required, as per contractual terms.
The billing schedules agreed with customers include periodic performance based payments and / or milestone based
progress payments. Invoices are payable within contractually agreed credit period.
The Company disaggregates revenue from contracts with customers by nature of services.
(` in lakhs)

March 31, 2024 March 31, 2023
Transaction revenue - 24.65
Support services 11.87 47.26
11.87 71.91
The Company generates revenues from providing services in the state of Maharashtra in India. For the current year, the
revenue recognised in the statement of profit and loss equals to the contracted price.
Information about major customers:
For the year ended March 31,2024 there are two customers who contribute more than 10% each to the total revenue.
Maharashtra Information Technology Corporation Ltd. ` 6.40 lakhs constituting 53.92 % of the total revenue and
Tribal Devlopment Corporation Limited ` 5.47 lakhs constituting 46.08 % of the total revenue.
Changes in miscellaneous income as under :
(` in lakhs)

March 31, 2024 March 31, 2023
Transfer to sundry balances written off (47.16) -
Balance at the end of the year - 47.16
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11. Other income
Dividend income is recorded when the right to receive payment is established. Interest income is recognised using effective
interest method.
Other income consists of the following:
(` in lakhs)

March 31, 2024 March 31, 2023
Net gain on investments carried at fair value through profit and loss 510.67 184.39
Net gain on disposal of property, plant and equipment 0.78 4.25
Sundry balances written off 304.28 -
988.31 499.54

Interest on bank deposits 89.30 190.41
Interest on income-tax refund - 28.54
Interest on inter-corporate deposits 78.34 74.56
Other interest 4.94 17.39
172.58 310.90
11A Exceptional income

Exceptional income consists of the following:
(` in lakhs)

March 31, 2024 March 31, 2023
Previous year liability written off - 541.65
- 541.65

actuarial valuations being carried out at each balance sheet date. Actuarial gains and losses are recognised in full in the
other comprehensive income for the period in which they occur. Past service cost both vested and unvested is recognised
as an expense at the earlier of (a) when the plan amendment or curtailment occurs; and (b) when the entity recognises
related restructuring costs or termination benefits.
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benefits. Benefits such as salaries, wages, etc. and the expected cost of ex-gratia are recognized in the period in which
employee renders the related services are recognised as an actuarially determined liability at the present value of the
obligation at the balance sheet date.
Employee Benefit Expenses
(` in lakhs)

March 31, 2024 March 31, 2023
Salaries, incentives and allowances 40.05 38.57
Contribution to provident fund and other funds 2.34 2.29
Staff welfare expenses 0.01 (3.79)
42.40 37.07

Employee benefit obligations - Non-current
(` in lakhs)

March 31, 2024 March 31, 2023
5.76 3.11
Employee benefit obligations - Current
(` in lakhs)

March 31, 2024 March 31, 2023
5.12 4.48
Employee benefit plans consist of the following:

Gratuity
In accordance with Indian law, the Company operates a scheme of gratuity which is a defined benefit plan. The unfunded
gratuity plan provides for a lump sum payment to vested employees at retirement, death while in employment or on
termination of employment of an amount equivalent to 15 days salary payable for each completed year of service. Vesting
occurs upon completion of five continuous years of service.
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The following table sets out the details of the defined benefit retirement plans and the amounts recognised in the financial
statements:
( ` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Change in benefit obligations:
Benefit obligation at the beginning of the year 5.28 4.42
Benefits paid - (1.70)
Remeasurement of net defined benefit liability / (assets) 1 .88 2.13
Present value of benefit obligation at the end of the year 7.77 5.28
Remeasurement of the net defined benefit liability/(asset):
(` in lakhs)

March 31, 2024 March 31, 2023
Actuarial (gains) and losses arising from changes in demographic (0.09) 0.00
assumptions
Actuarial (gains) and losses arising from changes in financial 0.56 (0.12)
assumptions
Actuarial (gains) and losses arising from changes in experience 1.41 2.24
adjustments
Remeasurement of the net defined benefit liability 1.88 2.12
Net actuarial loss 1.88 2.12
Assumptions used in accounting for gratuity plan:
(` in lakhs)

March 31, 2024 March 31, 2023
Discount rate
Attrition rate 10.00% 4.00%
i) If Services < 5 years 62.96% 88.60%
Mortality Rate During Employment Indian Assured Lives Indian Assured Lives
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If the discount rate increases / decreases by 0.50%, the defined benefit obligations would (decrease)/ increase as follows
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Increase of 0.50% (0.05) (0.02)
Decrease of 0.50% 0.05 0.02
as follows.
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Increase of 0.50% 0.05 0.02
Decrease of 0.50% (0.05) (0.02)
correlated.
calculating the defined benefit obligation liability recognised in the balance sheet.
(` in lakhs)

March 31, 2024 March 31, 2023
Amount recognised in the Statement of Profit and Loss:
Current service cost 0.23 0.23
Net interest expenses 0.38 0.20
Component of defined benefit cost recognised in profit or loss 0.61 0.43
Remeasurement of the net defined benefit liability/(asset) 1.88 2.12
Components of defined benefits cost recongnised in other 1.88 2.12
comprehensive
Total 2.49 2.55
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Amount recognised in the Balance Sheet:
Present value of benefit obligation at the end of the year (7.77) (5.28)
Net (Liability) recognized In the Balance Sheet (7.77) (5.28)
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(` in lakhs)
Year ending March 31, Defined benefit obligations

2025 3.29
2026 2.03
2027 1.25
2028 0.77
2029 0.48
2029 to 2034 0.69
Provident fund
In accordance with Indian law, the employees are entitled to receive benefits under the provident fund plan in which both
the employee and employer (at a determined rate) contribute monthly.
These are plans in which the Company pays pre-defined amounts to separate funds and does not have any legal or
informal obligation to pay additional sums. The Company offers its employees defined contribution plan in the form of
provident fund and family pension fund. Provident fund and family pension fund covers substantially all regular employees.
While both, the employee and the Company pay predetermined contributions into the provident fund, contribution into the
family pension fund are made by only the Company. The contribution is based on certain proportion of employee’s salary.
Contributions to Provident Fund are made to The Regional Provident Fund Commissioner for qualifying employees. The
Company contributed ` 1.73 lakhs (March 31, 2023: ` 1.86 lakhs) for provident fund during the year ended March, 31 2024.

The costs of the Company are broadly categorised in employee benefit expenses, depreciation and other expenses.
Employee benefit expenses include employee compensation, allowances paid, contribution to various funds and staff
welfare expenses. Other expenses majorly include fees to external consultants, commission, facility running expenses,
travel expenses, cost of equipment and software licenses, communication costs, bad debts and allowances for doubtful
trade receivables and other expenses. Other expenses is an aggregation of costs which are individually not material such
as recruitment and training, entertainment, etc.
a) Other expenses
Other expenses includes the following:
(` in lakhs)

March 31, 2024 March 31, 2023
Equipment and software licenses 0.06 0.20
Facility running expenses 30.12 34.64
Repairs and maintenance 4.22 7.93
Provision for doubtful debts (net) - (74.10)
Payment to auditors (refer note 17) 1.50 1.50
Project expenses 0.25 0.90
Other expenses 23.04 47.52
109.89 119.01
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b) Expenditure on Corporate Social Responsibility Activities
With the omission of Rule 3(2) of the CSR Rules, since in the previous financial year none of the three criteria exceeds
the threshold, the Company is not required to make any CSR spending for the FY 23-24.
14. Finance costs

Finance cost includes the following:
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Interest on delayed payment of TDS 0.01 0.40
1.69 12.10
15. Income taxes

Income-tax expense comprises current tax expense and the net change in the deferred tax asset or liability during the
The current income tax expense includes income taxes payable by the Company.
Advance taxes and provisions for current income taxes are presented in the balance sheet after off-setting advance tax
paid and income tax provision.
utilised.
utilised.
Deferred income tax liabilities are recognised for all taxable temporary differences.
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Income-tax expense consists of the following:
(` in lakhs)

March 31, 2024 March 31, 2023
Current tax
103.08 1.67
Deferred tax
Deferred tax expense 96.82 232.45
Total income-tax expense recognised in current year 199.90 234.12
The reconciliation of estimated income-tax expenses at Indian statutory income-tax rate to income-tax expenses reported
in statement of profit and loss is as follows:
(` in lakhs)

March 31, 2024 March 31, 2023
Profit before taxes
Indian statutory income-tax rate 842.87 931.33
Expected income-tax expense 25.168% 25.168%
Tax effect of adjustments to reconcile expected income tax expense 212.13 234.40
Tax pertaining to prior year (11.49) (0.08)
Others (net) (0.74) (0.20)
Total income-tax expense 199.90 234.12
(` in lakhs)
Opening Recognised Recognised Recognised in/ Closing

balance / reversed in other reclassified balance
through profit comprehensive from retained
or loss income earning
relation to:
Property, plant and equipment and 20.90 (2.31) - - 18.59
intangible assets
Provision for doubtful debts 10.39 - - - 10.39
Unrealised gain on mutual fund (125.25) (95.20) - - (220.45)
Net deferred tax assets / (liabilities) (91.10) (96.82) 0.47 - (187.45)
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(` in lakhs)

Property, plant and equipment and intangible assets 18.59 - 18.59
Unrealised gain on mutual fund - (220.45) (220.45)
Total deferred tax assets / (liabilities) 33.00 (220.45) (187.45)
(` in lakhs)
Opening Recognised Recognised Recognised in/ Closing

balance / reversed in other reclassified balance
through profit comprehensive from retained
or loss income earning
relation to:
Property, plant and equipment and 22.87 (1.97) - - 20.90
intangible assets
Provision for doubtful debts 200.81 (190.42) - - 10.39
Unrealised gain on mutual fund (85.05) (40.20) - - (125.25)
Net deferred tax assets / (liabilities) 140.80 (232.45) 0.55 - (91.10)
(` in lakhs)

Property, plant and equipment and intangible assets 20.90 - 20.90
Unrealised gain on mutual fund - (125.25 (125.25)
16. Earnings Per Share
(` in lakhs)

March 31, 2024 March 31, 2023
Profit for the year(`) 642.97 697.21
Earnings per share basic and diluted (`) 25.19 27.31
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17. Auditor’s remuneration
(` in lakhs)

March 31, 2024 March 31, 2023
Statutory Audit 1.50 1.50
Out of pocket 0.08 0.08
1.58 1.58
18. Segment Reporting

Operating segments are defined as components of an enterprise for which discrete financial information is available that
is evaluated regularly by the chief operating decision maker for assessing the Company’s performance and allocating
the resources based on an analysis of various performance indicators by business segments and geographic segments.
The Company is mainly engaged in the business of providing IT enabled services to various departments of Government of
Maharashtra which constitute a single business segment. These activities are conducted only in one geographic segment
viz India. Therefore, the disclosure requirements of the Ind AS 108 “Segment Reporting” are not applicable.

Capital commitments
There are no contractual commitment for purchase of property plant and equipment as at March 31, 2024 and 2023.
Contingencies
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Income-tax demands 13.70 13.70
Sales Tax * - 18.61
13.70 32.31
* The company received an assessment order and a demand for the financial year 2013–14 of ` 18.61 lakhs on account
of J1-J2 mismatches and the consequential denial of ITC + Interest. The company applied for rectification of order to the
Commissioner u/s. 24(2A) of the MVAT Act, 2002, but the same was rejected. During the year, the company has settled the
dues under amnesty Scheme 2022.
20. The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the
21. Related Party Disclosures

A Related Parties and their relationship
I. (A) Ultimate Holding Company
Tata Sons Limited
II. (B) Holding Company
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III. Investing Party
Governor, Government of Maharashtra
IV. Fellow Subsidiaries with whom the Company has transactions
Tata Teleservices (Maharashtra) Ltd.
The TATA Power Company
V. Key Managerial Personnel
Mrs. Shanti Nair, Chief Operating Officer
Note: Related parties have been identified by the Management.
B Transactions during the year ended and Balances as at March 31, 2024
Transactions with Related Parties
(` in lakhs)

Holding Investing Party Fellow Key
Company Subsidiary Management
Companies Personnel
Revenue from operations - 5.47 - -
Purchases of goods and services (including 38.52 - 17.94 -
reimbursements) (Refer note below) *
Dividend paid 518.15 182.05 - -
Note: * The key manangement personnel of the Company is on deputation and have drawn remuneration of ` 38.52 lakhs
from Tata Consultancy Services Limited during the year ended March 31, 2024. Services charges are payable by the
Company to Tata Consultancy Services Limited.
Transactions with Related Parties
(` in lakhs)

Companies Personnel
Revenue from operations - 24.65 - -
Purchases of goods and services (including 44.40 - 28.42 -
reimbursements) (Refer note below) *
Amount spend for CSR - - 38.10 -
Dividend paid 108.81 38.23 - -
Note: * The key manangement personnel of the Company is on deputation and have drawn remuneration of ` 44.40 lakhs
from Tata Consultancy Services Limited during the year ended March 31, 2023. Services charges are payable by the
Company to Tata Consultancy Services Limited.
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Balances with Related Parties
(` in lakhs)

Companies Personnel
Trade Receivables 16.72 861.73 - -
Trade Payables 7.97 3.65 2.37 -
Guarantees given - 5.00 1.00 -
Security deposit - 2.00 - -
Balances with Related Parties
(` in lakhs)

Companies Personnel
Trade Receivables 16.72 862.46 - -
Trade Payables 13.55 6.17 6.79 -
Guarantees given - 2.00 - -
Security deposit - 5.23 1.00 -
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22. Additional Regulatory Information
Ratio Numerator Denominator Current Previous % Reason for Variance

Year Year Variance
Current Ratio (in times) Total Current Total Current 2.39 2.33 2.58%
Assets Liabilities
Return on Equity (in %) Profit for the Average total 7.55% 8.43% (10.44%) Return on equity
year less equity is lower due to
preferance decreased in profit
dividend (if for the year due
any) to decreased in
exceptional Income
on account of
Provision written back
as compared to FY 23
Trade receivables Revenue Average trade 0.38% 2.41% (84.23%) Variance is due to
turnover ratio (in times) from receivables - reduction in revenue
operations billed from operations by
`60 lakhs.
Trade payables turnover Cost of Average trade 10% 8.00% 25.00% Variance is due to
ratio (in times) equipment payables reduction in other
and software expenses and
licenses payables are lower
+ Other than the FY 23.
expenses
Net capital turnover ratio Revenue Average working 0.15% 1.00% (85%) Variance is due to
(in times) from capital (ie. Total reduction in revenue
operations current assets as compared to
less Total current working capital.
liabilities
Net profit ratio (in %) Profit for the Total Income 64.29% 62.64% 2.63%
year
Return on capital Profit before Capital employed 10.10% 11.30% (10.62%) Variance is due to
employed (in %) tax and = Tangible net decreased in profit as
finance cost worth + Total debt compared to capital
+ Deferred tax employed.
liabilities
Return on investment Income Average invested 7.80% 5.65% 38.05%
(in %) generated funds
from invested
funds
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23. On 1st April 2020, the Company had transferred its projects to Maharashtra Information Technology Corporation Limited
( MahaIT ) and continued to assist Maha IT in fulfilling its service responsibilities till 9th Nov 2023 and ceased operations
thereafter. As on 31st March 2024, the Company has a positive net worth comprising primarily of cash and cash equivalents
of ` 8,485.11 lakhs and trade receivables of ` 3,208.77 lakhs. The Company has not identified events or conditions that may
cast significant doubt upon the Company’s ability to continue as a going concern. Consequently, going concern assumption
continues to be appropriate basis of preparation of the financial statements.
24. No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources
25. Dividends
Dividends paid during the year ended March 31, 2024 include an amount of ` 27.43 per equity share for the year ended
March 31, 2023. Dividends paid during the year ended March 31, 2023 include an amount of ` 5.76 per equity share towards
dividend for the year ended March 31, 2022.
statements of the Company. Subsequent to March 31, 2024, the Board of Directors of the Company have proposed a
final dividend of ` XXXX per share in respect of the year ending March 31, 2024. The proposal is subject to the approval
of shareholders at the Annual General Meeting, and if approved, would result in a cash outflow of approximately
` XXXX lakhs.
CIN: U72900MH2010PLC206026


Mumbai
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TCS e-Serve International Limited
For the year ended
March 31, 2024
TCS e-Serve International Limited 5.1
CONTENTS PAGE
Balance sheet 5.12
Statement of Cash Flows 5.15
Notes forming part of Financial Statements 5.17

5.2 TCS e-Serve International Limited
Independent Auditor’s Report

To the Members of TCS e-Serve International Limited
Opinion
We have audited the financial statements of TCS e-Serve International Limited (the “Company”) which comprise the balance
sheet as at 31 March 2024, and the statement of profit and loss (including other comprehensive income), statement of changes
in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material
accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial
statements give the information required by the Companies Act, 2013 (“Act”) in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31
March 2024, and its profit and other comprehensive loss, changes in equity and its cash flows for the year ended on that date.
Basis for the Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act.
Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Financial
Other Information
The Company’s Management and Board of Directors are responsible for the other information. The other information
comprises the information included in the Company’s directors’ report, but does not include the financial statements and
auditor’s report(s) thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance
conclusion thereon.
consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in
the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is
a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

respect to the preparation of these financial statements that give a true and fair view of the state of affairs, profit/ loss and
other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles
implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the
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statements.
the audit. We also:
the company has adequate internal financial controls with reference to financial statements in place and the operating

1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by the Central Government of India in
terms of Section 143(11) of the Act, we give in the “Annexure A” a statement on the matters specified in paragraphs 3 and
4 of the Order, to the extent applicable.
2 A. As required by Section 143(3) of the Act, we report that:
a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief
were necessary for the purposes of our audit.
b. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears
from our examination of those books except for the matters stated in the paragraph 2B(f) below on reporting
under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.
c. The balance sheet, the statement of profit and loss (including other comprehensive income), the statement of
changes in equity and the statement of cash flows dealt with by this Report are in agreement with the books of
account.
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d. In our opinion, the aforesaid financial statements comply with the Ind AS specified under Section 133 of the Act.
e. On the basis of the written representations received from the directors as on 31 March 2024 taken on record
by the Board of Directors, none of the directors is disqualified as on 31 March 2024 from being appointed as a
director in terms of Section 164(2) of the Act.
f. The modification relating to the maintenance of accounts and other matters connected therewith are as stated
in the paragraph 2A(b) above on reporting under Section 143(3)(b) and paragraph 2B(f) below on reporting under
Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.
g. With respect to the adequacy of the internal financial controls with reference to financial statements of the
Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”.
B. With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations
given to us:
a. The Company has disclosed the impact of pending litigations as at 31 March 2024 on its financial position in its
financial statements - Refer Refer income tax liabilities disclosed in the balance sheet along with Note 15 to the
financial statements.
b. The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses.
c. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by
the Company.
d (i) The management has represented that, to the best of its knowledge and belief, as disclosed in the Note 24
to the financial statements, no funds have been advanced or loaned or invested (either from borrowed funds
or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or
entity(ies), including foreign entities (“Intermediaries”), with the understanding, whether recorded in writing
or otherwise, that the Intermediary shall directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide
any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(ii) The management has represented that, to the best of its knowledge and belief, as disclosed in the Note 24
to the financial statements, no funds have been received by the Company from any person(s) or entity(ies),
including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing or
otherwise, that the Company shall directly or indirectly, lend or invest in other persons or entities identified
in any manner whatsoever by or on behalf of the Funding Parties (“Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(iii) Based on the audit procedures performed that have been considered reasonable and appropriate in the
sub-clause (i) and (ii) of Rule 11(e), as provided under (i) and (ii) above, contain any material misstatement.
e. The Company has neither declared nor paid any dividend during the year.
f. The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is applicable from 1 April 2023.
Based on our examination which included test checks, except for the instances mentioned below, the Company
has used accounting softwares for maintaining its books of account, which have a feature of recording audit trail
(edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the
respective software:
ii. The feature of recording audit trail (edit log) facility was not enabled at the database level to log any direct
data changes for the accounting softwares used for maintaining the books of account relating to payroll and
certain non-editable fields/tables of the accounting software used for maintaining general ledger.
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iii. The feature of recording audit trail (edit log) facility was not enabled at the application layer of the accounting
softwares relating to revenue, trade receivables and general ledger for the period 1 April 2023 to 13 November
2023 and relating to property, plant and equipment for the period 1 April 2023 to 14 December 2023.
Further, for the periods where audit trail (edit log) facility was enabled and operated throughout the year
for the respective accounting software, we did not come across any instance of the audit trail feature being
tampered with.
C. With respect to the matter to be included in the Auditor’s Report under Section 197(16) of the Act:
In our opinion and according to the information and explanations given to us, the Company has not paid any remuneration
to its directors during the year. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) of
the Act which are required to be commented upon by us.
For B S R & Co. LLP
Rekha Shenoy
Partner
Date: 03 May 2024 ICAI UDIN:24124219BKFMSY2674
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Annexure A to the Independent Auditor’s Report

on the Financial Statements of TCS e-Serve International Limited
for the year ended 31 March 2024
(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)
of Property, Plant and Equipment and Right of Use assets.
(B) The Company has maintained proper records showing full particulars of intangible assets.
Company, the Company has a regular programme of physical verification of its Property, Plant and Equipment by
which all property, plant and equipment are verified in a phased manner over a period of two years. In accordance with
this programme, certain property, plant and equipment were verified during the year. In our opinion, this periodicity
of physical verification is reasonable having regard to the size of the Company and the nature of its assets. No
discrepancies were noticed on such verification.
(c) The Company does not have any immovable property (other than immovable properties where the Company is the
lessee and the leases agreements are duly executed in favour of the lessee). Accordingly, clause 3(i)(c) of the Order is
not applicable.
the Company, the Company has not revalued its Property, Plant and Equipment (including Right of Use assets) or
intangible assets or both during the year.
(ii) (a) The Company is a service company, primarily rendering business process outsourcing services. Accordingly, it does
Company, the Company has not been sanctioned any working capital limits in excess of five crore rupees in aggregate
from banks and financial institutions on the basis of security of current assets at any point of time of the year.
Accordingly, clause 3(ii)(b) of the Order is not applicable to the Company.
(iii) According to the information and explanations given to us and on the basis of our examination of the records, the Company
has made investments in other parties and granted unsecured loans to other parties during the year, in respect of which
the requisite information is as below. The Company has not made any investments in, provided any guarantee or security
or granted any loans or advances in nature of loans, secured or unsecured, to companies, firms or limited liability
partnerships. The Company has not provided any guarantee or security or granted any advances in nature of loans,
secured or unsecured, to other parties nor it has granted any secured loans to other parties.
(a) Based on the audit procedures carried on by us and as per the information and explanations given to us the Company
has provided loans to other parties as below:
Particulars Guarantees Security Loans Advances in

(INR lakhs) nature of loans
Aggregate amount during the year Subsidiaries* - - - -
Joint ventures* - - - -
Associates* - - - -
Others - - 376 -
Balance outstanding as at balance sheet date - - - -
Subsidiaries*
Joint ventures* - - - -
Associates* - - - -
Others* - - 377 -
*As per the Companies Act, 2013
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of the opinion that the investment made and terms and conditions of the loans given during the year are, prima facie,
not prejudicial to the interest of the Company.
Company, in the case of interest free loans given, the repayment of principal has been stipulated and the repayments
or receipts have been regular. In case of interest-bearing loans given, the schedule of repayment of principal and
payment of interest has been stipulated, and the repayments or receipts have been regular. Further, the Company has
not given any advances in the nature of loans to any party during the year.
Company, there is no overdue amount for more than ninety days in respect of loans given. Further, the Company has
not given any advances in the nature of loans to any party during the year.
(e) According to the information and explanations given to us and on the basis of our examination of the records of
the Company, there is no loan granted falling due during the year, which has been renewed or extended or fresh
loans granted to settle the overdues of existing loans given to same parties. Further, the Company has not given any
advances in the nature of loans to any party during the year.
Company, the Company has not granted any loans either repayable on demand or without specifying any terms or
period of repayment. Further, the Company has not given any advances in the nature of loans to any party during the
year.
Company, the Company has not given any loans, or provided any guarantee or security as specified under Section 185
and 186 of the Companies Act, 2013 (“the Act”). In respect of the investments made by the Company, in our opinion the
provisions of Section 186 of the Act have been complied with.
of cost records under Section 148(1) of the Act for the services provided by it. Accordingly, clause 3(vi) of the Order is not
applicable.
(vii) (a) The Company does not have liability in respect of Service tax, Duty of excise, Sales tax and Value added tax during the
year since effective 1 July 2017, these statutory dues has been subsumed into GST.
Company, in our opinion amounts deducted / accrued in the books of account in respect of undisputed statutory dues
including Goods and Service Tax, Employees State Insurance, Income-Tax, Duty of Customs or Cess or other statutory
dues have generally been regularly deposited with the appropriate authorities, though, there have been slight delays
in a few cases of Provident Fund.
Company, no undisputed amounts payable in respect of Goods and Service Tax, Provident Fund, Employees State
Insurance, Income-Tax, Duty of Customs or Cess or other statutory dues were in arrears as at 31 March 2024 for a
period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, there are no statutory dues of Goods and Service Tax,
Provident Fund, Employees’ State Insurance, Income-tax, Duty of Customs, Cess or other statutory dues which have
not been deposited by the Company on account of any dispute except for the following:
Name of the Nature of the dues Amount Period to which the Forum where Remarks,
statute (Rs. in Lakhs) amount relates dispute is pending if any
Income-tax Demand received u/s 85 AY 2016-2017 Commissioner
Act, 1961 147 of the Income-tax of Income-tax
Act, 1961 (Appeals)
of account, in the tax assessments under the Income Tax Act, 1961 as income during the year.
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(a) of the Order is not applicable to the Company.
(d) According to the information and explanations given to us and on an overall examination of the balance sheet of
the Company, we report that no funds raised on short-term basis have been used for long-term purposes by the
Company.
(e) The Company does not hold any investment in any subsidiaries, associates or joint ventures (as defined under the Act)
(f) The Company does not hold any investment in any subsidiaries, associates or joint ventures (as defined under the Act)
during the year ended 31 March 2024. Accordingly, clause 3(ix)(f) is not applicable.
given to us, considering the principles of materiality outlined in Standards on Auditing, we report that no fraud by the
Company or on the Company has been noticed or reported during the course of the audit.
(b) According to the information and explanations given to us, no report under sub-section (12) of Section 143 of the Act
has been filed by the auditors in Form ADT-4 as prescribed under Rule 13 of the Companies (Audit and Auditors)
Rules, 2014 with the Central Government.
(c) Based on the information and explanations provided to us, the Company does not have a vigil mechanism and is
not required to have a vigil mechanism as per the Act or SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
(xiii) Pursuant to circular dated July 05, 2017 notified by Ministry of Corporate Affairs (MCA), the Company is exempted from
the requirements of constitution of audit committee, accordingly the requirements as stipulated by the provisions of
Section 177 of the Act are not applicable to the Company. In our opinion and according to the information and explanations
given to us and on the basis of our examination of records of the Company, transactions with the related parties are in
compliance with Section 188 of the Act where applicable and details of such transactions have been disclosed in the
financial statements as required by the applicable accounting standards.
(xv) In our opinion and according to the information and explanations given to us, the Company has not entered into any non-
cash transactions with its directors or persons connected to its directors and hence, provisions of Section 192 of the Act
are not applicable to the Company.
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as part of the Group
applicable.
applicable.
For B S R & Co. LLP
Rekha Shenoy
Partner
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Annexure B to the Independent Auditor’s Report

on the financial statements of TCS e-Serve International Limited
for the year ended 31 March 2024
Report on the internal financial controls with reference to the aforesaid financial statements under Clause (i) of Sub-
section 3 of Section 143 of the Act
date)
Opinion
We have audited the internal financial controls with reference to financial statements of TCS e-Serve International Limited
(“the Company”) as of 31 March 2024 in conjunction with our audit of the financial statements of the Company for the year
ended on that date.

controls based on the internal financial controls with reference to financial statements criteria established by the Company
considering the essential components of internal control stated in the Guidance Note. These responsibilities include the
design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring
the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets,
the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely
preparation of reliable financial information, as required under the Act.
Auditor’s Responsibility

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For B S R & Co. LLP
Rekha Shenoy
Partner
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Balance Sheet
(` in lakhs)
Note As at As at
March 31, 2024 March 31, 2023
ASSETS
Non-current assets
(a) Property, plant and equipment 8(a) 2,099 3,642
(b) Capital work-in-progress 8(a) 528 182
(c) Right-of-use assets 7 7,424 9,405
(d) Intangible assets 8(b) 257 986
(e) Financial assets
(i) Investments 6(a) 8 8
(ii) Other financial assets 6(e) 1,052 1,043
(f) Income tax assets (net) 2,152 2,636
(g) Deferred tax assets (net) 15 1,848 2,236
(h) Other assets 8(c) 2,457 3,308
Total non-current assets 17,825 23,446
Current assets
(a) Financial assets
(i) Investments 6(a) 26,807 15,537
(ii) Trade receivables
Billed 6(b) 27,739 54,578
Unbilled 9,490 9,396
(iii) Cash and cash equivalents 6(c) 5,619 3,418
(iv) Other balances with banks - -
(v) Loans 6(d) 451 72
(vi) Other financial assets 6(e) 21 247
(b) Other assets 8(c) 3,534 3,360
Total current assets 73,661 86,608
TOTAL ASSETS 91,486 110,054
Equity
(a) Share capital 6(l) 1,000 1,000
(b) Other equity 9 46,258 23,588
Total equity 47,258 24,588
Liabilities
(a) Financial liabilities
(i) Lease liabilities 6,449 8,343
(b) Employee benefit obligations 12 248 139
Total non-current liabilities 6,697 8,482
Current liabilities
(i) Lease liabilities 2,263 2,187
(ii) Trade payables - -
1. Dues of small enterprises and micro enterprises 6(f) 77 -
2.
Dues of creditors other than small enterprises and micro 6(f) 23,221 49,381
enterprises
(iii) Other financial liabilities 6(g) 3,937 18,178
(b) Unearned and deferred revenue 10 585 6
(c) Other liabilities 8(d) 1,055 1,463
(d) Employee benefit obligations 12 3,641 5,628
(e) Income tax liabilities (net) 2,752 141
Total current liabilities 37,531 76,984
TOTAL EQUITY AND LIABILITIES 91,486 110,053
For B S R & Co. LLP Ramakrishna Mohan Veeturi
Chartered Accountants CEO and Managing Director
Firm’s registration no. 101248W/W-100022 Place : United States of America
May 3, 2024
Rekha Shenoy Krishnaswamy M Gopikumar

Partner CFO, Director and Company Secretary
Membership number : 124219 Place : United States of America
Mumbai,May 3, 2024 May 3, 2024
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(` in lakhs)
March 31, 2024 March 31, 2023
I. Revenue from operations 10 185,844 202,334
II. Other income (net) 11 2,366 3,587
III. TOTAL INCOME 188,210 205,921
IV. Expenses:
(a) Employee benefit expenses 12 123,684 149,638
(b) Finance costs 14 754 576
(c) Depreciation and amortisation expense 7 & 8(a),(b) 4,716 4,431
(d) Other expenses 13(a) 28,464 38,530
TOTAL EXPENSES 157,618 193,175
V. PROFIT BEFORE TAX (III-IV) 30,592 12,746
VI. Tax expense:
(a) Current tax 15 7,470 1,504
(b) Deferred tax 15 404 1,827
TOTAL TAX EXPENSE 7,874 3,331
VII. PROFIT FOR THE YEAR 22,718 9,415
VIII. OTHER COMPREHENSIVE LOSS
(i) Items that will not be reclassified subsequently to
profit or loss
Remeasurement of defined employee benefit plans (64) (12)
(ii)
Income-tax on items that will not be reclassified 16 3
(iii) Items that will be reclassified subsequently to profit
or loss
Net change in fair values of investments other than - -
equity shares carried at fair value through OCI *
(iv)
Income tax on items that will be reclassified - -
subsequently to profit or loss *
TOTAL OTHER COMPREHENSIVE LOSS (48) (9)
IX. TOTAL COMPREHENSIVE INCOME FOR THE YEAR 22,670 9,406
* value is less than `50,000.
X. Earnings per equity share :- Basic and diluted (`) 16 2,272 941
May 3, 2024

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(` in lakhs)
Balance as at Changes in equity share Restated balance as Change in Equity share Balance as at
April 1, 2023 capital due to prior at April 1, 2023 capital during the year March 31, 2024
period errors
1,000 - 1,000 - 1,000
(` in lakhs)
Balance as at Changes in equity share Restated balance as Change in Equity share Balance as at
April 1, 2022 capital due to prior at April 1, 2022 capital during the year March 31, 2023
period errors
1,000 - 1,000 - 1,000
B. OTHER EQUITY
(` in lakhs)
Total other equity
Retained earnings
Balance as at April 1, 2023 23,588
Profit for the year 22,718
Other comprehensive loss (48)
Total comprehensive Income 22,670
Balance as at March 31, 2024 46,258
Balance as at April 1, 2022 14,182
Other comprehensive loss (9)
Total comprehensive Income 9,406
Balance as at March 31, 2023 23,588
Loss of ` 48 lakhs and ` 9 lakhs on remeasurement of defined employee benefit plans (net of tax) is recognised as a part
of retained earnings for the years ended March 31, 2024 and 2023, respectively.
(a) Retained earnings
May 3, 2024

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(` in lakhs)
March 31, 2024 March 31, 2023
Cash flows from operating activities:
Profit for the year 22,717 9,415
Adjustments for:
Depreciation and amortisation expense 4,715 4,431
Tax expense 7,875 3,331
Net gain on investment carried at fair value through profit or loss (896) (243)
Interest income (406) (63)
Net gain on disposal of property, plant and equipment (8) (6)
Finance costs 754 576
Bad debts and advances written off, provision for advances (net) 21 74
Unrealised foreign exchange loss 9 91
Unrealised gain on investments carried at fair value through profit or loss (689) (376)
Operating profit before working capital changes 34,092 17,230
Net change in:
Trade receivables
Billed 26,840 (3,528)
UnBilled (94) (4,578)
Other financial assets 218 (278)
Other assets 677 1,734
Loans (400) (76)
Trade payables (26,083) 235
Other financial liabilities (14,364) 598
Unearned and deferred revenues 579 (472)
Employee benefit obligations (1,940) 501
Other liabilities and provisions (407) (499)
Cash generated from operations 19,118 10,867
Taxes paid (net of refunds) (4,380) (2,175)
Net cash generated from operating activities 14,738 8,692
Cash flows from investing activities:
Payment for purchase of property, plant and equipment (620) (1,448)
Payment for purchase of intangibles - (13)
Proceeds from disposal of property, plant and equipment 10 69
Purchase of investments (34,732) (25,018)
Proceeds from disposal / redemption of investments 25,047 19,092
Payment including advances for acquiring right of use asset (22)
Interest received 406 63
Net cash used in investing activities (9,911) (7,255)
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Statement of Cash Flows (continued)
(` in lakhs)
March 31, 2024 March 31, 2023
Cash flows from financing activities:
Repayment of lease liabilities (1,872) (1,278)
Interest paid (754) (576)
Net cash used in financing activities (2,626) (1,854)
Net change in cash and cash equivalents 2,201 (417)
Cash and cash equivalents, as at the beginning of the year 3,418 3,835
Cash and cash equivalents, as at the end of the year 5,619 3,418

Balances with banks
-In current accounts 5,229 3,418
-In deposit accounts 390 -
5,619 3,418
Refer note 13(b) for amount spent during the years ended March 31, 2024 and 2023 relating to CSR activities.
May 3, 2024

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1 Corporate information
TCS e-Serve International Limited (herein referred to as “the Company”) is primarily engaged in the business of providing
Business Process Outsourcing Services for its customers in banking, financial services and insurance domain. The
Company’s operations include delivering core business processing services, and support services for both data and voice
processes.
The Company is incorporated and domiciled in India. The address of its registered Office is 9th Floor, Nirmal Building,
Nariman Point, Mumbai 400021. Tata Consultancy Services Limited (“TCS Limited”) and Tata Sons Private Limited are the
holding company and the ultimate holding company, respectively.
issue on May 3, 2024.
2 Statement of compliance
AS”) as prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards)
3 Basis of preparation
defined benefit plans which are measured at fair value or amortised cost at the end of each reporting period. Historical
participants at the measurement date. All assets and liabilities have been classified as current and non-current as per
the Company’s normal operating cycle. Based on the nature of services rendered to customers and time elapsed between
deployment of resources and the realisation in cash and cash equivalents of the consideration for such services rendered,
the Company has considered an operating cycle of 12 months.
of transactions of a non¬cash nature, any deferrals or accruals of past or future operating cash receipts or payments and
equivalents.
These financial statements have been prepared in Indian Rupee (`), rounded off to nearest lakh, which is the functional
currency of the Company. Foreign currency transactions are recorded at exchange rates prevailing on the date of the
transaction. Foreign currency denominated monetary assets and liabilities are retranslated at the exchange rate prevailing
on the balance sheet date and exchange gains and losses arising on settlement and restatement are recognised in the
statement of profit and loss. Non-monetary assets and liabilities that are measured in terms of historical cost in foreign
currencies are not retranslated.
respective notes.
4 Use of estimates and judgements

requires the management of the Company to make estimates and judgements that affect the reported balances of assets
and liabilities, disclosures relating to contingent liabilities as at the date of the financial statements and the reported
amounts of income and expense for the periods presented.
prospectively in the period in which the estimates are revised and future periods are affected.
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statements:
a. Revenue Recognition
Revenue for fixed-price contracts is recognised using percentage-of-completion method. The Company uses
judgement to estimate the future cost- to-completion of the contracts which is used to determine degree of the
completion of the performance obligation.
The Company exercises judgement for identification of performance obligations, determination of transaction price,
ascribing the transaction price to each distinct performance obligation and in determining whether the performance
obligation is satisfied at a point in time or over a period of time. These judgements have been explained in detail under
the revenue note (Refer note 10).
b. Useful lives of property, plant and equipment
reassessment may result in change in depreciation expense in future periods (Refer note 8(a)).
c. Fair value measurement of financial instruments
d. Provision for income tax and deferred tax assets
e. Provisions and contingent liabilities
f. Employee benefits
These assumptions have been explained under employee benefits note (Refer note 12).
g. Leases
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h. Allowance for doubtful trade receivable (Refer note 6).
5 Recent pronouncements
6 Financial assets, financial liabilities and equity instruments

instrument. Financial assets and liabilities are initially measured at fair value, except for trade receivables which are
initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of
financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or
loss) are added to or deducted from the fair value measured on initial recognition of financial asset or financial liability.
or have expired.
outstanding.
a business model whose objective is achieved by both collecting contractual cash flows on specified dates that are solely
payments of principal and interest on the principal amount outstanding and selling financial assets.
through other comprehensive income on initial recognition. The transaction costs directly attributable to the acquisition
of financial assets and liabilities at fair value through profit or loss are immediately recognised in statement of profit and
loss.
Investment in subsidiaries
Investment in subsidiaries are measured at cost less impairment loss, if any.
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Equity instruments
liabilities. Equity instruments recognised by the Company are recognised at the proceeds received net of direct issue cost.
Derivative accounting
• Instruments in hedging relationship
The Company designates certain foreign exchange forward, currency options and futures contracts as hedge
instruments in respect of foreign exchange risks. These hedges are accounted for as cash flow hedges.
The Company uses hedging instruments that are governed by the policies of the Company which are approved by the
Board of Directors. The policies provide written principles on the use of such financial derivatives consistent with the
risk management strategy of the Company. While determining the appropriate hedge ratio, the Company takes into
consideration the prevailing macro-economic conditions, the availability and liquidity of the hedging instruments,
tolerance levels for hedge ineffectiveness and the costs of hedging.
The hedge instruments are designated and documented as hedges at the inception of the contract. The Company
determines the existence of an economic relationship between the hedging instrument and hedged item based on
the currency, amount and timing of their respective cash flows. The effectiveness of hedge instruments to reduce the
risk associated with the exposure being hedged is assessed and measured at inception and on an ongoing basis. If
the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in other
equity are immediately reclassified in net foreign exchange gains in the statement of profit and loss.
The effective portion of change in the fair value of the designated hedging instrument is recognised in the other
comprehensive income and accumulated under the heading cash flow hedging reserve.
The Company separates the intrinsic value and time value of an option and designates as hedging instruments only
the change in intrinsic value of the option. The change in fair value of the intrinsic value and time value of an option is
recognised in the other comprehensive income and accounted as a separate component of equity. Such amounts are
reclassified into the statement of profit and loss when the related hedged items affect profit and loss.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or no longer qualifies
for hedge accounting. Any gain or loss recognised in other comprehensive income and accumulated in equity till
that time remains and is recognised in the statement of profit and loss when the forecasted transaction ultimately
affects profit and loss. Any gain or loss is recognised immediately in the statement of profit and loss when the hedge
becomes ineffective.
• Instruments not in hedging relationship
The Company enters into contracts that are effective as hedges from an economic perspective, but they do not qualify
for hedge accounting. The change in the fair value of such instrument is recognised in the statement of profit and
loss.
The Company assesses at each date of balance sheet whether a financial asset or a group of financial assets is
impaired. Ind AS 109 requires expected credit losses to be measured through a loss allowance. The Company
recognises lifetime expected losses for all contract assets and / or all trade receivables that do not constitute a
financing transaction. In determining the allowances for expected credit losses, the Company has used a practical
expedient by computing the expected credit loss allowance for trade receivables based on a provision matrix. The
provision matrix takes into account historical credit loss experience and is adjusted for forward looking information.
The expected credit loss allowance is based on the ageing of the receivables that are due and allowance rates used
in the provision matrix. For all other financial assets, expected credit losses are measured at an amount equal to the
12-months expected credit losses or at an amount equal to the life time expected credit losses if the credit risk on the
financial asset has increased significantly since initial recognition.
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(a) Investments
Investments- non-current
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Investments carried at fair value through OCI
Government bonds and securities (quoted) 8 8
8 8
Investments - current
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Investments carried at fair value through profit or Loss
Mutual fund units (quoted) 26,807 15,537
26,807 15,537

(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Aggregate value of quoted investments 26,815 15,545
Aggregate market value of quoted investments 26,815 15,545
(b) Trade receivables - Billed
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Trade receivables - Billed 27,739 54,578
27,739 54,578
Note : Above balances of trade receivables - billed include balances with related parties (Refer note 21).
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Ageing for trade receivables - billed - current outstanding as at March 31, 2024 is as follows:
(` in lakhs)
Not due Less than 6 months 1-2 2-3 More than
(i) Undisputed trade receivables - considered 18,502 8,638 599 - - - 27,739
good
(ii) Undisputed trade receivables - which have - - - - - - -
(iii)
impaired
(iv)
good
(v)
(vi) Disputed trade receivables - credit impaired - - - - - - -
18,502 8,638 599 - - - 27,739
Trade receivables - unbilled 9,490
37,229
Ageing for trade receivables - billed - current outstanding as at March 31, 2023 is as follows:
(` in lakhs)
Not due Less than 6 months 1-2 2-3 More than
(i) Undisputed trade receivables - considered 24,878 - 29,700 - - - 54,578
good
(ii) Undisputed trade receivables - which have - - - - - - -
(iii)
impaired
(iv)
good
(v)
(vi) Disputed trade receivables - credit impaired - - - - - - -
24,878 - 29,700 - - - 54,578
Trade receivables - unbilled 9,396
63,974
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(c) Cash and cash equivalents
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Balances with banks
- In current accounts 5,229 3,418
- In deposit accounts 390 -
5,619 3,418
TCS e-Serve International Limited has unsecured working capital facilities agreement with Citibank N.A. aggregating
to USD 22,000,000 (March 31, 2023 : USD 22,000,000 ) for fund and non fund base facility. During the year, the company
has not utilized this facility.
(d) Loans
Loans (unsecured) consist of the following:
Loans - Current
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Considered good
Loans and advances to employees 451 72
Credit impaired
Loans and advances to employees 46 26
Less: Allowance on loans and advances to employees (46) (26)
451 72
(e) Other financial assets

(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Considered good - Unsecured
Security deposits - Premises 107 99
Security deposits with related party 337 337
Security deposits with others 608 607
1,052 1,043
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(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Fair value of foreign exchange derivative assets - 128
Other current financial assets 21 119
21 247
(f) Trade payables

(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Dues of creditors other than small enterprises and micro enterprises* 23,221 49,381
Dues to small enterprises and micro enterprises 77 -
23,298 49,381
* Above balances of trade payables include balances with related parties (Refer note 21).
1. Dues of small enterprises and micro enterprises
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Dues remaining unpaid to any supplier
Principal 77 -
2006, along with the amount of the payment made to the supplier
Amount of interest due and payable for the period of delay in making - -
payment (which has been paid but beyond the appointed day during
the year) but without adding the interest specified under the MSMED
Act, 2006
Amount of further interest remaining due and payable even in the - -
succeeding years, until such date when the interest dues as above are
actually paid to the small enterprise, for the purpose of disallowance
as a deductible expenditure under section 23 of MSMED Act, 2006
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2. Trade payables
(` in lakhs)
Not due Less than 1-2 2-3 More than
1 year years years 3 years
Trade payables
(i) MSME* 77 - - - - 77
(ii) Others 2,187 14,064 4,412 57 215 20,935
(iii) Disputed dues - MSME* - - - - - -
(iv) Disputed dues - Others - - - - - -
2,264 14,064 4,412 57 215 21,012
Accrued expenses 2,286
23,298
(` in lakhs)
Not due Less than 1-2 2 - 3 years More than Total
1 year years 3 years
Trade payables
(i) MSME* - - - - - -
(ii) Others 466 24,896 15,433 537 100 41,432
(iii) Disputed dues - MSME* - - - - - -
(iv) Disputed dues - Others - - - - - -
466 24,896 15,433 537 100 41,432
Accrued expenses 7,949
49,381
(g) Other financial liabilities
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Other liability with related party - 10,353
Capital creditors 223 100
Liabilities towards customer contracts 34 1,540
Accrued payroll 3,577 6,132
Fair value of foreign exchange derivative liabilities 102 33
Others 1 20
3,937 18,178
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(h) Financial instruments by category
(` in lakhs)
Fair value Fair value Amortised Derivative Total
through profit through Other cost instruments carrying
or loss Comprehensive not in hedging value
Income relationship
Financial assets:
Cash and cash equivalents - - 5,619 - 5,619
Investments (other than in subsidiary) 26,807 8 - - 26,815
Trade receivables
Billed - - 27,739 - 27,739
Unbilled - - 9,490 - 9,490
Loans - - 451 - 451
Other financial assets - - 1,073 - 1,073
Total 26,807 8 44,372 - 71,187
Trade payables - - 23,298 - 23,298
Lease liabilities - - 8,712 - 8,712
Other financial liabilities - - 3,835 102 3,937
Total - - 35,845 102 35,947
(` in lakhs)
Fair value Fair value Amortised Derivative Total
through profit through Other cost instruments carrying
or loss Comprehensive not in hedging value
Income relationship
Financial assets:
Cash and cash equivalents - - 3,418 - 3,418
Investments (other than in subsidiary) 15,537 8 - - 15,545
Trade receivables
Billed - - 54,578 - 54,578
Unbilled - - 9,396 - 9,396
Loans - - 72 - 72
Other financial assets - - 1,162 128 1,290
Total 15,537 8 68,626 128 84,299
Trade and other payables - - 49,381 - 49,381
Lease liabilities - - 10,530 - 10,530
Other financial liabilities - - 18,145 33 18,178
Total - - 78,056 33 78,089
Carrying amounts of cash and cash equivalents, trade receivables, loans and trade payables as at March 31, 2024 and
2023, approximate the fair value due to their nature. Carrying amounts of other financial assets and other financial
liabilities which are subsequently measured at amortised cost also approximate the fair value due to their nature in
each of the years presented. Fair value measurement of lease liabilities is not required.
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(i) Fair value hierarchy:
The cost of unquoted investments included in Level 3 of fair value hierarchy approximate their fair value because
there is a wide range of possible fair value measurements and the cost represents estimate of fair value within that
range.
(` in lakhs)
Financial assets:
Mutual fund units 26,807 - - 26,807
Government bonds and securities 8 - - 8
26,815 - - 26,815
Financial liability:
Fair value of foreign exchange derivative liabilities - 102 - 102
- 102 - 102
(` in lakhs)
Financial assets:
Government bonds and securities 8 - - 8
Fair value of foreign exchange derivative assets - 128 - 128
15,545 128 - 15,673
Financial liability:
Fair value of foreign exchange derivative liabilities - 33 - 33
Total - 33 - 33
(j) Derivative financial instruments and hedging activity

The Company’s revenue is denominated in foreign currency predominantly US Dollar. Given the nature of the business,
a large portion of the costs are denominated in Indian Rupee. This exposes the Company to currency fluctuations.
The Company has entered into derivative instruments not in hedging relationship by way of foreign exchange forward.
As at March 31, 2024 and 2023, the notional amount of outstanding contracts aggregated to ` 29,184 lakhs and
` 1,39,795 lakhs, respectively and the respective fair value of these contracts have a net loss of ` 102 lakhs and gain
of ` 96 lakhs respectively.
Exchange loss of ` 689 lakhs and ` 291 lakhs on foreign exchange forward contracts that do not qualify for hedge
accounting have been recognised in the statement of profit and loss for the years ended March 31, 2024 and 2023,
respectively.
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(k) Financial risk management:
The Company is exposed primarily to fluctuations in foreign currency exchange rates, credit, liquidity and interest rate
risks, which may adversely impact the fair value of its financial instruments. The Company has a risk management
policy which covers risks associated with the financial assets and liabilities. The risk management policy is approved
by the Board of Directors.
Market Risk
changes in market prices. Such changes in the values of financial instruments may result from changes in the
foreign currency exchange rates, interest rates, credit, liquidity and other market changes. The Company’s exposure
to market risk is primarily on account of foreign currency exchange rate risk.
• Foreign currency exchange rate risk
The fluctuation in foreign currency exchange rates may have potential impact on the statement of profit and loss
and other comprehensive income and equity, where any transaction references more than one currency or where
assets / liabilities are denominated in a currency other than the functional currency of the Company. Considering
the countries and economic environment in which the Company operates, its operations are subject to risks
arising from fluctuations in exchange rates in those countries.
The Company, as per its risk management policy, uses derivative instruments primarily to hedge foreign
exchange. Further, any movement in the functional currency of the various operations of the Company against
major foreign currencies may impact the Company’s revenue in international business.
The Company evaluates the impact of foreign exchange rate fluctuations by assessing its exposure to exchange
rate risks. It hedges a part of these risks by using derivative financial instruments in line with its risk management
policies.
The foreign exchange rate sensitivity is calculated by aggregation of the net foreign exchange rate exposure and
a simultaneous parallel foreign exchange rates shift of all the currencies by 10% against the functional currency
of the Company.
The following analysis has been worked out based on the net exposures of the Company as of the date of balance
sheet which could affect the statements of profit and loss and other comprehensive income and equity. Further
the exposure as indicated below is mitigated by some of the derivative contracts entered into by the Company as
disclosed in note 6(j).
The following table sets forth information relating to unhedged foreign currency exposure as of March 31, 2024.
(` in lakhs)
PHP MXN USD AUD
Net financial assets 388 382 12,250 1
Net financial liabilities (289) (654) (21,561) -
10% appreciation / depreciation of the functional currency of the Company with respect to various foreign
currencies would result in increase / decrease in the Company’s profit before taxes by approximately ` 948 lakhs
The following table sets forth information relating to unhedged foreign currency exposure as of March 31, 2023.
(` in lakhs)
PHP MXN USD AUD
Net financial assets 13 26 23,436 302
Net financial liabilities (194) (472) (58,930) (698)
currencies would result in increase / decrease in the Company’s profit before taxes by approximately ` 3,652
lakhs for the year ended March 31, 2023.
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The Company’s investments are primarily in fixed rate interest bearing investments. Hence the Company is not
Credit risk
deterioration of creditworthiness as well as concentration of risks. Credit risk is controlled by analyzing credit limits
Financial instruments that are subject to concentrations of credit risk principally consist of trade receivables, loans,
investments, cash and cash equivalents, derivative financial instruments and other financial assets.
None of the other financial instruments of the Company result in material concentration of credit risk.
The carrying amount of financial assets and contract assests represents the maximum credit exposure. The
maximum exposure to credit risk was ` 71,237 lakhs and ` 84,460 lakhs as of March 31,2024 and March 31,2023
respectively being the total of the carrying amount of balances with banks, trade receivables, contract assests,
other financial assets and investments excluding equity.
Single customer contributing to more than 10% of outstanding trade receivable as of March 31, 2024 and March
31,2023 is as follows.
(` in lakhs)
Trade receivables Percentage Trade receivables Percentage
Customer A 15,231 41% 25,472 40%
Customer C 7,033 19% 26,344 41%
The Company also has a geographic concentration of trade receivables (Gross and net of allowances) and
contract assets as given below:
Geographical concentration of credit risk is allocated based on the location of the customers.

Geography Gross% Net% Gross% Net%
Americas 100% 100% 80% 80%
India - - 18% 18%
Asia Pacific - - 2% 2%
The allowance for lifetime expected credit loss on trade receivables was Nil in both the years.
Liquidity risk
The Company consistently generated sufficient cash flows from operations to meet its financial obligations including
lease liabilities as and when they fall due.
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(` in lakhs)
March 31, 2024 Due in Due in Due in 3rd Due after Total
1st year 2nd year to 5th year 5 years
Non-derivative financial liabilities:
Trade payables 23,298 - - - 23,298
Lease liabilities 2,533 1,983 3,317 2,760 10,593
Other financial liabilities 3,835 - - - 3,835
29,666 1,983 3,317 2,760 37,726
Derivative financial liabilities 102 - - - 102
Total 29,768 1,983 3,317 2,760 37,828
(` in lakhs)
March 31, 2023 Due in Due in Due in 3rd Due after Total
1st year 2nd year to 5th year 5 years
Trade payables 49,381 - - - 49,381
Lease liabilities 2,598 2,510 5,260 2,760 13,128
70,124 2,510 5,260 2,760 80,654
Derivative financial liabilities: 33 - - - 33
Total 70,157 2,510 5,260 2,760 80,687
(l) Equity instruments:

(` in lakhs)
shares shares
Authorised :
Equity share capital 2,500,000 2,500 2,500,000 2,500
2,500,000 equity shares of ` 100 each (March 31,
2023 : 2,500,000 equity shares of ` 100 each)
2,500,000 2,500 2,500,000 2,500
Issued, subscribed and paid up:
Equity share capital 1,000,000 1,000 1,000,000 1,000
1,000,000 equity shares of ` 100 each (March 31,
2023 : 1,000,000 equity shares of ` 100 each)
1,000,000 1,000 1,000,000 1,000
Note:
• 1,000,000 (March 31, 2023 : 1,000,000) equity shares of ` 100/- each are held by Tata Consultancy Services Limited,
the holding company and its nominees. Tata Sons Private Limited is the ultimate holding company.
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The Company does not have an employee stock option plan and no shares are reserved for issue under any such plan
or for any contractual commitments.
i. Reconciliation of number of shares

shares (` in lakhs) shares (` in lakhs)
Opening balance 1,000,000 1,000 1,000,000 1,000
Changes during the year - - - -
Closing balance 1,000,000 1,000 1,000,000 1,000
ii. Rights, preferences and restrictions attached to

The Company has one class of equity shares having a par value of ` 100 each. Each shareholder is eligible for one
vote per share held and carry a right to dividend. The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event
of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution
of all preferential amounts, in proportion to their shareholding.
iii. Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company
As at As at
March 31, 2024 March 31, 2023
Equity shares
Tata Consultancy Sevices Limited, the holding company 1,000,000 1,000,000
% of shareholding 100% 100%
iv. Disclosure of shareholding of promoters

Promoter name No. of shares % of total shares during
the year
Tata Consultancy Services Limited 9,99,994 99.9994.% No change
Tata Consultancy Services Limited jointly with its nominees 6 0.0006.% No change
Total 10,00,000 100,%

Promoter name No. of shares % of total shares during
the year
Tata Consultancy Services Limited 9,99,994 99.9994.% No change
Tata Consultancy Services Limited jointly with its nominees 6 0.0006.% No change
Total 10,00,000 100
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7 Leases
Company as a lessee
standalone price of the lease component and the aggregate standalone price of the non-lease components.
revised in-substance fixed lease payments. The company recognises the amount of the re¬measurement of lease liability
in the measurement of the lease liability, the Company recognises any remaining amount of the re-measurement in the
(` in lakhs)
Additions for the Net carrying Additions for Net carrying
year ended March amount as at the year ended amount as at
31, 2024 March 31, 2024 March 31, 2023 March 31, 2023
Leasehold buildings 83 7,424 5,079 9,405
83 7,424 5,079 9,405
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Depreciation on right-of-use asset is as follows:
(` in lakhs)
March 31, 2024 March 31, 2023
Leasehold buildings 2,049 1,465
2,049 1,465
Interest on lease liabilities is `726 lakhs and ` 554 lakhs for the years ended March 31, 2024 and 2023, respectively.
The Company incurred ` 403 lakhs and ` 61 lakhs for the years ended March 31, 2024 and 2023, respectively towards
expenses relating to short¬term leases and leases of low-value assets.
The total cash outflow for leases is ` 3001 lakhs and ` 1,893 lakhs for the years ended March 31, 2024 and 2023, respectively
including cash outflow for short term and low value leases.
The Company does not have lease term extension options that are not reflected in the measurement of lease liabilities.
contract.
8 Non-financial assets and non-financial liabilities

residual value over their estimated useful lives as prescribed in Schedule II of the Companies Act, 2013 except in
respect of certain categories of assets, where the useful life of the assets has been assessed based on a technical
evaluation. The estimated useful lives and residual values are reviewed at the end of each reporting period, with the
effect of any change in estimate accounted for on a prospective basis.

Computer equipment 4 years*
Furniture and fixtures 5 years*
Office equipment 2-5 years*
Electrical installations 4-10 years*
* The Company believes that the technically evaluated useful lives, different from Schedule II of the Companies Act,
2013, best represent the period over which these assets are expected to be used.
asset is ready for its intended use.
is determined for the cash generating unit (CGU) to which the asset belongs.
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and loss.
(` in lakhs)
Description Leasehold Computer Office Electrical Furniture Total
fixtures
Cost as at April 1, 2023 727 8,850 906 87 102 10,672
Additions - 372 25 - - 397
Disposals / adjustments - (98) - (2) - (100)
Cost as at March 31, 2024 727 9,124 931 85 102 10,969
Accumulated depreciation (308) (6,015) (593) (36) (78) (7,030)
as at April 1, 2023
Depreciation for the year (85) (1,647) (177) (8) (21) (1,938)
Eliminated on disposals of
assets - 96 - 2 - 98
Accumulated depreciation
as at March 31, 2024 (393) (7,566) (770) (42) (99) (8,870)
Net carrying amount as at
334 1,558 161 43 3 2,099
March 31, 2024
Capital work-in-progress* 528
2,627
* ` 397 lakhs has been capitalised and transferred to property, plant and equipment during the year ended March 31,
2024.
(` in lakhs)
Description Leasehold Computer Office Electrical Furniture Total
fixtures
Cost as at April 1, 2022 727 7,645 1,033 87 102 9,594
Additions - 1,357 43 - - 1,400
Disposals / adjustments - (152) (170) - - (322)
Cost as at March 31, 2023 727 8,850 906 87 102 10,672
Accumulated depreciation (223) (4,179) (589) (28) (57) (5,076)
as at April 1, 2022
Depreciation for the year (85) (1,925) (174) (8) (21) (2,213)
Eliminated on disposals of
assets - 89 170 - - 259
as at March 31, 2023 (308) (6,015) (593) (36) (78) (7,030)
419 2,835 313 51 24 3,642
March 31, 2023
Capital work-in-progress* 182
3,824
* ` 1,400 lakhs has been capitalised and transferred to property, plant and equipment during the year ended March
31, 2023.
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Capital work-in-progress
• Capital work-in-progress ageing
Ageing for capital work-in-progress as at March 31, 2024 is as follows:
(` in lakhs)
Amount in Capital work-in-progress for a period of Total
Capital work-in-progress Less than 1 1 - 2 years 2 - 3 years More than 3
year years
Projects in progress 528 - - - 528
528 - - - 528
Ageing for capital work-in-progress as at March 31, 2023 is as follows:

(` in lakhs)
Amount in Capital work-in-progress for a period of Total
Capital work-in-progress Less than 1 1 - 2 years 2 - 3 years More than 3
year years
Projects in progress 182 - - - 182
182 - - - 182

Intangible assets purchased are measured at cost as of the date of acquisition, as applicable, less accumulated
Intangible assets consist of rights under licensing agreement and software licences which are amortised over license
period which equates the useful life ranging between 2-5 years on a straight line basis over the period of its economic
useful life.
for the Cash Generating Unit (CGU) to which the asset belongs.
and loss.
(` in lakhs)
Description Rights under licencing agreement
Total
and software licences
Cost as at April 1, 2023 3,015 3,015
Additions - -
Disposals - -
Cost as at March 31, 2024 3,015 3,015
Accumulated amortisation as at April 1, 2023 (2,029) (2,029)
Amortisation for the year (729) (729)
Eliminated on disposals of assets - -
Accumulated amortisation as at March 31, 2024 (2,758) (2,758)
Net carrying amount as at March 31, 2024 257 257
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(` in lakhs)
Description Rights under licencing agreement
Total
Cost as at April 1, 2022 3,002 3,002
Additions 13 13
Disposals / adjustments - -
Cost as at March 31, 2023 3,015 3,015
Accumulated depreciation as at April 1, 2022 (1,276) (1,276)
Amortisation for the year (753) (753)
Eliminated on disposals of assets - -
Accumulated depreciation as at March 31, 2023 (2,029) (2,029)
Net carrying amount as at March 31, 2023 986 986
The estimated amortisation for the years subsequent to Mar 31,2024 is as follows:
(` in lakhs)
Year ending March 31, Amortisation expense
2025 247
2026 11
258
(c) Other assets

Other non-current assets (` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Indirect tax recoverable 2,350 3,069
Contract fulfillment costs 107 239
2,457 3,308
Other current assets (` in lakhs)

As at As at
March 31, 2024 March 31, 2023
Prepaid expenses 107 86
Indirect tax recoverable 1,605 1,446
Advance to suppliers 126 7
Contract fulfillment costs 1,645 1,646
Contract assets 51 162
Others - 13
3,534 3,360
Contract fulfillment costs of ` 1,820 lakhs and ` 2,939 lakhs for the years ended March 31, 2024 and 2023, respectively,
have been amortised in the statement of profit and loss. Refer note 10 for the changes in contract asset.
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(d) Other liabilities
Other current liabilities
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Indirect tax payable and other statutory liabilities 1,027 1,293
Operating lease liabilities 24 -
Advance received from customer - 167
Others 4 3
1,055 1,463
9 Other equity
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Retained earnings
Opening balance 23,588 14,182
Remeasurement of defined employee benefit plans (48) (9)
46,258 23,588
46,258 23,588
10 Revenue recognition
The Company earns revenue primarily from providing Business Process Outsourcing Services for its customers in banking,
financial services and insurance domain.
performance.
• In respect of other fixed-price contracts, revenue is recognised using percentage-of-completion method (‘POC
method’) of accounting with contract costs incurred determining the degree of completion of the performance
obligation. The contract costs used in computing the revenues include cost of fulfilling warranty obligations.
• Revenue from the sale of distinct internally developed software and manufactured systems and third party software
is recognised upfront at the point in time when the system/software is delivered to the customer. In cases where
implementation and/or customisation services rendered significantly modifies or customises the software, these
services and software are accounted for as a single performance obligation and revenue is recognised over time on a
POC method .
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• Revenue from the sale of distinct third party hardware is recognised at the point in time when control is transferred
to the customer.
• The solutions offered by the Company may include supply of third-party equipment or software. In such cases,
revenue for supply of such third party products are recorded at gross or net basis depending on whether the Company
is acting as the principal or as an agent of the customer. The Company recognises revenue in the gross amount of
consideration when it is acting as a principal and at net amount of consideration when it is acting as an agent.
Revenue is measured based on the transaction price, which is the consideration, adjusted for volume discounts, service
level credits, performance bonuses, price concessions and incentives, if any, as specified in the contract with the customer.
Revenue excludes taxes collected from customers.
The Company’s contracts with customers could include promises to transfer multiple products and services to a customer.
The Company assesses the products / services promised in a contract and identifies distinct performance obligations in
the contract. Identification of distinct performance obligation involves judgement to determine the deliverables and the
ability of the customer to benefit independently from such deliverables.
Judgement is also required to determine the transaction price for the contract and to ascribe the transaction price to
each distinct performance obligation. The transaction price could be either a fixed amount of customer consideration
or variable consideration with elements such as volume discounts, service level credits, performance bonuses, price
concessions and incentives. The transaction price is also adjusted for the effects of the time value of money if the contract
includes a significant financing component. Any consideration payable to the customer is adjusted to the transaction
price, unless it is a payment for a distinct product or service from the customer. The estimated amount of variable
consideration is adjusted in the transaction price only to the extent that it is highly probable that a significant reversal in
the amount of cumulative revenue recognised will not occur and is reassessed at the end of each reporting period. The
Company allocates the elements of variable considerations to all the performance obligations of the contract unless there
is observable evidence that they pertain to one or more distinct performance obligations.
The Company exercises judgement in determining whether the performance obligation is satisfied at a point in time
or over a period of time. The Company considers indicators such as how customer consumes benefits as services are
rendered or who controls the asset as it is being created or existence of enforceable right to payment for performance to
date and alternate use of such product or service, transfer of significant risks and rewards to the customer, acceptance of
delivery by the customer, etc.
Revenue from intercompany is recognised based on transaction price which is at arm’s length.
Contract fulfilment costs are generally expensed as incurred except for certain software licence costs which meet the
criteria for capitalisation. Such costs are amortised over the contractual period or useful life of licence, whichever is less.
The assessment of this criteria requires the application of judgement, in particular when considering if costs generate or
enhance resources to be used to satisfy future performance obligations and whether costs are expected to be recovered.
Contract assets are recognised when there is excess of revenue earned over billings on contracts. Contract assets are
classified as unbilled receivables (only act of invoicing is pending) when there is unconditional right to receive cash, and
only passage of time is required, as per contractual terms.
The billing schedules agreed with customers could include periodic performance based payments and/or milestone based
The Company disaggregates revenue from contracts with customers by industry verticals, geography and nature of
services.
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Revenue disaggregation by nature of services is as follows :
(` in lakhs)
March 31, 2024 March 31, 2023
Consultancy services 185,844 202,334
Total 185,844 202,334
For details of disaggregation of revenues from contracts with customers by industry verticals and geography refer
Note(18).
Revenue disaggregation by industry vertical is as follows :
(` in lakhs)
Industry Vertical Year ended Year ended
March 31, 2024 March 31, 2023
Banking, Financial Services and Insurance 177,351 194,023
Life Sciences and Healthcare 1,221 2,280
Manufacturing 1,465 1,184
Communication, Media and Technology 1,578 1,150
Retail and Consumer Business 1,238 1,019
Others 2,991 2,678
185,844 202,334
Revenue disaggregation by Geography is as follows :

(` in lakhs)
Geography Year ended Year ended
March 31, 2024 March 31, 2023
Americas
North Americas 178,925 196,091
Europe
Continental Europe 1,277 1,173
United Kingdom 1,685 1,106
Asia Pacific 3,000 3,191
India 829 715
Middle East and Africa 128 58
185,844 202,334
Geographical revenue is allocated based on the locations of the customers.

While disclosing the aggregate amount of transaction price yet to be recognised as revenue towards unsatisfied (or
partially) satisfied performance obligations, along with the broad time band for the expected time to recognise those
revenues, the Company has applied the practical expedient in Ind AS 115. Accordingly, the Company has not disclosed
the aggregate transaction price allocated to unsatisfied (or partially satisfied) performance obligations which pertain
to contracts where revenue recognised corresponds to the value transferred to customer typically involving time and
material, outcome based and event based contracts.
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Unsatisfied (or partially satisfied) performance obligations are subject to variability due to several factors such as
terminations, changes in scope of contracts, periodic revalidations of the estimates, economic factors (changes in currency
rates, tax laws etc). The aggregate value of transaction price allocated to unsatisfied (or partially satisfied) performance
obligations is ` 6,520 lakhs out of which 62.18% is expected to be recognized as revenue within the next one year and the
balance thereafter. No consideration from contracts with customers is excluded from the amount mentioned above.
Changes in contract assets are as follows:
(` in lakhs)
March 31, 2024 March 31, 2023
Balance at the beginning of the year 162 694
Invoices raised that were included in the contract assets balance at the (162) (349)
beginning of the year
Increase due to revenue recognised during the year, excluding amounts 51 (237)
billed during the year
Translation exchange difference* - 54
Balance at the end of the year 51 162

Changes in unearned and deferred revenue are as follows:
(` in lakhs)
March 31, 2024 March 31, 2023
Revenue recognised that was included in the contract liability balance at (6) (149)
the beginning of the year.
Increase due to invoicing during the year, excluding amounts recognised 597 (407)
as revenue during the year
Translation exchange difference (12) 84
Balance at the end of the year 585 6
Reconciliation of revenue recognised with the contracted price is as follows :

(` in lakhs)
Particulars Year ended Year ended
March 31, 2024 March 31, 2023
Revenue as per Contract price 192,597 209,798
(-) Volume / Cash Discount 5,582 7,755
(-) Service Credit 1,171 (291)
Revenue recognised 185,844 202,334
The reduction towards variable consideration comprises of volume discount, service level credits, etc.
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11 Other Income
Other income consist of the following:
(` in lakhs)
March 31, 2024 March 31, 2023
Interest income 405 62
Net gain on investment carried at fair value through profit and loss 896 243
Unrealised gain on investments carried at fair value through profit and 689 376
loss
Net gain on disposal of property, plant and equipment 8 6
Net foreign exchange gain 368 2,898
Rent income - 2
2,366 3,587
Interest income consist of the following:
Interest income on bank deposits 300 28
Interest on income tax refund 99 28
Interest income on financial assets at amortised cost 6 6
12 Employee benefits
The Company has both defined contribution and defined benefit plans. The plans are financed by the Company and in case
of some defined contribution plans, by the Company along with its employees.
(i) Defined benefit plans
actuarial valuations being carried out at each balance sheet date by an independent actuary. Actuarial gains and
losses are recognised in full in the other comprehensive income for the period in which they occur. Past service cost
both, vested and unvested is recognised as an expense at the earlier of (a) when the plan amendment or curtailment
occurs; and (b) when the entity recognises related restructuring costs or termination benefits.
The retirement benefit obligations recognised in the balance sheet represents the present value of the defined
benefit obligations reduced by the fair value of scheme assets. Any asset resulting from this calculation is limited to
the present value of available refunds and reductions in future contributions to the scheme. The company provides
benefits such as gratuity and pension to its employees which are treated as defined benefit plans.
(ii) Defined contribution plans
Contributions to defined contribution plans are recognised as expense when employees have rendered services
entitling them to such benefits. The company provides benefits such as superannuation, provident fund and foreign
defined contribution plans to its employees which are treated as defined contribution plans.
(iii) Short-term employee benefits
All employee benefits payable wholly within twelve months of rendering the service are classified as short-term
employee benefits. Benefits such as salaries, wages etc. and the expected cost of ex-gratia are recognised in the
period in which the employee renders the related service. A liability is recognised for the amount expected to be paid
when there is a present legal or constructive obligation to pay this amount as a result of past service provided by the
employee and the obligation can be estimated reliably.
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(iv) Compensated absences
Compensated absences which are expected to occur within twelve months after the end of the period in which the
employee renders the related services are recognised as undiscounted liability at the balance sheet date. Compensated
absences which are not expected to occur within twelve months after the end of the period in which the employee
renders the related services are recognised as an actuarially determined liability at the present value of the defined
benefit obligation at the balance sheet date using the Projected Unit Credit Method.
(` in lakhs)
March 31, 2024 March 31, 2023
Salaries, incentives and allowances 101,968 125,070
Contributions to provident and other funds 9,460 11,611
Staff welfare expenses 12,256 12,957
123,684 149,638

(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Gratuity liability 248 139
248 139
Employee benefit obligations - Current

(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Compensated absences 2,816 4,812
Foreign retirement benefits 99 50
Gratuity liability 726 766
3,641 5,628
Defined Benefit Plan

Gratuity
In accordance with Indian law, the Company operates a scheme of gratuity which is a defined benefit plan. The
gratuity plan provides for a lump sum payment to vested employees at retirement, death while in employment or
on termination of employment of an amount equivalent to 15 to 30 days’ salary payable for each completed year of
service. Vesting occurs upon completion of five continuous years of service. The Company manages the plan through
a trust. Trustees administer contributions made to the trust. Certain overseas branches of the Company also provide
for retirement benefit pension plans in accordance with the local laws.
obligations.
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The following table sets out the details of the defined benefit retirement plans and the amounts recognized in the
Defined benefit retirement plan :
(` in lakhs)
As at As at Total As at As at Total
March 31, March 31, March 31, March 31,
2024 2024 2023 2023
Domestic Foreign Domestic Foreign
Plan Plan Plan Plan
Funded Unfunded Funded Unfunded
Change in benefit obligations:
Benefit obligations, beginning of the year 1,902 50 1,952 1,408 16 1,424
Service cost 374 32 406 311 8 319
Interest cost 141 4 145 102 1 103
Liability Transferred In/ Acquisitions 23 - 23 302 - 302
(Liability Transferred Out/ Divestments) (85) - (85) (39) - (39)
Remeasurement of the net defined benefit 21 12 33 (31) 23 (8)
liability
Benefits paid (165) (4) (169) (151) (4) (155)
Translation exchange difference - 5 5 - 6 6
Benefit obligations end of the year 2,211 99 2,310 1,902 50 1,952
(` in lakhs)
2024 2024 2023 2023
Plan Plan Plan Plan
Change in plan assets:
Fair value of plan assets, beginning of the 997 - 997 496 - 496
year
Interest Income 74 - 74 36 - 36
Employer's contribution 425 - 425 374 - 374
Assets Transferred In/Acquisitions - - - 302 - 302
(Assets Transferred Out/ Divestments) (62) - (62) (39) - (39)
Benefits paid (165) - (165) (151) - (151)
Remeasurement - Return on plan assets
excluding amount included in
Interest income (32) - (32) (21) - (21)
Fair value of plan assets, end of the year 1,237 - 1,237 997 - 997
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(` in lakhs)
2024 2024 2023 2023
Plan Plan Plan Plan
Funded status
Deficit of plan assets over obligations (974) (99) (1,073) (905) (50) (955)
Surplus of plan assets over obligations - - - - - -
(974) (99) (1,073) (905) (50) (955)
(` in lakhs)
2024 2024 2023 2023
Plan Plan Plan Plan
Category of assets
Bank balances 1,237 - 1,237 997 - 997
1,237 - 1,237 997 - 997
Net periodic gratuity cost, included in employee costs cosists of following:

(` in lakhs)
2024 2024 2023 2023
Plan Plan Plan Plan
Service cost 374 32 406 311 8 319
Net interest on net defined benefit liability 67 4 71 66 1 67
Net periodic gratuity / pension cost 441 36 477 377 9 386
Actual return on plan assets 42 - 42 15 - 15
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Remeasurement of net defined benefit (asset) / liability:
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Actuarial gains arising from changes in demographic assumptions (1) (11)
Actuarial losses and (gains) arising from changes in financial
assumptions 40 (40)
Actuarial (gains) and losses arising from changes in experience
adjustments (7) 39
Remeasurement of the net defined benefit liability 32 (12)
Remeasurement - return on plan assets excluding amount included
in interest income (32) (21)
- (33)
As at As at As at As at
March 31, 2024 March 31, 2024 March 31, 2023 March 31, 2023
Discount rate 7.19% 6.26%-9.40% 7.42% 6.65%-9.40%
Rate of increase in compensation levels of 6.00% 4.64%-5.00% 6.00% 4.50%-4.64%
covered employees
Rate of return on plan assets 7.19% 6.26%-9.40% 7.42% 6.65%-9.40%
Weighted average duration of defined benefit 9 years 18 years 12 years 16 -19 years
obligations
Future mortality assumptions are taken based on the published statistics by the Insurance Regulatory and
Development Authority of India.
The expected benefits are based on the same assumptions as are used to measure the Company’s defined benefit
plan obligations as of March 31, 2024. The Company is expected to contribute ` 726 lakhs to defined benefit plan
obligations funds for the year ending March 31, 2025.
expected salary increase. The sensitivity analysis below have been determined based on reasonably possible changes
of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions
constant.
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If the discount rate increases / decreases by 0.50%, the defined benefit obligations would increase / (decrease) as
follows:
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Increase of 0.50% (87) (92)
Decrease of 0.50% 94 101
If the expected salary growth increases / decreases by 0.50%, the defined benefit obligations would increase /
(decrease) as follows:
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Increase of 0.50% 93 101
Decrease of 0.50% (87) (93)
The sensitivity analysis presented above may not be representative of the actual change in the defined benefit
obligations as it is unlikely that the change in assumptions would occur in isolation of one another as some of the
assumption may be correlated.
Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligations has
been calculated using the Projected Unit Credit Method at the end of the reporting period, which is the same as that
applied in calculating the defined benefit obligation liability recognized in the balance sheet.
(` in lakhs)
Year ending March 31, Domestic Plan Foreign Plan

Funded Funded
2025 210 3
2026 200 4
2027 198 4
2028 211 4
2029 195 4
2030 to 2034 899 140
Provident fund
Contribution towards provident fund is made to regulatory authorities and the Company does not have any legal or
informal obligation to pay additional funds.
Contributions to defined contribution plans are recognised as expense when employees have rendered services
entitling them to such benefits.
The Company contributed ` 1,202 lakhs and ` 1,010 lakhs to the provident fund for the year ended March 31, 2024 and
March 31, 2023, respectively.
Foreign defined contribution plan
The Company contributed ` 1,328 lakhs and ` 1,699 lakhs for the years ended March 31, 2024 and 2023, respectively,
towards foreign defined contribution plans.
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13 Cost recognition
The costs of the Company are broadly categorised in employee benefit expenses, depreciation and amortisation and
other operating expenses. Employee benefit expenses include employee compensation, allowances paid, contribution to
various funds and staff welfare expenses. Other operating expenses majorly include fees to external consultants, cost
of running its facilities, travel expenses, cost of equipment and software licenses, communication costs, allowances for
expected credit losses and doubtful advances(net) and other expenses. Other expenses is an aggregation of costs which
are individually not material such as Printing and Stationary, recruitment and training, etc.
(a) Other expenses
Other operating expenses consist of the following:
(` in lakhs)
March 31, 2024 March 31, 2023
Fees to external consultants 17,990 25,249
Project expenses 2,021 4,519
Facility running expenses 3,613 2,170
Cost of equipment and software licences 3 -
Corporate expenses 1,027 690
Travel expenses 1,514 741
Communication expenses 1,258 2,277
Bad debts and advances written off, provision for advances (net) 21 74
Miscellaneous expenses 1,017 2,810
28,464 38,530
(b) Corporate Social Responsibility (CSR) expenditure

(` in lakhs)
March 31, 2024 March 31, 2023
1 Amount required to be spent by the company during the year 188 30
(i) Construction/acquisition of any asset - -
(ii) On purposes other than (i) above 198 30
3 Shortfall at the end of the year - -
5 Reason for shortfall NA NA
6 Nature of CSR activities Disaster Relief, Education, Skilling,
Employment, Entrepreneurship, Health,
Wellness and Water, Sanitation and
Hygiene, Heritage
7 Details of related party transactions in relation to CSR expenditure
as per relevant Accounting Standard:
Contribution to TCS Foundation in relation to CSR expenditure 198 30
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14 Finance costs
(` in lakhs)
March 31, 2024 March 31, 2023
Interest on lease liabilites 726 554
Interest expenses on delayed payment of statutory dues 28 22
754 576
15 Income-taxes
year. Current and deferred tax are recognised in the statement of profit and loss, except when they relate to items that
Current income tax expense comprises taxes on income from operations in India and overseas. Income tax payable in
India is determined in accordance with the provisions of the Income tax Act, 1961.
Current income tax payable by overseas branches of the Company is computed in accordance with the tax laws applicable
in the jurisdiction in which the respective branch operates. The taxes paid are generally available for set off against the
Indian income tax liability of the Company’s worldwide income.
paid and income tax provision arising in the same tax jurisdiction, provided the Company has a legally enforceable right to
set off the recognised amounts and intends to settle the asset and liability on a net basis.
utilised.
utilised.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the
relevant entity intends to settle its current tax assets and liabilities on a net basis.
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The Income-tax expense consist of the following:
(` in lakhs)
March 31, 2024 March 31, 2023
Current tax expense
Current tax expense for current year 7,486 1,515
Current tax (benefit)/expense pertaining to prior years (16) (11)
7,470 1,504
Deferred tax expense
Deferred tax (benefit)/expense for current year 404 1,770
Deferred tax (benefit)/expense pertaining to prior years - 57
404 1,827
7,874 3,331
The reconciliation of estimated income-tax expense at Indian statutory income tax rate to the income tax expense reported
in the statement of profit and loss is as follows:
(` in lakhs)
March 31, 2024 March 31, 2023
Profit before income taxes
India statutory Income tax rate 30,592 12,746
Expected Income tax expense 25.17% 25.17%
Tax effect of adjustments to reconcile expected income tax expense to 7,700 3,208
reported income tax expense:
Tax pertaining to prior years (16) 46
Permanent disallowance 50 8
Overseas Federal Tax 6 4
Others 134 65
7,874 3,331
Deferred tax assets and liabilities are as follows:

(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Deferred tax assets (net) 1,848 2,236
1,848 2,236
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Significant components of net deferrred tax assests and liabilities for the year ended March 31, 2024 consist of following:
(` in lakhs)
Deferred tax assets (net) Opening balance Recognised/ Recognised in/ Closing
reversed through reclassified from balance
P&L comprehensive
income
Property, plant and equipment and 601 245 - 846
intangible assets
Provision for employee benefits 1,449 (511) 16 954
Lease liability and ROU asset 283 41 - 324
Unrealised gain on securities carried at (101) (173) - (274)
fair value through profit and loss
Others 4 (6) - (2)
2,236 (404) 16 1,848

(` in lakhs)
Property, plant and equipment and intangible assets 846 - 846
Provision for employee benefits 954 - 954
DTL on ROU asset (1,868) - (1,868)
DTA on Lease liability 2,193 - 2,193
Unrealised gain on securities carried at fair value through - 274 (274)
profit and loss
Others (2) - (2)
Total deferred tax assets / (liabilities) 2,122 274 1,848
Significant components of net deferrred tax assests and liabilities for the year ended March 31, 2023 consist of following:
(` in lakhs)
Deferred tax assets (net) Opening balance Recognised/ Recognised in/ Closing
reversed through reclassified from balance
P&L comprehensive
income
Property, plant and equipment and 189 412 - 601
intangible assets
Provision for employee benefits 1,286 160 3 1,449
Lease liabilties & ROU asset 213 70 - 283
Operating loss carry forward 2,374 (2,374) - -
Unrealised gain on securities carried at (6) (95) - (101)
fair value through profit and loss
Others 4 - - 4
4,060 (1,827) 3 2,236
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(` in lakhs)
Property, plant and equipment and intangible assets 601 - 601
Provision for employee benefits 1,449 - 1,449
DTA on Lease liability 2,650 - 2,650
DTL on ROU asset (2,367) (2,367)
Unrealised gain on securities carried at fair value through - 101 (101)
profit and loss
Others 4 - 4
Total deferred tax assets / (liabilities) 2,336 101 2,236
Contingent liabilities on direct tax matters

The Company has ongoing disputes with income tax authorities in India. The disputes relate to tax treatment of certain
expenses claimed as deduction, computation or eligibility of tax incentives and allowances and characterisation of fees
for services received. The Company has recognised contingent liability in respect of tax demands received from direct tax
authorities in India of ` 319 lakhs and ` 319 lakhs as at March 31, 2024 and 2023, respectively. These demand orders are
being contested by the Company based on the management evaluation and advise of tax consultants.
16 Earnings per share

Basic earnings per share are computed by dividing profit or loss attributable to equity shareholders of the Company by
dilutive securities in any of the periods presented.
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Profit for the year (` lakhs) 22,718 9,415
Amount available for shareholder (` lakhs) 22,718 9,415
Weighted average number of shares 1,000,000 1,000,000
Earning per share basic and diluted (` ) 2,272 941
Face value per equity share (` ) 100 100
17 Auditor’s Remuneration
Auditor’s remuneration consists of the following:
(` in lakhs)
March 31, 2024 March 31, 2023
For services as statutory auditor 10 10
For tax audit 4 4
Re-imbursement of out-of-pocket expense 3 2
17 16
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18 Segment information
Operating segments are defined as components of an enterprise for which discrete financial information is available
that is evaluated regularly by the chief operating decision maker, in deciding how to allocate resources and assessing
performance. The Group’s chief operating decision maker is the Chief Executive Officer and Managing Director.
The Company has identified business segments (industry practice) as reportable segments. The business segments
comprise: 1) Banking, Financial Services and Insurance 2) Others such as Retail and Consumer Business, Manufacturing,
Telecom, Media and entertainment, Hi- tech.
Revenue and expenses directly attributable to segments are reported under each reportable segment. Expenses which are
not directly identifiable to each reporting segment have been allocated on the basis of associated revenue of the segment
and manpower efforts. All other expenses which are not attributable or allocable to segments have been disclosed as
unallocable expenses.
The assets and liabilities of the Company are used interchangeably amongst segments. Allocation of such assets and
liabilities is not practicable and any forced allocation would not result in any meaningful segregation. Hence assets and
liabilities have not been identified to any of the reportable segments.
Summarised segment information for the year ended March 31, 2024 is as follows:
(` in lakhs)
Particulars Business segments
Banking, Others Total
Financial Services
and Insurance
Revenue 177,351 8,493 185,844
Segment result 32,042 900 32,942
Total Unallocable expenses 4,716
Operating profit 28,226
Other income (net) 2,366
Profit before taxes 30,592
Tax expense 7,874
Depreciation and amortisation expense (unallocable) (4,716)
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Summarised segment information for the year ended March 31, 2023 is as follows:
(` in lakhs)
Particulars Business segments
Banking, Others Total
Financial Services
and Insurance
Revenue 194,023 8,311 202,334
Segment result 12,222 1,368 13,590
Total Unallocable expenses 4,431
Operating profit 9,159
Other income (net) 3,587
Profit before taxes 12,746
Tax expense 3,331
Depreciation and amortisation expense (unallocable) (4,431)
Geographical non-current assets (property, plant and equipment, Right-of-use assets, intangible assets, advance income
tax and other non¬current assets) are allocated based on the location of the assets.
(` in lakhs)
As at As at
March 31, 2024 March 31, 2023
Geography
India 11,544 11,813
Americas
Latin America 791 995
Asia_Pacific 433 -
Total 15,055 17,233
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Geographical revenue is allocated based on the locations of the customers. Revenue disaggregation by Geography is as
follows:
(` in lakhs)
March 31, 2024 March 31, 2023
Geography
Americas
Others 6,919 6,243
Total 185,844 202,334
Information about major customers

Customers contributing 10% or more of Company’s total revenue are as follows:
(` in lakhs)
Year ended Percentage Year ended Percentage
March 31, 2024 March 31, 2023
Customer A 79,445 43% 107,979 53%
Customer B -* - 18,997 9%
Customer C 20,839 11% -* -
* the amount is less than 10%, hence not disclosed.
19 Commitments and Contingencies

Capital commitments
The Company has contractually committed (net of advances) ` 28 lakhs and ` 145 lakhs as at March 31, 2024 and March
31, 2023, respectively, for purchase of property, plant and equipment.
Contingencies
• Direct tax matters
Refer note 15.
20 The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the
company towards Provident Fund and Gratuity. The Ministry of Labour and Employment had released draft rules for the
Code on Social Security, 2020 on November 13, 2020. The Company and its Indian subsidiaries will assess the impact and
its evaluation once the subject rules are notified. The Company and its Indian subsidiaries will give appropriate impact in
its financial statements in the period in which, the Code becomes effective and the related rules to determine the financial
impact are published.
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21 Related Party Transactions
Names of related parties and nature of relationship:
Enterprises that directly, or indirectly through one or more intermediaries, control or are under common control with the
Company:
(a) Ultimate holding company
Name of the Enterprise
(b) Holding Company
Tata Consultancy Services Limited (TCS)
(c) Trust
TCS e-Serve International Ltd Employee Welfare Benefit Trust
(d) Subsidiaries and associates of ultimate holding company with whom company has transaction
Tata Teleservices (Maharashtra) Limited
Tata Teleservices Limited
Tata Communications Limited
Tata Communications (America) Inc.
(e) Fellow Subsidiaries with whom the Company has transactions
Tata America International Corporation
Tata Consultancy Services de Mexico S.A. De C.V.
Tata Consultancy Services (Philippines) Inc.
TCS Switzerland Ltd.
TCS Foundation
(f) Key managerial personnel -
Mr. Ramakrishna Mohan Veeturi (Chief Executive Officer and Managing Director)
Mr. Krishnaswamy M Gopikumar (Chief Financial Officer, Director and Company Secretary)
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The key management personnel of the Company are on deputation from and draw remuneration (excluding living
allowance) from TCS. Service charges are payable by the Company to TCS.
(` in lakhs)
Nature of transactions Name of Related Party Year ended Year ended
March 31, 2024 March 31, 2023
Revenue from operations Tata Consultancy Services Limited 52,912 44,155
Subsidiaries of Tata Consultancy Services 300 324
Limited
TCS Switzerland Ltd. 300 324
Reimbursement under Tata Consultancy Services Limited 26,249 54,176
contract
Purchases of goods Subsidiaries and associates of Tata Sons 515 1,191
and services (including Private Limited
reimbursements)
Tata Teleservices (Maharashtra) Limited 3 1
Tata Teleservices Limited 4 3
Tata Communications Limited 485 1,169
Tata Communications (America) Inc. 23 18
Tata Consultancy Services Limited 20,096 26,194
Subsidiary of Tata Consultancy Services 185 380
Limited
Tata America International Corporation 168 560
Tata Consultancy Services (Philippines) Inc. 17 (180)
Brand equity contribution Tata Sons Private Limited 269 265
Tata Sons Private Limited 269 265
Facility expenses Tata Consultancy Services Limited 2,292 1,528
Limited
Tata Consultancy Services de Mexico S.A. De - 61
C.V.
Tata Consultancy Services (Philippines) Inc. 45 2
Lease rental Tata Consultancy Services Limited 1,946 1,237
Limited
Tata Consultancy Services de Mexico S.A. De 146 -
C.V.
Security deposits - Premises Tata Consultancy Services Limited - 135
Purchase of property, plant Tata Consultancy Services Limited 138 44
and equipment
Sale of property, plant and Tata Consultancy Services Limited - 69
equipment
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(` in lakhs)
Nature of transactions Name of Related Party Year ended Year ended
March 31, 2024 March 31, 2023
Settlement of liabilities of the Tata Consultancy Services Limited 2,667 -
entity by related party
Transfer in of employee Tata Consultancy Services Limited 38 552
benefit obligations
Transfer out of employee Tata Consultancy Services Limited 121 56
benefit obligations
CSR Contribution Subsidiary of Tata Consultancy Services - 30
Limited
TCS Foundation - 30
(` in lakhs)
Balances receivable with Name of Related Party As at As at
related parties March 31, 2024 March 31, 2023
Trade receivables and contract Tata Consultancy Services Limited 7,894 30,146
assets
Limited
TCS Switzerland Ltd. 26 26
Tata Consultancy Services (Philippines) Inc. (10) 135
Loans, other financial assets Tata Consultancy Services Limited 347 444
and other assets
Limited
Tata Consultancy Services de Mexico S.A. De 15 13
C.V.
Subsidiaries and associates of Tata Sons
Private Limited
Tata Communications Limited 4 -
Trade payables, unearned Tata Sons Private Limited, its subsidiaries and 323 385
and deferred revenue, other associates
financial liabilities and other
liabilities
Tata Sons Private Limited 269 265
Tata Teleservices (Maharashtra) Limited * 1 -
Tata Teleservices Limited 1 1
Tata Communications Limited 50 116
Tata Communications (America) Inc. 2 3
Tata Consultancy Services Limited 18,424 50,065
Limited
Tata Consultancy Services de Mexico S.A. De 249 77
C.V.
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(` in lakhs)
Balances receivable with Name of Related Party As at As at
related parties March 31, 2024 March 31, 2023
Lease liability Tata Consultancy Services Limited 6,769 8,140
Limited
Compensation to key managerial personnel *
(` in lakhs)
March 31, 2024 March 31, 2023
Short term benefits 46 48
46 48
* The Chief Executive Officer and Managing Director and Chief Financial Officer, Director and Company Secretary of the
Company are on deputation and draw remuneration from Tata Consultancy Services Limited. Service charges are payable
by the Company to Tata Consultancy Services Limited which has been disclosed above.
22 The sitting fees and commission paid to non-executive directors is ` NIL and ` Nil lakhs as at March 31, 2024 and 2023,
respectively.
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23 Additional Regulatory Information
• Ratios
Ratio Numerator Denominator Current Previous % Reason For Variance

Year Year Variance
Current ratio (in Total current assets Total current 1.96 1.13 74% Ratio has improved
times) liabilities as overall current
liabilities have reduced
on account of payment
of trade payables.
Debt-Equity ratio (in Debt consists of Total equity 0.18 0.43 -57% Ratio has improved
times) borrowings and lease as the total equity has
liabilities improved on account of
profits recorded.
Debt service Earning for Debt Service Debt service = 10.14 7.53 35% Improvement in ratio is
coverage ratio (in = Net Profit after taxes Interest and lease on account of improved
times) + Non-cash operatonal payments + Principal profits for the year.
expenses + Interest repayments
+ Other non-cash
adjustments
Return on equity ratio Profit for the year less Average total equity 63.24% 47.35% 34% Improvement in ratio is
(in %) Preference dividend (if on account of improved
any) profits for the year.
Trade receivables Revenue from operations Average trade 3.67 3.38 9% NA
turnover ratio (in receivables
times)
Trade payables Cost of equipment and Average trade 0.78 0.78 0% NA
turnover ratio (in software licences + Other payables
times) expenses
Net capital turnover Revenue from operations Average working 8.12 38.05 -79% Ratio has improved on
ratio (in times) capital (i.e. Total account of improvement
current assets in current ratio.
less Total current
liabilities)
Net profit ratio (in %) Profit for the year Revenue from 12.22% 4.65% 163% Ratio has improved
operations on account of higher
profits for the year.
Return on capital Profit before tax and Capital employed = 56.01% 37.93% 48% Ratio has improved
employed (in %) finance costs Net worth + Lease on account of higher
liabilities + Deferred profits for the year.
tax liabilities
Return on investment Income generated from Average invested 4.68% 1.75% 168% Ratio has improved as
(in %) invested funds funds in treasury the funds invested have
investments improved on account
of higher receipts from
cutomers.
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24 No funds have been advanced / loaned / invested (from borrowed funds or from share premium or from any other sources
/ kind of funds) by the Company to any other person(s) or entity(ies), including foreign entities (Intermediaries), with the
understanding (whether recorded in writing or otherwise) that the Intermediary shall (i) directly or indirectly lend or invest
in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries)
or (ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
with the understanding (whether recorded in writing or otherwise) that the Company shall (i) directly or indirectly, lend
or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate
25 Subsequent events:
statements of the Company. Subsequent to March 31, 2024, the Board of Directors of the Company have not proposed any
dividend.
May 3, 2024

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TCS Foundation
For the year ended
March 31, 2024
TCS Foundation 6.1
FINANCIAL STATEMENT FOR THE YEAR ENDED MARCH 31, 2024
CONTENTS PAGE
Independent Auditors’ Report 6.2
Balance Sheet 6.7
Statements of Income and Expenditure 6.8
Statements of Changes in Equity 6.9
Statements of Cash Flows 6.10

6.2 TCS Foundation

To the Members of TCS Foundation
Opinion
We have audited the financial statements of TCS Foundation (hereinafter referred to as “the Company”), which comprise
the balance sheet as at 31 March 2024, and the statement of income and expenditure, statement of changes in equity and
statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policies
and other explanatory information.
in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March
2024, and its surplus of income over expenditure, changes in equity and its cash flows for the year ended on that date.
Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act.
Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Financial

respect to the preparation of these financial statements that give a true and fair view of the state of affairs, surplus/(deficit)
of income over expenditure, changes in equity and cash flows of the Company in accordance with the accounting principles
implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the

statements.
the audit. We also:
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TCS Foundation 6.3
the Company has adequate internal financial controls with reference to financial statements in place and the operating

1. This report does not include a statement on the matters specified in paragraphs 3 and 4 of the Companies (Auditor’s
Report) Order, 2020 (“the Order”) issued by the Central Government of India in terms of Section 143(11) of the Act, since
the Order is not applicable to the Company, being a company licensed to operate under Section 8 of the Companies Act,
2013, as specified in paragraph 1(2)(iii) of the said Order.
2. (A) As required by Section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief
were necessary for the purposes of our audit.
b) In our opinion, proper books of account as required by law have been kept so far as it appears from our
examination of those except for the matters stated in the paragraph 2B(f) below on reporting under Rule 11(g) of
the Companies (Audit and Auditors) Rules, 2014.
c) The balance sheet, the statement of income and expenditure, the statement of changes in equity and the
statement of cash flows dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid financial statements comply with the Ind AS specified under Section 133 of the Act.
e) On the basis of the written representations received from the directors as on 31 March 2024 to 10 April 2024
taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2024 from being
appointed as a director in terms of Section 164(2) of the Act.
f) The modifications relating to the maintenance of accounts and other matters connected therewith are as stated
in the paragraph 2A(b) above on reporting under Section 143(3)(b) of the Act and paragraph 2B(f) below on
reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.
g) With respect to the adequacy of the internal financial controls with reference to financial statements of the
Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure A”.
(B) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations
given to us:
a) The Company does not have any pending litigations which would impact its financial position.
b) The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses.
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6.4 TCS Foundation
c) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by
the Company.
d) (i) The management has represented that, to the best of it’s knowledge and belief, as disclosed in the note 32
of the financial statements, no funds have been advanced or loaned or invested (either from borrowed funds
or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or
entity(ies), including foreign entities (“Intermediaries”), with the understanding, whether recorded in writing
or otherwise, that the Intermediary shall directly or indirectly lend or invest in other person(s) or entity(ies)
identified in any manner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide
any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(ii) The management has represented, that, to the best of its knowledge and belief, as disclosed in the note 32
of the financial statements, no funds have been received by the Company from any person(s) or entity(ies),
including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing or
otherwise, that the Company shall directly or indirectly, lend or invest in other persons or entities identified
in any manner whatsoever by or on behalf of the Funding Parties (“Ultimate Beneficiaries”) or provide any
guarantee, security or the like or on behalf of the Ultimate Beneficiaries;
(iii) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused us to believe that the representations under sub-clause (i)
and (ii) of Rule 11(e), as provided under (i) and (ii) above, contain any material misstatement.
e) The Company has neither declared nor paid any dividend during the year.
f) The reporting under Rule 11 (g) of the Companies (Audit and Auditors) Rules, 2014 is applicable from 1 April 2023.
Based on our examination which included test checks, except for the instances mentioned below, the Company
has used accounting softwares for maintaining its books of account, which have a feature of recording audit trail
(edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the
respective software:
i. The feature of recording audit trail (edit log) facility was not enabled at the database level to log any direct
data changes for certain non-editable fields/tables of the accounting software used for maintaining general
ledger.
ii. The feature of recording audit trail (edit log) facility was not enabled at the application layer of the accounting
softwares relating to revenue and general ledger for the period 1 April 2023 to 13 November 2023 and
relating to property, plant and equipment for the period 1 April 2023 to 14 December 2023.
Further, for the periods where audit trail (edit log) facility was enabled and operated throughout the year
for the respective accounting software, we did not come across any instance of the audit trail feature being
tampered with.
In our opinion and according to the information and explanations given to us, the Company is not a public company.
Accordingly, the provisions of Section 197 of the Act are not applicable to the Company.
For B S R & Co. LLP

Firm’s Registration No: 101248W/W-100022
Rajesh Shetty
Partner
Mumbai Membership No: 130778
30 April 2024 UDIN: 24130778BKHNSV5259
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TCS Foundation 6.5
Annexure A to the Independent Auditor’s Report on the financial

statements of TCS Foundation for the year ended 31 March 2024
Report on the internal financial controls with reference to the aforesaid financial statements under Clause (i) of Sub-
section 3 of Section 143 of the Companies Act, 2013
date)
Opinion
We have audited the internal financial controls with reference to financial statements of TCS Foundation (“the Company”) as
of 31 March 2024 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

controls with reference to financial statements criteria established by the Company considering the essential components
of internal control stated in the Guidance Note. These responsibilities include the design, implementation and maintenance
of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its
business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and
errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information,
as required under the Act.

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6.6 TCS Foundation

For B S R & Co. LLP
Firm’s Registration No: 101248W/W-100022
Rajesh Shetty
Partner
Mumbai Membership No: 130778
30 April 2024 UDIN: 24130778BKHNSV5259
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TCS Foundation 6.7
Balance Sheet
(` crore)
Note As at As at
March 31, 2024 March 31, 2023
ASSETS
Non-current assets
(a) Property, plant and equipment 9 - 0.08
(b) Right-of-use assets 17 - 0.62
(c) Financial assets
(i) Loans 10 - 110.00
(ii) Other financial assets 11(i) 1,557.13 419.25
(d) Income tax assets (net) 19.26 6.65
Total non-current assets 1,576.39 536.60
Current assets
(i) Investments 12 150.24 32.77
(ii) Cash and cash equivalents 13 0.40 1.09
(iii) Other balances with banks 14 517.00 -
(iv) Loans 10 110.00 803.06
(v) Other financial assets 11(ii) 40.79 481.19
(b) Other assets 15 6.45 0.62
Total current assets 824.88 1,318.73
TOTAL ASSETS 2,401.27 1,855.33
Equity
(a) Share capital 16 1.00 1.00
(b) Other equity 18 1,305.58 1,302.98
Total Equity 1,306.58 1,303.98
Current liabilities
(i) Lease liabilities - 0.48
(ii) Trade payables
1. Dues of small enterprises and micro enterprises 19 - -
2. Dues of creditors other than small enterprises and
micro enterprises 20 30.10 6.25
(b) Other liabilities 21 1,064.59 544.62
Total current liabilities 1,094.69 551.35
For B S R & Co. LLP

Chartered Accountants N. Chandrasekaran Roopa Purushothaman
Firm's Registration No: 101248W/W-100022 Chairman Director
Rajesh Shetty
Partner
Mumbai, April 30, 2024 Mumbai, April 30, 2024
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6.8 TCS Foundation
Statement of Income and Expenditure

(` crore)

March 31, 2024 March 31, 2023
Income 22 0.30 0.73
Other income (net) 23 138.95 81.90
TOTAL INCOME 139.25 82.63
Expenditure:
(a) Grants 24 1.96 71.47
(b) Project expenses 24 133.63 109.91
(c) Depreciation expense 0.71 0.63
(d) Other operating expenses 25 0.33 0.27
(e) Finance costs 26 0.02 2.23
TOTAL EXPENDITURE 136.65 184.51
SURPLUS/(DEFICIT) OF INCOME OVER EXPENDITURE BEFORE TAX

FOR THE YEAR 2.60 (101.88)
Tax expense
Current tax 27 - 61.13
SURPLUS/(DEFICIT) OF INCOME OVER EXPENDITURE AFTER TAX

FOR THE YEAR 2.60 (163.01)
For B S R & Co. LLP

Rajesh Shetty
Partner
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TCS Foundation 6.9

(` crore)
Balance as at April 1, 2022 Changes in equity share capital during the year Balance as at March 31, 2023
1.00 - 1.00
(` crore)
Balance as at April 1, 2023 Changes in equity share capital during the year Balance as at March 31, 2024
1.00 - 1.00
B. OTHER EQUITY
(` crore)
Reserve and Surplus Total Other Equity
Retained earnings
Deficit of income over expenditure (163.01) (163.01)
Other comprehensive income - -
Total comprehensive expenditure (163.01) (163.01)

Surplus of income over expenditure 2.60 2.60
Nature and purpose of reserves:

Retained earnings
This reserve represents accumulated surplus of income over expenditure of the Company as on the balance sheet date.
NOTES FORMING PART OF THE FINANCIAL STATEMENTS 1- 34
For B S R & Co. LLP

Rajesh Shetty
Partner
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6.10 TCS Foundation

(` crore)
March 31, 2024 March 31, 2023
Surplus/(Deficit) of income over expenditure after tax for the year 2.60 (163.01)
Adjustments for:
Net gain on disposal / fair valuation of investments (12.82) (3.72)
Depreciation expense 0.71 0.63
Interest Income (126.12) (78.17)
Surplus/(Deficit) of Operating income over expenditure before
working capital changes (135.61) (180.91)
Net change in
Other assets (5.83) 1.54
Trade payables 23.85 (0.59)
Other liabilities 519.97 543.06
Cash generated from operations 402.35 363.09
Net cash generated from operating activities 389.74 302.36
Bank deposits placed (1,595.00) (417.00)
Purchase of investments (220.00) (51.00)
Proceeds from bank deposits 425.00 -
Proceeds from disposal / redemption of investments 115.35 106.92
Inter-corporate deposits placed 0.00 (629.20)
Proceeds from inter-corporate deposits 803.06 644.04
Net cash used in investing activities (389.93) (301.43)
Net change in cash and cash equivalents (0.69) 0.26
Cash and cash equivalents at the beginning of the year 1.09 0.83
Cash and cash equivalents at the end of the year 13 0.40 1.09

For B S R & Co. LLP

Rajesh Shetty
Partner
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TCS Foundation 6.11

TCS Foundation (referred to as “the Company”) was incorporated on March 13, 2015 as a company registered under
Section 8 of the Companies Act, 2013. The Company is engaged in promoting and funding projects and / or programs,
relating to Corporate Social Responsibility (CSR) as required by Section 135 read with Schedule VII to the Companies Act,
2013 such as eradication of hunger, poverty and malnutrition; promotion of health care especially for the poor; promotion
of education; development of skills; promotion of gender equality; empowerment of women; environmental sustainability;
protection of national heritage; promotion of sports; promotion of scientific research especially in the area of technology;
helping differently-able persons; providing vocational training; providing sanitation facilities; support to rural development
projects. The Company is a 100% subsidiary of Tata Consultancy Services Limited (“TCS”), the ultimate holding company
is Tata Sons Private Limited.
The Company incurs expenditure by way of grants given towards objects which furthers the cause of the Company and
project expenses which represent initiatives / activities undertaken by the Company. The Company is incorporated and
domiciled in India. The address of its registered office is 9th Floor, Nirmal Building, Nariman Point, Mumbai 400 021.
issue on April 30, 2024.
These financial statements have been prepared in accordance with the Indian Accounting Standards (referred to as
“Ind AS”) as prescribed under section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards)
These financial statements have been prepared on the historical cost basis, except for certain financial instruments which
are measured at fair value or amortised cost at the end of each reporting period, as explained in the accounting policies
below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. All assets and liabilities have been classified as current and non-current
as per the Company’s normal operating cycle. Based on the nature of services rendered to customers and time elapsed
between deployment of resources and the realisation in cash and cash equivalents of the consideration for such services
rendered, the Company has considered an operating cycle of 12 months.
The statement of cash flows has been prepared using the indirect method, whereby profit or loss is adjusted for the effects
equivalents.
These financial statements have been prepared in Indian rupee (`) which is the functional currency of the Company.
respective notes.

management of the Company to make estimates and judgements that affect the reported balances of assets and
liabilities, disclosures of contingent liabilities as at the date of financial statements and the reported amounts of income
statements:
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6.12 TCS Foundation

Useful lives of property, plant and equipment
The Company reviews the useful life of property, plant and equipment at the end of each reporting period. This reassessment
may result in change in depreciation expense in future periods (Refer note 9).
Provisions and contingent liabilities
The Company estimates the provisions that have present obligations as a result of past events and it is probable that
outflow of resources will be required to settle the obligations. These provisions are reviewed at the end of each reporting
period and are adjusted to reflect the current best estimates.
The Company uses significant judgements to assess contingent liabilities. Contingent liabilities are disclosed when there
is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-
occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation
that arises from past events where it is either not probable that an outflow of resources will be required to settle the
obligation or a reliable estimate of the amount cannot be made. Contingent assets are neither recognised nor disclosed
in the financial statements.
6) Income
From FY 2022-23 onwards, the Company credits CSR contributions (other than earmarked funds) received, initially to a
liability account in the Balance Sheet and recognizes them as income as and when they are utilized, to the extent of the
amount spent on multi-year projects. The expenses incurred in the current year are from the CSR contributions of prior
financial years, which have already been recognised as income in those years.
Earmarked funds are initially credited to a liability account in the balance sheet and are transferred to Statement of Income
and Expenditure in the year in which and to the extent to which the Company complies with the conditions attached to
them.
Interest income is recognised using the effective interest method.
7) Cost recognition
The costs of the Company are broadly categorised as grants, project expenses and other operating expenses. Other
operating expenses majorly include sub-contracting costs, travel expenses and other expenses. Other expenses is an
aggregation of costs which are individually not material such as rates and taxes, bank charges etc.
8) Financial instruments
or have expired.
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TCS Foundation 6.13

The Company considers all highly liquid financial instruments, which are readily convertible into known amounts of cash
that are subject to an insignificant risk of change in value and having original maturities of three months or less from the
date of purchase, to be cash equivalents. Cash and cash equivalents consist of balances with banks which are unrestricted
for withdrawal and usage.
objective is to hold these assets to collect contractual cash flows and the contractual terms of the financial assets give rise
on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets at fair value through profit and loss
Financial assets are measured at fair value through profit and loss unless it is measured at amortised cost or at fair value
through other comprehensive income on initial recognition. The transaction costs directly attributable to the acquisition of
financial assets and liabilities at fair value through profit and loss are immediately recognised in statement of profit and
loss.
9) Property, plant and equipment

Property, plant and equipment are stated at cost comprising of purchase price and any initial directly attributable cost of
bringing the asset to its working condition for its intended use, less accumulated depreciation (other than freehold land)
and impairment loss, if any.
Depreciation is provided for property, plant and equipment on a straight-line basis so as to expense the cost less residual
value over their estimated useful lives as prescribed in Schedule II of the Companies Act, 2013 except in respect of certain
categories of assets, where the useful life of the assets has been assessed based on a technical evaluation. The estimated
useful lives and residual values are reviewed at the end of each reporting period, with the effect of any change in estimate
accounted for on a prospective basis.
The estimated useful life is as mentioned below:
Type of asset Method Useful life

Office equipment Straight line 5 years *
Computer equipment Straight line 4 years *
* The Company believes that the technically evaluated useful lives, different from Schedule II of the Companies Act, 2013,
best represent the period over which these assets are expected to be used.
(` crore)
Computer Office Total
equipment equipment
Cost as at April 1, 2023 0.09 0.05 0.14
Additions 0.01 0.01 0.02
Cost as at March 31, 2024 0.10 0.06 0.16
Accumulated depreciation as at April 1, 2023 0.02 0.04 0.06
Depreciation 0.08 0.02 0.10
Accumulated depreciation as at March 31, 2024 0.10 0.06 0.16
Net carrying amount as at March 31, 2024 - - -
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6.14 TCS Foundation

(` crore)
Computer Office Total
equipment equipment
Cost as at April 1, 2022 0.01 0.05 0.06
Additions 0.08 - 0.08
Cost as at March 31, 2023 0.09 0.05 0.14
Accumulated depreciation as at April 1, 2022 0.01 0.04 0.05
Depreciation 0.01 - 0.01
Accumulated depreciation as at March 31, 2023 0.02 0.04 0.06
Net carrying amount as at March 31, 2023 0.07 0.01 0.08
10) Loans
Loans (unsecured) consist of the following:
Loans – Non-current (` crore)

Name As at As at
March 31, 2024 March 31, 2023
Considered good
Inter-corporate deposits - 110.00
- 110.00
Loans – Current (` crore)

Name As at As at
March 31, 2024 March 31, 2023
Considered good
Inter-corporate deposits 110.00 803.06
110.00 803.06
Inter-corporate deposits yield fixed interest rate and are placed with financial institutions, who are authorized to accept
and use such inter-corporate deposits as per regulations applicable to them.
11) Other Financial Assets
(i) Non-current financial assets

(` crore)
As at As at
March 31, 2024 March 31, 2023
Long-term bank deposits 1,495.00 417.00
1,557.13 419.25
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TCS Foundation 6.15

(ii) Current financial assets
(` crore)
As at As at
March 31, 2024 March 31, 2023
Short-term bank deposits - 425.00
40.79 481.19
12) Investments
(` crore)
As at As at
March 31, 2024 March 31, 2023
Investment carried at fair value through profit and loss
Mutual funds (quoted) 150.24 32.77
150.24 32.77

(` crore)
As at As at
March 31, 2024 March 31, 2023
Aggregate value of quoted investments 150.24 32.77
Aggregate market value of quoted investments 150.24 32.77
13) Cash and cash equivalents

(` crore)
As at As at
March 31, 2024 March 31, 2023
Balances with banks
(a) In savings accounts 0.35 1.02
(b) In current accounts 0.05 0.07
0.40 1.09
14) Other balances with banks

Other bank balances with banks consist of the following:
(` crore)
As at As at
March 31, 2024 March 31, 2023
Short-term bank deposits 517.00 -
517.00 -
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6.16 TCS Foundation

15) Other assets
(` crore)
As at As at
March 31, 2024 March 31, 2023
Considered good
6.45 0.62
16) Share capital

The authorised, issued, subscribed and fully paid-up share capital comprises of equity shares having a par value of ` 10
each as follows:
(` crore)
As at As at
March 31, 2024 March 31, 2023
Authorised
4.00 4.00
Issued, Subscribed and Fully paid-up
1.00 1.00
a) Reconciliation of number of shares

shares (` crore) shares (` crore)
Equity shares
Opening balance 10,00,000 1.00 10,00,000 1.00
Closing balance 10,00,000 1.00 10,00,000 1.00
b) Rights and restrictions attached to shares

The Company has one class of equity shares having a par value of `10 each. The shareholders of the Company do
not have any right to dividend. As per clause 10 of Memorandum of Association (MoA) of the Company, in the event
of winding up or dissolution of the Company, the holder of equity shares will not be entitled to receive any of the
remaining assets of the Company after distribution of all preferential amounts. The amount remaining, if any, shall
be given or transferred to such other company having similar objects, subject to such conditions as the Tribunal may
impose, or may be sold and proceeds thereof credited to Rehabilitation and Insolvency Fund formed under Section
269 of the Companies Act, 2013.
c)
Details of shares held by holding company and shareholders holding more than 5% of the aggregate shares in the
Company
(` crore)
As at As at
March 31, 2024 March 31, 2023
Equity shares
Tata Consultancy Services Limited* 10,00,000 10,00,000
100.00% 100.00%
*includes 6 equity shares held by individuals of which beneficial ownership is held with TCS.
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TCS Foundation 6.17

d) Disclosure of Shareholding of Promoters
Shares held by promoter at the end of the year % change during

Promoter name No. of Shares % of total shares the year
Tata Consultancy Services Limited* 10,00,000 100.00 -

Total 10,00,000 100.00 -
Shares held by promoter at the end of the year % change during

Promoter name No. of Shares % of total shares the year
Tata Consultancy Services Limited* 10,00,000 100.00 -

Total 10,00,000 100.00 -
17) Leases
Company as a lessee
losses, if any and adjusted for any remeasurement of the lease liability. The right- of-use assets is depreciated using the
reasonably similar characteristics, the Company, on a lease-by-lease basis, may adopt either the incremental borrowing
of modification.
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6.18 TCS Foundation

Where the carrying amount of the right-of-use asset is reduced to zero and there is a further reduction in the measurement
of the lease liability, the Company recognises any remaining amount of the re-measurement in statement of profit and
loss.
(` crore)
March 31, 2024 March 31, 2024
Leasehold buildings - -
Total - -
Depreciation on right-of-use assets is as follows

(` crore)
March 31, 2024 March 31, 2023
Depreciation
Leasehold buildings 0.61 0.62
0.61 0.62
Interest on lease liabilities is ` 0.02 crore and ` 0.07 crore for the year ended March 31, 2024 and 2023, respectively.
The total cash outflow for leases is ` 0.50 crores and ` 0.66 crores for the year ended March 31, 2024 and 2023, respectively,
including cash outflow for short term and low value leases.
contract.
18) Other equity

Other equity consists of the following:
(` crore)
As at As at
March 31, 2024 March 31, 2023
Retained earnings
(i) Opening balance 1,302.98 1,465.99
(ii) Surplus/(Deficit) of income over expenditure 2.60 (163.01)
1,305.58 1,302.98
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TCS Foundation 6.19

19) Dues of small enterprises and micro enterprises
Dues of Small and Micro Enterprises have been determined to the extent such parties have been identified on the basis
of information collected by the Management. The disclosure pursuant to the Micro, Small and Medium Enterprises
Development Act, 2006, (MSMED Act) for dues to micro enterprises and small enterprises as at March 31, 2024 and 2023
is as under:
(` crore)
As at As at
March 31, 2024 March 31, 2023
Dues remaining unpaid to any supplier
Principal 2.12 -
Amount of interest paid in terms of section 16 of the MSMED Act, 2006, along
with the amount of the payment made to the supplier beyond the appointed day
during each accounting year - -
Amount of interest due and payable for the period of delay in making payment
(which has been paid but beyond the appointed day during the year) but without
adding the interest specified under the MSMED Act, 2006 - -
Amount of further interest remaining due and payable even in the succeeding
years, until such date when the interest dues as above are actually paid to the
small enterprise, for the purpose of disallowance as a deductible expenditure
under section 23 of MSMED Act, 2006 - -
20) Trade payables

(` crore)
Particulars Not due Outstanding for following periods from due date of payment Total
Less than 1 1 - 2 years 2 - 3 years More than
year 3 year
Trade payables
MSME* 2.12 - - - - 2.12
Others 7.58 12.23 2.44 0.42 0.02 22.69
9.70 12.23 2.44 0.42 0.02 24.81
30.10
* MSME as per the Micro, Small and Medium Enterprises Development Act, 2006
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6.20 TCS Foundation

(` crore)
Particulars Not due Outstanding for following periods from due date of payment Total
Less than 1 1 - 2 years 2 - 3 years More than
year 3 year
Trade payables
MSME* - - - - - -
Others 2.65 2.67 0.57 0.21 0.03 6.13
2.65 2.67 0.57 0.21 0.03 6.13
6.25
* MSME as per the Micro, Small and Medium Enterprises Development Act, 2006
21) Other liabilities

(` crore)
As at As at
March 31, 2024 March 31, 2023
(a) Statutory liabilities 0.77 0.50
(b) Unutilised amounts from earmarked funds received (Refer note below)
Opening balance 544.12 1.40
Add: Received during the year (refer note 30) 520.00 543.45
Less: Transferred from Earmarked fund (0.30) (0.73)
1,063.82 544.12
1,064.59 544.62
Note:
The amount unutilised from Earmarked funds represent amounts received from donors for specific projects undertaken
by the Company which have remained unutilised as at the Balance Sheet date.
22) Income
(` crore)
March 31, 2024 March 31, 2023
(a) Donations - -
(b) Transfer from earmarked fund 0.30 0.73
0.30 0.73
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TCS Foundation 6.21

23) Other income (net)
Other income (net) consists of the following:
(` crore)
March 31, 2024 March 31, 2023
(a) Interest income 126.12 78.17
(b) Net gain on investments carried at fair value through profit and loss 12.82 3.72
(c) Other income 0.01 0.01
138.95 81.90
Interest income comprises:

Interest on savings bank / bank deposits 103.27 22.29
Interest on inter-corporate deposits 22.85 55.19
Interest on tax refunds - 0.69
126.12 78.17
24) Grants represent expenses towards Corporate Social Responsibility projects which are executed in collaboration with
other charitable organisations.
Project expenses represent expenses towards Corporate Social Responsibility projects which are executed by the
Company.
25) Other operating expenses

Other operating expense consist of the following:
(` crore)
March 31, 2024 March 31, 2023
(a) Sub-contracting costs (Refer note 1 below) 0.16 0.16
(b) Payment to auditors (Refer note 2 below) 0.05 0.05
(c) Travel expenses - -
(d) Other expenses 0.12 0.06
0.33 0.27
Note 1: Cost of personnel on deputation from TCS.
Note 2:
As auditors - statutory audit (inclusive of GST)
Audit fees 0.04 0.04
Out-of-pocket expenses -* -*
* represents amount below ` 1 lakh
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6.22 TCS Foundation

26) Finance costs
(` crore)
March 31, 2024 March 31, 2023
Interest on tax matters - 2.16
0.02 2.23
27) Income taxes

The Company is registered under section 12AA of the Income tax Act, 1961 which entitles it to claim an exemption from
income tax, provided certain conditions laid down in Income tax Act, 1961 are complied with. Provision for income tax
would be made only in the year in which the Company is unable to establish reasonable certainty of its ability to fulfil these
conditions. The Company has also obtained a certificate under Section 80 G of the Income tax Act, 1961.
The Income Tax Expense consists of the following:
(` crore)
March 31, 2024 March 31, 2023
Current tax
Current tax expense for current year - 61.13
Current tax benefit pertaining to prior year - -
- 61.13
28) Financial instruments

The significant accounting policies, including the criteria for recognition, the basis of measurement and the basis on
which income and expenses are recognised, in respect of each class of financial asset and financial liability are disclosed
in note 8 to the financial statements.
a) Financial assets and liabilities
(` crore)
Fair value Amortised Total carrying
through profit cost value
and loss
Financial assets:
Bank deposits - 517.00 517.00
Investments 150.24 - 150.24
Loans* - 110.00 110.00
Total 150.24 2,225.32 2,375.56
Lease liabilities - - -
Total - 30.10 30.10
*Loans include inter-corporate deposits.
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TCS Foundation 6.23

(` crore)
Fair value Amortised Total carrying
through profit cost value
and loss
Financial assets:
Bank deposits - - -
Investments 32.77 - 32.77
Loans* - 913.06 913.06
Total 32.77 1,814.59 1,847.36
Total - 6.73 6.73
*Loans include inter-corporate deposits.

Carrying amounts of cash and cash equivalents, loans receivables and trade payables as at March 31, 2024 and March
31, 2023 approximate the fair value. Fair value measurement of lease liabilities is not required.
Fair value hierarchy:
• Level 3 — Inputs are not based on observable market data (unobservable inputs). Fair values are determined in
The following table summarises financial assets measured at fair value on a recurring basis:
(` crore)
Financial assets:
Mutual funds 150.24 - - 150.24
Total 150.24 - - 150.24
(` crore)
Financial assets:
Mutual funds 32.77 - - 32.77
Total 32.77 - - 32.77
There are no financial liabilities measured at fair value at the end of each reporting period.
b) Financial risk management:
The Company is exposed primarily to market risk, interest rate risk, credit risk and liquidity risks which may adversely
impact the fair value of its financial instruments. The Company’s Parent Company has a risk management policy
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6.24 TCS Foundation

which covers risks associated with the financial assets and liabilities of the Company. The risk management policy
is approved by the Parent Company’s Board of Directors. The focus of the risk management committee of the Parent
Company is to assess the unpredictability of the financial environment and to mitigate potential adverse effects on
the financial performance of the Company. Investments are made as per the provisions enumerated in the Income
Tax Act, 1961 and Risk management practices are followed similar to those followed in Parent Company.
i. Market risk
interest rates, liquidity and other market changes.
ii. Interest rate risk
The Company’s investments are primarily in fixed rate interest bearing investments. Hence, the Company is not
iii. Credit risk
deterioration of creditworthiness as well as concentration of risks.
Financial instruments that are subject to credit risk consist of loans receivables, investments, cash and cash
equivalents and other financial assets. Bank deposits include an amount of ` 2,012 crore held with one bank
having high credit rating which is individually in excess of 10% or more of the Company’s total bank deposits as
at March 31, 2024. None of the other financial instruments of the Company result in material concentration of
credit risk.
iv. Liquidity risk
(` crore)
March 31, 2024 Due in Due in Due in 3rd to Due after Total
1st year 2nd year 5th year 5th year
Trade payables 30.10 - - - 30.10
Lease liabilities - - - - -
Total 30.10 - - - 30.10
(` crore)
March 31, 2023 Due in Due in Due in 3rd to Due after Total
1st year 2nd year 5th year 5th year
Trade payables 6.25 - - - 6.25
Lease liabilities 0.50 - - - 0.50
Total 6.75 - - - 6.75
v. Currency risk
The Company is not exposed to significant currency risk as the revenue and expenditure are primarily denominated
in Indian Rupees.
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TCS Foundation 6.25

29) Segment reporting
The Company is engaged in promoting and funding projects and / or programs, relating to Corporate Social Responsibility
(CSR) in India, which in the context of Ind AS 108 Operating Segments is considered as the only reportable segment. The
Company does not have any geographical segments.
30) Commitments and Contingencies

Capital commitments
There are no contracts remaining to be executed on capital account and not provided for (net of advances) as at March 31,
2024 (Nil as at March 31, 2023).
Contingencies
There are no contingent liabilities as at March 31, 2024 (Nil as at March 31, 2023).
31) Related party transactions

TCS Foundation’s principal related parties consist of its holding company Tata Consultancy Services Limited and its
subsidiaries. The Company routinely enters into transactions with its related parties in the ordinary course of business.
Related parties and their relationship
I) Ultimate Holding Company
II) Holding Company
III) Fellow subsidiaries with whom the Company has transactions
TCS e-Serve International Limited
APTOnline Limited (Formerly APOnline Limited)
IV) Associates / Joint ventures of Tata Sons Private Limited and their subsidiaries
TATA Class Edge (A Division of TATA Industries Ltd)
Voltas Limited
The Indian Hotels Company Limited
Piem Hotels Limited
(` crore)
Particulars Year ended March 31, 2024
Holding Fellow Associates / joint Total
Company subsidiaries ventures of Tata
Sons Private
Limited and their
subsidiaries
Donations - - - -
Other than earmarked funds received 520.00 - - 520.00
Earmarked funds received - - - -
Purchase of services and facilities (including
sub-contracting cost) 4.14 - 0.06 4.20
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6.26 TCS Foundation

(` crore)
Sons Private
Limited and their
subsidiaries
Donations - - - -
Other than earmarked funds received 543.15 0.30 - 543.45
Earmarked funds received - - - -
Purchase of services and facilities (including
sub-contracting cost) 1.26 - 0.03 1.29

(` crore)
Particulars As at March 31, 2024
Sons Private
Limited and their
subsidiaries
Trade payables 0.42 - 0.02 0.44
(` crore)
Sons Private
Limited and their
subsidiaries
Trade payables 0.13 - - 0.13
32) No funds have been advanced/loaned/invested (from borrowed funds or from share premium or from any other sources
/ kind of funds) by the Company to any other person(s) or entity(ies), including foreign entities (Intermediaries), with the
understanding (whether recorded in writing or otherwise) that the Intermediary shall (i) directly or indirectly lend or invest
in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries)
or (ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
with the understanding (whether recorded in writing or otherwise) that the Company shall (i) directly or indirectly, lend
or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate
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TCS Foundation 6.27

Ratios
Ratio Numerator Denominator Current Previous % Reason for variance

year year variance
Current ratio Total current Total current New deposits and
(in times) assets liabilities 0.75 2.39 (68.62) renewal of previous year
deposits which were
current in nature, were
placed with a longer
tenure during the year.
Also there is an increase
in current liabilities on
account of an accounting
change from FY23 as
mentioned in note 6.
Return on Income generated Average
investment (in %) from invested funds invested funds 6.84% 5.03% 1.81
Other ratios related to revenue, profit and equity are not applicable to TCS Foundation as it is a section 8 company.
34) Earnings per share (EPS) is not applicable to TCS Foundation as it is a section 8 company and hence not disclosed.
For B S R & Co. LLP

Rajesh Shetty
Partner
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TATA CONSULTANCY SERVICES (AFRICA)
(PTY) LTD
(Registration Number: 2007/030546/07)
ANNUAL FINANCIAL STATEMENTS

For the year ended
December 31, 2023
Audited in compliance with section 30

of the Companies Act of South Africa.
Prepared under the supervision of Gilroy Fernandes
Tata Consultancy Services (Africa) (Pty) Ltd 7.1
For the year ended December 31, 2023

Table of Contents PAGE
Directors’ Statement of Responsibility 7.2
Directors’ Report 7.3
Statement of Financial Position 7.6
Statement of Profit or Loss and Other Comprehensive Income 7.7
Notes to the Financial Statements 7.10

7.2 Tata Consultancy Services (Africa) (Pty) Ltd
Directors’ Statement of Responsibility
The directors of the company are responsible for the maintenance of adequate accounting records and the preparation and
integrity of the annual financial statements and related information. The auditors are responsible for reporting on the fair
presentation of the financial statements. The financial statements have been prepared in accordance with International
Financial Reporting Standards and the requirements of the Companies Act of South Africa.
The directors are also responsible for the company’s system of internal financial control. These are designed to provide
reasonable, but not absolute, assurance as to the reliability of the financial statements, and to adequately safeguard, verify and
maintain accountability of the company’s assets, and to prevent and detect misstatement and loss. Nothing has come to the
attention of the directors to indicate that any material breakdown in the functioning of these controls, procedures and systems
have occurred during the year under review.
The financial statements have been prepared on the going concern basis since the directors believe that the company has
adequate resources in place to continue in operation for the foreseeable future.
Directors’ approval of the annual financial statements

The annual financial statements and directors report were approved by the Directors on March 20, 2024 and are signed on
their behalf by:
Lakshminarayanan Gomatam Seshadri

Authorised Director
Henry Langa Dube

Authorised Director
Ujjwal Mathur
Authorised Director
Adil Tantra
Authorised Director
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Directors’ Report
The directors have pleasure in presenting their report on the activities of the Company for the year ended December 31, 2023.
This financial report covers the period 1st January 2023 to 31st December 2023. Comparative figures are for the 12 months to
31st December 2022.
Nature of business
The Company acts as an investment holding company. Its subsidiary provides IT consulting services.
General review of operations

The financial position of the Company and the results of its operations for the year under review are set out in the attached
financial statements and in the opinion of the directors require no further comment. Profit after tax for the Company amounted
to ZAR 77,710,938 for December 2023 (December 2022: ZAR 56,081,415).
Dividends
A dividend of ZAR 77,700,000 was paid during the year ended December 31, 2023 (December 2022: ZAR 56,140,000)
Shareholder
The current shareholder of TATA CONSULTANCY SERVICES (AFRICA) (PTY) LTD is:
As at As at
December 31, 2023 December 31, 2022
Tata Consultancy Services Limited 100% 100%
Directors and secretary

The directors of the company during the year under review and up to the date of this report are:
Henry Langa Dube (Appointed on July 22, 2019)
Lakshminarayanan Gomatam Seshadri* (Appointed on July 22, 2019)
Ujjwal Mathur* (Appointed on July 22, 2019)
Adil Noshir Tantra* (Appointed on July 22, 2019)
*Indian
Registered office and postal address

The registered office and postal address of the company are:
Registered Address: 39, Ferguson Road, Illovo, 2196
Postal address: P.O. Box 706, Melrose Arch, 2076
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KPMG Inc
KPMG Crescent
85 Empire Road, Parktown, 2193,
Private Bag 9, Parkview, 2122, South Africa
Telephone +27 (0)11 647 7111
Fax +27 (0)11 647 8000
Docex 472 Johannesburg
Web http://www.kpmg.co.za
To the shareholder of Tata Consultancy Services (Africa) (Pty) Ltd
Opinion
We have audited the financial statements of Tata Consultancy Services (Africa) (Pty) Ltd (the Company) set out on
pages 1 to 13, which comprise the statement of financial position as at 31 December 2023, and the statement of profit or loss
and other comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and
notes to the financial statements, including a summary of significant accounting policies.
In our opinion, the financial statements present fairly, in all material respects, the financial position of Tata Consultancy
Services (Africa) Pty Ltd as at 31 December 2023, and its financial performance and cash flows for the year then ended in
accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IFRS Accounting
Standards) and the requirements of the Companies Act of South Africa.
Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those
standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report.
We are independent of the Company in accordance with the Independent Regulatory Board for Auditors’ Code of Professional
Conduct for Registered Auditors (IRBA Code) and other independence requirements applicable to performing audits of
financial statements in South Africa. We have fulfilled our other ethical responsibilities in accordance with the IRBA Code and
in accordance with other ethical requirements applicable to performing audits in South Africa. The IRBA Code is consistent
with the corresponding sections of the International Ethics Standards Board for Accountants’ International Code of Ethics
for Professional Accountants (including International Independence Standards). We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Other information
The directors are responsible for the other information. The other information comprises the information included in the
document titled “Tata Consultancy Services (Africa) Pty Ltd Annual Financial Statements for the year ended 31
December 2023”, which includes the Directors’ Report as required by the Companies Act of South Africa. The other information
does not include the financial statements and our auditor’s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express an audit opinion or any
form of assurance conclusion thereon.
the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is
Responsibilities of the directors for the financial statements

The directors are responsible for the preparation and fair presentation of the financial statements in accordance with IFRS
Accounting Standards as issued by the International Accounting Standards Board (IFRS Accounting Standards) and the
requirements of the Companies Act of South Africa, and for such internal control as the directors determine is necessary to
enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
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In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless
the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements

is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material
statements.
As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control.
disclosures made by the directors.
• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt
on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s
report. However, future events or conditions may cause the company to cease to continue as a going concern.
We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant
audit findings, including any significant deficiencies in internal control that we identify during our audit.
KPMG Inc.
Registered Auditor
Per DW Matthews
Chartered Accountant (SA)
Registered Auditor
Director
20 March 2024
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Statement of Financial Position
(Amount in ZAR)
Note As at As at
ASSETS
Current assets
Cash and cash equivalents 7 (a) 8,177,508 6,009,413
Other financial assets 7 (d) 19,772 11,371
Income taxes assets (net) 6,901 7,907
Total current assets 8,204,181 6,028,691
Non-current assets
Investments 7 (b) 106,700,000 106,700,000
Total non-current assets 106,700,000 106,700,000
TOTAL ASSETS 114,904,181 112,728,691
LIABILITIES AND EQUITY

Liabilities
Current liabilities
Trade payables 7 (c) 129,123 120,572
Other current liabilities 9 (a) 7,770,001 5,614,000
TOTAL LIABILITIES 7,899,124 5,734,572
Equity
Share capital 7 (h) 14,000,000 14,000,000
Retained earnings 93,005,057 92,994,119
TOTAL EQUITY 107,005,057 106,994,119
TOTAL LIABILITIES AND EQUITY 114,904,181 112,728,691
SEE ACCOMPANYING NOTES FORMING PART OF THE FINANCIAL STATEMENTS
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Statement of Profit or Loss and Other Comprehensive Income

For the year ended December 31, 2023 and year ended December 31, 2022
(Amount in ZAR)

Dividend received 77,760,004 56,160,003
Operating expenses
Other operating expenses 10 136,004 110,820
Total operating expenses 136,004 110,820
Operating profit 77,624,000 56,049,183
Other income
Interest income 11 119,017 44,733
Profit before taxes 77,743,017 56,093,916
Income tax expense 12 32,079 12,501
Profit for the year 77,710,938 56,081,415
Other comprehensive Income (OCI) - -
Total comprehensive income for the YEAR 77,710,938 56,081,415
See accompanying notes forming part of the financial statements
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(Amount in ZAR)
Share capital Retained earnings Total equity
Balance as at January 1,2022 14,000,000 93,052,704 107,052,704
Total comprehensive income for the year - 56,081,415 56,081,415
Dividend paid (Per share : 4) - (56,140,000) (56,140,000)
Balance as at December 31, 2022 14,000,000 92,994,119 106,994,119
Dividend paid (Per share : 5.55 ) - (77,700,000) (77,700,000)
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(Amount in ZAR]
Note For year ended For year ended

Cash flows from operating activities
Adjustment for
Operating Profit before working capital changes 77,743,017 56,093,916
Other financial assets (8,401) (10,405)
Other current liabilities 2,156,001 (1,666,000)
Trade and other payables 8,551 37,380
Cash generated from operations 79,899,168 54,454,891
Taxes paid (31,072) (7,820)
Net cash generated from operating activities 79,868,096 54,447,071
Cash flows from financing activities
Dividend paid (77,700,000) (56,140,000)
Net cash used in financing activities (77,700,000) (56,140,000)
Net change in cash and cash equivalents 2,168,095 (1,692,929)
Cash and cash equivalents, at the beginning of the year 7 (a) 6,009,413 7,702,342
Cash and cash equivalents, at the end of the year 8,177,508 6,009,413
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Notes forming part of the financial statements for the year ended December 31, 2023
TATA CONSULTANCY SERVICES (AFRICA) (PTY) LTD (the “Company”) is registered under Companies Act of South Africa
having registration number 2007/030546/07
The Company acts as an investment holding Company. Its subsidiary provides IT consulting services.
The address of the Company’s registered office is 39 Ferguson road, Illovo, 2196
The financial statement were approved and authorised for issue on March 20, 2024
The financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and
Companies Act of South Africa. The principal accounting policies applied in the preparation of these financial statements
have been consistently applied to all periods presented.
The financial statements have been prepared on historical cost basis except otherwise stated. Historical cost is generally
based on the fair value of the consideration given in exchange for goods and services. Fair value is the price that would
be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the
measurement date.
Cash flows are reported using the indirect method, whereby profit or loss is adjusted for the effects of transactions of a
non¬cash nature, any deferrals or accruals of past or future operating cash receipts or payments and items of income or
expense associated with investing or financing cash flows. The Company classifies interest paid and interest and dividend
received as cash flow from operating activities. The cash flows from operating, investing and financing activities of the
Company are segregated. The Company considers all highly liquid investments that are readily convertible to known
amounts of cash and are subject to an insignificant risk of changes in value to be cash equivalents.
The functional and reporting currency of TATA CONSULTANCY SERVICES (AFRICA) (PTY) LTD is Rands (“ZAR”). Foreign
currency transactions are translated into functional currency at exchange rates prevailing on the date of the transaction.
Foreign currency denominated monetary assets and liabilities are translated into the functional currency using exchange
rates prevailing on the balance sheet date. Gains and losses arising on conversion of foreign currency denominated
monetary assets and liabilities are included in profit or loss. Non monetary assets and liabilities that are measured in
terms of historical cost in foreign currencies are not translated.
4. Use of estimates and judgments

The preparation of these financial statements is in conformity with the recognition and measurement principles of
International Financial Reporting Standards (IFRS) which requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses for the years presented.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized
in the year in which the estimates are revised and future periods are affected.
The Company uses the following critical accounting estimates in preparation of its consolidated financial statements:
a. Revenue recognition
Dividend income is recorded when the right to receive payment is established. Interest income is recognised using
b. Provisions and contingent liabilities
These are reviewed at the end of each reporting period and adjusted to reflect the current best estimates. Contingent
liabilities are not recognised in the financial statements. A contingent asset is neither recognised nor disclosed in the
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5. Nature and purpose of reserves
This reserve represents undistributed accumulated earnings of the Company as on the date of statement of financial
position.
6. Recent Accounting Standards

The Company has not applied the following new and revised IFRSs that have been issued but are not yet effective.
Amendments to IFRS 16 Lease Liability in a sale and Leaseback1
Amendments to IAS 1 Non-current Liabilities with Covenants1
Amendments to IAS 1 Classification of Liabilities1
Amendments to IAS 7 and IFRS 7 Supplier Finance Arrangements1
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates2
1
Effective for annual periods beginning on or after January 1, 2024.
2
IFRS 16 – Lease Liability in a Sale and Leaseback

In September 2022, the IASB issued ‘Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)’ with amendments
that clarify how a seller-lessee subsequently measures sale and leaseback transactions that satisfy the requirements in
IFRS 15 to be accounted for as a sale. The Company does not expect this amendment to have any significant impact in its
IAS 1 – Non-current Liabilities with Covenants
In October 2022, IASB issued ‘Non-current Liabilities with Covenants (Amendments to IAS 1)’ to clarify how conditions
with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The
Company does not expect the amendments to have any significant impact on its classification of non-current liabilities in
its statement of financial position.
IAS 1 – Classification of Liabilities
In January 2020, IASB issued the final amendments in Classification of Liabilities as Current or Non-Current, which
affect only the presentation of liabilities in the statement of financial position. They clarify that classification of liabilities
as current or non¬current should be based on rights that are in existence at the end of the reporting period and align the
wording in all affected paragraphs to refer to the “right” to defer settlement by at least twelve months. The classification
is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability. They make
clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. The
Company does not expect the amendments to have any significant impact on its presentation of liabilities in its statement
of financial position.
IAS 7 and IFRS 7 – Supplier Finance Arrangements
In May 2023, the IASB issued ‘Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)’ which require an
entity to provide additional disclosures about supplier finance arrangements. Solely credit enhancements for the entity
or instruments used by the entity to settle their dues, are not supplier finance arrangements. Entity will have to disclose
information that enables users of financial statements to assess how these arrangements affect its liabilities and cash
flows and to understand their effect on an its exposure to liquidity risk and how it might be affected if the arrangements
were no longer available to it. The Company does not expect the amendments to have any significant impact on its
presentation of liabilities.
IAS 21 – The Effects of Changes in Foreign Exchange Rates
In August 2023, the IASB issued ‘Lack of Exchangeability (Amendments to IAS 21)’ to provide guidance to specify which
exchange rate to use when the currency is not exchangeable. An entity must estimate the spot exchange rate as the rate
that would have applied to an orderly transaction between market participants at the measurement date and that would
faithfully reflect the economic conditions prevailing. The Company does not expect this amendment to have any significant
impact in its financial statements.
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outstanding.
acquisition of financial assets and liabilities at fair value through profit or loss are immediately recognised in profit or loss.
Equity instruments
Trade and other payable
Liabilities are recognised for the amounts to be paid in the future for goods or services received, whether billed by supplier
or not.
The Company assesses at each date of statement of financial position whether a financial asset or a Company of financial
assets is impaired. IFRS 9 requires expected credit losses to be measured through a loss allowance. The Company
recognises lifetime expected losses for all contract assets and / or all trade receivables that do not constitute a financing
transaction. In determining the allowances for doubtful trade receivables the Company has used a practical expedient
by computing the expected credit loss allowance for trade receivables based on a provision matrix. The provision matrix
takes into account historical credit loss experience and is adjusted for forward looking information. The expected credit
loss allowance is based on the ageing of the receivables that are due and rates used in the provision matrix. For all other
financial assets, expected credit losses are measured at an amount equal to the 12-month expected credit losses or at
an amount equal to the life time expected credit losses if the credit risk on the financial asset has increased significantly
since initial recognition.
Derecognition of financial assets
(i) Financial asset
The Company derecognises a financial asset when the contractual right to the cash flows from the financial asset
expire, or it transfers the right to receive the contractual cash flow in a transaction in which substantially all of the
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risks and rewards of the ownership of financial asset are transferred or in which the Company neither transfers nor
retains substantially all of the risks and rewards of ownership and it does not retain control of financial asset.
The Company enters into transactions whereby it transfers assets recognised in its statement of financial position,
but retains either all or substantially all the risks and rewards of the transferred assets. In these cases the transferred
assets are not derecognised.
(ii) Financial liability
The Company derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire.
The Company also derecognises financial liability when its terms are modified and cash flows of the modified liability
are substantially different, in which case a new financial liability based on the modified terms is recognised at fair
value.
On derecognition of financial liability the difference between the carrying amount extinguished and the consideration
paid (including any non cash asset transferred or liabilities assumed) is recognised in profit or loss.
Offsetting
Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position
when, and only when, the company currently has legally enforceable right to setoff the amount and it intends either to
settle them on a net basis or to realise the asset and settle the liabilities simultaneously.
a. Cash and cash equivalents
(Amount in ZAR)
As at As at
Balances with bank
In current account 57,508 45,413
In deposit account 8,120,000 5,964,000
Total 8,177,508 6,009,413
b. Investment
Investment consist of the following:
(Amount in ZAR)
As at As at
Investment non-current
Investment in subsidiary* 106,700,000 106,700,000
Total 106,700,000 106,700,000
*Investment in subsidiary is stated at cost less accumulated impairment losses in the Company’s financial statements.
Considering the fact that TATA CONSULTANCY SERVICES (AFRICA) (PTY) LTD is a profitable company despite the
pandemic situation, management believes there is no trigger for impairment.
c. Trade payables
(Amount in ZAR)
As at As at
Accrued expenses 129,123 120,572
Total 129,123 120,572
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d. Other financial assets
(Amount in ZAR)
As at As at
Accrued interest 19,772 11,371
Total 19,772 11,371
e. Financial instruments by category

The carrying value of financial instruments by categories as at December 31, 2023 is as follows:
(Amount in ZAR)
Financial assets
Cash and cash equivalents 8,177,508 8,177,508
Other financial assets 19,772 19,772
Total 8,197,280 8,197,280
Trade payables 129,123 129,123
Total 129,123 129,123
The carrying value of financial instruments by categories as at December, 2022 is as follows:

(Amount in ZAR)
Financial assets
Total 6,020,784 6,020,784
Trade payables 120,572 120,572
Total 120,572 120,572
Carrying amounts of cash and cash equivalents, other financial assets and trade payables as at December 31, 2023
and December 31, 2022 approximate the fair value.
f. Fair value hierarchy
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g. Financial risk management
The Company is exposed primarily to fluctuations in credit, liquidity and interest rate risks, which may adversely
impact the fair value of its financial instruments. The Company has a risk management policy which covers risks
associated with the financial assets and liabilities. The risk management policy is approved by the Board of Directors.
The focus of the risk management committee is to assess the unpredictability of the financial environment and to
mitigate potential adverse effects on the financial performance of the Company.
Market risk
• Foreign currency
The Company is not exposed to foreign currency exchange rate risk.
The Company is not significantly exposed to interest rate risk.
Credit risk
Financial instruments that are subject to concentration of credit risk principally consist of cash and cash equivalents,
and other financial assets.
The carrying amount of financial assets and contract assets represents the maximum credit exposure. The
maximum exposure to credit risk was ZAR 8,197,280 and ZAR 6,020,784 as of December 31, 2023 and December
31, 2022, respectively being the total of the carrying amount of balances with bank, bank deposit and other
financial assets. Balance with bank are held with banks with high credit ratings.
Liquidity risk
Company consistently generates sufficient cash flows from operations to meet its financial obligations as and when
they fall due.
(Amount in ZAR)
Due in 1st year Due in 2nd to Total
5th year
December 31, 2023
Trade payables 129,123 - 129,123
Total 129,123 - 129,123
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(Amount in ZAR)
Due in 1st year Due in 2nd to Total
5th year
December 31, 2022
Trade payables 120,572 - 120,572
Total 120,572 - 120,572
h. Equity instruments
(Amount in ZAR)
Authorised, issued, subscribed and paid up Share Capital As at As at
Authorised:
20,000,000 ordinary shares of ZAR 1 each 20,000,000 20,000,000
Issued, Subscribed & Fully paid up :
Share holding Percentage Percentage

Capital management
The Company’s objective for capital management is to maximize shareholder value, safeguard business continuity and
support the growth of the Company. The Company determines the capital requirement based on annual operating plans
and long-term product and other strategic investment plans. The funding requirements are met through equity and
8. Leases
Company as a lessee
stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components.
recoverable. Impairment loss, if any, is recognised in profit or loss.
date of the lease. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be
readily determined. If that rate cannot be readily determined, the Company uses incremental borrowing rate. For leases
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with reasonably similar characteristics, the Company, on a lease-by-lease basis, may adopt either the incremental
borrowing rate specific to the lease or the incremental borrowing rate for the portfolio as a whole. The lease payments
shall include fixed payments, variable lease payments, residual value guarantees, exercise price of a purchase option
where the Company is reasonably certain to exercise that option and payments of penalties for terminating the lease, if the
lease term reflects the lessee exercising an option to terminate the lease. The lease liability is subsequently remeasured
by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the
lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications or to
reflect revised in-substance fixed lease payments. The Company recognises the amount of the re-measurement of lease
liability due to modification as an adjustment to the right-of-use asset and profit or loss depending upon the nature of
modification. Where the carrying amount of the right-of-use asset is reduced to zero and there is a further reduction in
the measurement of the lease liability, the Company recognises any remaining amount of the re-measurement in profit or
loss.
The Company has elected not to apply the requirements of IFRS 16 to short-term leases of all assets that have a lease
9. Non-financial assets and financial liabilities

a. Other liabilities
(Amount in ZAR)
As at As at
Other liabilities - current
Indirect Tax Payable 7,770,001 5,614,000
Total 7,770,001 5,614,000

The costs of the Company are broadly categorised into other operating expenses which mainly include fees to external
consultants and other expenses. Other expenses comprise of bank charges and payment to auditors.
The Company decided to present an analysis of expenses recognized in the Profit or Loss using a classification based
on their nature instead of by their function as classification of expenses by nature is considered to provide more reliable
and relevant information to users than their classification by function. Information on the nature of expenses is useful
in predicting future cash flows. Classification by nature is simple and does not require allocations and involves lesser
management judgement. The Company intends to follow this approach on a consistent basis.
(Amount in ZAR)
Other operating expenses
Fees to external consultants 111,679 86,684
Other expenses 24,325 24,136
Total 136,004 110,820
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11. Other income
(Amount in ZAR)
Interest income
Interest income - Bank 118,853 44,733
Interest income - Income tax refunds 164 -
Total 119,017 44,733
12. Income taxes

Income tax expense comprises current tax expense and the net change in the deferred tax asset or liability during the year.
Current tax is based on the taxable profit for the year and is calculated using tax rates that have been enacted by the end
of the reporting period. Advance taxes and provisions for current income taxes are presented in the statement of financial
position after off-setting advance tax paid and income tax provision arising in the same tax jurisdiction and where the
relevant tax paying unit intends to settle the asset and liability on a net basis.
The Company accounts for the deferred income taxes using the balance sheet approach. Deferred income taxes are
provided for the differences between the tax base of assets and liabilities and their reported amounts in the financial
statements.
Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to
the extent that it is probable that future taxable profits will be available against which they can be used. Future taxable
profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary
differences is insufficient to recognise a deferred tax asset in full, then future taxable profits, adjusted for reversals of
existing temporary differences, are considered, based on the business plans for the Company. Deferred tax assets are
reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will
be realised; such reductions are reversed when the probability of future taxable profits improves.
Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that it has become
probable that future taxable profits will be available against which they can be used.
(Amount in ZAR)
Current tax
Current tax expense 32,079 12,501
Total 32,079 12,501
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The reconciliation of estimated income tax expense at the Statutory income tax rate to income tax expense reported in
statement of profit or loss and other comprehensive income is as follows:
(Amount in ZAR)
Current tax expenses
Income before taxes 77,743,017 56,093,916
Statutory tax rate 27.00% 28.00%
Expected income tax expense 20,990,615 15,706,296
Less: Income exempt from tax (20,995,201) (15,724,801)
Operating losses carry forwards - -
Tax pertaining to prior years: - -
Current tax - -
Disallowable expenses
Expense on exempted dividend 36,665 31,006
Total tax expense 32,079 12,501
IFRIC 23 Interpretation Uncertainty over Income Tax Treatment

IFRIC 23 interpretation addresses the accounting for income taxes when there is uncertainty over tax treatments. It
clarifies that an entity must consider the probability that the tax authorities will accept a treatment retained in its income
tax filings, assuming that they have full knowledge of all relevant information when making their examination. In such a
case, the income taxes shall be determined in line with the income tax filings.
Application of IFRIC 23
The Company reviewed its income tax treatments in order to determine whether IFRIC 23 interpretation could have an
impact on the financial statements. In that respect, the Company observed that there are no instances of any uncertain
tax treatment in the past and on that basis it is reasonable to conclude that all the tax treatments are accepted by the tax
officer and hence IFRIC-23 is not applicable.
13. Related party transactions

TATA CONSULTANCY SERVICES (AFRICA) (PTY) LTD principal related parties consist of its holding company Tata
Consultancy Services Limited and it’s subsidiary TATA CONSULTANCY SERVICES (SOUTH AFRICA) (PTY) LTD The Company
routinely enters into transactions with its related parties in the ordinary course of business.
Transactions with related parties
(Amount in ZAR)
Particulars With Tata TATA CONSULTANCY Total
Consultancy Services SERVICES (SOUTH
Limited, Holding AFRICA) (PTY) LTD,
Company Subsidiary Company
Dividend paid 77,700,000 - 77,700,000
Dividend received - 77,760,004 77,760,004
Dividend paid 56,140,000 - 56,140,000
Dividend received - 56,160,003 56,160,003
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14. Compensation to key managerial personnel
Mr. Henry Langa Dube (Director)
(Amount in ZAR)
Basic 2,089,488 1,926,393
Bonus 330,246 239,414
Other contribution 525,862 470,863
Total 2,945,596 2,636,670
Note: The remuneration earned by Mr. Henry Langa Dube is across entities of South African geography wherein he act as
director and does not only pertain to TATA CONSULTANCY SERVICES (AFRICA) (PTY) LTD
15. Going concern

The directors have, at the time of approving financial statements, a reasonable expectation that the Company has adequate
resources to continue in operational existence for the foreseeable future.
16. Subsequent events

There have been no circumstances of a material nature that have occurred between the financial year end and the date of
approval of these financial statements that require adjustment or disclosure in the financial statements.
17. Consolidation
The following set of financial statements represents the financial statements of the entity. The exemption under IAS27.16(1)
has been applied and consolidated financial statements were not prepared. The consolidated financial statements of the
parent company are available on demand.
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Tata Consultancy Services Asia Pacific Pte Ltd
Registration Number: 200308003M
Annual Financial Statements
For the year ended on 31 March 2024
Tata Consultancy Services Asia Pacific Pte Ltd 8.1

CONTENTS PAGE
Directors’ statement 8.2
Independent Auditors’ report 8.4
Statement of financial position 8.6
Statement of comprehensive income 8.7
Statement of changes in equity 8.8
Statement of cash flows 8.9
Notes forming part of the financial statements 8.10

8.2 Tata Consultancy Services Asia Pacific Pte Ltd
Directors’ statement
We are pleased to submit this annual report to the member of the Company together with the audited financial statements for
the financial year ended 31 March 2024.
In our opinion:
(a) the financial statements set out on pages 8.6 to 8.40 are drawn up so as to give a true and fair view of the financial position
of the Company as at 31 March 2024 and the financial performance, changes in equity and cash flows of the Company
for the year ended on that date in accordance with the provisions of the Companies Act 1967 and Financial Reporting
Standards in Singapore; and
(b) at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as and
when they fall due.
The Board of Directors has, on the date of this statement, authorised these financial statements for issue.
Directors
The directors in office at the date of this statement are as follows:
Girish Ramachandran
Krishnan Ramanujam
Lakshminarayanan G S
Directors’ interests
According to the register kept by the Company for the purposes of Section 164 of the Companies Act 1967 (‘the Act’), particulars
of interests of directors who held office at the end of the financial year (including those held by their spouses and children) in
shares, debentures, warrants and share options in the Company and in related corporations are as follows:
Name of director and corporation in which interests are held Holdings at beginning Holdings at end
of the year of the year
- Immediate holding company
Ordinary shares
Girish Ramachandran 11,000 5,000
Krishnan Ramanujam 5,000 5,000
Lakshminarayanan G S 1,000 1,000
Except as disclosed in this statement, no director who held office at the end of the financial year had interests in shares,
debentures, warrants or share options of the Company, or of related corporations, either at the beginning of the financial year
or at the end of the financial year.
Except as disclosed under the ‘Share options’ section of this statement, neither at the end of, nor at any time during the
financial year, was the Company a party to any arrangement whose objects are, or one of whose objects is, to enable the
directors of the Company to acquire benefits by means of the acquisition of shares in or debentures of the Company or any
other body corporate.
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Share options
During the financial year, there were:
(i) no options granted by the Company to any person to take up unissued ordinary shares of the Company; and
(ii) no shares issued by virtue of any exercise of option to take up unissued shares of the Company.
As at the end of the financial year, there were no unissued shares of the Company under option.
Auditors
The auditors, KPMG LLP, have indicated their willingness to accept appointment.
On behalf of the Board of Directors
Girish Ramachandran Lakshminarayanan G S

Director Director
7 May 2024
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Independent auditors’ report

Member of the Company
Tata Consultancy Services Asia Pacific Pte Ltd
Report on the audit of the financial statements
Opinion
We have audited the financial statements of Tata Consultancy Services Asia Pacific Pte Ltd (‘the Company’), which comprise the
statement of financial position as at 31 March 2024, the statement of comprehensive income, statement of changes in equity
and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting
policy information, as set out on pages 8.6 to 8.40.
In our opinion, the accompanying financial statements are properly drawn up in accordance with the provisions of the
Companies Act 1967 (‘the Act’) and Financial Reporting Standards in Singapore (‘FRSs’) so as to give a true and fair view of the
financial position of the Company as at 31 March 2024 and of the financial performance, changes in equity and cash flows of
the Company for the year ended on that date.
Basis for opinion

We conducted our audit in accordance with Singapore Standards on Auditing (‘SSAs’). Our responsibilities under those standards
are further described in the ‘Auditors’ responsibilities for the audit of the financial statements’ section of our report. We are
independent of the Company in accordance with the Accounting and Corporate Regulatory Authority Code of Professional
Conduct and Ethics for Public Accountants and Accounting Entities (‘ACRA Code’) together with the ethical requirements that
are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Other information
Management is responsible for the other information contained in the annual report. Other information is defined as all
information in the annual report other than the financial statements and our auditors’ report thereon.
We have obtained all other information prior to the date of this auditors’ report.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance
conclusion thereon.
the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is
Responsibilities of management and directors for the financial statements

Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the
provisions of the Act and FRSs, and for devising and maintaining a system of internal accounting controls sufficient to provide
a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are
properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements
and to maintain accountability of assets.
In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going
management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The directors’ responsibilities include overseeing the Company’s financial reporting process.
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Auditors’ responsibilities for the audit of the financial statements

misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism
override of internal controls.
• Obtain an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal
controls.
disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit
to draw attention in our auditors’ report to the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’
report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within
the Company to express an opinion on the financial statements. We are responsible for the direction, supervision and
performance of the audit. We remain solely responsible for our audit opinion.
audit findings, including any significant deficiencies in internal controls that we identify during our audit.
Report on other legal and regulatory requirements
In our opinion, the accounting and other records required by the Act to be kept by the Company have been properly kept in
accordance with the provisions of the Act.
KPMG LLP
Public Accountants and
Singapore
7 May 2024
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Statement of financial position

As at 31 March 2024
(Amount in: US$)
Note 2024 2023

Assets
Investments in subsidiaries 4 109,932,755 109,932,755
Other investments 5 3,300,000 3,300,000
Equipment 6 (A) 1,090,408 1,495,902
Intangible asset 6 (B) 50,468 147,480
Right-of-use assets 21 752,744 2,481,239
Others assets 9 200,764 18,815
Non-current assets 115,327,139 117,376,191
Cash and cash equivalents 7 17,358,447 46,787,860

Trade and other receivables 8 85,203,685 85,690,921
Other assets 9 9,292,844 6,862,235
Current assets 111,854,976 139,341,016
Total assets 227,182,115 256,717,207
Equity
Share capital 10 4,400,000 4,400,000
Fair value reserves 2,400,000 2,400,000
Total equity 127,585,071 124,858,936
Liabilities
Accruals 12 521,954 515,120
Lease liabilities 13 – 800,429
Non-current liabilities 521,954 1,315,549
Trade and other payables 11 73,668,464 73,367,061
Accruals 12 21,000,599 51,783,069
Lease liabilities 13 787,367 1,730,311
Income tax payable 3,618,660 3,662,281

Current liabilities 99,075,090 130,542,722
Total liabilities 99,597,044 131,858,271
Total equity and liabilities 227,182,115 256,717,207
The accompanying notes form an integral part of these financial statements.
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Statement of comprehensive income

Year ended 31 March 2024
(Amount in: US$)
Note 2024 2023

Revenue 14 340,079,275 340,266,987
Cost of sales (288,835,931) (292,143,248)
Gross profit 51,243,344 48,123,739
Other income 15 24,140,849 25,781,441

Administrative expense (39,324,006) (35,075,747)
Results from operating activities 36,060,187 38,829,433
Finance income 890,112 341,995

Finance costs (72,121) (131,465)
Net finance income 817,991 210,530
Profit before tax 36,878,178 39,039,963

Tax expense 16 (4,152,043) (4,649,258)
Profit for the year 17 32,726,135 34,390,705
Other comprehensive income

Items that will not be reclassified to profit or loss:
Net change in fair value of equity investments at FVOCI – –
Other comprehensive income, net of tax – –
Total comprehensive income for the year 32,726,135 34,390,705
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Statement of changes in equity

(Amount in: US$)
Share capital Retained Fair value Total
earnings reserve
At 1 April 2022 4,400,000 113,668,231 2,400,000 120,468,231
Total comprehensive income for the year
Profit for the year – 34,390,705 – 34,390,705
Other comprehensive income for the year – – – –
Total comprehensive income for the year – 34,390,705 – 34,390,705
Transactions with owners, recorded directly in equity
Contributions by and distributions to owners
Dividend paid – (30,000,000) – (30,000,000)
Total transactions with owners – (30,000,000) – (30,000,000)
At 31 March 2023 4,400,000 118,058,936 2,400,000 124,858,936
At 1 April 2023 4,400,000 118,058,936 2,400,000 124,858,936

Total comprehensive income for the year
Profit for the year – 32,726,135 – 32,726,135
Other comprehensive income for the year – – – –
Total comprehensive income for the year – 32,726,135 – 32,726,135
Transactions with owners, recorded directly in equity
Contributions by and distributions to owners
Dividend paid – (30,000,000) – (30,000,000)
Total transactions with owners – (30,000,000) – (30,000,000)
At 31 March 2024 4,400,000 120,785,071 2,400,000 127,585,071
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Statement of cash flows

(Amount in: US$)
Note 2024 2023

Adjustments for:
Depreciation of plant and equipment and intangible asset 6 1,007,990 971,243
Depreciation of right-of-use assets 21 1,728,495 1,695,945
Reversal of allowance for doubtful debts (46,654) (40,145)
Unrealised exchange loss on lease liabilities (36,050) (8,623)
Finance cost 72,121 131,465
Dividend income 15 (23,952,999) (24,972,592)
Interest income (890,112) (341,995)
14,760,969 16,475,261
Changes in working capital:

Trade and other receivables 538,457 (17,170,694)
Other assets (2,612,558) (1,257,674)
Trade and other payables 284,837 13,092,482
Accruals (775,636) 1,609,473
Tax paid (4,195,664) (3,320,285)
Net cash flows from operating activities 8,000,405 9,428,563
Cash flows from investing activities
Dividend received 15 23,952,999 24,972,592
Interest received 885,545 319,329
Purchase of equipment and intangible asset 6 (505,484) (521,697)
Net cash flows from investing activities 24,333,060 24,770,224
Dividends paid 18 (60,000,000) –
Repayment of principal payment for lease liabilities 13 (1,707,323) (1,597,289)
Payment of interest charges 13 (55,555) (108,992)
Net cash flows used in financing activities (61,762,878) (1,706,281)
Net (decrease)/increase in cash and cash equivalents (29,429,413) 32,492,506
Cash and cash equivalents at 1 April 46,787,860 14,295,354
Cash and cash equivalents at 31 March 7 17,358,447 46,787,860
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These notes form an integral part of the financial statements.
The financial statements were authorised for issue by the Board of Directors on 7 May 2024.
1 Domicile and activities

Tata Consultancy Services Asia Pacific Pte Ltd (‘the Company’) is incorporated in the Singapore. The address of the
Company’s registered office is 60 Anson Road, #18-01/02 Mapletree Anson, Singapore 079914.
The principal activities of the Company are to provide IT consulting, software solutions and services and products in the
Asia Pacific region.
The results of the Company include its South Korean branch results. The principal activities of the branch are to provide
IT consulting, software solutions and products.
The Company’s immediate holding corporation is Tata Consultancy Services Limited, incorporated in India. The ultimate
holding corporation is Tata Sons Limited, also incorporated in India.
2 Basis of preparation
2.1 Statement of compliance
The financial statements have been prepared in accordance with Financial Reporting Standards in Singapore (‘FRS’).
The changes to material accounting policies are described in note 2.5.
2.2 Basis of measurement
The financial statements have been prepared on the historical cost basis except as otherwise disclosed.
2.3 Functional and presentation currency
These financial statements are presented in United States dollars (‘US$’), which is the Company’s functional currency.
2.4 Use of estimates and judgements
The preparation of the financial statements in conformity with FRS requires management to make judgements,
estimates and assumptions that affect the application of accounting policies and the reported amounts of assets,
liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised prospectively.
Information about critical judgements in applying accounting policies that have the most significant effect on the
amounts recognised in the financial statements is included in the following notes:
• Note 3.9 – Revenue recognition.
Measurement of fair values
A number of the Company’s accounting policies and disclosures require the measurement of fair values, for both
financial and non-financial assets and liabilities. The management has overall responsibility for all significant fair
value measurements, including Level 3 fair values.
When measuring the fair value of an asset or a liability, the Company uses observable market data as far as possible.
Fair values are recognised into different levels in a fair value hierarchy based on the inputs used in the valuation
techniques as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy,
then the fair value measurement is recognized in its entirety in the same level of the fair value hierarchy as the lowest
level input that is significant to the entire measurement (with Level 3 being the lowest).
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Further information about the assumptions made in measuring fair values is included in note 22 of the financial
statements.
2.5 Changes in material accounting policies
New accounting standards and amendments
The Company has applied the following FRSs, amendments to and interpretations of FRS for the first time for the
annual period beginning on 1 April 2023:
• FRS 117: Insurance Contracts
• Amendments to FRS 12: Deferred tax related to Assets and Liabilities arising from a Single Transaction
• Amendments to FRS 12: International Tax Reform – Pillar Two Model Rules
• Amendments to FRS 1 and FRS Practice Statement 2: Disclosure of Accounting Policies
• Amendments to FRS 8: Definition of Accounting Estimates
Other than the below, the application of these amendments to accounting standards and interpretations does not
have a material effect on the financial statements.
Global minimum top-up tax
The Amendments to FRS 12: International Tax Reform – Pillar Two Model Rules provide a temporary mandatory
exception from deferred tax accounting for the top-up tax that may arise from the jurisdictional adoption of the Pillar
Two model rules published by the Organisation for Economic Co-operation and Development (‘OECD’) and require
new disclosures about the Pillar Two tax exposure.
The mandatory exception is effective immediately and applies retrospectively. However, because no new legislation
to implement the top-up tax was enacted or substantively enacted at 31 March 2024 in jurisdiction to implement in
which the Company operates and no related deferred tax was recognised at that date, the retrospective application
has no impact on the Company’s financial statements.
Material accounting policy information
The Company adopted Amendments to FRS 1 and FRS Practice Statement 2: Disclosure of Accounting Policies for
the first time in 2023. Although the amendments did not result in any changes to the accounting policies themselves,
they impacted the accounting policy information disclosed in the financial statements.
The amendments require the disclosure of ‘material’, rather than ‘significant’, accounting policies. The amendments
also provide guidance on the application of materiality to disclosure of accounting policies, assisting entities to provide
useful, entity-specific accounting policy information that users need to understand other information in the financial
statements.
Management reviewed the accounting policies and made updates to the information disclosed in Note 3 Material
accounting policies (2022: Significant accounting policies) in certain instances in line with the amendments.
3 Material accounting policies

The accounting policies set out below have been applied consistently to all periods presented in these financial statements,
except as explained in note 2.5, which addresses changes in material accounting policies.
3.1 Subsidiaries
Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has
rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its
power over the entity. Investments in subsidiaries are stated at cost less impairment losses.
These financial statements are the separate financial statements of the Company. In accordance with FRS 110
Consolidated Financial Statements, the Company is exempted from the preparation of consolidated financial
statements as the Company is itself a wholly-owned subsidiary of Tata Consultancy Services Limited. Publicly
available consolidated financial statements are prepared by Tata Consultancy Services Limited, whose registered
office is at 9th Floor, Nirmal Building, Nariman Point, Mumbai 400021, India.
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3.2 Foreign currency
Foreign currency transactions
Transactions in foreign currencies are translated to the functional currency of the Company at exchange rates at the
dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are
translated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary
items is the difference between amortised cost in the functional currency at the beginning of the year, adjusted for
effective interest and payments during the year, and the amortised cost in foreign currency translated at the exchange
rate at the end of the year.
Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated
to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items
in a foreign currency that are measured in terms of historical cost are translated using the exchange rate at the date
of the transaction. Foreign currency differences arising on translation are recognised in finance costs/income.
3.3 Financial instruments
(i) Recognition and initial measurement
Non-derivative financial assets and financial liabilities
Trade receivables and debt investments issued are initially recognised when they are originated. All other financial
assets and financial liabilities are initially recognised when the Company becomes a party to the contractual
provisions of the instrument.
A financial asset (unless it is a trade receivable without a significant financing component) or financial liability
is initially measured at fair value plus, for an item not at fair value through profit or loss (‘FVTPL’), transaction
costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing
component is initially measured at the transaction price.
(ii) Classification and subsequent measurement
Non-derivative financial assets
On initial recognition, a financial asset is classified as measured at amortised cost and FVOCI – equity investment.
Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its
business model for managing financial assets, in which case all affected financial assets are reclassified on the
first day of the first reporting period following the change in the business model.
A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated
as at FVTPL:
• it is held within a business model whose objective is to hold assets to collect contractual cash flows; and
• its contractual terms give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding.
Equity investments at FVOCI
On initial recognition of an equity investment that is not held-for-trading, the Company may irrevocably elect to
present subsequent changes in the investment’s fair value in OCI. This election is made on an investment-by-
investment basis.
Financial assets: Business model assessment
The Company makes an assessment of the objective of the business model in which a financial asset is held
at a portfolio level because this best reflects the way the business is managed and information is provided to
management.
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The business model of the Company is as follows:
Held to collect
The Company holds financial assets which arise from its IT consulting business, software solutions and services
and products in the Asia Pacific region. The objective of the business model for this financial instruments is to
collect the amounts due from the Company’s receivables.
Transfers of financial assets to third parties in transactions that do not qualify for derecognition are not considered
sales for this purpose, consistent with the Company’s continuing recognition of the assets.
Non-derivative financial assets: Assessment whether contractual cash flows are solely payments of principal
and interest
In assessing whether the contractual cash flows are solely payments of principal and interest, the Company
considers the contractual terms of the instrument. This includes assessing whether the financial asset contains
a contractual term that could change the timing or amount of contractual cash flows such that it would not meet
this condition. In making this assessment, the Company considers:
• contingent events that would change the amount or timing of cash flows;
• terms that may adjust the contractual coupon rate, including variable rate features;
• prepayment and extension features; and
• terms that limit the Company’s claim to cash flows from specified assets (e.g. non-recourse features).
A prepayment feature is consistent with the solely payments of principal and interest criterion if the prepayment
amount substantially represents unpaid amounts of principal and interest on the principal amount outstanding,
which may include reasonable additional compensation for early termination of the contract. Additionally, for
a financial asset acquired at a significant discount or premium to its contractual par amount, a feature that
permits or requires prepayment at an amount that substantially represents the contractual par amount plus
accrued (but unpaid) contractual interest (which may also include reasonable additional compensation for early
termination) is treated as consistent with this criterion if the fair value of the prepayment feature is insignificant
at initial recognition.
Non-derivative financial assets: Subsequent measurement and gains and losses
Financial assets at FVTPL
These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend
income, are recognised in profit or loss.
These assets are subsequently measured at amortised cost using the effective interest method. The amortised
cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are
recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.
Equity investments at FVOCI
These assets are subsequently measured at fair value. Dividends are recognised as income in profit or loss
unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses
are recognised in OCI and are never reclassified to profit or loss.
Non-derivative financial liabilities: Classification, subsequent measurement and gains and losses
Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at
FVTPL if it is classified as held-for-trading or it is designated as such on initial recognition. Financial liabilities
at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in
profit or loss. Directly attributable transaction costs are recognised in profit or loss as incurred.
Other financial liabilities are initially measured at fair value less directly attributable transaction costs.They are
subsequently measured at amortised cost using the effective interest method. Interest expense and foreign
exchange gains and losses are recognised in profit or loss.
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(iii) Derecognition
Financial assets
The Company derecognises a financial asset when:
• the contractual rights to the cash flows from the financial asset expire; or
• it transfers the rights to receive the contractual cash flows in a transaction in which either
- substantially all of the risks and rewards of ownership of the financial asset are transferred; or
- the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it
does not retain control of the financial asset.
Transferred assets are not derecognised when the Company enters into transactions whereby it transfers assets
recognised in its statement of financial position, but retains either all or substantially all of the risks and rewards
of the transferred assets.
The Company derecognises a financial liability when its contractual obligations are discharged or cancelled, or
expire. The Company also derecognises a financial liability when its terms are modified and the cash flows of the
modified liability are substantially different, in which case a new financial liability based on the modified terms is
recognised at fair value.
On derecognition of a financial liability, the difference between the carrying amount extinguished and the
consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or
loss.
Interest rate benchmark reform
When the basis for determining the contractual cash flows of a financial asset or financial liability measured
at amortised cost changes as a result of interest rate benchmark reform, the Company updates the effective
interest rate of the financial asset or financial liability to reflect the change that is required by the reform. No
immediate gain or loss is recognised.
A change in the basis for determining the contractual cash flows is required by interest rate benchmark reform
if the following conditions are met:
- the change is necessary as a direct consequence of the reform; and
- the new basis for determining the contractual cash flows is economically equivalent to the previous basis –
i.e. the basis immediately before the change
When changes were made to a financial asset or financial liability in addition to changes to the basis for
determining the contractual cash flows required by interest rate benchmark reform, the Company first updated
the effective interest rate of the financial asset or financial liability to reflect the change that is required by
interest rate benchmark reform. After that, the Company applies the policies on accounting for modifications to
the additional changes.
(iv) Offsetting
Financial assets and financial liabilities are offset and the net amount presented in the statement of financial
position when, and only when, the Company currently has a legally enforceable right to set off the amounts and
it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously
3.4 Impairment
(i) Non-derivative financial assets and contract assets
The Company recognises loss allowances for ECLs on:
• financial assets measured at amortised costs; and
• contract assets (as defined in FRS 115).
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Loss allowances of the Company are measured on either of the following bases:
• 2-month ECLs: these are ECLs that result from default events that are possible within the 12 months after
1
the reporting date (or for a shorter period if the expected life of the instrument is less than 12 months); or
• Lifetime ECLs: these are ECLs that result from all possible default events over the expected life of a financial
instrument or contract asset.
Simplified approach
The Company applies the simplified approach to provide for ECLs for all trade receivables and contract assets.
The simplified approach requires the loss allowance to be measured at an amount equal to lifetime ECLs.
General approach
The Company applies the general approach to provide for ECLs on all other financial instruments. Under the
general approach, the loss allowance is measured at an amount equal to 12-month ECLs at initial recognition.
At each reporting date, the Company assesses whether the credit risk of a financial instrument has increased
significantly since initial recognition. When credit risk has increased significantly since initial recognition, loss
allowance is measured at an amount equal to lifetime ECLs.
When determining whether the credit risk of a financial asset has increased significantly since initial recognition
and when estimating ECLs, the Company considers reasonable and supportable information that is relevant and
available without undue cost or effort. This includes both quantitative and qualitative information and analysis,
based on the Company’s historical experience and informed credit assessment and includes forward-looking
information.
If credit risk has not increased significantly since initial recognition or if the credit quality of the financial
instruments improves such that there is no longer a significant increase in credit risk since initial recognition,
loss allowance is measured at an amount equal to 12-month ECLs.
The Company assumes that the credit risk on a financial asset has increased significantly if it is more than 30
days past due.
The Company considers a financial asset to be in default when:
• the debtor is unlikely to pay its credit obligations to the Company in full, without recourse by the Company
to actions such as realising security (if any is held); or
• the financial asset is more than 90 days past due.
The Company considers a contract asset to be in default when the customer is unlikely to pay its contractual
obligations to the Company in full, without recourse by the Company to actions such as realising security (if any
is held).
The maximum period considered when estimating ECLs is the maximum contractual period over which the
Company is exposed to credit risk.
Measurement of ECLs
ECLs are probability-weighted estimates of credit losses. Credit losses are measured at the present value of all
cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and
the cash flows that the Company expects to receive). ECLs are discounted at the effective interest rate of the
financial asset.
Credit-impaired financial assets
At each reporting date, the Company assesses whether financial assets carried at amortised cost are credit-
impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the
estimated future cash flows of the financial asset have occurred.
Evidence that a financial asset is credit-impaired includes the following observable data:
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• significant financial difficulty of the borrower or issuer;
• a breach of contract such as a default or being more than 90 days past due;
• the restructuring of a loan or advance by the Company on terms that the Company would not consider
otherwise;
• it is probable that the borrower will enter bankruptcy or other financial reorganisation; or
• the disappearance of an active market for a security because of financial difficulties.
Presentation of allowance for ECLs in the statement of financial position
Loss allowances for financial assets measured at amortised cost and contract assets are deducted from the
gross carrying amount of these assets.
Write-off
The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is
no realistic prospect of recovery. This is generally the case when the Company determines that the debtor does
not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to
the write-off. However, financial assets that are written off could still be subject to enforcement activities in order
to comply with the Company’s procedures for recovery of amounts due.
(ii) Non-financial assets
The carrying amounts of the Company’s non-financial assets are reviewed at each reporting date to determine
whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount
is estimated. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating
unit (‘CGU’) exceeds its estimated recoverable amount.
The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs of
disposal. In assessing value in use, the estimated future cash flows are discounted to their present value using a
pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset or CGU. For the purpose of impairment testing, assets that cannot be tested individually are grouped
together into the smallest group of assets that generates cash inflows from continuing use that are largely
independent of the cash inflows of other assets or CGUs.
Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are
allocated to reduce the carrying amounts of the other assets in the CGU (group of CGUs) on a pro rata basis.
Impairment losses recognised in prior periods are assessed at each reporting date for any indications that
the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the
estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that
the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of
depreciation, if no impairment loss had been recognised.
3.5 Employee benefits
Obligations for contributions to defined contribution pension plans are recognised as an employee benefit expense in
profit or loss in the periods during which services are rendered by employees.
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related
service is provided.
A liability is recognised for the amount expected to be paid under short-term cash bonus plans if the Company has a
present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and
the obligation can be estimated reliably.
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Employee leave entitlement
Employee entitlement to annual leave are recognised when they accrue to employees. A provision is made for the
estimated liability for annual leave as a result of services rendered by employees up to the end of the reporting period.
3.6 Provisions
Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market
assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is
recognised as finance cost.
3.7 Revenue
Goods and services sold
The Company earns revenue primarily from providing IT services, consulting and business solutions. The Company
offers a consulting-led, cognitive powered, integrated portfolio of IT, business and engineering services and solutions.
Revenue is recognised upon transfer of control of promised products or services to customers in an amount that
reflects the consideration which the Company expects to receive in exchange for those products or services.
• Revenue from time and material and job contracts is recognised on output basis measured by units delivered,
efforts expended, number of transactions processed, etc.
performance.
method’) of accounting with contract cost incurred determining the degree of completion of the performance
obligation. The contract cost used in computing the revenues include cost of fulfilling warranty obligations.
• Revenue from the sale of distinct internally developed software and manufactured systems and third party
software is recognised upfront at the point in time when the system/software is delivered to the customer. In
cases where implementation and/or customisation services rendered significantly modifies or customises the
software, these services and software are accounted for as a single performance obligation and revenue is
recognised over time on a POC method.
to the customer.
revenue for supply of such third party products are recorded at gross or net basis depending on whether the
Company is acting as the principal or as an agent of the customer. The Company recognises revenue in the gross
amount of consideration when it is acting as a principal and at net amount of consideration when it is acting as
an agent.
Revenue is measured based on the transaction price, which is the consideration, adjusted for volume discounts,
service level credits, performance bonuses, price concessions and incentives, if any, as specified in the contract with
the customer. Revenue also excludes taxes collected from customers.
criteria for capitalisation. Such costs are amortised over the contractual period or useful life of the licence, whichever
generate or enhance resources to be used to satisfy future performance obligations and whether costs are expected
to be recovered.
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The billing to customers follow different schedules based upon the nature and type of goods and services being
transferred. The billing schedules agreed with customers could include periodic performance based payments and/
or milestone based progress payments. Invoices are payable within contractually agreed credit period.
In accordance with FRS 115, the Company recognises an onerous contract provision when the unavoidable costs of
allocated to a new performance obligation or transaction price of an existing obligation could undergo a change. In
the event transaction price is revised for existing obligation, a cumulative adjustment is accounted for.
services.
Use of significant judgements in revenue recognition
• The Company’s contracts with customers could include promises to transfer multiple products and services
to a customer. The Company assesses the products/services promised in a contract and identifies distinct
performance obligations in the contract. Identification of distinct performance obligation involves judgement to
determine the deliverables and the ability of the customer to benefit independently from such deliverables.
• Judgement is also required to determine the transaction price for the contract and to ascribe the transaction
price to each distinct performance obligation. The transaction price could be either a fixed amount of customer
consideration or variable consideration with elements such as volume discounts, service level credits,
performance bonuses, price concessions and incentives. The transaction price is also adjusted for the effects
of the time value of money if the contract includes a significant financing component. The Company has applied
the practical expedient provided by FRS 115, whereby the Company does not adjust the transaction price for the
effects of the time value of money where the period between when the control on goods and services transferred
to the customer and when payment thereof is due, is one year or less. Any consideration payable to the customer
is adjusted to the transaction price, unless it is a payment for a distinct product or service from the customer.
The estimated amount of variable consideration is adjusted in the transaction price only to the extent that it is
highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur and is
reassessed at the each reporting period. The Company allocates the elements of variable considerations to all
the performance obligations of the contract unless there is observable evidence that they pertain to one or more
distinct performance obligations.
• The Company uses judgement to determine an appropriate standalone selling price for a performance obligation.
The Company allocates the transaction price to each performance obligation on the basis of the relative stand-
alone selling price of each distinct product or service promised in the contract. Where standalone selling price
is not observable, the Company uses the expected cost plus margin approach to allocate the transaction price to
each distinct performance obligation.
• The Company exercises judgement in determining whether the performance obligation is satisfied at a point in
time or over a period of time. The Company considers indicators such as how customer consumes benefits as
services are rendered or who controls the asset as it is being created or existence of enforceable right to payment
for performance to date and alternate use of such product or service, transfer of significant risks and rewards to
the customer, acceptance of delivery by the customer, etc.
• Revenue for fixed price contracts are recognised using percentage-of-completion method. The Company uses
judgement to estimate the future cost-to-completion of the contracts which is used to determine the degree of
• Contract fulfilment costs are generally expensed as incurred except for certain software licence costs which
meet the criteria for capitalisation. Such costs are amortised over the contractual period or useful life of the
licence, whichever is less. The assessment of this criteria requires the application of judgement, in particular
when considering if costs generate or enhance resources to be used to satisfy future performance obligations
and whether costs are expected to be recovered.
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3.8 Tax
Tax expense comprises current and deferred tax. Current tax and deferred tax are recognised in profit or loss except
to the extent that it relates to items recognised directly in equity or in other comprehensive income.
The Company has determined that interest and penalties related to income taxes, including uncertain tax treatments,
do not meet the definition of income taxes, and therefore accounted for them under FRS 37 Provisions, Contingent
Liabilities and Contingent Assets.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates
enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.
The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received
that reflects uncertainty related to income taxes, if any. Current tax also includes any tax arising from dividends.
Current tax assets and liabilities are offset only if certain criteria are met.
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities
for financial reporting purposes and the amounts used for taxation purposes.
Deferred tax is not recognised for:
• temporary differences on the initial recognition of assets or liabilities in a transaction that at the time of the
transaction (i) affects neither accounting nor taxable profit or loss; and (ii) does not give rise to equal taxable and
deductible temporary differences;
• temporary difference related to investments in subsidiaries to the extent that the Company is able to control the
timing of the reversal of the temporary difference and it is probable that they will not reverse in the foreseeable
future.
The measurement of deferred taxes reflects the tax consequences that would follow the manner in which the Company
expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are offset only if certain criteria are met.
profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable
temporary differences is insufficient to recognise a deferred tax asset in full, then future taxable profits, adjusted
for reversals of existing temporary differences, are considered, based on the business plans for the Company.
Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable
that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits
improves.
Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that it has
become probable that future taxable profits will be available against which they can be used.
3.9 New accounting standards and interpretations not adopted
A number of new accounting standards and amendments to standards are effective for annual periods beginning
after 1 April 2023 and earlier application is permitted. However, the Company has not early adopted the new or
amended standards in preparing these financial statements.
The following amendments to FRS are not expected to have a significant impact on the Company’s financial statements.
• Amendments to FRS 1: Classification of Liabilities as Current or Non-current and Non-current Liabilities with
Covenants
• Amendments to FRS 7 and FRS 107: Supplier Finance Arrangements
• Amendments to FRS 116: Lease Liability in a Sale and Leaseback
• Amendments to FRS 21: Lack of Exchangeability
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4. Investments in subsidiaries
(Amount in: US$)
2024 2023
Unquoted equity shares, at cost 109,932,755 109,932,755
The subsidiaries of the Company are as set out below:
Name of subsidiary Country of incorporation Proportion of ownership Principal activities

and operations interest and voting power held
2024 2023
% %
Tata Consultancy Services Malaysia 100 100 Provide IT consulting
Malaysia Sdn Bhd software solutions, services
and products
Tata Consultancy Services People’s Republic of 100 100 Provide IT consulting
(China) Co., Ltd (D) China software solutions, services
and products
PT Tata Consultancy Indonesia 100 100 Provide IT consulting
Services Indonesia software solutions, services
and products
Tata Consultancy Services Thailand 99.99 99.99 Provide IT consulting
(Thailand) Limited(A) software solutions, services
and products
Tata Consultancy Services Philippines 100 100 Provide IT consulting
(Philippines) Inc. (B) software solutions, services
and products
Tata Consultancy Services Japan 66 66 Provide IT consulting
Japan Limited (C) software solutions, services
and products
(A) In financial year 2022, the Company has paid US$3,228,291 for acquisition for Minority shares and since the registration
of the SPA is under process in FY2022, the same had been disclosed in “Other Asset” as Advance for Investments.
In financial year 2023, registration of SPA was completed and same has been recogisned as investment from advance for
investments.
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5. Other investments
(Amount in: US$)
2024 2023
Non-current assets
Unquoted equity shares, at fair value –designated at FVOCI 3,300,000 3,300,000
The Company designated the investment in Philippines Dealing System Holding Corporation as equity investments as
at FVOCI because this equity investment represents investment that the Company intends to hold for the long term for
strategic purposes. As at 31 March 2024, the fair value of the equity investment is US$ 3,300,000 (2023: US$3,300,000).
During the financial year, the Company recognised dividend income of US$426,768 (2023: US$507,388) in profit or loss
(note 15).
Credit and market risks, and fair value measurement
Information about the Company’s exposures to credit and market risks, and fair value measurement, is included in note 22.
6. A) Equipment
(Amount in: US$)
Computers Office Furniture and Leasehold Capital work Total
equipment fittings improvements in progress
Cost
At 1 April 2022 4,826,295 1,273,955 1,146,626 2,162,963 62,929 9,472,768
Additions 513,209 8,066 – – – 521,275
Transfers 62,896 – – – (62,896) –
At 31 March 2023 5,402,400 1,282,021 1,146,626 2,162,963 33 9,994,043
Additions 332,772 54,668 48,304 69,740 – 505,484
At 31 March 2024 5,735,172 1,336,689 1,194,930 2,232,703 33 10,499,527
Accumulated
depreciation
At 1 April 2022 3,211,131 1,185,124 1,101,722 2,125,933 – 7,623,910
Depreciation 789,842 49,563 32,312 2,514 – 874,231
At 31 March 2023 4,000,973 1,234,687 1,134,034 2,128,447 – 8,498,141
Depreciation 835,970 31,529 10,613 32,866 – 910,978
At 31 March 2024 4,836,943 1,266,216 1,144,647 2,161,313 – 9,409,119
Carrying amount
At 1 April 2022 1,615,164 88,831 44,904 37,030 62,929 1,848,858
At 31 March 2023 1,401,427 47,334 12,592 34,516 33 1,495,902
At 31 March 2024 898,229 70,473 50,283 71,390 33 1,090,408
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B) Intangible asset
(Amount in: US$)

Software licenses
Cost
At 1 April 2022 388,047
Additions 422
At 31 March 2023/31 March 2024 388,469
At 1 April 2022 143,977
Depreciation 97,012
At 31 March 2023 240,989
Depreciation 97,012
At 31 March 2024 338,001
Carrying amount
At 1 April 2022 244,070
At 31 March 2023 147,480
At 31 March 2024 50,468
7. Cash and cash equivalents

(Amount in: US$)
2024 2023
Cash at banks 9,860,093 5,571,206
Bank deposits (Original Maturity within three months) 7,481,700 41,200,000
Cash on hand 16,654 16,654
Cash and cash equivalents in the statement of cash flows 17,358,447 46,787,860
Bank desposits earn interest rate at an interest rate of 3.29% to 4.82% (2023: 3.40% to 4.40%) per annum.
The Company’s exposure to credit and market risks is included in note 22.
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8. Trade and other receivables
(Amount in: US$)
2024 2023
Trade receivables (third parties) 43,928,421 44,043,275
Allowance for doubtful debts (90,165) (134,583)
43,838,256 43,908,692
Amounts due from (trade):
- immediate holding company 19,103,824 16,992,628
- subsidiaries 2,425,599 3,133,859
- related corporations 426,898 419,377
21,956,321 20,545,864
Unbilled revenue and advance billings from:
- immediate holding company 596,466 538,760
- subsidiaries 47,103 –
- related corporations – 145,244
Unbilled revenues (third parties) 9,226,521 11,740,743
9,870,090 12,424,747
Other receivables (trade):
- subsidiaries 94,165 30,877
- third parties 538,463 346,143
9,539,018 8,811,618
85,203,685 85,690,921
Trade receivables are non-interest bearing and are generally on 30 days’ terms.
Amounts due from the immediate holding company, subsidiaries and related corporations are unsecured, interest-free
and are to be settled in cash. There is no allowance of doubtful debts arising from these outstanding balances.
Credit and market risks, and impairment losses
The Company’s exposure to credit and currency risks, and impairment losses for trade and other receivables are disclosed
in note 22.
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9. Other assets
(Amount in: US$)
2024 2023
Prepayments 61,303 45,237
Deposits 147,024 107,427
Contract assets
- immediate holding company 1,308,948 874,639
- third parties 7,496,540 5,245,588
8,964,948 6,278,080
Contract fulfilment cost 320,333 450,306
9,493,608 6,881,050
Represented by:
Current 9,292,844 6,862,235
Non-current 200,764 18,815
9,493,608 6,881,050
10. Share capital

(Amount in: US$)
No. of shares No. of shares Amount Amount
2024 2023 2024 2023
Fully paid ordinary shares, with
no par value:
At 1 April and 31 March 7,582,820 7,582,820 4,400,000 4,400,000
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote
per share at meetings of the Company. All shares rank equally with regard to the Company’s residual assets.
Capital management
The Company manages its capital to ensure that it will be able to continue as a going concern while maximising the return
to stakeholders through the optimisation of the debt and equity balance.
The capital structure of the Company consists of share capital and retained earnings.
Management reviews the capital structure on a semi-annual basis. As a part of this review, management considers
the cost of capital and the risks associated with each class of capital. Based on recommendations of management, the
Company will balance its overall capital structure through the payment of dividends and new share issues.
There were no changes in the Company’s approach to capital management during the year.
Neither the Company nor any of its subsidiaries are subject to externally imposed capital requirements.
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11. Trade and other payables
(Amount in: US$)
2024 2023
Amounts due to (trade):
- subsidiaries 1,573,459 1,327,922
- related corporations 1,414,592 670,329
- third parties 4,922,793 2,001,946
63,209,243 62,960,774
Unearned and deferred revenue
- immediate holding company 332,716 879,921
- third parties 9,955,237 9,416,454
10,459,221 10,406,287
73,668,464 73,367,061
The average credit period on purchases of services is 30 days (2023: 30 days). Interest is not charged on the overdue
balances.
Amounts due to the ultimate holding company, immediate holding company, subsidiaries and related corporations are
unsecured, interest-free, repayable on demand and are to be settled in cash.
Market and liquidity risk
The Company’s exposure to liquidity and currency risks for trade and other payables are disclosed in note 22.
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12. Accruals
(Amount in: US$)
2024 2023
Employee benefits 9,257,422 9,327,096
Volume discount payable
- immediate holding company (trade) 292,614 157,243
- subsidiaries (trade) 8,614 17,273
- related corporations (trade) 118,014 107,833
- third parties 167,360 1,046,900
586,602 1,329,249
Dividend payable to immediate holding company (refer note 18) – 30,000,000
Other accruals
- ultimate holding Company 784,979 794,677
- immediate holding company (72,259) (203,923)
- related corporations (trade) 19,736 19,890
- third parties 10,946,073 11,031,200
11,678,529 11,641,844
21,522,553 52,298,189
Represented by:
Current 21,000,599 51,783,069
Non-current 521,954 515,120

21,522,553 52,298,189
Market and liquidity risk

The Company’s exposure to liquidity and currency risks for accruals are disclosed in note 22.
13. Lease liabilities

(Amount in: US$)
2024 2023
Lease liabilities – 800,429
Current liabilities
Lease liabilities 787,367 1,730,311
Total lease liabilities 787,367 2,530,740
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Terms and debt repayment schedule
Terms and conditions of outstanding lease liabilities are as follows:
(Amount in: US$)
2024 2023
Currency Nominal Year of Face value Carrying Face value Carrying
interest rate maturity amount amount
Lease liabilities SGD 3.52% 2024 730,026 721,742 2,437,543 2,376,064
Lease liabilities KRW 3.45% 2024 66,335 65,625 158,543 154,597
Reconciliation of movements of liabilities to cash flows arising from financing activities:

(Amount in: US$)
Lease liabilities
Balance at At 1 April 2022 4,181,735
Changes in financing cash flows
Repayment of lease liabilities (1,597,289)
Interest paid (108,992)
Total changes from financing cash flows (1,706,281)
Other changes
Addition 52,484
Lease modification (97,567)
Interest expense 108,992
Exchange differences (8,623)
Total other changes 55,286
Balance at 31 March 2023 2,530,740
(Amount in: US$)

Lease liabilities
Balance at 1 April 2023 2,530,740
Changes in financing cash flows
Repayment of lease liabilities (1,707,323)
Interest paid (55,555)
Total changes from financing cash flows (1,762,878)
Other changes
Interest expense 55,555
Exchange differences (36,050)
Total other changes 19,505
Balance at 31 March 2024 787,367
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14. Revenue
(a) Disaggregation of revenue from contracts with customers
(Amount in: US$)
2024 2023
Rendering of services 339,570,955 339,096,279
- Banking, financial services and insurance 228,191,361 241,198,004
- Manufacturing process 13,791,872 12,277,569
- Retail distribution 5,266,100 3,719,569
- Telemedia and entertainment 1,220,146 2,533,759
- Energy utilities 4,244,710 6,700,490
- High technology 12,551,016 10,613,205
- Lifesciences 11,394,781 10,016,797
- Travel, transport and hospitality 58,058,859 48,531,062
- Others 4,852,110 3,505,824
Sales of goods 508,320 1,170,708
340,079,275 340,266,987
Primary geographical markets
- Asia Pacific 318,913,363 322,121,930
- Americas 15,149,612 12,407,459
- UK 1,675,860 1,957,803
- Europe 4,266,281 3,217,386
- India 44,013 554,399
- Middle East 30,146 8,010
340,079,275 340,266,987
Timing of revenue recognition
- Products and services transferred over time 339,570,955 339,096,279
- Products transferred at a point in time 508,320 1,170,708
340,079,275 340,266,987
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(b) Contract balances
The following table provides information about contract assets and contract liabilities from contracts with customers.
Contract assets are recognised when there is excess of revenue earned over billings on contracts and where not
only act of invoicing is pending. The contract assets are transferred to trade receivables when the rights become
unconditional.This usually occurs when the Company invoices the customer.
Contract liabilities primarily relate to unearned and deferred revenue, which are recognised when there are billings
in excess of revenues.
Significant changes in the contract assets and the contract liabilities balances during the year are as follows.
(Amount in: US$)
2024 2023
Contract assets:
Balance at the beginning of the year 6,278,080 4,848,676
Increase due to revenue recognised during the year, excluding amounts 8,332,236 6,083,534
Invoices raised that were included in the contract assets balance at the (5,595,164) (4,670,124)
Translation exchange difference (50,204) 15,994
Balance at the end of the year 8,964,948 6,278,080
Contract liabilities:
Balance at the beginning of the year (10,406,287) (11,461,723)
Revenue recognised that was included in the contract liability balance 10,176,206 11,366,309
at the beginning of the year
Increase due to invoicing during the year, excluding amounts recognised (10,263,914) (10,198,890)
Translation exchange difference 34,774 (111,983)
Balance at the end of the year (10,459,221) (10,406,287)
(c) Transaction price allocated to the remaining performance obligations

While disclosing the aggregate amount of transaction price yet to be recognised as revenue towards unsatisfied or
partially satisfied performance obligations, along with the broad time band for the expected time to recognise those
revenues, the Company has applied the practical expedient in FRS 115. Accordingly, the Company has not disclosed
to contracts where revenue recognised corresponds to the value transferred to customer typically involving time and
Unsatisfied (or partially satisfied) performance obligations are futuristic and therefore subject to variability due to
several factors such as terminations, changes in scope of contracts, periodic revalidations of the estimates, economic
factors (changes in currency rates, tax laws etc). The aggregate value of transaction price allocated to unsatisfied
(or partially satisfied) performance obligations is US$194,500,000 (2023: US$175,000,000), of which, 65% (2023: 76%)
is expected to be recognised as revenue within the next 1 year and the balance thereafter. No consideration from
contracts with customers is excluded from the amount mentioned above.
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15. Other income
(Amount in: US$)
Note 2024 2023

Dividend income from:
- subsidiaries 20 23,526,231 24,465,204
- financial asset at FVOCI 5 426,768 507,388
Foreign exchange gain, net – 121,651
Government grant – 686,995
Other income 187,850 203
24,140,849 25,781,441
In financial year 2023, government grant income relates mainly to Jobs Growth Incentive and Wage Credit Scheme.
16. Tax expense

(Amount in: US$)
2024 2023
Current tax expense
Current year 2,326,343 2,426,842
Witholding tax expenses 1,825,700 2,222,416
4,152,043 4,649,258
Reconciliation of effective tax rate
Tax calculated using Singapore tax rate of 17% (2023: 17%) 6,269,290 6,636,794
Non-deductible items 129,063 35,389
Tax exempt income (4,072,010) (4,245,341)
Witholding tax expenses 1,825,700 2,222,416
4,152,043 4,649,258
17. Profit for the year

The following items have been included in arriving at profit for the year:
(Amount in: US$)
2024 2023
Employee benefits expense (including directors’ remuneration) 114,200,873 105,652,962
Contributions to defined contribution plans (excluded from employee benefits 5,333,015 5,126,956
expenses)
Reversal of allowance for impairment of trade receivables (46,654) (40,145)
Depreciation and amortisation on equipment, ROU asset and intangible asset 2,736,485 2,667,188
Foreign exchange loss/(gain), net 359,075 (121,651)
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Administrative expense includes the following significant expenses:
(Amount in: US$)
2024 2023
Directors’ remuneration 722,862 666,802
Employee benefits expense (including directors’ remuneration) 26,464,918 24,696,924
Contributions to defined contribution plans (excluded from employee benefits 1,471,695 1,355,525
expenses)
Depreciation and amortisation on equipment, ROU asset and intangible asset 2,507,046 1,819,570
18. Dividends
(Amount in: US$)
2024 2023
Tax exempt interim dividends declared of 2024: US$ 3.96 (2023: US$3.96) per 30,000,000 30,000,000
share
Reconciliation of movements of liabilities to cash flows arising from financing activities:

(Amount in: US$)
2024 2023
Accurals - Immediate holding company
Dividends payable at 1 April 30,000,000 –
Dividends declared 30,000,000 30,000,000
Dividends paid* (60,000,000) –
Dividends payable at 31 March – 30,000,000*
* Dividend declared in financial year 2023 was paid on 3 April 2023 and dividend declared in financial year 2024 was paid
on 25 October 2023 and 20 March 2024.
19. Guarantees and commitments

(a) Guarantees
(Amount in: US$)
2024 2023
Guarantees to customers in respect to services performed 1,612,824 2,806,570
Guarantees to vendors in respect of services performed for the Company 2,479,712 562,211
(b) Capital commitments

The Company has contractually committed US$89,647 as at 31 March 2024 (2023: US$84,831) for purchase of plant
and equipment.
20. Related parties

For the purpose of these financial statements, parties are considered to be related to the Company if the Company has
the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and
operating decisions, or vice versa. Related parties may be individuals or other entities.
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Key management personnel compensation
The remuneration of directors during the year were as follows:
(Amount in: US$)
2024 2023
Short-term benefits 713,341 660,124
Post-employment benefits – contribution to Central
Provident Fund 9,521 6,678
The key management personnel are identified as the directors of the Company.
Other related party transactions
Significant intercompany transactions, other than those disclosed elsewhere in the notes to financial statements are as
follows:
(Amount in: US$)
2024 2023
Ultimate holding company
Royalty expense (784,980) (794,677)
Associate of ultimate holding company
Rendering of services 72,000 72,000
Communication expenses (112,608) (54,523)
Immediate holding company
Purchases of services (189,678,861) (199,293,304)
Dividend expense (30,000,000) (30,000,000)
Subsidiaries
Related companies
21. Leases
Leases as lessee (FRS 116)
The Company leases 3 offices in commercial building. The lease typically runs for a period of 4 years. Lease payments
are renegotiated every 4 years to reflect market rentals. The Company is restricted from entering into any sub-lease
arrangements.
The Company leases employee’s accommodation with contract term of one year, which is short-term in nature except for
one lease which is more than a year. The Company has elected not to recognise right-of-use asset and lease liability for
this lease except for the lease which is for more than a year.
Information about leases for which the Company is a lessee is presented below.
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Right-of-use assets
Right-of-use assets related to leased properties that do not meet the definition of investment property are:
(Amount in: US$)
Leasehold building
2024 2023
Balance at 1 April 2,481,239 4,222,267
Addition to right-of-use assets – 52,484
Deletions to right-of-use assets – (97,567)
Depreciation charge for the year (1,728,495) (1,695,945)
Balance at 31 March 752,744 2,481,239
Amounts recognised in profit or loss

(Amount in: US$)
2024 2023
Leases under FRS 116
Interest on lease liabilities 55,555 108,992
Expenses relating to short-term leases 4,456 1,875
Amounts recognised in statement of cash flows

(Amount in: US$)
2024 2023
Total cash outflow for leases(including cash outflow for short term leases 1,767,334 1,708,156
and leases for low value assets)
22. Financial instruments

Financial risk management
Overview
The Company has exposure to the following risks arising from financial instruments:
• credit risk
• liquidity risk
• market risk
This note presents information about the Company’s exposure to each of the above risks, the Company’s objectives,
policies and processes for measuring and managing risk, and the Company’s management of capital.
Risk management framework
The Board of Directors has overall responsibility for the establishment and oversight of the Company’s risk management
framework. Management is responsible for developing and monitoring the Company’s risk management policies.
Management reports regularly to the Board of Directors on its activities.
The Company’s risk management policies are established to identify and analyse the risks faced by the Company, to set
appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems
are reviewed regularly to reflect changes in market conditions and the Company’s activities. The Company, through its
training and management standards and procedures, aims to develop a disciplined and constructive control environment
in which all employees understand their roles and obligations.
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Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the
Company. The Company has adopted a policy of only dealing with creditworthy counterparties as a means of mitigating
financial loss from defaults. The Company’s exposure and the credit ratings of its counterparties are continuously
monitored.
Impairment losses on financial assets trade receivables recognised in profit or loss were as follows:
(Amount in: US$)
2024 2023
Reversal of impairment loss on trade receivables (46,654) (40,145)
Trade receivables
The exposure to credit risk for trade receivables, unbilled revenue and contract assets at the reporting date by geographic
region was as follows:
(Amount in: US$)
Carrying amount
2024 2023
Asia Pacific 65,993,720 61,173,204
Europe 544,723 590,529
India 11,836,979 11,874,003
Americas 5,875,042 2,854,968
Middle East 25,156 2,941
UK 353,995 383,658
84,629,615 76,879,303
At the end of the reporting period, significant concentration of credit risk of the Company’s trade receivables balance of
US$19,103,824 and US$2,425,599 (2023: US$16,992,628 and US$3,133,859) are due from the immediate holding company
and subsidiaries, respectively.
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Expected credit loss assessment
Loss rates are calculated based on actual credit loss experience over the past three years and adjusted for using Company’s
review on the current conditions and economic conditions over the expected lives of the receivables only if these factors
have a significant impact to the credit loss.
The following table provides information about the exposure to credit risk and ECLs for the trade receivables (third parties
and related parties), unbilled revenue and contract assets as at 31 March:
(Amount in: US$)
Weighted Gross carrying Expected credit Credit Credit
average loss amount loss allowance impaired impaired
rate % amounts
31 March 2024
Current (not past due) – 51,738,831 – No –
Past due 1 – 30 days – 12,149,768 – No –
Past due 31 – 60 days – 7,384,140 – No –
Past due 61 – 90 days – 4,137,374 – No –
Past due 91 – 180 days – 2,965,658 – No –
Past due 181 – 365 days – 3,092,975 – No –
Past due more than 365 days 3% 3,251,034 (90,165) Yes 90,165
84,719,780 (90,165) 90,165
31 March 2023
Current (not past due) – 48,297,204 – No –
Past due 1 – 30 days – 24,482,935 – No –
Past due 31 – 60 days – 1,393,631 – No –
Past due 61 – 90 days – 1,263,520 – No –
Past due 91 – 180 days – 1,124,453 – No –
Past due 181 – 365 days – 365,721 – No –
Past due more than 365 days 156% 86,422 (134,583) Yes 134,583
77,013,886 (134,583) 134,583
• Measurement of expected credit loss allowance for trade and other receivables (including contract assets and
deposits)
Management regularly reviews the recoverability and aging of the trade and other receivables (including contract
assets and deposits) in arriving at estimates of expected credit loss (‘ECL’) for trade and other receivables (including
contract assets and deposits). Management considers the credit history and financial position of the customer before
assessing the need for any allowance to be made. The carrying amount and credit risk (including ECL assessment and
key assumptions in determining the weighted-average loss rate) of trade and other receivables (including contract
assets and deposits) is disclosed in note 8, note 9 and note 22 to the financial statements respectively.
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Movements in allowance for impairment in respect of trade receivables
The movement in the allowance for impairment in respect of trade receivables as follows:
(Amount in: US$)
2024 2023
At 1 April (134,583) (169,626)
Impairment loss written-back 46,654 40,145
Exchange difference (2,236) (5,102)
At 31 March (90,165) (134,583)

The Company held cash and cash equivalents of US$17,358,447 at 31 March 2024 (2023: US$46,787,860). The cash
and cash equivalents are held with reputable bank and financial institution counterparties of high credit standings.
Impairment on cash and cash equivalents has been measured on the 12-month expected loss basis and reflects the
low credit risk of the exposures. The Company considers that its cash and cash equivalents have low credit risk based
on the external credit ratings of the counterparties. The amount of the allowance on cash and cash equivalents was
negligible.
Contract assets and other receivables
The Company uses a similar approach for assessment of ECLs for these receivables to those used for trade
receivables. Impairment on these balances applied depends on whether there has been a significant increase in
credit risk. No aging analysis of these balances are presented as the majority of outstanding balance as at 31 March
2024 and 31 March 2023 are current. The amount of the allowance on these balances is insignificant.
Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with
its financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to
managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities
when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to
the Company’s reputation.
The Company monitors its liquidity risk and maintains a level of cash and cash equivalents deemed adequate by
management to finance the Company’s operations and to mitigate the effects of fluctuations in cash flows.
The following table summarises the Company’s remaining contractual maturity for its non-derivative financial
liabilities at the end of the reporting period based on undiscounted cash flows of financial instruments premised on
the earlier of the contractual date or when the Company is expected to pay.
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(Amount in: US$)
Cash flows
Carrying amount Contractual Within one year Between one and
cash flows five years
31 March 2024
Non-derivatives financial liabilities
Trade and other payables* 63,353,996 63,353,996 63,353,996 –
Accruals^ 6,171,773 6,171,773 5,649,819 521,954
Leases liabilities 787,367 787,367 787,367 –
70,313,136 70,313,136 69,791,182 521,954
31 March 2023
Non-derivatives financial liabilities
Trade and other payables* 63,105,835 63,105,835 63,105,835 –
Accruals^ 37,935,991 37,935,991 37,420,871 515,120
Leases liabilities 2,350,740 2,596,086 1,786,512 809,574
103,392,566 103,637,912 102,313,218 1,324,694
* Excludes unearned and deferred revenue and indirect taxes

^ Excludes employee benefits and volume discount payable
Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will
affect the Company’s income or the value of its holdings of financial instruments. The objective of market risk management
is to manage and control market risk exposures within acceptable parameters, while optimising the return.
Interest rate risk
Interest rate risk arises from the potential change in interest rates that may have an adverse effect on the Company in
the current reporting period or in future years. The Company does not have any significant interest-bearing liabilities or
interest earning assets.
Currency risk
The Company operates regionally and therefore, transacts in various foreign currencies and therefore is exposed to foreign
exchange risks. Exposure to currency risk is monitored on an ongoing basis and the Company endeavours to keep the net
exposure at an acceptable level.
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Exposure to currency risk
The Company’s exposures to foreign currencies are as follows:
(Amount in: US$)
Liabilities Assets
2024 2023 2024 2023
Singapore dollar 31,749,652 24,173,828 35,058,977 29,145,697
Euro 3,897,631 3,611,313 7,156,330 4,538,416
Japanese yen 3,408 – 61,361 17,949
Korean won 3,091,514 3,401,740 3,971,080 4,854,556
Chinese renminbi – 8,009 – 185,155
Great Britain pound 64,625 60,858 167,279 216,509
Hong Kong dollar – (83,131) ¬– (5,856)
Indian rupee 396,978 78,686 – (464,152)
New Taiwan dollar – – – (633,935)
Thai Baht 134,081 135,122 – –
Malaysian Ringgit 30 1,209 – 8,762
Indonesia Rupiah – – 174,841 27,854
Swiss Franc 147,801 (9,159) 261,368 127,699
New Zealand Dollar – (105) 386,725 27,869
UAE Riyal/Dirham – – 8,482 –
Australian Dollar 75,860 91,493 903,316 592,228
Sensitivity analysis for foreign currency risk

A 10% strengthening/weakening of US$ against the following currencies at the reporting date would increase/(decrease)
profit before tax by the amounts shown below. This analysis assumes that all other variables, in particular interest rates,
remain constant.
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(Amount in: US$)
Strengthen Weaken
2024 2023 2024 2023
Singapore dollar 330,933 497,187 (330,933) (497,187)

Euro 325,870 92,710 (325,870) (92,710)
Japanese yen 5,795 1,795 (5,795) (1,795)
Korean won 87,957 1,45,282 (87,957) (145,282)
Chinese renminbi – 17,715 – (17,715)
Great Britain pound 10,265 15,565 (10,265) (15,565)
Hong Kong dollar – 7,728 – (7,728)
Indian rupee (39,698) (54,284) 39,698 54,284
New Taiwan dollar – (63,393) – 63,393
Thai Baht (13,408) (13,512) 13,408 13,512
Malaysian Ringgit (3) 755 3 (755)
Indonesia Rupiah 17,484 2,785 (17,484) (2,785)
Swiss Franc 11,357 13,686 (11,357) (13,686)
New Zealand Dollar 38,672 2,797 (38,672) (2,797)
UAE Riyal/Dirham 848 – (848) –
Australian Dollar 82,746 50,073 (82,746) (50,073)
Determination of fair values

The carrying amounts of financial assets and financial liabilities approximate their fair values because of the relative
short-term maturity of these financial instruments.
(i) Valuation techniques and significant unobservable inputs
The following tables show the valuation techniques used in measuring Level 3 fair values, as well as the significant
unobservable inputs used:
Financial Assets US$ Fair value Valuation technique(s) Significant Relationship of

assets 2024 2023 hierarchy and key input(s) unobservable unobservable
input(s) inputs to fair value
Unquoted 3,300,000 3,300,000 Level 3 Market Comparison Adjusted The estimated
equity Technique: The valuation market fair value would
shares, at model is based on multiple increase (decrease)
fair value - market multiples derived (2024: 9.1x ; if the adjusted
designated from quoted prices of 2023: 7.2x) market multiple
at FVOCI companies comparable were higher (lower)
to the Company, adjusted
for the effect of the non
marketability of the
equity investments and
the expected EBITDA of
the Company
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(ii) Level 3 fair values
The following table shows a reconciliation from the opening balances to the ending balances for Level 3 fair values:
(Amount in: US$)
2024 2023
Unquoted equity shares designated at FVOCI
Net change in fair value of unquoted equity shares designated at FVOCI – –
Sensitivity analysis
For the fair values of unquoted equity shares designated at FVOCI reasonably possible changes at the reporting date
to one of the significant unobservable inputs, holding other inputs constant, would have the following effects:
(Amount in: US$)
Increase Decrease
31 March 2024
EBITDA Multiple (0.5x movement) 137,000 (137,000)
Normalised EBITDA (10% movement) 274,000 (274,000)
31 March 2023
EBITDA Multiple (0.5x movement) 113,000 (113,000)
Normalised EBITDA (10% movement) 215,000 (215,000)
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TCS FNS PTY LIMITED AND
ITS CONTROLLED ENTITY
ABN 45 116 714 482
General Purpose Financial Report

Simplified Disclosure Requirements
For the year ended
March 31, 2024
TCS FNS Pty Limited 9.1
CONTENT PAGE
Directors’ report 9.2
Auditor’s independence declaration 9.4
Statements of profit or loss and other comprehensive income 9.5
Statements of financial position 9.6
Statements of changes in equity 9.7
Statements of cash flows 9.8
Notes to financial statements 9.9
Directors’ declaration 9.26
Independent auditor’s report 9.27

9.2 TCS FNS Pty Limited
Directors Report
The directors present their report together with the consolidated financial statements of the Group comprising of TCS FNS Pty
Limited and its subsidiary for the financial year ended March 31, 2024 and the auditor’s report theron.
1. Directors
The names of the directors in office at any time during or since the end of the year are:
Neville Joseph Roach Appointed October 20, 2005
Natarajan Ganapathy Subramaniam Appointed April 11, 2008
Girish Ramachandran Payangatiri Appointed November 09, 2015
Venkateshwaran Srinivasan Appointed June 12, 2017
Madhav Anchan Appointed August 09, 2019
Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.
2. Principal activities
The principal activities of the Group during the financial year is holding the investments in its wholly owned subsidiary and
the development and sale of specialist banking software and the provision of implementation and project management
services. No significant change in the nature of these activities occurred during the year.
3. Review of operations
The profit of the Group for the financial year after providing for income tax amounted to AUD$ 5,413,889 (2023 profit of
AUD$ 6,697,442).
The Group has continued its focus on its core competency of product development with further growth of its core banking
product to capture greater market share of the Banking sector.
4. Environmental issues
The Group’s operations are not regulated by any significant environmental regulations under a law of the Commonwealth
or of a state or territory of Australia.
5. Dividends
AUD$ 9,500,000 dividend was paid to Tata Consultancy Services Limited (Parent Company) during the financial year. (2023:
AUD$ 8,000,000).
6. Events subsequent to reporting date

There have been no matters which have arisen in the interval between the end of the financial year and the date of this
report, any item, transaction or event of a material and unusual nature likely, in the opinion of the directors of the Group,
to affect significantly the operations of the Group, the results of those operations, or the state of affairs of the Group in
future financial years.
7. Likely developments
Information about likely developments in the operations of the Group and the expected results of those operations in
future financial years has not been included in this report because disclosure of the information would be likely to result
in unreasonable prejudice to the Company.
8. Shares under options

No options over issued shares or interests in the Group were granted during or since the end of the financial year and
there were no options outstanding at the date of this report.
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9. Indemnity and insurance of officers and auditors

No indemnities have been given or insurance premiums paid, during or since the end of the financial year, for any person
who is or has been an officer or auditor of the Group.
10. Proceedings on behalf of Company

No person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in any proceedings to
which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or any part of those
proceedings. The Company was not a party to any such proceedings during the year.
11. Lead auditor’s independence declaration

The Lead auditor’s independence declaration is set out on page 5 and forms part of the directors’ report for the financial
year ended March 31, 2024.
Neville J Roach
Director
Date: 01 May, 2024
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Lead Auditor’s Independence Declaration under Section 307C of the

Corporations Act 2001
To the Directors of
TCS FNS Pty Ltd and its controlled entity
I declare that, to the best of my knowledge and belief, in relation to the audit of TCS FNS Pty Ltd and its controlled entity for the
financial year ended 31 March 2024 there have been:
i. no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the
audit; and
ii. no contraventions of any applicable code of professional conduct in relation to the audit.
KPMG Adam Bird

Partner
Sydney
1 May 2024
KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated
with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and
logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited
by a scheme approved under Professional Standards Legislation.
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Statements of Profit or Loss and Other Comprehensive Income
(Amounts in AUD)
Continuing operations Group Parent
Notes For the year For the year For the year For the year
ended March ended March ended March ended March
31, 2024 31, 2023 31, 2024 31, 2023
Revenue 5 10,947,024 10,893,510 - -
Other income 5 216,634 11,129 9,500,000 8,000,000
Expenses
Selling, general and administrative (2,369,161) (1,986,216) - -
expenses
Foreign exchange (loss) 6 (25,563) (205,636) - -
Finance costs 7 (1,662) (1,949) (54) (50)
Profit before tax 8,767,272 8,710,838 9,499,946 7,999,950
Income tax expense 8 (3,353,383) (3,022,228) - -
Profit from continuing operations 5,413,889 5,688,610 9,499,946 7,999,950
Discontinued Operation (Disposal of a
foreign subsidiary)
Profit (loss) from discontinued operation, 4 - (850,068) - -
net of tax
Profit on sale of investment in - 1,858,900 - -
Discontinued Operation
Profit for the year 5,413,889 6,697,442 9,499,946 7,999,950
Other comprehensive income/( loss) for
the year, net of tax
Total comprehensive income for the year 5,413,889 6,697,442 9,499,946 7,999,950
See accompanying notes (1 to 22) forming part of the financial statements.
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Statements of Financial Position
(Amounts in AUD)
Group Parent
Notes As at As at As at As at
Current assets
Cash and cash equivalents 10 8,468,967 9,290,762 2,796 2,850
Trade and other receivables 11 8,341,637 11,167,718 414,421 923,059
Other current financial assets-Loans to - - 6,027,421 6,027,421
related parties
Current tax asset - 115,212 - -
Other current assets 12 181,786 251,026 - -
Total current assets 16,992,390 20,824,718 6,444,638 6,953,330
Non-current assets
Deferred tax assets (net) 15 2,141,413 2,550,154 - -
Investment in subsidiary 19 - - 300,000 300,000
Total non-current assets 2,141,413 2,550,154 300,000 300,000
Total Assets 19,133,803 23,374,872 6,744,638 7,253,330
Current liabilities
Trade and other payables 14 723,318 976,857 - -
Income tax payable (net) 98,581 - 414,421 923,059
Total current liabilities 821,899 976,857 414,421 923,059
Total non-current liabilities - - - -
Total liabilities 821,899 976,858 414,421 923,059
Net Assets 18,311,904 22,398,015 6,330,217 6,330,271

Equity
Share capital 16 37,258,815 37,258,815 37,258,815 37,258,815
Accumulated losses (18,946,911) (14,860,800) (7,212,819) (7,212,819)
Reserves - - (200) (146)
Common control reserve - - (23,715,579) (23,715,579)
Total Equity 18,311,904 22,398,015 6,330,217 6,330,271
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(Amounts in AUD)
Consolidated Group Share capital Accumulated Foreign currency Total
losses translation
reserve
Balance as at March 31, 2022 37,258,815 (13,558,242) 184,461 23,885,034
Profit for the year - 6,697,442 - 6,697,442
Dividend paid - (8,000,000) - (8,000,000)
Total comprehensive loss for the year - - (184,461) (184,461)
Balance as at March 31, 2023 37,258,815 (14,860,800) - 22,398,015
Dividend paid - (9,500,000) - (9,500,000)
Balance as at March 31, 2024 37,258,815 (18,946,911) - 18,311,904
(Amounts in AUD)
Parent Entity Share capital Profits Accumulated Common Total
reserve losses control
reserve
Balance as at March 31, 2022 37,258,815 (96) (7,212,819) (23,715,579) 6,330,321
Profit for the year - 7,999,950 - - 7,999,950
Dividend paid - (8,000,000) - - (8,000,000)
Profit for the year - 9,499,946 - - 9,499,946
Dividend paid - (9,500,000) - - (9,500,000)
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Statements of Cash Flows
(Amounts in AUD)
Group Parent
For the year For the year For the year For the year
31, 2024 31, 2023 31, 2024 31, 2023
Cash received from customers 13,773,105 11,450,304 - -
Cash paid to suppliers, employees and others (2,923,767) (2,917,716) (54) (50)
Income tax paid (2,387,767) (2,566,955) - -
Net cashflow from discontinued business - (259,766) - -
Net cash generated from operating activities 8,461,571 5,705,867 (54) (50)
Proceeds from Disposal of discontinued operation - 7,387,066 - -
Net Cashflow from discontinued business - 157,613 - -
Net cash generated from investing activities - 7,544,679 - -
Interest received 216,634 11,079 - -
Dividends paid (9,500,000) (8,000,000) - -
Net cashflow from discontinued business - (106,007) - -
Net cash used in financing activities (9,283,366) (8,094,928) - -
Effect of movements in exchange rates on cash held - 27,260 - -
Net increase/(decrease) in cash & cash equivalents (821,795) 5,155,618 (54) (50)
Cash & cash equivalents at the beginning of the year 9,290,762 4,107,884 2,850 2,900
Cash and cash equivalents at the end of year 8,468,967 9,290,762 2,796 2,850
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1. Reporting entity
TCS FNS Pty Limited (the “Company”) is a company limited by shares, incorporated and domiciled in Australia. Tata Sons
Private Limited is the ultimate parent of the company. The registered office and principal place of business of the Company
is TCS FNS Pty Ltd, Level 6, 76 Berry Street, North Sydney NSW 2060. As at March 31, 2024, Tata Consultancy Services
Limited, the immediate parent entity owned 100% of the Company’s equity share capital.
These consolidated financial statements are general purpose financial statements for distribution to the shareholder and
for the purpose of fulfilling the requirements of the Corporations Act 2001. They have been prepared in accordance with
Australian Accounting Standards – Simplified Disclosures made by the Australian Accounting Standards Board and the
Corporations Act 2001.
The statement of cash flows have been prepared under direct method, disclosing major classes of gross cash receipts and
payments related to operating activities.The Accounting Standards require cash flows from interest, Proceeds from sale
of Investment and dividends received and paid to be disclosed separately.
The Group has presented its cash flows that analyses all cash flows in total - i.e. including both continuing and discontinued
operations.
3. Material accounting policies

The Group also adopted Disclosure of Accounting Policies: Tier 2 and Other Australian Accounting Standards (Amendments
to AASB 1049, 1054 and 1060) from 1 July 2023. Although the amendments did not result in any changes to the accounting
policies themselves, they impacted the accounting policy information disclosed in the financial statements.
The amendments require the disclosure of ‘material’, rather than ‘significant’, accounting policies. The amendments also
provide guidance on the application of materiality to disclosure of accounting policies, assisting entities to provide useful,
entity-specific accounting policy information that users need to understand other information in the financial statements.
Management reviewed the accounting policies and made updates to the information disclosed in Material accounting
policies (2023: Significant accounting policies) in certain instances in line with the amendments.
A number of other new accounting standards are also effective from 1 July 2023 but they do not have a material effect on
the Group’s financial statements.
i. Subsidiaries
Subsidiaries are entities controlled by the Group. The Group ‘controls’ an entity when it is exposed to, or has rights
to, variable returns from its involvement with the entity and has the ability to affect those returns through its power
over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from
the date on which control commences until the date on which control ceases.
ii. Loss of control
When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary and other
components of equity. Any resulting gain or loss is recognised in profit or loss. Any interest retained in the former
subsidiary is measured at fair value when control is lost.
iii. Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group
transactions, are eliminated. Unrealised gains arising from transactions with associates are eliminated against the
investment to the extent of the Group’s interest in the investee. Unrealised losses are eliminated in the same way as
unrealised gains, but only to the extent that there is no evidence of impairment.
a. Income tax
Income tax expense comprises current and deferred tax. It is recognised in profit or loss except to the extent that
it relates to a business combination, or items recognised directly in equity or in OCI.
The Group has determined that interest and penalties related to income taxes, including uncertain tax treatments,
do not meet the definition of income taxes, and therefore accounted for them under AASB 137 Provisions,
Contingent Liabilities and Contingent
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Current tax
Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any
adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or
receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related
to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date.
Current tax also includes any tax arising from dividends.
Current tax assets and liabilities are offset where a legally enforceable right of set-off exists and it is intended
that net settlement or simultaneous realisation and settlement of the respective asset and liability will occur.
Deferred tax
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not
recognised for:
- temporary differences on the initial recognition of assets or liabilities in a transaction that:
- is not a business combination; and
- at the time of the transaction (i) affects neither accounting nor taxable profit or loss and (ii) does not give rise
to equal taxable and deductible temporary differences
- temporary differences related to investments in subsidiaries and associates to the extent that the Group is
able to control the timing of the reversal of the temporary differences and it is probable that they will not
reverse in the foreseeable future; and
- taxable temporary differences arising on the initial recognition of goodwill.
Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary
differences to the extent that it is probable that future taxable profits will be available against which they can be
used. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If
the amount of taxable temporary differences is insufficient to recognise a deferred tax asset in full, then future
taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business
plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are
reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions
are reversed when the probability of future taxable profits improves.
Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they
reverse, using tax rates enacted or substantively enacted at the reporting date, and reflects uncertainty related
to income taxes, if any.
The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the
Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.
Tax consolidation
The Company, as the head entity in the tax consolidated group and its wholly-owned Australian controlled entities
continue to account for their own current and deferred tax amounts. These tax amounts are measured as if each
entity in the tax consolidated group continues to be a stand-alone taxpayer in its own right.
In addition to its own current and deferred tax amounts, the Company also recognises the current tax liabilites
(or assets) and the deferred tax assets arising from unused tax losses and unused tax credits assumed from
controlled entities in the tax consolidated group. Assets or liabilites arising under the tax funding agreement with
the tax consolidated entities are recognised as amounts receivable or payable to other entities in the Group.
The entities in the Tax Consolidated Group entered into a tax sharing agreement which, in the opinion of the
directors, limits the joint and several liability of the wholly-owned entities within the Tax Consolidated Group in
the case of a default by the Company.
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The entities in the Tax Consolidated Group have also entered into a Tax Funding Agreement under which the
wholly-owned entities of that group fully compensate the Company for any current tax payable assumed and
are compensated by the Company for any current tax receivable and deferred tax assets relating to unused tax
losses or unused tax credits that are transferred to the Company under the tax consolidation legislation. The
funding amounts are determined by reference to the amounts recognised in the wholly-owned entities’ financial
statements.
c. Property, plant and equipment
Each class of property, plant and equipment is carried at cost, less any accumulated depreciation and impairment
losses.
Plant and equipment
Items of plant and equipment are measured at cost less depreciation and impairment losses.
The cost of fixed assets constructed within the Group includes the cost of materials, direct labour, borrowing
costs and an appropriate proportion of fixed and variable overheads.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate,
only when it is probable that future economic benefits associated with the item will flow to the Group and the cost
of the item can be measured reliably. All other repairs and maintenance are charged to the statement of profit or
loss and other comprehensive income during the financial period in which they are incurred.
Depreciation
The depreciable amount of all fixed assets including building and capitalised leased assets, but excluding
freehold land, is depreciated on a straight line basis over their useful lives to the Group commencing from the
time the asset is held ready for use. Leased assets are depreciated over the shorter of either the unexpired
period of the lease or the estimated useful lives of the assets.
The useful life for each class of depreciable assets is:
Class of fixed asset Useful life

Furniture and fittings 5-7 years
Plant and equipment 2.5 to 7 years
Motor vehicles 5 years
Leasehold improvements 10 years

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting period
date.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount
is greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains or
losses are included in the statement of profit or loss and other comprehensive income.
d. Intangible assets
Intangible assets purchased are measured at cost as at the date of acquisition, less accumulated amortisation
and accumulated impairment, if any. Intangible assets acquired in a business combination are recognised at fair
value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated
amortisation and impairment losses, if any. Intangible assets are amortised on a straight line basis.
e. Financial instruments
Financial assets and liabilities are recognised when the Company becomes a party to the contractual provisions
of the instrument. Financial assets and liabilities are initially measured at fair value. Transaction costs that are
directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial
assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value
measured on initial recognition of the financial asset or financial liability.
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The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset
expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the
asset to another entity. The Group derecognises financial liabilities when, and only when, the Group’s obligations
are discharged, cancelled or have expired.
The Group considers all highly liquid financial instruments, which are readily convertible into known amounts of
cash that are subject to an insignificant risk of change in value and having original maturities of three months or
less from the date of purchase, to be cash equivalents. Cash and cash equivalents consist of balances with banks
which are unrestricted for withdrawal and usage.
Financial assets are subsequently measured at amortised cost if these financial assets are held within a business
model whose objective is to hold these assets in order to collect contractual cash flows and the contractual
terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding.
Financial assets are measured at fair value through other comprehensive income if these financial assets are
held within a business model whose objective is achieved by both collecting contractual cash flows on specified
dates that are solely payments of principal and interest on the principal amount outstanding and selling financial
assets.
The Group has made an irrevocable election to present subsequent changes in the fair value of equity investments
not held for trading in other comprehensive income.
Financial assets are measured at fair value through profit or loss unless they are measured at amortised cost or
at fair value through other comprehensive income on initial recognition. The transaction costs directly attributable
to the acquisition of financial assets and liabilities at fair value through profit or loss are immediately recognised
in profit or loss.
Equity instruments
An equity instrument is a contract that evidences residual interest in the assets of the company after deducting
all of its liabilities. Equity instruments issued by the Company are recognised at the proceeds received net of any
direct issue costs.
f. Impairment
Financial assets (other than at fair value)
The Group assesses at each reporting date whether a financial asset or a group of financial assets is impaired.
AASB 9 requires expected credit losses to be measured through a loss allowance. The Group recognises lifetime
expected losses for all contract assets and / or all trade receivables that do not constitute a financing transaction.
In determining the allowances for doubtful trade receivables the Group has used a practical expedient by
computing the expected credit loss allowance for trade receivables based on a provision matrix. The provision
matrix takes into account historical credit loss experience and is adjusted for forward looking information. The
expected credit loss allowance is based on the ageing of the receivables that are due and rates used in the
provision matrix. For all other financial assets, expected credit losses are measured at an amount equal to the
12-month expected credit losses or at an amount equal to the life time expected credit losses if the credit risk on
the financial asset has increased significantly since initial recognition.
Non-financial assets
At each reporting date, the Group reviews the carrying values of its tangible and intangible assets to determine
whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable
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amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, is compared
to the asset’s carrying value. In assessing value in use, the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects current market assessments of the time value of money
and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Any excess of the asset’s carrying value over its recoverable amount is expensed to the statement of profit or loss
and other comprehensive income.
Impairment testing is performed annually for intangible assets with indefinite lives and intangible assets not yet
available for use. Where it is not possible to estimate the recoverable amount of an individual asset, the Group
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Goodwill on consolidation is initially recorded at the amount by which the purchase price for a business or
for an ownership interest in a controlled entity exceeds the fair value attributed to its net assets at date of
acquisition. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is tested annually
for impairment and carried at cost less accumulated impairment losses. Gains and losses on the disposal of an
entity include the carrying amount of goodwill relating to the entity sold.
g. Foreign currency transactions and balances
Transactions in foreign currencies are translated into the respective functional currencies of Group companies
at the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign
currencies are translated into the functional currency at the exchange rate at the reporting date. Non¬monetary
assets and liabilities that are measured at fair value in a foreign currency are translated into the functional
currency at the exchange rate when the fair value was determined. Non-monetary items that are measured
based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction.
Foreign currency differences are generally recognised in profit or loss and presented within finance costs.
However, foreign currency differences arising from the translation of the following items are recognised in OCI:
A financial liability designated as A hedge of the net investment in A foreign operation to the extent that the hedge
is effective and qualifying cash flow hedges to the extent that the hedges are effective.
h. Employee benefits
Provision is made for the Group’s liability for employee benefits arising from services rendered by employees
to balance date. Employee benefits that are expected to be settled within one year have been measured at the
amounts expected to be paid when the liability is settled, plus related on-costs.
Employee benefits payable later than one year have been measured at the present value of the estimated future
cash outflows to be made for those benefits. Those cash flows are discounted using market yields on national
government bonds with terms to maturity that match the expected timing of cash flows.
i. Provisions
Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for
which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured.
Provisions are measured using the best estimate of amounts required to settle the obligation at the end of the
reporting period.
j. Cash and cash equivalents
Cash comprises cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments
that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes
in value.
Bank overdrafts are shown within short-term borrowings in current liabilities on the statement of financial
position.
k. Revenue
The Group earns revenue primarily from sale of computer software for banking and to market and license the
software worldwide and to provide maintenance services.
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reflects the consideration which the Group expects to receive in exchange for those products or services.
• Revenue from time and material and job contracts is recognised on an output basis measured by units
delivered, efforts expended, number of transactions processed, etc.
• Revenue related to fixed price maintenance and support services contracts where the Group is standing
ready to provide services is recognised based on time elapsed mode and revenue is straight lined over the
period of performance.
• In respect of other fixed-price contracts, revenue is recognised using the percentage-of-completion method
(‘POC method’) of accounting with contract costs incurred determining the degree of completion of the
performance obligation. The contract cost used in computing the revenues includes the cost of fulfilling
warranty obligations.
software is recognised upfront at the point in time when the system / software is delivered to the customer. In
cases where implementation and / or customisation services rendered significantly modifies or customises
the software, these services and software are accounted for as a single performance obligation and revenue
is recognised over time on a POC method.
• Revenue from the sale of distinct third party hardware is recognised at the point in time when control is
transferred to the customer.
• The solutions offered by the Group may include supply of third-party equipment or software. In such cases,
Group is acting as the principal or as an agent of the customer. The Group recognises revenue at the gross
amount of consideration when it is acting as a principal and at net amount of consideration when it is acting
as an agent.
service level credits, performance bonuses, price concessions and incentives, if any, as specified in the contract
with the customer. Revenue also excludes taxes collected from customers.
The Group’s contracts with customers could include promises to transfer multiple products and services to a
customer. The Group assesses the products / services promised in a contract and identifies distinct performance
obligations in the contract. Identification of distinct performance obligation involves judgement to determine the
deliverables and the ability of the customer to benefit independently from such deliverables.
Judgement is also required to determine the transaction price for the contract and to ascribe the transaction
performance bonuses, price concessions and incentives. The transaction price is also adjusted for the effects of
the time value of money if the contract includes a significant financing component. Any consideration payable to
the customer is adjusted to the transaction price, unless it is a payment for a distinct product or service from the
customer. The estimated amount of variable consideration is adjusted in the transaction price only to the extent
that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur
and is reassessed at the each reporting period. The Group allocates the elements of variable considerations to
all the performance obligations of the contract unless there is observable evidence that they pertain to one or
more distinct performance obligations.
The Group exercises judgement in determining whether the performance obligation is satisfied at a point in time
or over a period of time. The Group considers indicators such as how a customer consumes benefits as services
are rendered or who controls the asset as it is being created or existence of an enforceable right to payment for
performance to date and any alternate use of such product or service, transfer of significant risks and rewards
to the customer, acceptance of delivery by the customer, etc.
Revenue for fixed-price contracts is recognised using the percentage-of-completion method. The Group uses
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Contract fulfilment costs are generally expensed as incurred except for certain software licence costs which
meet the criteria for capitalisation. Such costs are amortised over the contractual period or useful life of the
licence, whichever is less. The assessment of this criteria requires the application of judgement, in particular
when considering if costs generate or enhance resources to be used to satisfy future performance obligations
and whether costs are expected to be recovered.
Contract assets are recognised when there is excess of revenue earned over billings on contracts. Contract
assets are classified as unbilled receivables (only act of invoicing is pending) when there is an unconditional right
to receive cash, and only the passage of time is required, as per contractual terms.
transferred. The billing schedules agreed with customers could include periodic performance based payments
and/or milestone based progress payments. Invoices are payable within a contractually agreed credit period.
In accordance with AASB 137, the Company recognises an onerous contract provision when the unavoidable
costs of meeting the obligations under a contract exceed the economic benefits to be received.
Contracts are subject to modification to account for changes in contract specification and requirements.
The Group any reviews modifications to a contract in conjunction with the original contract, basis which the
transaction price could be allocated to a new performance obligation or transaction price of an existing obligation
could undergo a change. In the event that the transaction price is revised for an existing obligation, a cumulative
adjustment is accounted for.
The Group disaggregates revenue from contracts with customers by industry verticals, geography and nature of
services.
l. Goods and services tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST
incurred is not recoverable from the Australian Taxation Office. In these circumstances, the GST is recognised as
part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the
statement of financial position are shown inclusive of GST.
Cash flows are presented in the statement of cash flows on a gross basis, except for the GST component of
investing and financing activities, which are disclosed as operating cash flows.
m. Critical accounting estimates and judgments
The directors evaluate estimates and judgments incorporated into the financial statements based on historical
knowledge and best available current information. Estimates assume a reasonable expectation of future events
and are based on current trends and economic data, obtained both externally and within the Group. Actual
results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
are recognised in the period in which the estimate is revised if the revision affects only that period or in the period
of the revision and future periods if the revision affects both current and future periods.
Revenue from fixed-price contracts is recognized using the percentage of completion method. The Company
applies judgment to estimate the future cost until completion of the contracts and it uses judgment to determine
the progress towards complete satisfaction of the performance obligation.
Key estimates — Impairment
The Company assesses impairment at each reporting date by evaluating conditions and events specific to the
Company that may be indicative of impairment triggers.
4. Discontinued Operation (Disposal of a foreign subsidiary)

TCS Financial Solutions Australia Pty Ltd has sold 100% of the share capital in TCS Financial Solutions (Beijing) Co., Ltd.,
to Tata Consultancy Services (China) Co., Ltd. The profits of TCS Financial Solutions (Beijing) Co., Ltd., till the date of
transfer of ownership ( i.e 16 March 2023) is considered in the consolidated profit and loss account of TCS FNS Pty Limited
and Controlled Entities under the heading Profits From Discontinued Operation (Disposal of a foreign subsidiary) for the
year ended March 31,2023.
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5 Revenue
(Amounts in AUD)
Note Group Parent

31, 2024 31, 2023 31, 2024 31, 2023
Consultancy revenue 2,178,748 1,680,422 - -
License fees 8,768,276 9,213,088 - -
Total revenue 10,947,024 10,893,510 - -
Non operating activities
Interest received 216,634 11,129 - -
Dividend - - 9,500,000 8,000,000
Total other income 216,634 11,129 9,500,000 8,000,000
Revenue disaggregation by industry vertical is as follows:
Note For the year For the year For the year For the year
31, 2024 31, 2023 31, 2024 31, 2023
Industry vertical
Banking, financial services and insurance 10,947,024 10,893,510 - -
Total 10,947,024 10,893,510 - -
Revenue disaggregation by geography is as follows:
31, 2024 31, 2023 31, 2024 31, 2023
Geography
Asia Pacific 2,216,539 1,722,298 - -
India 8,730,485 9,171,212 - -
Total 10,947,024 10,893,510 - -
Geographical revenue is allocated based on the location of the customers.
Revenue disaggregation by timing of revenue recognition is as follows:
31, 2024 31, 2023 31, 2024 31, 2023
Revenue recongnised at a point in time 8,802,677 9,213,088 - -
Revenue recongnised over time 2,144,347 1,680,422 - -
10,947,024 10,893,510 - -
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Group has applied the practical expedient in AASB 15. Accordingly, the Group has not disclosed the aggregate transaction
price allocated to unsatisfied (or partially satisfied) performance obligations which pertain to contracts where revenue
recognized corresponds to the value transferred to the customer typically involving time and materials, outcome based
Unsatisfied (or partially satisfied) performance obligations are futuristic and therefore subject to variability due to several
factors such as terminations, changes in scope of contracts, periodic revalidations of the estimates, economic factors
(changes in currency rates, tax laws etc). The aggregate value of transaction price allocated to unsatisfied (or partially
satisfied) performance obligations is AUD$ 1,944,773 out of which AUD$ 1,057,308(54.37%) is expected to be recognized
as revenue within the next year and the balance thereafter. No consideration from contracts with customers is excluded
from the amount mentioned above.
6 Result for the year

(Amounts in AUD)
Group Parent
The result for the year is after charging / For the year For the year For the year For the year
(crediting) the following items: ended March ended March ended March ended March
31, 2024 31, 2023 31, 2024 31, 2023
Net foreign currency loss / (gain) (25,563) (205,636) - -
7 Finance costs
(Amounts in AUD)
Group Parent
31, 2024 31, 2023 31, 2024 31, 2023
Bank charges 1,662 1,949 54 50
Total finance cost 1,662 1,949 54 50
8 Income tax (expense) /benefit

(Amounts in AUD)
31, 2024 31, 2023 31, 2024 31, 2023
Current tax expense (2,221,375) (2,444,238) - -
Tax expense related to prior years (723,268) (328,270) - -
Deferred tax expense (408,740) (249,720) - -
Total (3,353,383) (3,022,228) - -
Profit before tax 8,767,272 8,710,838 9,499,946 7,999,950
Current tax provision (2,630,182) (2,613,251) 2,849,984 2,399,985
Current tax of prior period (723,268) (328,270) - -
Permanent differences 67 (80,707) (2,849,984) (2,399,985)
Total (3,353,383) (3,022,228) - -
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9 Auditor’s remuneration
(Amounts in AUD)
31, 2024 31, 2023 31, 2024 31, 2023
Remuneration of the auditor of TCS FNS Pty
Limited
- For audit of the financial statements 36,281 35,438 - -
Total 36,281 35,438 - -
10 Cash and cash equivalents

(Amounts in AUD)
31, 2024 31, 2023 31, 2024 31, 2023
Balances with banks 1,968,967 1,990,762 2,796 2,850
Deposit with banks 6,500,000 7,300,000 - -
Total 8,468,967 9,290,762 2,796 2,850
11 Trade and other receivables

(Amounts in AUD)
Group Parent
As at March As at March As at March As at March
31, 2024 31, 2023 31, 2024 31, 2023
Trade receivables* 4,328,153 7,014,001 414,421 923,059
Allowance for impairment of receivables - (18,568) - -
Other receivables 26,727 300 - -
4,354,880 6,995,733 414,421 923,059
Unbilled receivables* 3,986,757 4,171,985 - -
Total 8,341,637 11,167,718 414,421 923,059
The carrying value of trade receivables is considered a reasonable approximation of fair value due to the short-term nature
of the balances.
* Trade receivables and unbilled receivables include balance with related party of AUD$ 7,619,725 as at March 31, 2024
(AUD$ 10,521,266 as at March 31, 2023) (Refer note 21)
Allowance for impairment of receivables
Current trade and term receivables are non-interest bearing loans and generally on 30-day terms. Non-current trade and
term receivables are assessed for recoverability based on the underlying terms of the contract. A provision for impairment
is recognised when there is objective evidence that an individual trade or term receivable is impaired.
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12 Other assets
(Amounts in AUD)
31, 2024 31, 2023 31, 2024 31, 2023
Current assets
Prepayments 119,321 188,979 - -
Contract assets 26,000 62,044 - -
Other current assets 36,465 3 - -
Total 181,786 251,026 - -
Movement in contract assets is given below ( Group) :
For the year For the year

ended March ended March
31, 2024 31, 2023
Balance at beginning of the year 62,044 6,190,903
+ Revenue recognised during the year 13,695 50,866
- Invoices raised during the year for discontinued operation - (6,109,921)
- Invoices raised during the year (49,137) (89,990)
+/- Translation (602) 20,186
Balance at end of the year 26,000 62,044
13 Property, plant and equipment

(Amounts in AUD)
31, 2024 31, 2023 31, 2024 31, 2023
Plant and equipment
At cost 347,334 347,334 - -
Accumulated depreciation (347,334) (347,334) - -
Total - - - -
Reconciliation of the carrying amount

Net carrying amount on 01 April - 41,120 - -
Additions - - - -
Depreciation Expense - - - -
Net transferred on sale of Subsidiary - (41,120) - -
Closing balance - - - -
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14 Trade and other payables
(Amounts in AUD)
Group Parent
31, 2024 31, 2023 31, 2024 31, 2023
Current
Trade creditors* 436,755 400,702 - -
Accrued expenses* 162,931 155,666 - -
Unearned and deferred revenue 123,632 420,489 - -
Total 723,318 976,857 - -
Movement in unearned and deferred revenue is given below ( Group):
As at March As at March
31, 2024 31, 2023
Balance at beginning of the year 420,489 322,415
- Revenue recognised during the year (420,236) (167,475)
- Revenue recognised during the year for discontinued operation - (154,940)
+ Invoices raised during the year 123,718 421,326
+/- Translation (339) (837)
Balance at end of the year 123,632 420,489
All amounts are short term and carrying value is considered to be a reasonable approximate of fair value.
* Trade creditors and accrued expenses include balance with related party of AUD$ 450,924 as at March 31, 2024
(AUD$ 460,847 as at March 31, 2023) (Refer note .21).
15 Deferred tax assets

(Amounts in AUD)
Group Parent
31, 2024 31, 2023 31, 2024 31, 2023
Non-current
Deferred tax asset (net) 2,141,413 2,550,154 - -
Total 2,141,413 2,550,154 - -
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Movement in deferred tax balance, net (Group)
(Amounts in AUD)
March 31, 2024 Opening Recognised in Closing
profit & loss
Intangible 2,385,674 (315,840) 2,069,834
Doubtful debts 5,570 (5,570) -
Unearned and deferred revenue 126,146 (89,057) 37,089
Other temporary differences 32,764 1,727 34,491
Total 2,550,154 (408,740) 2,141,413
(Amounts in AUD)
profit & loss
Intangible 2,701,514 (315,840) 2,385,674
Doubtful debts 7,889 (2,319) 5,570
Unearned and deferred revenue 50,241 75,905 126,146
Other temporary differences 40,230 (7,466) 32,764
Total 2,799,874 (249,720) 2,550,154
16 Share capital
(Amounts in AUD)
Group Parent
31, 2024 31, 2023 31, 2024 31, 2023
37,258,815 of face value of 1 AUD$ per share (2023: 37,258,815 37,258,815 37,258,815 37,258,815
37,258,815) fully paid ordinary shares
Total 37,258,815 37,258,815 37,258,815 37,258,815
a. Ordinary shares
(Amounts in AUD)
31, 2024 31, 2023 31, 2024 31, 2023
At the beginning of reporting period 37,258,815 37,258,815 37,258,815 37,258,815
Total 37,258,815 37,258,815 37,258,815 37,258,815
At reporting date
Ordinary shares participate in dividends and the proceeds on winding up of the Company in proportion to the number
of shares held.
At the shareholders’ meetings each ordinary share is entitled to one vote when a poll is called, otherwise each
shareholder has one vote on a show of hands.
b. Capital management
The Group’s objective for capital management is to maximize shareholder value, safeguard business continuity and
support the growth of the Company. The Group determines the capital requirement based on annual operating plans
operating cash flows generated. The Group is not subject to any externally imposed capital requirements.
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The Company as at March 31, 2024, as with March 31, 2023 has no external commercial short or long term borrowings
and accordingly does not have any externally imposed capital requirements and as such no circumstances of
non- compliance have occurred.
17 Reserves
a. Profit reserve
The profits reserve represents profits of entities within the Group transferred to a separate reserve to preserve
their profit character. Such profits are available to enable payment of franked dividends in future years. Dividends
amounting to AUD$ 9,500,000 (2023:AUD$ 8,000,000) were declared and distributed from the profits reserve during
the year.
On 05 September 2023 the Board has declared Dividend of AUD$ 9,500,000 which was paid on 06 September 2023.
b. Dividend
(Amounts in AUD)
March 31, 2024 March 31, 2023
Final dividend 9,500,000 8,000,000
18 Contingent liabilities
The Company had no contingent liabilities or assets as at March 31, 2024 (Nil; March 31, 2023).
19 Investment in subsidiary
(Amounts in AUD)
As at As at
March 31, 2024 March 31, 2024
Non - current 300,000 300,000
Investments in controlled entities at cost 300,000 300,000
Subsidiary
The subsidiary included in the financial statements of TCS FNS Pty Limited are listed in the following table.
Name Country of incorporation % Equity Interest

TCS Financial Solutions Australia Pty Ltd Australia 100 100
20. Events after the balance sheet date

No matters or circumstances have arisen since the end of March, 2024 which significantly affect or may significantly affect
the operations of the Company, the results of those operations, or the state of affairs of the Company in future financial
years.
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Group
Consolidated group principal related parties consist of its ultimate holding company Tata Sons Private Limited, holding
company Tata Consultancy Services Limited and its subsidiaries, and its key management personnel. The Company
routinely enters into transactions with its related parties in the ordinary course of business.
For the year ended March 31, 2024
(Amounts in AUD)
Particulars With Tata With Tata With Tata With Tata Total
Sons Private Consultancy Consultancy Consultancy
Limited, Services Services Services
Ultimate Limited, (Philippines) (China) Co.
Holding Holding Inc, Fellow Ltd., Fellow
Company Company Subsidiary Subsidiary
Revenue from sale of services and - 8,730,486 - - 8,730,486
licenses
Purchases of goods and services - 1,601,093 379,873 - 1,980,966
(including reimbursement)
Brand equity contribution 5,541 - - - 5,541
Rent paid - 18,272 - - 18,272
Communication expense - 3,600 - - 3,600
Dividend paid - 9,500,000 - - 9,500,000
Total 5,541 19,853,451 379,873 - 20,238,865

(Amounts in AUD)
Revenue from sale of services and - 9,171,213 - - 9,171,213
licenses
Purchases of goods and services - 1,373,175 243,822 3,710 1,620,707
Brand equity contribution 4,306 - - - 4,306
Rent paid - 11,303 - - 11,303
Communication expense - 3,600 - - 3,600
Sale of Investment - - - 7,407,029 7,407,029
Dividend paid - 8,000,000 - - 8,000,000
Total 4,306 18,559,291 243,822 7,410,739 26,218,158
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Balances with related parties
As at March 31, 2024
(Amounts in AUD)
Trade receivables - 3,632,968 - - 3,632,968
Trade payables, accrued expenses 5,541 445,383 - - 450,924
Other financial liabilities and Other
liabilities
Unbilled receivables - 3,986,757 - - 3,986,757
Prepaid expenses - 111,269 - - 111,269
Total 5,541 8,176,377 - - 8,181,918

(Amounts in AUD)
Trade receivables - 6,349,282 - - 6,349,282
Trade payables, accrued expenses
Other financial liabilities and Other 4,306 387,127 65,700 3,714 460,847
liabilities
Unbilled receivables - 4,171,984 - - 4,171,984
Prepaid expenses - 181,978 - - 181,978
Total 4,306 11,090,371 65,700 3,714 11,164,091
Parent Entity
TCS FNS Pty Ltd principal related parties consist of its holding company Tata Consultancy Services Ltd and its subsidiaries,
its subsidiary TCS Financial Solutions Australia Pty Limited and its key management personnel. The Company routinely
enters into transactions with its related parties in the ordinary course of business. Below tables include transactions
entered during the year and balances as of March 31, 2024 and 2023.
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(Amounts in AUD)
Particulars With Tata With TCS With TCS Total
Consultancy Financial Financial
Services Solutions Solutions
Limited, Australia Pty Australia
Holding Limited Pty Limited,
Company Subsidiary
Company
Dividend income - 9,500,000 - 9,500,000
Dividend paid 9,500,000 - - 9,500,000
Trade and other receivables - - 414,421 414,421
Loans to related parties - - 6,027,421 6,027,421
Total 9,500,000 9,500,000 6,441,842 25,441,842

(Amounts in AUD)
Particulars With Tata With TCS With TCS Total
Consultancy Financial Financial
Services Solutions Solutions
Limited, Australia Pty Australia
Holding Limited Pty Limited,
Company Subsidiary
Company
Dividend income - 8,000,000 - 8,000,000
Dividend paid 8,000,000 - - 8,000,000
Trade and other receivables - - 923,059 923,059
Loans to related parties - - 6,027,421 6,027,421
Total 8,000,000 8,000,000 6,950,480 22,950,480
22. Deed of cross guarantee

The Company has entered a deed of cross-guarantee with its wholly owned subsidiary, TCS Financial Solutions Australia
Pty Limited.
Pursuant to ASIC Corporations (Wholly owned Companies) Instrument 2016/785, the Company guarantees to each creditor
payment in full of any debt in the event of winding up of the subsidiary under provisions of the Corporations Act, 2001. If a
winding up occurs under the provisions of the Act, the Company will only be liable if after six months any creditor has not
been paid in full.
The subsidiary has also given similar guarantees if the Company is wound up.
A consolidated statement of comprehensive income and consolidated statement of financial position, comprising the
Company and controlled entity that are parties to the Deed, after eliminating all transactions between parties to the Deed
of Cross Guarantee, for the year ended 31 March 2024, are set out on page 6 and page 7, respectively.
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Directors’ Declaration
1 In the opinion of the directors of TCS FNS Pty Limited (“the Company”)
(a) the Company is not publicly accountable.
(b) the financial statements and notes, set out on pages (6 to 23), are in accordance with the Corporations Act 2001,
including:
(I) giving a true and fair view of the Group’s financial position as at March 31, 2024 and of its performance for the
financial year ended on that date; and
(II) complying with Australian Accounting Standards - Simplified Disclosure Requirements and the Corporations
Regulations 2001; and
(c) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due
and payable.
2 There are reasonable grounds to believe that the Company and the Group entities identified in the Note will be able to meet
any obligations or liabilities to which they are or may become subject to by virtue of the deed of Cross Guarantee between
the Company and those Group entities pursuant to ASIC Corporations (Wholly-owned Companies) Instrument 2016/785.
Signed in accordance with a resolution of the directors
Neville J Roach
Director
Date: 01 May, 2024
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To the shareholder of
TCS FNS Pty Limited
Opinion
We have audited the Financial Report of TCS FNS Pty Limited (the Company). We have also audited the Consolidated Financial
Report of TCS FNS Pty Limited and its controlled entity (the Group).
In our opinion, the accompanying Financial Report of the Group and the Company are in accordance with the Corporations Act
2001, including:
• giving a true and fair view of the Group and Company’s financial position as at 31 March 2024 and of their financial
performance for the year ended on that date; and
• complying with Australian Accounting Standards - Simplified Disclosures and the Corporations Regulations 2001.
The Financial Reports of the Group and the Company comprises:
• Statements of financial position as at 31 March 2024;
• Statements of profit or loss and other comprehensive income, Statements of changes in equity, and Statements of cash
flows for the year then ended;
• Notes including a summary of material accounting policies; and
• Director’s Declaration.
The Group consists of the Company and the entity it controlled at the year-end or from time to time during the financial year.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion.
Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the Financial
Report section of our report.
We are independent of the Group in accordance with the Corporations Act 2001 and the ethical requirements of the Accounting
Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence
Standards) (the Code) that are relevant to our audit of the Financial Report in Australia. We have fulfilled our other ethical
responsibilities in accordance with these requirements.
Other Information
Other Information comprises of financial and non-financial information in TCS FNS Pty Limited’s annual reporting which is
provided in addition to the Financial Report and the Auditor’s Report. The Director is responsible for the Other Information.
Our opinion on the Financial Report does not cover the Other Information and, accordingly, we do not express an audit opinion
or any form of assurance conclusion thereon.
In connection with our audit of the Financial Report, our responsibility is to read the Other Information. In doing so, we consider
whether the Other Information is materially inconsistent with the Financial Report or our knowledge obtained in the audit, or
otherwise appears to be materially misstated.
We are required to report if we conclude that there is a material misstatement of this Other Information, and based on the
work we have performed on the Other Information that we obtained prior to the date of this Auditor’s Report we have nothing
to report.
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Responsibilities of the Directors for the Financial Report
The Directors are responsible for:
• preparing the Financial Report that gives a true and fair view in accordance with Australian Accounting Standards -
Simplified Disclosures and the Corporations Act 2001
• implementing necessary internal control to enable the preparation of a Financial Report that gives a true and fair view and
is free from material misstatement, whether due to fraud or error
• assessing the Group and Company’s ability to continue as a going concern and whether the use of the going concern basis
of accounting is appropriate. This includes disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless they either intend to liquidate the Group and Company or to cease operations, or have
no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Report
Our objective is:
• to obtain reasonable assurance about whether the Financial Report as a whole is free from material misstatement,
whether due to fraud or error; and
• to issue an Auditor’s Report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian
Auditing Standards will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of the Financial Report.
A further description of our responsibilities for the audit of the Financial Report is located at the Auditing and Assurance
Standards Board website at: http://www.auasb.gov.au/auditors_responsibilities/ar3.pdf This description forms part of our
Auditor’s Report.
KPMG Adam Bird

Partner
Sydney
1 May 2024
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TATA CONSULTANCY SERVICES BELGIUM
ANNUAL REPORT AND FINANCIAL STATEMENTS
For the year ended
March 31, 2024
Tata Consultancy Services Belgium 10.1
CONTENT PAGE
Annual Report of the Board of Directors 10.4
Statutory Auditors’ Report 10.6
Balance Sheet 10.9
Profit and Loss Account 10.12
Appropriation Account 10.14
Social Balance Sheet 10.39

10.2 Tata Consultancy Services Belgium
LIST OF DIRECTORS, BUSINESS MANAGERS AND AUDITORS AND

DECLARATION REGARDING A COMPLIMENTARY REVIEW OR
CORRECTION ASSIGNMENT
LIST OF DIRECTORS, BUSINESS MANAGERS AND AUDITORS
COMPLETE LIST with surname, first names, profession, place of residence (address, number, postal code and town) and
position within the Company
MATHEW VARGHESE Jipson

Avenue Princesse Paola 37, 1410 Waterloo, Belgium
Mandate: Delegated director, start: 29/07/2021, end: 04/08/2026
GAITONDE Pradeep
C19 Happyhome 21st Martin Road . Bandra West, Mumbai, India
Mandate: Director, start: 14/06/2022, end: 13/06/2025
CHAPALAPALLI Sapthagiri
Am Römerhof 51, 60486 Frankfurt Am Main, Germany
Mandate: Delegated director, start: 29/07/2021, end: 04/08/2026
KPMG Bedrijfsrevisoren BV 0419.122.548

Luchthaven Brussel Nationaal 1, box K, 1930 Zaventem, Belgium
Membership number: B00001
Mandate: Auditor, start: 03/08/2022, end: 06/08/2025
Represented by:
1. Carton Melissa
Luchthaven Brussel Nationaal 1 , box K 1930 Zaventem Belgium
Membership number : A02426
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DECLARATION REGARDING A COMPLIMENTARY REVIEW OR

CORRECTION ASSIGNMENT
The managing board declares that not a single audit or correction assignment has been given to a person not authorized to do
so by law, pursuant to article 5 of the law of 17 March 2019 concerning the professions of accountant and tax advisor.
The annual accounts / were not* audited or corrected by a certified accountant or by a company auditor who is not the statutory
auditor.
If affirmative, should be mentioned hereafter: surname, first names, profession and address of each certified accountant or
company auditor and their membership number at their Institute, as well as the nature of their assignment:
A. Bookkeeping of the Company**,
B. Preparing the annual accounts **,
C. Auditing the annual accounts and/or
D. Correcting the annual accounts.
If the tasks mentioned under A or B are executed by accountants or fiscal accountants, the following information can be
mentioned hereafter: surname, first names, profession and address of each accountant or fiscal accountant and their
membership number at the Institute of Accountants and Tax advisors, as well as the nature of their assignment.
Nature of the assignment

Surname, first names, profession and address Membership number
(A, B, C and/or D)
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ANNUAL REPORT OF THE BOARD OF DIRECTORS TO THE GENERAL MEETING

OF SHAREHOLDERS
Dear Sirs,
We have the honour to report to you on the activities of the Company during the closed financial year and to submit the annual
accounts closed on 31 March 2024 for approval in accordance with the legal and statutory stipulations.
1. REMARKS ON THE ANNUAL ACCOUNTS

1.1. Balance after appropriation
The fixed assets have decreased from EUR 962,488.79 to EUR 564,858.56 for the closed financial year.
The current assets have increased from EUR 117,801,734.02 to EUR 133,156,149.91.
The net assets (equity) have increased from EUR 50,776,474.66 to EUR 64,099,684.17 for the closed financial year.
The payables have increased from EUR 67,628,800.14 to EUR 69,252,975.07.
1.2. Income statement
Operating income EUR 324,885,993.06

Operating charges (-) EUR 307,087,230.17
The turnover of this year has increased from EUR 292,157,365.16 to EUR 316,491,768.21 i.e. with 8.33 % as compared
to the previous financial year.
The operating charges have increased from EUR 282,536,062.82 to EUR 307,087,230.17, i.e. 8.69 % as compared to the
previous financial year.
The financial income has decreased from EUR 1,196,199.46 to EUR 947,314.81.
The financial charges have decreased from EUR 787,151.97 to EUR 564,546.64.
This has resulted in a profit before taxes amounting to EUR 18,181,531.06, as opposed to a profit before taxes
amounting to EUR 14,254,755.66 for the previous financial year.
The taxes amount to EUR 4,858,321.55.
The Company has booked a profit of the financial year after taxes of EUR 13,323,209.51 as compared to EUR
10,406,209.03 for the previous financial year.
1.3. Appropriation of the result
We propose the following appropriation to you:
Profit of the financial year to be appropriated EUR 13,323,209.51

Profit carried forward from the previous financial year EUR 50,555,316.10
Profit to appropriate EUR 63,878,525.61
Profit to carry forward EUR 63,878,525.61
2. MAIN RISKS AND UNCERTAINTIES

With the exception of ordinary enterprise risks, we are of the opinion that there are no specific risks or uncertainties
Further, the company does not have any impact due to the war in Ukraine or due to sanctions on Russia and Belarus as
the company neither has any customers nor any dependencies on Russia, Ukraine and Belarus
3. INFORMATION ON THE IMPORTANT EVENTS AFTER THE CLOSING OF THE FINANCIAL YEAR
There were no significant subsequent events that have occurred after the end of the financial year under review.
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4. CIRCUMSTANCES WHICH CAN SIGNIFICANTLY INFLUENCE THE DEVELOPMENT OF THE COMPANY

We do not foresee any circumstances that can influence the development of the Company significantly.
5. RESEARCH AND DEVELOPMENT

During the closed financial year there were no activities carried out in the field of research and development.
6. CONFLICT OF INTEREST IN THE BOARD OF DIRECTORS (ARTICLE 7:96 OF THE CODE OF COMPANIES AND ASSOCIATIONS)
We mention that during the financial year there were no conflicts of interests that fall within the scope of article 7:96 of the
Code of companies and associations.
7. ANNOUNCEMENT REGARDING THE USE OF FINANCIAL INSTRUMENTS BY THE COMPANY INSOFAR THAT THESE ARE
OF IMPORTANCE FOR THE REVIEW OF ITS ASSETS, LIABILITIES, ITS FINANCIAL SITUATION AND ITS RESULTS
The Company does not use such instruments.
8. BRANCH OFFICES
The Company does not own any branches.
9.
CAPITAL MUTATIONS AND ISSUE OF CONVERTABLE BONDS AND WARRANTS AS DECIDED BY THE BOARD OF
DIRECTORS IN THE COURSE OF THE FINANCIAL YEAR
The board of directors notifies that there were no capital mutations during the financial year to be reported in conformity
with article 7:203 of the Code of companies and associations, nor were there convertible bonds or warrants issued after a
decision of the board of directors.
10. ACQUISITION OF OWN SHARES

The board of directors notifies that neither the Company nor a direct subsidiary nor a person acting in own name but for
the account of the Company or a direct subsidiary has acquired shares, profit certificates or certificates of the Company.
We hope that you will approve the attached annual accounts and will also grant discharge to the directors and the statutory
auditor for the acts carried out during the execution of our mandate during the closed financial year.
02 May 2024,
In the name and on behalf of the board of directors,
___________________________________
Jipson MATHEW VARGHESE
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Statutory auditor’s report to the general meeting of Tata

Consultancy Services Belgium NV on the annual accounts as of
and for the year ended 31 March 2024
FREE TRANSLATION OF UNQUALIFIED STATUTORY AUDITOR’S REPORT ORIGINALLY PREPARED IN DUTCH
In the context of the statutory audit of the annual accounts of Tata Consultancy Services Belgium NV (“the Company”), we
provide you with our statutory auditor’s report. This includes our report on the annual accounts for the year ended 31 March
2024, as well as other legal and regulatory requirements. Our report is one and indivisible.
We were appointed as statutory auditor by the general meeting of 16 May 2022, in accordance with the proposal of the board of
directors. Our mandate will expire on the date of the general meeting deliberating on the annual accounts for the year ended
31 March 2025. We have performed the statutory audit of the annual accounts of Tata Consultancy Services Belgium NV for 8
consecutive financial years.
Report on the annual accounts
Unqualified opinion
We have audited the annual accounts of the Company as of and for the year ended 31 March 2024, prepared in accordance with
the financial reporting framework applicable in Belgium. These annual accounts comprise the balance sheet as at 31 March
2024, the income statement for the year then ended and notes. The balance sheet total amounts to EUR 133.721.008 and the
income statement shows a profit for the year of EUR 13.323.210.
In our opinion, the annual accounts give a true and fair view of the Company’s equity and financial position as at 31 March 2024
and of its financial performance for the year then ended in accordance with the financial reporting framework applicable in
Belgium.
Basis for our unqualified opinion
We conducted our audit in accordance with International Standards on Auditing (“ISAs”) as adopted in Belgium. In addition, we
have applied the ISAs as issued by the IAASB and applicable for the current accounting year while these have not been adopted
in Belgium yet. Our responsibilities under those standards are further described in the “Statutory auditors’ responsibility for
the audit of the annual accounts” section of our report. We have complied with the ethical requirements that are relevant to
our audit of the annual accounts in Belgium, including the independence requirements.
We have obtained from the board of directors and the Company’s officials the explanations and information necessary for
performing our audit.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Board of directors’ responsibilities for the preparation of the annual accounts
The board of directors is responsible for the preparation of these annual accounts that give a true and fair view in accordance
with the financial reporting framework applicable in Belgium, and for such internal control as board of directors determines,
is necessary to enable the preparation of annual accounts that are free from material misstatement, whether due to fraud or
error.
In preparing the annual accounts, the board of directors is responsible for assessing the Company’s ability to continue as a
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting
unless the board of directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but
to do so.
Statutory auditor’s responsibilities for the audit of the annual accounts
Our objectives are to obtain reasonable assurance as to whether the annual accounts as a whole are free from material
aggregate, they could reasonably be expected to influence the economic decisions of the users taken on the basis of these
annual accounts.
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When performing our audit we comply with the legal, regulatory and professional requirements applicable to audits of the
annual accounts in Belgium. The scope of the statutory audit of the annual accounts does not extend to providing assurance
on the future viability of the Company nor on the efficiency or effectivity of how the board of directors has conducted or will
conduct the business of the Company. Our responsibilities regarding the going concern basis of accounting applied by the
board of directors are described below.
As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional skepticism
throughout the audit. We also perform the following procedures:
• Identify and assess the risks of material misstatement of the annual accounts, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide
internal control;
• Obtain an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate
control;
disclosures made by board of directors;
• Conclude on the appropriateness of board of directors’ use of the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditors’ report to the related disclosures in the annual accounts or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditors’ report. However, future events or conditions may cause the Company to cease to continue as a going concern;
• Evaluate the overall presentation, structure and content of the annual accounts, including the disclosures, and whether
the annual accounts represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with the board of directors regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Other legal and regulatory requirements
Responsibilities of the Board of directors
The board of directors is responsible for the preparation and the content of the board of directors’ annual report on the annual
accounts, of the documents required to be filed in accordance with the legal and regulatory requirements, for maintaining
the Company’s accounting records in compliance with the applicable legal and regulatory requirements, as well as for the
Company’s compliance with the Companies’ and Associations’ Code and the Company‘s articles of association.
Statutory auditor’s responsibilities
In the context of our engagement and in accordance with the Belgian standard which is complementary to the International
Standards on Auditing as applicable in Belgium, our responsibility is to verify, in all material respects, the board of directors’
annual report on the annual accounts, certain documents to be filed in accordance with legal and regulatory requirements as
well as compliance with certain requirements of the Companies’ and Associations’ Code and with the Company’s articles of
association, and to report on these matters.
Aspects concerning the board of directors’ annual report on the annual accounts
Based on specific work performed on the board of directors’ annual report on the annual accounts, we are of the opinion that
this report is consistent with the annual accounts for the same period and has been prepared in accordance with articles 3:5
and 3:6 of the Companies’ and Associations’ Code.
In the context of our audit of the annual accounts, we are also responsible for considering, in particular based on the knowledge
gained throughout the audit, whether the board of directors’ annual report on the annual accounts contains material
misstatements, that is information incorrectly stated or misleading. In the context of the procedures carried out, we did not
identify any material misstatements that we have to report to you.
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Information regarding the social balance sheet

The social balance sheet, which is to be filed with the National Bank of Belgium in accordance with article 3:12 §1 8° of the
Companies’ and Associations’ Code, includes, with respect to form and content, the information required by law, including the
information regarding salaries and training, and does not present any material inconsistencies with the information that we
became aware of during the performance of our engagement.
Information about the independence
Our audit firm and our network have not performed any engagement which is incompatible with the statutory audit of the
annual accounts and our audit firm remained independent of the Company during the term of our mandate.
Other aspects
• Without prejudice to formal aspects of minor importance, the accounting records were maintained in accordance with the
legal and regulatory requirements applicable in Belgium.
• The appropriation of results proposed to the general meeting complies with the legal provisions and the provisions of the
articles of association.
• Except for complying with the legal and statutory provisions related to the deadlines with respect to the provision of the
required documents to the statutory auditor and to the shareholders, we do not have to inform you of any other transaction
undertaken or decision taken in breach of the Company‘s articles of association or the Companies’ and Associations’
Code.
Zaventem, 07 May 2024

KPMG Bedrijfsrevisoren - Réviseurs d’Entreprises
Statutory Auditor
represented by
Melissa Carton
Bedrijfsrevisor / Réviseur d’Entreprises
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BALANCE SHEET AFTER APPROPRIATION

(EUR)
As at As at
Notes Codes
March 31, 2024 March 31, 2023
ASSETS
FORMATION EXPENSES 6.1 20
FIXED ASSETS 21/28 564.858,56 962.488,79
Intangible fixed assets 6.2 21 43.031,35 86.272,64
Tangible fixed assets 6.3 22/27 520.827,21 875.216,15
Land and buildings 22
Plant, machinery and equipment 23 48.952,48 252.130,80
Furniture and vehicles 24 471.874,73 297.029,27
Leasing and other similar rights 25
Other tangible fixed assets 26
Assets under construction and advance payments 27 326.056,08
Financial fixed assets 6.4 /6.5.1 28 1.000,00 1.000,00

Affiliated Companies 6.15 280/1 1.000,00 1.000,00
Participating interests 280 1.000,00 1.000,00
Amounts receivable 281
Other companies linked by participating interests 6.15 282/3
Participating interests 282
Other financial fixed assets 284/8
Shares 284
Amounts receivable and cash guarantees 285/8
CURRENT ASSETS 29/58 133.156.149,91 117.801.734,02
Amounts receivable after more than one year 29
Trade debtors 290
Other amounts receivable 291
Stocks and contracts in progress 3 12.268.967,36 7.540.880,37
Stocks 30/36
Raw materials and consumables 30/31
Work in progress 32
Finished goods 33
Goods purchased for resale 34
Immovable property intended for sale 35
Advance payments 36
Contracts in progress 37 12.268.967,36 7.540.880,37
Amounts receivable within one year 40/41 97.299.854,16 100.932.362,15
Trade debtors 40 96.441.011,84 99.198.871,02
Other amounts receivable 41 858.842,32 1.733.491,13
Current investments 6.5.1 /6.6 50/53 0,26 0,26
Own shares 50
Other investments 51/53 0,26 0,26
Cash at bank and in hand 54/58 16.103.981,84 5.866.006,34
Accruals and deferred income 6.6 490/1 7.483.346,29 3.462.484,90
TOTAL ASSETS 20/58 133.721.008,47 118.764.222,81
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(EUR)
As at As at
Notes Codes
March 31, 2024 March 31, 2023
EQUITY 10/15 64.099.684,17 50.776.474,66
Contributions 6.7.1 10/11 188.658,56 188.658,56
Capital 10 188.658,56 188.658,56
Issued capital 100 325.000,00 325.000,00
Uncalled capital6 101 136.341,44 136.341,44
Beyond capital 11
Share premium account 1100/10
Other 1109/19
Revaluation surpluses 12
Reserves 13 32.500,00 32.500,00
Reserves not available 130/1 32.500,00 32.500,00
Legal reserve 130 32.500,00 32.500,00
Reserves not available statutorily 1311
Purchase of own shares 1312
Financial support 1313
Other 1319
Untaxed reserves 132
Available reserves 133
Accumulated profits (losses) (+)/(-) 14 63.878.525,61 50.555.316,10
Capital subsidies 15
Advance to shareholders on the distribution of net assets7 19
PROVISIONS AND DEFERRED TAXES 16 368.349,23 358.948,01
Provisions for liabilities and charges 160/5 368.349,23 358.948,01
Pensions and similar obligations 160
Taxes 161
Major repairs and maintenance 162
Environmental obligations 163
Other liabilities and charges 6.8 164/5 368.349,23 358.948,01
Deferred taxes 168
AMOUNTS PAYABLE 17/49 69.252.975,07 67.628.800,14
Amounts payable after more than one year 6.9 17
Financial debts 170/4
Subordinated loans 170
Unsubordinated debentures 171
Leasing and other similar obligations 172
Credit institutions 173
Other loans 174
Trade debts 175
Suppliers 1750
Bills of exchange payable 1751
Advance payments on contracts in progress 176
Other amounts payable 178/9
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(EUR)
As at As at
Notes Codes
March 31, 2024 March 31, 2023
Amounts payable within one year 6.9 42/48 69.131.720,89 67.501.107,54
Current portion of amounts payable after more than one year 42
falling due within one year
Financial debts 43
Credit institutions 430/8
Other loans 439
Trade debts 44 48.520.213,79 50.148.396,67
Suppliers 440/4 48.520.213,79 50.148.396,67
Advance payments on contracts in progress 46 4.836.852,38 4.222.437,93
Taxes, remuneration and social security 6.9 45 15.773.554,72 13.129.922,94
Taxes 450/3 9.226.824,41 7.813.710,57
Remuneration and social security 454/9 6.546.730,31 5.316.212,37
Other amounts payable 47/48 1.100,00 350,00
Accruals and deferred income 6.9 492/3 121.254,18 127.692,60
TOTAL LIABILITIES 10/49 133.721.008,47 118.764.222,81
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(EUR)
Year Ended Year Ended
Notes Codes
March 31, 2024 March 31, 2023
Operating income 70/76A 324.885.993,06 296.381.770,99
Turnover 6.10 70 316.491.768,21 292.157.365,16
Stocks of finished goods and work and contracts in progress: 71 4.728.086,99 1.178.471,94
increase (decrease) (+)/(-)
Produced fixed assets 72
Other operating income 6.10 74 3.662.961,06 3.045.933,89
Non-recurring operating income 6.12 76A 3.176,80
Operating charges 60/66A 307.087.230,17 282.536.062,82
Goods for resale, raw materials and consumables 60 204.137.415,58 193.920.864,37
Purchases 600/8 204.137.415,58 193.920.864,37
Stocks: decrease (increase) (+)/(-) 609
Services and other goods 61 19.157.356,89 18.435.303,95
Remuneration, social security and pensions (+)/(-) 6.10 62 82.957.365,30 68.807.507,52
Amortisations of and other amounts written down on formation 630 732.061,77 1.258.326,16
expenses, intangible and tangible fixed assets
Amounts written down on stocks, contracts in progress and 6.10 631/4 4.820,49 1.443,24
trade debtors: additions (write-backs) (+)/(-)
Provisions for liabilities and charges: appropriations (uses and 6.10 635/8 8.067,49 (5.002,98)
write-backs) (+)/(-)
Other operating charges 6.10 640/8 86.140,93 117.620,56
Operating charges reported as assets under restructuring costs 649
(-)
Non-recurring operating charges 6.12 66A 4.001,72
Operating profit (loss) (+)/(-) 9901 17.798.762,89 13.845.708,17
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Continued
(EUR)
Notes Codes
March 31, 2024 March 31, 2023
Financial income 75/76B 947.314,81 1.196.199,46
Recurring financial income 75 947.314,81 1.196.199,46
Income from financial fixed assets 750 1.160,72 1.071,36
Income from current assets 751 419.397,44 155.879,98
Other financial income 6.11 752/9 526.756,65 1.039.248,12
Non-recurring financial income 6.12 76B
Financial charges 6.11 65/66B 564.546,64 787.151,97
Recurring financial charges 65 564.546,64 787.151,97
Debt charges 650
Amounts written down on current assets other than stocks, 651
contracts in progress and trade debtors: additions (write-
backs) (+)/(-)
Other financial charges 652/9 564.546,64 787.151,97
Non-recurring financial charges 6.12 66B
Profit (Loss) for the period before taxes (+)/(-) 9903 18.181.531,06 14.254.755,66
Transfer from deferred taxes 780
Transfer to deferred taxes 680
Income taxes on the result (+)/(-) 6.13 67/77 4.858.321,55 3.848.546,63
Taxes 670/3 4.882.728,86 3.954.643,73
Adjustment of income taxes and write-back of tax provisions 77 24.407,31 106.097,10
Profit (Loss) of the period (+)/(-) 9904 13.323.209,51 10.406.209,03
Transfer from untaxed reserves 789
Transfer to untaxed reserves 689
Profit (Loss) of the period available for 9905 13.323.209,51 10.406.209,03
appropriation (+)/(-)
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Appropriation Account
(EUR)
Codes
March 31, 2024 March 31, 2023
Profit (Loss) to be appropriated (+)/(-) 9906 63.878.525,61 60.555.316,10
Profit (Loss) of the period available for appropriation (+)/(-) (9905) 13.323.209,51 10.406.209,03
Profit (Loss) of the preceding period brought forward (+)/(-) 14P 50.555.316,10 50.149.107,07
Transfers from equity 791/2
from contributions 791
from reserves 792
Appropriations to equity 691/2
to contributions 691
to legal reserve 6920
to other reserves 6921
Profit (loss) to be carried forward (+)/(-) (14) 63.878.525,61 50.555.316,10
Shareholders' contribution in respect of losses 794
Profit to be distributed 694/7 10.000.000,00
Compensation for contributions 694 10.000.000,00
Directors or managers 695
Employees 696
Other beneficiaries 697
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CONCESSIONS, PATENTS LICENSES, KNOW-HOW, BRANDS AND SIMILAR RIGHTS
(EUR)
As at As at
Codes
March 31, 2024 March 31, 2023
Acquisition value at the end of the period 8052P xxxxxxxxxxxxxxx 982.574,90
Movements during the period
Acquisitions, including produced fixed assets 8022
Sales and disposals 8032
Transfers from one heading to another (+)/(-) 8042
Acquisition value at the end of the period 8052 982.574,90
Amortisations and amounts written down at the end of the period 8122P xxxxxxxxxxxxxxx 896.302,26
Recorded 8072 43.241,29
Written back 8082
Acquisitions from third parties 8092
Cancelled owing to sales and disposals 8102
Amortisations and amounts written down at the end of the period 8122 939.543,55
NET BOOK VALUE AT THE END OF THE PERIOD 211 43.031,35
PLANT, MACHINERY AND EQUIPMENT
(EUR)
As at As at
Codes
March 31, 2024 March 31, 2023
Acquisition value at the end of the period 8192P xxxxxxxxxxxxxxx 3.735.768,95
Transfers from one heading to another (+)/(-) 8182 (101.984,55)
Acquisition value at the end of the period 8192 3.633.784,40
Revaluation surpluses at the end of the period 8252P xxxxxxxxxxxxxxx
Recorded 8212
Cancelled 8232
Transferred from one heading to another (+)/(-) 8242
Revaluation surpluses at the end of the period 8252
Amortisations and amounts written down at the end of the period 8322P xxxxxxxxxxxxxxx 3.483.638,15
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(EUR)
As at As at
Codes
March 31, 2024 March 31, 2023
Recorded 8272 101.193,77
Written back 8282
Amortisations and amounts written down at the end of the period 8322 3.584.831,92
NET BOOK VALUE AT THE END OF THE PERIOD (23) 48.952,48
FURNITURE AND VEHICLES
(EUR)
As at As at
Codes
March 31, 2024 March 31, 2023
Acquisition value at the end of the period 8193P xxxxxxxxxxxxxxx 1.020.338,96
Acquisitions, including produced fixed assets 8163 255.773,55
Sales and disposals 8173 1.357,08
Transfers from one heading to another (+)/(-) 8183 101.984,55
Acquisition value at the end of the period 8193 1.376.739,98
Recorded 8213
Cancelled 8233
Amortisations and amounts written down at the end of the period 8323P xxxxxxxxxxxxxxx 723.309,69
Recorded 8273 182.140,21
Written back 8283
Cancelled owing to sales and disposals 8303 584,65
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OTHER TANGIBLE FIXED ASSETS
(EUR)
As at As at
Codes
March 31, 2024 March 31, 2023
Acquisition value at the end of the period 8195P xxxxxxxxxxxxxxx
Acquisitions, including produced fixed assets 8165 79.430,41
Transfers from one heading to another (+)/(-) 8185 326.056,08
Recorded 8215
Cancelled 8235
Amortisations and amounts written down at the end of the period 8325P xxxxxxxxxxxxxxx
Recorded 8275 405.486,49
Written back 8285
NET BOOK VALUE AT THE END OF THE PERIOD (26) —
ASSETS UNDER CONSTRUCTION AND ADVANCE PAYMENTS
(EUR)
As at As at
Codes
March 31, 2024 March 31, 2023
Transfers from one heading to another (+)/(-) 8186 (326.056,08)
Acquisition value at the end of the period 8196
Recorded 8216
Cancelled 8236
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(EUR)
As at As at
Codes
March 31, 2024 March 31, 2023
Amortisations and amounts written down at the end of the period 8326P xxxxxxxxxxxxxxx
Recorded 8276
Written back 8286
Amortisations and amounts written down at the end of the period 8326
NET BOOK VALUE AT THE END OF THE PERIOD (27)
STATEMENT OF FINANCIAL FIXED ASSETS

(EUR)
As at As at
Codes
March 31, 2024 March 31, 2023
AFFILIATED COMPANIES - PARTICIPATING INTERESTS AND SHARES
Acquisitions 8361
Recorded 8411
Cancelled 8431
Amounts written down at the end of the period 8521P xxxxxxxxxxxxxxx
Recorded 8471
Written back 8481
Amounts written down at the end of the period 8521
Uncalled amounts at the end of the period 8551P xxxxxxxxxxxxxxx
Movements during the period (+)/(-) 8541
Uncalled amounts at the end of the period 8551
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(EUR)
As at As at
Codes
March 31, 2024 March 31, 2023
AFFILIATED COMPANIES - AMOUNTS RECEIVABLE
NET BOOK VALUE AT THE END OF THE PERIOD 281P xxxxxxxxxxxxxxx
Appropriations 8581
Repayments 8591
Amounts written down 8601
Amounts written back 8611
Exchange differences (+)/(-) 8621
Other movements (+)/(-) 8631
NET BOOK VALUE AT THE END OF THE PERIOD (281)
ACCUMULATED AMOUNTS WRITTEN DOWN ON AMOUNTS RECEIVABLE 8651
AT END OF THE PERIOD
PARTICIPATING INTERESTS INFORMATION

PARTICIPATING INTERESTS AND OTHER RIGHTS IN OTHER COMPANIES
The following list mentions the companies in which the company holds a participating interest (recorded in headings 280 and
282 of assets), as well as the companies in which the company holds rights (recorded in headings 284 and 51/53 of assets)
for an amount of at least 10% of the capital, the equity or a class of shares of the company.
NAME, full address of the Rights held Data extracted from the most recent annual accounts
REGISTERED OFFICE and, for an Nature Directly Subrsidiaries Annual Currrency Equity Net result
entity governed by Belgian law, accounts code
the COMPANY REGISTRATION as per
NUMBER Number % % (+) or (-) (in units)
Tata Consultancy Services
Luxembourg SA
Ordinary
Public limited liability company Rue 1 0,01 0,00 31/03/2023 EUR 13.338.708 6.311.895
shares
Pafebruch 89D
8308 Capellen Luxembourg
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CURRENT INVESTMENTS AND ACCRUALS AND DEFERRED INCOME
(EUR)
As at As at
Codes
March 31, 2024 March 31, 2023
CURRENT INVESTMENTS-OTHER INVESTMENTS
Shares and investments other than fixed income investments 51
Shares – Book value increased with the uncalled amount 8681
Shares – Uncalled amount 8682
Precious metals and works of art 8683
Fixed-income securities 52
Fixed income securities issued by credit institutions 8684
Term accounts with credit institutions 53 0,26 0,26
With a remaining term or notice
up to one month 8686
between one month and one year 8687 0,26 0,26
over one year 8688
Other investments not mentioned above 8689
(EUR)
As at
March 31, 2024
ACCRUALS AND DEFERRED INCOME
Allocation of account 490/1 of assets if the amount is significant
Deferred operating expenses 4.675.937,38
Deferred project related expense 2.807.408,91
STATEMENT OF CAPITAL AND SHAREHOLDERS’ STURCTURE
(EUR)
As at As at
Codes
March 31, 2024 March 31, 2023
STATEMENT OF CAPITAL
Capital
Issued capital at the end of the period 100P XXXXXXXXXXXXXX 325.000,00
Issued capital at the end of the period (100) 325.000,00
(EUR)
Modifications during the period As at Number of shares
Codes
March 31, 2024
Composition of the capital Share types
Without face value 325.000,00 1.300
Registered shares 8702 XXXXXXXXXXXXXX 1.300
Shares dematerialized 8703 XXXXXXXXXXXXXX
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(EUR)
Uncalled amount Called up amount,
Codes
unpaid
Unpaid capital
Uncalled capital (101) 136.341,44 XXXXXXXXXXXXXX
Called up capital, unpaid 8712 XXXXXXXXXXXXXX
Shareholders that still need to pay up in full
Tata Consultancy Services Ltd 136.341,44
(EUR)
As at
Codes
March 31, 2024
Own shares
Held by the Company itself
Amount of capital held 8721
Number of shares 8722
Held by a subsidiary
Amount of capital held 8731
Commitments to issuing shares
Owing to the exercise of conversion rights
Amount of outstanding convertible loans 8740
Amount of capital to be subscribed 8741
Corresponding maximum number of shares to be issued 8742
Owing to the exercise of subscription rights
Number of outstanding subscription rights 8745
Amount of capital to be subscribed 8746
Corresponding maximum number of shares to be issued 8747
Authorised capital not issued 8751
Shares issued, non-representing capital
Distribution
Number of voting rights attached thereto 8762
Allocation by shareholder
Number of shares held by the Company itself 8771
Number of shares held by its subsidiaries 8781
(EUR)
As at
March 31, 2024
ADDITIONAL NOTES REGARDING CONTRIBUTIONS (INCLUDING CONTRIBUTIONS IN THE FORM OF
SERVICES OR KNOW-HOW)
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SHAREHOLDERS’ STRUCTURE OF THE COMPANY AT YEAR-END CLOSING DATE

As reflected in the notifications received by the company pursuant to article 7:225 of the Belgian Companies and Associations
Code, article 14 fourth paragraph of the law of 2 May 2007 on the publication of major holdings and article 5 of the Royal
Decree of 21 August 2008 on further rules for certain multilateral trading facilities.
TATA CONSULTANCY SERVICES LTD. : 1.300 shares
PROVISIONS FOR OTHER LIABILITIES AND CHARGES
(EUR)
As at
March 31, 2024
ALLOCATION OF ACCOUNT 164/5 OF LIABILITIES IF THE AMOUNT IS SIGNIFICANT
Provision for othr costs 354.298,54
Provision for foreseeable losses 14.050,89
STATEMENT OF AMOUNTS PAYABLE AND ACCRUALS AND DEFERRED INCOME (LIABILITIES)
(EUR)
As at
Codes
March 31, 2024
BREAKDOWN OF AMOUNTS PAYABLE WITH AN ORIGINAL TERM OF MORE THAN ONE
YEAR, ACCORDING TO THEIR RESIDUAL MATURITY
Current portion of amounts payable after more than one year falling due within one year
Financial debts 8801
Other loans 8851
Trade debts 8861
Suppliers 8871
Other amounts payable 8901
Total current portion of amounts payable after more than one year falling due within one (42)
year
Amounts payable with a remaining term of more than one year, yet less than 5 years
Other loans 8852
Trade debts 8862
Suppliers 8872
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(EUR)
As at
Codes
March 31, 2024
Total amounts payable with a remaining term of more than one year, yet less than 5 years 8912
Amounts payable with a remaining term of more than 5 years
Other loans 8853
Trade debts 8863
Suppliers 8873
Amounts payable with a remaining term of more than 5 years 8913
AMOUNTS PAYABLE GUARANTEED

(included in accounts 17 and 42/48 of liabilities)
Amounts payable guaranteed by the Belgian government agencies
Other loans 8971
Trade debts 8981
Suppliers 8991
Remuneration and social security 9021
Total of the amounts payable guaranteed by the Belgian government agencies 9061
Amounts payable guaranteed by real securities given or irrevocably promised by the
Company on its own assets
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(EUR)
As at
Codes
March 31, 2024
Other loans 8972
Trade debts 8982
Suppliers 8992
Taxes, remuneration and social security 9022
Taxes 9032
Remuneration and social security 9042
Total amounts payable guaranteed by real securities given or irrevocably promised by the 9062
company on its own assets
TAXES, Remuneration and Social Security
(EUR)
Codes As at
March 31, 2024
Taxes(headings 450/3 and 178/9 of liabilities)
Outstanding tax debts 9072
Accruing taxes payable 9073 9.226.824,41
Estimated taxes payable 450
Remuneration and social security (headings 454/9 and 178/9 of liabilities)
Amounts due to the National Social Security Office 9076
Other amounts payable in respect of remuneration and social security 9077 6.546.730,31
ACCRUALS AND DEFERRED INCOME
(EUR)
As at
March 31, 2024
Allocation of heading 492/3 of liabilities if the amount is significant
Accrued operating expenses 121.254,18
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OPERATING RESULTS
(EUR)
Codes
March 31, 2024 March 31, 2023
OPERATING INCOME
Net turnover
Allocation by categories of activity
Allocation by geographical market
Other operating income
Operating subsidies and compensatory amounts received from public 740
authorities
OPERATING CHARGES
Employees for whom the company submitted a DIMONA declaration or
who are recorded in the general personnel register
Total number at the closing date 9086 338 288
Average number of employees calculated in full-time equivalents 9087 330,9 247,0
Number of actual hours worked 9088 590.300 436.492
Personnel costs
Remuneration and direct social benefits 620 61.115.835,39 51.127.137,14
Employers' contribution for social security 621 8.115.609,50 5.822.183,02
Employers' premiums for extra statutory insurance 622 5.957,48 5.984,32
Other personnel costs 623 13.719.962,93 11.852.203,04
Retirement and survivors' pensions 624
Provisions for pensions and similar obligations
Appropriations (uses and write-backs) (+)/(-) 635
Depreciations
On stock and contracts in progress
Recorded 9110
Written back 9111
On trade debtors
Recorded 9112 4.820,49 1.443,24
Written back 9113
Provisions for liabilities and charges
Appropriations 9115 8.067,49
Uses and write-backs 9116 5.002,98
Other operating charges
Taxes related to operation 640 86.140,93 117.193,66
Other 641/8 426,90
Hired temporary staff and personnel placed at the Company’s disposal
Total number at the closing date 9096
Average number calculated in full-time equivalents 9097
Number of actual hours worked 9098
Costs to the Company 617
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FINANCIAL RESULTS
(EUR)
Codes
March 31, 2024 March 31, 2023
RECURRING FINANCIAL INCOME
Other financial income
Subsidies paid by public authorities, added to the profit and loss
account
Capital subsidies 9125
Interest subsidies 9126
Allocation of other financial income
Exchange differences realized 754
Other
Exchange differences 526.756,65 1.039.248,12
RECURRING FINANCIAL CHARGES
Depreciation of loan issue expenses 6501
Capitalised interests 6502
Depreciations on current assets
Recorded 6510
Written back 6511
Other financial charges
Amount of the discount borne by the Company, as a result of 653
negotiating amounts receivable
Provisions of a financial nature
Appropriations 6560
Uses and write-backs 6561
Allocation of other financial costs
Exchange differences realized 654
Results from the conversion of foreign currencies 655
Other
Bank charges 28.708,17 34.252,41
Exchange differences 535.838,47 752.899,56
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INCOME AND CHARGES OF EXCEPTIONAL SIZE OR FREQUENCY
(EUR)
Codes
March 31, 2024 March 31, 2023
NON-RECURRING INCOME 76 3.176,80
Non-recurring operating income (76A) 3.176,80
Write-back of depreciation and of amounts written off intangible an 760
tangible fixed assets
Write-back of provisions for extraordinary operating liabilities and 7620
charges
Capital profits on disposal of intangible and tangible fixed assets 7630
Other non-recurring operating income 764/8 3.176,80
Non-recurring financial income (76B)
Write-back of amounts written down financial fixed assets 761
Write-back of provisions for extraordinary financial liabilities and 7621
charges
Capital profits on disposal of financial fixed assets 7631
Other non-recurring financial income 769
NON-RECURRING CHARGES 66 4.001,72
Non-recurring operating charges (66A) 4.001,72
Non-recurring depreciation of and amounts written off formation 660
expenses, intangible and tangible fixed assets
Provisions for extraordinary operating liabilities and charges: 6620
appropriations (uses) (+)/(-)
Capital losses on disposal of intangible and tangible fixed assets 6630 771,72
Other non-recurring operating charges 664/7 3.230,00
Non-recurring operating charges carried to assets as restructuring 6690
costs (-)
Non-recurring financial charges (66B)
Amounts written off financial fixed assets 661
Provisions for extraordinary financial liabilities and charges - 6621
appropriations (uses) (+)/(-)
Capital losses on disposal of financial fixed assets 6631
Other non-recurring financial charges 668
Non-recurring financial charges carried to assets as restructuring 6691
costs (-)
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TAXES
(EUR)
Codes Year ended
March 31, 2024
INCOME TAXES
Income taxes on the result of the period 9134 4.882.728,86
Income taxes paid and withholding taxes due or paid 9135 5.416.239,02
Excess of income tax prepayments and withholding taxes paid recorded under assets 9136 533.510,16
Estimated additional taxes 9137
Income taxes on the result of prior periods 9138
Additional income taxes due or paid 9139
Additional income taxes estimated or provided for 9140
Major reasons for the differences between pre-tax profit, as it results from the annual
accounts, and estimated taxable profit
Disallowed expenses 1.211.298,89
Other tax impact 116.533,99
(EUR)
Year ended
March 31, 2024
Influence of non-recurring results on income taxes on the result of the period
(EUR)
Codes Year ended
March 31, 2024
Sources of deferred taxes
Deferred taxes representing assets 9141
Accumulated tax losses deductible from future taxable profits 9142
Deferred taxes representing liabilities 9144
Allocation of deferred taxes representing liabilities
(EUR)
Codes
March 31, 2024 March 31, 2023
VALUE-ADDED TAXES AND TAXES BORNE BY THIRD PARTIES
Value-added taxes charged
To the Company (deductible) 9145 53.944.212,04 50.306.494,10
By the Company 9146 111.135.661,50 103.441.194,78
Amounts withheld on behalf of third party by way of
Payroll withholding taxes 9147 24.689.160,59 18.843.869,49
Withholding taxes on investment income 9148
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RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET
(EUR)
Codes Year ended
March 31, 2024
PERSONAL GUARANTEES PROVIDED OR IRREVOCABLY PROMISED BY THE COMPANY AS 9149
SECURITY FOR DEBTS AND COMMITMENTS OF THIRD PARTIES
Of which
Bills of exchange in circulation endorsed by the company 9150
Bills of exchange in circulation drawn or guaranteed by the Company 9151
Maximum amount for which other debts or commitments of third parties are guaranteed 9153
by the Company
REAL GUARANTEES
Real guarantees provided or irrevocably promised by the company on its own assets as
security of debts and commitments of the company
Mortgages
Book value of the immovable properties mortgaged 91611
Amount of registration 91621
For irrevocable mortgage mandates, the amount for which the agent can take registration 91631
Pledging of goodwill
Maximum amount up to which the debt is secured and which is the subject of registration 91711
For irrevocable mandates to pledge goodwill, the amount for which the agent can take the 91721
inscription
Pledging of other assets or irrevocable mandates to pledge other assets
Maximum amount up to which the debt is secured 91821
Guarantees provided or irrevocably promised on future assets
Amount of assets in question 91911
Vendor’s privilege
Book value of sold goods 92011
Amount of the unpaid price 92021
Real guarantees provided or irrevocably promised by the company on its own assets as
security of debts and commitments of third parties
Mortgages
Amount of registration 91622
For irrevocable mortgage mandates, the amount for which the agent can take registration 91632
Pledging of goodwill
Maximum amount up to which the debt is secured and which is the subject of registration 91712
For irrevocable mandates to pledge goodwill, the amount for which the agent can take the 91722
inscription
Pledging of other assets or irrevocable mandates to pledge other assets
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(EUR)
Codes Year ended
March 31, 2024
Guarantees provided or irrevocably promised on future assets
Amount of assets in question 91912
Vendor’s privilege
Book value of sold goods 92012
Amount of the unpaid price 92022
(EUR)
Codes Year ended
March 31, 2024
GOODS AND VALUES, NOT REFLECTED IN THE BALANCE SHEET, HELD BY THIRD PARTIES
IN THEIR OWN NAME BUT FOR THE BENEFIT AND AT THE RISK OF THE COMPANY
SUBSTANTIAL COMMITMENTS TO ACQUIRE FIXED ASSETS
SUBSTANTIAL COMMITMENTS TO DISPOSE OF FIXED ASSETS
FORWARD TRANSACTIONS
Goods purchased (to be received) 9213
Goods sold (to be delivered) 9214
Currencies purchased (to be received) 9215
Currencies sold (to be delivered) 9216
(EUR)
Year ended
March 31, 2024
COMMITMENTS RELATING TO TECHNICAL GUARANTEES IN RESPECT OF SALES OR SERVICES
(EUR)
Year ended
March 31, 2024
AMOUNT, NATURE AND FORM CONCERNING LITIGATION AND OTHER IMPORTANT COMMITMENTS
Client bank guarantee 1.300.000,00
Rental guarantee 123.480,00
SETTLEMENT REGARDING THE COMPLEMENTARY RETIREMENT OR SURVIVORS’ PENSION FOR PERSONNEL AND BOARD
MEMBERS
Brief description
The companies foresee in an additional system of employee pension benefits plan, not in management, calculated on the
basis of the number of years of service and the salary of the concerned person. This commitment is a group insurance of the
type defined contribution.
Since the new regulations, this insurance type is subject to a minimum return guaranteed by the employer.
As at closing date, the minimum return is still covered by the insurance company.
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Measures taken to cover the related charges
(EUR)
Codes Year ended
March 31, 2024
PENSIONS FUNDED BY THE COMPANY ITSELF
Estimated amount of the commitments resulting from past services 9220
Methods of estimation
(EUR)
Year ended
March 31, 2024
NATURE AND FINANCIAL IMPACT OF SIGNIFICANT EVENTS AFTER THE CLOSING DATE
Not reflected in the balance sheet or income statement
(EUR)
Year ended
March 31, 2024
COMMITMENTS TO PURCHASE OR SALE AVAILABLE TO THE COMPANY AS ISSUER OF OPTIONS FOR
SALE OR PURCHASE
(EUR)
Year ended
March 31, 2024
NATURE, COMMERCIAL OBJECTIVE AND FINANCIAL CONSEQUENCES OF TRANSACTIONS NOT
REFLECTED IN THE BALANCE SHEET
If the risks and benefits resulting from such transactions are of any meaning and if publishing such risks
and benefits is necessary to appreciate the financial situation of the Company
(EUR)
Year ended
March 31, 2024
OTHER RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET (including those that
cannot be calculated)
Rental agreemenet office space untim 31 st of December 2032 2.160.900,00
RELATIONSHIPS WITH AFFILIATED COMPANIES, ASSOCIATED COMPANIES AND OTHER COMPANIES LINKED BY
PARTICIPATING INTERESTS
(EUR)
Codes
March 31, 2024 March 31, 2023
AFFILIATED COMPANIES
Financial fixed assets (280/1) 1.000,00 1.000,00
Participating interests (280) 1.000,00 1.000,00
Subordinated amounts receivable 9271
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(EUR)
Codes
March 31, 2024 March 31, 2023
Amounts receivable 9291 9.459.661,90 13.077.374,43
Over one year 9301
Within one year 9311 9.459.661,90 13.077.374,43
Current investments 9321
Shares 9331
Amounts payable 9351 18.221.971,50 24.567.687,82
Over one year 9361
Within one year 9371 18.221.971,50 24.567.687,82
Personal and real guarantees
Provided or irrevocably promised by the Company as security for 9381
debts or commitments of affiliated companies
Provided or irrevocably promised by affiliated Companies as security 9391
for debts or commitments of the company
Other significant financial commitments 9401
Financial results
Income from financial fixed assets 9421 1.160,72
Income from current assets 9431
Other financial income 9441
Debt charges 9461
Other financial charges 9471
Disposal of fixed assets
Capital profits realised 9481
Capital losses realised 9491
(EUR)
Codes
March 31, 2024 March 31, 2023
ASSOCIATED COMPANIES
Financial fixed assets 9253
Over one year 9303
Within one year 9313
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(EUR)
Codes
March 31, 2024 March 31, 2023
Amounts payable 9353
Over one year 9363
Personal and real guarantees
Provided or irrevocably promised by the Company as security for 9383
debts or commitments of affiliated companies
Provided or irrevocably promised by affiliated Companies as security 9393
for debts or commitments of the company
Other significant financial commitments 9403
COMPANIES LINKED BY PARTICIPATING INTERESTS
Financial fixed assets 9252
Over one year 9302
Amounts payable 9352
Over one year 9362
(EUR)
TRANSACTIONS WITH AFFILIATED PARTIES BEYOND NORMAL MARKET CONDITIONS Year ended
March 31, 2024
Mention of these transactions if they are significant, including the amount of the transactions, the
nature of the link, and all information about the transactions that should be necessary to get a better
understanding of the financial situation of the Company
Nihil
Due to the lack of legal criteria allowing the inventory of related party transactions outside normal
market conditions, no information could be included in statement C6.15
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FINANCIAL RELATIONSHIPS WITH
(EUR)
Year ended
Codes
March 31, 2024
DIRECTORS AND MANAGERS, INDIVIDUALS OR LEGAL PERSONS WHO CONTROL THE
COMPANY DIRECTLY OR INDIRECTLY WITHOUT BEING ASSOCIATED THEREWITH, OR
OTHER COMPANIES CONTROLLED DIRECTLY OR INDIRECTLY BY THESE PERSONS
Amounts receivable from these persons 9500
Principal conditions regarding amounts receivable, rate of interest, duration, any amounts
repaid, cancelled or written off
Guarantees provided in their favour 9501
Other significant commitments undertaken in their favour 9502
Amount of direct and indirect remunerations and pensions, reflected in the income
statement, as long as this disclosure does not concern exclusively or mainly, the situation
of a single identifiable person
To directors and managers 9503
To former directors and former managers 9504
(EUR)
Year ended
Codes
March 31, 2024
THE AUDITOR(S) AND THE PERSONS WHOM HE (THEY) IS (ARE) COLLABORATING WITH
Auditors' fees 9505 13.420.00
Fees for exceptional services or special assignments executed within the Company by the
auditor
Other audit assignments 95061
Tax consultancy assignments 95062
Other assignments beyondthe audit 95063
Fees for exceptional services or special assignments executed within the company by
people the auditor(s) is (are) collaborating with
Other audit assignments 95081
Tax consultancy assignments 95082
Other assignments beyond the audit 95083
Mentions related to article 3:64, § 2 and § 4 of the Belgian Companies and Associations Code
The audit committee, decides in accordance with article 133 § 6, 1° of the Companies Code, to depart from the limitations
imposed on the auditor and on persons with whom he has concluded an employment contract or with whom he is aligned
vis-à-vis a professional relationship or the companies or persons aligned to the auditor as stipulated in article 11 of the
Companies Code, regarding the remuneration allowed for non-audit services.
DECLARATION WITH REGARD TO THE CONSOLIDATED ANNUAL ACCOUNTS
INFORMATION TO DISCLOSE BY EACH COMPANY GOVERNED BY THE BELGIAN COMPANIES AND ASSOCIATIONS CODE ON
THE CONSOLIDATED ANNUAL ACCOUNTS
The company has not prepared consolidated annual accounts and a consolidated annual report, because of an exemption
for the following reason(s)*
The Company and its subsidiaries exceed, on a consolidated basis, not more than one of the criteria mentioned in article 1:26
of the Belgian Companies and Associations Code*
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The Company only has subsidiaries that, considering the evaluation of the consolidated capital, the consolidated financial
position or the consolidated result, individually or together, are of negligible interestError! Bookmark not defined. (article 3:23
of the Belgian Companies and Associations Code)
The Company itself is a subsidiary of a parent company that prepares and publishes consolidated annual accounts, in which
the annual accounts are integrated by consolidation*
INFORMATION TO BE PROVIDED BY THE COMPANY IN CASE IT IS A SUBSIDIARY OR A JOINT SUBSIDIARY
Name, full address of the registered office and, if it concerns companies under Belgian law, the Company registration number
of the parent company(ies) and the indication if this (these) parent company(ies) prepares (prepare) and publishes (publish)
consolidated annual accounts, in which the annual accounts are included by means of consolidation :
Tata Consultancy Services Ltd
9th Floor Nirmal Building, Nariman Point
400 021 MUMBAI, India
The enterprise draws up consolidated annual accounts data for the major part of the enterprise
If the parent company(ies) is (are) (a) company(ies) governed by foreign law, the location where the abovementioned annual
accounts are available**:
Tata Consultancy Serivces Ltd,
9th Floor Nirmal Building, Nariman Point,
400 021 Mumbai, India
. Strike out what does not apply.
.. Where the annual accounts of the company are consolidated at different levels, the information should be given, on the
one hand at the highest and on the other at the lowest level of companies of which the Company is a subsidiary and for
which consolidated accounts are prepared and published.
VALUATION RULES
1. Principle
The valuation rules are determined according to the provisions of the Royal Decree of 29 April 2019 in implementation of
the Belgian Companies and Associations Code.
In respect of the requirement of a true and fair view the valuation rules of this Decree shall be deviated from in the
following exceptional cases:
Reasons for the deviation:
The effects of the deviation on assets and liabilities, financial position and the result before taxation of the enterprise are
as follows:
The valuation rules are (not changed) in wording and application as compared to the preceding financial period; if so, the
change related to:
and has a (positive) (negative) effect on the result for the financial period before taxation to the amount of EUR.
The income statement (is not) significantly effected by income or charges relating to a previous financial period; if so, the
material effect results from:
The figures of the financial period are not comparable with those of the preceding financial period for the following reason:
(In order to maintain comparability the figures of the preceding financial period are adjusted regarding to following
reasons)
(To compare the annual accounts of both financial periods involved following information should be taken into account):
In absence of objective standards of appraisal following valuation of foreseeable liabilities, contingent losses and
diminuations in value is inevitably uncertain:
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Other information necessary to give a true and fair view of the enterprise’s liabilities, financial position and result:
The company earns revenue primarily from providing information technology and consulting services, including
services under contracts for software development, implementation and other related services, licensing and sale of
its own software and business process services.
The Company recognises revenue as follows:
Revenue from contracts priced on a time and material basis is recognised as services are rendered and as related
costs are incurred.
Revenue from Business Process Services contracts priced on the basis of time and material or unit of delivery is
recognised as services are rendered or the related obligation is performed.
Revenue from maintenance contracts is recognised on a pro rata basis over the period of the contract.
Revenue is recognised only when evidence of an arrangement is obtained and the other criteria to support revenue
recognition are met, including the price is fixed or determinable, services have been rendered and collectability of the
resulting receivables is reasonably assured.
2 ) Presentation of costs related to seconded employees from TCSL
Account Code 62 includes remuneration, social security costs and pensions incurred towards local Belgian employees
(330.9 FTE in 2024 and 274.0 FTE in 2023). Costs incurred towards the seconded employees of TCS Limited (TCSL),
(2024:34.929.526,14 EUR; 2023:33.019.290,73 EUR) the parent company of TCS Belgium have also been accounted
under this classification. The employees of TCSL (701 FTE in 2024 and 706 FTE in 2023) are not employees of TCS
Belgium as they remain bound by the employment contract with TCSL and seconded to TCS Belgium. Account Code
62 reflects the aggregate of all such costs, including the cost of the seconded employees as management believes
that this better reflects the substance of the arrangement for the deputation of the personnel and consequently
provides a true and fair view.
2. Fixed assets
Formation expenses:
Formation expenses are charged against income except for following costs capitalised:
Reorganization costs:
The reorganization costs are (not capitalised) during the financial period; if so, this is justified as follows:
VALUATION RULES
Intangible fixed assets:
The amount of intangible assets includes EUR research and development costs. Depreciation of these costs and the
depreciations for goodwill are charged over a period of (more than) (not more than) 5 years; if more than 5 years the period
involved is justified as follows :
Tangible fixed assets:
During the financial period the tangible assets (are not) revalued; if so, the revaluation if justified are as follows:
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VALUATION RULES
Depreciation recorded during the financial period:
Assets Method Basis Depreciation rate

S (straightline) NR Principal costs Ancillary costs
R (reducing (non¬revalued) Min. - Max. Min. - Max.
balance) R (revalued)
O (other)
1. Formation expenses
2. Intangible fixed assets
Software S NR 20,00 - 20,00 20,00 - 20,00
3. Buildings*
4. Plant, machinery and equipments *
5. Vehicles*
Company cars S NR 25,00 - 25,00 25,00 - 25,00
6. Office furniture *
Office equipment S NR 10,00 - 20,00 10,00 - 20,00
7. Other tangible fixed assets
Fitting-out expenses rented prop S NR 10,00 - 21,05 10,00 - 21,05
* Including leased assets which should be disclosed on a separate line.

Tax deductible accelerated depreciation in excess of depreciation based on economic circumstances:
- amount for the financial period: EUR
- cumulative amount regarding tangible assets acquired as of the financial period
beginning after December 31, 1983: EUR
Financial fixed assets:
During the financial period investments (are not) revalued; if so, the revaluation is justified as follows:
3. Current assets
Inventories:
Inventories are valued at acquisition cost determined according to the method (to be disclosed) of the weighted average
price method, Fifo, Lifo, by identifying individually the price of each element or by the lower market value
1. Raw materials and consumables:
2. Work in progress - finished goods:
3. Goods purchased for resale:
4. Immovable property intended for sale:
Products:
- Production costs (include) (do not include) costs that are only indirectly attributable to the product.
- Production costs of stock and work in progress the production of which exceeds more than one year (includes) (does
not include) on capital borrowed to finance the production.
Stocks total valued at market value amount to % of its book value at the end of the financial period.
(This information is only required in the event of a substantial difference).
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Contracts in progress:
Contracts in progress are valued
(at production cost increased by a portion of the profit according to the state of completion of the contract)
VALUATION RULE
4. Liabilities
Debts:
Liabilities (do not include) long-term debts, bearing no interests or at an unusual low interest; if so, a discount this (has
not) been recognised and capitalised.
Foreign currencies:
Debts, liabilities and commitments denominated in foreign currencies are translated in EUR using following criteria:
Exchange rate as per closing date
Exchange differences have been disclosed in the annual accounts as follows:
All exchange differences are taken into P&L
Leasing agreements:
Concerning the rights to use property not capitalised (relating to immovable property and concluded before 1 January
1980), consideration and rental relating to the financial period if the leased immovable property, amount to: EUR.
OTHER INFORMATION TO DISCLOSE

The Company does not have any impact due to the war in Ukraine or due to sanctions on Russia and Belarus as the Company
neither has any customers nor any dependencies on Russia, Ukraine and Belarus.
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SOCIAL BALANCE SHEET

Numbers of the joint industrial committees competent for the Company: 200
STATEMENT OF THE PERSONS EMPLOYED
EMPLOYEES FOR WHOM THE COMPANY SUBMITTED A DIMONA DECLARATION OR WHO ARE RECORDED IN THE GENERAL
PERSONNEL REGISTER
During the period Codes Total 1. Men 2. Women

Average number of employees
Full-time 1001 331,4 272,3 59,1
Part-time 1002 1,6 0,6 1,0
Total in full-time equivalents (FTE) 1003 330,9 271,4 59,5
Number of actual hours worked
Full-time 1011 588.404 488.868 99.536
Part-time 1012 1.896 600 1.296
Total 1013 590.300 489.468 100.832
Personnel costs
Full-time 1021
Part-time 1022
Total 1023 82.957.365,30 67.022.360,89 15.935.004,41
Benefits in addition to wages 1033
During the preceding period Codes P. Total 1P. Men 2P. Women
Average number of employees in FTE 1003 247,0 202,9 44,1
Number of actual hours worked 1013 436.492 362.820 73.672
Personnel costs 1023 68.807.507,52 57.189.991,57 11.617.515,95
Benefits in addition to wages 1033
At the closing date of the period Codes 1. Full-time 2. Part-time 3. Total in

full-time
equivalents
Number of employees 105 335 3 337,1
By nature of the employment contract
Contract for an indefinite period 110 334 2 335,6
Contract for a definite period 111 1 1 1,5
Contract for the execution of a specifically assigned work 112
Replacement contract 113
According to gender and study level
Men 120 276 2 277,3
primary education 1200 245 2 246,3
secondary education 1201
higher non-university education 1202 17 17,0
university education 1203 14 14,0
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At the closing date of the period Codes 1. Full-time 2. Part-time 3. Total in

full-time
equivalents
Women 121 59 1 59,8
primary education 1210 49 49,0
secondary education 1211
higher non-university education 1212 4 4,0
university education 1213 6 1 6,8
By professional category
Management staff 130
Salaried employees 134 335 3 337,1
Hourly employees 132
Other 133
HIRED TEMPORARY STAFF AND PERSONNEL PLACED AT THE DISPOSAL OF THE COMPANY
During the period Codes 1. Hired temporary 2. Hired temporary staff

staff and personnel placed at
the company’s disposal
Average number of persons employed 150
Number of actual hours worked 151
Costs to the Company 152
LIST OF PERSONNEL MOVEMENTS DURING THE PERIOD

ENTRIES
Codes 1. Full-time 2. Part-time 3. Total in

full-time
equivalents
Number of employees for whom the Company submitted 205 121 1 121,5
a DIMONA declaration or who have been recorded in the
general personnel register during the period
Contract for an indefinite period 210 121 121,0
Contract for a definite period 211 1 0,5
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DEPARTURES
Codes 1. Full-time 2. Part-time 3. Total in

full-time
equivalents
Number of employees whose contract-termination date 305 74 74,0
has been included in the DIMONA declaration or in the
general personnel register during the period
Contract for an indefinite period 310 74 74,0
Contract for a definite period 311
By reason of termination of contract
Retirement 340
Unemployment with extra allowance from enterprise 341
Dismissal 342
Other reason 343 74 74,0
Of which: the number of persons who continue to render 350
services to the company at least half-time on a
self-employment basis
INFORMATION ON TRAINING PROVIDED TO EMPLOYEES DURING THE PERIOD
Total of initiatives of formal professional training at the expense of the Men Women
Codes Codes
employer
Number of employees involved 5801 5811
Number of actual training hours 5802 5812
Net costs for the Company 5803 5813
of which gross costs directly linked to training 58031 58131
of which contributions paid and payments to collective funds 58032 58132
of which grants and other financial advantages received (to deduct) 58033 58133
Total of initiatives of less formal or informal professional training at the
expense of the employer
Total of initial initiatives of professional training at the expense of the
employer
1
Where appropriate, “in liquidation” is stated after the legal form.
2
Optional mention.
4
If necessary, change to currency in which the amounts are expressed.
5
Strike out what does not apply.
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Tata Consultancy Services Deutschland GmbH
FINANCIAL STATEMENTS AND
For the year ended
March 31, 2024
Tata Consultancy Services Deutschland Gmbh 11.1
FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2023
CONTENT PAGE
Notes to Financial Statements 11.8

11.2 Tata Consultancy Services Deutschland GmbH
Independent Auditor’s report
To the Board of Directors

Tata Consultancy Services Deutschland GmbH
SPECIAL PURPOSE FINANCIAL STATEMENTS
Opinion
We have audited the accompanying special purpose financial statements of Tata Consultancy Services Deutschland GmbH
(‘the Company’), which comprise the statement of financial position as of 31st March 2024, and the related statement of profit
or loss and other comprehensive income, changes in equity, and cash flow for the year then ended, and the related notes to
the special purpose financial statements. The special purpose financial statements have been prepared by the management
as described in Note 2 to the Special Purpose financial statements in accordance with the International Financial Reporting
Standards (IFRS).
In our opinion, the special purpose financial statements referred to above present fairly, in all material respects, the financial
position of the Company as of 31st March 2024, and its financial performance and its cash flows for the year then ended in
accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board.
Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) generally accepted in India. Our responsibilities
under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Special purpose financial statements
section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of
Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the Special purpose
financial statements under the provisions of the Act and the Rules there under and fulfilled our other ethical responsibilities in
and appropriate to provide basis for our opinion.
Management’s Responsibility for special purpose Financial Statements

The Company’s management and Board of Directors are responsible for the preparation of these Special purpose financial
statements that give a true and fair view of the state of affairs, profit/ loss and (including other comprehensive income), changes
in equity cash flows of the Company in accordance with the International Financial Reporting Standards. This responsibility
also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the
assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness
of the accounting records, relevant to the preparation and presentation of the Special purpose financial statements that give a
true and fair view and are free from misstatement, whether due to fraud or error.
In preparing these Special purpose financial statements, management and Board of Directors are responsible for assessing
the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has
no realistic alternative but to do so.
Board of Directors is also responsible for overseeing the Company’s financial reporting process.
Our objectives are to obtain reasonable assurance about whether the Special purpose financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is high level of assurance but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these Special purpose financial statements.
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the audit. We also:
in the circumstances. We are also responsible for expressing our opinion on whether the company has adequate internal
financial controls with reference to financial statements in place and the operating effectiveness of such controls.
report. However, future events or conditions may cause the Company to cease to continue going concern.
• Evaluate the overall presentation, structure statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.
Other Matters
Comparative figures for the financial year ended 31st March 2023 have been taken as per Financial Statements considered by
the management for the purpose of Audit of IFRS Consolidated Financial Statements of holding company; TATA Consultancy
Services Limited (TCSL); year ended 31st March 2023.
Restriction on Distribution and Use

Audit of this special purpose financial statements, in accordance with International Financial Reporting Standards of the
Company for the year ended 31st March 2024 have been prepared for the limited purpose of consolidated financial statements,
to comply with the Section 129(3) of the Companies Act 2013, of TCSL for the year ended 31st March 2024. Our report is strictly
intended solely for the information and use by TCSL for the preparation of consolidated financial statements and for the use at
their annual general meetings for the information of their members. It is not intended to be and should not be used by anyone
other than specified parties.

(ICAI Firm Registration No. 114934W)
Kaushik B. Joshi
Place: Mumbai Proprietor
Date: 6 May 2024 (ICAI Membership No.48889)
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(Amount in EUR)
As at As at
Note
March 31, 2024 March 31, 2023
ASSETS
Current assets
Cash and cash equivalents 7(a) 2,58,80,165 3,20,44,437
Trade receivables
Billed 7(b) 15,32,60,377 15,23,51,112
Unbilled 2,16,44,734 1,91,87,403
Other financial assets 7(c) 36,69,213 43,24,710
Income tax assets (net) 65,51,998 -
Other assets 9(c) 3,84,38,006 2,99,66,343
Total current assets 24,94,44,492 23,78,74,005
Non-current assets
Income tax assets (net) - 41,55,663
Property, plant and equipment 9(a) 68,84,426 83,96,083
Right-of-use assets 8 36,43,585 50,62,637
Other intangible assets 9(b) 5,78,686 4,40,065
Other assets 9(c) 19,41,821 21,61,633
Total non-current assets 1,34,72,981 2,06,69,290
TOTAL ASSETS 26,29,17,473 25,85,43,295
Liabilities
Current liabilities
Lease liabilities 15,50,960 16,85,445
Trade payables 7(e) 11,39,94,234 9,76,56,640
Other financial liabilities 7(d) 1,01,27,681 1,40,80,643
Unearned and deferred revenue 10 1,45,87,487 1,62,38,394
Other liabilities 9(d) 1,31,39,930 1,32,96,666
Provisions 9(e) 46,313 88,149
Employee benefit obligations 14 4,78,955 5,62,078
Income tax liabilities (net) 4,14,214 1,65,62,650
Total current liabilities 15,43,39,774 16,01,70,665
Other financial liabilities 7(d) 23,881 23,562
Deferred tax liabilities (net) 38,95,706 34,64,253
Total non-current liabilities 75,87,631 84,86,239
TOTAL LIABILITIES 16,19,27,405 16,86,56,904
Equity
Share capital 7(i) 150,000 150,000
Retained earnings 10,08,21,307 8,97,17,630
Share premium 18,761 18,761
Total equity 10,09,90,068 8,98,86,391
TOTAL LIABILITIES AND EQUITY 26,29,17,473 25,85,43,295
See accompanying notes forming part of the financial statements. 1-17

As per our report of even date attached For and on behalf of the Board of Driectors
For KBJ & ASSOCIATES

Chartered Accountants Lakshminarayanan Gomatam Seshadri
Firm’s registration No:. 114934W Managing Director
Kaushik B. Joshi
Proprietor Sapthagiri Chapalapalli
Membership No:. 48889 Managing Director
Mumbai, 6 May 2024
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Statement of Profit or Loss and Other Comprehensive income

(Amount in EUR)

March 31, 2024 March 31, 2023
Revenue 10 75,21,50,063 76,15,38,336
Operating expenses
Employee benefit expenses 14 17,61,52,189 15,46,48,973
Depreciation and amortisation expenses 9(a) & 9(b) 45,43,394 70,58,663
Right of use assets depreciation 8 16,20,903 15,60,131
Other operating expenses 11 55,39,48,037 55,22,59,456
Total operating expenses 73,62,64,523 71,55,27,223
Operating profit 1,58,85,540 4,60,11,113
Other income / (expense)
Finance and other income 12(a) 6,62,982 -
Finance costs 12(b) 48,241 56,565
Other non-operating income / (loss), net 12(c) (33,478) 3,52,622
Profit before taxes 1,65,63,285 4,64,20,300
Income tax expense 13 (53,03,266) (1,47,40,990)
Profit for the year 1,12,60,019 3,16,79,310
Remeasurement of defined employee benefit plans (1,56,342) 33,40,909
Total comprehensive income for the year 1,11,03,677 3,50,20,219

Kaushik B. Joshi
Mumbai, 6 May 2024
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(Amount in EUR)
Share capital Share premium Retained earnings Total equity
Balance as at April 1, 2022 150,000 18,761 7,46,97,412 7,48,66,173
Profit for the year - - 3,16,79,310 3,16,79,310
Other comprehensive income for the year - - 33,40,909 33,40,909
Dividend - - (2,00,00,000) (2,00,00,000)
Balance as at March 31, 2023 150,000 18,761 8,97,17,630 8,98,86,391
Profit for the year - - 1,12,60,019 1,12,60,019
Other comprehensive income for the year - - (1,56,342) (1,56,342)
Dividend - - - -
Balance as at March 31, 2024 150,000 18,761 10,08,21,307 10,09,90,069


Kaushik B. Joshi
Mumbai, 6 May 2024
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(Amount in EUR)
March 31, 2024 March 31, 2023
Profit for the year 1,12,60,019 3,16,79,310
Adjustment to reconcile profit or loss to net cash provided by
Income tax expense 13 53,03,266 1,47,40,990
Depreciation and amortisation expenses 9(a) & 9(b) 45,43,394 70,58,663
Right of use assets depreciation 8 16,20,903 15,60,131
Finance cost 12(b) 71,588 86,645
Net loss/(gain) on disposal of property, plant and 12(c) 1,758 -
equipment
Interest Income (782,811) (143,211)
Provision of allowance for doubtful trade receivables (net) 7(b) (77,042) (2,471)
Net change in working capital
Trade receivables (8,32,223) (2,00,28,298)
Unbilled revenues (24,57,331) (34,813)
Other financial assets 6,84,245 (3,31,822)
Other assets (82,51,851) (55,46,161)
Trade and other payables 1,63,37,594 2,25,16,943
Unearned and deferred revenues (16,50,907) (41,45,791)
Other financial liabilities (58,61,589) 8,32,089
Other liabilities (1,56,736) 1,09,39,948
Provisions (41,837) 28,651
Employee benefit obligations (80,132) (21,28,508)
Cash generated from operating activities 1,96,30,308 5,70,82,294
Income taxes paid (2,35,26,061) (92,69,625)
Net cash generated from / (used in) operating activities (38,95,753) 4,78,12,669
Payment for purchase of property, plant and equipment 9(a) (874,590) (3,523,570)
(includes CWIP)
Proceeds from disposal of property, plant and equipment 9(a) (0) 4,851
Payment for purchase of intangible assets 9(b) (3,88,581) (1,74,211)
Interest Income 7,82,811 1,43,211
Net cash used in investing activities (4,80,359) (35,49,720)
Repayment of lease liabilities (17,88,160) (17,48,125)
Payment of dividend - (2,00,00,000)
Net cash used in financing activities (17,88,160) (2,17,48,125)
Net change in cash and cash equivalents (61,64,272) 2,25,14,824
Cash and cash equivalents, beginning of the year 3,20,44,437 95,29,613
Cash and cash equivalents, end of the year 7(a) 2,58,80,165 3,20,44,437


Kaushik B. Joshi
Mumbai, 6 May 2024
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1. Corporate Information
Tata Consultancy Services Deutschland GmbH (the “Company”) is a Company limited by shares, incorporated and
domiciled in Germany.
The main business of the company is to provides services in the areas of management consulting and software development.
The registered office address is Tata Consultancy Services Deutschland GmbH, Messeturm, 60308 Frankfurt am Main,
Germany. As at March 31, 2024, Tata Consultancy Services Limited is the parent entity holding 100% of shares of the
Company.
The financial statements of the Company have been drawn up as a special purpose financial statements for the distribution
to the shareholder.
The financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”)
as issued by the international accounting standard board (“IASB”). This special purpose financial statements have been
prepared for inclusion of Tata Consultancy Services Limited (Intermediate Holding Company) under the requirement of
Section 129(3) of the Companies Act, 2013 (‘the Act’). The principal accounting policies applied in the preparation of these
financial statements have been consistently applied to all periods presented in these financial statements.
The financial statements have been prepared on historical cost basis except for certain financial instruments and defined
benefit plans which are measured at fair value or amortised cost at the end of each reporting period. Historical cost is
generally based on the fair value of the consideration given in exchange for goods and services. Fair value is the price that
would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at
the measurement date.
All assets and liabilities have been classified as current or non-current as per the Company’s normal operating cycle.
Based on the nature of services rendered to customer and time elapsed between deployment of resources and the
realisation in cash and cash equivalents of the consideration for such services rendered, the Company has considered an
operating cycle of 12 months.
non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and items of income or
The functional and presentation currency of the Company is EURO. Foreign currency transactions are translated into
functional currency at exchange rates prevailing on the date of the transaction. Foreign currency denominated monetary
assets and liabilities are retranslated at the exchange rate prevailing on the dates of statement of financial position and
exchange gains and losses arising on settlement and restatement are recognised in profit or loss. Non-monetary assets
and liabilities that are measured in terms of historical cost in foreign currencies are not retranslated.
notes.

The preparation of these financial statements in conformity with the recognition and measurement principles of
International Financial Reporting Standards (IFRS) requires management to make estimates and assumptions that affect
the reported balances of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses for the periods presented.
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Revenue for fixed-price contracts are recognised using percentage-of-completion method. The Company uses
The Company reviews the carrying amount of property, plant and equipment at the end of each reporting period. This
When the fair value of financial assets and financial liabilities recorded in the statement of financial position cannot
be measured based on quoted prices in active markets, their fair value is measured using valuation techniques
including the Discounted Cash Flow model. The inputs to these models are taken from observable markets where
possible, but where this is not feasible, a degree of judgement is required in establishing fair values. Judgements
include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these
factors could affect the reported fair value of financial instruments.
The Company uses significant judgements to assess contingent liabilities. Contingent liabilities are recognised when
g. Leases
The Company evaluates if an arrangement qualifies to be a lease as per the requirements of IFRS 16. Identification
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position.
b. Share premium
Share premium is used to record the premium on issue of shares.
6. Recent accounting standards


IFRS 18 – Presentation and Disclosures in Financial Statements-3-1

1

2

3

IFRS 15 to be accounted for as a sale. The Group does not expect this amendment to have any significant impact in its
Group does not expect the amendments to have any significant impact on its classification of non-current liabilities in its
statement of financial position.
as current or non-current should be based on rights that are in existence at the end of the reporting period and align the
Group does not expect the amendments to have any significant impact on its presentation of liabilities in its statement of
financial position.
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flows and to understand their effect on its exposure to liquidity risk and how it might be affected if the arrangements were
no longer available to it. The Group does not expect the amendments to have any significant impact on its presentation of
liabilities.
faithfully reflect the economic conditions prevailing. The Group does not expect this amendment to have any significant
impact in its financial statement.
IFRS 18 – Presentation and Disclosures in Financial Statements
In April 2024, the IASB issued its new standard IFRS 18 – Presentation and Disclosures in Financial Statements that will
replace IAS 1 – Presentation of Financial Statements. The new standard aims at improving how entities communicate in
their financial statements. The Group will evaluate the standard and implement it accordingly.

or have expired.
outstanding.
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Equity instruments
The Company assesses at each date of statement of financial position whether a financial asset or a group of financial
(Amount in EUR)
As at As at
March 31, 2024 March 31, 2023
Cash at banks and in hand 8,880,165 32,044,437
Bank deposits (original maturity less than three months) 17,000,000 -
Total 25,880,165 32,044,437
b. Trade receivables - Billed

(Amount in EUR)
As at As at
March 31, 2024 March 31, 2023
Trade receivables - Billed* 153,264,630 152,432,406
Less: Allowance for doubtful trade receivables - Billed (4,253) (81,294)
Total 153,260,377 152,351,112
Movement in the allowance for doubtful trade receivables

(Amount in EUR)
As at As at
March 31, 2024 March 31, 2023
At April 1, 81,294 83,765
Add: Charge to profit and Loss account - 7,742
Less: Bad debts written off (68,110) (10,213)
Less: Provision written back (8,932) -
At March 31, 4,252 81,294
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c. Other financial assets
(Amount in EUR)
As at As at
March 31, 2024 March 31, 2023
Employee advances, net of allowances 838,681 1,155,202
Premises security deposit 136,236 136,236
Volume discount receivable 2,694,296 3,033,272
Total 3,669,213 4,324,710
Other financial assets – Non-current

(Amount in EUR)
As at As at
March 31, 2024 March 31, 2023
Restricted cash* 307,271 307,271
Total 424,463 453,210
* Restricted cash pertains to deposit in commerze bank against bank guarantee.

d. Other financial liabilities
Other financial liabilities – Current
(Amount in EUR)
As at As at
March 31, 2024 March 31, 2023
Other financial liabilities - current
Accrued payroll 7,313,848 8,421,516
Volume discount - current 812,338 5,566,578
Capital creditors - current 2,001,495 92,549
Total 10,127,681 14,080,643
Other financial liabilities - Non Current

(Amount in EUR)
As at As at
March 31, 2024 March 31, 2023
Decommissioning liabilities 23,881 23,562
Total 23,881 23,562
e. Trade payables
(Amount in EUR)
As at As at
March 31, 2024 March 31, 2023
Trade payables 66,831,942 52,031,084
Accrued expenses 47,162,292 45,625,556
Total 113,994,234 97,656,640
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f. Financial instruments by category
(Amount in EUR)
Amortised cost Total carrying
value
Assets:
Trade receivables
Billed 153,260,377 153,260,377
Unbilled 21,644,734 21,644,734
Other financial assets 4,093,675 4,093,675
Total Assets 204,878,951 204,878,951
Liabilities:
Trade payables 113,994,234 113,994,234
Other financial liabilities 10,151,562 10,151,562
Total Liabilities 128,184,929 128,184,929
(Amount in EUR)
value
Assets:
Trade receivables
Billed 152,351,112 152,351,112
Unbilled 19,187,403 19,187,403
Total Assets 208,360,872 208,360,872
Liabilities:
Trade payables 97,656,640 97,656,640
Carrying amounts of cash and cash equivalents, trade receivables and trade payables as at March 31, 2024 and
2023, approximate the fair value due to their nature. Carrying amounts of other financial assets and other financial
liabilities which are subsequently measured at amortised cost also approximate the fair value due to their nature in
each of the periods presented. Fair value measurement of lease liabilities is not required.
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g. Fair value hierarchy
h. Financial risk management
by the Board of Directors. The focus of the risk management committee is to assess the unpredictability of the
financial environment and to mitigate potential adverse effects on the financial performance of the Company.
Market risk
The fluctuation in foreign currency exchange rate may have potential impact on the statement of financial
statement, where any transaction references more than one currency or where assets/ liabilities are denominated
in a currency other than functional currency of the Company. Considering the countries and economic environment
in which the Company operates, its operations are subject to risks arising from fluctuations in exchange rates in
those countries.
rate risks.
of the Company.
The following table sets forth information relating to foreign currency exposure as at March 31, 2024:
(Amount in EUR)
USD CHF Others
Net financial assets 7,578,918 327,264 365,345
Net financial liabilities 4,753,133 579,893 1,714,646
10% appreciation / depreciation of the respective foreign currencies with respect to functional currency of
Company would result in increase / decrease in the Company’s profit before taxes by approximately EUR 122,386
The following table sets forth information relating to foreign currency exposure as at March 31, 2023:
(Amount in EUR)
USD CHF Others
Net financial assets 12,185,588 936,518 632,829
Net financial liabilities 3,341,687 930,744 956,423
10% appreciation / depreciation of the respective foreign currencies with respect to functional currency of
Company would result in increase / decrease in the Company’s profit before taxes by approximately EUR 852,608
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Interest rate risk is the risk of changes in market interest rates affecting the overall return of the Company. The
Company not significantly exposed to interest rate risk.
Credit risk
receivables, cash and cash equivalents, and other financial assets.
maximum exposure to credit risk was EUR 231,564,113 and EUR 227,737,912 as of March 31, 2024 and March
31, 2023, respectively being the total of the carrying amount of balance with bank, trade receivables, unbilled
receivables, contract assets and other financial assets. Balance with bank is placed with a bank with high credit
ratings. As of March 31, 2024, there were no indications that any defaults will occur on trade receivables, unbilled
receivables, contract assets or other financial assets.
The Company’s exposure to customers is diversified and major customer’s outstanding trade receivables,
unbilled receivables and contract assets as at March 31, 2024 and March 31, 2023 was as below:
(Amount in EUR)
Client Name Total trade Percentage Total trade Percentage
receivables and receivables and
unbilled revenue unbilled revenue
Customer A 38,162,559 18.65% 30,260,282 15.88%
Customer B 13,109,153 6.40% - 0.00%
Geographic concentration of trade receivables (net of allowances), unbilled receivables and contract assets is as
follows:
As at As at
March 31, 2024 March 31, 2023
Europe 95.26% 91.49%
Others 4.74% 8.51%
Geographical concentration of trade receivables and unbilled receivables and contract assets is allocated based
on the location of the customers.
The Company uses an allowance matrix to measure the expected credit loss of trade receivable from customers.
The expected credit loss allowance is based on the ageing of the days the receivables are due and are as follows:
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Liquidity risk
Company consistently generates sufficient cash flows from operations to meet its financial obligations as and when
they fall due.
(Amount in EUR)
March 31, 2024 Due in Due in Total
1st year 2nd to 5th year
Non derivative financial liabilities
Trade payables 113,994,234 - 113,994,234
Lease liabilities 1,690,212 5,463,353 7,153,565
Other financial liabilities 10,127,681 23,881 10,151,562
Total 125,812,127 5,487,234 131,299,361
(Amount in EUR)
March 31, 2023 Due in Due in Total
1st year 2nd to 5th year
Trade payables 97,656,640 - 97,656,640
Other financial liabilities 14,080,643 23,562 14,104,206
Total 112,988,397 5,237,664 118,226,062
i. Equity instruments
(Amount in EUR)
As at As at
March 31, 2024 March 31, 2023
Ordinary shares 150,000 150,000
Total 150,000 150,000
Capital management
The Company’s objective for capital management is to maximize shareholder value, safeguard business continuity
plans and long-term product and other strategic investment plans. The funding requirements are met through equity
and operating cash flows generated. The Company is not subject to any externally imposed capital requirements.
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8. Leases
Company as a lessee
lease commencement date. The cost of the right-of-use asset measured at inception shall comprise of the amount of the
initial measurement of the lease liability adjusted for any lease payments made at or before the commencement date less
any lease incentives received, plus any initial direct costs incurred and an estimate of costs to be incurred by the lessee in
dismantling and removing the underlying asset or restoring the underlying asset or site on which it is located. The right-
of-use assets is subsequently measured at cost less any accumulated depreciation, accumulated impairment losses, if
any and adjusted for any remeasurement of the lease liability. The right-of-use assets is depreciated using the straight-
line method from the commencement date over the shorter of lease term or useful life of right-of-use asset.
equipment. Right-of-use assets are tested for impairment whenever there is any indication that their carrying amounts
may not be recoverable. Impairment loss, if any, is recognised in profit or loss.
loss.
(Amount in EUR)
Additions for the Net carrying
year ended amount as at
March 31, 2024 March 31, 2024
Leasehold building - 3,225,271
Automobiles 201,852 418,314
Total 201,852 3,643,585
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(Amount in EUR)
March 31, 2023 March 31, 2023
Leasehold building 22,060 4,573,113
Total 315,248 5,062,637

(Amount in EUR)
March 31, 2024 March 31, 2023
Leasehold building 1,347,842 1,310,601
Total 1,620,903 1,560,131
Interest on lease liabilities is EUR 71,588 and EUR 86,645 for the year ended on March 31, 2024 and March 31, 2023,
respectively.[Refer Note 12(b)].
The Company incurred EUR 1,236,252 and EUR 942,729 for the year ended March 31, 2024 and 2023, respectively, towards
The total cash outflow for leases is EUR 3,024,412 and EUR 2,691,167 for the year ended March 31, 2024, and 2023,
respectively, including cash outflow for short-term leases and leases of low-value assets.
contract.
9. Non-financial assets and liabilities

a. Property, plant and equipment
residual values over their estimated useful lives based on a technical evaluation. The estimated useful lives and
Type of asset Method Useful life (in years)

Computer equipment Straight Line Method 4 years
Electrical Installations Straight Line Method 10 years
Office Equipments Straight Line Method 5 years
Furnitures and Fixtures Straight Line Method 5 years
Leasehold Improvements Straight Line Method 6 years
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Depreciation is not recorded on capital work in progress until construction and installation are complete and the
asset is ready for its intended use. Capital work-in-progress includes capital advances.
of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognised in profit or loss.
(Amount in EUR)
Leasehold Computer Furniture and Office Electric Total
improvements equipments fixtures equipments installation
Cost as at April 1, 2023 896,351 42,500,709 1,157,230 702,832 402,487 45,659,609
Additions 1,920 873,372 6,844 51,486 - 933,622
Disposals - (26,414) - - - (26,414)
Cost as at March 31, 2024 898,271 43,347,667 1,164,074 754,318 402,487 46,566,817
Accumulated depreciation as at
796,145 34,699,286 1,108,434 632,464 214,958 37,451,287
April 1, 2023
Depreciation for the year 33,801 4,162,926 23,627 34,770 38,311 4,293,435
Disposals - (24,656) - - - (24,656)
829,946 38,837,556 1,132,061 667,234 253,269 41,720,066
March 31, 2024
68,325 4,510,111 32,013 87,084 149,218 4,846,751
March 31, 2024
Capital work-in-progress 2,037,675
Total 6,884,426
(Amount in EUR)

Cost as at April 1, 2022 896,351 39,150,230 1,149,803 686,590 402,487 42,285,460
Additions - 3,384,070 7,427 16,242 - 3,407,740
Disposals - (33,591) - - - (33,591)
Cost as at March 31, 2023 896,351 42,500,709 1,157,230 702,832 402,487 45,659,609
762,745 28,110,430 1,085,404 600,834 176,647 30,736,060
April 1, 2022
Depreciation for the year 33,400 6,617,596 23,030 31,630 38,311 6,743,967
Disposals - (28,740) - - - (28,740)
796,145 34,699,286 1,108,434 632,464 214,958 37,451,287
March 31, 2023
100,206 7,801,423 48,796 70,368 187,529 8,208,322
March 31, 2023
Capital work-in-progress 187,761
Total 8,396,083
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b. Other intangible assets
Intangible assets consist of rights under licensing agreement and software licences and customer-related intangibles.
Following table summarises the nature of intangibles and their estimated useful lives:

Rights under licensing agreement and software licences Lower of licence period and 2-5 years
Customer-related intangibles 3 years
Intangible assets are amortised on a straight line basis over the period of its economic useful life.
(Amount in EUR)
Software Licences Total
Cost as at April 1, 2023 1,371,455 1,371,455
Additions 388,581 388,581
Cost as at March 31, 2024 1,760,036 1,760,036
Accumulated amortisation as on April 1, 2023 931,390 931,390

Amortisation for the year 249,959 249,959
Accumulated amortisation as on March 31, 2024 1,181,349 1,181,349
Net carrying amount as at March 31, 2024 578,686 578,686
(Amount in EUR)
Software Licences Total
Cost as at April 1, 2022 1,197,244 1,197,244
Additions 174,211 174,211
Cost as at March 31, 2023 1,371,455 1,371,455
Accumulated amortisation as on April 1, 2022 616,695 616,695

Amortisation for the year 314,696 314,696
Accumulated amortisation as on March 31, 2023 931,390 931,390
Net carrying amount as at March 31, 2023 440,065 440,065
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c. Other assets
(Amount in EUR)
As at As at
March 31, 2024 March 31, 2023
Other assets – Current
Contract assets (Refer Note 10) 26,518,869 18,858,543
Prepaid expenses 10,435,010 8,592,501
Prepaid rent 2,345 -
Contract fulfillment costs 1,421,799 2,460,739
Others 59,961 54,531
Total 38,438,006 29,966,343
Other assets – Non-current

(Amount in EUR)
As at As at
March 31, 2024 March 31, 2023
Contract assets (Refer Note 10) 166,293 518,495
Total 1,941,821 2,161,633
Contract fulfillment costs of EUR 2,626,259 and EUR 4,346,730 for the years ended March 31, 2024 and 2023,
respectively, have been amortised in the profit or loss. Refer Note 10 for changes in contract assets.
d. Other liabilities
(Amount in EUR)
As at As at
March 31, 2024 March 31, 2023
Other liabilities consist of the following
Other liabilities – Current
Advances received from customers 53,140 261,574
Indirect tax payable and other statutory liabilities 13,086,490 13,034,792
Others 300 300
Total 13,139,930 13,296,666
d. Provisions
(Amount in EUR)
As at As at
March 31, 2024 March 31, 2023
Provisions consist of the following:
Provisions - Current
Provision for foreseeable loss 46,313 88,149
Total 46,313 88,149
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The Company earns revenue primarily from providing IT services, consulting and business solutions. The Company offers
a consulting-led, cognitive powered, integrated portfolio of IT, business and engineering services and solutions.
performance.
is recognised upfront at the point in time when the system / software is delivered to the customer. In cases where
implementation and / or customisation services rendered significantly modifies or customises the software, these
POC method.
to the customer.
Transaction price attributed in case of contracts with subsidiary is arrived at on the basis of arm’s length price. Revenue
also excludes taxes collected from customers.
includes a significant financing component. Any consideration payable to the customer is adjusted to the transaction price,
unless it is a payment for a distinct product or service from the customer. The estimated amount of variable consideration
is adjusted in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of
cumulative revenue recognised will not occur and is reassessed at the each reporting period. The Company allocates the
elements of variable considerations to all the performance obligations of the contract unless there is observable evidence
that they pertain to one or more distinct performance obligations.
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recovered.
The billing schedules agreed with customers include periodic performance based payments and/or milestone based
In accordance with IAS 37, the Company recognises an onerous contract provision when the unavoidable costs of meeting
the obligations under a contract exceed the economic benefits to be received.
allocated to a new performance obligation or transaction price of an existing obligation could undergo a change. In the
The Company disaggregates revenue from contracts with customers by nature of services, industry verticals and
geography.
Revenue from operations is EUR 752,150,063 for year ended March 31, 2024 (March 31, 2023: EUR 761,538,336).
Revenue disaggregation by nature of services is as follows:
(Amount in EUR)

March 31, 2024 March 31, 2023
Consultancy services 749,386,698 761,334,888
Sale of equipment and software licences 2,763,365 203,448
Total 752,150,063 761,538,336

(Amount in EUR)
Industry vertical Year ended Year ended

March 31, 2024 March 31, 2023
Life Sciences and Healthcare 198,743,691 206,122,277
Banking, Financial Servies and Insurance 194,475,184 213,667,739
Manufacturing 109,638,885 100,146,001
Hitech 101,162,493 111,913,243
Others 148,129,810 129,689,076
Total 752,150,063 761,538,336
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(Amount in EUR)

March 31, 2024 March 31, 2023
Europe 734,234,460 735,373,103
Others 17,915,603 26,165,233
Total 752,150,063 761,538,336

satisfied performance obligations, along with the broad time band for the expected time to recognize those revenues,
the Company has applied the practical expedient in IFRS 15. Accordingly, the Company has not disclosed the aggregate
satisfied) performance obligations is EUR 3,35,316,995 out of which EUR 2,16,432,646 (64.55%) is expected to be recognized
(Amount in EUR)

March 31, 2024 March 31, 2023
Changes in unearned and deffered revenue are as follows:

(Amount in EUR)

March 31, 2024 March 31, 2023
Revenue recognised that was included in the unearned and deferred (14,743,533) (19,431,554)
revenue at the beginning of the year
Increase due to invoicing during the year, excluding amounts recognised 13,085,334 15,286,875
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Costs and expenses are recognised when incurred and have been classified according to their primary nature. The costs
of the Company are broadly categorised into employee benefit expenses, depreciation and other operating expenses.
Employee benefit expenses include salaries, incentives and allowances, contribution to various funds and staff welfare
expenses. Other operating expenses mainly include fees to external consultants, facility expenses, travel expenses, cost
of equipment and software licenses, communication expenses, bad debts and advances written off, allowance for doubtful
trade receivables and advances (net) and other expenses. Other expenses is an aggregation of costs which are individually
not material such as contribution to brand equity, corporate overhead allocation, commission and brokerage, recruitment
and training, entertainment, etc.
Other operating expense
(Amount in EUR)

March 31, 2024 March 31, 2023
Project expenses 61,94,460 60,98,281
Fees to external consultants 50,72,37,016 51,08,15,192
Cost of equipment and software licenses 27,01,182 (4,16,699)
Travel expenses 47,43,599 45,21,128
Facility running expenses 34,13,976 33,69,289
Communication 1,18,92,658 1,00,15,916
Bad debts and advances written off, allowance for doubtful trade (3,130) 9,442
receivable and advances (net)
Other expenses 1,77,68,275 1,78,46,907
Total 55,39,48,035 55,22,59,456
12. Other income / (expense)

a. Finance and other income
(Amount in EUR)

March 31, 2024 March 31, 2023
Interest income is recognised using effective interest method
Interest on bank deposits 662,982 -
Total 662,982 -
b. Finance costs
(Amount in EUR)

March 31, 2024 March 31, 2023
Interest on lease liabilities (71,588) (86,645)
Other interest expense 1,19,829 1,43,211
Total 48,241 56,566
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c. Finance and other non-operating income / (loss), net
(Amount in EUR)

March 31, 2024 March 31, 2023
Net foreign exchange gains/(losses) (31,720) 352,623
Gain/(loss) on disposal of property, plant and equipment (1,758) -
Total (33,478) 352,623
13. Income taxes

year. Current and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in
other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other
comprehensive income or directly in equity, respectively.
Deferred income taxes is recognised using the balance sheet approach. Deferred income tax assets and liabilities are
their carrying amount.
utilised.
utilised.
(Amount in EUR)

March 31, 2024 March 31, 2023
Current tax
Current tax expense 49,81,290 1,68,26,667
Deferred tax expense 3,21,976 (20,85,677)
Total 53,03,266 1,47,40,990
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statement of profit or loss and other comprehensive income is as follows:-
(Amount in EUR)

March 31, 2024 March 31, 2023
Income before taxes 1,65,63,285 4,64,20,300
Expected income tax expense 52,36,631 1,46,76,193
Tax pertaining to prior years:
Current tax (18,010) 29,11,560
Deferred tax - (27,99,528)
Disallowed expenses 84,090 (47,297)
Other permanent differences 555 62
Total income tax expense 53,03,266 1,47,40,990
(Amount in EUR)
Deferred tax liabilities Opening Recognised / Recognised in other Closing balance

balance reversed through comprehensive as at
profit or loss income March 31, 2024
Deferred tax assets / (liabilities)
in relation to
Provision for employee benefits (8,87,611) 9,48,367 1,09,476 1,70,232
Property, plant and equipment 3,60,218 (75,014) 2,85,203
Lease liabilities (17,63,579) 4,76,822 (12,86,757)
Right-of-use assets 14,96,972 (3,43,048) 11,53,923
Deferred Revenue 42,58,253 (6,85,149) 35,73,104
Total deferred tax assets / 34,64,253 3,21,977 1,09,476 38,95,706
(liabilities)
(Amount in EUR)
Deferred tax liabilities Opening Recognised / Recognised in other Closing balance

balance reversed through comprehensive as at
profit or loss income March 31, 2023
relation to
Provision for employee benefits (14,92,531) 6,04,920 - (8,87,611)
Property, plant and equipment 3,70,914 (10,696) 3,60,218
Lease liabilities (1,94,966) (15,68,613) (17,63,579)
Right-of-use assets (18,813) 15,15,785 14,96,972
Deferred revenue 68,85,326 (26,27,073) 42,58,253
Total deferred tax assets / 55,49,930 (20,85,677) - 34,64,253
(liabilities)
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actuarial valuations being carried out at the date of each statement of financial position. Remeasurement, comprising
actuarial gains and losses, the effect of the changes to the asset ceiling and the return on plan assets (excluding interest),
is reflected immediately in the statement of financial position with a charge or credit recognised in other comprehensive
income in the period in which they occur. Past service cost, both vested and unvested, is recognised as an expense at the
earlier of (a) when the plan amendment or curtailment occurs; and (b) when the entity recognises related restructuring
costs or termination benefits.
The retirement benefit obligations recognised in the statement of financial position represents the present value of the
defined benefit obligations reduced by the fair value of scheme assets. Any asset resulting from this calculation is limited
to the present value of available refunds and reductions in future contributions to the scheme.
renders the related services are recognised as undiscounted liability at the date of statement of financial position.
Employee cost consist of the following:
(Amount in EUR)
As at As at
March 31, 2024 March 31, 2023
Salaries, incentives and allowances 158,958,994 138,765,517
Contributions to provident and other funds 15,989,443 14,881,387
Staff welfare expenses 1,203,752 1,002,069
Total 176,152,189 154,648,973

(Amount in EUR)
Employee benefit obligations – Current As at As at

March 31, 2024 March 31, 2023
Other employee benefit obligations 54,780 44,459
Total 478,955 562,078
Employee benefit obligations – Non-current

(Amount in EUR)
As at As at
March 31, 2024 March 31, 2023
Net defined benefit pension obligations 1,179,871 1,130,015
Total 1,179,871 1,130,015
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Employee benefit plans
The Company operates a defined benefit pension scheme for the benefit of certain employees. The following table sets out
the details of the defined benefit retirement plans and the amount recognised in the financial statements.
(Amount in EUR)
Change in defined benefit obligations Year ended Year ended

March 31, 2024 March 31, 2023
Defined benefit obligation at the beginning of the year 6,342,250 9,670,116
Service cost 167,375 285,122
Interest cost 246,745 173,874
Actuarial loss / (gain) on liabilities (44,892) (3,765,950)
Benefits paid from plan assets (19,094) (20,912)
Defined benefit obligation at the end of the year 6,692,384 6,342,250
(Amount in EUR)
Change in plan assets Year ended Year ended

March 31, 2024 March 31, 2023
Fair value of assets at the beginning of the year 5,177,283 5,123,597
Interest income 205,130 94,098
Actuarial return on assets (91,758) (212,548)
Employer contributions 193,048 193,048
Benefits paid (19,094) (20,912)
Fair value of assets at the end of the year 5,464,609 5,177,283
The amount included in the balance sheet arising from the Company’s obligations in respect of its defined benefit
retirement benefit schemes is as follows:
(Amount in EUR)
As at As at
March 31, 2024 March 31, 2023
Fair value of plan assets 5,464,609 5,177,283
Present value of defined benefit obligations (6,692,384) (6,342,250)
Net defined benefit obligation (1,227,775) (1,164,967)
The amounts charged to the profit and loss account in the year are:
(Amount in EUR)

March 31, 2024 March 31, 2023
Service cost 167,375 285,122
Net interest on defined benefit obligation 246,745 173,874
Total 414,120 458,996
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The amount recognised in the other comprehensive income are:
(Amount in EUR)

March 31, 2024 March 31, 2023
Actuarial (gains) and losses arising from changes in financial 77,933 (3,006,288)
assumptions
Actuarial (gains) and losses arising from changes in experience (122,825) (759,662)
adjustments
Actuarial (gains) and losses on plan assets (91,758) (212,548)
(136,650) (3,978,498)

March 31, 2024 March 31, 2023
Rate of increase of pensions in payment 2.00% 2.00%
Rate of increase in compensation levels of covered employees 3.50% 3.50%
Weighted average duration of defined benefit plan 20.3 Years 21 Years
Future mortality assumptions are taken based on the published statistics by the Richttafeln 2018 G by K.Heubeck. The
Company is expected to contribute EUR 193,048 to defined benefit plan obligations funds for the year ending March 31,
2025.
The significant actuarial assumptions for the determination of the defined benefit obligations are discount rate, expected
salary increase and expected pension increase. The sensitivity analysis below have been determined based on reasonably
possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other
assumptions constant.
(Amount in EUR)
Sensitivity Analysis Year ended Year ended

March 31, 2024 March 31, 2023
Disount rate increased by 100 basis points 5,537,255 5,215,194
Disount rate decreased by 100 basis points 8,190,557 7,812,177
Salary increase increased by 50 basis points 6,716,193 6,369,155
Salary increase decreased by 50 basis points 6,669,203 6,316,124
Pension increase increased by 50 basis points 7,162,854 6,787,377
Pension increase decreased by 50 basis points 6,265,811 5,938,701
as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may
be correlated.
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Expected benefits payable in future years from the end of the current year:
(Amount in EUR)

March 31, 2024 March 31, 2023
1st Following Year 25,820 28,122
2 Following Year
nd 32,421 29,283
3 Following Year
rd 48,042 36,112
4th Following Year 62,443 51,523
5 Following Year
th 100,721 66,025
Sum of Years 6 To 10 1,271,390 1,055,493

The Company’s principal related parties consist of its ultimate holding company Tata Sons Private Limited and its
subsidiaries, parent company Tata Consultancy Services Limited and its subsidiaries, affiliates and key managerial
personnel. The Company routinely enters into transactions with its related parties in the ordinary course of business.
Transactions with related parties for the year ended March 31, 2024
(Amount in EUR)
Particulars With Tata Sons With With Tata With Subsidiaries Total
Private Limited, Subsidiaries/ Consultancy of Tata
Ultimate Holding Associates of Tata Services Limited, Consultancy
Company Sons Limited Parent Company Services Limited
Revenue from sale of services - 406,239 16,590,694 33,330,180 50,327,113
and licenses
Purchases of goods and services - 114,658 419,668,420 72,901,693 492,684,771
Brand equity contribution 1,769,683 - - - 1,769,683
Transactions with related parties for the year ended March 31, 2023
(Amount in EUR)
Revenue from sale of services - 235,578 26,336,174 31,830,029 58,401,781
and licenses
Purchases of goods and services - (11,972) 419,972,575 55,513,114 475,473,716
Brand equity contribution 1,758,505 - - - 1,758,505
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Balances with related parties as at March 31, 2024
(Amount in EUR)
Trade receivables and contract - 219,771 10,213,732 6,454,026 16,887,529
assets
Other financial assets and other - - 9,924,525 768,472 10,692,997
assets
Trade payables, accrued 1,756,427 15,000 68,874,975 25,599,652 96,246,054
expenses, unearned and
deferred revenue
Other financial liabilities and - - 153,314 260,967 414,281
Other liabilities
Balances with related parties as at March 31, 2023
(Amount in EUR)
Trade receivables and contract - (16,287) 16,510,351 10,961,545 27,455,609
assets
Other financial assets and other - - 8,983,378 253,872 9,237,250
assets
Trade payables, accrued 1,753,900 10,496 45,169,714 24,260,634 71,194,744
expenses, unearned and
deferred revenue
Other financial liabilities and - 5,222 109,843 226,910 341,975
Other liabilities
No compensation was paid to key managerial personnel for the year ended March 31, 2024 and March 31, 2023, respectively.

17. Comparative Information

The comparative figures presented for the year ended March 31, 2023 have been reclassified where necessary to preserve
consistency with the year ended March 31, 2024 figures. However, such reclassifications did not have any effect on the
comprehensive income or the total equity for the year ended March 31, 2024.

Kaushik B. Joshi
Mumbai, 6 May 2024
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Tata Consultancy Services Sverige AB
556559-4008
ANNUAL REPORT AND

Financial Year
2023 - 24
Tata Consultancy Services Sverige AB 12.1
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2024
CONTENTS PAGE
Auditors’ Report 12.5
Balance Sheet 12.8
Income Statement 12.9
Changes of Equity 12.10
Cash Flow Statement 12.10

12.2 Tata Consultancy Services Sverige AB
Certificate of approval
The undersigned member of the board of the Tata Consultancy Services Sverige AB 556559-4008 hereby certifies that this
copy of the Annual Report is a true duplicate, and that the Income Statement and Balance Sheet were adopted by the AGM on
2024-April-29 The meeting also decided to approve the Board of Directors’s proposal for distribution of profits.
Stockholm 2024-April-30
Pradeep Manohar Gaitonde
Board member
Directors’ Report
The board of directors of Tata Consultancy Services Sverige AB hereby presents the financial statement for financial year
2023-04-01 - 2024-03-31.
Business operations
TCS has strengthened its market and customer focus by staying relevant in its services, offerings and thought leadership.
During 2023 and in early parts of 2024, our Customers in Sweden have had the need to incorporate dimensions such as
security, sovereignty, sustainability in their business in addition to staying cost competitive. TCS has engaged with them
deeply to help them achieve these objectives and enable their growth journeys. TCS AI-First enterprise architecture and
portfolio services are gaining momentum in alignment with an established portfolio of IT, Enterprise Solutions, Infrastructure,
Engineering, Business Process and Sustainability offerings. We have started new relationships with market leading customers
in automotive and banking industry in the last 12 months. With several Customers we are refreshing our services with new
long-term commitments and with many others we are embarking on their transformation projects.
Our commitment to customer excellence and forging meaningful relationship has been validated yet again as we were ranked
#1 in 2023-2024 Whitelane Customer Satisfaction Survey in Sweden and in the Nordics. This top position recognizes us as a
digital transformation partner of choice, bringing innovation to our customers in the region where we have established trustful
relationships for more than 30 years. It is also a wonderful testimony to the market engagement and contribution of our
talented teams from market, industry, services, and functional units.
Of the 600,00+ TCS employees globally, more than 9000 work for Swedish customers in the country and from delivery center in
Europe and across the world. For them, the business has its domicile in Stockholm.
Ownership
The company is a wholly-owned affiliate of Tata Consultancy Services Limited org no L22210MH1995PLC084781, with its
headquarter in Mumbai, India, is preparing the consolidated financial statement for the group company. Tata Consultancy
Services Limited is a publicly listed company on the National Stock Exchange of India Limited and BSE Limited in India. Tata
Consultancy Services Limited is owned with 72.27% of the shares by the ultimate holding company Tata Sons Private Limited
org no 478, in Mumbai with adress; Bombay House, 24, Homi Mody Street, Mumbai 400 001 India which is the headquarter of
Tata.
Significant events during the financial year

No significant events are deemed to have taken place during the financial year.
Development of company operations, result and position
2024-03-31 2023-03-31 2022-03-31 2021-03-31

Net sales (in thousdands) 5,410,651 5,359,804 4,633,207 4,306,732
Profit/ loss after financial items (in thousdands) 432,053 325,124 239,598 217,727
Equity ratio, % (1) 81.2 69.0 71.9 71.3
Operating profit (in thousdands) 444,537.5 338,534.2 245,606.1 223,544.5
Total assets (in thousdands) 1,825,938.6 1,654,793.0 1,509,990.3 1,261,341.7
Average number of employees 167 157 172 145
(1) Adjusted equity/total assets. By adjusted equity means equity + untaxed reservs with deduction of deferred tax liability.
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Significant risks and uncertainties

In the course of its business activities, the Company is exposed to risks and uncertainties arising from exogenous factors
related to the overall macroeconomic framework or the specific environment the Company operates in, as well as risks related
to strategic decisions and internal risk management. The identification and mitigation of these risks were carried out on a
regular basis through consistent monitoring and the process is continuously improved and adapted to the changing global risk
scenario.
The Company can count on a central risk management, although it allows its supervisors to take care of identification,
monitoring and mitigation of the risks themselves. The aim is to estimate the impact of each risk according to going concern
premises, reduce risks occurrence and/or moderate their effect in proportion to the determining factor (controllable by the
Company or not).
On the topic of business risks, the main risks identified, monitored and managed by the company are as follows:
• risks dependent on exogenous variables;
• risk related to competitiveness;
• risks related to the demand / macro-economic cycles.
The company is exposed to foreign exchange risk as it deals in multi currencies. However, the risk is hedged to a great extent
as the expenses are incurred in the respective foreign currency.
The company operates in highly competitive industry, which is reflected in intense price competition of products and services.
related to the overall macroeconomic framework and the consequent reduction in IT spending by the companies, in containing
their costs, could impact the Companys business.
Expected future business activities

We continue to remain sensitive to changing market needs and their implications on our customers’ business. We have good line
of sight to Customer decision makers, and this allows us to define IT services relevant to their needs with a 2-3 year outlook. We
are seeing uptick in Business and IT services that leverage Artificial Intelligence - both adaptive and generative - cybersecurity
solutions, enterprise application transformation, advanced digital engineering and IoT solutions and modernization of core.
Creating Sustainable enterprise and driving deep end-Customer engagements are also important focus areas for Swedish
businesses where we are providing and will continue to provide unique services. We have identified new spaces for sub-
industries for TCS to enter and also existing industries to scale. The demand for our services is expected to grow as Sweden
continue face IT and Engineering talent shortage and customers continue to harbour growth plans.
Sustainability information
The assets of a company are not only measured in quantifiable values, but also consist of elements that can only be described
in qualitative terms. The employees of Tata Consultancy Services Sweden AB are among the most important building blocks of
the company’s success. The attrition rate of is below the level of comparable companies.
The company has been certified as a Top Employer / Best employer in Sweden since 2013
We are currently recruiting trainees from 4 universities in Sweden and collaborating with student bodies.
The company is holder of ISO 45001:2018 certificate and ISO 14001:2015 certificate
The company also contributes to the social causes as stated below:
• CS is providing pro bono support to extending KidsRights’ (NGO partner of H&M ) State of Youth platform: TCS commitment:
T
€200K worth of time/in kind to extend the State of Youth platform.
• strid Lindgren’s Children’s Hospital: Supporting with monetary funds (SEK 175000 per year) , investments to make the
A
stay at the hospital easier.
• Ecpat: Pro-Bono work, back-end of their new Hotline which has been launched now.
• TCS Participated in the Tidy Sweden initiative.
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The company uses 100% renewable energy in its office in Stockholm whose origin has been verified under the Guarantee of
Origin System. The company also contributes to “Håll Sverige Rent’s” work against littering.
Sustainability report
The company’s sustainability report is prepared by the parent company TCS Ltd and is available on: https://www.tcs.com/
investor-relations/esg
Proposed allocation of company profit or loss

The board proposes that free equity, SEK 1,481,799,979, be disposed of as follows:
Amounts in SEK
Profit brought forward from previous years 1,141,438,386
Profit for the year 340,361,593
Sum 1,481,799,979
The board proposes that the following be carried forward 1,481,799,979
Total 1,481,799,979
Concerning earnings and financial position, please view the attached documentation on Income Statement, Balance Sheet and
Cash flow analysis together with additional information in notes.
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Auditor’s Report
To the general meeting of the shareholders of Tata Consultancy Services Sverige AB, corp. id 556559-4008
Report on the annual accounts
Opinions
We have audited the annual accounts of Tata Consultancy Services Sverige AB for the financial year 2023-04-01—2024-03-31.
In our opinion, the annual accounts have been prepared in accordance with the Annual Accounts Act, and present fairly, in
all material respects, the financial position of Tata Consultancy Services Sverige AB as of 31 March 2024 and its financial
performance and cash flow for the year then ended in accordance with the Annual Accounts Act. The statutory administration
report is consistent with the other parts of the annual accounts.
We therefore recommend that the general meeting of shareholders adopts the income statement and balance sheet.
Basis for Opinions

We conducted our audit in accordance with International Standards on Auditing (ISA) and generally accepted auditing standards
in Sweden. Our responsibilities under those standards are further described in the Auditor’s Responsibilities section. We are
independent of Tata Consultancy Services Sverige AB in accordance with professional ethics for accountants in Sweden and
have otherwise fulfilled our ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions.
Responsibilities of the Board of Directors

The Board of Directors is responsible for the preparation of the annual accounts and that they give a fair presentation in
accordance with the Annual Accounts Act. The Board of Directors is also responsible for such internal control as they determine
is necessary to enable the preparation of annual accounts that are free from material misstatement, whether due to fraud or
error.
In preparing the annual accounts The Board of Directors is responsible for the assessment of the company’s ability to continue
as a going concern. They disclose, as applicable, matters related to going concern and using the going concern basis of
accounting. The going concern basis of accounting is however not applied if the Board of Directors intend to liquidate the
company, to cease operations, or has no realistic alternative but to do so.
Auditor’s responsibility
Our objectives are to obtain reasonable assurance about whether the annual accounts as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and generally accepted
auditing standards in Sweden will always detect a material misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these annual accounts.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout
the audit. We also:
• Identify and assess the risks of material misstatement of the annual accounts, whether due to fraud or error, design and
a basis for our opinions. The risk of not detecting a material misstatement resulting from fraud is higher than for one
internal control.
• btain an understanding of the company’s internal control relevant to our audit in order to design audit procedures
O
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
company’s internal control.
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• valuate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
E
disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors’, use of the going concern basis of accounting in preparing the
annual accounts. We also draw a conclusion, based on the audit evidence obtained, as to whether any material uncertainty
exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the
related disclosures in the annual accounts or, if such disclosures are inadequate, to modify our opinion about the annual
accounts. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future
events or conditions may cause the company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the annual accounts, including the disclosures, and whether
We must inform the Board of Directors of, among other matters, the planned scope and timing of the audit. We must also
inform of significant audit findings during our audit, including any significant deficiencies in internal control that we identified.
Opinions
In addition to our audit of the annual accounts, we have also audited the administration of the Board of Directors of Tata
Consultancy Services Sverige AB for the financial year 2023-04-01—2024-03-31 and the proposed appropriations of the
company’s profit or loss.
We recommend to the general meeting of shareholders that the profit be appropriated in accordance with the proposal in the
statutory administration report and that the members of the Board of Directors be discharged from liability for the financial
year.
Basis for Opinions

We conducted the audit in accordance with generally accepted auditing standards in Sweden. Our responsibilities under
those standards are further described in the Auditor’s Responsibilities section. We are independent of Tata Consultancy
Services Sverige AB in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical
responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions.
Responsibilities of the Board of Directors

The Board of Directors is responsible for the proposal for appropriations of the company’s profit or loss. At the proposal of a
dividend, this includes an assessment of whether the dividend is justifiable considering the requirements which the company’s
type of operations, size and risks place on the size of the company’s equity, consolidation requirements, liquidity and position
in general.
The Board of Directors is responsible for the company’s organization and the administration of the company’s affairs. This
includes among other things continuous assessment of the company’s financial situation and ensuring that the company’s
organization is designed so that the accounting, management of assets and the company’s financial affairs otherwise are
controlled in a reassuring manner.
Auditor’s responsibility
Our objective concerning the audit of the administration, and thereby our opinion about discharge from liability, is to obtain
audit evidence to assess with a reasonable degree of assurance whether any member of the Board of Directors in any material
respect:
• has undertaken any action or been guilty of any omission which can give rise to liability to the company, or
• in any other way has acted in contravention of the Companies Act, the Annual Accounts Act or the Articles of Association.
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Our objective concerning the audit of the proposed appropriations of the company’s profit or loss, and thereby our opinion
about this, is to assess with reasonable degree of assurance whether the proposal is in accordance with the Companies Act.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with generally
accepted auditing standards in Sweden will always detect actions or omissions that can give rise to liability to the company, or
that the proposed appropriations of the company’s profit or loss are not in accordance with the Companies Act.
As part of an audit in accordance with generally accepted auditing standards in Sweden, we exercise professional judgment and
maintain professional scepticism throughout the audit. The examination of the administration and the proposed appropriations
of the company’s profit or loss is based primarily on the audit of the accounts. Additional audit procedures performed are based
on our professional judgment with starting point in risk and materiality. This means that we focus the examination on such
actions, areas and relationships that are material for the operations and where deviations and violations would have particular
importance for the company’s situation. We examine and test decisions undertaken, support for decisions, actions taken and
other circumstances that are relevant to our opinion concerning discharge from liability. As a basis for our opinion on the Board
of Directors’ proposed appropriations of the company’s profit or loss we examined whether the proposal is in accordance with
the Companies Act.
Stockholm 30 April 2024

KPMG AB
Fredrik Wollmann
Authorized Public Accountant
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Balance Sheet
Amounts in SEK
Note As at As at
March 31, 2024 March 31, 2023
ASSETS
Fixed assets
Intangible assets
Concessions, patents, licences, trademarks and similar rights 10 484,993 2,470,059
484,993 2,470,059
Tangible assets
Equipment, tools, fixtures and fittings 11 86,861,727 113,754,342
86,861,727 113,754,342
Total fixed assets 87,346,720 116,224,401
Current assets
Current receivables
Accounts receivable - trade 896,189,783 999,495,146
Receivables from group companies 12 279,997,620 130,275,605
Current tax assets 2,008,540 -
Other receivables 1,952,519 3,516,823
Receivables due from customers 13 231,860,270 190,490,335
Prepaid expenses and accrued income 14 90,841,631 64,558,098
1,502,850,363 1,388,336,007
Cash and bank balances 235,741,547 150,232,636
Total current assets 1,738,591,910 1,538,568,643
TOTAL ASSETS 1,825,938,630 1,654,793,044

Equity
Restricted equity
Share capital 15 100,000 100,000
Statutory reserve 20,000 20,000
120,000 120,000
Non-restricted equity
Result brought forward 1,141,438,386 799,398,851
1,481,799,979 1,141,438,386
Total equity 1,481,919,979 1,141,558,386
Current liabilities
Accounts payable - trade 42,798,905 55,077,986
Liabilities to group companies 17 37,887,542 42,735,143
Tax liability - 44,959,137
Other current liabilities 118,146,458 150,902,744
Liabilities due from customers 18 32,878,762 85,234,170
Accrued expenses and deferred income 19 112,306,984 134,325,478
344,018,651 513,234,658
TOTAL EQUITY AND LIABILITIES 1,825,938,630 1,654,793,044
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Income Statement
Amounts in SEK

March 31, 2024 March 31, 2023
Net sales 3 5,410,650,853 5,359,803,934
Other operating income 74,348,145 112,598,430
5,484,998,998 5,472,402,364
Operating expenses
Sales/Service costs (3,360,542,834) (3,530,435,781)
Other external costs 4,7 (1,383,388,323) (1,327,395,019)
Employee benefit expenses 8 (249,887,632) (234,061,640)
Depreciation of intangible and tangible assets 10,11 (46,642,701) (41,975,703)
Profit from financial items
Interest income and similar income 5 8,410,568 3,636,246
Interest expenses and similar expenses 6 (20,895,327) (17,046,502)
Profit after financial items 432,052,749 325,123,965
Appropriations - 108,900,000
Tax on profit for the year 9 (91,691,156) (91,984,430)
Net profit for the year 340,361,593 342,039,535
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Changes of equity
Amounts in SEK
Share capital Statutory Balance Sheet Year’s profit

reserve profit
At beginning of year 100,000 20,000 799,398,851 342,039,535
Transfer of previous year's profit - - 342,039,535 (342,039,535)
Profit for the year - - - 340,361,593
At year-end 100,000 20,000 1141,438,386 340,361,593
Cash flow statement

Amounts in SEK

March 31, 2024 March 31, 2023
Profit after financial items 432,052,749 325,123,965
Adjustments for items not included in cash flow, etc. 20 46,642,701 41,975,703
478,695,450 367,099,668
Tax paid (138,658,833) (33,624,150)
Cash flow from operating activities before changes in working capital 340,036,617 333,475,518
Cash flow from changes in working capital
Increase(-)/Decrease (+) in operating receivables (112,505,816) (96,689,224)
Increase (+)/Decrease (-) in operating liabilities (124,256,870) 66,142,581
Cash flow from operating activities 103,273,931 302,928,875
Investing activities
Acquisition of tangible assets (17,765,020) (88,000,447)
Cash flow from investing activities (17,765,020) (88,000,447)
Financing activities
Dividend distributed to parent company - (200,000,000)
Cash flow from financing activities - (200,000,000)
Cash flow for the year 85,508,911 14,928,428
Cash and cash equivalents at the beginning of the year 150,232,636 135,304,208
Cash and cash equivalents at the end of the year 235,741,547 150,232,636
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1. Accounting principles
Accounting and valuation principles
The company applies the Swedish Annual Accounts Act (1995: 1554) and the Accounting Standards Board BFNAR 2012: 1
Annual report and consolidated financial statements (“K3”). The accounting principles are unchanged compared to
previous years.
Valuation principles etc
Assets, provisions and liabilities are valued based on cost unless otherwise stated.
Intangible assets
Intangible assets acquired by the company are recorded at acquisition cost less accumulated depreciation and impairment.
Depreciation
Depreciation takes place lineally over the asset’s useful life. Depreciation is reported as a cost in the Profit and Loss
Account. Depreciation is included in the reported for the intangible asset value.
Intangible assets Year

Acquired intangible assets
Licenses 4
Revenue
Revenue is recognized at the fair value of the consideration received or receivable, net of value added tax, rebates, returns
and other similar allowances.
Sales of services
Revenue from the sale of services on an ongoing basis are recognized as revenue in the period the work is performed and
materials supplied or consumed.
Revenue from sales of services to fixed price contracts is recognized using the so-called percentage of completion
method. This means that revenues and costs are recognized in proportion to the stage of completion at the balance sheet
date. Completion is determined by calculating the ratio of contract costs incurred for work performed to date bear to the
estimated total contract costs. An expected loss on an assignment is recognized immediately as an expense. When the
outcome of a transaction cannot be estimated reliably, revenue is recognized only to the extent of contract costs incurred
that are likely to be recoverable. Contract costs are recognized as expenses in the period in which they arise.
Leases
A finance lease is a contract under which the risks and rewards incidental to ownership of an asset are essentially
transferred from the lessor to the lessee. Other leases are classified as operating leases. All leases are accounted for as
operating leases.
Lessees
Lease payments under operating leases are expensed on a straight-line basis over the lease term unless another
systematic approach better reflects the user’s benefit over time.
Foreign currency
The company’s reporting currency is the Swedish krona (SEK).
Translation of foreign currency items
At each balance sheet date, monetary items are denominated in foreign currencies at the closing rate. Non-monetary
items are measured in terms of historical cost in foreign currency at the purchase date rate. Exchange differences are
recognized in operating income or financial item based on the underlying transaction, in the period incurred, except for
transactions that constitute hedges and qualify for hedge accounting of cash flow or net investment.
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Employee Benefits
Employee benefits in the form of salaries, bonuses, paid holidays, paid sick leave, etc. and pensions is recognized as
earned. Pensions and other post-employment benefits are classified as defined contribution or defined benefit pension
plans. The company has only defined contribution pension plans.
For defined contribution plans, the company pays fixed contributions into a separate independent legal entity and has no
obligation to pay further contributions. The company’s earnings are charged with costs as the benefits are earned, which
normally coincides with the time when premiums are paid.
Income Taxes
The tax expense represents the sum of current and deferred tax.
Current tax
Current tax is calculated on the taxable profit for the period. Taxable profit differs from the result reported in the income
statement when it is adjusted for non-taxable income and non-deductible expenses and income and expense that are
taxable or deductible in other periods. Current tax is calculated using tax rates applicable at the balance sheet date.
Deferred taxes
Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the financial
statements and the tax bases used in the computation of taxable profit. Deferred tax is recognized using the liability
method. Deferred tax liabilities are recognized for practically all taxable temporary differences and deferred tax assets
are recognized for all deductible temporary differences to the extent that it is probable that the amounts can be utilized
against future taxable income. Untaxed reserves are reported including deferred tax liabilities.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no
longer probable that sufficient taxable profit will be available to be used, wholly or partly, against the deferred tax asset.
The valuation of deferred tax is based on how the company, the balance sheet date, expects to recover the carrying value
of the corresponding asset or settle the carrying amount of the associated liabilities. Deferred tax is calculated using tax
rates and tax laws that have been enacted by the balance sheet date.
Current and deferred tax for the period
Current and deferred tax are recognized as an expense or income in the income statement, except when the tax relates to
items recognized directly in equity. In such cases, the tax is also recognized directly in equity.
Tangible assets
Tangible fixed assets are stated at cost less accumulated depreciation and any impairment losses.
The cost consists of the purchase price and costs directly attributable to the acquisition to put it in place and condition
for use. Subsequent costs are included only in the asset or recognized as a separate asset when it is probable that future
economic benefits associated with the item will flow to the entity and the cost of the same item can be measured reliably.
All other repairs and maintenance, and additional expenses are recognized in the income statement in the period in which
they arise.
Depreciation of tangible fixed assets are expensed as cost of the asset, possibly, less estimated residual value at the end
of useful life is amortized over its estimated useful life. If an asset has been divided into different components are written
each component separately over its useful life.
Depreciation commences is the tangible fixed asset can be put to use. Tangible fixed assets’ useful lives are estimated at:
Tangible assets Year

Machinery and other technical equipment 5
Equipment, tools and installations 5
Computers 4
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Estimated useful lives and amortization methods are reviewed if there are indications that the expected consumption
has changed significantly compared with the estimate at the previous balance sheet date. As the company changes the
assessment of useful lives are reviewed including asset any residual value. The effect of these changes are accounted for
prospectively.
Impairment of tangible assets
At each balance sheet the company analyzes the carrying values of tangible fixed assets and intangible assets to determine
whether there is any indication that those assets have declined in value. If so, the assets recoverable amount in order to
determine the value of any impairment loss. Where it is not possible to estimate the recoverable amount of an individual
asset, the recoverable amount of the cash-generating unit to which the asset belongs is estimated.
The recoverable amount is the higher of fair value less costs to sell and value in use. Fair value less costs to sell is the
price that the company expects to obtain in a sale between knowledgeable, independent parties and who have an interest
in the transaction, less the costs that are directly attributable to the sale. The calculation of value in use discounted
estimated future cash flows to present value using a pre-tax rate that reflects current market assessments of the time
value of money and the risks associated with the asset. To calculate the future cash flows, the company used the budget
and forecasts for the next five years.
If the recoverable amount of an asset (or cash-generating unit) is fixed at a value lower than the carrying amount, the
carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is
immediately expensed in the income statement.
At each balance sheet date, the company makes an assessment of the earlier impairment is no longer justified. If so, it is
reversed partially or completely. Where an impairment loss subsequently reverses, increase the asset (cash-generating
unit) carrying value. The carrying value after reversal of impairment loss shall not exceed the carrying amount that would
be determined if no impairment loss been recognized by the asset (cash-generating unit) in prior years. A reversal of an
impairment loss is recognized immediately in the income statement.
Cash and cash equivalents include cash on hand and demand deposits at banks and other credit institutions and other
short-term highly liquid investments that are readily convertible into cash and are subject to an insignificant risk of
changes in value. To be classified as cash and cash equivalents duration may not exceed three months from the date of
acquisition.
Contingent liabilities
A contingent liability is:
• possible obligation which, as a result of events that have occurred and the occurrence of which will only be confirmed
a
by one or more uncertain future events, which is not entirely within the company’s control, occurs or does not occur,
or
• An existing obligation which, as a result of events that have occurred, but which is not reported as a liability or
provision because it is not probable that an outflow of resources will be required to settle the obligation or the size of
the obligation can not be calculated with sufficient reliability.
Contingent liabilities are a summary term for such guarantees, financial commitments and any liabilities that are not
recognized in the balance sheet.
Cash Flow Statement
The cash flow statement shows the company’s changes in the company’s cash and cash equivalents during the financial
year. The cash flow statement has been prepared using the indirect method. The reported cash flow includes only
transactions that involve receipts and disbursements.
2. Critical accounting estimates and judgments

In order to prepare annual accounts in accordance K3 requires management to make estimates and assumptions that
affect reported amounts of assets, liabilities, income and expenses. These estimates are based on historical experience
and other factors deemed to be reasonable under the circumstances. Actual results could differ from these estimates
under different assumptions or conditions exist. Estimates and assumptions are reviewed regularly. Changes in estimates
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are recognized in the period the change is made if the revision affects only that period, or the period of the revision and
future periods if the revision affects both current and future periods. No estimates have been made that may have a
significant effect on the amounts recognized in the financial statements. No assumptions concerning the future and other
key sources of estimation uncertainty at the balance sheet date have been made that involve a significant risk of causing
a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
In FY 2023-2024. 80% (81%) of the total purchases and 7% (5%) of the total sales respectively in SEK was from affiliate
companies within the group.
The Company believes that it has the financial strength and a portfolio of technology and business solutions which are
even more relevant in partnering with its customers to make them realize their goals. The Company has assessed its cost
budgets required to complete its performance obligations in respect of fixed price projects and incorporated the impact of
likely delays/increased cost in meetings its obligations, revision of Service Level Agreements etc.
The company is regularly monitoring its trade receivables with close attention to the customers who might be undergoing
financial stress. The Company does not foresee any large-scale contraction in demand which could result in significant
employee down-sizing, rendering the physical infrastructure redundant. Accordingly, no changes are anticipated in the
long term leases for the premises taken on lease.
3. Net sales by business segment and geographic market

Net sales by geographic market

March 31, 2024 March 31, 2023
Nordic countries 5,258,712,331 5,248,914,942
Europe, excluding the Nordic countries 130,911,940 89,955,198
USA 21,026,582 20,932,969
Mexico - 825
Total 5,410,650,853 5,359,803,934
4. Operational leasing - lessee

March 31, 2024 March 31, 2023
Future minimum leasing fees with respect to non-redeemable
operational leasing agreement:
Within one year 8,949,633 7,377,604
Between one and five years 10,366,008 16,207,002
19,315,641 23,584,606
The financial year’s expensed leasing fees 11,711,189 10,730,359
Of the lease payments represent 10 177 034 SEK rents for offices. The two leases is extended.
5. Interest incomes and similar result items

March 31, 2024 March 31, 2023
Other 8,410,568 3,636,246
Total 8,410,568 3,636,246
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6. Interest expenses and similar result items

March 31, 2024 March 31, 2023
Interest costs, other 20,895,327 17,046,502
Total 20,895,327 17,046,502
7. Remuneration to, and expenses of, auditors

March 31, 2024 March 31, 2023
KPMG
Tax consultancy - -
Audit assignments 260,200 260,200
260,200 260,200
8. Employees and personnel costs

Average number of employees

March 31, 2024 March 31, 2023
Men 148 127
(Men in board) 4 3
Women 24 30
(Women in Board) - -
172 157
Salaries, other remuneration and social costs

March 31, 2024 March 31, 2023
Salaries and other remuneration
Board of Directors (3,816,145) (3,634,654)
Other employees (164,196,627) (149,757,183)
(168,012,772) (153,391,837)
Social costs (64,251,890) (64,006,398)
(of which pension expenses) 1) (14,186,079) (14,146,790)
1) Of the company’s pension costs - 576,723 SEK (- 982,468 SEK) relates to management.
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9. Tax on annual profit

March 31, 2024 March 31, 2023
Current tax expense (91,691,156) (91,984,430)
(91,691,156) (91,984,430)
Reconciliation of effective tax

March 31, 2024 March 31, 2023
Result before tax 432,052,749 434,023,965
Tax according to applicable tax rate for parent company (89,408,937) (89,408,937)
Non-deductible expenses (2,828,463) (1,981,644)
Non-deductible income 546,244 21,873
Tax on standard income tax allocation - (1,332,544)
Tax reduction attributable to investments in 2021 - 728,574
Other - (11,752)
Reported effective tax (91,691,156) (91,984,430)
Effective tax rate 21.2% 21.2%
Current tax rate 20.6% 20.6%
10. Intangible assets

March 31, 2024 March 31, 2023
Accumulated cost of acquisitions
- At beginning of year 13,158,197 13,158,197
At the end of the year 13,158,197 13,158,197
- At beginning of year (10,688,138) (7,841,065)
- Depreciation for the year (1,985,066) (2,847,073)
At the end of the year (12,673,204) (10,688,138)
Carrying amount at year-end 484,993 2,470,059
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11. Equipment, tools and installations

March 31, 2024 March 31, 2023
Accumulated cost of acquisitions
- At beginning of year 300,338,718 212,338,271
- New acquisitions 17,765,021 88,000,447
At the end of the year 318,103,739 300,338,718
- At beginning of year (186,584,376) (147,455,746)
-Depreciation for the year (44,657,636) (39,128,630)
(231,242,012) (186,584,376)
Carrying amount at year-end 86,861,727 113,754,342
12. Receivables from group companies
As at As at
March 31, 2024 March 31, 2023
Tata Sons Private Limited - 12,764,824
Tata Consultancy Services Danmark ApS 1 1
Tata Consultancy Services Brasil Ltd - 189,676
Tata Consultancy Services Limited Belgium S.A./N.V. 1,100,123
Tata Consultancy Services Limited 270,013,422 116,373,634
Tata Consultancy Services Italia srl 92,534 72,925
Tata Consultancy Services Osterreich GmbH 842,955 -
Tata Consultancy Services Switzerland Ltd 5,663,448 824,988
Tata Consultancy Services Deutschland GmbH 2,033,854
Tata Consultancy Services Luxembourg S.A. 251,283 49,557
Total 279,997,620 130,275,605
13. Receivables due from customers
As at As at
March 31, 2024 March 31, 2023
Accrued income 2,080,731,566 1,539,785,362
Invoiced amount (1,848,871,296) (1,349,295,027)
Sum 231,860,270 190,490,335
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14. Prepayments and accrued income
As at As at
March 31, 2024 March 31, 2023
Prepaid rent 20,455,655 21,178,827
Prepayment Supplier 540,977 540,977
Prepaid project costs 15,419,591 7,807,044
Prepaid License costs 33,183,010 17,389,992
Prepaid maintenance costs 11,806,358 16,105,074
Others 9,436,040 1,536,184
90,841,631 64,558,098
15. Equity
The share capital amounts to 1000 shares with a share value of 100 SEK. The share capital is unchanged from the previous
year.
16. Allocation of company profit or loss

The board proposes that free equity, SEK 1,481,799,979, be disposed of as follows:
Amounts in SEK
Profit brought forward from previous years 1,141,438,386
Total 1,481,799,979
The board proposes that
the following be carried forward 1,481,799,979
Sum 1,481,799,979
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17. Short-term liabilities
As at As at
March 31, 2024 March 31, 2023
Tata Sons Private Limited 12,652,816 -
Tata Consultancy Services Brasil Ltd 210,186 -
Tata Consultancy services Japan Ltd 89,436 93,732
Tata Consultancy Services Canada Inc. 179,126 111,464
Tata Consultancy Services China Co. Ltd. 2,842,533 311,828
Tata Consultancy Services Asia Pacific Pte Ltd 493,681 666,424
Tata Consultancy Services Portugal, Unipessoal Lda 655,461 1,227,566
Tata Consultancy Services Netherlands B.V. 1,723,590 4,986,594
Tata Consultancy Services de Mexico SA de CV 795,692 763,815
Tata Consultancy Services France 573,645 813,144
Tata Consultancy Services Limited Belgium S.A./N.V. - 165,675
Tata Consultancy Services Deutschland GmbH - 3,672,996
Tata Consultancy Services Osterreich GmbH 32,859
Tata Consultancy Services de Espana SA 17,671,376 29,889,046
Total 37,887,542 42,735,143
18. Liabilities due from customers
As at As at
March 31, 2024 March 31, 2023
Invoiced amount 238,476,763 425,720,213
Accrued income (205,598,001) (340,486,043)
Sum 32,878,762 85,234,170
19. Accruals and prepaid income
As at As at
March 31, 2024 March 31, 2023
Bonus and final salaries 7,015,916 9,841,714
Other personnel costs 38,855,064 32,075,154
Other accrued costs 66,436,004 92,408,610
112,306,984 134,325,478
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20. Miscellaneous information for cash flow analysis
As at As at
March 31, 2024 March 31, 2023
Adjustments for items not included in cash flow etc.
Depreciation 46,642,701 41,975,703
46,642,701 41,975,703
21. Pledged assets, contingent liabilities and capital commitments
As at As at
March 31, 2024 March 31, 2023
Securities pledged
Securities pledged None None
Capital commitments
The company has capital commitments of a total amount of SEK 6,593,093, (8,284,707), where the amount of SEK 6,593,093
is of fixed assets, (8,284,707).
22. Information about the group

The company is a wholly-owned affiliate of Tata Consultancy Services Limited org no L22210MH1995PLC084781, with its
headquarter in Mumbai, India, is preparing the consolidated financial statement for the group company. Tata Consultancy
Services Limited is a publicly listed company on the National Stock Exchange of India Limited and BSE Limited in India.
Tata Consultancy Services Limited is owned with 72.27% of the shares by the ultimate holding company Tata Sons Private
Limited org no 478, in Mumbai with adress; Bombay House, 24, Homi Mody Street, Mumbai 400 001 India which is the
headquarter of Tata.
23. Significant events after the end of the financial year

There were no significant subsequent events that have occurred after the end of the financial year under review.
Signatures
Stockholm 2024-April-30
Sapthagiri Chapalapalli Avinash Surendra Limaye Shreerang Shrikant Talekar Pradeep Manohar Gaitonde
Chairman of the Board Board Member Board Member Board Member
Our Audit Report was submitted on 2024-April-30

KPMG
Fredrik Wollman
Authorized public accountant
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Tata Consultancy Services Netherlands B.V.
Amsterdam
ANNUAL REPORT AND
For the year ended

March 31, 2024
Tata Consultancy Services Netherlands B.V. 13.1
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED March 31, 2024
CONTENT PAGE
Balance sheet 13.4
Statement of profit and loss 13.5
Notes forming part of financial statements 13.8

13.2 Tata Consultancy Services Netherlands B.V.

Tata Consultancy Services Netherlands B.V.
Report on the special purpose Ind AS Financial Statements
Opinion
We have audited the accompanying Special purpose Ind AS financial statements of Tata Consultancy Services Netherlands B.V.
(‘the Company), which comprises the Balance Sheet as at 31st March 2024, the Statement of Profit and Loss, the Statement
of Changes in Equity and the Statement of Cash Flows for the year then ended, and the summary of the significant accounting
policies and other explanatory information (hereinafter referred to as “the special purpose Ind AS financial statements”). The
special purpose Ind AS financial statements have been prepared by the management as described in Note 2 to the Special
Purpose Ind AS financial statements.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Special purpose
Ind AS financial statements give the information required by the Companies Act, 2013 (‘the Act’) in the manner so required and
give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the
Company as at 31st March 2024, and it’s Profit (including other Comprehensive Income), Changes in Equity and its Cash Flows
for the year ended on that date.
Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our
responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Special purpose
Ind AS financial statements section of our report. We are independent of the Company in accordance with the Code of Ethics
issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit
of the Special purpose Ind AS financial statements under the provisions of the Act and the Rules there under and fulfilled our
other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence
we have obtained is sufficient and appropriate to provide a basis for our opinion.
Management’s Responsibility for the Special purpose Ind AS financial Statements

The Company’s management and Board of Directors are responsible for the matters stated in Section 134(5) of the Act with
respect to the preparation of these Special purpose Ind AS financial statements that give a true and fair view of the state
of affairs, profit/ loss and (including other comprehensive income), changes in equity and cash flows of the Company in
accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS)
specified under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds
and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that
are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were
operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the Special purpose Ind AS financial statements that give a true and fair view and are free from misstatement,
whether due to fraud or error.
In preparing these Special purpose Ind AS financial statements, management and Board of Directors are responsible for
assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Special purpose Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the Special purpose Ind AS financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs
taken on the basis of these Special purpose Ind AS financial statements.
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the audit. We also:
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related

(To the extent applicable to a Company incorporated outside India)
1. As required by Section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
b) In our opinion, proper books of account as required by law have been kept by the company so far as it appears from
our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), the Statement of
Changes in Equity and the Statement of Cash Flows dealt with by this Report are in agreement with the relevant books
of account.

These Special purpose Ind AS financial statements have been prepared to comply with the Section 129(3) of the Companies
Act 2013, of Tata Consultancy Services Limited for the year ended 31st March 2024 in accordance with Accounting Standard
specified in section 133 of the Companies Act 2013. Our report is intended solely for the information and use of Board of
Directors of the company and Tata Consultancy Services Limited for the preparation of this Special purpose Ind AS financial
statements as aforesaid and for the use at their annual general meetings for the information of their members. It is not
intended to be and should not be used by anyone other than specified parties.
Kaushik B. Joshi
Date: May, 2024. Proprietor
Place: Mumbai (Membership No.48889)
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Balance sheet
Amount in EUR
Note As at As at
March 31, 2023 March 31, 2023
ASSETS
Non-current assets
(a) Property, plant and equipment 8(a) 4,632,708 5,335,791
(b) Capital work-in-progress 8(a) 125,705 838,560
(c) Right-of-use Assets 7 10,720,763 14,286,836
(d) Intangible assets 8(b) 40,584 79,041
(e) Financial assets
(i) Investments 6(a) 194,984,361 194,984,362
(ii) Other financial assets 6(e) 927,801 679,133
(iii) Unbilled receivables 128,694 -
(f) Income tax assets (net) 15 113,571 141,284
(g) Deferred tax assets 15 2,922,274 195,785
(h) Other assets 8(c) 4,462,704 1,210,272
Current assets
(i) Trade receivables 6(b) 219,751,936 205,295,902
(ii) Unbilled receivables 43,858,316 38,738,896
(iii) Cash and cash equivalents 6(c) 36,572,838 53,587,471
(iv) Loans receivables 6(d) 2,498,265 2,595,637
(v) Other financial assets 6(e) 6,822,162 5,593,192
(b) Other assets 8(c) 29,673,784 38,754,260
TOTAL ASSETS 558,236,467 562,316,425
Equity
(a) Share capital 6(k) 66,000,000 66,000,000
(b) Other equity 9 311,475,241 278,412,429
Equity attributable to shareholders of the company 377,475,241 344,412,429
Non-controlling interests
Total Equity 377,475,241 344,412,429
Liabilities
(i) Lease Liability 7,588,865 10,753,398
(ii) Other financial liabilities 47,094 46,357
(b) Deferred tax liabilities 15 4,033,142 443,784
Current liabilities
(i) Lease Liability 4,311,116 4,219,471
(ii) Trade payables 6(f) 107,482,159 138,392,261
(iii) Other financial liabilities 6(g) 35,054,345 38,039,520
(b) Other liabilities 8(e) 125,940 285,384
(c) Unearned and deferred revenue 10 16,297,582 16,211,341
(d) Income tax liabilities (net) 15 1,759,204 4,136,833
(e) Employee benefit obligations 12 3,858,538 5,290,258
(f) Provisions 8(d) 203,241 85,391
Total current liabilities 169,092,124 206,660,458
TOTAL EQUITY AND LIABILITIES 558,236,467 562,316,425
NOTES FORMING PART OF FINANCIAL STATEMENTS
As per our report of even date attached For and on behalf of the Board of Directors
of Tata Consultancy Services Netherlands B.V.
Chartered Accountants Pradeep Manohar Gaitonde
Firm registration no.114934W Director
Kaushik B. Joshi Mumbai
Membership number : 48889 Director
Mumbai, April 24, 2024 Frankfurt , Germany
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Amount in EUR

March 31, 2024 March 31, 2023
I. Revenue 10 935,927,441 852,516,616
II. Other income 11 28,364,261 27,034,734
III. TOTAL INCOME 964,291,702 879,551,351
IV. Expenses
(a) Employee benefit expenses 12 260,299,572 235,222,772
(b) Cost of equipment and software licences 13(a) 23,359,729 25,895,924
(c) Depreciation and amortisation expense 6,975,240 5,291,579
(d) Other expenses 13(b) 596,970,226 544,537,867
(e) Finance costs 14 404,776 334,902
TOTAL EXPENSES 888,009,544 811,283,044
V. PROFIT/(LOSS) BEFORE TAX 76,282,158 68,268,307
VI. Tax expenses
(a) Current tax 15 12,590,416 11,637,670
(b) Deferred tax 15 862,869 (20,067)
TOTAL TAX EXPENSES 13,453,285 11,617,603
VII. PROFIT/(LOSS) FOR THE YEAR 62,828,873 56,650,704
VIII. Prior Period Expense 214,620
IX. Comprehensive Income for the Year 233,939 -
X. TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR 63,062,812 56,650,704
Earnings per equity share:- Basic and diluted (EUR)
Weighted average number of equity shares
XI NOTES FORMING PART OF FINANCIAL STATEMENTS
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Amount in EUR
Balance as at Change in Equity share capital Balance as at
April 1, 2022 during the year March 31, 2023
66,000,000 - 66,000,000
Amount in EUR
Balance as at Change in Equity share capital Balance as at
April 1, 2023 during the year March 31, 2024
66,000,000 - 66,000,000
B. OTHER EQUITY
Amount in EUR
Retained earnings Total equity
Balance as at April 1, 2022 246,547,105 246,547,105
Dividend (25,000,000) (25,000,000)
Balance as at March 31, 2023 278,412,429 278,412,429
Dividend (30,000,000) (30,000,000)
NOTES FORMING PART OF FINANCIAL STATEMENTS 1-21
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Amount in EUR
March 31, 2024 March 31, 2023
Depreciation expense 6,975,240 5,291,579
Bad debts and advances written off, allowance for doubtful trade receivables and advances (net) 167,486 29,862
Exchange difference on translation of foreign currency cash and cash equivalents 97,324 (166,347)
Finance Cost 404,776 334,902
Dividend income (27,138,499) (25,020,000)
Interest income (1,507,324) (516,747)
Misc. Income - (345,076)
Loss on Sale of Assets 4,439 -
Operating Profit/(Loss) before working capital changes 55,285,601 47,876,479
Net change in:
Trade receivables (14,623,520) (39,947,057)
Unbilled receivables (5,248,114) (1,114,413)
Other Financial Assets (1,477,637) 384,365
Other assets 5,828,045 (11,727,985)
Loans Receivable 97,372 261,654
Trade & other payables (30,910,103) 28,492,166
Unearned and deferred revenues 86,241 2,015,171
Employee benefit obligations 211,360 616,245
Other liabilities and provisions (41,593) (372,217)
Cash (used in) / generated from operations 7,104,910 30,814,736
Taxes paid (net of refund) (14,939,991) (7,893,058)
Net cash generated from operating activities (7,835,081) 22,921,678
Payment for purchase of property and equipment (3,004,301) (2,177,910)
Receipt from Subsidiary company 233,939 -
(Purchase)/ Sale of intangible assets (15,075) (32,965)
Amount realised from dissolution of Subsidiary - 479,644
Interest from Bank 303,357 413,329
Interest on Financial Assets 1,203,968 103,418
Net cash generated from investing activities 25,860,386 23,805,516
Dividend paid ( including tax on dividend ) (30,000,000) (25,000,000)
Interest paid (8,064) (52,966)
Repayment of lease interest (396,713) (281,935)
Net change in cash and cash equivalents (16,917,309) 18,150,482
Effect of foreign exchange on cash
Exchange difference on translation of foreign currency cash and cash equivalents (97,324) 166,347
Cash and cash equivalents, as at the end of the year (Refer Note 8) 36,572,839 53,587,471
IV NOTES FORMING PART OF FINANCIAL STATEMENTS 1-21
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Tata Consultancy Services Netherlands B.V., (‘the Company’), having its legal address in Symphony Towers, 20th and 21st
floor, Gustav Mahlerplein 85-91, 1082 MS, Amsterdam, The Netherlands, is a private limited liability company under Dutch
law and is registered as a financial holding under number 33237130 in the Trade Register.
The Company is a wholly-owned subsidiary of Tata Consultancy Services Limited (“Parent Company”), Mumbai, India. The
financial information of the Company is included in the consolidated financial statements of the Parent Company. The
consolidated financial statements can be obtained at the website of the Parent Company, at the Investors page at www.
tcs.com, or at cost at the office of the Company.
The Company and its subsidiaries provide consulting-led integrated portfolio of information technology (IT) and IT-enabled
services delivered through a network of locations around the globe. The Company’s full services portfolio consists of
Application Development, Assurance Services, Business Intelligence and Performance Management, Business Process
Services, Engineering and Industrial Services, Enterprise Security and Risk Management, Enterprise Solutions, IT
Infrastructure Services etc.
These special purpose financial statements have been prepared in accordance with the Indian Accounting Standards
(referred to as “Ind AS”) as prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian
Accounting Standards) Rules as amended from time to time. for soul purpose of inclusion for Tata Consultancy Services
Limited (Intermediate Holding Company) under the requirement of Section 129(3) of the Companies Act, 2013(‘the Act’).
These special purpose financial statements have been presented in EURO which is the functional currency of the Company.
These special purpose financial statements have been prepared on the historical cost basis, except for certain financial
instruments which are measured at fair values at the end of each reporting period, as explained in the accounting policies
below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. All assets and liabilities have been classified as current or non current
as per the Company’s normal operating cycle and other criteria as set out in division II of Schedule III to the Company’s
Act, 2013. Based on the nature of services rendered to customer and time elapsed between deployment of resources and
realisation in cash and cash equivalents of the consideration for such a services rendered, the Company has considered
an operating cycle of 12 months.
The statement of cash flows have been prepared under Indirect method.

The preparation of financial statements is in conformity with the recognition and measurement principles of Ind AS
requires the management of the Company to make estimates and assumptions that affect the reported balances of assets
and liabilities, disclosures relating to contingent liabilities as at the date of the financial statements and the reported
amounts of income and expense for the periods presented.
a) Revenue recognition
The Company’s contracts with customers could include promises to transfer multiple products and services to a
customer. The Company assesses the products / services promised in a contract and identifies distinct performance
Judgement is also required to determine the transaction price for the contract. The transaction price could be either
a fixed amount of customer consideration or variable consideration with elements such as volume discounts, service
level credits, performance bonuses, price concessions and incentives. The transaction price is also adjusted for
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the effects of the time value of money if the contract includes a significant financing component. Any consideration
payable to the customer is adjusted to the transaction price, unless it is a payment for a distinct product or service
from the customer. The estimated amount of variable consideration is adjusted in the transaction price only to the
extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not
occur and is reassessed at the each reporting period. The Company allocates the elements of variable considerations
to all the performance obligations of the contract unless there is observable evidence that they pertain to one or more
rendered or who controls the asset as it is being created or existence of enforceable right to payment for performance
to date and alternate use of such product or service, transfer of significant risks and rewards to the customer,
acceptance of delivery by the customer, etc.
b) Useful lives of property, plant and equipment
c) Impairment of investments in subsidiaries
The Company reviews its carrying value of investments carried at cost (net of impairment, if any) annually, or more
frequently when there is indication for impairment. If the recoverable amount is less than its carrying amount, the
impairment loss is accounted for.
d) Fair value measurement of financial instruments
e) Provisions of Income tax and deferred tax assets
f) Provisions and contingent liabilities
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g) Employee benefits
The accounting of employee benefit plan is in the nature of defined contribution and have been explained under
employee benefits note.
h) Leases
5. Recent Indian Accounting Standards (Ind AS)

objective is to hold these assets to collect contractual cash flows and the contractual terms of the financial assets give rise
on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
profit and loss.
Investment in subsidiaries are measured at cost less impairment loss, if any.
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Equity instruments
determining the allowances for doubtful trade receivables, the Company has used a practical expedient by computing the
assets, expected credit losses are measured at an amount equal to the 12-months expected credit losses or at an amount
recognition.
6(a) Investments
Investments consists of the following:
Investments -Non-current
Amount in EUR
As at As at
March 31, 2024 March 31, 2023
Fully paid equity shares (unquoted) 194,984,361 194,984,362
194,984,361 194,984,362
Aggregate value of unquoted investments is as follows:

Amount in EUR
As at As at
March 31, 2024 March 31, 2023
Aggregate value of unquoted investments 194,984,361 194,984,362
Amount in EUR
In Numbers Currency Face value Investment in subsidiaries As at As at
per share March 31, 2024 March 31, 2023
Fully paid equity shares (unquoted)
14,867,651 EUR 0.03 Tata Consultancy Services France S.A. 102,265,680 102,265,680
150,000 CHF 10 Tata Consultancy Services Switzerland Ltd 63,648,300 63,648,300
60,200 EUR 1 Tata Consultancy Services De Espana SA 17,000,000 17,000,000
5,599 EUR 1000 Tata Consultancy Services Luxembourg S.A. 5,599,000 5,599,000
- EUR - Tata Consultancy Services Italia SRL 2,200,000 2,200,000
1,000 SAR 3750 Tata Consultancy Services Saudi Arabia 898,381 898,382
- EUR - Tata Consultancy Services Osterreich GmbH 35,000 35,000
25,000 EUR 1 TCS Business Services GmbH 28,000 28,000
1 EUR 3310000 TCS Technology Solutions AG 3,310,000 3,310,000
194,984,361 194,984,362
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Tata Consultancy Services France S.A, (TCS France) 100% Subsidiary has a negative net equity value as on 31st March
2024. The carrying value of the investment in the Company, as on 31st March 2024 has not been impaired, because
the entity is believed to be able to recover from its negative net equity in the foreseeable future. The recoverable
amount was estimated based on both its net realisable value and its value in use basis the assessment in 2023-
24 was determined to be in excess of its carrying value of the investment, consequentially no impairment loss was
recognised in the profit and loss account of the company.
6(b) Trade Receivables
Trade receivables (unsecured) consist of following:
Trade Receivables -Current
Amount in EUR
As at As at
March 31, 2024 March 31, 2023
(a) Considered Good 219,805,232 205,322,701
Less : Allowance for doubtful trade receivables (53,296) (26,799)
219,751,936 205,295,902
Above balances of trade receivables includes balance with related parties (Refer Note 20)
Ageing for trade receivables - current outstanding:
Trade Receivables
Ageing for trade receivables - billed – current outstanding as at March 31, 2024 is as follows:
Amount in EUR
Particulars Not due Outstanding for following periods from due Total
date of payment
Less than 1-2 2-3 More than
1 Year years years 3 years
Undisputed trade receivables – 155,587,658 62,161,472 160,302 1,017,360 825,142 219,751,936
considered good
Undisputed trade receivables – - - 26,498 26,799 - 53,296
considered doubtful
155,587,658 62,161,472 186,800 1,044,159 825,142 219,805,232
Less: Allowance for doubtful
trade receivables - Billed (53,296)
219,751,936
Trade receivables - Unbilled 43,987,010
263,738,946
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Amount in EUR
date of payment
Undisputed trade receivables – 176,417,114 27,698,254 116,962 - 1,090,371 205,322,701
considered good
176,417,114 27,698,254 116,962 - 1,090,371 205,322,701
Less: Allowance for doubtful
trade receivables - Billed (26,799)
205,295,902
Trade receivables - Unbilled 38,738,896
244,034,798
6(c) Cash and cash equivalents

Amount in EUR
As at As at
March 31, 2024 March 31, 2023
Balances with banks
In current accounts 9,372,838 14,280,679
In Fixed Deposits 27,200,000 39,306,792
36,572,838 53,587,471
6(d) Loans receivables

Loans receivables (unsecured) consist of the following:
Loans receivables-Current
Amount in EUR
As at As at
March 31, 2024 March 31, 2023
Considered Good
Loans and advances to employees 998,266 1,095,637
Loans to Subsidiaries - Current 1,500,000 1,500,000
2,498,265 2,595,637
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6(e) Other financial assets
Amount in EUR
As at As at
March 31, 2024 March 31, 2023
Security deposits 864,417 679,133
Sub Lease Receivable 63,384 -
927,801 679,133

Amount in EUR
As at As at
March 31, 2024 March 31, 2023
Others 6,822,162 5,593,192
6,822,162 5,593,192
6(f) Trade Payables

Trade Payables consist of the following:
Amount in EUR
As at As at
March 31, 2024 March 31, 2023
(a) Accrued expenses 51,173,681 63,335,576
(b) Trade & Other payables 56,308,477 75,056,685
107,482,159 138,392,261
Above balances of trade payables includes balance with related parties (Refer Note 19)
Ageing for trade receivables - current outstanding:
Trade Payables
Amount in EUR
date of payment
Trade payables 2,430,870 53,877,607 - - - 56,308,477
2,430,870 53,877,607 - - - 56,308,477
Accrued expenses 51,173,681
107,482,159
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Amount in EUR
date of payment
Trade payables 20,498,737 54,557,913 - - - 75,056,650
20,498,737 54,557,913 - - - 75,056,650
138,392,226
6(g) Other financial liabilities - Current

Amount in EUR
As at As at
March 31, 2024 March 31, 2023
(a) Accrued payroll 8,270,332 9,391,512
(b) Capital creditors 263,782 1,145,477
(c) Liability towards customer contracts 4,171,247 7,960,406
(d) Indirect tax payable and other statutory liabilities 22,348,985 19,542,125
(e) Others 0 (0)
35,054,345 38,039,520
6(h) Financial Instrument by Category

Amount in EUR
Amortized cost Total carrying
value
Financial assets:
Trade receivables 219,751,936 219,751,936
Unbilled receivables 43,858,316 43,858,316
Short-term Loans 2,498,265 2,498,265
Total 310,431,318 310,431,318
Trade payables 107,482,159 107,482,159
Total 154,483,579 154,483,579
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Amount in EUR
value
Financial assets:
Short-term Loans 2,595,637 2,595,637
Total 306,490,232 306,490,232
Trade payables 138,392,261 138,392,261
Total 191,451,007 191,451,007
6(i) Fair value hierarchy:

• Level 3 — Inputs for assets or liabilities that are not based on observable market data (unobservable inputs).
There are no financial liabilities or assets measured at fair value at the end of each reporting period.
6(j) Financial risk management:
Market Risk
foreign currency exchange rates, credit, liquidity and other market changes. The Company’s exposure to market risk
is primarily on account of foreign currency exchange rate risk.
(a) Foreign currency exchange rate risk
The fluctuation in foreign currency exchange rates may have potential impact on the statement of profit and
loss, where any transaction references more than one currency or where assets / liabilities are denominated in
a currency other than the functional currency of the Company.
Considering the countries and economic environment in which the Company operates, its operations are subject
to risk arising from fluctations in exchange rates in those countries.
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rate risks. Its hedges a part of these risks by using derivative financial instruments in line with its risk management
policies.
The foreign exchange rate sensitivity is calculated by aggregation of net foreign exchange rate exposure and a
simultaneous parallel foreign exchange rates shift of all currencies by 10% against the functional currency of the
Company.
sheet which could affect the statements of profit and loss and equity.
The following table sets forth information relating to unhedged foreign currency exposure as of March 31, 2024
Amount in EUR
USD EUR GBP Others Total
Assets :
Cash and cash equivalents 4,383,034 31,495,166 - 694,638 36,572,838
Trade receivables 39,860,340 166,151,168 3,287,783 10,452,645 219,751,936
Unbilled revenues 4,295,775 38,902,164 197,278 591,793 43,987,010
Other financial assets 2,144,492 5,512,249 245 92,977 7,749,963
Total 50,683,641 242,060,748 3,485,305 11,832,052 308,061,747
Liabilities :
Trade payables 14,686,376 89,502,047 1,589,320 1,704,416 107,482,159
Lease liabilities - 11,899,982 - - 11,899,982
Other financial liabilities 217,960,595 (202,165,548) 16,207,011 3,099,382 35,101,439
Total 232,646,971 (100,763,520) 17,796,331 4,803,797 154,483,579
Net exposure asset/(liability) (181,963,329) 342,824,267 (14,311,025) 7,028,255 153,578,167
10% appreciation / depreciation of the respective foreign currencies with respect to functional currency of the
Company would result in decrease / increase in the Company’s profit before tax by approximately EUR 4,571,087
Amount in EUR
USD EUR GBP Others Total
Assets :
Cash and cash equivalents 21,886,884 30,400,542 - 1,300,044 53,587,471
Trade receivables 49,707,526 151,129,589 2,955,036 1,503,752 205,295,902
Unbilled revenues 4,399,890 33,224,401 227,538 887,068 38,738,896
Other financial assets 1,879,514 4,137,029 732 255,051 6,272,326
Total 77,873,814 218,891,561 3,183,306 3,945,915 303,894,595
Liabilities :
Trade payables 30,645,216 103,406,758 1,665,062 2,675,225 138,392,261
Lease liabilities - 14,972,869 - - 14,972,869
Other financial liabilities 4,065,499 33,779,215 34,115 207,047 38,085,876
Total 34,710,715 152,158,842 1,699,177 2,882,272 191,451,006
Net exposure asset/(liability) 43,163,098 66,732,719 1,484,129 1,063,643 112,443,589
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10% appreciation / depreciation of the respective foreign currencies with respect to functional currency of the
Company would result in decrease / increase in the Company’s profit before tax by approximately EUR 4,571,087
(b) Interest rate risk
The Company is not exposed to interest rate risk.
Credit risk
deterioration of creditworthiness as well as concentration of risks. Credit risk is controlled by analyzing credit
limits and creditworthiness of customers on a continuous basis to whom the credit has been granted after
obtaining necessary approvals for credit.
unbilled receivables (PY unbilled revenue), investments, cash and cash equivalents, bank deposits and other
financial assets.
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to
credit risk was EUR 303,894,595 and EUR 244,930,523 as of March 31, 2024 and March 31, 2023, respectively,
being the total of the carrying amount of balances with banks, trade receivables, unbilled receivables (previous
year: Unbilled Revenue) and other financial assets excluding equity.
The following customers form more than 10% of outstanding trade receivable, unbilled receivables and contract
assets as at March 31, 2024 and March 31, 2023 are as follows.
Amount in EUR
Total Trade Percentage Total Trade Percentage
receivables, receivables,
Unbilled Unbilled
Contact assets Contact assets
Customer A 29,417,340 13% 30,783,753 12%
Customer B 25,845,408 12% 26,015,669 10%
Customer C 21,024,941 10% 23,029,376 9%
The Company is not exposed to the risk as the customer base of Company is concentrated in Netherlands.
Liquidity risk
The Company consistently generated sufficient cash flows from operations to meet its financial obligations as
and when they fall due.
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Amount in EUR
As at March 31, 2024 Due in 1st Due in 2nd Due in 3rd Due after Total
year year to 5th year 5th years
Trade payables 53,604,551 53,877,607 - - 107,482,159
Lease Liabilities 4,687,165 4,225,483 3,766,580 - 12,679,227
Other financial liabilities 35,101,439 - - - 35,101,439
Total 93,393,155 58,103,090 3,766,580 - 155,262,825
Amount in EUR
year year to 5th year 5th years
Trade payables 138,392,261 - - - 138,392,261
Lease Liabilities 5,230,432 4,289,805 5,452,632 - 14,972,870
Total 181,708,571 4,289,805 5,452,632 - 191,451,009
6(k) Equity Instrument

Amount in EUR
As at As at
March 31, 2024 March 31, 2023
(i) Authorised :
66,000 equity shares of EUR 1,000 each 66,000,000 66,000,000
(March 31, 2023 : 66,000 equity shares of EUR 1,000 each)
66,000,000 66,000,000
(ii) Issued, subscribed and paid up:
66,000 equity shares of EUR 1,000 each 66,000,000 66,000,000
(March 31, 2023 : 66,000 equity shares of EUR 1,000 each)
66,000,000 66,000,000
Note:
Shares held by the promoters
Amount in EUR
Promoter Name As at As at
March 31, 2024 March 31, 2023
No. of Shares 66,000 66,000
% of total shares 100% 100%
% Change during the year 0% 0%
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Amount in EUR
Promoter Name As at As at
March 31, 2024 March 31, 2023
No. of Shares 66,000 66,000
% of total shares 100% 100%
% Change during the year 0% 0%
i) Reconciliation of number of shares
Amount in EUR
As at As at
March 31, 2024 March 31, 2023
Equity shares
Changes during the year - -
Closing balance 66,000 66,000
ii) Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company
Amount in EUR
As at As at
March 31, 2024 March 31, 2023
Equity Shares
Tata Consultancy Services Limted (Holding Company) 66,000 66,000
% of shareholding 100% 100%
% change during the year - -
iii) Rights, preferences and restrictions attached to shares
The Company has only one class of equity shares which is an 100% investment by Tata Consultancy Services
Limited. Since Tata Consultancy Services Limted is the only shareholder for the Company, it carry a right to
dividend and also in the event of liquidation, Tata Consultancy Services Limited is eligible to receive the remaining
assets of the Company.
7. Leases
Company as a lessee
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Company as a lessor
At the inception of the lease the Company classifies each of its leases as either an operating lease or a finance lease. The
Company recognises lease payments received under operating leases as income on a straight-line basis over the lease
term. In case of a finance lease, finance income is recognised over the lease term based on a pattern reflecting a constant
periodic rate of return on the lessor’s net investment in the lease. When the Company is an intermediate lessor it accounts
for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with
reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. If a head lease
is a short-term lease to which the Company applies the exemption described above, then it classifies the sub-lease as an
operating lease.
If an arrangement contains lease and non-lease components, the Company applies Ind AS 115 - Revenue from contracts
with customers to allocate the consideration in the contract.
Amount in EUR
Description ROU ROU Leasehold ROU ROU Total
Leasehold Building -Sub Computer Automobiles
Building Lease equipment
Opening balance as at April 1, 2023 8,210,656 - 8,563,281 4,124,136 20,898,072
Additions 51,419 (83,993) 1,279,818 1,247,244
Disposals - - - - -
Deletions due to lease modification - - - - -
Cost as at March 31, 2024 8,262,075 (83,993) 8,563,281 5,403,954 22,145,317
Accumulated depreciation as at April 1, 2023 (3,434,954) (1,177,262) (1,999,020) (6,611,236)
Depreciation expense for the year (1,358,031) (4,421) (2,360,992) (1,089,873) (4,813,318)
Eliminated on disposals of assets - - - - -
Deletions due to lease modification - - - - -
Accumulated depreciation as at March 31, 2024 (4,792,985) (4,421) (3,538,255) (3,088,893) (11,424,553)
Net Carrying amount as at March 31, 2024 3,469,090 (88,414) 5,025,026 2,315,061 10,720,763
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Amount in EUR
Description ROU Leasehold ROU Computer ROU Total
Building equipment Automobiles
Opening balance as at April 1, 2022 8,950,959 - 3,351,816 12,302,774
Additions 350,196 8,563,281 1,296,049 10,209,526
Disposals (1,090,499) - (523,729) (1,614,228)
Deletions due to lease modification - - - -
Cost as at March 31, 2023 8,210,656 8,563,281 4,124,136 20,898,072
Accumulated depreciation as at April 1, 2022 (3,148,938) - (1,535,635) (4,684,573)
Depreciation expense for the year (1,376,514) (1,177,262) (987,114) (3,540,890)
Eliminated on disposals of assets 1,090,499 - 523,729 1,614,228
Deletions due to lease modification - - - -
Accumulated depreciation as at March 31, 2023 (3,434,954) (1,177,262) (1,999,020) (6,611,236)
Net Carrying amount as at March 31, 2023 4,775,701 7,386,018 2,125,117 14,286,836

Amount in EUR
Depreciation Year Ended Year Ended
March 31, 2024 March 31, 2023
Leasehold Building 1,358,031 1,376,514
ROU Computer equipment 2,360,992 1,177,262
Automobiles 1,089,873 987,114
Total 4,808,897 3,540,890
Interest on lease liabilities is 396,713 Euro for the year year ended March 31, 2024.
Lease contracts entered by the Company majorly pertains for buildings and vehicles taken on lease to conduct its business
in the ordinary course. The Company does not have any lease restrictions and commitment towards variable rent as per
the contract.

8(a) Property, plant and equipment
residual value are reviewed at the end of each reporting period, with the effect of any change in estimate accounted

Leased Buildings Lease Term
Leasehold improvements 5 years
Plant and equipment 10 years
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Leased Vehicles Lease Term
Electrical installations 10 years
and loss.
Amount in EUR
Description Computer Leasehold Furniture Office Electrical Total

Equipment Improvements and equipment installations
Fixtures
Cost as at April 1, 2023 5,569,946 2,325,511 1,339,193 1,334,112 474,698 11,043,460
Additions 1,252,883 - 54,951 101,917 - 1,409,751
Disposals (12,725) - - - - (12,725)
Cost as at March 31, 2024 6,810,104 2,325,511 1,394,144 1,436,029 474,698 12,440,486
Accumulated depreciation as at April 1, 2023 (2,638,498) (1,239,803) (1,011,582) (702,560) (115,230) (5,707,673)
Depreciation expense for the year (1,323,362) (288,241) (174,453) (274,866) (47,470) (2,108,391)
Eliminated on disposals of assets 8,286 - - - - 8,286
Accumulated depreciation as at March 31,
(3,953,574) (1,528,044) (1,186,035) (977,425) (162,699) (7,807,778)
2024
Net Carrying amount as at March 31, 2024 2,856,530 797,467 208,108 458,604 311,999 4,632,708
Amount in EUR
Description Computer Leasehold Furniture Office Electrical Total

Equipment Improvements and equipment installations
Fixtures
Cost as at April 1, 2022 2,995,342 2,325,511 1,329,492 1,153,811 474,698 8,278,854
Additions 2,575,283 - 9,701 180,301 - 2,765,285
Disposals (678) - - - - (678)
Cost as at March 31, 2023 5,569,946 2,325,511 1,339,193 1,334,112 474,698 11,043,460
Accumulated depreciation as at April 1, 2022 (1,794,237) (951,562) (845,716) (439,228) (67,760) (4,098,504)
Depreciation expense for the year (844,813) (288,241) (165,865) (263,330) (47,470) (1,609,720)
Eliminated on disposals of assets 552 - - - - 552
Accumulated depreciation as at March 31,
(2,638,498) (1,239,803) (1,011,582) (702,560) (115,230) (5,707,672)
2023
Net Carrying amount as at March 31, 2023 2,931,447 1,085,708 327,611 631,552 359,468 5,335,791
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Ageing for Capital work-in-progress
Amount in EUR
March 31, 2024 March 31, 2023
Less than 1 Year 76,637 -
More than 1 Year 8,287 824,503
More than 2 Year 40,782 14,058
125,705 838,560
8(b) Intangible assets

Intangible assets purchased are measured at cost as of the date of acquisition, as applicable, less accumulated
Intangible assets consist of rights under licensing agreement and software licences which are amortised over licence
period which equates the economic useful life ranging between 2-5 years on a straight line basis over the period of
its economic useful life.
for the Cash Generating Unit (CGU) to which the asset belongs.
and loss.
Amount in EUR
Description Software Licences
Cost as at April 1, 2023 1,051,527
Additions 15,075
Disposals
Cost as at March 31, 2024 1,066,602
Accumulated amortisation as at April 1, 2023 (972,486)
Amortisation expense for the year (53,531)
Reversal on Disposals
Accumulated amortisation as at March 31, 2024 (1,026,018)
Net Carrying amount as at March 31, 2024 40,584
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Amount in EUR
Description Software Licences
Cost as at April 1, 2022 1,018,562
Additions 32,965
Disposals
Cost as at March 31, 2023 1,051,527
Accumulated amortisation as at April 1, 2022 (831,518)
Amortisation expense for the year (140,969)
Reversal on Disposals
Accumulated amortisation as at March 31, 2023 (972,486)
The estimated amortisation for the years subsequent to March 31, 2024 is as follows:
Intangible assets
Amount in EUR
Year ending March 31, Amortisation
expenses
2024
2025 23,348
2026 12,675
2027 4,561
Total 40,585
8(c) Other assets - Non-current

Amount in EUR
As at As at
March 31, 2024 March 31, 2023
Contract assets 219,513 25,748
Contract fulfillment costs 4,243,192 1,184,524
4,462,704 1,210,272

Amount in EUR
As at As at
March 31, 2024 March 31, 2023
Considered Good
Contract assets 8,148,696 14,191,317
Prepaid Expenses 9,334,005 10,309,490
Advance to suppliers 11,953,017 14,044,429
Others 141,047 191,998
29,673,784 38,754,260
Contract fulfillment costs of EUR 3,937,505 for the years ended March 31, 2024 have been amortised in the statement
of profit and loss. Refer note 10 for the changes in contract asset.
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8(d) Provisions
Provisions - Current
Amount in EUR
As at As at
March 31, 2024 March 31, 2023
Provision for foreseeable loss 203,241 85,391
203,241 85,391
8(e) Other liabilities

Amount in EUR
As at As at
March 31, 2024 March 31, 2023
Advance received from customers 125,940 284,032
Others - 1,352
125,940 285,384
9. Other Equity
Amount in EUR
As at As at
March 31, 2024 March 31, 2023
Retained earnings
(i) Opening balance 278,412,429 246,547,105
(ii) Profit for the year 63,062,812 56,865,324
(iv) Less : Appropriations
(a) Dividend on equity shares (30,000,000) (25,000,000)
311,475,241 278,412,429
10. Revenue
- Revenue from time and material and job contracts is recognised on output basis measured by units delivered, efforts
- Revenue related to fixed price maintenance and support services contracts where the Company is standing ready
performance.
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- In respect of other fixed-price contracts, revenue is recognised using percentage-of-completion method (POC
obligation. The contract costs used in computing the revenues include cost of fulfilling warranty obligations.
- Revenue from the sale of distinct internally developed software and manufactured systems and third party software
POC method.
- Revenue from the sale of distinct third party hardware is recognised at the point in time when control is transferred
to the customer.
- The solutions offered by the Company may include supply of third-party equipment or software. In such cases,
Revenue also excludes taxes collected from customers.
Revenue from subsidiaries is recognised based on transaction price which is at arm’s length.
criteria for capitalisation. Such costs are amortised over the contractual period or useful life of licence whichever is less.
geography.
Amount in EUR
March 31,2024 March 31,2023
Consultancy services 910,454,617 824,490,393
Sale of equipment and software licences 25,472,825 28,026,224
Total 935,927,441 852,516,616
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Amount in EUR
Industry Verticals Year Ended Year Ended
March 31,2024 March 31,2023
Banking, Financial Services and Insurance 220,849,860 198,386,660
Manufacturing 53,019,522 53,904,470
Retail and Consumer Business 115,809,783 96,152,027
Hi-Tech 289,988,398 281,719,961
Energy & utilities 139,029,683 121,757,174
Others 117,230,194 100,596,324
Total 935,927,441 852,516,616

Amount in EUR
Geography Year Ended Year Ended
March 31,2024 March 31,2023
Europe 898,320,495 819,069,076
America 23,290,072 22,043,847
Others 14,316,875 11,403,693
Total 935,927,441 852,516,616

Company has applied the practical expedient in Ind AS 115. Accordingly, the Company has not disclosed the aggregate
satisfied) performance obligations is EUR 512 million out of which 48.92% is expected to be recognised as revenue in
the next year and the balance thereafter. No consideration from contracts with customers is excluded from the amount
mentioned above.
Amount in EUR
March 31,2024 March 31,2023
Revenue recognised during the year 6,385,325 13,628,594
Invoices raised during the year (12,245,745) (10,566,705)
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Changes in Unearned and deferred revenue are as follows :
Amount in EUR
March 31,2024 March 31,2023
Reconciliation of revenue recognized with the Contracted price is as follows :

Amount in EUR
March 31,2024 March 31,2023
Contracted price 935,927,441 852,516,616
Reductions towards variable consideration components - -
Revenue recognised 935,927,441 852,516,616
The Company has taken steps to assess the cost budgets required to complete its performance obligations in respect
of fixed price contracts and incorporated the impact of likely delays / increased cost in meetings its obligations. Such
impact could be in the form of provision for onerous contracts or re-setting of revenue recognition in fixed price contracts
where revenue is recognised on percentage-completion-basis. The Company has also assessed the impact of any delays
and inability to meet contractual commitments and has taken actions such as engaging with the customers to agree on
revised SLAs in light of current crisis, invoking of force-majeure clause etc., to ensure that revenue recognition in such
cases reflect realisable values.
11. Other income

Other Income consist of the following:
Amount in EUR
March 31,2024 March 31,2023
Interest income 1,507,324 516,747
Dividend income 27,138,499 25,020,000
Net foreign exchange gains (329,535) 1,152,911
Miscellaneous income** 47,972 345,076
28,364,261 27,034,734
Interest income consist of the following:
Interest income on bank deposits 1,203,968 103,418
Interest income on financial assets at amortised cost 27,074 27,000
Bank Interest 276,283 386,329
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12. Employee benefit expenses
The Company provides benefits such as gratuity, pension and provident fund (Company managed fund) to its employees,
which are treated as defined benefit plans.
The Company provides benefits such as superannuation, provident fund (other than Company managed fund) and foreign
defined contribution plans to its employees which are treated as defined contribution plans.
benefits. Benefits such as salaries, wages etc. and the expected cost of ex-gratia are recognised in the period in which the
employee renders the related service. A liability is recognised for the amount expected to be paid when there is a present
legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation
can be estimated reliably.
Amount in EUR
March 31,2024 March 31,2023
Contributions to social security and other funds 20,754,019 16,406,194
Staff welfare expenses 7,706,937 6,652,963
260,299,572 235,222,772
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Employee benefit obligation - Current
Amount in EUR
March 31,2024 March 31,2023
Compensated absences 3,779,999 5,230,003
Other empoyee benefit obligations 78,539 60,255
3,858,538 5,290,258
13. Cost Recognition

The costs of the Company are broadly categorised in employee benefit expenses, cost of equipment and software licenses,
facility expenses, travel expenses, communication expenses, bad debts and advances written off, allowance for doubtful
trade receivable and advances (net) and other expenses. Other expenses is an aggregation of costs which are individually
not material such as commission and brokerage, recruitment and training, entertainment, etc.
13(a) Cost of equipment and software licences
Cost of equipment and software licenses consist of the following:
Amount in EUR
March 31,2024 March 31,2023
Cost of Equipment and software licences 23,359,729 25,895,924
23,359,729 25,895,924
13(b) Other expenses

Amount in EUR
March 31,2024 March 31,2023
Fees to external consultants 532,492,257 488,725,069
(including subcontractor cost)
Facility expenses 1,624,028 1,097,940
Travel expenses 5,828,769 5,391,834
Communication expenses 8,657,146 6,946,718
Project expenses 532,972 2,364,548
Allowance for doubtful trade receivables and advances (net) 167,486 29,862
Other expenses * 47,667,903 39,981,897
596,970,561 544,537,867
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*Other expenses
Amount in EUR
March 31,2024 March 31,2023
Software expenses 9,371,817 6,928,157
Corporate overhead allocation 11,880,701 12,703,195
Other expenses 26,415,385 20,350,544
47,667,903 39,981,897
14. Finance costs

Amount in EUR
March 31,2024 March 31,2023
Interest on Lease Liabilities 396,713 281,935
Bank Interest 2,314 51,240
Other Interest 5,750 1,726
404,776 334,902
15. Income taxes

year. Current and deferred taxes are recognised in statement of profit and loss, except when they relate to items that
The current income tax expense for the entity has been computed based on the tax laws applicable in the jurisdiction in
which it operates.
paid and income tax provision arising in the same tax jurisdiction provided the Company has a legally enforceable right to
their carrying amount, except when the deferred income tax arises from the initial recognition of an asset or liability in a
transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the
transaction.
utilised.
utilised.
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Amount in EUR
March 31,2024 March 31,2023
Current tax
Current tax expense for current year 12,590,330 11,637,755
12,590,330 11,637,755
Deferred tax
Deferred tax expense/(benefit) for current year 862,869 (20,067)
862,869 (20,067)
Total income tax expense recognised in current year 13,453,199 11,617,688
The reconciliation of estimated income-tax expenses at statutory income tax rate to the income tax expenses reported in
the statement of profit and loss is as follows:
Amount in EUR
March 31,2024 March 31,2023
Profit/(Loss) before taxes 76,282,158 68,268,307
Enacted Income tax rate in Netherlands 25.80% 25.80%
Expected Income tax expense 19,680,797 17,613,223
to reported income tax expense:
Income exempt from tax (7,001,733) (6,544,222)
Income of Subsidiaries taxed at diff tax rates (net) 92,122 (22,754)
Tax on income at different rates (13,600) (35,495)
Operating losses carry forwards
Tax pertaining to prior years: 65,562 (3,721)
Tax on non deductible expenses 625,109 604,166
Tax on CVAE / WHT on dividend from TCS SA
Other Temporary difference 5,028 6,406
13,453,285 11,617,603
Significant components of net Deferred tax assets and Deferred tax liabilities recognized as of 31 March 2024 and 31
March 2023.
Amount in EUR
Particulars As at As at
March 31, 2024 March 31, 2023
Deferred tax assets in relation to
Provision for employee benefits 116,482 116,482
IFRS 16 2,805,792 13,869
Release of Deferred Tax - 65,434
2,922,274 195,785
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Amount in EUR
March 31, 2024 March 31, 2023
Deferred tax liabilities in relation to
Provision for employee benefits 443,784 443,784
Leave Liability 852,873 -
IFRS 16 2,736,485 -
Net Deferred tax liability at the end of the year 4,033,142 443,784

Amount in EUR
Balance Sheet Statement of profit and loss
As at For the period ended
Deferred tax assets 2,922,274 195,785 866,068 19,589

Deferred tax liabilities 4,033,142 443,784 3,199 39,656
Net Deferred tax assets/(liabilities) (1,110,868) (247,999) 862,869 (20,067)
recognized
The following table provides the details of Income tax assets and income tax liabilities recognized as of 31 March 2024, 31
March 2023.
Amount in EUR
March 31, 2024 March 31, 2023
Income tax assets 113,571 141,284
Income tax liabilities (1,759,204) (4,136,833)
Net income tax assets / (liabilities) at the end of the year (1,645,633) (3,995,549)
16 Earnings Per Share (EPS)

Amount in EUR
As at As at
March 31, 2024 March 31, 2023
Profit/(loss) for the year (EUR) 56,650,704 61,623,661
Weighted average number of equity shares 66,000 66,000
Earnings per share basic and diluted (EUR) 858 934
Face value per equity share 1,000 1,000
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17. Auditors remuneration
Amount in EUR
As at As at
March 31, 2024 March 31, 2023
Services as statutory auditors 49,500 49,500
49,500 49,500
18. SEGMENT INFORMATION

The Company publishes the standalone financial statements of the Company along with the consolidated financial
statements. In accordance with Ind AS 108, Operating Segments, the Company has disclosed the segment information in
the consolidated financial statements.

Capital Commitments
The Company has contractually committed (net of advances) EUR 352,323 as at March 31, 2024 and EUR 666,665 as at
March 31, 2023 for purchase of property, plant and equipment.

Tata Consultancy Services Netherlands B.V’s principal related parties consist of its holding Company Tata Consultancy
Services Limited and its subsidiaries, its own subsidiaries and ultimate holding Company Tata Sons Private Limited.
Company routinely enters into transactions with its related parties in the ordinary course of business.
Related Party Reporting for FY 2023-2024
Amount in EUR
Tata Subsidiaries of Subsidiaries Tata Sons Total
Consultancy Tata Consultancy of the Private
Services Limited Services Limited Company Limited
I Transactions
Revenue 36,612,549 20,026,935 9,410,245 - 66,049,729
Purchase of goods and services 492,521,261 32,205,356 6,636,805 - 531,363,422
Brand equity contribution - - - 2,174,792 2,174,792
Rental Revenue - 19,001 - - 19,001
Interest income - 27,870 - - 27,870
Dividend received - - 27,138,499 - 27,138,499
Dividend paid 30,000,000 - - - 30,000,000
Loans and advances recovered - - - - -
II Balances
Trade receivables and unbilled 24,501,493 7,859,796 4,105,468 - 36,466,757
receivables
Loans given - 1,500,000 - - 1,500,000
Other receivables 5,072,906 461,698 85,308 - 5,619,912
Prepaid Assets 9,141,948 67,711 95,725 - 9,305,383
Trade payables, unearned and 63,263,242 6,423,142 2,817,143 2,174,367 74,677,894
deferred revenue and other
liabilities
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Amount in EUR
Tata Subsidiaries of Subsidiaries Tata Sons Total
Consultancy Tata Consultancy of the Private
Services Limited Services Limited Company Limited
I Transactions
Revenue 32,870,482 16,848,098 9,730,739 - 59,449,319
Purchase of goods and services 446,913,702 28,624,645 9,493,149 - 485,031,497
Brand equity contribution - - - 1,982,668 1,982,668
Interest income - 27,000 - - 27,000
Dividend received - - 25,020,000 - 25,020,000
Dividend paid 25,000,000 - - - 25,000,000
Loans and advances recovered - - - - -
II Balances
Trade receivables and unbilled 23,099,321 6,513,492 4,774,756 - 34,387,569
receivables
Loans given - 1,500,000 - - 1,500,000
Other receivables 3,774,106 352,289 59,602 - 4,185,996
Prepaid Assets 8,785,084 96,422 119,513 - 9,001,019
Trade payables, unearned and 77,767,572 6,887,598 3,504,872 1,982,338 90,142,380
deferred revenue and other
liabilities
21. Subsequent event

There are no subsequent event post 31 March 2024, which will have material effect on the financial statement.
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TCS Iberoamerica S.A.
Separate Financial Statements
For the year ended

December 31, 2023
TCS Iberoamerica S.A. 14.1
Subsidiary Financials for the year ended December 31, 2023
CONTENTS PAGE
Separate statement of financial position as at December 31, 2023 14.4
Separate statement of profit or loss and other comprehensive income for the 14.5
year ended December 31, 2023
Separate statement of changes in equity for the year ended December 31, 2023 14.6
Separate statement of cash flows for the year ended December 31, 2023 14.7
Notes to the separate financial statements as at December 31, 2023 14.8

14.2 TCS Iberoamerica S.A.
To the Shareholders and Board of Directors of

Opinion
We have audited the separate financial statements of TCS Iberoamerica S.A. (the “Company”), which comprise the separate
statement of financial position as of December 31st, 2023, the separate statements of profit or loss and other comprehensive
income, changes in equity and cash flows for the year then ended, and notes to the separate financial statements, including a
summary of significant accounting policies.
In our opinion, the accompanying separate financial statements present fairly, in all material respects, the financial position of
TCS Iberoamerica S.A. as of December 31st, 2023, and its financial performance and its cash flows for the year then ended in
accordance with International Financial Reporting Standards (IFRS).
Basis for opinion
standards are further described in the Auditor’s Responsibilities for the Audit of the Separate Financial Statements section of
our report.
We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ Code of
Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the
separate financial statements in Uruguay, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the IESBA Code.
Responsibilities of management and those charged with governance for the separate financial statements
Management is responsible for the preparation and fair presentation of the separate financial statements in accordance with
International Financial Reporting Standards (IFRS), and for such internal control as management determines is necessary to
enable the preparation of separate financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the separate financial statements, management is responsible for assessing the Company’s ability to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting
unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.
Auditor’s responsibilities for the audit of the separate financial statements
Our objectives are to obtain reasonable assurance about whether TCS Iberoamerica S.A.’s separate financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
ISAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these separate financial statements.
As part of an audit in accordance with International Standards on Auditing, we exercise professional judgment and maintain
professional skepticism throughout the audit.
We also:
• Identify and assess the risks of material misstatement of the separate financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate
to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than
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control.
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on
the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related disclosures in the separate financial statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the separate financial statements, including the disclosures,
and whether the separate financial statements represent the underlying transactions and events in a manner that achieves
fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within
the Group to express an opinion on the separate financial statements. We are responsible for the direction, supervision,
and performance of the group audit. We remain solely responsible for our audit opinion.
We communicated with those charged with governance regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identified during our audit.
Montevideo, Uruguay
February 28, 2024
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Separate Statement of Financial Position
Notes As at As at As at As at
December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022
(in USD) (equivalent in Uruguayan Pesos)
ASSETS:
Current assets:
Cash and cash equivalents 8 (a) 846.439 251.172 33.029.725 10.064.733
Other current financial assets 158 2.101.498 6.158 84.209.109
Other assets 9 (a) 44.697 49.513 1.744.169 1.984.048

Total current assets 891.294 2.402.183 34.780.052 96.257.890
Non-current assets:
Investments 8 (b) 291.697.176 285.801.224 11.382.607.204 11.452.340.873
Income tax assets (net) 3.636 - 141.898 -

Total non-current assets 291.700.812 285.801.224 11.382.749.102 11.452.340.873
TOTAL ASSETS 292.592.106 288.203.407 11.417.529.154 11.548.598.763
LIABILITIES AND EQUITY:
Liabilities:
Current liabilities:
Trade and other payables 8 (c) 11.951 11.396 466.343 456.655
Income tax liabilities (net) 1.785 125 69.661 5.008
Other liabilities 9 (b) 10.341 - 403.536 -
Total current liabilities

24.077 11.521 939.540 461.663
TOTAL LIABILITIES 24.077 11.521 939.540 461.663
Equity:
Share capital 8 (g) 98.418.354 98.418.354 2.122.783.424 2.122.783.424
Legal reserve 5 (a) 15.044.947 15.044.947 424.601.685 424.601.685
Other reserves (55.010.235) (86.997.388) 2.255.543.610 1.354.797.386
Retained earnings 234.114.963 261.725.973 6.613.660.895 7.645.954.605

TOTAL EQUITY 292.568.029 288.191.886 11.416.589.614 11.548.137.100
TOTAL LIABILITIES AND EQUITY 292.592.106 288.203.407 11.417.529.154 11.548.598.763
See accompanying notes to separate financial statements
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Separate Statement of Profit or Loss and Other Comprehensive Income
Notes For the year ended For the nine months For the year ended For the nine months
December 31, 2023 period ended December 31, 2023 period ended
Consultancy services - - - -
Total revenues - - - -
Operating expenses:
Other operating expenses 10 84.290 19.328 3.294.013 742.593

Total operating expenses 84.290 19.328 3.294.013 742.593
Total operating result 84.290 19.328 3.294.013 742.593
Investment revenue 11 (a) 55.833 137.468 2.160.599 5.553.211
Share of profit of equity – 8 (b) 53.374.600 78.517.803 2.083.957.878 3.111.267.959

accounted investees, net of tax
Other gains (losses), net 11 (b) (136.172) (215.996) (5.284.549) (8.024.168)

Other income / (expense), net 53.294.261 78.439.275 2.080.833.928 3.108.797.002
Profit before taxes 53.209.971 78.419.947 2.077.539.915 3.108.054.409
Income tax expense 12 3.126.981 849.534 120.461.355 33.792.555

Profit for the year 50.082.990 77.570.413 1.957.078.560 3.074.261.854
Items that are or may be

reclassified to profit or loss:
Translation adjustment 8 (b) 31.029.530 (12.917.724) 867.987.525 (716.510.567)
Employee benefit movement 8 (b) 957.623 586.055 37.389.439 23.222.426
Conversion adjustment - - (4.630.740) (8.554.119)

Total comprehensive income 82.070.143 65.238.744 2.857.824.784 2.372.419.594
for the year
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Separate Statement of Changes in Equity
(in USD)
Notes Equity share Legal Other Retained Total equity

capital Reserve Reserves earnings
Balance as at March 31, 2022 98.418.354 15.044.947 (74.665.719) 208.185.387 246.982.969
Profit for the year - - - 77.570.413 77.570.413
Dividend 5 (c) - - - (24.029.827) (24.029.827)
Other comprehensive income - - (12.331.669) - (12.331.669)
Balance as at December 31, 2022 98.418.354 15.044.947 (86.997.388) 261.725.973 288.191.886
Balance as at January 1, 2023 98.418.354 15.044.947 (86.997.388) 261.725.973 288.191.886

Dividend 5 (c) - - - (77.694.000) (77.694.000)
Other comprehensive income - - 31.987.153 - 31.987.153
Balance as at December 31, 2023 98.418.354 15.044.947 (55.010.235) 234.114.963 292.568.029
(equivalent in Uruguayan Pesos)
Notes Equity share Legal Other Retained Total equity

capital Reserve Reserves earnings
Balance as at March 31, 2022 2.122.783.424 424.601.685 2.056.639.646 5.550.680.020 10.154.704.775
Profit for the year - - - 3.074.261.854 3.074.261.854
Dividend 5 (c) - - - (978.987.269) (978.987.269)
Translation - - (8.554.119) - (8.554.119)
Balance as at December 31, 2022 2.122.783.424 424.601.685 1.354.797.386 7.645.954.605 11.548.137.100
Balance as at January 1, 2023 2.122.783.424 424.601.685 1.354.797.386 7.645.954.605 11.548.137.100

Profit for the year - - - 1.957.078.560 1.957.078.560
Dividend 5 (c) - - - (2.989.372.270) (2.989.372.270)
Translation - - (4.630.740) - (4.630.740)
Balance as at December 31, 2023 2.122.783.424 424.601.685 2.255.543.610 6.613.660.895 11.416.589.614
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Separate Statement of Cash Flows
Notes Year ended Year ended Year ended Year ended

December 31, December 31, December 31, December 31,
2023 2022 2023 2022
Profit for the year 50.082.990 77.570.413 1.957.078.560 3.074.261.854

Adjustments to reconcile net income to net cash
provided by operating activities:
Income tax expense 12 3.126.981 849.534 120.461.355 33.792.555
Share of profit of Equity – accounted investees, 22.964.135 (56.490.560) 854.645.163 (2.209.395.714)

net of tax and dividend
Unrealized exchange (gain)/ loss 385 (883) 15.839 (36.361)

Net change in:
Other assets (current and non-current) 4.816 (46.276) 239.879 (1.850.941)
Other current financial assets 2.101.340 2.401.842 84.202.951 100.945.715
Trade and other payables 555 1.269 9.688 40.284
Other liabilities (current and non-current) 10.342 (48.495) 403.536 (1.993.869)

Cash generated from operations 78.291.544 24.236.844 3.017.056.971 995.763.523
Taxes paid (1.892) (1.274) (73.130) (25.255)

Net cash provided by operating activities 78.289.652 24.235.570 3.016.983.841 995.738.268
Dividends paid 5 (c) (77.694.000) (24.029.827) (2.989.372.270) (978.987.269)

Net cash used in financing activities (77.694.000) (24.029.827) (2.989.372.270) (978.987.269)
Net change in cash 595.652 205.743 27.611.571 16.750.999
Effect of foreign exchange on cash (385) 883 (4.646.579) (8.517.757)
Cash and cash equivalents, beginning of the 251.172 44.546 10.064.733 1.831.491
year
Cash and cash equivalents, end of the year 8 (a) 846.439 251.172 33.029.725 10.064.733
Supplementary cash flow information:
Dividends received 76.338.735 22.027.243 2.938.603.041 901.872.247
Interest received 12.189 272 471.792 10.835
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TCS Iberoamerica S.A. is a Limited Company incorporated in Uruguay on November 16, 2001.
In accordance with article 2 of the By-laws the Company’s business purpose and main activity are the investment in
subsidiaries.
It is currently domiciled at Monte Caseros 2600, in Montevideo, Uruguay.
The share capital reaches USD 98.418.354 (equivalent to 2.122.783.424 Uruguayan Pesos) in the form of registered shares.
As at December 31, 2023, Tata Consultancy Services Limited owned 100 percentage of the Company’s equity share capital.
The Company has no direct employees.
The Board of Directors approved the separate financial statements for the year ended December 31, 2023 and authorized
for issue on February 28, 2024.
The separate financial statements have been prepared in accordance with International Financial Reporting Standards
(IFRS), as issued by the International Accounting Standard Board (IASB), translated into Spanish, and interpretations
prepared by the Interpretations Committee of the International Financial Reporting Standards or the previous
Interpretations Committee, in accordance with the Appropriate Accounting Standards in Uruguay pursuant to Decrees
291/014, 292/014 and 124/011.
These separate financial statements of TCS Iberoamerica S.A., for the year ended December 31, 2023 and for the nine
months period ended December 31, 2022, have been prepared in accordance with IAS 27, "Separate Financial Statements"
included in International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board
(IASB), applying the exception described in paragraph 4 of IFRS 10, Consolidated Financial Statements. Likewise, these
financial statements are exempt from disclosure provisions contained in IFRS 12.
The separate financial statements have been prepared on historical cost basis except for the investments in subsidiaries
measured at Equity Method and financial instruments which are measured at fair value or amortized cost at the end
of each reporting period. Historical cost is generally based on the fair value of the consideration given in exchange for
goods and services. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date. All assets and liabilities have been classified
as current and non-current as per the Company’s normal operating cycle. Based on the nature of services rendered to
customers and time elapsed between deployment of resources and the realization in cash and cash equivalents of the
consideration for such services rendered, the Company has considered an operating cycle of 12 months.
The statement of Cash flows are reported using the indirect method, whereby profit or loss is adjusted for the effects
of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments
and items of income or expense associated with investing or financing cash flows. The Company classifies interest paid
and interest and dividend received as cash flow from operating activities. The cash flows from operating, investing and
financing activities of the Company are segregated. The Company considers all highly liquid investments that are readily
convertible to known amounts of cash and are subject to an insignificant risk of changes in value to be cash equivalents.
The functional currency of the Company is United Sates Dollar. Foreign currency transactions are recorded at exchange
rates prevailing on the date of the transaction. Foreign currency denominated monetary assets and liabilities are
retranslated at the exchange rate prevailing on the dates of statement of financial position and exchange gains and
losses arising on settlement and restatement are recognized in profit or loss. Non-monetary assets and liabilities that are
measured in terms of historical cost in foreign currencies are not retranslated.
The Company followed the methodology established in IAS 21 to translate the amounts in United States Dollars (functional
currency) into Uruguayan Pesos (presentation currency) which, under these circumstances, is allowed by a resolution of
the Internal Audit of the Nation:
• Assets and liabilities for all balances presented (including comparative figures) were translated using exchange rates
prevailing at the end of each reporting period (39,022 Uruguayan Pesos = USD 1 and 40,071 Uruguayan Pesos = USD
1 were used for December 31, 2023 and December 31, 2022 respectively);
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• Income and expense items for all statements presented were translated at the exchange rates prevailing on the dates
of the transactions or at the average exchange rates for the period.
• Items of equity different from profit or loss for the year were translated at the year-end exchange rate. In particular,
in order to maintain the capital in nominal terms as indicated by the legal regulations, the difference between that
year end exchange rate and the ones prevailing on the dates of the transactions were recognized directly in equity as
“Other reserves”.
The significant accounting policies used in preparation of the separate financial statements have been discussed in the
respective notes.

The preparation of separate financial statements in conformity with the recognition and measurement principles of
International Financial Reporting Standards (IFRS) requires management to make estimates and judgments that affect
the reported balances of assets and liabilities, disclosures of contingent liabilities at the date of the separate financial
statements and the reported amounts of income and expenses for the periods presented.
The Company uses the following critical accounting estimates in preparation of its separate financial statements:
a. Fair value measurement of financial instruments
b. Provision for income tax and deferred tax assets
costs, allowances and disallowances is exercised while determining the provision for income tax. A deferred tax asset
is recognised to the extent that it is probable that future taxable profit will be available against which the deductible
temporary differences and tax losses can be utilised. Accordingly, the Company exercises its judgement to reassess
the carrying amount of deferred tax assets at the end of each reporting period.
c. Provisions and contingent liabilities
The Company uses significant judgement to assess contingent liabilities. Contingent liabilities are disclosed when
settle the obligation or a reliable estimate of the amount cannot be made. Contingent assets are neither recognized
nor disclosed in the separate financial statements.
5. Reserves
a. Legal reserve
The legal reserve is a reserve fund created in compliance with article 93 of Law 16.060 for commercial companies,
which establishes that no less than 5 percentage of the net profit for the year should be used to increase the mentioned
reserve, until it reaches 20 percentage of the paid-in capital.
As at December 31st, 2023 the balance of legal reserve is 424.601.685 Uruguayan Pesos (USD 15.044.947).
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b. Other reserve
The balance of the account corresponds to the difference of exchange in long-term investments, within an equity
account as set forth in IAS 21.
c. Distribution of results
On June 21, 2023, it was determined to distribute dividends for a total of 1.005.171.500 Uruguayan Pesos (USD
26.500.000).
On September 22, 2023, it was determined to distribute dividends for a total of 771.511.770 Uruguayan Pesos (USD
20.194.000).
On December 1, 2023, it was determined to distribute dividends for a total of 1.212.689.000 Uruguayan Pesos (USD
31.000.000).
On May 12, 2022, it was determined to distribute dividends for a total of 624.459.269 Uruguayan Pesos (USD 15.029.827).
On November 30, 2022, it was determined to distribute dividends for a total of 354.528.000 Uruguayan Pesos (USD
9.000.000).
6. Registration of Separate financial statements

According to Decree 156/16 dated May 30, 2016, commercial companies will not be able to distribute dividends as long as
they do not comply with the obligation to register, within the established terms, the separate financial statements to the
Auditoría Interna de la Nación (AIN), institution that regulates the commercial companies.
To date, the Company has complied with this obligation for the year ended on December 31, 2022. For the year ended on
December 31, 2023 the Company has time to comply until June 30, 2024.

Company has not applied the following new and revised IFRSs that have been issued but are not yet effective.
1
2

In September 2022, the IASB issued 'Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)' with amendments
In October 2022, IASB issued 'Non-current Liabilities with Covenants (Amendments to IAS 1)' to clarify how conditions
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wording in all affected paragraphs to refer to the "right" to defer settlement by at least twelve months. The classification
In May 2023, the IASB issued 'Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)' which require an
In August 2023, the IASB issued 'Lack of Exchangeability (Amendments to IAS 21)' to provide guidance to specify which

Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the
The Company derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire, or
The Company derecognizes financial liabilities when, and only when, the Company’s obligations are discharged, cancelled
or have expired.
that are subject to an insignificant risk of change in value to be cash equivalents. Cash and cash equivalents consist of
Financial assets at amortized cost
Financial assets are subsequently measured at amortized cost if these financial assets are held within a business whose
outstanding.
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Financial assets are measured at fair value through profit or loss unless they are measured at amortized cost or at
acquisition of financial assets and liabilities at fair value through profit or loss are immediately recognized in profit or loss.
Financial liabilities are measured at amortized cost using the effective interest method.
Equity instruments
liabilities. Equity instruments issued by the Company are recognized at the proceeds received net of direct issue cost.
The Company assesses at each date of statement of financial position whether a financial asset or a Company of financial
recognizes lifetime expected losses for all contract assets and / or all trade receivables that do not constitute a financing
transaction. In determining the allowances for doubtful trade receivables the Company has used a practical expedient by
computing the expected credit loss allowance for trade receivables based on a provision matrix. The provision matrix takes
into account historical credit loss experience and is adjusted for forward looking information. The expected credit loss
allowance is based on the ageing of the receivables that are due and allowance rates used in the provision matrix. For all
other financial assets, expected credit losses are measured at an amount equal to the 12-month expected credit losses or
at an amount equal to the life time expected credit losses if the credit risk on the financial asset has increased significantly
Current account balances 46.439 11.172 1.812.125 447.693
with banks
Deposits with banks 800.000 240.000 31.217.600 9.617.040
Total 846.439 251.172 33.029.725 10.064.733
b. Investments
Investments in TCS Mexico S.A. de C.V, MGDC SC, TCS Solution Center S.A., TCS Do Brasil Ltda., TCS Argentina S.A.,
TCS Uruguay S.A., TCS Chile Limitada and Tata Consultancy Services Guatemala S.A. are accounted for using the
equity method. Under this method the investment is initially recorded at cost and adjusted thereafter according to the
changes in the share of net assets of the investee. The income statement reflects the share of results of operations
of the investee that corresponds to the Company.
These separate financial statements are the separate financial statements of TCS Iberoamerica S.A.
For the preparation of the separate financial statements, the Company has used the exemption described in paragraph
4 of IFRS 10, which provides relief whereby a parent need not present consolidated financial statements if it meets
particular conditions, including the requirement that its ultimate or any intermediate parent produces consolidated
financial statements that are available for public use and comply with IFRSs. The Company meets each and every of
such conditions as of December 31, 2023 and December 31, 2022. The Company’s financial information is included
in the consolidated financial statements of its ultimate Parent, Tata Consultancy Services Limited (India), which have
been prepared and presented in accordance with IFRS as issued by the IASB, and can be found at the web site: https://
www.tcs.com/investor-relations.
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Subsidiaries
Subsidiaries are those entities controlled by the Company. Control exists when the Company is exposed, or has rights
to variable returns from its involvements with the investee and has the ability to affect those returns through its power
over the investee.
Investments in subsidiaries are accounted for using the equity method following the provisions of IAS 27 Separate
Financial Statements (as amended).
Gains or losses arising from changes in equity of investments are recognized in the statements of profit or loss and
other comprehensive income.
Changes in subsidiaries’ equity that do not affect income are recognized in the Company in the same way.
Loss of control
When the Company losses control over a subsidiary, it derecognize the assets and liabilities of the subsidiary, and any
related no controlled interest and other components of equity. Any resulting gain or loss is recognized in profit or loss.
Any interest retained in the former subsidiary is measured at fair value when control is lost.
Investments carried at equity (in USD) (equivalent in Uruguayan Pesos)
method
Fully paid equity shares
Investments in subsidiaries
i. Tata Consultancy Services 29.598.412 25.447.846 1.154.989.217 1.019.720.656
Uruguay S.A.
ii. Tata Consultancy Services 40.919.831 35.780.701 1.596.773.630 1.433.768.472
Solution Center S.A.
iii. Tata Consultancy Services (66.933) 502.237 (2.611.863) 20.125.131
Argentina S.A.
iv. Tata Consultancy Services 50.771.774 46.340.051 1.981.216.184 1.856.892.180
do Brazil Ltda.
v. Tata Consultancy Services 56.068.544 53.410.090 2.187.906.739 2.140.195.724
Inversiones Chile Ltda
vi. Tata Consultancy Services 116.153.870 123.608.652 4.532.556.331 4.953.122.270
de México S.A. de CV.
vii. MGDC S.C. (4.763.682) (1.447.877) (185.888.418) (58.017.865)
viii. Tata Consultancy Services 3.015.360 2.159.524 117.665.384 86.534.305
Guatemala S.A.
Total Investments 291.697.176 285.801.224 11.382.607.204 11.452.340.873
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December 31, 2023 TCS TCS TCS Mexico MGDC SC TCS TCS TCS TCS Brazil Total
Solution Uruguay SA de CV Inversiones Argentina Guatemala Ltda
Center SA SA Chile Ltda. SA
(in USD)
Balance as at 35.780.701 25.447.846 123.608.652 (1.447.877) 53.410.090 502.237 2.159.524 46.340.051 285.801.224
December 31, 2022
Retained Earnings 9.855.085 12.664.610 22.162.229 (4.104.846) 10.306.378 (190.549) 846.689 1.835.003 53.374.600
Translation 8.045.762 479.494 19.127.463 801.094 (1.180.268) (378.621) 9.147 4.125.460 31.029.530
adjustment
Dividends (12.761.717) (8.993.539) (49.822.303) - (6.359.502) - - (1.528.740) (79.465.801)
Other Comprehensive - - 1.077.830 (12.054) (108.153) - - - 957.623

Income - Movement
Employee benefit
Balance as at 40.919.831 29.598.412 116.153.870 (4.763.682) 56.068.544 (66.933) 3.015.360 50.771.774 291.697.176
December 31, 2023
December 31, 2022 TCS TCS TCS Mexico MGDC SC TCS TCS TCS TCS Brazil Total
Solution Uruguay SA de CV Inversiones Argentina Guatemala Ltda
Center SA SA Chile Ltda. SA
(in USD)
Balance as at 47.223.602 15.459.690 80.064.909 (2.988.266) 58.087.280 348.754 1.518.428 42.807.873 242.522.270
March 31, 2022
Retained Earnings 9.239.816 9.328.867 40.258.827 1.602.582 7.820.234 328.546 676.534 9.262.398 78.517.803
Translation (8.215.135) 659.289 2.683.176 (129.952) (3.453.495) (175.063) (35.438) (4.251.106) (12.917.724)
adjustment
Dividends (12.467.582) - - - (8.960.485) - - (1.479.114) (22.907.181)
Other Comprehensive - - 601.740 67.759 (83.445) - - - 586.055

Income - Movement
Employee benefit
Balance as at 35.780.701 25.447.846 123.608.652 (1.447.877) 53.410.090 502.237 2.159.524 46.340.051 285.801.224
December 31, 2022
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December 31, 2023 TCS Solution TCS Uruguay TCS Mexico SA MGDC SC TCS TCS TCS TCS Brazil Total
Center SA SA de CV Inversiones Argentina Guatemala Ltda
Chile Ltda. SA
Balance as at 1.433.768.472 1.019.720.656 4.953.122.270 (58.017.865) 2.140.195.724 20.125.131 86.534.305 1.856.892.180 11.452.340.873
December 31, 2022
Retained Earnings 384.781.933 494.477.044 865.302.085 (160.269.604) 402.402.205 (7.439.780) 33.058.121 71.645.874 2.083.957.878
Translation adjustment 269.192.901 (11.444.470) 583.803.872 32.869.673 (101.691.097) (15.297.214) (1.927.042) 112.480.903 867.987.525
Dividends (490.969.676) (347.764.014) (1.911.754.692) - (248.777.357) - - (59.802.772) (3.059.068.511)
Other Comprehensive - - 42.082.797 (470.622) (4.222.735) - - - 37.389.439

Income - Movement
Employee benefit
Balance as at 1.596.773.630 1.154.989.217 4.532.556.331 (185.888.418) 2.187.906.739 (2.611.863) 117.665.384 1.981.216.184 11.382.607.204
December 31, 2023
December 31, 2022 TCS Solution TCS Uruguay TCS Mexico SA MGDC SC TCS TCS TCS TCS Brazil Total
Center SA SA de CV Inversiones Argentina Guatemala Ltda
Chile Ltda. SA
Balance as at 1.941.598.386 635.625.151 3.291.868.720 (122.862.542) 2.388.258.527 14.339.018 62.430.172 1.760.045.711 9.971.303.143
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March 31, 2022

Retained Earnings 366.127.713 369.656.363 1.595.256.016 63.502.313 309.876.772 13.018.619 26.807.653 367.022.510 3.111.267.959
Translation adjustment (365.347.527) 14.439.142 42.153.567 (1.342.601) (186.666.117) (7.232.506) (2.703.520) (209.811.005) (716.510.567)
Dividends (508.610.100) - - - (367.966.952) - - (60.365.036) (936.942.088)
Other Comprehensive - - 23.843.967 2.684.965 (3.306.506) - - - 23.222.426

Income - Movement
Employee benefit
Balance as at 1.433.768.472 1.019.720.656 4.953.122.270 (58.017.865) 2.140.195.724 20.125.131 86.534.305 1.856.892.180 11.452.340.873
December 31, 2022
14.15
c. Trade and other payables

Trade and other payables consist of the following:
Trade and other payables – Current
Accrued expenses 11.951 11.396 466.343 456.655
Total 11.951 11.396 466.343 456.655
d. Financial instruments by category

Financial assets (in USD)
Cash and cash equivalents 846.439 846.439
Other financial assets 158 158
Total 846.597 846.597
Trade and other payables 11.951 11.951
Total 11.951 11.951
Financial assets (in USD)
Cash and cash equivalents 251.172 251.172
Other financial assets 2.101.498 2.101.498
Total 2.352.670 2.352.670
Total 11.396 11.396
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Financial assets (equivalent in Uruguayan Pesos)
Cash and cash equivalents 33.029.725 33.029.725
Total 33.035.883 33.035.883
Total 466.343 466.343

Financial assets (equivalent in Uruguayan Pesos)
Total 94.273.842 94.273.842
Total 456.655 456.655
Carrying amounts of cash and cash equivalents and trade payables as at December 31, 2023 and December 31, 2022
approximate the fair value due to their nature. Carrying amounts of other financial assets, other financial liabilities
and borrowings which are subsequently measured at amortized cost also approximates the fair value due to their
nature in each of the periods presented.
e. Fair value hierarchy
f. Financial risk management
risks, which may adversely impact the fair value of its financial instruments.
Market risk
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The fluctuation in foreign currency exchange rates may have potential impact on the statement of profit or loss
assets / liabilities are denominated in a currency other than the functional currency of the respective entities.
to risks arising from fluctuations in exchange rates in those countries.
rate risks.
a simultaneous parallel foreign exchange rates shift of all the currencies by 10 percentage against the respective
functional currencies of the Company.
The following analysis has been worked out based on the net exposures the Company as at the date of statement
of financial position which could affect the statement of profit or loss and other comprehensive income and
equity.
The following table sets forth information relating to unhedged foreign currency exposure as at December 31,
2023:
(in USD)
UYU
Net financial assets -
Net financial liabilities 2.177
2022:
(in USD)
UYU
Net financial assets 5
Net financial liabilities 1.622
10 percentage appreciation / depreciation of the respective foreign currencies with respect to functional currency
of the Company would result in decrease / increase in the Company’s profit before tax by approximately USD 218
and USD 162 for the year ended December 31, 2023 and December 31, 2022 respectively.
Credit risk
deterioration of creditworthiness as well as concentration of risks. Credit risk is controlled by analyzing credit limits
Financial instruments that are subject to concentrations of credit risk principally consist of cash and cash equivalents.
Cash and cash equivalents include an amount of USD 846.439 (UYU 33.029.725) held with a bank in Uruguay having
high credit rating which are individually in excess of 10 percentage or more of the Company’s total Cash and Cash
Equivalent as at December 31, 2023. None of the other financial instruments of the Company result in material
concentration of credit risk.
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The carrying amount of financial assets and contract assets represents the maximum credit exposure. The maximum
exposure to credit risk was USD 846.597 (UYU 33.035.883) and USD 2.352.670 (UYU 94.273.842) as at December 31,
2023 and December 31, 2022, respectively being the total of the carrying amount of Cash and cash equivalent and
Other financial assets.
The Company has no credit risk due to Nil total trade receivables for the financial years ended in 2023.
Liquidity risk
Company consistently generated sufficient cash flows from operations to meet its financial obligations as and when
they fall due.
December 31, 2023 Due in Due in Due in 3rd to Due after Total
1st year 2nd year 5th year 5 years
(in USD)
Total 11.951 - - - 11.951
(in USD)
Total 11.396 - - - 11.396
Total 466.343 - - - 466.343
Total 456.655 - - - 456.655
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g. Equity instruments
The authorized, issued, subscribed and fully paid up share capital consist of the following:
As at As at
(in Uruguayan Pesos)
Autorized
Equity shares of UYU 1 each 3.000.000.000 3.000.000.000
Total 3.000.000.000 3.000.000.000
Opening balance of equity shares of UYU 1 2.122.783.424 2.122.783.424
Total 2.122.783.424 2.122.783.424

a. Other assets
VAT receivable 11.760 3.236 458.907 129.672
Other current assets 32.937 46.277 1.285.262 1.854.376
Total 44.697 49.513 1.744.169 1.984.048
b. Other liabilities
Indirect tax payable and 10.341 - 403.536 -
other statutory liabilities
Total 10.341 - 403.536 -
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10. Operating expenses

Costs and expenses are recognized when incurred and have been classified according to their primary functions in the
following categories:
The costs of the Company is categorized into other operating expenses which includes fees to external consultants,
auditors remuneration and other expenses.
For the year ended For the For the year ended For the
December 31, 2023 nine months December 31, 2023 nine months
period ended period ended
Fees to external consultants 57.013 5.284 2.232.261 214.720
Auditors remuneration 8.980 8.980 348.999 356.361
Other expenses 18.297 5.064 712.753 171.512
Total 84.290 19.328 3.294.013 742.593
11. Other income

a. Finance income
Interest revenue - Bank 12.189 272 471.792 10.835
deposits
Interest revenue - Loan to 43.644 137.196 1.688.807 5.542.376
Subsidiary
Total 55.833 137.468 2.160.599 5.553.211
b. Other gains (losses), net
Net foreign exchange gains (136.172) (215.996) (5.284.549) (8.024.168)
(losses)
Total (136.172) (215.996) (5.284.549) (8.024.168)
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12. Income taxes

year. Current and deferred taxes are recognized in profit or loss, except when they relate to items that are recognized in
other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other
The current income tax expense includes income taxes payable by the Company.
Current income tax payable is computed in accordance with the tax laws applicable in Uruguay.
Advance taxes and provisions for current income taxes are presented in the statement of financial position after off-setting
advance tax paid and income tax provision.
Current income tax expense
Domestic (84) (30.403) (4.115) (1.277.286)
Overseas 3.127.065 879.937 120.465.470 35.069.841
Total income tax expense 3.126.981 849.534 120.461.355 33.792.555
The reconciliation of estimated income tax expense reported in statements of profit or loss is as follows:
Income before income taxes 53.209.971 78.419.947 2.077.539.915 3.108.054.409
Federal income tax rate 25% 25% 25% 25%
Expected income tax expense 13.302.493 19.604.987 519.384.979 777.013.602
Tax effect of adjustments to
reconcile expected income tax
expense to reported income
tax expense:

Tax holidays and income (13.300.569) (19.601.644) (519.311.253) (776.880.229)
exempt from tax

Tax pertaining to prior (2.008) (33.747) (77.841) (1.410.659)
years:
Disallowable expenses 3.127.065 879.938 120.465.470 35.069.841
Total income tax expense 3.126.981 849.534 120.461.355 33.792.555
Direct tax contingencies

As of date of separate financial statements the Company does not have any disputes with income tax authorities of
Uruguay.
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13. Commitments and contingencies

Contingencies
Refer to note 12.
• Indirect tax matters
There is no contingencies in relation to indirect taxes.

Company’s principal related parties consist of its ultimate holding Company Tata Consultancy Services Limited and its
subsidiaries, affiliates and key managerial personnel. The Company’s related party transactions and outstanding balances
For the For the For the For the

Year ended nine months Year ended nine months
Dividend Income
Subsidiaries of Tata Consultancy

Services Limited
Tata Consultancy Services Chile S.A. 14 21 529 847
Tata Consultancy Services De Mexico 49.822.303 - 1.911.754.692 -

S.A.,De C.V.
TCS Inversiones Chile Limitada 6.359.488 8.960.464 248.776.828 367.966.105
TCS Solution Center S.A. 12.761.717 12.467.582 490.969.676 508.610.100
TCS do Brasil Ltda. 1.528.740 1.479.114 59.802.772 60.365.036
TCS Uruguay S. A. 8.993.539 - 347.764.014 -

Total 79.465.801 22.907.181 3.059.068.511 936.942.088
Interest Income

Services Limited
TCS Uruguay S. A. 43.644 137.196 1.688.807 5.542.376

Total 43.644 137.196 1.688.807 5.542.376
Services

Services Limited
TCS Uruguay S. A. 44.513 - 1.737.957 -

Total 44.513 - 1.737.957 -
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For the For the For the For the

Year ended nine months Year ended nine months
Dividend paid
Tata Consulatancy Services Limited 77.694.000 24.029.827 2.989.372.270 978.987.269

Total 77.694.000 24.029.827 2.989.372.270 978.987.269
Loan Recovered

Services Limited
TCS Uruguay S. A. 2.000.000 2.400.000 75.080.000 92.830.000

Total 2.000.000 2.400.000 75.080.000 92.830.000
Loans, other financial assets and other
assets
Services Limited
TCS Uruguay S.A. - 2.002.466 - 80.240.815
Tata Consultancy Services Guatemala - 99.000 - 3.967.029
S.A.
Total - 2.101.466 - 84.207.844
Remuneration to the Board

The members of the Company’s board are not remunerated for carrying out their duties.

There was no subsequent event that meet disclosure.
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TATA CONSULTANCY SERVICES QATAR L.L.C.
(Registration Number: 53508)
FINANCIAL STATEMENTS AND

December 31, 2023

TATA CONSULTANCY SERVICES QATAR L.L.C. 15.1
Financial Statements FOR THE YEAR ENDED DECEMBER 31, 2023
CONTENTS PAGE
Statements of Financial Position 15.4
Statements of Profit or Loss and other Comprehensive Income 15.5

15.2 TATA CONSULTANCY SERVICES QATAR L.L.C.

KPMG
Zone 25 C Ring Road
Street 230, Building 246
P.O Box 4473, Doha
State of Qatar
Telephone: +974 4457 6444
Fax: +974 4436 7411
Website: kpmg.com/qa
To the Shareholders of
Tata Consultancy Services Qatar L.L.C.
Opinion
We have audited the financial statements of Tata Consultancy Services Qatar L.L.C. (the ‘Company’), which comprise the
statement of financial position as at 31 December 2023, the statements of profit or loss and other comprehensive income,
changes in equity and cash flows for the year then ended, and notes, comprising material accounting policies and other
explanatory information.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the
Company as at 31 December 2023, and its financial performance and its cash flows for the year then ended in accordance with
IFRS Accounting Standards as issued by the International Accounting Standards Board (IFRS Accounting Standards).
Basis for opinion

standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report.
We are independent of the Company in accordance with the International Ethics Standards Board for Accountants International
Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), together with the
ethical requirements that are relevant to our audit of the Company’s financial statements in the State of Qatar, and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRS
Accounting Standards, and for such internal control as management determines is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company ability to continue as a going
Auditors’ Responsibilities for the Audit of the Financial Statements

statements.
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– Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design
– Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
control.
– Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
– Conclude on the appropriateness of the management’s use of the going concern basis of accounting and, based on the audit
on the Company ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required
– Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether
We communicate with management regarding, among other matters, the planned scope and timing of the audit and significant
Report on other legal requirements

As required by the Qatar Commercial Companies Law No. 11 of 2015, whose certain provisions were subsequently amended
by Law No. 8 of 2021 (“amended QCCL”), we also report that:
- We have obtained all the information and explanations we considered necessary for the purposes of our audit.
- The Company has maintained proper accounting records and its financial statements are in agreement therewith.
- Furthermore, the Company did not hold inventories as at reporting date, hence, physical count was not required.
- We are not aware of any violations of the applicable provisions of the amended QCCL or the terms of the Company’s
Articles of Association having occurred during the period which might have had a material effect on the Company’s
financial position or performance as at and for the period ended 31 December 2023.
02 April 2024 Yacoub Hobeika

Doha KPMG
State of Qatar Qatar Auditors’ Registry Number 289
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Statement of Financial Position as at December 31, 2023

(Amount in QAR)
Note As at As at
ASSETS
Current assets
Cash and cash equivalents 7(a) 20,980,474 4,317,660
Trade receivables 7(b) 8,287,445 6,994,294
Unbilled receivables 459,209 644,120
Other assets 9(b) 1,276,043 5,246,671
Non-current assets
Other financial assets 7(c) 47,118 49,629
Property, plant and equipment 9(a) 9,289 19,383
Right-of-use assets 8 341,995 68,562
Deferred tax assets (net) 13 19,107 463,727
Other assets 9(b) 53,055 -
TOTAL ASSETS 32,647,315 23,064,576
Liabilities
Current liabilities
Lease liabilities 275,941 -
Trade payables 7(d) 8,968,889 5,407,218
Other financial liabilities 7(e) - 308
Unearned and deferred revenue 10 1,155,292 1,156,027
Other liabilities 9(c) 105,598 190,006
Provisions - 4,894
Employee benefit obligations 14(a) 52,497 67,742
Income tax liabilities (net) 13 215,947 73,269
Employee benefit obligations 14(b) 243,707 278,413
Equity
Share capital 7(i) 2,000,000 2,000,000
Retained earnings 5(a) 18,629,444 12,886,699
Legal reserve 5(b) 1,000,000 1,000,000
Total equity 21,629,444 15,886,699
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(Amount in QAR)

Revenue 10 21,375,610 18,737,283
Operating expenses
Employee benefit obligations 14(a) 3,047,110 4,383,470
Other operating expenses 11 16,694,736 13,410,797
Depreciation 8, 9(a) 285,220 289,708
(Reversal of) / provision for Impairment loss on trade receivables (4,432,373) 1,311,472
Total operating expenses 15,594,693 19,395,447
Operating profit / (loss) 5,780,917 (658,164)
Other expenses
Other non-operating loss 12 614,531 (167,319)
Finance costs (14,689) (2,858)
Profit/ (loss) before taxes 6,380,759 (828,341)
Income tax (expense) / benefit 13 (638,014) 56,351
Profit /(loss) 5,742,745 (771,990)
Total comprehensive income 5,742,745 (771,990)
See accompanying notes on page 8 to 28 forming part of the financial statements.
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Statement of Changes in Equity for the year ended December 31, 2023
(Amount in QAR)
Share capital Retained earnings Legal reserve Total equity
Balance as at January 01, 2022 2,000,000 13,658,689 1,000,000 16,658,689
Total comprehensive loss for the year - (771,990) - (771,990)
Balance as at December 31, 2022 2,000,000 12,886,699 1,000,000 15,886,699
Total comprehensive income for the year - 5,742,745 - 5,742,745
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Statement of Cash Flows for the year ended December 31, 2023
(Amount in QAR)

Profit / (Loss) 5,742,745 (771,990)
Depreciation 8, 9(a) 285,220 289,708
Income tax expense / benefit 13 638,014 (56,351)
Reversal of / provision for Impairment loss on trade receivables 7(b) 4,432,373 1,064,831
Unrealised foreign exchange gain 7(b) 34,683 (9,690)
Accrued interest on lease liabilities 8 14,689 2,858
Provision for employees' benefit obligations 14(b) 80,765 98,294
Trade receivables (5,760,206) 5,076,817
Other financial assets 4,084,929 (973,797)
Other assets 3,917,573 (1,733,977)
Trade payables 3,561,671 (1,035,917)
Other financial liabilities (308) (64)
Unearned and deferred revenues (734) (119,843)
Employee benefit obligations provision (15,245) (15,415)
Other liabilities (84,410) (244,997)
Provisions (4,894) 4,270
Cash generated from / (used in) operating activities 17,111,776 1,998,230
Income taxes paid 13 (50,716) (281,370)
Employees benefit obligations paid 14(b) (115,471) (136,092)
Net cash generated from / (used in) operating activities 16,945,589 1,580,768
Purchase of property, plant and equipment 9(a) (775) (12,710)
Net cash used in investing activities (775) (12,710)
Repayment of lease liabilities 8 (282,000) (337,000)
Net change in cash and cash equivalents 16,662,814 1,231,058
Cash and cash equivalents, beginning of the year 4,317,660 3,086,602
Cash and cash equivalents, end of the year 7(a) 20,980,474 4,317,660
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Tata consultancy services qatar L.L.C. (the “Company”) is registered as a limited liability company in the State of
Qatar under commercial registration number 53508.
The Company is engaged in a wide range of information technology and consultancy services including systems hardware
and software, communications and networking, hardware sizing and capacity planning, software project management
solutions, technology education services and business process outsourcing.
The address of the Company’s registered office is Al Bidda Tower, 7th Floor, Corniche Street, Doha, Qatar, P.O.Box #
207210.
As at December 31, 2023, Tata Consultancy Services Limited owned 100% of Company’s equity share capital.
The financial statements were approved and authorised for issue on 21 March 2024.
The financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as
issued by the international accounting standard board (“IASB”). The principal accounting policies applied in the preparation
of these financial statements have been consistently applied to all periods presented in these financial statements.
The financial statements have been prepared on historical cost basis at the end of each reporting period. Historical cost
is generally based on the fair value of the consideration given in exchange for goods and services. Fair value is the price
that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date.
The functional and presentation currency of the Company is Qatari Riyal (“QAR”).
Foreign currency transactions are translated into functional currency at exchange rates prevailing on the date of the
transaction. Foreign currency denominated monetary assets and liabilities are translated into the functional currency
using exchange rates prevailing on the date of statement of financial position. Gains and losses arising on conversion
of foreign currency denominated monetary assets and liabilities are included in profit or loss. Non monetary assets and
liabilities that are measured in terms of historical cost in foreign currencies are not translated.
The preparation of these financial statements in conformity with the recognition and measurement principles of
statements and the reported amounts of revenues and expenses for the years presented.
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b. Fair value measurement of financial instruments
c. Provision for income tax and deferred tax
d. Provisions and contingent liabilities
These are reviewed at the end of each reporting period adjusted to reflect the current best estimates. Contingent
liabilities are not recognised in the financial statements. Contingent assets are neither recognised nor disclosed in
e. Leases
position.
b. Legal reserves
In accordance with Qatar Commercial Company’s Law, the Company has established a legal reserve by appropriation
of 10% of profit for each year until the reserve equals 50% of the capital. This has been achieved, hence the Company
has resolved to discontinue such transfer. This reserve is not available for distribution except in circumstances as
specified in the Law.
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6. Recent Accounting Standards

Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates 2
1
2
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or have expired.
outstanding.
As at As at
Balances with bank 20,980,474 4,317,660
Total 20,980,474 4,317,660
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b. Trade receivables
(Amount in QAR)
As at As at
Trade receivables* 8,308,566 11,413,105
Less: Allowance for impairment of trade receivables (21,121) (4,418,811)
Total 8,287,445 6,994,294
* Trade receivables include balances with related parties, please refer to Note 16.
Movement in the allowance for impairment in respect of trade receivables
(Amount in QAR)
As at As at
At April 1, 4,418,811 3,363,670
(Reversal of provision) /additional provision during the year (4,432,373) 1,064,831
Less : Exchange difference 34,683 (9,690)
At December 31, 21,121 4,418,811

(Amount in QAR)
As at As at
Short term bank deposits - 3,092,839
Employee advances 84,843 87,056
Restricted cash* 1,021,654 2,066,404
Others 5,757 7,057
Total 1,173,580 5,260,530

(Amount in QAR)
As at As at
Total 47,118 49,629
* In restricted cash, expenses towards issuance of Bank Guarantee (BG) for Tender / Performance bond are accounted.
At the time of issuance of BG, bank reserves some percentage and debits bank account which remain as reserve cash
and cannot be withdrawn, once the BG is matured that amount is credited to the bank account automatically.
d. Trade payables
(Amount in QAR)
As at As at
Trade payables * 6,479,348 2,171,737
Accrued expenses * 2,489,541 3,235,481
Total 8,968,889 5,407,218
* Trade payables and accrued expenses include balances with related parties, please refer to Note 16.
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e. Other financial liabilities - current
(Amount in QAR)
As at As at
Accrued payroll - 308
Total - 308

(Amount in QAR)
Assets:
Total Assets 30,947,826 30,947,826
Liabilities:
Trade payables 8,968,889 8,968,889
Lease liabilities 275,941 275,941
Other financial liabilities - -
(Amount in QAR)
Assets:
Unbilled revenues 644,120 644,120
Total Assets 17,266,233 17,266,233
Liabilities:
Trade payables 5,407,218 5,407,218
Other financial liabilities 308 308
Carrying amounts of cash and cash equivalents, trade receivables, unbilled receivables and trade payables as at
December 31, 2023 and December 31, 2022 approximate the fair value.
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• evel 2 — Inputs are other than quoted prices included within Level 1 that are observable for the asset or liability,
L
• evel 3 — Inputs are not based on observable market data (unobservable inputs). Fair values are determined
L
Market risk
• Currency risk
The fluctuation in foreign currency exchange rate may have potential impact on the statement of
financial statement, where any transaction references more than one currency or where assets / liabilities
are denominated in a currency other than functional currency of the Company. Considering the countries
and economic environment in which the Company operates, its operations are subject to risks arising from
fluctuations in exchange rates in those countries.
rate risks.
of the Company.
The following table sets forth information relating to foreign currency exposure as at December 31, 2023:
USD (equivalent QAR) INR (equivalent QAR)

Net financial assets 3,574,720 -
Net financial liabilities 6,778,947 -
Net statement of financial position exposure (3,204,227) -
10% depreciation / appreciation of the respective foreign currencies with respect to functional currency of the
Company would result in decrease / increase in the Company’s Profit before taxes by approximately QAR 320,423
for the year ended December 31, 2023.
USD (equivalent QAR) INR (equivalent QAR)

Net financial assets 4,470,680 -
Net financial liabilities 5,484,385 22,378
Net statement of financial position exposure (1,013,705) (22,378)
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10% depreciation / appreciation of the respective foreign currencies with respect to functional currency of the
Company would result in decrease / increase in the Company’s loss before taxes by approximately QAR 103,608
for the period ended December 31, 2022.
Company does not hedge its interest rate exposure. The Company’s exposure to interest rate risk is limited to
its bank deposits. Assuming that the deposits remain the same, the Company will benefit by QAR Nil (December
2022: QAR 7,732) with the increase of 25 bp in interest rate. In case the interest rate decreases by 25 bp the
Company will incur a reduction in income by the same amount.
Credit risk
maximum exposure to credit risk was QAR 31,149,600 and QAR 19,714,741 as of December 31, 2023 and
December 31, 2022, respectively being the total of the carrying amount of balance with bank, trade receivables,
unbilled receivables, contract assets and other financial assets. Balance with bank is placed with a bank with
high credit ratings. As of December 31, 2023, there were no indications that any defaults will occur on trade
receivables, unbilled receivables, contract assets or other financial assets.
Tata Consultancy Services Qatar L.L.C., the Company’s exposure to customers is diversified and single customer’s
contribution to more than 10% of outstanding trade receivables, unbilled receivables and contract assets as at
December 31, 2022 and December 31, 2021 was as below :
(Amount in QAR)
As at December 31, 2023 As at December 31, 2022
Client Name Total trade receivables Percentage Total trade receivables Percentage
and unbilled revenue and unbilled revenue
Customer A 4,215,343 47% 1,830,136 18%
Customer B 1,563,587 18% 1,617,408 16%
Customer C 1,130,005 13% 1,500,639 15%
Customer D - 0% 1,398,032 14%
The Company has a geographic concentration of trade receivables (net of allowances), unbilled receivables and
As at As at
Middle East 98% 100%
Americas 2% 0%
Geographical concentration of trade receivables and unbilled receivables and contract assets is allocated based
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(Amount in QAR)
December 31, 2023 Weighted average loss Gross carrying amount* Loss allowance # Credit impaired
Not Due 1.55% 2,014,316 (31,232) No
1-90 2.05% 2,805,494 (57,511) No
91-180 3.42% 2,632,728 (90,150) No
181-272 8.92% 143,803 (12,828) No
273-364 21.09% 10,045 (2,118) No
365-455 34.34% 186,341 (63,981) No
456-546 76.02% 9,356 (7,113) No
>547 100.00% 85 (85) Yes
(Amount in QAR)
December 31, 2022 Weighted average loss Gross carrying amount* Loss allowance # Credit impaired
Not Due 2.75% 1,554,325 (42,821) No
1-90 3.64% 3,742,976 (136,130) No
91-180 6.54% 1,132,500 (74,050) No
181-272 18.95% 79,649 (15,096) No
273-364 49.70% - - No
365-455 71.41% 2,572,167 (1,836,746) No
456-546 99.97% 54,893 (54,878) No
>547 100.00% 5,541,106 (5,541,106) Yes
*Gross carrying amount excludes intercompany and retention customer receivables.
# The above table provides the loss allowance calculated as per ECL and Management is expected to make at the
minimum this amount as provision of bad and doubtful debts against trade receivables. However in this case
management has made higher provisions as bad and doubtful debts against trade receivables based on their
prudent judgement to cover higher risk.
Liquidity risk
The Company consistently generates sufficient cash flows from operations to meet its financial obligations as
(Amount in QAR)
December 31, 2023 Due in 1st Due in 2nd Total
year to 5th year
Trade payables 8,968,889 - 8,968,889
Lease liabilities 282,000 - 282,000
Other financial liabilities - - -
Total 9,250,889 - 9,250,889
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(Amount in QAR)
December 31, 2022 Due in 1st year Due in 2nd to 5th year Total
Trade payables 5,407,218 - 5,407,218
Lease liabilities - - -
Other financial liabilities 308 - 308
Total 5,407,526 - 5,407,526
(Amount in QAR)
As at As at
Authorised
Ordinary shares 2,000,000 2,000,000
Ordinary shares 2,000,000 2,000,000
Total 2,000,000 2,000,000
Shares have no par value.

Share holding Percentage% Percentage%
Capital management
and support the growth of the Company. The Company determines the capital requirement based on annual
operating plans and long-term product and other strategic investment plans. The funding requirements are met
requirements.
8. Leases
Company as a lessee
of-use assets is subsequently measured at cost less any accumulated depreciation, accumulated impairment losses, if
any and adjusted for any remeasurement of the lease liability. The right-of-use assets is depreciated using the straight-
line method from the commencement date over the shorter of lease term or useful life of right-of-use asset.
equipment. Right- of-use assets are tested for impairment whenever there is any indication that their carrying amounts
may not be recoverable. Impairment loss, if any, is recognised in profit or loss.
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the measurement of the lease liability, the Company recognises any remaining amount of the re-measurement in profit or loss.
(Amount in QAR)
Leasehold building 543,252 339,162
ROU leasehold building - Security deposit 4,532 2,833
Total 547,784 341,995
(Amount in QAR)
Leasehold building - 68,209
ROU leasehold building - Security deposit - 353
Total - 68,562

(Amount in QAR)
Year ended
December 31, 2023
Leasehold building 272,299
ROU leasehold building - Security deposit 2,052
Total 274,351

(Amount in QAR)
Year ended
December 31, 2022
Leasehold building 275,935
ROU leasehold building - Security deposit 1,425
Total 277,360
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Interest on lease liabilities is QAR 14,689 and QAR 2,858 for the year ended on December 31, 2023 and year ended on
December 31, 2022, respectively.
The Company incurred QAR NIL and QAR NIL for the year ended on December 31, 2023 and year ended on December 31,
2022, towards expenses relating to short-term leases and leases of low-value assets.
The total cash outflow for leases is QAR 282,000 and QAR 337,000 for the year ended December 31, 2023, and year ended
December 31, 2022, respectively, including cash outflow for short-term leases and leases of low-value assets.
ordinary course.
The Company does not have any lease restrictions and commitment towards variable rent as per the contract.
9. Non-financial assets and financial liabilities

Computer and equipment Straight Line Method 4 years
Furniture and Fixtures Straight Line Method 5 years
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Property, plant and equipment
Property, Plant and equipment consist of the following:
(Amount in QAR)
Computer Furniture and Total
equipment fixtures
Gross block as at January 1, 2023 132,317 7,719 140,036
Additions 2,725 - 2,725
Gross block as at December 31, 2023 135,042 7,719 142,761
Accumulated depreciation as at January 1, 2023 114,884 7,719 122,603
Depreciation for the year 10,869 - 10,869
Accumulated depreciation as at December 31, 2023 125,753 7,719 133,472
Net carrying amount as at December 31, 2023 9,289 - 9,289
Capital work-in-progress -
9,289
Gross block as at January 1, 2022 121,557 7,719 129,276

Additions 10,760 - 10,760
Gross block as at December 31, 2022 132,317 7,719 140,036
Accumulated depreciation as at January 1, 2022 102,917 7,338 110,255
Depreciation for the year 11,967 381 12,348
Accumulated depreciation as at December 31, 2022 114,884 7,719 122,603
Capital work-in-progress 1,950
19,383
b. Other assets
(Amount in QAR)
As at As at
Advance to suppliers 48,700 1,519,572
Other advances - Allowance - (32,497)
Prepaid expenses - current* 1,113,884 1,311,090
Contract assets - current (Refer to Note 10) 148,719 2,448,506
Contract fulfillment costs - current - -
Others (35,260) -
Total 1,276,043 5,246,671
* Prepaid expenses include balances with related parties, please refer to Note 16.
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Other assets - non-current
(Amount in QAR)
As at As at
Contract assets - non-current 53,055 -
Total 53,055 -
c. Other liabilities
(Amount in QAR)
As at As at
Advance received from customers 105,598 190,006
Total 105,598 190,006

performance.
POC method.
to the customer.
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recovered.
services.
Revenue from operations is QAR 21,375,610 for year ended December 31, 2023 (December 31, 2022: QAR 18,737,283).
(Amount in QAR)
Revenue from consultancy services 21,171,493 18,546,065
Revenue from sale of equipment and software licences 204,117 191,218
Total 21,375,610 18,737,283
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(Amount in QAR)
Industry vertical
Banking, financial and insurance 4,027,837 7,821,840
Communication, media and technology 324,359 97,480
Energy and utilities 7,702,180 6,142,274
Retail and consumer products 8,342,876 3,780,830
Others 978,358 894,859
Total 21,375,610 18,737,283

Geography
Middle east 20,561,130 18,528,412
Other than Middle east 814,480 208,871
Total 21,375,610 18,737,283

satisfied) performance obligations is QAR 13,036,461 out of which QAR 5,046,785 (38.71 %) is expected to be recognized as
revenue within the next year and the balance thereafter. No consideration from contracts with customers is excluded from
the amount mentioned above.
(Amount in QAR)
Invoices raised that were included in the contract assets
balance at the beginning of the year (947,867) (697,876)
Increase due to revenue recognised during the year,
excluding amounts billed during the year (1,298,832) 933,213
Translation exchange differences (35) (42)
Balance at the end of the year 201,772 2,448,505
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Changes in unearned and deferred revenue are as follows: (Amount in QAR)

Revenue recognised that was included in the unearned and
deferred revenue balance at the beginning of the year (1,016,418) (1,136,235)
Increase due to invoicing during the year, excluding
amounts recognised as the revenue during the year 1,015,588 1,016,432
Translation exchange differences 95 (40)

Costs and expenses are recognised when incurred and have been classified according to their primary functions in the
Cost of revenue
These costs primarily include employee compensation of personnel engaged in providing services, travel expenses, fees
to external consultants, cost of equipment and software licences, depreciation and amortisation of production related
equipment and software, facility expenses, communication expenses and other project related expenses.
Selling, general and administrative expenses
Selling costs primarily include employee compensation for sales and marketing personnel, travel expenses, advertising,
business promotion expenses, bad debts and advances written off, allowance for doubtful trade receivables and advances,
facility expenses for sales and marketing offices and market research costs.
General and administrative costs primarily include employee compensation for administrative, supervisory, managerial
and practice management personnel, depreciation and amortisation expenses of non-production equipment and software,
facility expenses for administrative offices, communication expenses, fees to external consultants and other general
expenses.
(Amount in QAR)
Expense by function
Cost of revenue 12,827,780 16,507,191
Selling, general and administration expenses 2,766,913 2,888,256
Total 15,594,693 19,395,447
Costs and expenses are recognized when incurred and have been classified according to their nature.
The costs of the Company are broadly categorised into employee benefit expenses, depreciation and other operating
expenses. Employee benefit expenses include salaries, incentives and allowances, contribution to various funds and staff
welfare expenses. Other operating expenses mainly include fees to external consultants, facility expenses, travel expenses,
cost of equipment and software licenses, communication expenses, bad debts and advances written off, allowance for
doubtful trade receivables and advances (net) and other expenses. Other expenses is an aggregation of costs which are
individually not material such as contribution to brand equity, corporate overhead allocation, commission and brokerage,
recruitment and training, entertainment, etc.
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(Amount in QAR)
Fees to external consultants and related parties 14,257,009 11,204,703
Cost of equipment and software licenses 183,694 176,300
Travel expenses 889,962 814,860
Facility running expenses - 18,316
Communication 53,894 45,050
Total 16,694,736 13,410,797
12. Other expense

(Amount in QAR)
Other non-operating loss:
Net foreign exchange losses 411,798 (192,008)
Total 614,531 (167,319)
13. Income taxes

Current and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in other
comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other
provided for the differences between the tax base of assets and liabilities and their reported amounts in the financial
statements.
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(Amount in QAR)
Current tax
Current tax expense 193,394 50,716
Deferred tax income 444,620 (107,067)
Total 638,014 (56,351)
The reconciliation of estimated income tax expense at the Qatar Statutory income tax rate to income tax expense reported
in statement of profit or loss and other comprehensive income is as follows:-
(Amount in QAR)
Income / (loss) before taxes 6,380,759 (828,341)
Expected income tax expense 638,076 (82,834)
to reported Income tax expense:
Current tax - -
Deferred tax - -
Other permanent differences (61) 26,483
Income tax 638,014 (56,351)
Ownership share of Non-Qatari 100% 100%
Total income tax expense / (income) 638,014 (56,351)
Significant components of net deferred tax assets and liabilities for the year ended December 31, 2023 are as follows:
(Amount in QAR)
Opening balance Recognised Closing balance as
through profit or at December 31,
loss 2023
Deferred tax assets
Deferred tax assets in relation to:
Property, plant and equipment 12,997 - 12,997
Provision for employee benefits 9,581 (3,471) 6,110
Allowances for receivables 21,740 (21,740) -
Disallowed expenses 419,409 (419,409) -
Total deferred tax asset 463,727 (444,620) 19,107
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Significant components of net deferred tax assets and liabilities for the period ended December 31, 2022 are as follows:
(Amount in QAR)
Opening balance Recognised Closing balance as
through profit or at December 31,
loss 2022
Deferred tax assets
Property, plant and equipment 12,997 12,997
Provision for employee benefits 7,159 2,422 9,581
Allowances for receivables 21,740 - 21,740
Disallowed expenses 314,764 104,645 419,409
Total deferred tax asset 356,660 107,067 463,727

As at the reporting date, the Company is in appeal of a withholding tax demand raised by General Tax Authority (“GTA”) of
Qatar, pertaining to the years 2013, 2014 and 2017. Management has carefully assessed the demand notice with assistance
of third party consultants, where the merits of the demand notice have been found to be weak and inappropriate due to
application of new tax amendments issued in 2019 on the prior years. Hence, no provision has been recognized in these
(Amount in QAR)
As at As at
Income tax liabilities (net)
Opening 73,269 303,923
Current tax provision made during the year / period 193,394 50,716
Advance tax paid (50,716) (281,370)
Closing 215,947 73,269

officer and hence IFRIC 23 is not applicable.
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a. Employee benefit obligations
The Company provides for amount payable to employees for compensated absences per the company’s policy, which
are expected to occur within twelve months after the end of the period in which the employee render the related
services are recognised as undiscounted liability at the date of statement of financial position.
(Amount in QAR)
Contributions to provident and other funds 80,765 98,294
Salaries & bonus 2,836,620 4,184,841
Staff welfare 129,725 100,335
Total 3,047,110 4,383,470
As at As at
Employee benefit obligations - current
Compensated absences * 52,497 67,742
Total 52,497 67,742
* This represents balance payable to the employees based on the Company’s policy on compensated absences.
b. Employees end of service benefits
A provision is made for employees end of service benefits which is payable on completion of employment. The
provision is calculated in accordance with Qatari Labour Law based on employees’ salary and accumulated period of
service as at the reporting date.
As at As at
Gratuity liability 243,707 278,413
Total 243,707 278,413
Movement in employees’ obligations benefit

As at As at
At January 1, 278,413 316,211
Provision charged for the year 80,765 98,294
Payments made during the year (115,471) (136,092)
At December 31, 243,707 278,413
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As at As at
Letter of Guarantee 973,427 1,310,644
Total 973,427 1,310,644

Company’s principal related parties consist of its holding company Tata Consultancy Services Limited and its holding and
subsidiaries, and its key managerial personnel. The company routinely enters into transactions with its related parties in
the ordinary course of business.
(Amount in QAR)
Particulars With Tata Sons With Tata Total
Private Limited, Consultancy
Ultimate Holding Services
Company Limited, Holding
Company
Revenue from sale of services and licences - 1,811,052 1,811,052
Purchases of goods and services (including - 9,405,915 9,405,915
reimbursement)
Brand equity contribution 42,202 - 42,202
(Amount in QAR)
Company
Revenue from sale of services and licences - 1,449,463 1,449,463
Purchases of goods and services (including - 7,456,390 7,456,390
reimbursement)
Brand equity contribution - - -

As at December 31, 2023
(Amount in QAR)
Company
Trade receivables and unbilled revenue (net) - 374,538 374,538
Trade payables, unearned and deferred revenue, 42,202 6,812,065 6,854,267
Other financial liabilities and Other liabilities
Prepaid expenses - 1,110,406 1,110,406
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(Amount in QAR)
Company
Trade receivables and unbilled revenue (net) - 159,267 159,267
Trade payables, unearned and deferred revenue, 35,622 1,940,374 1,975,996
Other financial liabilities and Other liabilities
Prepaid expenses - 1,290,260 1,290,260
Compensation to Key Managerial Personnel

Remuneration paid to Devashis Goswami
(Amount in QAR)
Short term benefits 396,307 381,780
Post-employment benefits 15,945 15,748
Total 412,252 397,528

18. Comparative Information
The comparative figures presented for the period ended December 31, 2022 have been reclassified where necessary to
preserve consistency with the year ended December 31, 2023 figures. However, such reclassifications did not have any
effect on the comprehensive income or the total equity for the year ended December 31, 2023.
19. Dividends
Dividends declared by the Company are based on the profit available for distribution.
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DILIGENTA LIMITED
ANNUAL REPORT AND
For the year ended
31 December 2023
Diligenta Limited 16.1
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
CONTENTS PAGE
Company Information 16.2
Strategic Report 16.3
Governance and Internal Control 16.6
Independent Auditor’s Report to the members of Diligenta Limited 16.24

16.2 Diligenta Limited
COMPANY INFORMATION
Board of Directors
N G Subramaniam
Chairman
Daniel Praveen
Chief Executive Officer
Michael Arthur
Non-Executive Director
S Sankaranarayanan
Susan McInnes
Company Secretary
Paul Venters
Auditor
KPMG LLP
15 Canada Square
Canary Wharf
London E14 5GL
United Kingdom
Registered Office
Lynch Wood
Peterborough
Cambridgeshire
PE2 6FY
Company Registration Number

05535029
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STRATEGIC REPORT
The directors present their Strategic Report for the year 31 December 2023.
Principal Activities
Diligenta Limited (“the Company”) is a Private Company, limited by shares and is a fully owned subsidiary of Tata Consultancy
Services Limited (TCS). Established in 2005, the Company’s head office is in Peterborough, UK, and operates out of multiple
sites in the UK and through its global delivery model.
Diligenta specialises in the delivery of Life and Pension (L&P) Administration services and contracts with major insurance
companies (‘‘clients’’) in the UK. Diligenta occupies an increasingly important position in the L&P sector - being the single
largest provider of Third-Party Administration (TPA) services - servicing more than 18 million customers and taking pride in the
fact that ‘what we do matters’ through servicing customer demands over critical moments of truth experiences.
Diligenta’s unrelenting focus on delivering customer delight and technology innovation has been consistently recognised, with
the business winning prestigious awards in 2023 for ‘Customer Experience Provider of the Year’, ‘Digital Project of the Year’
and ‘Technology enabled Project of the Year’ competing with businesses across industry sectors. We take our role in shaping
the UK L&P sector seriously and are working with government and policymaking mechanisms, part of their expert panels, all
aimed at delivering great customer outcomes and market propositions.
Review Of Business And Future Developments
Achieving Growth – Consistently

The Company achieved revenue of £522.4 million for the year 2023 (2022: £390.7 million), representing a growth of 34%. This
was delivered across all service lines, and contributed to by existing clients and new wins, underlining Diligenta’s robust
market strength.
Operating expenses totalled £497.5 million (2022: £389.8 million). Continued investments in operational resilience and stability,
alongside external headwinds (UK inflationary factors and the labour market), drove higher costs in the year - though mitigated
through cost discipline, commercial and optimisation actions.
Profit before tax (PBT) improved to £27.1 million (2022: £1.4 million). After Taxes, Profit was £21.0 million (2022: £1.2 million).
The directors are committed to exploring growth opportunities and continue to tender for contracts providing L&P Administration
services to the Financial Services sector. The Company sees promising opportunities for organic growth, both in terms of
extending the range of services to its existing client base as well as taking on new clients. As part of this growth, the Company
has signed a long-term renewal deal with Aviva, which includes an incremental scope servicing 3 million policies.
During the year, Diligenta incorporated a European Legal entity, Diligenta Europe BV, which is a wholly owned subsidiary with
its first client, Athora BV (Life & Pensions closed book), going live in Netherlands.
Leading The Industry, Delivering Complex Platform Migrations

Over the last 12 months, Diligenta successfully migrated 2.7 million L&P policies onto TCS BaNCS™ strategic platform for its
key clients. In addition, we successfully completed over 200 digital & business change releases during this period.
These migrations build on our unique success, where over the last 5 years, we migrated 8.4 million policies onto our platform
and delivered over 800 digital & business change releases across our client base. These large migration programmes enabled
an 80% rationalisation of L&P products, thereby leading to significant business simplification and improved customer outcomes.
We are on track to delivering a further migration of 2.5 million policies over the next 12 months for our key clients.
Good Customer Outcome is Key

Diligenta puts good customer outcomes at the heart of its activities. We deal with customers consistently, honestly, fairly and
openly. Our customer journeys are easy to navigate. Our support for customers is focused on putting them in a better position
to make informed decisions in line with their financial objectives. In order to support vulnerable customers, we have a network
of Champions available across all our Operations teams. We are ensuring that our people initiatives are aligned to drive
cultural changes which are focused on delivering good customer outcomes.
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Driving Technology Innovation & Investments

Diligenta continue to invest in technology to enable positive outcomes for its customers, clients and colleagues. In 2023, this
has included the development of industry leading digital journeys improving speed of service and reducing customer effort.
The Company has made further investments in its Cloud based Information Technology infrastructure and enterprise
solutions, aimed at enabling an eco-system of capabilities that support future developments in Artificial Intelligence and
Machine Learning.
We see technology, combining with our contextual knowledge, as central to achieving increasing levels of regulatory expectation,
for instance set out through new Consumer Duty regulations.
We are a People Business, Serving People

Diligenta is committed to ensuring it delivers a strong Employee Value Proposition, recognising the critical role its colleagues
play in delivering customer delight.
In 2023, all Diligenta colleagues were invited to participate in ‘Best Companies b-Heard survey’, with results demonstrating
positive workplace engagement. The Company has enhanced its people offering for the moments that matter to colleagues,
including additional leave for carers, colleagues undergoing fertility treatment and colleagues approaching retirement.
Executive leadership visibility is important to Diligenta, and a refresh of the internal communications strategy has led to
a number of roadshows and multimedia communications to ensure the corporate strategy and values are understood and
shared throughout the business. The Company has also introduced a number of development programmes, including a future
leaders programme to retain and promote talent from within, to complement its external recruitment activity and secure a
diverse and talented resource base.
We Care About our Community

Diligenta recognises the value it can bring to the communities it operates within. 2023 has seen corporate fundraising for its
chosen charity; Alzheimer’s Research UK. The Company has also offered paid leave for colleagues to partake in volunteering
work and support charitable organisations or other volunteering groups. Diligenta seek to provide opportunities for people to
enter financial services and have continued to expand both its Graduate Scheme and Apprenticeship Programme, which now
cover Operations, Change and Finance and allow new talent to enter the business and the sector.
The Company promotes a strong Diversity and Inclusion culture, with a number of initiatives set up throughout the business to
advocate and champion the needs and interests of colleagues.
The Company has taken positive action to reduce its carbon emissions and drive its sustainability agenda, with a 10% reduction
of CO2 emissions achieved compared to 2022.
Looking ahead
We continue to remain focused on maintaining operational resilience, delivery of enhanced customer services and improved
customer outcomes post significant migrations.
As the business continues to grow, we see significant opportunities to create value and to synergise operating practices across
clients and define a new standard for the industry. This will be underpinned by an evolving technology enabled, customer
and colleague centered digital first operating model positioning us for continued success and meeting the needs of all our
stakeholders.
Key Performance Indicators

In assessing the performance of the Company, the directors monitor several key performance indicators, financial and non-
financial. These are:
• Policy volumes administered: This key indicator is directly linked to revenue. During the year, the number of policies
being administered stood at 18.3 million (2022: 15.8 million).
• Customer Outcomes: The Company operates as a Third-Party Administrator to some of the largest life insurance and
pensions providers (‘‘clients’’) in the UK. In this role, the Company is on point to deliver top tier customer service to
the policyholders of these clients. In alignment to the New Consumer Duty (NCD) regulation, the Company achieved
compliance to first milestone of 31 July 2023 for open books. The Company continues to embed NCD framework well
across the organisation with ongoing training sessions and communications for alignment to closed book milestone. The
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Company is focussed to ensure the metrics across ‘customer understanding’ and ‘customer support’ are delivering the
right customer outcomes.
• Revenue: Revenue for the year was £522.4 million (2022: £390.7 million) with growth across all service lines. The Company
is in growth trajectory due to combination of business growth and positive change in customer behaviours.
• Liquidity: The Company has the KPI to ensure that it has strong financial flexibility through liquid assets to cover its
anticipated payment obligations and funding requirements. The Company continuously monitors its liquidity position to
ensure that, even under stressed conditions, the Company has sufficient liquidity to meet its obligations. With no debt, the
Company has adequate liquid assets to meet its obligations, including its regulatory capital requirement and after taking
account of ring-fenced cash set aside to comply with FCA requirements.
• Transformation milestones: The Company has the KPI of delivering the agreed transformation roadmap as per the
defined milestones with its clients. Two significant migrations were successfully migrated during the year.
• Regulatory Compliance: The Company and its clients have responsibility for regulatory compliance. The Company has
a dedicated Compliance function, which provides continuous guidance to the business on compliance and regulatory
matters. Regular, contractually required meetings between senior managers in the Company and its clients seek to
identify issues at an early stage and act in concert both to prevent escalation or take necessary action.
• IT Security: The Company’s IT security remains strong. Company has ensured the controls are up to date to avoid any
security incident. During the reporting period and up to the date of approval of financial statements, there has been no
critical or high severity security incidents reported.
• People metrics & Outcomes: We continue to focus on our leadership capability & corporate culture and also support
the introduction of a revised Performance Management framework. This framework is focused on the importance of our
colleague’s behaviours in driving improved customer outcomes and internal relationships and how this links to how we
measure and manage performance.
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GOVERNANCE AND INTERNAL CONTROL

Organisational Structure
The Diligenta Executive Management Team (‘‘EMT’’) is responsible for ensuring the proper management of its business; this
includes ensuring sound governance and internal control practices are followed. The Chief Executive Officer is also a member
of Diligenta Board.
Diligenta Board
The Board of Directors (the “Board”) is the main decision-making body of the Company. The Board considers strategic issues
and risk. It has the overall responsibility for management of the business and affairs of the Company and the establishment
of Company strategy.
The Board ensures the risks associated with the business are properly identified, evaluated, and managed to ensure any
exposures are known and where appropriate, are controlled. The Board approves several policies and Diligenta’s risk appetite,
acknowledging the potentially different risk appetites of clients.
The Board and Management committees are given in the following chart.
Diligenta Board
Risk Management &

Executive Management Board Audit
Complliance Committee
Team (EMT) Committee (BAC)
(RMCC)
Risk, Audit and Compalliance

Committee (RACC)
Regulatoy Change Information Business Continuity Health & Safety Trainig & Competency
Steering Committee Security Management Committee Environment Committee Committee
The Board Audit Committee (‘’BAC’’) and Risk Management & Compliance Committee (‘’RMCC’’) assists the Board to discharge
its corporate governance responsibilities as defined in their Terms of Reference.
The purpose of the BAC is to keep under review and monitoring:
• The Company’s internal financial controls and audit capability.
• The effectiveness of the Internal Audit function and the Company’s arrangements for external audit.
• The integrity of the financial statements of the Company.
• Annual financial statements of the pension funds, where not reviewed by the Board.
The purpose of the RMCC is to manage risks and monitor adherence to all the rules and regulations that the Company is
subject to, by keeping under review and monitoring:
• The Company’s internal controls and risk management capability and its ability to identify and manage new risks, including
conduct risks affecting customer outcomes.
• The adequacy and security of the Company’s arrangements for compliance, whistleblowing and the prevention of fraud.
Both the BAC and RMCC meet on a quarterly basis, or more frequently where required, and are chaired by Independent Non-
Executive Directors. The other members of the Board attend at least one, if not both, committees.
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Management’s Philosophy and Operating Style

Diligenta seeks to implement a strong culture throughout the organisation by delivering a quality service to clients, in line
with agreed service levels. Management has put into place effective controls to ensure that quality services are provided which
meet customer expectations in accordance with detailed service level agreements (SLAs) and comply with relevant regulation
and legislation.
Integrity and Ethical Values

Diligenta adopts the Tata Code of Conduct which applies to all companies within the Tata Group. The Code of Conduct sets out a
framework for how the organisation operate and to protect the interests of all the stakeholders including shareholders, clients,
employees, suppliers and communities. The Code of Conduct has been drawn up to formalise the standards of behaviour the
Company expects of their people and forms part of each employee’s contract of employment.
There are also five corporate values that shape the way people work on a daily basis. They are at the foundation of everything
the Company does, the way the Company undertakes its business, interacts with each client. Everyone at Diligenta has a part
to play in bringing these values to life, and this is highlighted in the corporate Induction along with the Diligenta Way which has
10 key principles that underpin the values.
Commitment to Competence
Diligenta seeks to ensure that its employees have the appropriate level and range of competencies needed to undertake their
roles. To ensure compliance with key legislation and regulations, the Company requires all new joiners, onshore and offshore,
to complete a suite of corporate mandatory online training and testing modules, which are then repeated on an annual basis.
The Company operates a Training & Competence (T&C) scheme for all relevant back-office employees ‘(‘overseers’’) in
accordance with the FCA guidelines.
There is a new starter training framework which applies to relevant operational roles in the front and back office and provides
a documented / timetabled training plan covering the first 4-6 weeks of a new starter’s on-the-job training.
Assignment of Authority and Responsibility

The control environment is greatly influenced by the extent to which individuals recognise that they will be held accountable for
their actions. This includes assignment of authority and responsibility for operating activities and establishment of reporting
relationships and authorisation protocols.
As an FCA-regulated Company, the FCA must approve certain senior management roles within Diligenta; the roles regulated
by the FCA are known as Controlled Functions. An individual who performs a controlled function is called a Senior Manager
Function holder (‘’SMF’’).
At Diligenta, the Senior Management Function(s) include the Chair of the Board, the Chief Executive and his Executive
Management Team, as well as others such as the Head of Compliance, Head of Anti-Financial Crime, Head of Risk and Head
of Internal Audit.
Conduct Rules apply to all employees in the Company, and the expectation is that they will help to shape the culture, standards,
and policies as a whole. They will promote positive behaviours that provide for better customer outcomes and represent a
meaningful change in the standards of conduct the FCA expect from all individuals working in the industry.
Diligenta Oversight of Outsourced Operations

A number of agreements are in place whereby operational processes have been outsourced to third party firms. These
agreements include, for example, the administration of a portfolio of group pension schemes, and the offshore administration
of some shared processing transactions.
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Diligenta Risk Management Framework

Risk is managed in Diligenta through a comprehensive Risk Management Framework, as shown in the diagram below. The
framework embraces Strategic, Operational, Financial, Customer and Compliance risk, monitoring and reporting on all risks
identified on a regular basis to the EMT, RACC, RMCC, BAC and the Board.
In managing its risks, the Company seeks to follow current regulatory requirements and guidance issued by the FCA and aligns
with best practice guidelines and relevant control frameworks.
All risk management activities and processes are subject to regular review by the Board.
Risk Strategy & Risk Appetite
Risk Assessment Cyle

Stress &
Residual Risk Scenario
Control
Risk Outside Testing
Effectiveness  
Assessment Appetite
Risk & Control
Identification,
Supported by


risk and control

based MI
Risk Response Action
(Accept / Avoid / Reduce / Transfer) Tracking
Repoting
Responsibility for setting risk appetite and risk management policy resides with the Board. The Board has delegated certain
risk matters to the RMCC which has a responsibility for oversight and monitoring management’s implementation of the risk
management framework within the Company.
This Company-wide risk management framework for the identification, assessment, measurement, and management of risk
covers the full spectrum of risks that the Company is exposed to, with risks categorised as operational, strategic, regulatory,
people, commercial or financial. Risks are entered in a register with each risk having a specified owner who is responsible for
overseeing the necessary mitigating actions to keep the risk within the approved risk appetite. The status of risks is regularly
assessed, at least once a quarter, to ensure that appropriate management actions are taken in the event that a key risk is
deemed out of appetite.
Management is required to certify the current status of risks and controls in their area through a quarterly -assessment process.
This provides assurance that appropriate management controls and procedures have been implemented for significant risks
and have operated within their area of responsibility for the period covered in line with agreed success criteria and tolerance
levels. Any significant deficiencies, or lapses, are detailed, along with actions proposed to rectify or otherwise deal with them.
Control failures which result in an incident or regulatory/legislative breach are recorded on Incident Databases and will be
appropriately reflected in control evaluations. Controls testing is performed across the three lines of defence, which inform the
risk assessments performed by management.
The quarterly review of the risk register is carried out by the Executive Management team, Risk and Compliance Committee
and the Board committees (RMCC and BAC).
Diligenta Policy Management Framework

Diligenta has in place a Policy Management Framework that aligns to the principal risks and looks to define a set of minimum
standards of control for each of these areas. Each policy has an Executive Owner who is required to maintain the policy,
including performing an annual review, and ensure the policy is complied with. The Board, via the RMCC and BAC, provides
oversight and approval for the framework and the individual.
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Risk Management in action

Diligenta aims to deliver consistently for its customers and to provide the platform for its clients to realise their strategic
objectives. Diligenta has grown rapidly since inception and aims to maintain that growth as it moves forward. As any organisation
in growth, there is a need to ensure the risk and control framework continues to support stable and optimal performance
whilst keeping pace with the development of its customer base. With its current size and scale, comes responsibilities to UK
consumers and Diligenta takes this seriously.
The framework and key risks are continually reviewed. In the past year, the Board focused on risks around customer service,
complaints management, technological developments, financial crime enhancements and people engagement. Looking
forward this is likely to be sustained, however focus is shifting onto digital and cyber risks, and consumer duty related matters.
Progress on operational resilience and ensuring business services align to impact tolerance continues to be another topic of
interest to the Board.
Each year, the Company undertakes a high volume of change activity, whether that be client driven customer migrations,
transformational activity of client operations or internal change activity to enhance regulatory / legislative change. The
risks associated with these change activities are managed within each individual programme and at a portfolio level. Strong
governance is in place and involves clients where it relates to their operations. A change committee and Line 1 change teams
support regulatory change. A committee operates at a portfolio level to monitor progress and support aggregated consideration
of risks.
The following are the principal risks that are currently registered and tracked. Given the nature of business, the risks that
most critical are customer and operational risks.
• Financial Risk, refer to section below for further details
• Strategic Risk, including Change, Reputational and ESG related risks
• Customer Risk and delivery of good customer outcomes
• Operational Risk, including IT, Cyber Security and Operational Resilience
• Compliance Risk
• People Risk
Key controls relied on to mitigate the risk areas include:
• Quarterly risk and control reporting
• Three lines of defence teams support risk management activities and performing control evaluations, including an Internal
Audit function
• Committee oversight, including RMCC, RACC, Executive Management Committees, Customer Committees and Change
Steering Groups
• Client engagement and contractual management arrangements
• Performance management monitoring at a client and organisational level
• Change management discipline
• Third party oversight and performance monitoring
• People and performance management activities, including succession planning and retention actions.
Regulatory and legislative risks are managed by ensuring that the Company’s corporate incident management process operates
effectively. Management information on corporate incidents and trends is monitored and openly reported. Committees oversee
regulatory and legislative change. Quality control frameworks, and other forms of output checking verify quality delivery. Root
cause analysis on incidents and complaints ensures we learn from events as they happen. The Company has regular and open
engagement with FCA at Board and Senior Management levels.
In addition to managing principal risks, the Company continues to monitor the external environment and emerging risks. Some
key areas associated with these threats include monitoring the impact of cost-of-living crisis and the on-going challenges faced
across the UK in relation to securing and retaining talent, the UK Cloud Services Market Investigation, proposed regulatory
changes for Financial Crime, the unforeseen market implications of New Consumer Duty and the impending UK election that
could lead to a change in government policy.
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Diligenta recognises the ever-evolving cyber threat landscape and is committed to continuously improving its cyber security
posture. In this regard, the company has been making investment in key ongoing projects designed to enhance its defences
and protect critical data and operations. These projects include:
• Enhanced Access Control
• Improved Cloud Agility
• Stronger Authentication with additional verification steps
• Secure Collaboration mechanisms
• Modernizing Infrastructure and updating any aging systems or infrastructure
Diligenta have a foundation of essential security controls in place to protect its data and systems such as documented security
policies, training and awareness programs, endpoint protection software, network segmentation, vulnerability management,
data backup and recovery.
Financial Risk Management

The Company is exposed to financial risk through its financial assets & liabilities and its contractual obligations to its clients.
The Company does not use hedging for any type of transactions. The exposure of the Company to credit risk is managed
through regular reviews of the level and age profiles of amounts outstanding.
The directors do not consider that the Company and its activities are subject to any other significant financial risks.
Regulatory Compliance
The Company operates in a highly regulated environment, its principal regulator being the Financial Conduct Authority (“FCA”).
Both the FCA and the Prudential Regulatory Authority (“PRA”) regulate the Company’s clients.
Both the Company and its clients have responsibility for regulatory compliance. Consequently, appropriate contractual
arrangements are in place to provide clarity of respective responsibilities and information about regulatory matters flowing
from the Company to its clients and vice-versa.
The Company operates a ‘three lines of defence’ governance model. The Compliance function provides 2nd line oversight of,
and guidance to, the business in respect of regulatory compliance, and carries out a programme of monitoring activities to
assess regulatory compliance in the 1st line. Compliance oversight also includes but is not limited: the timely implementation
of regulatory change; the operation of the Senior Managers & Certification Regime; the Training & Competence Scheme; the
timely fulfilment of all regulatory reporting requirements for the Company, as a regulated entity.
Compliance has regular and frequent dialogue with the Company’s Supervision Team at the FCA, encompassing the FCA’s
programme of proactive engagement with the Company. This is focussed on areas which include:
• The Company’s strategy and growth ambitions and the risks that growth plans bring to the business.
• Notifying FCA in a timely manner of any new client and the importance of ensuring sufficient operational and control
capacity before taking on any new proposition.
• The effectiveness of the Company’s Board. The Board completes its annual review. The most recent independent triennial
review of Board effectiveness was completed in Q3/Q4 2023.
• The Board’s composition and diversity.
• Capital adequacy stress testing and wind-down plans. Corporate Finance complete and submit monthly liquidity
questionnaires. An amount of money has been ring-fenced as part of an FCA requirement for a liquidity backstop. Controls
are in place to ensure that this is maintained.
• The programme of transformations (system migrations): risk management and decision making; how lessons learnt are
shared across the programme.
• The need to keep under review and assess whether the size and capabilities of the Audit, Risk and Compliance functions
are keeping pace with the rate of change and complexity of the business.
As part of FCA’s programme of proactive engagement, the Company is also required to submit a range of management
information. This includes Board level committee packs and minutes, risk committee packs and minutes, change committee
packs, internal and external audit reports. All management information submissions are up to date.
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Regular contact with the FCA on operational matters has continued. Regular meetings focus on providing the regulator
with assurance in the following areas:
• The administration and improvement of customer service, with an emphasis on good customer outcomes following system
migrations.
• Operational and IT resilience
• Cyber and information security
• Staff wellbeing
• Company Culture
• Diversity and Inclusion
The meetings are supported by management information reports, submitted in advance, covering the Company’s service
performance across client accounts. The compliance team tracks and closes any actions arising from these meetings.
Internal Audit provides third line independent assurance on the effectiveness of Diligenta’s first and second line of defence
arrangements for corporate governance, risk management and internal control.
Non-Financial and Sustainability Information Statement

Diligenta reporting strategy centres on addressing the needs of its stakeholders, complying with relevant regulations, and
incorporating assessments from sustainability rating and benchmarking providers. The report specifically emphasises
concepts that pertain to our most significant climate-related concerns.
The roadmap Diligenta adheres to follows five foundational elements to articulate how to mitigate risks and seize
opportunities:
• Strategy: Detailed commitment, ambition, and the scope of our Net Zero pledges.
• Methodology: A defined approach to identify, measure, and monitor climate-related aspirations concerning investments,
insurance, and operations.
• Action Plans: Clear outlines of measures required to achieve defined ambitions, fostering engagement with companies in
our investments, underwriting and supply chain.
• Operating Model: Clarifying roles and responsibilities, to ensure the effective execution of the Climate Roadmap and
climate cultural awareness throughout the organisation.
• Continual review on all aspects, objectives, targets and goals
Sustainability Governance
Diligenta has as far as possible ‘voluntarily’ incorporated the TCFD recommendations into its governance, facilitating a
transparent alignment between its disclosures and the recommended guidelines. A Board director is specifically tasked with
overseeing climate-related issues and opportunities, illustrating a direct and dedicated Board oversight. Diligenta set out the
frequency of Board updates on climate-related issues, the supervision of risk Management, and the escalation procedures
guiding significant and emerging risks, communicating throughout the business to the staff. Whilst some areas of Management
are delegated to specific entities, the Board maintains overarching oversight through internal reporting structures.
Diligenta have allocated climate-related risks to specific departments and business units to the following areas:
• Risk Assessment
• Integration into Strategy
• Governance and Oversight
• Operational Integration
• Supply Chain Management
• Infrastructure Resilience: Management
• Financial Management
• Engagement and Communication
• Continuous Monitoring and Improvement
The communication of these matters is undertaken on a monthly basis in line with senior management meetings and internal
compliance
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Sustainability Strategy
Diligenta overall risk management process involves several key steps to ensure thorough identification, assessment, and
management. The intention of our disclosure provides an understanding of how the company assesses the relative importance
of climate risks compared to other risks and how we prioritise and manage these risks.
The process incorporated the following areas;
Identification of Climate-Related Risks: The company shall have mechanisms in place to identify climate related risks that
could impact its operations, supply chain, or financial performance. This may involve conducting risk assessments, scenario
analyses, or utilising third-party data and expertise to identify potential risks such as extreme weather events, regulatory
changes, or shifts in consumer preferences.
Assessment of Relative Importance: The company shall assess the relative importance of climate risks compared to other
risks it faces. This assessment should consider the potential financial, operational, and reputational impacts of climate-
related risks, as well as their likelihood and severity.
Integration into Strategic Priorities: Climate-related risks are integrated into the company’s strategic planning processes
to ensure alignment with long-term goals and objectives. The disclosure should clarify how climate risks are considered in
strategic decision-making and how they inform the company’s business model and operations.
Identification of Principal Climate-Related Risks: The disclosure should identify the principal climate related risks facing
the company and their potential impacts on its business model. This may include risks related to physical impacts of climate
change, transition risks associated with shifts to a low-carbon economy, or liability risks arising from regulatory or legal action.
Rationale for Non-Principal Risks: If the company determines that climate-related factors do not give rise to any principal
risks, it should provide a rationale for this conclusion. This may involve explaining why certain risks are considered immaterial
or unlikely to have a significant impact on the company’s operations or financial performance.
Prioritisation and Management of Climate Risks: The business should explain how climate risks are prioritised and managed
within the company’s overall risk management framework. This may involve setting risk tolerances, implementing risk
mitigation measures, and monitoring and reporting on climate-related risks on an ongoing basis. Materiality considerations
should be taken into account when prioritising and managing climate risks, with a focus on those risks that are most likely to
have a significant impact on the company’s financial performance or reputation.
Overall, any disclosure will provide evidence of the integration of climate-related risks into the company’s overall risk
management process, demonstrating a proactive approach to identifying, assessing, and managing these risks in alignment
with strategic priorities and materiality considerations.
The Company have utilised the timeframes outlined in its corporate group strategy to evaluate climate-related matters. By
considering climate-related risks and opportunities, Diligenta has illustrated the impacts on corporate strategy and financial
planning. Risks, such as extreme weather, energy regulation, and pricing fluctuations, are meticulously outlined in terms of
their manifestation in the short or medium term. These time scales are defined as 1 to 5 years along with their implications
on valuations, revenue and costs. As the Company expands its disclosure to encompass more quantitative data, a broader
spectrum of strategic risks, it will have the tools for more in-depth analysis. Climate-related risks and opportunities for an
insurance business can have profound implications for its operations, financial performance and long-term sustainability.
These are key risks that are identified:
• Physical Risks
• Transition Risks
• Liability Risks
• Operational Risks
• Financial Risks
• Environmental risk
Where possible, Diligenta will quantify the financial impact by estimating potential costs associated with extreme weather
events, regulatory changes, or shifts in consumer preferences towards sustainable products.
Diligenta will adapt to and mitigate the impacts of climate change in both the short and long term. Strategy includes reducing
greenhouse gas emissions, transitioning to renewable energy sources, implementing water conservation measures in order to
be more resilient to climate-related disruptions.
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We prioritise climate-related risks and opportunities. This involves identifying which risks and opportunities are most significant
to the business taking into consideration factors such as potential financial impact, likelihood of occurrence, and alignment
with the organisation’s strategic objectives.
Impact Of Climate-Related Opportunities
1. Product Innovation and Market Leadership

Impact on Business: Developing innovative climate-related insurance products, positions the organisation as a market
leader and attracts environmentally conscious customers.
Strategic Response: Investing in research and development for new products that address climate risks, provides a
competitive edge and opens new market segments.
2. Sustainable Investing
Impact on Business: Integrating sustainable investing practices can enhance the organisation’s reputation, attract socially
responsible investors and contribute to long-term financial stability.
Strategic Response: Aligning investment strategies with sustainability goals, investing in green technologies and
supporting renewable energy; projects can create both financial and environmental benefits.
3. Data Analytics and Technology Integration

Impact on Business: Leveraging advanced analytics and technology for climate risk assessment, improves underwriting
accuracy, operational efficiency and overall business performance.
Strategic Response: Investing in technology infrastructure, data analytics tools and partnerships with technology firms,
to enhance the organisation’s analytical capabilities.
4. Diversification of Products and Services

Impact on Business: Diversifying the product and service portfolio to include climate-resilient offerings, can mitigate
risks associated with traditional insurance products.
Strategic Response: Developing a strategic roadmap for product diversification, considering emerging climate-related
needs and market demands.
Impact on Financial Planning
1. Risk-Adjusted Pricing
Impact on Financial Planning: Climate-related risks may require a reassessment of risk-adjusted pricing to accurately
reflect the potential impact of climate events on claims.
Strategic Response: Developing dynamic pricing models that consider climate risks, ensuring premiums align with the
organisation’s risk exposure.
2. Reserve Adequacy
Impact on Financial Planning: Increased frequency and severity of climate events, may require adjustments to reserve
adequacy to cover potential future claims.
Strategic Response: Regularly reviewing and stress-testing reserves to ensure they are adequate to withstand the impacts
of climate-related events.
3. Investment Strategy and Returns:

Impact on Financial Planning: Climate-related opportunities, if effectively integrated into the investment strategy, can
contribute to sustainable returns and long-term financial stability.
Strategic Response: Aligning investment decisions with climate opportunities, diversifying portfolios, and considering the
long-term financial implications of climate-related risks and opportunities.
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In summary, the impact of climate-related risks and opportunities on our business is multifaceted, affecting core operations,
strategic positioning and financial planning. Proactive and adaptive strategies are crucial for navigating, this complex landscape
and ensuring long-term resilience and sustainability.
The resilience of our strategy in the face of climate-related scenarios is crucial for long-term success and risk mitigation.
Through detailed analysis, Diligenta will improve its situation by positioning primary key elements in developing:
• Scenario Analysis
• Risk Assessment Framework
• Risk Assessment and Mitigation
• Innovation and Product Development
• Diversification of Investments
• Regulatory Compliance
• Integration of Climate Metrics in Performance Evaluation
• Stakeholder Engagement and Communication
• Continuous Learning and Adaptation
• Financial Impact Assessment
• Continuous Monitoring and Review
Climate considerations have become integral to strategic planning and financial decision-making due to the increasing
recognition of climate change risks and opportunities. Climate considerations inform the company’s strategy and financial
planning through scenario analysis.
Scenario Selection: select scenarios that reflect a range of potential climate-related outcomes. These scenarios may include:
Business as Usual (BAU): Assumes no significant changes in climate policies or behaviours, leading to continued high
emissions and climate impacts.
Transition to Low Carbon: Assumes rapid adoption of renewable energy sources, stringent emissions regulations, and
proactive climate mitigation efforts.
High Climate Impact: Assumes severe climate events such as extreme weather, sea-level rise, and disruptions to supply
chains due to climate-related disasters.
Correspondence to Financial Statements: Discussions of climate-related scenarios and their financial implications may be
reflected in various sections of a company’s financial statements and disclosures.
Diligenta will by following these steps enhance its ability to identify, assess and manage climate-related risks, contributing to
long-term resilience and sustainable operations.
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Sustainability Metrics and Targets

In previous years, Diligenta had detailed its Scope 1, 2, and 3 greenhouse gas (GHG) emissions in the Annual Report. Historically,
this has been to comply with Streamlined Energy and Carbon Reporting Regulations. The data displayed is produced to
meet those requirements. This is our first non-financial and sustainability Information Statement in adherence to the
UK Government’s Climate-related Financial Disclosures (CFD) regulations. The 2023 data encompassing, overall total Scope 1,
Scope 2 (location based), and Scope 3 (excluding client procured energy in the portfolio) which underwent independent third-
party limited assurance. Diligenta is undergoing a review of its data availability, with regards to electricity and gas information
and its responsibilities. Therefore, we predict a change to the amount of data we may include in the future once this review
has taken place.
Current Reporting Period 2023 Previous Reporting Period 2022

kWh Kg CO2 CO2 Intensity kWh Kg CO2 CO2 Intensity
emissions ratio (tonnes emissions ratio (tonnes
tonnes CO2e/per tonnes CO2e/per
full time full time
employee) employee)
Emissions from combustion of 1,524 274 0.274 0.0001 3,246 593 0.593 0.0001
gas (Scope 1 – tonnes of CO2e)
Total Scope 1 1,524 274 0.274 0.0001 3,246 593 0.593 0.0001
Emissions from electricity 313,308 64,878 64.88 0.0101 423,867 81,967 81.97 0.0155
purchased for own use,
including for the purposes of
transport (Scope 2 – tonnes of
CO2e)
Total Scope 2 313,308 64,878 64.88 0.0101 423,867 81,967 81.97 0.0155
Emissions from business 339,281 79,247 79.25 0.0123 219,620 51,605 51.6 0.0010
travel in rental cars or
employee-owned vehicles
where company is responsible
for purchasing the fuel (Scope
3 - tonnes of CO2e)
Total Scope 3 339,281 79,247 79.25 0.0123 219,620 51,605 51.6 0.0010
Total based on above 654,113 144,399 144.4 0.0225 646,733 134,165 134.163 0.0166
Total Intensity ratio (kgCO2e/ 22.45 25.50
per full time employee)
We acknowledge that our business is in a transition phase, where we intend to improve on the data we collect and the granularity
of that data which is available to us. We also intend to improve on our target setting as a whole by using a methodology of
measuring our performance against those targets.
Short Term Targets and Objectives 1-5 years Long Term Target and Objectives 5 years and beyond
Purchase electricity from 100% green suppliers 70% carbon reduction of our operations by 2025 and net zero
by 2030
Rollout existing ISO accreditation to all operational sites and Reduction of CO2 emissions across our supply chain and
commit to additional certification across the business from facilities operated by the group to zero
Continue to segregate recyclable waste products and recycle Review existing vendors and ensure that 100% of new vendors
100% of paper and packaging waste are screened on sustainability
Improve composting of waste food and garden waste across 3% year-on-year reduction in freshwater consumption across
sites, recycle 100% of plastic waste and eliminate non- sites where utilities are under Diligenta control
recyclable single use plastic
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Sustainability Risk Management

In 2024, we will be committing to the Science Based Targets Initiative SBTi. Beyond this commitment, we intend to improve our
own target setting and develop several areas, in line with the following areas. We have defined what the target may be as well
as the way, in which the target will be evaluated.
• Emission Reduction Targets
• Renewable Energy Targets
• Energy Efficiency Targets
• Climate-Related Financial Disclosure Targets
• Transparency, and alignment of financial disclosures with TCFD recommendations.
• Community Engagement and Climate Education Targets
• Biodiversity Conservation Targets
To measure our commitment, we will evaluate our own performance regularly by adopting 4 key measures of our progress.
Performance Assessment Process

• Regular Reporting
• Verification and Assurance
• Benchmarking
• Feedback and Continuous Improvement
We will collect feedback from all stakeholders, including shareholders and experts, to inform continuous improvement efforts
and refine strategies for managing climate-related risks and opportunities.
Section 172(1) Statement

The directors acknowledge their duty to promote the success of the Company for the benefit of its shareholders, employees,
clients, and regulator, as well as the wider community in which it operates.
Employee Engagement, attraction and retention of talent has remained a key focus with a refreshed suite of communication
channels being launched across the business and the introduction of Engagement leads being embedded in key areas across
the business. Overall, company attrition has stabilised, however the company still experienced challenges in both Voice and
Complaints.
During the year, several actions were taken to address these challenges, including the development of an internal programme
to support the development of internal staff into Complaints roles and a review of the end to end on-boarding of colleagues into
the Voice teams. Resourcing strategies during this year have remained flexible and an increase in support from the contractor
market has been necessary in some key roles.
Retention strategies have been deployed across key operational and business change areas in addition to market reviews for
salaries in the Contact Center and Complaints functions.
Key requirements are:
• The interests, well-being and psychological safety of the company’s employees
• The need to foster the company’s business relationships with suppliers, customers and others.
• The desirability of the company maintaining a reputation for high standards of business conduct
• The need to act fairly as between members of the Company
• The impact of the company’s operations on the community and the environment
• The likely consequences of any decision in the long term
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Employee Engagement and Wellbeing:

Employee engagement and wellbeing continue to be a key priority for the management team. Several employee wellbeing
initiatives are progressing with a focus on building resilience and ensuring our leadership teams have the right training and
development to support their people during challenging times.
Employee forums have been a fundamental part of the Company’s engagement where multiple topics are covered from Diversity
& Inclusion to Employee Wellbeing. People Connects with leadership have formed an important part of our engagement
ensuring all employees understand the Company strategy and their own purpose in supporting the delivery of this.
During the year the Company partnered with ‘Best Companies’ to deliver a holistic Employee Engagement Survey that will
enable the company to benchmark itself, gain detailed insights and further tailor its actions to meet the needs of their people.
The Company has complied with its obligation to produce a Gender Pay Gap report, which has been reviewed by directors to
identify any issues that require attention.
A diversity and inclusion council, made up of management and workforce, has continued to meet to ensure that the Company
represents a truly diverse and inclusive culture, that opportunities are provided for all employees and that the Company strives
to be a workplace that is understanding and welcoming of its diverse population with inclusion for all evident at the heart
of its operations and culture. Feedback and ideas have been sought from the workforce on suggestions for ways to improve
processes and operations and many of the inputs have been implemented with positive results.
The Company has continued to expand its Apprenticeship and graduate programme across a wider section of corporate
functions to enable it to develop and grow skills for the future. The Company continues to participate in the Government’s
apprenticeship levy scheme.
The directors have reviewed the financial position of the Company’s defined benefits pension scheme and have continued to
make the contributions, to ensure that the scheme’s funding position remains strong.
The Company operates an annual charity partnership, raising funds through employee events which are fully supported by the
Company.
Business Relationships with Customers, Suppliers and Others:

The Company’s business relationships with its clients and suppliers are maintained with high standards. Engagement with
clients is frequent, at all levels of the Company’s hierarchy, to ensure a full understanding of the Company’s clients’ needs and
to foster good client relations and governance. On behalf of the Company’s clients, the directors have supported the Company
to develop and implement digitisation initiatives to enhance delivery to the client’s customers, online access to their financial
arrangements and products in order to enhance the customer’s access to important information.
The Company promotes the culture of good customer outcomes whilst working with clients, suppliers and others. Directors
receive and consider information and data, from external agencies, around the client’s customer’s satisfaction with the services
provided by the Company to ensure that high standards are both maintained and improved.
On behalf of the Company’s clients, the directors have supported the Company to develop and implement a new digital operating
model, for delivery to its client’s customers, in order to provide online access to their financial arrangements and products and
to enhance the customer’s access to important information.
The directors, through the executive management team, have engaged with clients to identify ways to improve their businesses,
with the result that existing clients have entrusted the Company with significant new business opportunities, in particular the
agreement reached to take on the administration of an open-book pensions portfolio which will see the Company progress into
new lines of business in line with the Company’s long-term strategy.
The directors receive and consider information and data, from external agencies, around its client’s customer satisfaction with
the services provided by the Company to ensure that standards are both maintained and improved.
The directors ensure that the Company’s relationship with its regulator, the Financial Conduct Authority, is maintained and
enhanced through regular interaction on all aspects of the Company’s business. In this year, the Company has continued to
participate fully in the regulator’s evaluation of the Company’s business which has seen several initiatives being implemented.
The directors have considered all findings and have implemented such changes as were identified as being required.
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High Standards of Business Conduct:

Culture: The Company recognises culture as the main driver of its conduct. Directors are leading a culture which puts good
customer outcomes at the heart of the business. ‘The Diligenta Way’ sets out the Company’s practices and values and the 10
key principles that guide how employees work. It promotes the appropriate culture and behaviours in support of good customer
outcomes.
SM&CR: The Company continues to make good progress on the Senior Managers & Certification Regime (SM&CR). This has
set out Conduct Rules that apply to employees who must receive annual training on how the rules apply to their roles. These
Conduct Rules set basic standards of good personal conduct.
Regulator: The directors ensure that the Company’s relationship with its regulator, the Financial Conduct Authority (FCA), is
maintained and enhanced through regular and proactive interaction on all aspects of the Company’s business. In this year, the
Company has continued to participate fully in the regulator’s evaluation of the Company’s business which has seen a number
of initiatives being implemented.
Suppliers: Full adherence of conflict-of-interest policy is in place at all management levels. The Company reviews and assesses
its payment practices regarding suppliers’ invoices and these are biannually reported on the Gov.UK website. The Company has
clear processes in place, which the directors monitor, to ensure settlement of the Company’s liabilities are made promptly in
line with agreed timescales. The directors review and approve the Company’s Procurement and Supplier Management policy.
The need to act fairly as between members of the Company (i.e., TCS): The Company recognises the need to meet the dividend
expectations of its sole shareholder, Tata Consultancy Services Limited (TCS). TCS is regularly informed about performance,
developments, and the various initiatives within the Company.
The impact on the community and the environment: The Company prioritised ‘environmental sustainability’ initiatives on
account of the rapid acceleration in climate change and environmental degradation across the globe. The Company also
provides priority to compliance with modern day slavery and health & safety requirements of employees.
The Company operates an annual charity partnership, raising funds through employee events and has introduced paid
volunteering opportunities for all its employees’. The Company has continued to operate an apprenticeship engagement
programme and has developed strong relationship with Colleges, University and local governments and enterprises.
Decisions in the long term: The Company is operating with five-year plans and an annual operating plan (AOP) which
demonstrates its strategic planning. Various aspects are considered while making strategic decisions and these are: growth,
investment returns, locations, sustainability, impact on the community, etc.
The directors receive feedback from the Company’s executive management team, to assess the progress of various long term
initiatives seeking views and inputs. Regular information is shared with the directors to enable appropriate decisions and
actions to be taken quickly where trends are identified.
The directors, along with the executive management team, have engaged with clients to identify ways to improve their
businesses, with the result that existing clients have entrusted the Company with significant new business opportunities, in
particular to take on the administration of an open-book pensions portfolio which will see the Company progress into new lines
of business in line with the Company’s long-term strategy.
Approved by the Board and signed on its behalf by:
Daniel Praveen
Lynch Wood
Peterborough
Cambridgeshire
PE2 6FY
5 April 2024
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DIRECTORS’ REPORT
The directors have pleasure in presenting their annual report of the Company, together with the financial statements and
auditor’s report for the year ended 31 December 2023. The monetary amounts are reported in GBP (£) and are rounded to the
nearest thousand.
Details of the results for the year ended 31 December 2023 and the comparative year are set out in the financial statements
and the related notes.
The Board of Directors approved the financial statements on 19 March 2024 and authorised the CEO to sign on its behalf on
completion of final review and changes agreed with the auditors.
Principal Activities
The principal activity of the Company is the provision of a range of life and pension administration services to the UK Financial
Services sector.
Dividends
£12.0 million dividend payment is recommended for the year ended 31 December 2023 (2022: £Nil).
Directors
The directors, who served through the year, were as follows:
• N G Subramaniam
• Daniel Praveen
• Michael Arthur
• Susan McInnes
• S Sankaranarayanan (appointed on 20 September 2023)
• Robert Reid (resigned on 23 June 2023)
• Suresh Muthuswami (resigned on 13 September 2023)
Directors’ Indemnities
The Company’s parent undertaking Tata Consultancy Services Limited, has made qualifying third-party indemnity provisions
for the benefit of all directors which were made during the period and remain in force at the date of this report.
Employees
The Company has an established practice of keeping its employees informed of matters affecting them and the financial
and economic factors affecting the performance of the Company. This is achieved through comprehensive engagement and
consultative communication, involving regular meetings between management and employees and the sharing of information
both formally, through face-to-face communications with the Executive and Leaderships and more informally through team
communications and employee portals.
The Company operates a ‘zero tolerance’ approach towards acts of bribery and corruption. The Company will not engage in
any form of bribery or corrupt behaviour and will take firm and vigorous action against any individual who does not comply
with this policy. This may involve disciplinary action being taken, which the Company will normally treat as gross misconduct,
which may lead to dismissal, and legal action where appropriate. This action would be taken irrespective of whether criminal
proceedings are pursued by the authorities.
It is the policy of the Company that training, career development and promotion opportunities are available to all employees.
The Company is committed to providing equal opportunities to all employees irrespective of their sex, age, sexual orientation,
marital status, religion, race, or disability. It is the Company’s policy to give positive consideration to disabled persons with
respect to applications for employment, training, career development and promotion, having regard to each individual’s
particular aptitudes and abilities.
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Employee Engagement
The Company operates different employee engagement initiatives, including interactions with various bespoke employee/
management forums, internal consultative forums, trade union bodies and regulatory committee representatives, on an
on-going basis that recognises and respects each other’s separate and shared aims in the context of building a successful
business. The Company recognises Unite the Union as the negotiating body for all its employees within the Bargaining Unit in
various forms, each locational site having different recognition agreements from an information and consultation perspective
applicability. In addition, the company has taken on this year as part of a TUPE, its own Consultative Forum.
In summary, the Company and the employee representatives always seek to work together in a spirit of co-operation, wherever
possible. This is achieved by timely and transparent communication, consulting, and sharing of information, as well as listening
and recognising the joint interests all parties have in making the Company a successful company and place to work.
All employee representatives recognise they are likely to become privy to confidential information and all employee
representatives have agreed to maintain the confidentiality of any information provided to them until they are advised that this
information can be disclosed to any third parties, including other union members, members of staff or management.
Engagement with Customers, Suppliers, and Others in a Business Relationship with the Company
The directors have had regard to the need to foster the Company’s business relationships with suppliers, clients, and others.
Please refer to the detailed discussion under the Section 172(1) Statement, within the Strategic Report, on pages 18 to 20.
Creditor Payment Policy
It is the Company’s policy that payments to suppliers are made in accordance with those terms and conditions agreed between
the Company and its suppliers, provided that all trading terms and conditions have been complied with. The Company publishes
its Payments Practices Report biannually on the Gov.UK website.
Reporting in Accordance with The Wates Corporate Governance Principles for Large Private Companies (The “Wates
Principles”)
The Company has applied the Wates Principles guidance in its entirety in the financial year ended 31 December 2023 and the
report is set out below.
Purpose and Leadership
The directors ensure that the Company operates with a clear sense of purpose and collective vision by the continued publication
of the Company’s values to all stakeholders and through statements and communications issued by the Chief Executive
Officer (CEO) and his Executive Management Team. The directors have continued to hold dialogue face to face and written
with the workforce and wider stakeholders, through trade union information and consultation, management forums and the
participation of the workforce in voluntary bespoke confidential surveys. The directors, through the CEO, have provided updates
and corporate messages to the workforce via the Company’s intranet, through town hall sessions and through regular cascade
messages to the workforce through the management team.
The Company’s purpose and values have been shared and explained to the different functions and operations of the business
using multiple communication channels. The objective setting process forms the backbone of setting and adherence to the
Company’s core values, and these have continued to be reinforced via the intranet as well as through publicity material visible
throughout the Company’s sites. The Company has continued to monitor culture by conducting employee surveys, engagement
with trade unions, reviewing absenteeism rates, conducting exit interviews and undertaking Board feedback sessions. The
directors have led on the establishment of transparent whistleblowing policies in relation to raising concerns about misconduct
and unethical practices and put in place effective review processes.
Board Composition
The directors, collectively, have continued to demonstrate an excellent understanding of the Company’s business needs and
stakeholder interests. The Company’s Board is constituted of individuals with a wide range of industry and subject expertise.
The chairman promotes open debate and facilitates constructive discussion. This enables the Board to be an open forum for
discussion where varied views are tabled, and challenge is issued to the executive team on various matters. The chairman
ensures that all directors have appropriate information, and that sufficient time is made available for meaningful discussion.
Detailed inputs are provided five working days before the Board meets and meetings take place quarterly with sufficient time
being allowed for discussion of issues to be covered. The Company has a commitment to the ongoing professional development
of its directors who embrace such opportunities and ensure that they have sufficient time to discharge their duties.
The Company’s policy on diversity and inclusion is underpinned throughout all the Company’s corporate policies in both spirit
and practice, inclusive of a bespoke diversity and inclusion council which drives this agenda forward.
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Directors’ Responsibilities
The directors have established and maintained corporate governance practices that provide clear lines of responsibility for
individual directors, including the non-executive directors, to support effective decision-making. The Company has a full suite
of policies that it reviews regularly against a number of criteria, including regulation, best practice and alignment to client
policies, which govern its internal affairs. Policies have formally assigned owners who are responsible to the Board. The
directors have established formal and robust internal processes to ensure systems and controls are operating effectively, and
that the quality and integrity of information provided to it is reliable.
The directors have agreed and set out how conflicts of interest should be identified and managed within the Company, through
a conflicts of interest policy which is tested across the whole workforce every year.
Opportunity and Risk
The directors have continued to consider and assess how the Company creates and preserves value over the long-term. The
Company has processes for the identification of future opportunities for innovation and entrepreneurship by operating in a
variety of ways to ensure it remains innovative, including via market learning, in forums with its clients and by way of benefitting
from the very extensive knowledge-based innovation of its parent company, Tata Consultancy Services Limited.
The directors have oversight of risk, how it is managed and appropriate accountability to stakeholders. There are clear areas of
responsibility for individual directors, including for the non-executive directors, and all have identified areas of oversight over
the key stakeholders and managers of the business. The directors have established formal internal processes to assess the
effectiveness of systems and controls, that action is taken where weaknesses are identified, and that the quality and integrity
of information provided to them is reliable.
Remuneration
Remuneration for directors and senior managers is aligned with performance, behaviours, and the achievement of Company
purpose, values, and strategy. The Company utilises specialist external agencies to provide pay comparability methodologies
to assist with determining remuneration throughout the Company. The Company uses a formal remuneration committee to
address and govern all changes to employees’ remuneration.
In setting director and senior manager remuneration, consideration has been given to remuneration throughout the organisation
to reinforce a sense of shared purpose. The directors have established clear policies on remuneration structures and practices
which enable effective accountability to shareholders, taking account of the broader operating context, including the pay and
conditions of the wider workforce and the Company’s response to such matters as gender pay gap and the living wage.
Stakeholder Relationships and Engagement
The Company considers how its activities may impact both current and future stakeholders, including how these could
impact on the environment in everything it does. This is carried out by consideration being given to the proposed activities at
management and Board meetings before any initiative is implemented. Once implemented, the Company reviews and amends,
as required, the Company’s policies and seeks periodic inputs via workforce surveys; formal governance and feedback surveys
with clients; end customer satisfaction results and analysis; regular meetings and audits with regulators.
The Company presents to stakeholders a fair, balanced, and understandable assessment of the Company’s position and
prospects and makes this available through intranet communications and messages from executive management and, results
of workforce surveys.
The directors ensure that there is a range of formal and informal channels in place to receive appropriate feedback from
discussions with stakeholders. Workforce policies and practices are aligned with the Company’s purpose and values.
Financial Instruments
The company uses financial instruments to manage certain types of risks, including those relating to credit, foreign currency
exchange, cash flow, liquidity and interest rates. Details of the objectives and management of these instruments are contained
in note 7 to the financial statements.
Donations
The Company made £2,143 donations to charitable organisations in the year (2022: £36,337).
Political Contributions
The Company made no political donations and incurred no political expenditure during the year (2022: £Nil).
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Disclosure of Information to Auditors

The directors who held office at the date of approval of this director’s report confirm that, so far as they are each aware, there
is no relevant audit information of which the Company’s auditors are unaware; and each Director has taken all the steps that
they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the
Company’s auditors are aware of that information.
Other Information
Review of Business and future developments are included in the Strategic Report on page 16.3 to 16.5.
Auditors
Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and KPMG LLP will therefore
continue in office.
Going Concern
After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in
operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the
annual report and financial statements.
Approved by the Board and signed on its behalf by:
Daniel Praveen
Lynch Wood
Peterborough
Cambridgeshire
PE2 6FY
5 April 2024
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Statement of Directors’ Responsibilities in Respect of the Annual Report and the Financial Statements
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law
and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected
to prepare the financial statements in accordance with UK-adopted international accounting standards and applicable law.
Under company law the directors must not approve the financial statements unless they are satisfied that they give a true
and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these
financial statements, the directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable, relevant and reliable;
• state whether they have been prepared in accordance with UK-adopted international accounting standards;
• assess the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern;
and
• use the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations or
have no realistic alternative but to do so.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s
transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to
ensure that the financial statements comply with the Companies Act 2006.
They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements
that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps
as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF DILIGENTA LIMITED
Opinion
We have audited the financial statements of Diligenta Limited (“the Company”) for the year ended 31 December 2023 which
comprise the Statement of Profit or Loss and other Comprehensive Income, Statement of Financial Position, Statement of
changes in Equity, Statement of Cash Flows, and related notes, including the accounting policies in the respective notes.
In our opinion the financial statements:
• give a true and fair view of the state of the Company’s affairs as of 31 December 2023 and of its profit for the year then
ended.
• have been properly prepared in accordance with UK-adopted international accounting standards; and
• have been prepared in accordance with the requirements of the Companies Act 2006.
Basis For Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our
responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the Company
in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have
obtained is a sufficient and appropriate basis for our opinion.
Going Concern
The directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the Company
or to cease its operations, and as they have concluded that the Company’s financial position means that this is realistic. They
have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue
as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).
In our evaluation of the directors’ conclusions, we considered the inherent risks to the Company’s business model and analysed
how those risks might affect the Company’s financial resources or ability to continue operations over the going concern period.
Our conclusions based on this work:
• we consider that the directors’ use of the going concern basis of accounting in the preparation of the financial statements
is appropriate.
• we have not identified and concur with the directors’ assessment that there is not, a material uncertainty related to events
or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going
concern for the going concern period.
However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are
inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that
the Company will continue in operation.
Fraud and breaches of laws and regulations – ability to detect.
Identifying and responding to risks of material misstatement due to fraud
To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an
incentive or pressure to commit fraud or provide an opportunity to commit fraud.
Our risk assessment procedures included:
• Enquiring of directors, the audit committee, internal audit and inspection of policy documentation as to the Company’s
high-level policies and procedures to prevent and detect fraud, including the internal audit function, and the Company’s
channel for “whistleblowing”, as well as whether they have knowledge of any actual, suspected or alleged fraud.
• Reading Board and audit committee minutes.
• Considering remuneration incentive schemes and performance targets for management, directors and sales staff.
We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout
the audit.
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As required by auditing standards and taking into account possible pressures to meet profit targets, we perform procedures
to address the risk of management override of controls and the risk of fraudulent revenue recognition, in particular:
• the risk that management may be in a position to make inappropriate accounting entries; and
• the risk of bias in accounting estimates such as percentage of completion for revenue recognition.
We did not identify any additional fraud risks.
In determining the audit procedures, we took into account the results of our evaluation and testing of the operating effectiveness
of some of the Company-wide fraud risk management controls.
We also performed procedures including:
• Identifying journal entries and other adjustments to test for all full scope components based on risk criteria and comparing
the identified entries to supporting documentation. These included journal entries containing key words, those posted
by individuals who are not authorized to post journal entries, those entries containing unusual pairings, and posting of
backdated journal entries.
• Assessing whether the judgements made in making accounting estimates are indicative of a potential bias.
Identifying and responding to risks of material misstatement related to compliance with laws and regulations.
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial
statements from our general commercial and sector experience, through discussion with the directors and other management
(as required by auditing standards), and from inspection of the Company’s regulatory and legal correspondence and discussed
with the directors and other management the policies and procedures regarding compliance with laws and regulations.
As the Company is regulated, our assessment of risks involved gaining an understanding of the control environment including
the entity’s procedures for complying with regulatory requirements.
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance
throughout the audit.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting
legislation (including related companies’ legislation), distributable profits legislation, taxation legislation, and we assessed
the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a
material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation
or the loss of Company’s license to operate. We identified the following areas as those most likely to have such an effect:
health and safety, data protection laws, anti-bribery, employment law, and the Financial Conduct Authority (FCA) regulation of
permitted activities and the related capital requirements due to the Company’s activities. Auditing standards limit the required
audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management
and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed
to us or evident from relevant correspondence, an audit will not detect that breach.
Context of the Ability of the Audit to Detect Fraud or Breaches of Law or Regulation
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material
misstatements in the financial statements, even though we have properly planned and performed our audit in accordance
with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events
and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing
standards would identify it.
In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect
material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-
compliance with all laws and regulations.
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Strategic Report and Directors’ Report

The directors are responsible for the strategic report and the directors’ report. Our opinion on the financial statements does
not cover those reports and we do not express an audit opinion thereon.
Our responsibility is to read the strategic report and the directors’ report and, in doing so, consider whether, based on our
financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements
or our audit knowledge. Based solely on that work:
• We have not identified material misstatements in the strategic report and the directors’ report.
• in our opinion the information given in those reports for the financial year is consistent with the financial statements; and
• in our opinion those reports have been prepared in accordance with the Companies Act 2006.
Matters on Which We are Required to Report by Exception

Under the Companies Act 2006, we are required to report to you if, in our opinion:
• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches
not visited by us; or
• the financial statements are not in agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
We have nothing to report in these respects.
Directors’ Responsibilities
As explained more fully in their statement set out on page 16.23, the directors are responsible for: the preparation of the
financial statements and for being satisfied that they give a true and fair view; such internal control as they determine is
necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud
or error; assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern; and using the going concern basis of accounting unless they either intend to liquidate the Company or to cease
operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities
misstatement, whether due to fraud or error, and to issue our opinion in an auditor’s report. Reasonable assurance is a high
level of assurance but does not guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial
statements.
A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities.
The Purpose of our Audit Work and to Whom We Owe Our Responsibilities
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act
2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required
to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the Company and the Company’s members, as a body, for our audit work, for this
report, or for the opinions we have formed.
Lynton Richmond (Senior Statutory Auditor)

for and on behalf of KPMG LLP, Statutory Auditor
15 Canada Square
Canary Wharf
London
E14 5GL
8 April 2024
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STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2023

(£’000)
Note As at As at
ASSETS
Non-current assets
Property, plant, and equipment 9(a) 5,341 8,537
Intangible assets 9(b) 1,774 2,961
Other financial assets 7(d) 20,000 18,200
Other assets 9(c) 7,215 5,521
Contract assets 9(c) 17,596 12,360
Current Assets
Cash and cash equivalent 7(a) 360 18,301
Investments 7(b) 61,500 16,000
Trade receivables 7(c) 37,780 40,187
Accrued revenue 26,913 22,449
Other financial assets 7(d) 790 15,360
Other assets 9(c) 14,289 10,490
Contract assets 9(c) 36,597 48,481
Income tax assets 1,513 153
TOTAL ASSETS 243,613 230,623
Liabilities
Current liabilities
Trade payables 7(f) 46,812 79,868
Lease liabilities 7(f) 3,464 3,056
Other financial liabilities 7(e) 1,479 4,671
Unearned and deferred revenue 27,388 800
Employee benefit obligations 13(a) 1,896 1,575
Other liabilities 9(d) 8,639 7,632
Lease liabilities 7(f) 5,348 4,794
TOTAL LIABILITIES 95,026 102,396
Equity
Share capital 7(i) 1,000 1,000
Share premium 25,000 25,000
Retained earnings 80,587 60,227
Other reserve 7(i) 42,000 42,000
TOTAL EQUITY 148,587 128,227
TOTAL LIABILITIES AND EQUITY 243,613 230,623
The financial statements were approved by the Board of Directors and authorised for issue on19 March 2024.
They were signed on its behalf by:
Daniel Praveen
Company registration number: 05535029
5 April 2024
Notes 1 to 18 form part of the financial statements.
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STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2023
(£’000)

Revenue from operations 10 522,450 390,743
Operating expenses:
Employee benefit expenses 13 (244,358) (185,296)
Depreciation and amortisation expense 9(a),9(b) (5,875) (7,866)
Right of use assets depreciation 8 (3,362) (4,238)
Other operating expenses 11 (243,912) (192,404)
Total operating expenses (497,507) (389,804)
Operating profit 24,943 939
Other income / (expense):
Finance and other income 2,675 741
Interest on lease liabilities (507) (241)
Other gains/loss (net) (57) (58)
Total other income / (expense) 2,111 442
PROFIT BEFORE TAX 27,054 1,381
Tax expense 12 (6,030) (219)
PROFIT FOR THE YEAR 21,024 1,162
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined employee benefit plans (886) (5,088)
Deferred tax on remeasurement of defined employee benefit
Plans 222 1,272
TOTAL OTHER COMPREHENSIVE (LOSSES) / INCOME, NET OF (664) (3,816)
TAXES
TOTAL COMPREHENSIVE (LOSSES) / INCOME FOR THE YEAR 20,360 (2,654)
Notes 1 to 18 form part of the financial statements
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STATEMENT OF CHANGES IN EQUITY

(£’000)
Share capital Share premium Other reserve Retained Total equity

earnings
Balance at 1 January 2022 1,000 25,000 42,000 62,881 130,881
Profit for the year - - - 1,162 1,162
Other comprehensive income - - - (3,816) (3,816)
Total comprehensive income - - - (2,654) (2,654)
Balance at 31 December 2022 1,000 25,000 42,000 60,227 128,227
Balance at 1 January 2023 1,000 25,000 42,000 60,227 128,227
Profit for the year - - - 21,024 21,024
Other comprehensive income - - - (664) (664)
Total comprehensive income - - - 20,360 20,360
Balance at 31 December 2023 1,000 25,000 42,000 80,587 148,587
Other reserve of £42,000,000 (2022: £42,000,000) relates to a capital redemption reserve following the redemption of preference
shares in previous years. This is a non–distributable reserve.
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STATEMENT OF CASH FLOWS

(£’000)

Tax expense 12 6,030 219
Finance costs 8, 9(a) ,9(b) 507 241
Dividend income (1,783) (630)
Loss on modification of lease - (12)
Net change in:
Trade receivables 2,407 (5,888)
Accrued revenue (4,464) (3,005)
Other assets 265 28,758
Trade payables (33,056) (3,568)
Unearned and deferred revenue 26,588 200
Other financial liabilities (3,192) (1,597)
Other liabilities and provisions 1,328 1,669
Taxes paid (net of refunds) (6,345) -
Net cash generated from operating activities 16,316 14,501
Purchase of investments (305,600) (170,000)
Payment for purchase of property, plant and equipment 9(a) (1,492) (3,660)
Proceeds from disposal / redemption of investments 275,100 181,000
Dividend received 1,783 630
Net cash (used in) / generated from investing activities (30,209) 7,970
Interest paid (507) (173)
Net change in cash and cash equivalents (17,941) 17,729
Cash and cash equivalents at the beginning of the year 18,301 572
Cash and cash equivalents at the end of the year 360 18,301
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NOTES TO THE FINANCIAL STATEMENTS

1. General information
The Company is incorporated in the United Kingdom under the Companies Act. The address of the registered office is
Lynch Wood, Peterborough, Cambridgeshire PE2 6FY and Company registration number is 05535029. The nature of the
Company’s operations and its principal activities are set out in the strategic and directors’ reports.
2. STATEMENT OF COMPLIANCE
The Company financial statements have been prepared and approved by the directors in accordance with UK-adopted
international accounting standards (“UK-adopted IFRS”).
3. A BASIS OF PREPARATION
These financial statements have been prepared on the historical cost basis except for certain financial instruments which
are measured at fair value at the end of each reporting period. Historical cost is generally based on the fair value of the
consideration given in exchange for goods and services. Fair value is the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between market participants at the measurement date. All assets and
liabilities have been classified as current and non-current as per the Company’s normal operating cycle. Based on the
nature of services rendered to customers and time elapsed between deployment of resources and the realisation in cash
12 months.
The statement of cash flows has been prepared under the indirect method, whereby profit or loss is adjusted for the effects
of transactions of a non-cash nature, any deferrals, or accruals of past or future operating cash receipts or payments
and interest and dividend received as cash flows from operating activities. The cash flows from operating, investing, and
The functional and reporting currency of the company is GBP (£). Foreign currency transactions are recorded at exchange
retranslated at the exchange rate prevailing on the dates of statement of financial position and exchange gains and losses
arising on settlement and restatement are recognised in profit or loss. Non-monetary assets and liabilities that are
The material accounting policy information used in preparation of the financial statements have been discussed in the
respective notes.
3.B GOING CONCERN

The directors have reviewed the budget and cash flow forecasts of the Company, taking account of reasonably possible
downsides, for a period of not less than 12 months from the date of approval of these financial statements which indicate
that the Company will have sufficient funds, through its operating cash flows and liquid investments to meet its liabilities
as they fall due for that period.
Consequently, the directors are confident that the Company will have sufficient funds to continue to meet its liabilities as
they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the
financial statements on a going concern basis.
4. USE OF ESTIMATES AND JUDGEMENTS

The preparation of financial statements in conformity with the recognition and measurement principles of International
Financial Reporting Standards (IFRS) requires management to make estimates and judgements that affect the reported
balances of assets and liabilities, disclosures of contingent liabilities at the date of the financial statements and the
reported amounts of income and expenses for the periods presented.
in the period in which the estimates are revised, and future periods are affected.
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Revenue for fixed-price contracts is recognised using the percentage-of-completion method. The Company uses
b. Useful Lives of Property, Plant and Equipment
The Company reviews the useful life of property, plant and equipment at the end of each reporting period.
This reassessment may result in change in depreciation expense in future periods.
c. Fair Value Measurement of Financial Instruments
include consideration of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these
d. Provision for Income Tax and Deferred Tax Assets
e. Provisions and Contingent Liabilities
The Company estimates the provisions that have present obligations as a result of past events, and it is probable
The Company uses significant judgements to disclose contingent liabilities. Contingent liabilities are recognised
when there is a possible obligation arising from past events, the existence of which will be confirmed only by the
occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company
or a present obligation that arises from past events where it is either not probable that an outflow of resources will be
required to settle the obligation, or a reliable estimate of the amount cannot be made. Contingent assets are neither
recognised nor disclosed in the financial statements.
f. Employee Benefits
The accounting of employee benefit plans in the nature of defined benefit, explained under employee benefits note,
requires the Company to use assumptions. These assumptions have been explained under the employee benefits
note.
g. Leases
of a lease requires significant judgement. The Company uses significant judgement in assessing the lease term
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5. NATURE AND PURPOSE OF RESERVES
a. Retained Earnings
position.
b. Share Premium
c. Other Reserve
Other reserve relates to a capital redemption reserve following the redemption of preference shares in previous
years. This is a non-distributable reserve.
6. RECENT ACCOUNTING STANDARDS

The Company has not applied the following new and revised IFRSs that have been issued but are not yet effective:
1
2
IFRS 16 - Lease Liability in a Sale and Leaseback
IFRS 15 to be accounted for as a sale. The Company does not expect this amendment to have any significant impact on its
IAS 1 – Non-Current Liabilities with Covenants
IAS 7 AND IFRS 7 – Supplier Finance Arrangements
In May 2023, the IASB issued ‘Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)’ which requires an
or instruments used by the entity to settle their dues are not supplier finance arrangements. Entity will have to disclose
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faithfully reflect the economic conditions prevailing. The Group does not expect this amendment to have any significant
impact on its financial statements.
7. FINANCIAL ASSETS, FINANCIAL LIABILITIES AND EQUITY INSTRUMENTS

The Company de-recognises a financial asset only when the contractual rights to the cash flow from the asset expire,
or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another
entity. The Company de-recognises financial liabilities when, and only when, the Company’s obligations are discharged,
cancelled, or have expired.
Cash and Cash Equivalents
The Company holds money ring-fenced in a deposit account as part of FCA requirement. The same is reported under
Other non-current financial assets as “Restricted cash”.
Financial Assets at Amortised Cost
outstanding.
Financial Assets at Fair Value Through Other Comprehensive Income
Financial Assets at Fair Value Through Profit or Loss
profit or loss.
The Company has deposits into Mutual Funds which are classified as financial assets measured through profit or loss. The
Mutual Funds have a standard value of per unit which is the reference for any gains or losses on the holding. There has
been no gain or loss on the holding of Mutual Funds.
Financial Liabilities
Equity Instruments
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Impairment of Financial Assets (Other than at Fair Value)
transaction. In determining the allowances for doubtful trade receivables, the Company has used a practical expedient
loss allowance is based on the ageing of the receivables that are due and allowance rates used in the provision matrix.
For all other financial assets, expected credit losses are measured at an amount equal to the 12-month expected credit
losses or at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased
significantly since initial recognition.
a. Cash and Cash Equivalents
Cash and cash equivalents are held in a banking institution with a credit rating of AA- (Standard & Poor’s) and
consist of the following
(£’000)
As at As at
Cash in hand and at banks 360 18,301
Total 360 18,301
b. Investments
Investments - Current
(£’000)
Investments carried at fair value through profit or loss As at As at
Mutual fund units 61,500 16,000
Total 61,500 16,000
Mutual fund balances are deposits in a fund with daily liquidity, where the aim is to provide investors with security
of capital together with an investment return which is comparable to normal Sterling-denominated money market
interest rates.
c. Trade Receivables
Trade receivables consist of the following:
(£’000)
Current As at As at
Trade receivables 37,780 40,187
Less: Allowance for doubtful trade receivables - -
Total 37,780 40,187
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d. Other Financial Assets
(£’000)
Other financial assets – Current As at As at
Advance against Investments - 15,000
Employee loans and advances 311 194
Security deposits 115 1
Interest receivable 364 165
Total 790 15,360
(£’000)
Other financial assets - non-current As at As at
Restricted cash with Bank ** 20,000 18,200
Total 20,000 18,200
** Money ring-fenced as part of FCA requirement is held in a deposit account and is not available for working capital
requirements.
e. Other Financial Liabilities
(£’000)
Other financial liabilities – Current As at As at
Total 1,479 4,671
F. FINANCIAL INSTRUMENTS BY CATEGORY

The carrying value of financial instruments by categories as at 31 December 2023 is as follows:
(£’000)
Fair value through Amortized cost Total carrying
profit or loss value
Financial assets
Cash and cash equivalents - 360 360
Trade receivables - 37,780 37,780
Accrued revenue - 26,913 26,913
Investments 61,500 - 61,500
Other financial assets - 20,790 20,790
Total 61,500 85,843 147,343
Trade payables - 46,812 46,812
Lease liability - 8,812 8,812
Other financial liabilities - 1,479 1,479
Total - 57,103 57,103
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The carrying value of financial instruments by categories as at 31 December 2022 is as follows:
(£’000)
Fair value through Amortized cost Total carrying
profit or loss value
Financial assets
Cash and cash equivalents - 18,301 18,301
Accrued revenue - 22,449 22,449
Investments 16,000 - 16,000
Other financial assets - 33,560 33,560
Total 16,000 114,497 130,497
Trade payables - 79,868 79,868
Lease liability - 7,850 7,850
Other financial liabilities - 4,671 4,671
Total - 92,389 92,389
Carrying amounts of cash and cash equivalents, trade receivables, Accrued Revenue and trade payables as at
31 December 2023 and 2022 approximate the fair value due to their nature. Carrying amounts of bank deposits,
earmarked balances with banks, other financial assets and other financial liabilities which are subsequently
measured at amortised cost also approximate the fair value due to their nature in each of the periods presented. Fair
value measurement of lease liabilities is not required.
£38.29 million of the trade payables balances represents amounts due to related undertaking (2022: £65.9 million).
g. Fair Value Hierarchy
either directly (i.e., as prices) or indirectly (i.e., derived from prices).
financial assets that are not measured at fair value on a recurring basis but fair value disclosures are required:
As at 31 December 2023
(£’000)
Level 1 Level 2 Level 3 Total
Financial assets:
Total 61,500 - - 61,500
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(£’000)
Financial assets:
Total 16,000 - - 16,000
h. Financial Risk Management

Market Risk
currency exchange rates, interest rates, credit, liquidity and other market changes. The Company looks to mitigate
the market risk by agreeing terms predominantly in the functional currency, securing fixed price borrowings and
liquid investment.
The fluctuation in foreign currency exchange rates may have a potential impact on the statement of profit or loss
The Company’s transactions are mainly in GBP, hence its exposure to foreign currency exchange rate risk is
limited.
Credit Risk
Credit risk is the risk of financial loss arising from counterparty failure to repay or service debt according to the
contractual terms or obligations. Credit risk encompasses, the direct risk of default and the risk of deterioration of
creditworthiness as well as concentration of risks. Credit risk is controlled on a continuous basis by analysing credit
limits and creditworthiness of customers to whom the credit has been granted after obtaining necessary approvals
for credit.
Financial instruments that are subject to concentrations of credit risk principally consist of trade receivables, accrued
revenue, investments, cash and cash equivalents and other financial assets. Investments include an amount of
£61,500,000 held as mutual funds. None of the other financial instruments of the Company result in a material
maximum exposure to credit risk was £201,534,899 and £191,336,000 as at 31 December 2023 and 31 December
2022, respectively, being the total of the carrying amount of balances with banks with high quality credit rating,
investments, trade receivables, accrued revenue, contract assets and other financial assets.
The Company’s exposure to credit risk with regards to trade receivables, accrued revenue and contract assets
is influenced mainly by the individual characteristics of each customer in relation to the industry practices
and business environment in which they operate. The Company limits its exposure to credit risk from trade
receivables by establishing a maximum payment period of 365 days for its customers after which they are in
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default (credit impaired). To manage this risk, the Company has a robust Credit Management process in place.
The Company has adopted a policy of dealing only with creditworthy counterparties. The Company’s exposure to
the counterparties is continuously monitored and necessary changes to the credit terms are made. None of the
customer balances have been written off and no customer balances have been credit impaired at the reporting
date.
The following customers form more than 10% of outstanding trade receivables, unbilled receivables and
contract assets as at 31 December 2023 and 31 December 2022:
(£’000)
As at As at
Amount % Amount %
Customer A 16,674 14.03 14,936 12.10
Customer B 24,522 20.63 42,306 34.26
Customer C 42,806 36.01 51,238 41.50
Customer D 14,261 12.00 - -
Customer E 14,668 12.34 - -
Geographic concentration of trade receivables (gross and net of allowances), unbilled receivables and contract
assets is as follows:
As at As at
Gross % Net % Gross % Net %
United Kingdom 100 100 100 100
Geographical concentration of trade receivables, unbilled receivables and contract assets is allocated based on
the location of the customers.
The Company uses an allowance matrix to measure the expected credit loss of trade receivable from
customers. The expected credit loss allowance is based on the ageing of the days the receivables are due and
are as follows:
December 31, 2023
(£’000)
Weighted Gross Provision Net Amount Loss amount Credit
average loss carrying balance impaired
rate amount * adjusted
Ageing
Not Due 0% 23,112 - 23,112 - -
1-90 days 0% - - - - -
91-180 days 0% - - - - -
181-272 days 0% - - - - -
273-364 days 100% - - - - -
>365 days 100% - - - - -
TOTAL 23,112 - 23,112 - -
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December 31, 2022
(£’000)
Weighted Gross Provision Net Amount Loss amount Credit
average loss carrying balance impaired
rate amount * adjusted
Ageing
Not Due 0% 28,450 - 28.450 - -
1-90 days 0% 2,150 - 2,150 - -
91-180 days 0% - - -
181-272 days 0% - - - - -
273-364 days 100% - - - - -
>365 days 100% - - - - -
TOTAL 30,600 - 30,600 - -
* Gross carrying amount excludes inter-company receivables and is net of money received & credit memos that
are pending application
Liquidity Risk
Company consistently generates sufficient cash flows from operations to meet its financial obligations including
The tables below provide details regarding the contractual maturities of significant financial liabilities as at 31
December 2023:
(£’000)
Due 1st year Due 2nd Due 3rd to Due after Total
year 5th year 5th year
Non derivative financial liabilities:
Trade payables 46,812 - - - 46,812
Lease liability 3,695 1,991 3,897 - 9,583
Total 51,986 1,991 3,897 - 57,874
The tables below provide details regarding the contractual maturities of significant financial liabilities as at 31
December 2022:
(£’000)
Due 1st year Due 2nd Due 3rd to Due after Total
year 5th year 5th year
Non derivative financial liabilities:
Trade payables 79,868 - - - 79,868
Lease liability 3,075 2,610 2,590 - 8,275
Total 87,614 2,610 2,590 - 92,814
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i. Equity Instruments
The authorised, issued, subscribed and fully paid-up share capital consist of the following:
(£’000)
As at As at
December 31,2023 December 31,2022
(a) Authorised
Ordinary equity shares 2,000,000 of £1 each 2,000 2,000
Redeemable preference shares 50,000,000 of £1 each 50,000 50,000
(b) Issued, Subscribed and Paid Up
1,000,001 ordinary equity shares of £1 each 1,000 1,000
Other reserve of £42,000,000 (2022: £42,000,000) relates to a capital redemption reserve following the redemption of
preference shares in previous years. This is a non-distributable reserve.
The Company is required by the Financial Conduct Authority (FCA) to hold sufficient resources to undertake regulated
activities on behalf of its clients. As a regulated firm, the Company has a robust governance framework in place,
underpinned by several governance committees which report into the Risk Management and Compliance Committee,
the Board Audit Committee and ultimately to the Board of Directors. The regulatory capital threshold requirement
was increased from £27.0 million to £ 35.0 million during the year.
Rights, Preferences And Restrictions Attached To Shares
The Company has one class of equity shares having nominal value of £1 each. Each member has one vote for every
share of which he is the holder. The Company may by ordinary resolution declare dividends in accordance with the
respective rights of members. Every dividend shall be distributed to the appropriate shareholder pro rata according
to the number of shares held by them. The Company may by ordinary resolution appropriate a sum resolved to be
capitalised to the members who would have been entitled to it if it were distributed by way of a dividend. In the event
of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company in proportion to
their shareholding.
8. LEASES
Company as a lessee
alone price of the lease component and the aggregate standalone price of the non-lease components.
The Company recognises a right-of-use asset representing its right-to-use the underlying asset for the lease term at the
of-use asset is subsequently measured at cost less any accumulated depreciation, accumulated impairment losses, if any
and adjusted for any remeasurement of the lease liability. The right-of-use asset is depreciated using the straight-line
method from the commencement date over the shorter of lease term or its useful life of right-of-use asset. The estimated
useful lives of right-of-use assets are determined on the same basis as those of property, plant and equipment. Right-of-
use assets are tested for impairment whenever there is any indication that their carrying amounts may not be recoverable.
Impairment loss, if any, is recognised in statement of profit or loss.
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readily determined. If that rate cannot be readily determined, the Company uses an incremental borrowing rate. For
leases with reasonably similar characteristics, the Company, on a lease-by-lease basis, may adopt either the incremental
modification. Where the carrying amount of the right-of-use asset is reduced to zero and there is a further reduction in the
measurement of the lease liability, the Company recognises any remaining amount of the re-measurement in statement
of profit or loss.
Company as a lessor
At the inception of the lease, the Company classifies each of its leases as either an operating lease or a finance lease. The
periodic rate of return on the lessor’s net investment in the lease. When the Company is an intermediate lessor, it accounts
operating lease.
If an arrangement contains lease and non-lease components, the Company applies IFRS 15 Revenue from contracts with
customers to allocate the consideration in the contract.
The details of the right-of-use asset held by the Company are as follows:
(£’000)
Buildings 4,207 8,680
Office equipment - 118
Total 4,207 8,798
(£’000)
Office equipment - 258
Total 4,265 7,654
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(£’000)
Office equipment 141 142
Total 3,362 4,238
Amounts recognised in the statement of profit and loss:

(£’000)
Depreciation 3,362 4,238
Interest on lease liability 507 241
Expense relating to short term lease and lease of low value asset 1,129 120
Total 4,998 4,599
Total cash flow:

(£’000)
Total cash outflow for leases 5,118 4,862
• Total cash outflow includes payments for short term and long-term leases.
• The Company has no lease term extension options as at 31 December 2023 and 2022.
• Lease contracts entered by the Company largely relate to buildings taken on to conduct its business in the ordinary
course. The Company does not have any lease restrictions and commitment towards variable rent.
9. NON-FINANCIAL ASSETS AND NON-FINANCIAL LIABILITIES

a. Property, Plant and Equipment
Type of asset Method Useful lives

Leasehold improvements Straight line Lease term
Computer equipment Straight line 4 years
Furniture and fixtures Straight line 5 years
Office equipment and other assets Straight line 5 years
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(£’000)
Computer Leasehold Capital work Total

equipment Improvements in progress
Cost as at 1 January 2023 40,271 1,395 163 41,829
Additions 878 - 1,455 2,333
Transfer - - (878) (878)
Cost as at 31 December 2023 41,149 1,395 740 43,284
Accumulated Depreciation as at
32,090 1,202 - 33,292
1 January 2023
Depreciation for the year 4,598 53 - 4,651
36,688 1,255 - 37,943
31 December 2023
Net carrying amount as at 3 4,461 140 740 5,341
1 December 2023
(£’000)
Computer Leasehold Capital work Total

equipment Improvements in progress
Cost as at 1 January 2022 37,146 1,395 482 39,023
Additions 3,125 - - 3,125
Transfer - - (319) (319)
Cost as at 31 December 2022 40,271 1,395 163 41,829
25,652 943 - 26,595
1 January 2022
Depreciation for the year 6,438 259 - 6,697
32,090 1,202 - 33,292
31 December 2022
Net carrying amount as at 8,181 193 163 8,537
31 December 2022
b. Other Intangible Assets
Intangible assets consist of rights under licensing agreement and software licences.
The following table summarises the nature of intangibles and their estimated useful lives.
Nature of intangibles Useful lives

Software licence License period
Rights under licensing agreement Lower of license period and 2-5 years
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Intangible assets are amortised on a straight-line basis over the period of their economic useful life.
(£’000)
Rights under
licensing agreement
Cost as at 1 January 2023 9,663
Additions 37
Cost as at 31 December 2023 9,700
Accumulated amortisation as at 1 January 2023 6,702
Amortisation for the year 1,224
Accumulated amortisation as at 31 December 2023 7,926
Net carrying amount as at 31 December 2023 1,774
(£’000)
Rights under
licensing agreement
Cost as at 1 January 2022 8,809
Additions 854
Cost as at 31 December 2022 9,663
Accumulated amortisation as at 1 January 2022 5,533
Accumulated amortisation as at 31 December 2022 6,702
Net carrying amount as at 31 December 2022 2,961
c. Other Assets
(£’000)
Other assets – Current As at As at
Indirect tax recoverable 242 698
Prepaid expenses 2,525 2,309
Contract fulfilment costs * 11,522 7,483
14,289 10,490
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(£’000)
Other assets – Non-Current As at As at
Prepaid expenses - 61
Contract fulfilment costs 6,279 4,103
Net pension asset – refer note 13b 936 1,357
7,215 5,521
* Contract fulfilment costs of £10,002k and £9,907k for the years ended 31 December 2023 and 2022, respectively,
have been amortised in the profit or loss.
d. Other Liabilities
(£’000)
Other liabilities – Current As at As at
Indirect tax payable and other statutory liabilities 8,408 7,081
Advances received from customers - 503
Sundry liabilities 231 48
Total 8,639 7,632
10. REVENUE RECOGNITION

the consideration that the Company expects to receive in exchange for those products or services.
• Revenue from time and material and job contracts is recognised on an output basis measured by units delivered,
performance.
• In respect of other fixed-price contracts, revenue is recognised using the percentage-of-completion method (‘POC
obligation. The contract cost used in computing the revenues includes the cost of fulfilling warranty obligations.
• Revenue from the sale of distinct internally developed software and manufactured systems and third-party software
POC method.
• Revenue from the sale of distinct third-party hardware is recognised at the point in time when control is transferred
to the customer.
• The solutions offered by the Company may include supply of third-party equipment or software. In such cases, revenue
for the supply of such third-party products is recorded at gross or net basis depending on whether the Company is
acting as the principal or as an agent of the customer respectively. The Company recognises revenue in the gross
amount of consideration when it is acting as a principal and at net amount of consideration when it is acting as an
agent.
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the contract. Identification of the distinct performance obligations involves judgement to determine the deliverables and
the ability of the customer to benefit independently from such deliverables.
The Company exercises judgement in determining whether the performance obligation is satisfied at a point in time or over
a period of time. The Company considers indicators such as how a customer consumes benefits as services are rendered
or who controls the asset as it is being created or the existence of an enforceable right to payment for performance to date
and any alternate use of such product or service, transfer of significant risks and rewards to the customer, acceptance of
Unearned and deferred revenue (“contract liability”) is recognised when there are billings in excess of revenue.
The billing schedules agreed with customers include periodic performance-based payments and / or milestone-based
progress payments. Invoices are payable within a contractually agreed credit period.
allocated to a new performance obligation, or the transaction price of an existing obligation could undergo a change. In
the event the transaction price is revised for an existing obligation, a cumulative adjustment is accounted for.
geography.
The Company generates revenue through the supply of outsourcing services to the UK Financial Services sector primarily
in the Life and Pension industry.
(£’000)
Consultancy Services 522,450 390,743
Total 522,450 390,743
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(£’000)
Banking, financial services and insurance 522,450 390,743
Total 522,450 390,743

(£’000)
United Kingdom 522,450 390,743
Total 522,450 390,743

While disclosing the aggregate amount of transaction price yet to be recognised as revenue towards unsatisfied (or partially
satisfied) performance obligations, along with the broad time band for the expected time to recognise those revenues,
revenue recognised corresponds to the value transferred to customer typically involving time and material, outcome
based and event-based contracts.
terminations, changes in scope of contracts, periodic revalidations of the estimates, economic factors (changes in
currency rates, tax laws etc.). The aggregate value of transaction price allocated to unsatisfied (or partially satisfied)
performance obligations is £660,862,934 out of which 13.85% is expected to be recognised as revenue in next year and the
(£’000)
Balance at the beginning of the year 60,841 90,232
Invoices raised that were included in the contract assets balance at the (32,922) (57,096)
Increase due to revenue recognised during the year, excluding amounts 26,274 27,705
Balance at the end of the year 54,193 60,841

(£’000)
Revenue recognised that was included in the unearned and deferred - -
Increase due to invoicing during the year, excluding amounts recognised 26,588 200
Balance at the end of the year 27,388 800
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11. COST RECOGNITION
The costs of the Company are broadly categorised into employee benefit expenses, depreciation and amortisation and
other operating expenses. Employee benefit expenses include remuneration, allowances, contribution to various funds
and staff welfare expenses. Other operating expenses primarily include fees to external consultants, project expenses,
software expenses, facility expenses, travel expenses, communication expenses, and other expenses.
Expenses by nature
(£’000)
Employee benefit expenses 244,358 185,296
Software expense 23,261 19,538
Fees to external consultants and others 36,441 38,024
Facility expenses 9,953 7,936
Right of use assets depreciation 3,362 4,238
Total 497,507 389,804
Refer note 13 for function wise bifurcation of employee cost.

Auditor’s Remuneration:
(£’000)
As auditor * 175 160
As adviser
- Other assurance services 295 15
Total 470 175
* This includes a portion of fee paid by the Company’s immediate Parent Company to the auditor’s associate in India.
12. INCOME TAXES

Current Income Taxes
Current tax is based on the taxable profit for the year and is calculated using tax rates that have been enacted by the year
end date.
Advance taxes and provisions for current income taxes are presented in the statements of financial position after off-
setting advance tax paid and income tax provision.
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Deferred Income Taxes
their carrying amount, except when the deferred income tax arises from the initial recognition of an asset or liability in a
transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the
transaction.
utilised.
utilised.
(£’000)
Current tax Year ended Year ended
Current tax charge 6,452 536
Prior period adjustment (1,466) -
4,986 536
Deferred tax
Deferred tax expense (82) 216
Deferred tax pertaining to prior periods 1,126 (533)
1,044 (317)
Income tax expense 6,030 219
The reconciliation of estimated income tax expense at the statutory income tax rate to income tax expense reported in
the statement of profit or loss is as follows:
(£’000)
Profit before tax 27,054 1,381
Statutory income tax rate 23.52% 19%
Expected income tax expense 6,363 262
Income exempt from tax - 59
Tax on income at different rates (4) (646)
Prior period adjustment (340) 533
Disallowable expenses 11 11
Income tax expense 6,030 219
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Deferred tax balance on defined benefit plan has been calculated at 25% basis the Company’s intention to buy-out the
plan with an insurance company to secure all benefits at an appropriate time.
Significant components of net deferred tax assets and liabilities for the year ended 31 December 2023 are as follows:
(£’000)
Opening Recognised in Recognised Closing
balance profit or loss in / other Balance
comprehensive
income
Property, plant and equipment and intangible assets 3,453 (1,094) - 2,359
Provision for employee benefits and compensated 55 (29) 222 248
absences
IFRS 16 63 (63) - -
Others 398 142 - 540
Total deferred tax assets / (liabilities) 3,969 (1,044) 222 3,147
(£’000)
As at 31 December 2023 Assets Liabilities Total
Property, plant and equipment and intangible assets 2,359 - 2,359
Provision for employee benefits and compensated absences 482 (234) 248
IFRS 16 - - -
Others 540 - 540
Total deferred tax asset / (liabilities) 3,381 (234) 3,147
Significant components of net deferred tax assets and liabilities for the year ended 31 December 2022 are as follows:
(£’000)
Opening Recognised in Recognised Closing
balance profit or loss in / other Balance
comprehensive
income
Property, plant and equipment and intangible assets 2,981 472 - 3,453
Provision for employee benefits and compensated (1,036) (181) 1,272 55
absences
IFRS 16 63 - - 63
Others 372 26 - 398
Total deferred tax assets / (liabilities) 2,380 317 1,272 3,969
(£’000)
As at 31 December 2022 Assets Liabilities Total
Property, plant and equipment and intangible assets 3,453 - 3,453
Provision for employee benefits and compensated absences 394 (339) 55
IFRS 16 63 - 63
Others 398 - 398
Total deferred tax asset / (liabilities) 4,308 (339) 3,969
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13. EMPLOYEE BENEFITS
Defined Benefit Plans
actuarial valuations being carried out at the date of each statement of financial position. Remeasurement, comprising
actuarial gains and losses, the effect of the changes to the asset ceiling and the return on plan assets (excluding interest),
is reflected immediately in the statement of financial position with a charge or credit recognised in other comprehensive
income in the period in which they occur. Past service cost, both vested and unvested, is recognised as an expense at the
earlier of (a) when the plan amendment or curtailment occurs; and (b) when the entity recognises related restructuring
costs or termination benefits.
The retirement benefit obligations recognised in the statement of financial position represents the present value of the
defined benefit obligations reduced by the fair value of scheme assets. Any asset resulting from this calculation is limited
to the present value of available refunds and reductions in future contributions to the scheme.
The directors believe there is a right to recognise a pension surplus on an accounting basis under the trust deeds and
rules. The directors do not believe that the surplus in the Pension scheme on an accounting basis will result in a surplus
on an actuarial funding basis. However, the directors are required to account for the plans based on the Companies view
that they have the right to refund from a surplus, using long-term actuarial funding assumptions current at the reporting
date, as required by IFRS and IFRIC 14. This is a technical adjustment made on an accounting basis. There is no cash
benefit from the surplus.
Defined Contribution Plans
Compensated Absences
Compensated absences that are expected to occur within twelve months after the end of the period in which the employee
renders the related services are recognised as an undiscounted liability at the date of statement of financial position.
Employee Benefit Expenses Consist of the following:
(£’000)
Salaries, incentives and allowances 204,981 156,105
Social security and pension costs 34,120 25,926
Total 244,358 185,296
(£’000)
The average number of employees was as follows: Year ended Year ended
Administration 6,357 5,141
a. Employee Benefit Obligations – Current
(£’000)
As at As at
Total 1,575 1,810
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b. Employee Benefit Obligations – Non-Current
(£’000)
As at As at
Net defined benefit pension asset 936 1,357
Total 936 1,357
Defined Contribution Scheme

The Company operates defined contribution retirement benefit schemes for all qualifying employees. The total cost
charged to the profit and loss account of £15,546,412 (2022: £11,186,622) represents contributions payable to these
schemes.
Employee Benefit Plans
The following table sets out the details of the defined benefit retirement plans and the amount recognised in the financial
statements.
The Company operates a UK registered trust based defined benefit pension scheme for the benefit of certain employees.
The scheme is closed to new joiners. During 2007/8 certain employees transferred under Transfer of Undertaking
(Protection of Employment) TUPE to Tata Consultancy Services Limited (TCS). Therefore, the pension scheme is a group
scheme. As a majority of staff remained within the Company and consolidated accounts including TCS are not available in
the UK, the pension scheme has been reported fully in these financial statements.
Pension benefits are linked to the members’ final pensionable salaries and service at their retirement (or date of leaving
if earlier). The plan closed to future accrual on 04 April 2014 with current active members receiving a deferred pension in
the plan.
The pension scheme assets are held in a separate trustee administered fund to meet long term pension liabilities to past
and present employees. The trustees of the fund are required to act in the best interests of the fund’s beneficiaries. The
appointment of trustees to the fund is determined by the scheme’s trust documentation.
Costs and liabilities of the scheme are based on actuarial valuations. The latest full actuarial valuation was carried out as
of 31 March 2021 and updated to 31 December 2023 by a qualified independent actuary.
The Company contributes to the scheme expenses and makes contributions to achieve the scheme secondary funding
target of self-sufficiency.
The movement in the present value of defined benefit obligations during the year were as follows:
(£’000)
Plan liabilities at the beginning of the year 23,078 37,889
Interest costs 1,070 676
Actuarial loss / (gain) on liabilities on changes in:
- experience differing from that assumed 674 1,167
- demographic assumptions (342) (14)
- financial assumptions (120) (15,939)
Benefits paid from plan assets (614) (701)
Plan liabilities at the end of the year 23,746 23,078
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The movement in the fair value of scheme assets during the year was as follows:
(£’000)
Fair value of assets at the beginning of the year 24,435 43,844
Actuarial return on assets 366 (19,203)
Employer contributions 495 495
Benefits paid (614) (701)
Fair value of assets at the end of the year 24,682 24,435
The amount included in the balance sheet arising from the Company’s obligations in respect of its defined benefit
retirement benefit schemes is as follows:
As at As at
Fair value of assets 24,682 24,435
Present value of scheme liabilities (23,746) (23,078)
Net pension asset 936 1,357
The analysis of the scheme assets at the balance sheet date was as follows:
(£’000)
Fair value of assets
As at As at
Bonds 7,591 1,376
Cash 307 2,420
Diversified Growth Funds 5,617 10,960
Liability Driven Investment 11,167 9,679
Total 24,682 24,435
All the above assets are unquoted

The amounts charged to the profit and loss account in the year were:
(£’000)
Current scheme expenses 103 115
Total 103 115
Other finance cost comprises:

(£’000)
Interest cost / (income) 1,070 676
Interest cost / (income) (1,143) (786)
Net cost / (income) (73) (110)
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The amount recognised in the other comprehensive income is:
(£’000)
Actual return less interest on pension scheme assets (674) (19,874)
Change in the assumptions underlying the present value of the scheme (212) 14,786
liabilities
Total before adjustment for tax (886) (5,088)
Adjustment for tax 222 1,272
Total (loss) / gain recognised in the statement of comprehensive (664) (3,816)
income
The cumulative amount of actuarial gains and losses recognised in other comprehensive income since the creation of
the pension scheme is £ 755,000 (December 2022: £1,419,500).
The main assumptions used by the actuary were:
31 December 2023 31 December 2022

% p.a. % p.a.
Discount rate 4.55 4.70
Rate of increase of pensions in payment 2.60 2.65
Retail Price Index (RPI) inflation 3.10 3.20
The Company has updated its approach since the prior year to setting its CPI inflation assumptions in light of the RPI
reform consultation published on the 25 November 2020 by the UK Chancellor and UK Statistics Authority.
Based on the discount of 4.55% the estimate duration of the defined benefit obligation as at December 2023 is 15 years.
Estimated contributions to be made to the plan by the Company in the year ending 31 December 2023 amount to £495k.
This estimate is in line with the annual employer contribution of £495k, made up of funding contributions of £375k and
scheme expenses of £120k. that was approved by the Board in April 2019.
Risks Associated with the Pension Scheme
The defined benefit scheme exposes the Company to various risks, with the key risks set out below:
Asset volatility: the plan’s defined benefit obligation is calculated using a discount rate set with reference to corporate
bond yields, however the plan invests in Diversified Growth Funds (‘DGFs’). These assets are expected to outperform
corporate bonds in the long-term but provide volatility and risk in the short-term.
Changes in bond yields: a decrease in corporate bond yields would increase the plan’s defined benefit obligation, however
this would be offset by an increase in the value of the plan’s LDI assets. Although the LDI assets are linked with gilt yields,
there is still expected to be a strong correlation with corporate bond yields.
Inflation risk: a significant proportion of the plan’s defined benefit obligation is linked to inflation; therefore, higher
inflation will result in a higher defined benefit obligation (subject to the appropriate caps in place). The majority of the
plan’s LDI assets are also correlated with inflation and therefore changes to inflation would have minor impacts on the
plan’s funding.
Life expectancy: if plan members live longer than expected, the plan’s benefits will need to be paid for longer, increasing
the plan’s defined benefit obligation.
The trustees manage risks in the plan through the following strategies:
• Diversification: investments are well diversified, such that the failure of any single investment would not have a
material impact on the overall level of assets.
• Investment strategy: the trustees are required to review their investment strategy on a regular basis.
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Sensitivity Analysis
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions while holding other
assumptions constant would have affected the defined benefit obligation by the amounts shown below.
(£’000)
31 December 2023 31 December 2023 31 December 2022 31 December 2022
Increase Decrease Increase Decrease
Discount rate (0.5% movement) (1,710) 1900 (1,615) 1,846
RPI Inflation (0.5% movement) 784 (926) 692 (923)
Assumed life expectancy (1 year) 546 - 462 -
Assumptions
The mortality assumptions have been updated based on the preliminary results of the 2023 actuarial valuation (but using
a best estimate assumption) and are consistent with the previous period.
Expected Lifetime at 31 December 2022
The expected lifetime of a participant who is age 60 and the expected lifetime (from age 60) of a participant who will be
aged 60 in 20 years are shown in years below:
Age Males Females

60 25.6 27.8
60 in 20 years 26.8 29.0
Movement in related deferred tax liability
(£’000)
Related deferred tax liability at beginning of year (310) (1,489)
Recognised through profit and loss account (116) (93)
Recognised through statement of comprehensive income 222 1,272
Related deferred tax liability at end of year (204) (310)
Projected benefits payable in future years from the end of the current year
(£’000)
1st following year 817 561
2nd following year 829 607
3rd following year 778 809
4th following year 895 810
5th following year 934 895
Years 6 to 10 6,448 6,053
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The movement in the surplus during the year was:
(£’000)
Surplus in the plan at the beginning of the year 1,357 5,955
Current service costs (103) (115)
Contributions paid 495 495
Other finance income 73 110
Actuarial (loss) / gain (886) (5088)
Surplus in the plan at the end of the year 936 1,357
14. Directors Remuneration

Remuneration in respect of directors during the year was as follows:
(£’000)
Emoluments (excluding pension contributions) 513 433
Company contributions to defined contribution schemes 15 13
528 446
During the period, no directors (2022: none) participated in defined benefit pension schemes and one director (period
ended 31 December 2022: one) participated in money purchase pension schemes.
The emoluments disclosed in the notes to these accounts are in respect of the directors with qualifying services for the
Company and in relation to those directors comprises their total emoluments in respect of services to the Company.
(£’000)
Highest paid director’s remuneration: Year ended Year ended
Aggregate amount of emoluments (excluding pension contributions) 425 360
Pension contributions to defined contribution schemes 15 13
440 373
15. COMMITMENTS AND CONTINGENCIES

Commitments
The Company has contractually committed £99,134 and £25,484 as at 31 December 2023 and 2022, respectively, for
purchase of property, plant and equipment.
Contingencies
The Company has no material contingencies to the best knowledge of the directors as at 31 December 2023 and
31 December 2022.
16. RELATED PARTY TRANSACTIONS

The Company’s principal related parties consist of its holding company Tata Consultancy Services Limited (TCS Limited),
its subsidiaries, key managerial personnel, directors and their dependents. All transactions are conducted on normal
commercial terms and settled through cash payments / receipts. None of the balances are secured. No expense has been
recognised in the current or prior period for bad or doubtful debts in respect of amounts owed by related parties.
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(£’000)
Services received from TCS Limited 130,613 93,153
Services provided to TCS Limited 15,682 11,402
Expenses recharged to TCS Limited 15,874 5,529
Expenses recharged by TCS Limited 2,133 2,445
Services received from TCS Ireland Limited 450 471
(£’000)
As at As at
Amounts due from TCS Limited 14,668 9,084
Amounts owed to TCS Limited 28,066 65,629
Amounts owed to TCS Ireland Limited 233 169
Tata Sons Private Limited is the parent company of TCS Limited and Tata Communications Limited (“TCOM”) is fellow
subsidiary of TCS Limited. The following transactions and balances are all conducted on an arm’s length basis and settled
through cash payments.
(£’000)
Brand equity contribution – Tata Sons Private Limited 587 -
Services received from TCOM 676 913
(£’000)
Amounts owed to Tata Sons Private Limited 587 -
Amounts owed to TCOM 88 86
17. SUBSEQUENT EVENTS

There are no adjusting or non-adjusting post balance sheet event that require disclosure.
18. PARENT UNDERTAKINGS

The Company’s immediate parent undertaking and controlling entity is Tata Consultancy Services Limited (“TCS”), a
Company incorporated in India which is registered as a foreign company in the United Kingdom. The registered office
is 9th Floor, Nirmal Building, Nariman Point, Mumbai, 400 021, India. The Company’s ultimate parent undertaking and
controlling entity is Tata Sons Private Limited whose registered office is Bombay House, 24 Homi Mody Street, Mumbai,
400 001, India. The smallest and largest company accounts in which these results are consolidated are TCS and Tata Sons
Private Limited respectively.
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(Company Registration Number: 13-2805758)
For the year ended

March 31, 2024
Tata America International Corporation 17.1
CONTENT PAGE
Statement of Profit or Loss and other Comprehensive Income 17.5

17.2 Tata America International Corporation
INDEPENDENT AUDITORS’ REPORT

To the members of
Opinion
We have audited the financial statements of Tata America International Corporation (“the Company”), which comprise the
statement of financial position as at March 31, 2024, the statements of profit or loss and other comprehensive income, changes
in equity and cash flows for the year then ended, and notes, comprising significant accounting policies and other explanatory
information.
Company as at March 31, 2024, and its financial performance and its cash flows for the year then ended in accordance with
IFRS Standards as issued by the International Accounting Standards Board (‘IFRS Standards’).
Basis for opinion

standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report.
We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial
statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Responsibilities of management and those charged with governance for the financial statements
Standards and for such internal control as management determines is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
Auditors’ responsibilities for the audit of the financial statements

statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout
the audit. We also:
control.
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We communicate with those in charge with governance regarding, among other matters, the planned scope and timing of the
Mumbai, India For KPMG

May 03, 2024 Chartered Accountants
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(In millions of USD)
Note As at As at
March 31, 2024 March 31, 2023
ASSETS
Current assets
Cash and cash equivalents 8 7.23 0.57
Investments 9(a) 40.00 46.58
Trade receivables
Billed 10 429.59 401.57
Unbilled 4.51 6.19
Other financial assets 11(a) 2.58 1.75
Other assets 16(c) 12.20 9.24
Total current assets 496.11 465.90
Non-current assets
Investments 9(b) 2.79 3.54
Other financial assets 11(b) 1.00 1.27
Intangible asset 16(b) 0.01 -
Right-of-use assets 15 65.78 80.37
Other assets 16(c) - 0.13
TOTAL ASSETS 596.76 586.28
Liabilities
Current liabilities
Other financial liabilities 12 29.73 88.15
Unearned and deferred revenue 17 3.04 1.50
Employee benefit obligations 21(a) 13.42 13.40
Provisions 0.48 0.01
Income tax liabilities (net) 8.87 8.64
Other liabilities 16(d) 0.18 0.25
Total current liabilities 330.87 310.82
Unearned and deferred revenue 17 4.75 -
Employee benefit obligations 21(b) 0.03 0.03
TOTAL LIABILITIES 396.64 386.70
Equity
Share capital 14 0.20 0.20
Share premium 1.26 1.26
Retained earnings 198.66 198.12
TOTAL EQUITY 200.12 199.58
TOTAL LIABILITIES AND EQUITY 596.76 586.28
See accompanying notes to financial statements
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March 31, 2024 March 31, 2023
Revenue 17 82.82 67.73
Commission - agency services 17 564.58 542.34
TOTAL REVENUE 647.40 610.07
Expenses
Employee benefits expenses 21 342.91 326.59
Depreciation and amortisation expense 16(a) & 15 21.56 22.37
Other expenses 18 118.09 112.13
TOTAL EXPENSES 482.56 461.09
OPERATING PROFIT 164.84 148.98

Finance and other income 19(a) 12.37 14.10
Finance costs 19(b) (2.88) (3.28)
Other gains (net) 19(c) 0.06 0.04
Other income (net) 9.55 10.85
Profit before taxes 174.39 159.83

Income tax expense 20 33.10 40.95
Other comprehensive income (OCI)

Net change in fair value of investments in equity shares carried at fair (0.75) (0.19)
value through OCI
Total other comprehensive loss, net of tax (0.75) (0.19)
Total comprehensive income for the year 140.54 118.69
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(In millions of USD, except share data)
Number of Share Share Retained Total equity
shares capital premium earnings
Balance as at April 1, 2023 20,000 0.20 1.26 198.12 199.58
Profit for the year - - - 141.29 141.29
Other comprehensive losses - - - (0.75) (0.75)
Total comprehensive income - - - 140.54 140.54
Dividend (including tax on dividend of USD 21 million) - - - (140.00) (140.00)
Balance as at March 31, 2024 20,000 0.20 1.26 198.66 200.12
Balance as at April 1, 2022 20,000 0.20 1.26 159.43 160.87
Profit for the year - - - 118.88 118.88
Other comprehensive losses - - - (0.19) (0.19)
Total comprehensive income - - - 118.69 118.69
Dividend (including tax on dividend of USD 12 million) - - - (80.00) (80.00)
Balance as at March 31, 2023 20,000 0.20 1.26 198.12 199.58
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March 31, 2024 March 31, 2023
Adjustment for:
Depreciation and amortisation expense 21.56 22.37
Income tax expense 33.10 40.95
Bad debts and advances written off, allowances for expected credit losses and 0.07 0.91
doubtful advances (net)
Dividend received on mutual fund (1.73) (0.07)
Net gain on lease modification (0.02) (0.03)
Net change in
Trade receivables
Billed (28.08) (71.82)
Unbilled 1.68 (4.36)
Other assets (2.83) (2.08)
Trade payables and provisions 77.92 0.64
Other liabilities (0.05) (2.91)
Payment for purchase of investments (983.00) (521.00)
Proceeds from disposal/redemption of investments 991.30 511.00
Net cash generated from/ (used in) investing activities 6.74 (16.49)
Dividend paid (including tax on dividend) (140.00) (80.00)
Net change in cash and cash equivalents 6.66 (0.33)
Cash and cash equivalents at the end of the year 7.23 0.57
Cash at banks and in hand 1.63 0.57
Bank deposits (original maturity less than three months) 5.60 -
7.23 0.57
Supplementary cash flow information
Interest paid 2.88 3.28
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Notes to Financial Statements

Tata America International Corporation (“the Company”) entered into a sales and marketing service agreement with Tata
Consultancy Services Limited [TCS or the parent company or the holding company] effective April 1, 2018, wherein the
Company acts as non-exclusive sales and marketing service provider to market its services in the US. The Company’s
functions included sales, pre-sales and marketing activities, market research, identifying and pursuing customers, etc.
Additionally, the Company enters into contracts with customers and offers provision of consulting-led, cognitive powered,
integrated portfolio of information technology (IT), IT-enabled services and sub-contracts the execution of such work to its
parent company Tata Consultancy Services Limited, an Indian Corporation.
The Company is incorporated and domiciled in the Unites States of America. The address of its corporate office is Tata
America International Corporation, 101, Park Avenue, 26th floor, New York 10178. As at March 31, 2024, Tata Consultancy
Services Limited owned 100 percentage of the Company’s equity share capital.
The financial statements were approved by the Board of Directors and authorised for issue on May 03, 2024.
These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), as
issued by the International Accounting Standard Board (IASB).
The financial statements have been prepared on historical cost basis except for certain financial instruments and defined
benefit plans which are measured at fair value or amortised cost at the end of each reporting period. Historical cost is
generally based on the fair value of the consideration given in exchange for goods and services. Fair value is the price that
would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at
the measurement date. All assets and liabilities have been classified as current and non-current as per the Company’s
normal operating cycle. Based on the nature of services rendered to customers and time elapsed between deployment of
resources and the realisation in cash and cash equivalents of the consideration for such services rendered, the Company
has considered an operating cycle of 12 months.
The functional currency of the Company is the United States Dollar (USD). Foreign currency transactions are recorded at
exchange rates prevailing on the date of the transaction. Foreign currency denominated monetary assets and liabilities
are retranslated at the exchange rate prevailing on the dates of statement of financial position and exchange gains and
losses arising on settlement and restatement are recognised in profit or loss. Non-monetary assets and liabilities that are
The material accounting policies information used in preparation of the financial statements have been discussed in the
respective notes.

balances of assets and liabilities, disclosures of contingent liabilities as at the date of the financial statements and the
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statements:
Revenue for fixed-price contracts is recognised using percentage-of-completion method. The Company estimates
the future cost-to-completion of the contracts which is used to determine degree of completion of the performance
obligation.
reassessment may result in change in depreciation expense in future periods. [Refer Note 16(a)]
d. Impairment of financial assets (other than at fair value)
Measurement of impairment of financial assets require use of estimates, which have been explained in the note on
financial assets, financial liabilities and equity instruments, under impairment of financial assets (other than at fair
value). (Refer Note 7).
e. Provision for income tax and deferred tax assets
amount of deferred tax assets at the end of each reporting period.
f. Provision and contingent liabilities
or non- occurrence of one or more uncertain future events not wholly within the control of the Company or a present
g. Leases
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position.
b. Share premium

IFRS 18 – Presentation and Disclosures in Financial Statements3
1
2
3
IFRS 16- Lease Liability in a Sale and Leaseback
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no longer available to it. The Company does not expect the amendments to have any significant impact on its presentation
of liabilities.
their financial statements. The Company will evaluate the standard and implement it accordingly.

or have expired.
The Company considers all highly liquid investment, which are readily convertible into known amounts of cash that are
subject to an insignificant risk of change in value to be cash equivalents. Cash and cash equivalents consist of balances
outstanding.
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Equity instruments
transaction. In determining the allowances for expected credit losses the Company has used a practical expedient by

As at As at
March 31, 2024 March 31, 2023
Cash at banks 1.63 0.57
Bank deposits (original maturity less than three months) 5.60 -
Total 7.23 0.57
9. Investments
(a) Investments – Current

As at As at
March 31, 2024 March 31, 2023
Investments carried at fair value through profit or loss
Mutual fund units 40.00 46.58
Total 40.00 46.58
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(b) Investments – Non-current
As at As at
March 31, 2024 March 31, 2023
Investments designated at fair value through OCI (FVTOCI)
Equity shares 17.50 17.50
Less : Permanent impairment FVTOCI Investments (14.71) (13.96)
Total 2.79 3.54
The Company impaired USD 0.75 million in March 31, 2024 (USD 0.19 million in March 31, 2023) out of its total USD 7.5
million investment in FCM, LLC, based on the losses incurred till date and visibility on its earning capability in future years.
The movement in fair value of investments carried / designated at fair value through OCI is as follows:
March 31, 2024 March 31, 2023
Net loss arising on impairement of investments in equities carried at fair value (0.75) (0.19)
through other comprehensive income
10. Trade receivables - Billed

Trade receivables billed consist of the following:
Trade receivables - Billed – Current
As at As at
March 31, 2024 March 31, 2023
Less: Allowance for expected credit losses (3.05) (3.60)
Total 429.59 401.57
Trade receivables include balances with related parties (Refer note 23).
11. Other financial assets

(a) Other financial assets – Current
As at As at
March 31, 2024 March 31, 2023
Volume discount receivable* 2.21 1.50
Others 0.11 0.04
Total 2.58 1.75
*Volume discount receivable include balances with related parties (Refer note 23)
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(b) Other financial assets – Non-current
As at As at
March 31, 2024 March 31, 2023
Utility deposits 0.71 0.81
Total 1.00 1.27
12. Other financial liabilities

As at As at
March 31, 2024 March 31, 2023
Capital creditors 0.33 0.65
Liabilities towards customer contracts 0.04 2.58
Liability towards related party* 1.00 46.25
Total 29.73 88.15
* Liability towards related party is due to assignment agreement where customer paid the money to the Company instead
of TCS on account of which the Company is now liable to pay TCS the said amount.
13. Financial instruments by category

Fair value through Fair value through Amortised cost Total carrying
profit or loss other comprehensive value
income
Financial assets
Cash and cash equivalents - - 7.23 7.23
Trade receivables
Billed - - 429.59 429.59
Unbilled - - 4.51 4.51
Investments 40.00 2.79 - 42.79
Other financial assets - - 3.58 3.58
Total 40.00 2.79 444.91 487.70
Trade payables - - 259.20 259.20
Lease liabilities - - 76.94 76.94
Other financial liabilities - - 29.73 29.73
Total - - 365.87 365.87
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Fair value through Fair value through Amortised cost Total carrying
profit or loss other comprehensive value
income
Financial assets
Cash and cash equivalents - - 0.57 0.57
Trade receivables
Billed - - 401.57 401.57
Unbilled - - 6.19 6.19
Investments 46.58 3.54 - 50.12
Other financial assets - - 3.02 3.02
Total 46.58 3.54 411.35 461.47
Trade payables - - 181.74 181.74
Lease liabilities - - 92.98 92.98
Other financial liabilities - - 88.15 88.15
Total - - 362.87 362.87
Carrying amounts of cash and cash equivalents, trade receivables and trade payables as at March 31, 2024 and 2023
approximate the fair value due to their nature. Carrying amounts of bank deposits, other financial assets and other
financial liabilities which are subsequently measured at amortised cost also approximate the fair value due to their nature
in each of the periods presented. Fair value measurement of lease liabilities is not required.
Fair value hierarchy
• Level 2 — Inputs are other than quoted prices included within Level 1 in that are observable for the asset or liability,
The cost of unquoted investments included in level 3 of fair value hierarchy approximate their fair value because there is
a wide range of possible fair value measurements and the cost represents estimate of fair value within that range.
The following table summarises financial assets and liabilities measured at fair value on a recurring basis and financial
assets that are not measured at fair value on a recurring basis (but fair value disclosures are required):
Financial assets
Mutual fund units 40.00 - - 40.00
Equity shares - - 2.79 2.79
Total 40.00 - 2.79 42.79
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Financial assets
Mutual fund units 46.58 - - 46.58
Equity shares - - 3.54 3.54
Total 46.58 - 3.54 50.12
Reconciliation of level 3 fair value measurement is as follows: (In millions of USD)

March 31, 2024 March 31, 2023
Impairment in value of investments (0.75) (0.19)
(a) Financial risk management

risk, which may adversely impact the fair value of its financial instruments. The Company has a risk management
policy which covers risks associated with the financial assets and liabilities.
i. Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in market prices. Such changes in the values of financial instruments may result from changes in
the foreign currency exchange rates, interest rates, credit, liquidity and other market changes. The Company’s
exposure to market risk is primarily on account of foreign currency exchange rate risk.
(a) Foreign currency exchange rate risk
The Company is not significantly exposed to foreign currency exchange rate risk.
(b) Interest rate risk
ii. Credit risk
deterioration of creditworthiness as well as concentration of risks. Credit risk is controlled by analysing credit
receivables, investment, cash and cash equivalents, bank deposits and other financial assets. Cash and cash equivalents
include an amount of USD 7.23 million held with banks in USA having high quality credit rating which are individually in
excess of 10 percentage or more of the company’s total cash and cash equivalents as at March 31, 2024. None of the other
financial instruments of the company result in material concentration of credit risk.
The carrying amount of financial assets and contract assets represents the maximum credit exposure. The maximum
exposure to credit risk was USD 488.19 million and USD 462.41 million as at March 31, 2024 and 2023, respectively,
being the total of the carrying amount of balances with banks, bank deposit, investments, trade receivables, unbilled
receivables, contract assets and other financial assets.
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Customers contributing to more than 10 percent of outstanding trade receivable and contract assets as at March 31, 2024
and 2023 respectively are as follows:
Total trade Percentage Total trade Percentage
receivable and receivable and
contract assets contract assets
Parent Company 357.63 82.29 326.86 81.40

Geographic concentration of trade receivables (gross and net of allowances) and contract assets is as follows:
As at As at
March 31, 2024 March 31, 2023
Net percentage Net percentage
India 82.29 79.98
Americas 17.71 20.01
Others - 0.01
Geographical concentration of trade receivables (gross and net of allowances) and contract assets is allocated based on
The allowances for lifetime expected credit loss on trade receivables for the year ended March 31, 2024 and 2023 was USD
0.07 million and USD 0.80 million respectively. The reconciliation of allowance for expected credit losses is as follows :
March 31, 2024 March 31, 2023
Changes during the year 0.07 0.80
Liquidity risk
Company consistently generated sufficient cash flows from operations to meet its financial obligations including lease
liabilities as and when they fall due.
As at March 31, 2024 Due in 1st Due in 2nd Due in 3rd to Due after Total
year year 5th year 5 years
Trade payables 259.20 - - - 259.20
Lease liabilities 18.23 16.78 27.03 27.09 89.13
Total 307.15 16.78 27.03 27.09 378.06
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As at March 31, 2023 Due in 1st Due in 2nd Due in 3rd to Due after Total
Trade payables 181.74 - - - 181.74
Total 289.74 17.52 43.37 22.81 373.45
14. EQUITY INSTRUMENTS

The authorised, issued, subscribed and fully paid up share capital consist of the following:
As at As at
March 31, 2024 March 31, 2023
(a) Authorised
Equity shares of USD 10 each (March 31, 2024 20,000 shares and March 31, 0.20 0.20
2023 20,000 shares)
0.20 0.20
(b) Issued, Subscribed and Fully paid up
Equity shares of USD 10 each (March 31, 2024 20,000 shares and March 31, 0.20 0.20
2023 20,000 shares)
0.20 0.20
The Company’s objective for capital management is to maximise shareholder value, safeguard business continuity and
and long-term and other strategic investment plans. The funding requirements are met through equity and operating cash
flows generated. The Company is not subject to any externally imposed capital requirements.
Fully paid equity shares, which have a par value of USD 10 each carry one vote per share and have a right to dividend.
Dividend can be declared out of retained earnings. In the event of liquidation of the Company, the holders of shares are
eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their
shareholding.
15. Leases
Company as a lessee
standalone price of the lease component and the aggregate stand-alone price of the non-lease components.
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loss.
The Company has elected not to apply the requirements of IFRS 16 - Leases to short-term leases of all assets that have a
lease term of 12 months or less and leases for which the underlying asset is of low value. The lease payments associated
with these leases are recognised as an expense on a straight-line basis over the lease term.
Company as a lessor
At the inception of the lease, the Company classifies each of its leases as either an operating lease or a finance lease. The
periodic rate of return on the lessor’s net investment in the lease. When the Company is an intermediate lessor it accounts
operating lease.
If an arrangement contains lease and non-lease components, the Company applies IFRS 15 – Revenue from contracts
with customers to allocate the consideration in the contract.
March 31, 2024 March 31, 2024
Buildings 1.34 65.78
Total 1.34 65.78

March 31, 2023 March 31, 2023
Total 0.67 80.37
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Depreciation on right-of-asset is as follows:
March 31, 2024 March 31, 2023
Total 15.90 16.47
Interest on lease liabilities is USD 2.79 and USD 3.25 million for the year ended on March 31, 2024 and 2023
respectively.
The Company incurred USD 0.92 and USD 0.80 million for the year ended March 31, 2024 and 2023 respectively towards
The total cash outflow for leases is USD 21.07 and USD 20.03 million for the year ended March 31, 2024 and 2023
respectively, including cash outflow for short-term leases and leases of low-value assets.
ordinary course.


Buildings 20 years
Furniture, fixtures, Plant and Machinery, office equipment and other assets 2-10 years
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Freehold Buildings Leasehold Computer Plant and Furniture Office Total
land improvements equipments machinery and equipments
fixtures and other
assets
Cost as at April 1, 2023 3.31 11.84 16.88 13.41 1.48 15.13 17.58 79.63
Additions* - 1.98 - 0.85 0.09 0.07 1.10 4.09
Disposals - - 0.13 1.00 - 0.59 0.13 1.85
Cost as at March 31, 2024 3.31 13.82 16.75 13.26 1.57 14.61 18.55 81.87
Accumulated depreciation as at April 1, - 7.82 12.21 11.41 0.83 13.10 14.78 60.16
2023
Disposals - - 0.13 1.00 - 0.59 0.13 1.85
Depreciation - 0.77 1.28 1.08 0.15 1.09 1.29 5.65
Accumulated depreciation as at March 31, - 8.59 13.36 11.49 0.98 13.60 15.94 63.96
2024
Net carrying amount as at March 31, 2024 3.31 5.23 3.39 1.78 0.59 1.01 2.61 17.92
Capital work-in-progress 2.90
Total 20.82
*USD 4.09 million has been capitalised and transferred to property, plant and equipment during the year ended March 31, 2024.

Freehold Buildings Leasehold Computer Plant and Furniture Office Total
land improvements equipments machinery and equipments
fixtures and other
assets
Cost as at April 1, 2022 3.31 11.84 15.73 14.35 1.48 15.09 17.17 78.98
Additions* - - 1.14 0.95 - 0.05 0.39 2.54
Disposals - - - 1.90 - - - 1.90
Cost as at March 31, 2023 3.31 11.84 16.88 13.41 1.48 15.13 17.58 79.63
Accumulated depreciation as at April 1, - 7.11 10.80 12.03 0.67 11.97 13.58 56.17
2022
Disposals - - - 1.90 - - - 1.90
Depreciation - 0.70 1.41 1.28 0.15 1.13 1.23 5.90
Accumulated depreciation as at March 31, - 7.82 12.21 11.41 0.83 13.10 14.78 60.16
2023
Net carrying amount as at March 31, 2023 3.31 4.02 4.67 1.99 0.65 2.03 2.80 19.47
Capital work-in-progress 5.11
Total 24.58
*USD 2.54 million has been capitalised and transferred to property, plant and equipment during the year ended March 31, 2023.
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b. Intangible assets
amortisation and accumulated impairment, if any. Intangible assets consist of software licences. Following table
summarises the nature of intangibles and their estimated useful lives:

Software licences 4 years
Intangible assets are amortised on a straight-line basis over the period of its economic useful life.
Rights under licensing agreements
Additions 0.01
Cost as at March 31, 2024 0.01
Amortisation for the year 0.00
Accumulated amortisation as at March 31, 2024 0.00
Net carrying amount as at March 31, 2024 0.01

Rights under licensing agreements
Additions -
Cost as at March 31, 2023 -
Amortisation for the year -
Accumulated amortisation as at March 31, 2023 -
Net carrying amount as at March 31, 2023 -
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c. Other assets
i. Other assets – Current (In millions of USD)
As at As at
March 31, 2024 March 31, 2023
Advances to suppliers 1.23 0.05
Indirect taxes recoverable 4.48 4.87
Contract assets 0.49 0.80
Contract fullfillment costs 0.32 0.29
Others 0.11 0.01
Total 12.20 9.24
Contract fulfillment costs is USD 0.30 million and USD 0.27 million for the years ended March 31, 2024 and March
31, 2023, respectively, have been amortised in the profit or loss. Refer note 17 for changes in contract assets.
ii. Other assets –Non Current (In millions of USD)
As at As at
March 31, 2024 March 31, 2023
Contract assets - 0.13
Total - 0.13
i. Other liabilities – Current (In millions of USD)
As at As at
March 31, 2024 March 31, 2023
Advance received from customers 0.14 0.20
Indirect taxes payable and other statutory liabilities - 0.04
Others 0.04 0.01
Total 0.18 0.25

The Company, a wholly owned subsidiary of Tata Consultancy Services Limited, India, primarily operates as a sales and
marketing entity for the holding company. The Company is engaged in the business of promoting, marketing and delivery
of software services and products, information technology and information technology enabled services, in the US to third
parties. The Company also earns some revenue from providing IT services, consulting and business solutions, directly to
customers.
Whenever the Company acts in the capacity of a sales and marketing agent it recognises revenue for the agreed
commission based on the commercial arrangement it has entered with the holding company. Such contracts have a
single performance obligation which is the promise to transfer the marketing and promotional services. The revenue is
recognised over time by utilizing the month as unit of measurement. The Company has applied the practical expedient
to recognise revenue for services over the term of the agreement in proportion to the amount it has right to invoice the
customer.
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Where the Company enters into a contract with a customer to provide IT services directly to the customer, the Company
controls the services to be provided to the customer, and has therefore, determined that it is acting in the capacity of a
‘principal’ for the said transactions. Accordingly, the Company recognises revenue at the gross amount of consideration.
reflects the consideration which the Company expects to receive in exchange for those products or services. Revenue
is recognised on output basis measured by units delivered, efforts expended, number of transactions processed, etc for
time and material and job contracts; straight lined over period for fixed price maintenance contracts; using percentage of
completion method for other fixed price contracts; on delivery in case of sale of software and transfer of control in case of
sale of hardware.
Judgement is also required to determine the transaction price for the contract and to ascribe the transaction price to each
distinct performance obligation. Transaction price could be either a fixed amount consideration or variable consideration
with elements such as volume discounts, service level credits, performance bonuses, price concessions and incentives.
The transaction price is also adjusted for the effects of the time value of money if the contract includes a significant
financing component. The transaction is adjusted for the effects of the time value of money, if the contract includes a
significant financing component. Any consideration payable to the customer, unless it is a payment for a distinct product or
service from the customer. The estimated amount of variable consideration is adjusted in the transaction price only to the
extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur
and is reassessed at the end of each reporting period. The Company allocates the elements of variable considerations
to all the performance obligations of the contract unless there is observable evidence that they pertain to one or more
geography.
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Revenue and Commission – agency services disaggregation by nature of services and geography is as follows:
March 31, 2024 March 31, 2023
Consultancy services 82.82 67.73
Commission - agency services 564.58 542.34
Total 647.40 610.07


March 31, 2024 March 31, 2023
America - Consultancy services 82.82 67.73
India - Commission 564.58 542.34
Total 647.40 610.07
Consultancy services revenue disaggregation by industry vertical is as follows:


March 31, 2024 March 31, 2023
Banking, Financial Services and Insurance 4.81 4.80
Manufacturing 44.99 38.86
Energy and Utilities 24.89 12.91
Hi-Tech Industry Practice 1.98 2.69
Others 6.15 8.47
Total 82.82 67.73
Agency commission revenue disaggregation by industry vertical is as follows:

Industry vertical Year ended Year ended

March 31, 2024 March 31, 2023
Hi-Tech Industry Practice 564.58 542.34
Total 564.58 542.34
satisfied) performance obligations along with the broad time band for the expected time to recognise those revenues, the
Company has applied the practical expedient in IFRS 15 and not disclosed the aggregate transaction price allocated to
unsatisfied (or partially satisfied) performance obligations which pertain to contracts where revenue recognised corresponds
to the value transferred to customer typically involving time and material, outcome based and event based contracts.
rates, tax laws etc.). The aggregate value of transaction price allocated to unsatisfied (or partially satisfied) performance
obligations is USD 130.35 million out of which 46.32 percentage is expected to be recognised as revenue within the next year
and the balance thereafter. No consideration from contracts with customers is excluded from the amount mentioned above.
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Changes in contract asset are as follows:
March 31, 2024 March 31, 2023
Invoices raised that were included in the contract assets balance at the beginning of (0.37) (0.18)
the year
Increase due to revenue recognised during the year, excluding amounts billed during (0.06) 0.50
the year

March 31, 2024 March 31, 2023
Revenue recognised that was included in the unearned and deferred revenue at the (0.81) (2.13)
Increase due to invoicing during the year, excluding amounts recognised as revenue 7.10 0.18
during the year
Cost of revenue
to external consultants, cost of equipment and software licenses, depreciation and amortisation of production related
business promotion expenses, bad debts and advances written off, allowance for expected credit losses and doubtful
advances(net), facility expenses for sales and marketing offices and market research costs.
expenses.
Expenses by function (In millions of USD)
March 31, 2024 March 31, 2023
Cost of revenue 71.74 62.33
Selling, general and administrative expenses 410.82 398.77
Total 482.56 461.09
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The costs of the Company are broadly categorised in employee benefit expenses, depreciation expense and other
expenses. Employee benefit expenses include salaries, incentives and allowances, contributions to provident and other
funds and staff welfare expenses. Other expenses mainly include sub-contracting cost, facility expenses, travel expenses,
communication expenses, bad debts and advances written off, allowance for doubtful trade receivable and advances (net)
and other expenses. Other expenses is an aggregation of costs which are individually not material such as fees to external
consultants, commission and brokerage, recruitment and training, entertainment, etc.
Refer Note 21 for employee benefit expenses.
Other expenses by nature (In millions of USD)
March 31, 2024 March 31, 2023
Sub-contacting cost 1.40 0.67
Travel expenses 21.31 21.75
Bad debts and advances written off, allowance for expected credit losses and 0.07 0.91
doubtdful advances (net)
Marketing, Advertising and Sales Promotion 35.49 36.67
Total 118.09 112.13
19. Other Income

March 31, 2024 March 31, 2023
Dividend received from mutual funds 1.73 0.30
Rental revenue 9.40 13.67
Total 12.37 14.10
b. Finance costs
March 31, 2024 March 31, 2023
Interest on loans other than banks* 0.01 0.00
Other interest expense 0.08 0.03
Total 2.88 3.28
*The Interest on loans other than banks for Mar 31, 2023 is less than USD 0.01 million.
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c. Other gains (net)
(in millions of USD)
March 31, 2024 March 31, 2023
Net foreign exchange gains / (losses) 0.04 (0.03)
Others 0.02 0.07
Total 0.06 0.04
20. Income taxes

The current income tax is based on the taxable profit for the year and is calculated using tax rates that have been enacted,
by the end of the reporting period.
advance tax paid and income tax provision arising in the same tax jurisdiction and where the Company intends to settle the
asset and liability on a net basis.
liability in a transaction that is not a business combination, affects neither accounting nor taxable profit or loss at the time
of the transaction.
utilised.
utilised.
Deferred income tax liabilities are recognised for all taxable temporary differences except in respect of taxable temporary
differences associated with investments in subsidiaries where the timing of the reversal of the temporary difference can
be controlled and it is probable that the temporary difference will not reverse in the foreseeable future.
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March 31, 2024 March 31, 2023
Current tax
Current tax expenses / benefit pertaining to prior years (9.91) 1.67
32.85 39.00
Deferred tax
Deferred tax expense for current year 0.25 1.95
0.25 1.95
Total 33.10 40.95
statements of profit or loss is as follows:
March 31, 2024 March 31, 2023
Statutory income tax rate 21.00% 21.00%
Tax effect of adjustments to reconcile expected income tax expense to
reported income tax expense
Income exempt from tax (5.41) (4.74)
State tax (net of federal tax benefit) 11.35 9.93
Tax pertaining to prior years (9.91) 1.67
Others (net) 0.45 0.52
Opening balance Recognised in Closing balance
profit or loss
Property, plant and equipment 1.76 0.59 2.35
Provision for employee benefits 3.75 (0.11) 3.64
Receivables, financial assets at amortised cost 1.01 (0.18) 0.83
Lease liability and right-of-use assets 5.44 (0.54) 4.90
Others (1.47) (0.00) (1.47)
Total deferred tax asset / (liabilities) 10.49 (0.24) 10.25
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As at March 31, 2024 Assets Laibilities Net
Receivables, financial assets at amortised cost 0.83 - 0.83
Right-of-use asset (16.09) - (16.09)
Others - (1.47) (1.47)
Opening balance Recognised in Closing balance
profit or loss
Property, plant and equipment 0.46 1.30 1.76
Provision for employee benefits 3.88 (0.13) 3.75
Receivables, financial assets at amortised cost 3.73 (2.72) 1.01
Others (1.13) (0.34) (1.47)

As at March 31, 2023 Assets Laibilities Net
Receivables, financial assets at amortised cost 1.01 - 1.01
Right-of-use asset (20.73) - (20.73)
Others - (1.47) (1.47)
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The Company has a 401(k) plan with profit sharing feature. Eligible employees may elect to defer up to 50 percent of
their total compensation each year, not to exceed the annual limitations established by the Internal Revenue Code. The
Company’s contributions were USD 6.42 million and USD 5.80 million for the years ended March 31, 2024 and March 31,
2023 respectively.
Compensated absences which are expected to occur within twelve months after the end of the period in which the
employee renders the related services are recognised as undiscounted liability at the date of statement of financial
position. Compensated absences which are not expected to occur within twelve months after the end of the period in
which the employee renders the related services are recognised as an actuarially determined liability at the present value
of the defined benefit obligation at the date of financial position.
Employee benefit expenses consists of the following:
March 31, 2024 March 31, 2023
Contribution to provident and other funds 19.38 17.67
Total 342.91 326.59

(a) Employee benefit obligations – Current
March 31, 2024 March 31, 2023
Other employee benefit obligations 0.01 0.01
Total 13.42 13.40
(b) Employee benefit obligations – Non-current

March 31, 2024 March 31, 2023
Other employee benefit obligations 0.03 0.03
Total 0.03 0.03
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• Capital commitments
The Company has contractually committed (net of advances) USD 1.76 million and USD 1.47 million as at March 31,
2024 and 2023 respectively, for purchase of property, plant and equipment.
• Contingencies
In October 2014, Epic Systems Corporation (referred to as Epic) filed a legal claim against the Company and its
parent in the Court of Western District Madison, Wisconsin alleging unauthorized access to and download of their
confidential information and use thereof in the development of the parent Company’s product MedMantra.
Pursuant to an initial unfavorable judgment from the District Court, the Appeals court re-affirmed the order of
compensatory damages of USD 140 million and remanded back to the District Court to reassess matter relating to
punitive damages (to limit maximum up to USD 140 million), the parent Company has already paid the compensatory
damages of USD 140 million along with interest in April 2022. The Company’s second appeal in the Appeals Court
to reduce the punitive damages subsequently affirmed by the District Court was disposed on July 14, 2023, with a
re-affirmation of the District Court order awarding punitive damages of USD140 million. The Company’s petition
to the Supreme Court to review the entire judgement including both the compensatory and punitive damages re-
affirmed by the Appeals Court was rejected by the Supreme Court on November 20, 2023, pursuant to which, punitive
damages of USD 140 million was paid by the parent Company on December 1, 2023. Pursuant to encashment of the
Letter of Credit towards compensatory and punitive damages, the value of Letter of Credit made available to Epic
stands reduced to USD 11.9 million to cover interest charges on the punitive damages.
Any obligation out of this litigation will be fulfilled by the parent Company. Accordingly, Tata America International
Corporation has no potential liability arising out of this litigation.

The Company’s principal related parties consist of its holding company Tata Consultancy Services Limited and its
subsidiaries of Tata Consultancy Services Limited and the key management personnel. The ultimate holding company of
Tata America International Corporation is Tata Sons Private Limited. The Company’s material related party transactions
and outstanding balances are with related parties with whom the Company routinely enters into transactions in the
ordinary course of business.

March 31, 2024 March 31, 2023
Tata Consultancy Services Limited 564.58 542.34
Other income
Tata Sons Private Limited, its subsidiaries and associates
Tata Steel International (Americas) Inc 0.01 0.01
Subsidiaries of Tata Consultancy Services Limited
TCS e-Serve International Ltd 0.39 0.13
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March 31, 2024 March 31, 2023
Purchases of goods and
services
Tata Consultancy Services Limited (0.27) 23.93
Tata Consultancy Services (Philippines) Inc. (0.00)* -
Tata Consultancy Services Canada Inc. - 0.01
Tata Consultancy Services De Mexico S.A.,De C.V. 0.05 -
Tata Consultancy Services France 0.00* (0.02)
Tata Communications (America) Inc. - (0.02)
Purchases of 72.31 64.97
goods and services
(reimbursements)
Tata Consultancy Services Canada Inc. 1.28 0.21
Tata Consultancy Services De Espana S.A. 0.00* -
Tata Consultancy Services De Mexico S.A.,De C.V. 0.09 0.05
Tata Consultancy Services Deutschland GmbH 0.00* -
Tata Consultancy Services Do Brasil Ltda 0.14 0.11
TCS e-Serve International Ltd (0.20) (0.67)
Tata Consultancy Services Italia s.r.l. 0.00* 0.00*
Tata Consultancy Services Netherlands BV 0.00* (0.00)*
TCS Solution Center S.A. - 0.00*
Tata Consultancy Services Switzerland Ltd. (0.00)* 0.45
TCS Uruguay S.A. 0.01 0.00*
Tata Consultancy Services Luxembourg S.A. - (0.01)
Brand equity
contribution
Tata Sons Private Limited 0.21 0.17
Dividend paid Tata Consultancy Services Limited 140.00 80.00
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Balances with related parties are as follows:
As at As at
March 31, 2024 March 31, 2023
Trade receivables and
contract assets
Tata Consultancy Services (Philippines) Inc. 0.00* 0.01
Tata Consultancy Services Argentina S.A. 0.00* 0.00*
Tata Consultancy Services (China) Co., Ltd. 0.02 0.02
Tata Consultancy Services De Espana S.A. 0.00* 0.00*
Tata Consultancy Services De Mexico S.A.,De C.V. - 0.05
Tata Consultancy Services Deutschland GmbH - 0.00*
TCS Japan Limited 0.00* 0.00*
Tata Consultancy Services Do Brasil Ltda 0.00* 0.00*
Tata Consultancy Services Switzerland Ltd. - 0.09
PT Tata Consultancy Services Indonesia 0.00* 0.00*
Tata Consultancy Services Luxembourg S.A. - 0.00*
Tata Consultancy Services (Portugal), Unipessoal Limitada 0.01 0.01
Loans, other financial
assets and other assets
Tata Consultancy Services Deutschland GmbH 0.02 0.02
Tata Consultancy Services Do Brasil Ltda 0.00* 0.00*
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As at As at
March 31, 2024 March 31, 2023
Trade payables,
unearned and deferred
revenue, other financial
liabilities and other
liabilities
Tata Communications (America) Inc. - -
Tata Consultancy Services (Philippines) Inc. 0.00* 0.00*
Tata Consultancy Services Asia Pacific Pte Ltd. 0.00* 0.00*
Tata Consultancy Services (China) Co., Ltd. 0.00* -
Tata Consultancy Services De Mexico S.A.,De C.V. 0.20 -
Tata Consultancy Services France 0.00* -
Tata Consultancy Services Italia s.r.l. 0.00* -
Tata Consultancy Services Netherlands BV 0.40 0.18
TCS Solution Center S.A. 0.00* 0.00*
Tata Consultancy Services Switzerland Ltd. 0.06 -
TCS Japan Limited 0.00* -
Tata Consultancy Services De Espana S.A. 0.00* -
TCS Uruguay S.A. 0.01 -
Transactions with key management personal are as follows:

Compensation to Key Management Personnel Year ended Year ended
March 31, 2024 March 31, 2023
Short-term benefits 0.87 1.08
*Amount is less than USD 0.01 million.
24. Dividends
Dividends paid during the year ended March 31, 2024 and March 31, 2023 include an amount of USD 4,500 (Total Dividend
USD 140 million) and USD 4,000 (Total Dividend USD 80 million) per equity share towards interim dividends respectively.

The Company has evaluated subsequent events from the balance sheet date through May 03, 2024 the date on which the
financials were available for issue. On April 26, 2024, the Board of Directors of the Company declared a cash dividend
payable by the Company in the aggregate amount of USD 100 Million, subject to applicable withholdings required under
applicable law (the “Dividend”), which was paid to the sole stockholder of the Company of record as of the date hereof, Tata
Consultancy Services Limited (TCSL), on April 29, 2024.
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TATA CONSULTANCY SERVICES CANADA INC.
(Company Registration Number: 887750719)
For the year ended
March 31, 2024
Tata Consultancy Services Canada Inc. 18.1
CONTENTS PAGE

18.2 Tata Consultancy Services Canada Inc.

To the Board of Directors and Shareholder of
Tata Consultancy Services Canada Inc.
Opinion
We have audited the financial statements of Tata Consultancy Services Canada Inc. (the Entity), which comprise:
• the statement of financial position as at March 31, 2024
• the statement of profit and loss and other comprehensive income for the year then ended
• the statement of changes in equity for the year then ended
• the statement of cash flows for the year then ended
• and notes to the financial statements, including a summary of material accounting policy information
(Hereinafter referred to as the “financial statements”).
Entity as at March 31, 2024, and its financial performance and its cash flows for the year then ended in accordance with IFRS
Accounting Standards as issued by the International Accounting Standards Board.
Basis for Opinion

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those
standards are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our
auditor’s report.
We are independent of the Entity in accordance with the ethical requirements that are relevant to our audit of the financial
statements in Canada and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
Accounting Standards as issued by the International Accounting Standards Board, and for such internal control as management
determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether
due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Entity’s ability to continue as a going
concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Entity’s financial reporting process.

misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian
generally accepted auditing standards will always detect a material misstatement when it exists.
reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.
As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and
maintain professional skepticism throughout the audit.
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We also:
provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity’s internal control.
on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required
report. However, future events or conditions may cause the Entity to cease to continue as a going concern.
• Communicate with those charged with governance regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify during our
audit.
Chartered Professional Accountants, Licensed Public Accountants
Place: Toronto, Canada

Date: May 8, 2024
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(In millions of CAD)
Note As at As at
March 31, 2024 March 31, 2023
ASSETS
Current assets
Cash and cash equivalents 7(a) 77.97 64.92
Bank deposits 45.00 45.00
Trade receivables
Billed 7(b) 345.13 262.66
Unbilled 93.15 95.82
Other financial assets 7(c) 15.10 16.67
Other assets 9(b) 52.06 33.41
Total current assets 628.41 518.48
Non-current assets
Income tax assets 0.05 -
Intangible asset 0.01 0.01
Right-of- use assets 8 11.39 1.45
Other assets 2.43 2.45
TOTAL ASSETS 647.96 534.24
Liabilities
Current liabilities
Other financial liabilities 7(d) 74.97 83.68
Provisions 0.05 0.11
Income tax liabilities 2.96 0.59
Other liabilities 9(c) 30.80 25.27
Total current liabilities 323.33 308.08
Unearned and deferred revenue 2.19 -
Total liabilities 337.10 308.85
Equity
Share capital 7.07 7.07
Retained earnings 303.79 218.32
Total equity 310.86 225.39
TOTAL LIABILITIES AND EQUITY 647.96 534.24
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March 31, 2024 March 31, 2023
Revenue 10 1,910.42 1,684.22
Expenses
Employee benefits expenses 14 966.00 761.25
Cost of equipment and software licenses (0.05) 0.28
Depreciation and amortisation expense 8, 9(a) 4.28 3.49
Other expenses 11 715.76 741.49
Total expenses 1,685.99 1,506.51
Operating profit 224.43 177.71
Other income
Finance and other income 5.48 2.05
Finance costs (0.50) (0.10)
Other gains(net) 12 2.02 7.08
Other income (net) 7.00 9.03
Income tax expense 13 60.96 49.26
Total comprehensive income for the year 170.47 137.48
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(In millions of CAD, except share data)
Number of Share Retained Total equity
shares capital earnings
Balance as at April 1, 2023 1,100 7.07 218.32 225.39
Profit for the year - - 170.47 170.47
Total comprehensive income - - 170.47 170.47
Dividend (including tax on dividend of CAD 12.75 million) - - (85.00) (85.00)
(Refer note 17)
Balance as at March 31, 2024 1,100 7.07 303.79 310.86
Balance as at April 1, 2022 1,100 7.07 130.84 137.91

Profit for the year - - 137.48 137.48
Total comprehensive income - - 137.48 137.48
ividend (including tax on dividend of CAD 7.50 million)
D - - (50.00) (50.00)
(Refer note 17)
Balance as at March 31, 2023 1,100 7.07 218.32 225.39
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March 31, 2024 March 31, 2023
Adjustment for:
Depreciation and amortisation expenses (Refer note 8, 9(a)) 4.28 3.49
Income tax expense (Refer note 13) 60.96 49.26
Net gain on lease modification (0.61) (0.01)
Net gain loss on disposal of property, plant and equipment (0.00) -
Bad debts and advances written off, allowances for doubtful trade receivables 0.19 0.42
and advances (net) (Refer note 11)
Unrealised foreign exchange gain 0.39 0.94
Net change in
Trade receivables
Billed (82.50) (78.83)
Unbilled 2.67 (22.34)
Other financial assets 1.40 (6.39)
Other assets (18.63) (5.72)
Other liabilities and provisions 22.38 3.78
Proceeds from bank deposits 170.30 -
Proceeds from disposal of property, plant and equipment 0.00 -
Investment in bank deposit (170.30) (45.00)
Net cash generated used in investing activities (2.37) (47.39)
Dividend paid (including tax on dividend) (85.00) (50.00)
Net change in cash and cash equivalents 13.44 (22.56)
Exchange difference on translation of foreign currency cash and cash equivalents (0.39) (0.94)
Cash and cash equivalents at the end of the year (Refer note 7(a)) 77.97 64.92
Cash at banks and in hand 15.37 2.51
Bank deposits (original maturity less than three months) 62.60 62.41
77.97 64.92
Supplementary cash flow information
Interest paid 0.50 0.10
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Tata Consultancy Services Canada Inc. (“the Company”) a Toronto based Canadian corporation, is an information
technology (IT) consulting, services and business process outsourcing organisation. The Company provides services in the
area of IT application development and maintenance, asset-based solutions, IT infrastructure management, engineering
and industrial services and business process outsourcing. The Company is a wholly owned subsidiary of Tata Consultancy
Services Limited (“TCS Limited”) and Tata Sons Private Limited is the ultimate parent company.
The Company is incorporated under the Canada Business Corporations Act and is domiciled in Canada. The address of its
corporate office is 400 University Avenue, 25th Floor Toronto, Ontario M5G 1S5, Canada. The financial statements for the
year ended March 31, 2024 were approved by the Board of Directors and authorised for issue on May 8, 2024.
These financial statements have been prepared in accordance with IFRS Accounting Standards (“IFRS”), as issued by the
International Accounting Standard Board (“IASB”).
These financial statements have been prepared on historical cost basis except for certain financial instruments which
are measured at fair value or amortised cost at the end of each reporting period. Historical cost is generally based on
the fair value of the consideration given in exchange for goods and services. Fair value is the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. All assets and liabilities have been classified as current and non-current as per the Company’s normal operating
cycle. Based on the nature of services rendered to customers and time elapsed between deployment of resources and the
The statement of cash flows has been prepared under the indirect method, whereby profit or loss is adjusted for the effects
items of income or expense associated with investing or financing cash flows. The Company classifies interest paid and
interest received as cash flow from operating activities. The cash flows from operating, investing and financing activities
of the Company are segregated. The Company considers all highly liquid investments that are readily convertible to known
The functional currency of the Company is the Canadian Dollar (“CAD”). The functional currency of the Company is the
currency of the primary economic environment in which the entity operates. Foreign currency transactions are recorded
at exchange rates prevailing on the date of the transaction. Foreign currency denominated monetary assets and liabilities
respective notes.

The preparation of financial statements in conformity with the recognition and measurement principles of IFRS requires
management to make estimates and judgements that affect the reported balances of assets and liabilities, disclosures of
contingent liabilities as at the date of the financial statements and the reported amounts of income and expenses for the
periods presented.
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statements:
Revenue for fixed-price contracts is recognised using percentage-of-completion method. The Company estimates
the future cost-to-completion of the contracts which is used to determine degree of completion of the performance
obligation.
the revenue(Refer note 10).
reassessment may result in change in depreciation expense in future periods (Refer note 9(a)).
c. Impairment of financial assets (other than at fair value)
Measurement of impairment of financial assets require use of estimates, which have been explained in the note on
financial assets, financial liabilities and equity instruments, under impairment of financial assets (other than at fair
value) (Refer note 7).
amount of deferred tax assets at the end of each reporting period.
e. Provision and contingent liabilities
or non - occurrence of one or more uncertain future events not wholly within the control of the Company or a present

Retained earnings
position.
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The Company has not applied the following new and revised IFRS that have been issued but are not yet effective.
IFRS 18 – Presentation and Disclosures in Financial Statements3
1
2
3
no longer available to it. The Company does not expect the amendments to have any significant impact on its presentation
of liabilities.
their financial statements. The Company will evaluate the standard and implement it accordingly.
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The Company has applied the following new and revised IFRS that have been issued and is effective from current year.
Amendment to IAS 1 and IFRS Practice Statement 2 Disclosure of Accounting Policies
In accordance with the amendments in IAS 1 and IFRS Practice Statements 2 relating to Disclosure of Accounting Policies,
the accounting policies were reviewed, and material accounting policies information used in preparation of the financial
statements have been discussed in the respective note.

or have expired.
subject to an insignificant risk of change in value to be cash equivalents. Cash and cash equivalents consist of balances
outstanding.
Equity instruments
Derivative accounting
Instruments not in hedging relationship
The Company enters into contracts that are effective as hedges from an economic perspective, but they do not qualify for
hedge accounting. The change in the fair value of such instrument is recognised in profit or loss.
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assets is impaired. IFRS 9- Financial Instruments requires expected credit losses to be measured through a loss
allowance. The Company recognises lifetime expected losses for all contract assets and / or all trade receivables that
do not constitute a financing transaction. In determining the allowances for expected credit loss the Company has used
a practical expedient by computing the expected credit loss allowance for trade receivables based on a provision matrix.
The provision matrix takes into account historical credit loss experience and is adjusted for forward looking information.
The expected credit loss allowance is based on the ageing of the receivables that are due and allowance rates used in the
provision matrix. For all other financial assets, expected credit losses are measured at an amount equal to the 12-month
expected credit losses or at an amount equal to the life time expected credit losses if the credit risk on the financial asset
has increased significantly since initial recognition.
As at As at
March 31, 2024 March 31, 2023
Cash at banks 15.37 2.51
Bank deposits (original maturity less than three months) 62.60 62.41
Total 77.97 64.92
b. Trade receivables – Billed

Trade receivables - Billed consist of the following:
Trade receivables – Billed - Current (In millions of CAD)
As at As at
March 31, 2024 March 31, 2023
Less: Allowance for expected credit losses (1.13) (1.10)
Total 345.13 262.66

Other financial assets – Current (In millions of CAD)
As at As at
March 31, 2024 March 31, 2023
(net of allowances of CAD 0.21 million)
Volume discount receivable 10.68 9.57
Total 15.10 16.67
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d. Other financial liabilities
Other financial liabilities – Current (In millions of CAD)
As at As at
March 31, 2024 March 31, 2023
Capital creditors 0.11 0.40
Liabilities towards customer contracts 17.35 29.14
Fair value of foreign exchange derivatives liabilities 0.34 -
Total 74.97 83.68
e. Financial instrument by category

Derivative Amortised cost Total carrying
instruments not in value
hedging relationship
Financial assets
Trade receivables
Billed - 345.13 345.13
Unbilled - 93.15 93.15
Total - 576.35 576.35
Other financial liabilities 0.34 74.63 74.96
Total 0.34 233.29 233.63
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Derivative Amortised cost Total carrying
instruments not in value
hedging relationship
Financial assets
Trade receivables
Billed - 262.66 262.66
Unbilled - 95.82 95.82
Total - 485.07 485.07
Total - 230.74 230.74
Carrying amounts of cash and cash equivalents, trade receivables and trade payables as at March 31, 2024 and March
31, 2023 approximate the fair value due to their nature. Carrying amounts of bank deposits, other financial assets and
other financial liabilities which are subsequently measured at amortised cost also approximate the fair value due to
their nature in each of the periods presented. Fair value measurement of lease liabilities is not required.
f. Fair value hierarchy
• Level 2 — Inputs are other than quoted prices, included within level 1 that are observable for the asset or liability,
As at March 31, 2024 Level 1 Level 2 Level 3 Total
Financial assets
Fair value of foreign exchange derivative assets - - - -
Total - - - -
Fair value of foreign exchange derivative - 0.34 - 0.34
liabilities
Total - 0.34 - 0.34
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The Company did not have any balance as at March 31, 2023.
The Company has entered into derivative instruments not in hedging relationship by way of foreign exchange forwards.
As at March 31, 2024 the notional amount of outstanding contracts aggregated to CAD 108.81 million and the fair
value of these contracts have a net loss of CAD 0.34 million.
Exchange loss of CAD 0.34 million on foreign exchange forwards that do not qualify for hedge accounting have been
recognised in profit or loss for the period ended March 31, 2024.
g. Financial risk management
risk, which may adversely impact the fair value of its financial instruments. The Company has a risk management
policy which covers risks associated with the financial assets and liabilities.
Market risk
assets / liabilities are denominated in a currency other than the functional currency of the entity. Considering the
countries and economic environment in which the Company operates, its operations are subject to risks arising
from fluctuations in exchange rates in those countries.
The Company, as per its risk management policy, uses derivative instruments primarily to hedge foreign
exchange. Further, any movement in the functional currencies of the various operations of the Company against
major foreign currencies may impact the Company’s revenue in international business.
rate risks. It hedges a part of these risks by using derivative financial instruments in line with its risk management
policies.
a simultaneous parallel foreign exchange rates shift of all the currencies by 10 percentage against the functional
currency of the Company.
The following analysis has been worked out based on the net exposures for the Company as at the date of
statement of financial position which could affect the statement of profit or loss and other comprehensive income
and equity.
The following table sets forth information relating to unhedged foreign currency exposure as at March 31, 2024:
USD Others 1
Total
Net financial assets 43.68 2.16 45.84
Net financial liabilities 20.72 0.34 21.06
10 percentage appreciation / depreciation of the functional currency of the Company with respect to various
foreign currencies would result in decrease / increase in the Company’s profit before taxes by approximately CAD
2.48 million and equity approximately by CAD 1.82 million for the year ended March 31, 2024.
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The following table sets forth information relating to unhedged foreign currency exposure as at March 31, 2023:
USD Others1 Total
Net financial assets 99.16 1.60 100.76
Net financial liabilities 13.07 0.37 13.44
10 percentage appreciation / depreciation of the functional currency of the Company with respect to various
foreign currencies would result in decrease / increase in the Company’s profit before taxes by approximately CAD
8.73 million and equity approximately by CAD 6.44 million for the year ended March 31, 2023.
1Others include currencies such as Australian Dollar, South Korean Won, Great Britain Pound, Euro and Swiss
Franc, Singapore Dollar, Hong Kong Dollar, Mexican Peso, Swedish Krona
The Company’s investments are primarily in fixed rate interest bearing investments. Hence, the Company is not
Credit risk
Financial instruments that are subject to credit risk principally consist of trade receivables, derivative financial
instruments, unbilled receivables, cash and cash equivalents, bank deposits and other financial assets. Cash
and cash equivalent include an amount of CAD 77.97 million held with a bank having high credit ratings which
are in excess of 10 percent or more of the Company’s total cash and cash equivalent as at March 31, 2024 (CAD
64.92 million as at March 31, 2023). None of the other financial instruments of the Company result in material
maximum exposure to credit risk was CAD 617.36 million and CAD 511.34 million as at March 31, 2024 and
March 31, 2023 respectively, being the total of the carrying amount of balances with banks, bank deposits, trade
Company’s exposure to customers is diversified, and customer’s which contribute individually to more than
10 percentage of outstanding trade receivable and contract assets as at March 31, 2024 and March 31, 2023 are
as follows

Gross Net percentage Gross Net percentage
percentage percentage
Customer E 30.44 30.51 24.13 24.20
Customer F 9.24 9.26 10.50 10.53
Customer B 8.99 9.02 11.78 11.81
The Company’s cash and cash equivalents, trade receivables and contract assets are allocated based on the
location of the customer and are substantially held in the Americas.
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The allowance charged and written back for lifetime expected credit loss on trade receivables for the years ended
March 31, 2024 and 2023 was CAD 0.04 million and CAD 0.42 million, respectively. The reconciliation of allowance
for doubtful trade receivables is as follows:
As at As at
March 31, 2024 March 31, 2023
Change during the year 0.04 0.42
Liquidity risk
year year to 5th year 5th year
Trade payables 146.85 - - - 146.85
Total 222.25 0.90 0.77 13.17 237.09

year year to 5th year 5th year
Trade payables 144.92 - - - 144.92
Lease liabilities 1.42 0.78 - - 2.20
Total 230.02 0.78 - - 230.80
h. Equity instruments
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8. Leases
Company as a lessee
The right-of-use assets are subsequently measured at cost less any accumulated depreciation, accumulated impairment
losses, if any and adjusted for any remeasurement of the lease liability. The right-of-use assets are depreciated using the
readily determined. If that rate cannot be readily determined, the Company uses an incremental borrowing rate. For
leases with reasonably similar characteristics, the Company, on a lease-by-lease basis, may adopt either the incremental
modification. Where the carrying amount of the right-of-use assets is reduced to zero and there is a further reduction in
loss.
The Company has elected not to apply the requirements of IFRS 16 “Leases” to short-term leases of all assets that have a
lease term of 12 months or less and leases for which the underlying asset is of low value. The lease payments associated
with these leases are recognised as an expense on a straight-line basis over the lease term.
Depreciation on right-of-assets is as follows:
Computer equipment - 0.00
Total 11.20 11.39
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Buildings 0.05 1.43
Computer equipment - 0.02
Total 0.05 1.45
Depreciation on right-of-assets is as follows:

March 31, 2024 March 31, 2023
Buildings 1.24 0.97
Computer equipment 0.01 0.01
Total 1.25 0.98
Interest on lease liabilities is CAD 0.50 million and CAD 0.10 million for the year ended on March 31, 2024 and March 31,
2023 respectively.
The Company incurred CAD 0.29 million and CAD 0.33 million for the year ended March 31, 2024 and March 31, 2023
towards expenses relating to short-term leases and leases of low-value assets.
The total cash outflow for leases is CAD 1.70 million and CAD 1.76 million for the year ended March 31, 2024 and March
31, 2023, including cash outflow for short term and low value leases. The Company has no lease term extension options.
Lease contracts entered by the Company pertain for buildings and office equipment taken on lease to conduct its business
in the ordinary course.
9. Non-financial assets and non financial liabilities


Furniture , fixtures and office equipment 5 years
Electrical installation 10 years
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Leasehold Computer Electrical Furniture Office Total
improvement equipment installation and fixture equipment
Cost as at April 1, 2023 8.25 4.04 0.05 1.42 2.19 15.95
Additions - 2.42 0.00 0.03 0.13 2.58
Disposals - (0.01) - (0.02) - (0.03)
Cost as at March 31, 2024 8.25 6.45 0.05 1.43 2.32 18.50
Accumulated depreciation as at 5.83 2.15 0.01 1.06 1.30 10.35
April 1, 2023
Disposals - - - - - -
Depreciation 1.55 1.07 0.00 0.11 0.29 3.02
Eliminated on disposals of assets - (0.01) - (0.02) - (0.03)
March 31, 2024
Net carrying amount as at March 0.87 3.24 0.04 0.28 0.73 5.16
31, 2024
Capital work-in-progress1 0.04
Total 5.20
1CAD 2.58 million has been capitalised and transferred to property, plant and equipment during the year ended March
31, 2024.
Leasehold Computer Electrical Furniture Office Total
improvement equipment installation and fixture equipment
Cost as at April 1, 2022 7.37 2.73 0.05 1.25 2.05 13.45
Additions 0.88 1.31 0.00 0.17 0.14 2.50
Cost as at March 31, 2023 8.25 4.04 0.05 1.42 2.19 15.95
April 1, 2022
Depreciation 1.45 0.71 - 0.09 0.26 2.51
March 31, 2023
Net carrying amount as at March 2.42 1.89 0.04 0.36 0.89 5.60
31, 2023
Capital work-in-progress1 0.56
Total 6.16
1CAD 2.50 million has been capitalised and transferred to property, plant and equipment during the year ended March
31, 2023.
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b. Other assets
Other assets - Current (In millions of CAD)
As at As at
March 31, 2024 March 31, 2023
Advances to suppliers 0.63 0.02
Contract asset 38.59 23.81
Contract fulfillment costs 0.13 0.04
Others 1.42 0.89
Total 52.06 33.41
Contract fulfillment costs of CAD 0.04 million and CAD 0.08 million for the years ended March 31, 2024 and March 31,
2023, respectively, have been amortised in the profit or loss. Refer note 10 for changes in contract assets.
Other liabilities – Current (In millions of CAD)
As at As at
March 31, 2024 March 31, 2023
Advance received from customers 0.14 0.95
Total 30.80 25.27

performance.
• In respect of other fixed-price contracts, revenue is recognised using percentage-of-completion method (“POC
method”) of accounting with contract cost incurred determining the degree of completion of the performance
POC method .
to the customer.
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criteria for capitalisation. Such costs are amortised over the contractual period or useful life of license whichever is
less. The assessment of these criteria requires the application of judgement, in particular when considering if costs
recovered.
Unearned and deferred revenue (“contract liability”) is recognised when there are billings in excess of revenues.
In accordance with IAS 37- Provisions, Contingent Liabilities, and Contingent Assets, the Company recognises an onerous
contract provision when the unavoidable costs of meeting the obligations under a contract exceed the economic benefits
to be received.
allocated to a new performance obligation or the transaction price of an existing obligation could undergo a change. In the
event the transaction price is revised for an existing obligation, a cumulative adjustment is accounted for.
services.
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Revenue disaggregation by nature of service is as follows:
March 31, 2024 March 31, 2023
Consultancy services 1,910.17 1,683.46
Sale of equipment and software licenses 0.25 0.76
Total 1,910.42 1,684.22

March 31, 2024 March 31, 2023
Banking, Financial Services and Insurance 1,197.98 1,093.37
Communication, Media and Technology 115.60 182.48
Others 596.84 408.37
Total 1,910.42 1,684.22

March 31, 2024 March 31, 2023
Americas 1,884.27 1,665.24
Rest of the world 26.15 18.98
Total 1,910.42 1,684.22
Information about major customers

Customers representing 10 percentage or more of the Company’s total revenue for the year ended March 31, 2024 and
2023 are:
Year ended March 31, 2024 Year ended March 31, 2023
(In millions of CAD) Percentage (In millions of CAD) Percentage
Customer E 416.58 21.81 282.17 16.75
Customer B 227.18 11.89 252.54 14.99
Customer F 197.19 10.32 193.61 11.50
satisfied) performance obligations, along with the broad time band for the expected time to recognise those revenues,
revenue recognised corresponds to the value transferred to customer typically involving time and material, outcome
based and event-based contracts.
obligations, other than those meeting the exclusion criteria mentioned above is CAD 733.15 million out of which
63.46 percentage is expected to be recognised as revenue in the next year and the balance thereafter. No consideration
from contracts with customers is excluded from the amount mentioned above.
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March 31, 2024 March 31, 2023
Increase due to revenue recognised during the year, excluding amounts 36.83 20.34
Invoice raised that was included in the contract asset balance at the (20.49) (11.35)
beginning of the period
Translation exchange difference (1.60) 0.19

March 31, 2024 March 31, 2023
Revenue recognised that was included in the unearned and deffered (17.92) (18.37)
revenue at the beginning of the period
Increase due to invoicing during the year, excluding amounts recognised as 18.48 18.04
revenue during the year
Translation exchange difference 0.04 (0.00)

Cost of revenue
to external consultants, cost of equipment and software licenses, depreciation and amortisation of production related
business promotion expenses, bad debts and advances written off, allowance for expected credit losses and doubtful
advances(net), facility expenses for sales and marketing offices and market research costs.
expenses.
Expenses by function
March 31, 2024 March 31, 2023
Cost of revenue 1,533.44 1,381.50
Selling, general and administrative expenses 152.54 124.72
Total 1,685.98 1,506.22
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The costs of the Company are broadly categorised into employee benefit expenses, cost of equipment and software license,
depreciation and other expenses. Employee benefit expenses include salaries, incentives, allowances, contribution
to various funds and staff welfare expenses. Other expenses mainly include sub-contracting cost, fees to external
consultants, facility expenses, travel expenses, communication expenses, bad debts, cost paid for shared services, royalty
paid and other expenses. Other expenses is an aggregation of costs which are individually not material such as marketing,
education recruitment and training expense, printing and stationery, bank charges, insurance etc.
Refer note 14 for employee benefit expenses.
March 31, 2024 March 31, 2023
Sub-contracting cost 593.26 577.99
Bad debts and advances written off/(back), allowance for doubtful trade 0.19 0.42
receivable and advances (net)
Cost paid for shared services 20.79 18.49
Royalty paid 3.70 3.48
Total 715.76 741.49
12. Other gains(net)

March 31, 2024 March 31, 2023
Net foreign exchange gain/(loss) (0.17) 5.15
Others 2.19 1.93
Total 2.02 7.08
13. Income taxes

Income tax expense comprises current tax expenses and the net change in the deferred tax asset or liability during the
The current income tax is based on the taxable profit for the year and is calculated using tax rates that have been enacted,
by the end of the reporting period.
advance tax paid and income tax provision arising in the same tax jurisdiction and where the Company intend to settle the
asset and liability on a net basis.
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Deferred income tax assets are recognised to the extent it is probable that taxable profit will be available against which the
deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised.
utilised.
Deferred income tax liabilities are recognised for all taxable temporary differences where the timing of the reversal of the
temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable
future.
Deferred income tax assets and liabilities are measured using substantively enacted tax rates expected to apply to taxable
income in the years in which the temporary differences are expected to be received or settled.
Deferred income tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority
and the relevant entity intends to settle its current tax assets and liabilities on a net basis.
March 31, 2024 March 31, 2023
Current tax
Current tax benefit pertaining to prior years (5.18) (0.10)
55.73 51.24
Deferred tax
Deferred tax expense/(benefit) for current year 0.08 (2.08)
Deferred tax expense pertaining to prior years 5.15 0.10
5.23 (1.98)
Total 60.96 49.26
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statements of profit or loss is as follows:
March 31, 2024 March 31, 2023
Statutory income tax rate 26.29 % 26.30 %
reported income tax expense
Current tax (benefit) pertaining to prior years (5.18) -
Deferred tax expense pertaining to current and prior years 5.23 -
Non-deductible items and others 0.07 0.14
Opening balance Recognised in profit Closing balance
or loss
Property, plant and equipment 0.02 (0.06) (0.04)
Net asset adjustment for tax purpose on purchase 0.25 (0.02) 0.23
of Canadian Branch
Lease liability and right-of-use assets 0.24 0.03 0.27
Others including volume discount payable 5.18 (5.17) 0.01

Property, plant and equipment - 0.04 (0.04)
Net asset adjustment for tax purpose on purchase 0.23 - 0.23
of Canadian Branch
Right-of-use asset 4.53 - 4.53
Lease liabilities - 4.26 (4.26)
Others including volume discount payable 0.01 - 0.01
Total deferred tax assets / (liabilities) 4.77 4.30 0.47
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Opening balance Recognised in profit Closing balance
or loss
Property, plant and equipment (0.02) 0.04 0.02
Net asset adjustment for tax purpose on purchase 0.27 (0.02) 0.25
of Canadian Branch
Others including volume discount payable 3.12 2.06 5.18

Net asset adjustment for tax purpose on purchase 0.25 - 0.25
of Canadian Branch
Right-of-use asset 1.91 - 1.91
Lease liabilities - 1.67 (1.67)
Others including volume discount payable 5.18 - 5.18
14. Employee benefit

Registered Retirement Savings Plan
The Company has a Registered Retirement Savings Plan (“RRSP”) for local staff of Canada referred to as Employer
Sponsored RRSP. Under such plan, as per written instruction of each employee a fixed percentage of their base salary per
pay cycle is deducted as employee contribution to the plan and employer also matches the employee contribution with a
cap of 4 percentage of the base salary of the employee. The Company’s contribution was CAD 9.82 million and CAD 8.71
million for the year ended March 31, 2024 and March 31, 2023 respectively.
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March 31, 2024 March 31, 2023
Contribution to RRSP and other funds 42.93 37.92
Total 966.00 761.25

Employee benefit obligation – Current
As at As at
March 31, 2024 March 31, 2023
Other employee benefit obligations - 0.29
Total 50.45 33.54

Capital commitments
The Company has contractually committed (net of advances) CAD 0.52 million and CAD 0.45 million as at March 31, 2024
and March 31, 2023 respectively, for purchase of property, plant and equipment.
Contingencies
The contingencies as of March 31, 2024 and March 31, 2023 were CAD 0.85 million and Nil.
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The Company’s principal related parties consist of its holding company Tata Consultancy Services Limited, the subsidiaries
of Tata Consultancy Services Limited and the key management personnel. The ultimate holding company is Tata Sons
Private Limited. The Company’s material related party transactions and outstanding balances are with related parties with
whom the Company routinely enters into transactions in the ordinary course of business.
March 31, 2024 March 31, 2023
Jaguar Land Rover Canada ULC 0.10 0.10
Tata Global Beverages Canada Inc. - 0.03
Tata Communications (Canada) Limited 2.52 2.60
Tata America International Corporation - 0.01
Tata Consultancy Services Asia Pacific Pte Ltd. 1.02 0.29
Tata Consultancy Services Switzerland Ltd. 6.71 5.60
Tata Consultancy Services Belgium 0.39 0.12
Tata Consultancy Services France 0.62 0.45
Tata Consultancy Services Ireland Limited 2.92 1.47
Tata Consultancy Services Sverige AB 0.45 0.03
Tata Consultancy Services Osterreich GmbH 0.09 -
Purchases of goods and services (including reimbursements)
Jaguar Land Rover Limited - (0.19)
Tata America International Corporation (1.72) (0.27)
Tata Consultancy Services Deutschland GmbH 0.19 -
Tata Consultancy Services Belgium (0.00) (0.01)
TCS Uruguay S. A. 5.07 4.88
Tata Consultancy Services Switzerland Ltd. (0.00) 0.06
Tata Consultancy Services (China) Co., Ltd. 0.01 (0.04)
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March 31, 2024 March 31, 2023
Tata Consultancy Services Luxembourg S.A. - 0.14
Tata Consultancy Services Ireland Limited 0.10 0.08
Tata Consultancy Services France 0.10 (0.00)
TCS Solution Center S.A. 0.00 0.10
Tata Consultancy Services Asia Pacific Pte Ltd. - (0.13)
Tata Consultancy Services (Philippines) Inc. 0.79 -
Brand equity contribution
Dividend paid
Balance receivable/ payable from/to related parties are as follows.
March 31, 2024 March 31, 2023
Trade receivables and contract assets
Jaguar Land Rover Canada ULC 0.02 0.02
Tata America International Corporation 0.21 0.09
Tata Consultancy Services Belgium 0.04 0.05
Tata Consultancy Services France 0.14 0.19
Tata Consultancy Services Ireland Limited 0.20 -
Tata Consultancy Services Osterreich GmbH 0.09 -
Other financial assets and other assets
Tata Consultancy Services (China) Co., Ltd. 0.04 0.05
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Balance receivable/ payable from/to related parties are as follows.
March 31, 2024 March 31, 2023
Tata Consultancy Services Luxembourg S.A. 0.00 0.03
Tata Consultancy Services Deutschland GmbH 0.02 -
Tata Consultancy Services Netherlands BV 0.01 -
Trade payables, unearned and deferred revenue, other financial liabilities
Tata Consultancy Services Deutschland GmbH 0.03 (0.02)
Tata Consultancy Services Netherlands BV 0.03 (0.00)
TCS Solution Center S.A. 0.00 -
Tata Consultancy Services Luxembourg S.A. - 0.00
Tata Consultancy Services Belgium 0.01 -
Tata Consultancy Services France 0.01 -
March 31, 2024 March 31, 2023
Compensation to key management personnel
Short-term benefits 0.61 0.57
Professional fees 0.01 0.01
17. Dividend
Dividend (including tax on dividend) paid during the year ended March 31, 2024 includes an amount of CAD 85 million
(March 31, 2023: CAD 50 million) i.e. CAD 77,272.72 (March 31, 2023: CAD 45,454.5) per equity share towards interim
dividend.

The Company has evaluated subsequent events from the balance sheet date through May 8, 2024 the date on which the
financials were available for issue and determined that there is no material event to be disclosed.
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Tata Consultancy Services UK Limited
Registered number: 08055387
DIRECTORS’ REPORT AND

AUDITED FINANCIAL STATEMENTS
For the year ended
31 December 2023
Tata Consultancy Services UK Limited
Company Information
Directors
S. Sankaranarayanan
R. Krishnan
Registered number
08055387
Registered office
75 Bayham Street
London
NW1 0AA
Independent auditor
Buzzacott LLP
130 Wood Street
London
EC2V 6DL

Tata Consultancy Services UK Limited 19.1
FINANCIAL STATEMENTS FOR THE YEAR ENDED DEcember 31, 2023
CONTENT PAGE
Independent Auditor’s report 19.3
Notes to the financial statements 19.8

19.2 Tata Consultancy Services UK Limited
DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
Directors’ responsibilities statement

The directors are responsible for preparing the Directors’ report and the financial statements in accordance with applicable
law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have
elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards
(United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial
Reporting Standard applicable in the UK and Republic of Ireland’. Under company law the directors must not approve the
financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the
profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
• select suitable accounting policies for the company’s financial statements and then apply them consistently;
• make judgements and accounting estimates that are reasonable and prudent;
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will
continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s
transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to
ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the
assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Directors
The directors who served during the year were:
S Sankaranarayanan
R Krishnan
Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors’ report is approved has confirmed that:
• so far as the director is aware, there is no relevant audit information of which the company’s auditor is unaware, and
• the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit
information and to establish that the company’s auditor is aware of that information.
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of
the Companies Act 2006.
This report was approved by the board on 29 April 2024 and signed on its behalf.
S Sankaranarayanan
Director
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TO THE MEMBERS OF
TATA CONSULTANCY SERVICES UK LIMITED
For the year ended 31 December 2023
Opinion
We have audited the financial statements of Tata Consultancy Services UK Limited (the ‘company’) for the year ended 31
December 2023, which comprise the Statement of comprehensive income, the Statement of financial position and the related
notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their
preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The
Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting
Practice).
In our opinion the financial statements:
• give a true and fair view of the state of the company’s affairs as at 31 December 2023 and of its profit for the year then
ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• have been prepared in accordance with the requirements of the Companies Act, 2006.
Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial
statements section of our report. We are independent of the company in accordance with the ethical requirements that are
relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council’s Ethical
Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the
preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at
least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections
of this report.
Other information
The other information comprises the information included in the Annual report other than the financial statements and our
Auditor’s report thereon. The directors are responsible for the other information contained within the Annual report. Our
opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in
our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be
materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to
determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we
have performed, we conclude that there is a material misstatement of this other information, we are required to report that
fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act, 2006
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the Directors’ report for the financial year for which the financial statements are prepared is
consistent with the financial statements; and
• the Directors’ report has been prepared in accordance with applicable legal requirements.
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Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we
have not identified material misstatements in the Directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act, 2006 requires us to report
to you if, in our opinion:
• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches
not visited by us; or
• the financial statements are not in agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit; or
• the directors were not entitled to prepare the financial statements in accordance with the small companies regime and
take advantage of the small companies’ exemptions in preparing the Directors’ report and from the requirement to prepare
a Strategic report.
Responsibilities of directors
As explained more fully in the Directors’ responsibilities statement set out on page 19.1, the directors are responsible for
the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal
control as the directors determine is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going
misstatement, whether due to fraud or error, and to issue an Auditor’s report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with
our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent
to which our procedures are capable of detecting irregularities, including fraud is detailed below:
How the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and
non-compliance with laws and regulations, was as follows:
• the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence, capabilities
and skills to identify or recognise non-compliance with applicable laws and regulations;
• we made enquiries of management as to where they considered there was susceptibility to fraud, and their knowledge of
actual, suspected and alleged fraud;
• we identified the laws and regulations that could reasonably be expected to have a material effect on the financial
statements of the company through discussions with directors and other management at the planning stage and during
the audit;
• the audit team held a discussion to identify any particular areas that were considered to be susceptible to misstatement,
including with respect to fraud and non-compliance with laws and regulations; and
• we focused our planned audit work on specific laws and regulations which we considered may have a direct material effect
on the financial statements or the operations of the company including the Companies Act, 2006, and taxation legislation.
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We assessed the extent of compliance with the laws and regulations identified above through:
• making enquiries of management;
• inspecting bank statements throughout the period for any potential undisclosed litigation or claims; and
• considering the internal controls in place that are designed to mitigate risks of fraud and non-compliance with laws and
regulations
To address the risk of fraud through management bias and override of controls, we:
• determined the susceptibility of the company to management override of controls by checking the implementation of
controls and enquiring of individuals involved in the financial reporting process;
• reviewed journal enteries throughout the period to identify unusual transactions;
• performed analytical procedures to identify any large, unusual or unexpected transactions and investigated any large
variances from the prior period;
• carried out substantive testing to check the occurrence and cut-off of expenditure; and
• carried out substantive testing to check the occurrence, completeness and cut-off of income with reference to signed
contracts with clients.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading
to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that
compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we
will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring
due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting
Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act,
2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required
to state to them in an Auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the company and the company’s members, as a body, for our audit work, for this
report, or for the opinions we have formed.
Simon Wax (Senior statutory auditor)

for and on behalf of
Buzzacott LLP
Statutory Auditor
130 Wood Street
London
EC2V 6DL
Date: 29 April 2024
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Statement of comprehensive income

(Amount in GBP)
31 December 31 December
2023 2022
Billing* 1,697,779 -
Recharges (1,450,813) -
Turnover 246,966 -
Gross profit 246,966 -
Administrative expenses (59,160) 49,212
Operating profit 187,806 49,212
Interest receivable and similar income 9,561 2,322
Tax on profit (111,228) 63,664
Profit for the financial year 86,139 115,198
Other comprehensive income for the year
Total comprehensive income for the year 86,139 115,198
All amounts relate to continuing operations.

There was no other comprehensive income in 2023 or 2022.
The notes on pages 19.7 to 19.8 form part of these financial statements.
* Billings is the total amount of income earned by the group to which the company is party to the contract. This amount is
recognised within the parent company. See note 6.
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(Amount in GBP)
Note
2023 2022
Current assets
Debtors Within One Year 4 252,963 69,568
Cash At Bank And In Hand 2,769,495 2,801,768
3,022,458 2,871,336
Creditors: Amounts Falling Due Within One Year 5 (65,403) (422)
Net current assets 2,957,055 2,870,914
Total assets less current liabilities 2,957,055 2,870,914
Net assets 2,957,055 2,870,914
Capital and reserves
Called up share capital 1 1
Other Reserves 5,090 5,090
Profit And Loss Account 2,951,964 2,865,823
2,957,055 2,870,914
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small
companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 April 2024.
S Sankaranarayanan
Director
The notes on pages 19.7 to 19.8 form part of these financial statements.
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Tata Consultancy Services UK Limited is a private company limited by shares, incorporated in England and Wales.
The address of the company’s registered office is 75 Bayham Street, London, England, NW1 0AA. The registration number
is 08055387.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within
these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, ‘The Financial
Reporting Standard applicable in the UK and Republic of Ireland’ (‘FRS 102’) and the Companies Act, 2006.
The following principal accounting policies have been applied:
2.2 Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the
revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable,
excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before
revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance
with the stage of completion of the contract when all of the following conditions are satisfied:
• the amount of revenue can be measured reliably;
• it is probable that the company will receive the consideration due under the contract;
• the stage of completion of the contract at the end of the reporting period can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.
2.3 Debtors
Short-term debtors are measured at transaction price, less any impairment.
2.4 Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets
and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related
parties and investments in ordinary shares.
2.5 Creditors
Short term creditors are measured at the transaction price.
2.6 Foreign currency translation
Functional and presentation currency
The company’s functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates
of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items
measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary
items measured at fair value are measured using the exchange rate when fair value was determined.
2.7 Interest income
Interest income is recognised in profit or loss using the effective interest method.
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3. Employees
The average monthly number of employees, including directors, during the period was 0 (year ended 31 December
2022: 0).
4. Debtors
(Amount in GBP)
2023 2022
Other debtors 5,997 69,568
Prepayments and accrued income 246,966 -
252,963 69,568
5. Creditors: Amounts falling due within one year
(Amount in GBP)
2023 2022
Amounts owed to group undertakings 2 2
Corporation tax 47,657 -
Accruals and deferred income 17,744 420
65,403 422
6. Inclusion in group financial statements

The smallest and largest entity for which group accounts are prepared, which include the company, is Tata Consultancy
Services Limited (‘TCS’). These consolidated accounts can be found at www.tcs.com. The registered office of TCS is
9th Floor, Nirmal Building, Nariman Point, Mumbai 400 021, India.
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Tata Consultancy Services Ireland Limited
(Registration Number: 683660)

For the year ended
December 31, 2023
Tata Consultancy Services Ireland Limited 20.1

Index PAGE
Directors and other information 20.2
Statement of Directors' responsibilities in respect of the Directors report and financial statements 20.6

20.2 Tata Consultancy Services Ireland Limited
DIRECTORS’ AND OTHER INFORMATION

Directors
Amit Kapur
Director
(Indian national, British resident)
Pradeep Manohar Gaitonde

Director
(Indian national, Indian resident)
Kunchitham Krithivasan
Director
(Indian national, Indian resident)
Company secretary
Hariharan Subramanian
Director
(Indian national, British resident)
Auditor
KPMG
Dockgate, Dock Road
Galway
Bankers
Citibank Europe plc, Ireland branch
1 North Wall Quay, Dublin 1
Registered office
29 Earlsfort Terrace
Dublin 2 D02 AY28
Registered number
683660
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DIRECTORS’ REPORT
Principal activities and business review including key performance indicators

Tata Consultancy Services Ireland Limited (“the Company”) was incorporated on 2 December, 2020 as a subsidiary of Tata
Consultancy Services Limited India to insource approximately 1500 associates and selected assets of Pramerica Systems
Ireland Limited (subsidiary of Prudential Financial Inc, US) based in Letterkenny, Ireland. The Company became operational
in December 2020.
The business purpose of the Company is to provide its main customer, Prudential Financial Inc with a range of IT business,
digital and technology services, while also expanding the Company’s nearshore capabilities to provide the multifunctional,
digital services and solutions to other customers in Ireland, the UK, Europe and the US.
The principal key performance indicators used by management to monitor performance are as follows:
• Actual financial results versus forecasts
• Regulatory filings
• Employee turnover
• Customer satisfaction
• Operational efficiencies
Principal risks and uncertainties
The principal risks and uncertainties facing the Company are as follows:
• the movement in currency rates between USD and EUR.
• current attrition levels and increases in labour costs in the local market.
The Company and its parent have a strong management team in place to address and manage these risks.
Results and dividends
Profit on ordinary activities before taxation for the year ended December 31, 2023, amounted to EUR 11,163,625 (December 31,
2022, EUR 8,124,647).
The directors do not recommend the payment of a dividend.
Future developments
The Company is expected to increase its level of operations throughout 2024.
Events since the end of the financial year
There have been no significant events affecting the Company since the balance sheet date.
Financial Risk Management
The Company is exposed to financial risk through both its financial assets and liabilities. The most important components of
this financial risk for the Company are credit risk, foreign exchange risk, interest rate risk and liquidity risk.
Risk Management Framework
The Company’s internal organisational and management structure and its system of internal financial reporting to the board
of directors is the basis for identifying the predominant source and nature of the differing risks facing the entity.
Credit Risk
Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to
incur a financial loss. Credit risk is controlled by the Company by ensuring credit limits and the credit worthiness of customers
are monitored on an ongoing basis.
The Company has identified the credit risks associated with the cash and deposits it has placed with third party banking
institutions.
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Liquidity Risk
Liquidity risk is the risk that cash may not be available to pay obligations when due at a reasonable cost, the Company maintains
a significant proportion of its funds in liquid form and maintains sufficient liquidity even at unexpected levels of demand.
Interest Rate Risk
Interest rate risk is the risk that the value/future cash flows of a financial instrument will fluctuate because of changes in
interest rates. Based on current Company operations it is not envisaged that the entity is exposed to significant interest rate
risk.
Foreign exchange risk
The Company conducts business in foreign countries with certain transactions denominated in currencies other than the
functional currency of the Company (euros). The purpose of the Company’s foreign currency management is to manage the
effect of exchange rate fluctuations on transactions denominated in foreign currencies (US dollars).
Accounting Records
The directors believe that they have complied with the requirements of sections 281 to 285 of the Companies Act 2014 with
regard to adequate accounting records by employing accounting personnel with appropriate expertise and by providing
adequate resources to the financial function. The accounting records of the Company are maintained at TCS Drive, Letterkenny
Business and Technology Park, Letterkenny, Co Donegal, F92 W8CY.
The names of the persons who were directors and secretary at any time during the period ended 31 December 2023 are set
out below.
1. Amit Kapur (Appointed 02/12/2020)
(Director)
2. Pradeep Manohar Gaitonde (Appointed 02/12/2020)
(Director)
3. Hariharan Subramanian (Appointed 18/01/2022)
(Company secretary)
4. Kunchitham Krithivasan (Appointed 02/12/2020)
(Director)
Directors’ and secretary’s interests
The directors and secretary who held office at 31 December, 2023 had no disclosable interests in the shares, debentures or
loan stock of the Company or group companies.
Political contribution
The Company made no political contributions or incurred any political expenditure during the period.
Directors Compliance Statement
The directors, in accordance with Section 225(2) of the Companies Act 2014, acknowledge that they are responsible for securing
the Company’s compliance with certain obligations specified in that section arising from the Companies Act 2014 and Tax Laws.
The directors confirm that:
• A compliance policy statement has been drawn up setting out the Company’s policies with regard to such compliance;
• Appropriate arrangements or structures that are designed to secure material compliance with the Company’s
relevant obligations have been put in place; and
• A review of the arrangements and structures referred to above has been conducted during the financial period ended
31 December 2023.
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Relevant audit information

The directors believe that they have taken all steps necessary to make themselves aware of any relevant audit information and
have established that the Company’s statutory auditors are aware of that information. In so far as they are aware, there is no
relevant audit information of which the Company’s statutory auditors are unaware.
Audit Committee
The Company has decided not to establish an audit committee for the following reasons:
• the Company’s parent company has an Audit Committee in place;
• internal audits are carried out; and
• the Company has a risk department in place.
Going concern
Management has made an assessment of the Company’s ability to continue as a going concern taking into account all available
information about the future, which is at least, but not limited to, twelve months from the end of the reporting period. Based on
the analysis they have concluded that the Company has sufficient resources to continue as a going concern.
Statutory Auditors
During the period, KPMG Chartered Accountants, will continue in office as auditor, in accordance with Section 383(2) of the
Companies Act.
For and on behalf of board of directors of

Pradeep Manohar Gaitonde Amit Kapur

Director Director
Mumbai United Kingdom
Date: April 1, 2024
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STATEMENT OF DIRECTORS’ RESPONSIBILITIES IN RESPECT

OF THE DIRECTORS REPORT AND FINANCIAL STATEMENTS
The directors are responsible for preparing the directors’ report and the financial statements in accordance with applicable
law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law they elected
to prepare the financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by
European Union and applicable law.
Under Company law, the directors shall not approve the financial statements unless they are satisfied that they give a true and
fair view of the Company’s assets, liabilities and financial position as at the end of the financial period and the profit or loss of
the Company for the financial period.
In preparing these financial statements, the directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• state whether applicable Accounting Standards, subject to any material departures disclosed and explained in the
financial statements;
• assess the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern; and
• use the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations,
or have no realistic alternative but to do so.
The directors are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the
assets, liabilities, financial position and profit or loss of the Company and enable them to ensure that the financial statements
comply with the Companies Act 2014. They are responsible for such internal controls as they determine is necessary to enable
the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have
general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to
prevent and detect fraud and other irregularities. The directors are also responsible for preparing a directors’ report that
complies with the requirements of the Companies Act 2014.

Director Director
Date: April 1, 2024
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

TATA CONSULTANCY SERVICES IRELAND LIMITED
Opinion
We have audited the financial statements of Tata Consultancy Services Ireland Limited (‘the Company’) for the year ended
December 31, 2023 set out on pages 9 to 38, which comprise the Statement of Profit and Loss and Other Comprehensive
Income, the Statement of Changes in Equity, the Statement of Financial Position, the Statement of Cash Flows and related
notes, including the material accounting policies set out in the notes to the financial statements.
The financial reporting framework that has been applied in their preparation is Irish Law and International Financial Reporting
Standards (IFRS) as adopted by the European Union.
In our opinion:
• the financial statements give a true and fair view of the assets, liabilities and financial position of the Company as at
December 31, 2023 and of its profit for the year then ended;
• the financial statements have been properly prepared in accordance with IFRS as adopted by the European Union; and
• the financial statements have been properly prepared in accordance with the requirements of the Companies Act
2014.
Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (Ireland) (ISAs (Ireland)) and applicable law.
Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial
statements section of our report. We are independent of the Company in accordance with ethical requirements that are relevant
to our audit of financial statements in Ireland, including the Ethical Standard issued by the Irish Auditing and Accounting
Supervisory Authority (IAASA), and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the
preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at
least twelve months from the date when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections
of this report.
Other information
The directors are responsible for the other information presented in the Annual Report together with the financial statements.
The other information comprises the information included in the directors’ report. The financial statements and our auditor’s
report thereon do not comprise part of the other information. Our opinion on the financial statements does not cover the other
information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance
conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit
work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge.
Based solely on that work we have not identified material misstatements in the other information.
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Based solely on our work on the other information undertaken during the course of the audit, we report that:
• we have not identified material misstatements in the directors’ report;
• in our opinion, the information given in the directors’ report is consistent with the financial statements; and
• in our opinion, the directors’ report has been prepared in accordance with the Companies Act 2014.
Our opinions on other matters prescribed by the Companies Act 2014 are unmodified
We have obtained all the information and explanations which we consider necessary for the purposes of our audit.
In our opinion the accounting records of the Company were sufficient to permit the financial statements to be readily and
properly audited and the financial statements are in agreement with the accounting records.
Matters on which we are required to report by exception

The Companies Act 2014 requires us to report to you if, in our opinion, the disclosures of directors’ remuneration and
transactions required by Sections 305 to 312 of the Act are not made. We have nothing to report in this regard.
Respective responsibilities and restrictions on use
Responsibilities of directors for the financial statements

As explained more fully in the directors’ responsibilities statement set out on page 6, the directors are responsible for: the
preparation of the financial statements including being satisfied that they give a true and fair view; such internal control as they
determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether
due to fraud or error; assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related
to going concern; and using the going concern basis of accounting unless they either intend to liquidate the Company or to
cease operations, or have no realistic alternative but to do so.

is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a
A fuller description of our responsibilities is provided on IAASA’s website at
https://iaasa.ie/publications/description-of-the-auditors-responsibilities-for-the-audit-of-the-financial-statements/.
The purpose of our audit work and to whom we owe our responsibilities
Our report is made solely to the Company’s members, as a body, in accordance with Section 391 of the Companies Act 2014.
Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state
to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company’s members, as a body, for our audit work, for this report, or
for the opinions we have formed.
Christopher Wood
for and on behalf of
KPMG
Chartered Accountants, Statutory Audit Firm
Dockgate, Dock Road, Galway
H91 V6RR
Date: April 5, 2024
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(Amount in EUR)
Revenue 6 153,635,288 140,058,227
Cost of sales 7 (120,737,365) (110,201,087)
Gross profit 32,897,923 29,857,140
Other income 8 (a) 316,380 1,319,200
Selling, general and administrative expenses 7 (20,701,086) (23,035,960)
Finance cost and other expense 9 (1,349,592) (15,733)
Income tax expense 10 (1,282,269) (979,670)
Profit for the period 9,881,356 7,144,977
Total comprehensive income for the period 9,881,356 7,144,977
The accompanying notes form an integral part of the financial statements.
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(Amount in EUR)
Balance as at January 1st, 2022 25,000,000 2,516,226 27,516,226
Profit for the period - 7,144,977 7,144,977
(Amount in EUR)
Balance as at January 1st, 2023 25,000,000 9,661,203 34,661,203
Profit for the period - 9,881,356 9,881,356
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(Amount in EUR)
Note As at As at
ASSETS
Non-current assets
Investments 12(b) 1 1
Property, plant, and equipment 13(a) 3,487,303 3,997,548
Other intangible assets 13(b) - -
Other assets 13(c) 14,907 591,443
Current assets
Trade and other receivables 12(c) 36,065,045 42,319,049
Other financial assets 12(d) 701,682 533,848
Income tax assets (net) 5,360 334,035
Other assets 13(c) 2,940,054 3,488,242
TOTAL ASSETS 60,623,145 63,261,433
Liabilities
Current liabilities
Trade payables 12(e) 8,007,668 18,487,720
Other financial liabilities 12(f) 3,008,004 4,687,999
Deferred income 1,298,602 1,603,778
Employee benefit obligations 11 478,048 697,874
Provisions 13(e) 581 925
Other liabilities 13(d) 3,287,683 3,121,934
Equity
Share capital 12(j) 25,000,000 25,000,000
Total equity 44,542,559 34,661,203


Director Director
Date: April 1, 2024
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(Amount in EUR)

Depreciation and amortization expenses 13(a & b) 1,044,578 1,338,843
Income tax expense 10 1,282,269 979,670
Gain on disposal of property, plant and equipment - (6,368)
Finance cost 81 15,733
Unrealised exchange loss/(gain) 1,349,511 (1,308,491)
Operating profit before working capital changes 13,557,795 8,164,364
Net change in:
Trade receivables 6,254,004 (11,710,517)
Other assets 1,124,724 (1,240,897)
Trade and other payables (10,480,052) 10,535,929
Unearned and deferred revenues (305,176) 1,205,124
Employee benefit obligations (219,826) (619,612)
Other liabilities and provisions 165,405 657,785
Cash generated / (used in) from operating activities 8,249,045 7,503,889
Taxes paid (net of refunds) (1,134,428) (1,400,000)
Net cash generated / (used in) from operating activities 7,114,617 6,103,889
Purchase of property, plant and equipment (534,333) (172,361)
Disposal of property, plant and equipment - 35,000
Net cash used in investing activities (534,333) (137,361)
Proceeds from issue of share capital - -
Finance cost (81) (15,733)
Net cash (used in) / generated from financing activities (81) (15,733)
Net change in cash and cash equivalents 6,580,202 5,950,795
Cash and cash equivalents, beginning of the period 11,636,567 4,377,281
Exchange difference on translation of foreign currency cash (1,349,511) 1,308,491
and cash equivalents
Cash and cash equivalents, end of the period 12(a) 16,867,259 11,636,567
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Tata Consultancy Services Ireland Limited (“the Company”) provides IT services, consulting and business solutions. The
Company offers a consulting-led, cognitive powered, integrated portfolio of IT, business and engineering services and
solutions. This is delivered through its unique Location-Independent Agile delivery model, recognised as a benchmark of
excellence in software development.
The Company was incorporated on 2 December, 2020 in Ireland as a subsidiary of Tata Consultancy Services Limited
India to insource approximately 1500 associates and selected assets of Pramerica Systems Ireland Limited (subsidiary
of Prudential Financials Inc, US) based in Letterkenny, Ireland. The Company became operational in December 2020.
The registered address of the Company is 29 Earlsfort Terrace, Dublin 2, D02 AY28. Tata Consultancy Services Ireland
Limited is a 100% subsidiary of Tata Consultancy Services Limited. The business address of the Company is TCS Drive,
Letterkenny Business & Technology Park, Letterkenny, Co Donegal, Ireland, F92 W8CY.
The Company’s immediate parent undertaking and controlling entity is Tata Consultancy Services Limited (“TCSL”), a
company incorporated in India, which is registered as an external company in Ireland. The registered office is 9th Floor,
Nirmal Building, Nariman Point, Mumbai, 400 021, India. The Company’s ultimate parent undertaking and controlling
entity is Tata Sons Private Limited whose registered office is Bombay House, 24 Homi Mody Street, Mumbai 400 001.
The financial statements have been prepared and approved by the directors in accordance with International Financial
Reporting Standards (IFRS’s) as adopted by the European Union.
These financial statements have been prepared on a historical cost basis except for certain financial instruments which
are measured at fair value or amortised cost at the end of each reporting period. Historical cost is generally based on the
fair value of the consideration given in exchange for goods and services. Fair value is the price that would be received to
sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The functional and reporting currency of the Company is EURO (“EUR”)
denominated monetary assets and liabilities are retranslated at the exchange rate prevailing on the dates of statement
of financial position and exchange gains and losses arising on settlement and restatement are recognised in profit or
loss. Non- monetary assets and liabilities that are measured in terms of historical cost in foreign currencies are not
retranslated.
respective notes.
Consolidation exemption
The Company has a wholly owned subsidiary, Tata Consultancy Services Bulgaria EOOD. In preparation of these financial
statements, the Company is exempt by virtue of section 300 of Companies Act 2014 from the requirement to prepare
group financial statements. These financial statements present information about the Company as an individual and
undertaking and not about its group.
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position.

The Company has not applied the following new and revised IFRSs that have been issued but are not yet effective

1
2
IFRS 16- Lease Liability in a Sale and Leaseback
In January 2020, IASB issued the final amendments in Classification of Liabilities as Current or Non-Current, which affect
only the presentation of liabilities in the statement of financial position. They clarify that classification of liabilities as
current or non- current should be based on rights that are in existence at the end of the reporting period and align the
IAS 7 and IFRS 7 Supplier Finance Arrangements
In May 2023, the IASB issued ‘Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)’ which requires an
IAS 21 The Effects of Changes in Foreign Exchange Rates
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The Company earns revenue primarily from providing information technology, consultancy services and business solutions.
The Company offers a consulting-led, integrated portfolio of IT, business and engineering services and solutions.
performance.
• Revenue from the sale of distinct internally developed software and manufactured systems and third-party software
POC method.
• Revenue from the sale of distinct third-party hardware is recognised at the point in time when control is transferred
to the customer.
• The solutions offered by the Company may include supply of third-party equipment or software. In such cases, revenue
for supply of such third-party products are recorded at gross or net basis depending on whether the Company is
acting as the principal or as an agent of the customer. The Company recognises revenue in the gross amount of
is adjusted in the transaction price only to the extent that it is highly probable that a significant reversal in the amount
of cumulative revenue recognised will not occur and is reassessed at each reporting period. The Company allocates the
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recovered.
The billing schedules agreed with customers include periodic performance-based payments and/or milestone based
progress payments. Invoices are payable within a contractually agreed credit period.
geography.
(Amount in EUR)
Total 153,635,288 140,058,227

(Amount in EUR)
Industry vertical
Banking, financial services and insurance 97,205,166 97,663,366
Manufacturing 19,551,823 15,851,609
Retail and consumer business 1,560,064 2,569,173
Communication, media and technology 127,350 1,504,660
Energy & Utilities 1,626,345 459,430
Hi-Tech Industry Practice 2,516,912 2,546,392
Life Sciences & Healthcare 23,599,195 15,747,401
Transportation 2,401,375 2,251,371
Others 5,047,058 1,416,077
S_Governance - 48,748
Total 153,635,288 140,058,227
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(Amount in EUR)
Geography
America 66,738,519 72,981,357
UK 82,793,012 64,323,567
Europe 4,102,657 2,751,217
India 1,100 1,597
Asia Pacific - 489
Total 153,635,288 140,058,227

satisfied) performance obligations is EUR 79,570,810 out of which 41.56% is expected to be recognized as revenue within
mentioned above.
Changes in contract assets is given below:
(Amount in EUR)
Balance at the beginning of the year 1,388,136 215,041
Invoices raised that were included in the contract assets balance at the (895,663) (129,870)
Increase due to revenue recognised during the year, excluding amounts 324,439 1,336,604
Balance at the end of the year 826,720 1,388,136
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Changes in unearned and deferred revenue is as given below:
(Amount in EUR)
Balance at the beginning of the year 1,603,778 398,653
Revenue recognised that was included in the unearned and deferred (1,566,616) (401,751)
Translation exchange difference (51,022) 15,923
7. Cost recognition
Cost of revenue
expenses.
(Amount in EUR)
Cost of sales 120,737,365 110,201,087
Selling, general and administrative expenses 20,701,086 23,035,960
Total 141,438,451 133,237,047
8. Other income
(Amount in EUR)
Gain disposal of property, plant and equipment - 6,368
Net foreign exchange gain - 1,308,491
Interest from banks 316,380 4,341
Total 316,380 1,319,200
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9. Finance cost and other expenses
Finance costs and other expenses consist of the following:
(Amount in EUR)
Interest on bank overdrafts and loans 81 15,733
Net foreign exchange loss 1,349,511 -
Total 1,349,592 15,733
10. Income Taxes

utilised.
Deferred income tax liabilities are recognised for all taxable temporary differences except in respect of taxable temporary
differences associated with investments in subsidiaries where the timing of the reversal of the temporary difference can
be controlled and it is probable that the temporary difference will not reverse in the foreseeable future.
in years in which the temporary differences are expected to be received or settled.
(Amount in EUR)
Current tax
Current tax (benefit) / expense pertaining to prior years - -
1,463,103 1,117,952
Deferred tax
Deferred tax credit for current year (180,834) (138,282)
Total tax expense 1,282,269 979,670
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The reconciliation of estimated income tax expense at the statutory income tax rate to income tax expense reported in
(Amount in EUR)
Temporary disallowed expenses
Impact of higher tax rate 1,345 5,599
Capital allowances versus depreciation (160,290) (107,652)
Expenses adjustments 45,761 66,142
Total tax expense 1,282,269 979,670
Note: Income is taxable at Irish corporate tax rate which is 12.5% except income from leased office which taxable at higher
tax rate i.e. 25%.
(Amount in EUR)
Opening Recognised Closing balance
balance through as on
profit or loss December, 2023
Deferred tax assets
Property, plant and equipments 325,109 156,325 481,434
Others 35,591 24,509 60,100
Total deferred tax asset (net) 360,700 180,834 541,534
(Amount in EUR)
Opening Recognised Closing balance
balance through as on
profit or loss December, 2022
Deferred tax assets
Property, plant and equipments 157,980 167,129 325,109
Others 64,437 (28,846) 35,591
Total deferred tax asset (net) 222,417 138,283 360,700
The Company has recognised a deferred tax asset on the basis that it will be recovered through future profitability.
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11. Employee Benefits
The Company provides for amount payable to employees for compensated absences per the company’s policy, which are
expected to occur within twelve months after the end of the period in which the employee render the related services are
recognised as undiscounted liability at the date of statement of financial position.
Employee costs consist of the following:
(Amount in EUR)
Salaries & wages 41,618,980 45,781,436
Contributions to defined contribution plans 1,836,731 2,113,149
Social Security contributions 4,229,279 4,698,532
Total 47,684,990 52,593,117
Staff numbers
Average number of persons employed by the company (including directors) during the year, analysed by category are as
follows:
(Amount in EUR)
Billable roles 818 957
Support staff 57 78
875 1,035

(Amount in EUR)
As at Dec 31, 2023 As at Dec 31, 2022
Total 478,048 697,874

instrument. Financial assets and liabilities are initially measured at fair value except for trade receivables which are
or have expired.
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outstanding.
Equity instruments
an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly
(Amount in EUR)
As at Dec 31, 2023 As at Dec 31, 2022
16,867,259 11,636,567
b. Investments
(Amount in EUR)
As at Dec 31, 2023 As at Dec 31, 2022
Investments Non-current
Investment carried at cost
Equity shares 1 1
1 1
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Investments carried at cost includes investments made in Equity shares of Tata Consultancy Services Bulgaria EOOD
on 31 August, 2021, which is wholly owned subsidiary of the Company, having registered address Sofia Business Park,
Building 3, 1 Floor, 1766 Sofia, Bulgaria.
Tata Consultancy Services Bulgaria EOOD (“the Company”) provides IT services, consulting and business solutions.
The Company offers a consulting-led, cognitive powered, integrated portfolio of IT, business and engineering services
and solutions. This is delivered through its unique Location-Independent Agile delivery model recognised as a
benchmark of excellence in software development. The Company will provide F&A operations supporting EU region
for Xerox for the F&A consolidation / transformation initiative.
c. Trade and other receivables
Trade receivables consist of the following:
(Amount in EUR)
Trade receivables - Current As at Dec 31, 2023 As at Dec 31, 2022
Less: Allowance for doubtful trade receivables (32,536) -
33,886,847 35,844,025
Unbilled receivables* 2,178,198 6,475,024
Total 36,065,045 42,319,049
* Trade receivables and unbilled receivables includes balances with related party of EUR 11,853,193 as at December
31, 2023 (EUR 5,884,556 as at December 31, 2022). (Refer Note No. 14)
Other financial asset consists of the following:
(Amount in EUR)
Other financial assets - current As at Dec 31, 2023 As at Dec 31, 2022
Employee advances (net of allowance) 14,143 24,294
Other Advance (Back-to-Back Provision for Volume Discount) 687,539 509,554
Total 701,682 533,848
e. Trade payables
Trade payables consist of the following:
(Amount in EUR)
Trade payables - Current As at Dec 31, 2023 As at Dec 31, 2022
Trade payables* 5,555,673 12,593,077
Accrued expenses* 2,451,995 5,894,643
Total 8,007,668 18,487,720
* Trade payables and accrued expenses include balances with related party of EUR 7,316,414 as at December 31, 2023
(EUR 16,747,705 as at December 31, 2022) (Refer Note No. 14)
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f. Other financial liabilities
(Amount in EUR)
Other financial liabilities -current As at Dec 31, 2023 As at Dec 31, 2022
Capital creditors 114,272 60,843
Liabilities towards customer contracts 379,777 1,387,513
Total 3,008,004 4,687,999
g. Financial instruments by category

The carrying value of financial assets and financial liabilities as at December 31, 2023 is as follows:
(Amount in EUR)
value
Financial assets
Trade receivables and other receivables 36,065,045 36,065,045
Total 53,633,986 53,633,986
Trade payables 8,007,668 8,007,668
Total 11,015,672 11,015,672
(Amount in EUR)
value
Financial assets
Trade receivables and other receivables 42,319,049 42,319,049
Total 54,489,464 54,489,464
Trade payables 18,487,720 18,487,720
Total 23,175,719 23,175,719
December 31, 2023 approximate the fair value.
h. Fair value hierarchy
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i. Financial risk management
• Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in market prices. Such changes in the values of financial instruments may result from changes in
the foreign currency exchange rates, interest rates, credit, liquidity and other market changes. The Company’s
exposure to market risk is primarily on account of foreign currency exchange rate risk.
those countries.
rate risks.
The risk primarily relate to fluctuation of USD, GBP and EUR against the functional currency of the Company.
(equivalent EUR)
USD GBP NOK CAD
Net financial assets 33,854,358 5,134,028 719,478 -
Net financial liabilities 3,525,198 184,794 8,172 5,709
10% depreciation / appreciation of the respective foreign currencies with respect to functional currency of Tata
Consultancy Services Ireland Limited Company would result in decrease / increase in the Company’s profit
before taxes by approximately EUR 3,598,399 for the period ended December 31, 2023.
(equivalent EUR)
USD GBP NOK CHF CAD
Net financial assets 35,396,803 1,675,740 797,518 23,442 7,893
Net financial liabilities 10,161,589 224,388 1,038 - 710
10% depreciation / appreciation of the respective foreign currencies with respect to functional currency of Tata
Consultancy Services Ireland Limited Company would result in decrease / increase in the Company’s profit
before taxes by approximately EUR 2,751,367 for the period ended December 31, 2022.
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• Credit risk
the contractual terms or obligations. Credit risk encompasses both, the direct risk of default and the risk of
unbilled receivables, cash and cash equivalents, and other financial assets.
maximum exposure to credit risk was EUR 54,460,705 as of December 31, 2023 (EUR 55,877,599 as of December
31, 2022) being the total of the carrying amount of balances with bank, bank deposit, trade receivable, unbilled
The Company’s exposure to customers is diversified and following customers contributes to more than 10% of
outstanding trade receivables, unbilled receivables and contract assets as at December 31, 2023.
(Amount in EUR)
As at Dec 31, 2023
Client Name Total trade receivables, Percentage

Unbilled revenue and
Contract assets.
Customer A 7,934,453 22%
Customer B 6,493,953 18%
Customer D 11,087,177 30%
The Company’s exposure to customers is diversified and following customers contributes to more than 10% of
outstanding trade receivables, unbilled receivables and contract assets as at December 31, 2022.
(Amount in EUR)
As at Dec 31, 2022
Client Name Total trade receivables, Percentage

Unbilled revenue and
Contract assets.
Customer A 16,589,926 38%
Customer B 6,945,413 16%
Customer C 4,877,743 11%
Customer D 4,400,699 10%
(Amount in EUR)
Geography
Gross Net
America 30% 30%
UK 66% 66%
Europe 4% 4%
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(Amount in EUR)
Geography
Gross Net
America 42% 42%
UK 54% 54%
Europe 4% 4%
The geographical concentration of trade receivables, unbilled receivables and contract assets is allocated based
Liquidity risk
requirements. The Company consistently generates sufficient cash flows from operations to meet its financial
(Amount in EUR)
Dec 31, 2023 Due in 1st year Due in 2nd to Total
5th year
Trade and other payables 8,007,668 - 8,007,668
Other financial liabilities 3,008,004 - 3,008,004
Total 11,015,672 - 11,015,672
(Amount in EUR)
Dec 31, 2022 Due in 1st year Due in 2nd to Total
5th year
Total 23,175,719 - 23,175,719
j. Equity instruments
(Amount in EUR)
As at Dec 31, 2023 As at Dec 31, 2022
Authorised
25,000,000 ordinary shares of EUR 1 each 25,000,000 25,000,000
Issued, Subscribed and Fully paid up*
25,000,000 ordinary shares of EUR 1 each 25,000,000 25,000,000
*100 ordinary shares of EUR 1 each were originally issued at par to Stembridge Limited, 22 Northumberland Road,
Ballsbridge, Dublin 4 on incorporation. These were transferred to Tata Consultancy Services Limited on 2 December
2020.
* 24,999,900 ordinary shares of EUR 1 each were issued at par to Tata Consultancy Services Limited on 17 December
2020.
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Capital management

The Company has taken over the running business from a vendor including the fixed assets deployed in the Business.
Total Consideration paid for the all the fixed assets has been allocated to each asset based on the value of the assets
as assessed by the Company.
Type of asset Useful life (in years)

Automobiles 4 years
Computer and equipment 3-4 years
Furniture and fixtures 3-5 years
Office equipment 3-5 years
Electrical installations 5-10 years
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(Amount in EUR)
Land Leasehold Computer Furniture Auto- Office Electrical Total

improvements equipment and fixtures mobiles equipment installations
Cost as at January 1, 2023 557,226 3,891,941 1,968,473 562,030 - 300,410 69,165 7,349,245
Additions - - 61,451 - - 4,090 - 65,541
Disposals - - (71) - - - - (71)
Cost as at December 31, 2023 557,226 3,891,941 2,029,853 562,030 - 304,500 69,165 7,414,715
Accumulated depreciation as at January 1, 2023 - (1,377,823) (1,401,368) (465,094) - (262,894) (58,734) (3,565,913)
Depreciation for the year - (675,467) (269,753) (57,947) - (34,325) (7,086) (1,044,578)
On disposals - - 71 - - - - 71
Accumulated depreciation as at December 31, 2023 - (2,053,290) (1,671,050) (523,041) - (297,219) (65,820) (4,610,420)
Net carrying amount as at December 31, 2023 557,226 1,838,651 358,803 38,989 - 7,281 3,345 2,804,295
Capital work in progress 683,008
Total 3,487,303
(Amount in EUR)
Land Leasehold Computer Furniture Auto- Office Electrical Total

improvements equipment and fixtures mobiles equipment installations
Cost as at January 1, 2022 557,226 3,891,941 1,898,502 534,332 47,667 300,410 69,165 7,299,243
Additions - - 69,971 27,698 - - - 97,669
Disposals - - - - (47,667) - - (47,667)
Cost as at December 31, 2022 557,226 3,891,941 1,968,473 562,030 - 300,410 69,165 7,349,245
Accumulated depreciation as at January 1, 2022 - (700,965) (981,152) (320,567) (14,449) (183,815) (45,157) (2,246,105)
Depreciation for the year - (676,858) (420,216) (144,527) (4,586) (79,079) (13,577) (1,338,843)
On disposals - - - - 19,035 - - 19,035
Accumulated depreciation as at December 31, 2022 - (1,377,823) (1,401,368) (465,094) - (262,894) (58,734) (3,565,913)
Net carrying amount as at December 31, 2022 557,226 2,514,118 567,105 96,936 - 37,516 10,431 3,783,332
Capital work in progress 214,216
Total 3,997,548
Intangible assets are measured at cost less accumulated amortisation and accumulated impairment, if any.
Intangible assets are amortised on a straight line basis.
Intangible assets consist of software licenses.
Nature of intangible Useful lives

Software licenses Lower of licenses period and 4 years
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(Amount in EUR)
Software Licences
Cost as at January 1, 2023 17
Additions -
Disposals -
Cost as at December 31, 2023 17
Accumulated amortisation as at January 1, 2023 (17)

Amortisation -
Disposals -
Accumulated amortisation as at December 31, 2023 (17)
Net carrying amount as at December 31, 2023 -
(Amount in EUR)
Software Licences
Cost as at January 1, 2022 17
Additions -
Disposals -
Cost as at December 31, 2022 17
Accumulated amortisation as at January 1, 2022 (17)

Amortisation -
Disposals -
Accumulated amortisation as at December 31, 2022 (17)
Net carrying amount as at December 31, 2022 -
c. Other assets
(Amount in EUR)
Other assets - Current As at Dec 31, 2023 As at Dec 31, 2022
Contract assets 813,436 1,388,136
Advance to suppliers 485,119 520,103
Contract fulfillment cost 596,685 79,714
Other advances 21 339,375
Total 2,940,054 3,488,242
(Amount in EUR)
Other assets - non-current As at Dec 31, 2023 As at Dec 31, 2022
Contract assets 13,284 -
Other - 578,170
Total 14,907 591,443
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(Amount in EUR)
Other liabilities – Current As at Dec 31, 2023 As at Dec 31, 2022
Other current liabilities - Others 31,640 21,638
Provision for rent 5,700 156,922
Total 3,287,683 3,121,934
e. Provisions
(Amount in EUR)
As at Dec 31, 2023 As at Dec 31, 2022
Provision for foreseeable loss 581 925
581 925

Tata Consultancy Services Ireland Limited principal related parties consist of its ultimate holding company Tata Sons
Private Limited, its immediate parent company Tata Consultancy Services Limited and its subsidiaries, affiliates, and its
key managerial personnel. The Company routinely enters into transactions with its related parties in the ordinary course
of business. The Company has not entered into any transaction with its key managerial personnel for the year ended
31 December 2023.
(Amount in EUR)
Particulars For the period Jan 1, 2023 to Dec 31, 2023
With Tata Sons With Tata With Subsidiaries Total
Private Limited Consultancy Services of Tata Consultancy
(Ultimate Holding Limited (Parent of Services Limited
Company) Holding Company)
Revenue - 27,675,642 3,296,293 30,971,935
Purchases of goods and services - 83,419,675 3,785,719 87,205,394
Facility expenses - 1,791,469 - 1,791,469
Brand equity contribution 307,035 - - 307,035
(Amount in EUR)
For the period Jan 1, 2022 to Dec 31, 2022
With Tata Sons With Tata With Subsidiaries Total
Particulars Private Limited Consultancy Services of Tata Consultancy
(Ultimate Holding Limited (Parent of Services Limited
Company) Holding Company)
Revenue - 18,295,094 2,150,699 20,445,793
Purchases of goods and services - 71,254,235 1,415,964 72,670,199
Facility expenses - 1,787,645 - 1,787,645
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(Amount in EUR)
Particulars For the year ended Dec 31, 2023
With Tata Sons With Tata With Total
Private Limited Consultancy Services Subsidiaries of
(Ultimate Holding Limited (Parent of Tata Consultancy
Company) Holding Company) Services Limited
Trade receivables and unbilled receivables - 11,087,175 766,018 11,853,193
Other assets* - 1,602,052 28,689 1,630,741
Trade Payables and accrued expenses 761,228 6,192,391 362,795 7,316,414
Unearned and deferred revenue - 303,042 - 303,042
Other liabilities** - 310,840 61,540 372,380
(Amount in EUR)
Particulars For the year ended Dec 31, 2022
With Tata Sons With Tata With Total
Private Limited Consultancy Services Subsidiaries of
(Ultimate Holding Limited (Parent of Tata Consultancy
Company) Holding Company) Services Limited
Trade receivables and unbilled receivables - 5,336,083 548,473 5,884,556
Other assets* - 1,608,230 6,659 1,614,889
Trade Payables and accrued expenses 454,277 15,999,022 294,406 16,747,705
Unearned and deferred revenue - 449,268 3,288 452,556
Other liabilities** - 193,989 23,041 217,030
*Includes prepayment and volume discount asset which arise in the normal course of business.
**Includes volume discount liability, which arise in the normal course of business and do not have any specific terms of
repayment.
15. Director’s remuneration

Remuneration paid/ payable to directors for the period ended 31 December 2023 is EUR Nil and 31 December 2022 is EUR
Nil.

17. Contingencies
The Company has contractually committed (net of advances) for EUR 8,106 as at 31 December, 2023 and EUR 551 as at 31
December, 2022 for purchase of property, plant and equipment.
18. Approval of financial statements

The financial statements were approved by the Board on April 1, 2024.
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TATA CONSULTANCY SERVICES (SOUTH AFRICA)
(PTY) LTD
(Registration Number: 2007/031334/07)

For the year ended
December 31, 2023
Audited in compliance with section 30

of the Companies Act of South Africa
Prepared under the supervision of Gilroy Fernandes
TATA Consultancy Services (South Africa) (Pty) Ltd 21.1
FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR’S REPORT

INDEX PAGE
Directors’ Statement of Responsibility 21.2


21.2 TATA Consultancy Services (South Africa) (Pty) Ltd
Directors’ Statement of Responsibility
The directors of the company are responsible for the maintenance of adequate accounting records and the preparation and
integrity of the annual financial statements and related information. The auditors are responsible for reporting on the fair
presentation of the financial statements. The financial statements have been prepared in accordance with Internal Financial
Reporting Standards and the requirements of the Companies Act of South Africa.
The directors are also responsible for the Company’s system of internal financial control. These are designed to provide
reasonable, but not absolute, assurance as to the reliability of the financial statements, and to adequately safeguard, verify and
maintain accountability of the Company’s assets, and to prevent and detect misstatement and loss. Nothing has come to the
attention of the directors to indicate that any material breakdown in the functioning of these controls, procedures and systems
have occurred during the year under review.
The financial statements have been prepared on the going concern basis since the directors believe that the Company has
adequate resources in place to continue in operation for the foreseeable future.
Directors’ approval of the annual financial statements
The annual financial statements and directors report were approved by the Directors on March 20, 2024 and are signed on
their behalf by:
Lakshminarayanan Gomatam Seshadri

Authorised Director
Henry Langa Dube

Authorised Director
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Directors’ Report
The directors have pleasure in presenting their report on the activities of the Company for the year ended December 31, 2023.
This financial report covers the period 1st January 2023 to 31st December 2023. Comparative figures are for the year ended
31st December 2022.
Nature of business
The Company provides IT consulting services.
General review of operations

The financial position of the Company and the results of its operations for the year under review are set out in the attached
financial statements and in the opinion of the directors require no further comment. Profit after tax for the Company amounted
to ZAR 104,438,080 for the year ended December 2023 (December 2022: ZAR 77,628,310).
Dividends
A dividend of ZAR 77,760,004 was paid during the year ended December 31, 2023 (December 31, 2022: ZAR 56,160,003)
Shareholders
The current shareholders of Tata Consultancy Services (South Africa) (Pty) Ltd are:
As at As at
Tata Consultancy Services (Africa) (Pty) Ltd 100% 100%
Directors and secretary

The directors of the Company during the year under review and up to the date of this report are:
Henry Langa Dube (Reappointed on September 11, 2019)
Lakshminarayanan Gomatam Seshadri* (Appointed on July 22, 2019)
*Indian
Registered office and postal address

The registered office and postal address of the Company are:
Registered Address: 39, Ferguson Road, Illovo, 2196
Postal address: P.O. Box 706, Melrose Arch, 2076
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KPMG Inc
KPMG Crescent
85 Empire Road, Parktown, 2193,
Private Bag 9, Parkview, 2122, South Africa
Telephone +27 (0)11 647 7111
Fax +27 (0)11 647 8000
Docex 472 Johannesburg
Web http://www.kpmg.co.za
To the shareholder of Tata Consultancy Services (South Africa) (Pty) Ltd
Opinion
We have audited the financial statements of Tata Consultancy Services (South Africa) (Pty) Ltd (the Company) set
out on pages 1 to 24, which comprise the statement of financial position as at 31 December 2023, and the statement of profit
or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the year then ended,
and notes to the financial statements, including a summary of significant accounting policies.
Services (South Africa) (Pty) Ltd as at 31 December 2023, and its financial performance and cash flows for the year
then ended in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IFRS
Accounting Standards) and the requirements of the Companies Act of South Africa.
Basis for opinion

standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report.
We are independent of the Company in accordance with the Independent Regulatory Board for Auditors’ Code of Professional
Conduct for Registered Auditors (IRBA Code) and other independence requirements applicable to performing audits of
financial statements in South Africa. We have fulfilled our other ethical responsibilities in accordance with the IRBA Code and
in accordance with other ethical requirements applicable to performing audits in South Africa. The IRBA Code is consistent
with the corresponding sections of the International Ethics Standards Board for Accountants’ International Code of Ethics
for Professional Accountants (including International Independence Standards). We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Other information
The directors are responsible for the other information. The other information comprises the information included in the
document titled “Tata Consultancy Services (South Africa) (Pty) Ltd Annual Financial Statements for the year
ended 31 December 2023”, which includes the Directors’ Report as required by the Companies Act of South Africa. The other
information does not include the financial statements and our auditor’s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express an audit opinion or any
form of assurance conclusion thereon.
the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is
Responsibilities of the directors for the financial statements

The directors are responsible for the preparation and fair presentation of the financial statements in accordance with IFRS
Accounting Standards as issued by the International Accounting Standards Board (IFRS Accounting Standards) and the
requirements of the Companies Act of South Africa, and for such internal control as the directors determine is necessary to
enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going
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statements.
disclosures made by the directors.
• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and based on the audit
report. However, future events or conditions may cause the company to cease to continue as a going concern.
KPMG Inc.
Registered Auditor
Per DW Matthews
Chartered Accountant (SA)
Registered Auditor Director
22 March 2024
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Statement of Financial Position as at December 31, 2023 and December 31, 2022
[Amount in : ZAR]
Note As at As at
ASSETS
Current assets
Trade receivables 7(b) 444,472,535 447,333,803
Income tax assets (net) 35,099,042 25,336,951
Other assets 9(b) 221,534,276 272,359,869
Non-current assets
Deferred tax assets (net) 13 38,429,791 36,169,358
Property, plant and equipment 9(a) 4,340,792 4,418,618
Other financial assets 7(c) 16,699 -
TOTAL ASSETS 899,382,320 943,891,011

Liabilities
Borrowings
Trade payables 7(d) 547,983,992 656,607,718
Unearned and deferred revenue 121,059,177 82,572,908
Provisions 79,942 70,239
Other liabilities 9(c) 23,154,268 24,438,689
Equity
Share capital 7(i) 18,000,001 18,000,001
TOTAL EQUITY 202,569,353 175,891,277
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For the years ended December 31, 2023 and December 31, 2022
[Amount in : ZAR]

Revenue 10 2,150,129,597 2,092,508,239
Operating expenses
Employee cost 14 141,412,389 130,011,669
Other operating expenses 11 1,875,233,897 1,857,183,389
Depreciation 9(a) 1,629,729 1,310,212
Bad debts 153,811 1,013,807
Other income
Net foreign exchange losses (169,878) (699,187)
Finance costs - (11,858)
Finance income 12(a) 12,149,404 6,381,359
Total other income 11,979,526 5,670,314
Income tax expense 13 39,241,217 31,031,166
Other comprehensive income (OCI) - -
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[Amount in : ZAR]

Balance as at January 1, 2022 18,000,001 136,422,969 154,422,970
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[Amount in : ZAR]

Depreciation 9(a) 1,629,729 1,310,212
Income tax expense 39,241,217 31,031,166
Provision for foreseeable losses 9,702 70,935
Provision for doubtful debts (net) (25,566,764) (2,528,111)
Operating profit before working capital changes 119,751,964 107,512,512
Net change in:
Other financial assets 836,190 (134,472)
Other assets 50,825,593 16,045,899
Trade and other payables (108,623,726) 111,006,093
Other financial liabilities 50,869 (580,383)
Unearned and deferred revenues 38,486,270 (49,800,307)
Employee benefit obligations 174,540 (15,156)
Other liabilities (1,284,419) (5,489,109)
Cash generated from operating activities 123,880,846 126,573,216
Net cash generated from operating activities 72,617,102 99,402,140
Purchase of property, plant and equipment (1,551,903) (3,752,440)
Payment of dividend (77,760,004) (56,160,003)

Cash and cash equivalents, end of the year 7(a) 139,847,399 146,542,204
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Notes forming part of the Financial Statements for the year ended December 31, 2023
TATA CONSULTANCY SERVICES (SOUTH AFRICA) (PTY) LTD (the “Company”) is registered under Companies Act of South
Africa having registration number 2007/031334/07.
The Company is engaged in a wide range of information technology and consultancy services including systems hardware
and software, communications and networking, hardware sizing and capacity planning, software project management
solutions, technology education services and business process outsourcing.
The address of the Company’s registered office is 39 Ferguson road, Illovo, 2196
The financial statements were approved and authorised for issue on March 20, 2024.
The financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and
Companies Act of South Africa. The principal accounting policies applied in the preparation of these financial statements
have been consistently applied to all periods presented.
These financial statements have been prepared on historical cost basis except for certain financial instrument which
are measured at fair value at the end of each reporting period. Historical cost is generally based on the fair value of the
paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The functional and reporting currency of TATA CONSULTANCY SERVICES (SOUTH AFRICA) (PTY) LTD is Rands (“ZAR”).
Foreign currency transactions are translated into functional currency at exchange rates prevailing on the date of the
transaction. Foreign currency denominated monetary assets and liabilities are translated into the functional currency
using exchange rates prevailing on the date of statement of financial position. Gains and losses arising on conversion
of foreign currency denominated monetary assets and liabilities are included in profit or loss. Non monetary assets and
liabilities that are measured in terms of historical cost in foreign currencies are not translated.
The preparation of these financial statements is in conformity with the recognition and measurement principles of
statements and the reported amounts of revenues and expenses for the years presented.
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The Company reviews the carrying amount of property, plant and equipment at the end of each reporting period. This
reassessment may result in change in depreciation expense in future periods. The carrying amount of property, plant
and equipment as on December 31, 2023 was ZAR 4,340,792 (December 31, 2022: ZAR 4,418,618).
d. Valuation of deferred tax assets
The Company reviews the carrying amount of deferred tax assets at the end of each reporting period.
A provision is recognised when the company has a present obligation as a result of past event and it is probable that
These are reviewed at the end of each reporting period adjusted to reflect the current best estimates. Contingent
liabilities are not recognised in the financial statements. Contingent assets are neither recognised nor disclosed in
f. Leases
by an option to extend the lease if the company is reasonably certain to exercise that option; and periods covered by
an option to terminate the lease if the company is reasonably certain not to exercise that option. In assessing whether
lease, it considers all relevant facts and circumstances that create an economic incentive for the company to exercise
position.

1
2
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Trade receivable
Trade recoverable without a significant financing component is initially measured at transaction price.
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outstanding.
Equity instruments
Derecognition
(a) Financial asset
The Company enters into transactions whereby it transfers assets recognised in its statement of financial position, but
retains either all or substantially all of the risks and rewards of the transferred assets. In these cases the transferred
(b) Financial liability
The Company derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire.
The Company also derecognises financial liability when its terms are modified and cash flows of the modified liability
are substantially different, in which case a new financial liability based on the modified terms is recognised at fair
value.
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Offsetting
when, and only when, the Company currently has legally enforceable right to set off the amounts and it intends either to
[Amount in : ZAR]
As at As at
Cash in hand 16,000 16,000
Short term bank deposits - 80,000,000
Total 139,847,399 146,542,204
[Amount in : ZAR]
As at As at
Trade receivables - current
Less: Allowance for doubtful trade receivables (1,192,540) (26,759,304)
Total 444,472,535 447,333,803
* Trade receivables include balances with related party of ZAR 44,746,419 as at December 31, 2023 (ZAR 48,067,443
as at December 31, 2022) (Refer Note No. 15)
Movement in the provision for doubtful debt
[Amount in : ZAR]
As at As at
At January 1 26,759,304 29,287,415
Additional provision/(reversal) during the year (25,566,764) (2,528,111)
Recovered during the year - -
Add/Less: Exchange difference - -
At December 31 1,192,540 26,759,304
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Other financial asset consist of the following:
[Amount in : ZAR]
Other financial assets - current As at As at

Employee advances (net of allowance) 357,659 662,417
Premises deposits (net of allowance) 3,396,083 3,601,218
Other* 57,375 400,371
Total 3,811,117 4,664,006
[Amount in : ZAR]
Other financial assets - non current As at As at

Other deposits 16,699 -
Total 16,699 -
* Other include balances with related party of ZAR 57,375 as at December 31, 2023 (ZAR 94,829 as at December 31,
2022) (Refer Note No. 15)
d. Trade payables
[Amount in : ZAR]
As at As at
Trade payables* 392,991,332 411,196,663
Total 547,983,992 656,607,718
* Trade payables and Accrued expenses include balances with related party of ZAR 516,797,363 as at December 31,
2023 (ZAR 609,685,350 as at December 31, 2022) (Refer Note No. 15)
e. Other financial liabilities - current
[Amount in : ZAR]
As at As at
Liabilities towards customer contracts - 105,796
Total 601,978 551,109
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[Amount in : ZAR]

Value
Financial assets
Total 599,978,419 599,978,419
Trade payables 547,983,992 547,983,992
Other financial liabilities 601,978 601,978
Total 548,585,970 548,585,970

Value
Financial assets
Total 605,606,215 605,606,215
Trade payables 656,607,718 656,607,718
Total 657,158,827 657,158,827
December 31, 2023 and December 31, 2022 approximate the fair value.
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Market risk
those countries.
rate risks.
of the Company.
USD (equivalent ZAR) EUR (equivalent ZAR) GBP (equivalent ZAR)

Net financial assets 483,034 (6,383) 473,986
Net financial liabilities 887,101 - 1,327,242
10% depreciation / appreciation of the respective foreign currencies with respect to functional currency of TATA
CONSULTANCY SERVICES (SOUTH AFRICA) (PTY) LTD Company would result in decrease / increase in the
Company’s profit before taxes by approximately ZAR 126,371 for the year ended December 31, 2023.
USD (equivalent ZAR) EUR (equivalent ZAR) GBP (equivalent ZAR)

Net financial assets 45,401 59,365 -
Net financial liabilities 5,451,992 65,968 -
10% depreciation / appreciation of the respective foreign currencies with respect to functional currency of TATA
CONSULTANCY SERVICES (SOUTH AFRICA) (PTY) LTD Company would result in decrease / increase in the
Company’s profit before taxes by approximately ZAR 541,319 for the year ended December 31, 2022.
Company does not hedge its interest rate exposure. The Company’s exposure to interest rate risk is limited to its
balance maintained with bank.
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Credit risk
The Company considers that its receivables from related parties, has low credit risk based on the credit rating of the
counter parties.
maximum exposure to credit risk was ZAR 671,966,838 and ZAR 727,057,336 as of December 31, 2023 and
December 31, 2022, respectively being the total of the carrying amount of balances with bank, bank deposit,
trade receivable, unbilled receivables, contract assets and other financial assets. Balance with bank are held
with banks with high credit ratings. As of December 31, 2023 there were no indications that any defaults will
occur on trade receivable, unbilled revenues contract assets, or other financial assets.
TATA CONSULTANCY SERVICES (SOUTH AFRICA) (PTY) LTD Company’s exposure to customers is diversified
and single customer contributes to more than 10% of outstanding trade receivables, unbilled receivables and
contract assets as at December 31, 2023 and December 31, 2022.
[Amount in : ZAR]

Client Name Total trade Percentage Total trade Percentage
receivables receivables
and Unbilled and Unbilled
revenue revenue
Customer A - - - -
Customer B - - 63,696,639 11%
Customer C 83,695,544 16% - -

The Company has a geographic concentration of trade receivables (net of allowances), unbilled revenue and
[Amount in : ZAR]
As at As at
Africa 99.79% 100.00%
America 0.10% 0.00%
UK 0.11% 0.00%
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[Amount in : ZAR]
December 31, 2023 Weighted average Gross carrying Loss allowance Credit impaired
loss rate amount*
No Due 0.74% 300,909,674 (2,225,170) No
1-90 2.09% 89,643,794 (1,875,183) No
91-180 8.50% 13,291,963 (1,130,070) No
181-272 71.91% - - No
>273 100.00% - - Yes
December 31, 2022 Weighted average Gross carrying Loss allowance Credit impaired
loss rate amount*
No Due 0.50% 227,802,030 (1,144,198) No
1-90 1.42% 147,242,209 (2,093,508) No
91-180 8.32% 18,480,386 (1,537,287) No
181-272 84.44% 451,701 (381,413) No
>273 100.00% 9,911,152 (9,911,152) Yes
*Gross carrying amount excludes inter-company receivables and receivable against which specific allowance
has been made.
Liquidity risk
Company consistently generates sufficient cash flows from operations to meet its financial obligations including
[Amount in : ZAR]
Due in 1st year Due in 2nd Total
to 5th year
December 31, 2023
Other financial liabilities 601,978 - 601,978
Total 548,585,970 - 548,585,970
Due in 1st year Due in 2nd Total

to 5th year
December 31, 2022
Other financial liabilities 551,109 - 551,109
Total 657,158,827 - 657,158,827
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[Amount in : ZAR]
As at As at
Authorised
The remaining unissued ordinary shares are under the unrestricted control of the directors until the forthcoming
annual general meeting.
As at As at
Tata Consultancy Services (Africa) (Pty) Ltd 100% 100%
Capital management
8. Leases
Company as a lessee
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loss.
Operating leases
For transition, the Company has elected not to apply the requirements of IFRS 16 to leases which are expiring within 12
months from the date of transition by class of asset and leases for which the underlying asset is of low value on a lease-
by-lease basis.
The Company incurred ZAR 49,164,821 and ZAR 50,285,724 for year ended December 31, 2023 and for the year ended
December 31, 2022, respectively, towards expenses relating to short-term leases and leases of low-value assets.
The total cash outflow for leases is ZAR 49,156,882 and ZAR 50,285,724 for year ended December 31, 2023, and for the year
ended December 31, 2022, respectively, including cash outflow for short-term leases and leases of low-value assets.

Computer and equipment Straight line method 4 years
Furniture and fixtures Straight line method 5 years
Office equipment Straight line method 5 years
Electrical installations Straight line method 10 years
Leasehold improvements Straight line method Lease term
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[Amount in : ZAR]

Gross block as at January 1, 190,000 15,614,353 281,947 881,301 697,856 17,665,457
2023
Additions - 1,354,843 - 111,783 214,592 1,681,218
Gross block as at 190,000 16,969,196 281,947 993,084 912,448 19,346,675
December 31, 2023
Accumulated depreciation as 190,000 12,228,746 264,331 649,634 43,443 13,376,154
at January 1, 2023
Depreciation for the year - 1,456,054 8,379 80,078 85,218 1,629,729
at December 31, 2023
Net carrying amount as at - 3,284,396 9,237 263,372 783,787 4,340,792
December 31, 2023
Capital work in progress - - - - - -
Total 4,340,792

Gross block as at January 1, 190,000 12,849,855 281,947 659,359 61,170 14,042,331
2022
Additions - 2,764,498 - 221,942 636,686 3,623,126
Gross block as at 190,000 15,614,353 281,947 881,301 697,856 17,665,457
December 31, 2022
at January 1, 2022
Depreciation for the year - 1,243,801 13,979 26,169 26,263 1,310,212
at December 31, 2022
Net carrying amount as at - 3,385,607 17,616 231,667 654,413 4,289,303
December 31, 2022
Capital work in progress - 17,532 - 111,783 - 129,315
Total 4,418,618
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b. Other assets
[Amount in : ZAR]
As at As at
Other assets - current
Advance to suppliers 1,064,201 -
Prepaid expenses* 146,104,110 145,383,826
Prepaid rent - others - 4,108,414
Contract fulfilment cost** 2,377,258 2,412,522
Contract assets 71,988,420 120,438,121
Other current assets - others 287 16,986
Total 221,534,276 272,359,869
* Prepaid expenses include balances with related party of ZAR 146,104,110 as at December 31, 2023 (ZAR 145,365,449
as at December 31, 2022) (Refer Note No. 15)
** Contract fulfilment cost of ZAR 1,429,048 for year ended December 31, 2023 (ZAR 14,149,475 for the year ended
December 31, 2022) has been amortized in statement of Profit and Loss.
[Amount in : ZAR]
As at As at
Advance received from customers 59,823 2,333,042
Capital creditors - 94,909
Total 23,154,268 24,438,689

performance.
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POC method.
to the customer.
recovered.
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geography.
Revenue from operations includes ZAR 8,532,684 for the year ended December 31, 2023 (for year ended December 31,
2022: ZAR 19,996,652) towards sale of equipment and software licences.
[Amount in : ZAR]

Revenue from consultancy services* 2,141,596,913 2,072,511,587
Revenue from sale of equipment and software licences 8,532,684 19,996,652
Total 2,150,129,597 2,092,508,239
*Revenue includes recovery of expenses from Tata Consultancy Services Limited of ZAR 2,746,139 for December, 2023 (ZAR
16,295,031 for December, 2022) and TCS South Africa Branch of ZAR 248,026,092 for December, 2023 (ZAR 225,349,028 for
December, 2022)
[Amount in : ZAR]
Industry vertical For the year ended For the year ended
Banking, financial services and insurance 1,051,651,141 1,119,352,814
Communication, media and technology 839,712,383 725,039,448
Manufacturing 9,785,175 9,338,309
Others 115,321,410 116,028,054
Total 2,150,129,597 2,092,508,239

[Amount in : ZAR]
Geography For the year ended For the year ended

Africa 2,144,138,833 2,083,083,468
America 782,248 376,423
Europe 1,477,851 2,164,799
Others 3,730,665 6,883,549
Total 2,150,129,597 2,092,508,239
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satisfied) performance obligations is ZAR 1,377,808,011 out of which 65.01% is expected to be recognized as revenue
within the next year and the balance thereafter. No consideration from contracts with customers is excluded from the
amount mentioned above.
Movement in contract assets is given below:
[Amount in : ZAR]

Add / (Less): Translation during the year (3) -

[Amount in : ZAR]

revenue balance at the beginning of the year
Increase due to invoicing during the year, excluding amounts recognised as 116,291,475 76,255,240
the revenue during the year
Add / (Less): Translation during the year 15 -
Closing balance as at December 31 121,059,176 82,572,908

Cost of revenue
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expenses.
[Amount in : ZAR]
Expenses by function For the year ended For the year ended
Cost of revenue 1,918,284,842 1,898,442,920
Total 2,018,429,826 1,989,519,077
The costs of the company are broadly categorised into employee benefit expenses, depreciation and other operating
expenses. Employee benefit expenses include employee compensation, allowances paid, contribution to various funds
and staff welfare expenses. Other operating expenses mainly include fees to external consultants, facility expenses,
travel expenses, cost of equipment and software licenses, communication expenses, bad debts and advances written
off, allowance for doubtful trade receivables and advances (net) and other expenses. Other expenses is an aggregation of
costs which are individually not material such as contribution to brand equity, employee cost recovery, corporate overhead
allocation, commission and brokerage, recruitment and training, entertainment, etc.
[Amount in : ZAR]
Expenses by nature For the year ended For the year ended
Facility running expenses* 51,698,861 55,815,936
Fees to external consultants 1,759,936,850 1,722,588,253
Cost of equipment and software licenses 6,899,029 21,347,815
Travel expenses* 4,729,328 3,629,782
Communication 2,024,540 1,893,178
Other expenses 33,592,173 26,102,223
Total 1,875,233,897 1,857,183,389
*Facility running expenses & Travel expenses includes short term lease expenses amounting ZAR 49,164,821 for December
31, 2023 (ZAR 50,285,724 operating lease rental expenses for year ended December 31, 2022).
12. Other income

a. Finance income
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[Amount in : ZAR]

Interest on balance with bank 11,926,064 6,381,191
Others 223,340 168
Total 12,149,404 6,381,359
13. Income taxes

Deferred income taxes are provided for the temporary differences between the tax base of assets and liabilities and their
reported amounts in the financial statements.
existing temporary differences, are considered, based on the business plans for the company. Deferred tax assets are
[Amount in : ZAR]

Current tax
Current tax (benefit) / expense pertaining to prior years 64,570 (694,100)
41,501,649 21,078,922
Deferred tax
Deferred tax expense for current year (2,198,168) 8,654,952
Deferred tax expense resulting from reduction in tax rate - 1,339,606
Deferred tax expense pertaining to prior years (62,264) (42,314)
(2,260,432) 9,952,244
Total tax expense 39,241,217 31,031,166
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[Amount in : ZAR]

Less: Income exempt from tax - -
Current tax 64,570 (694,100)
Deferred tax (62,264) (42,314)
Temporary disallowed expenses
Deferred tax expense resulting from reduction in tax rate - 1,339,606
Other non deductible 445,501 3,321
Total tax expense 39,241,217 31,031,166
Significant components of net deferred tax assets and liabilities for year ended December 31, 2023 are as follows:
[Amount in : ZAR]
Opening balance Recognised through Closing balance as on

profit or loss December 31, 2023
Deferred tax assets
Deferred revenue 22,294,685 10,391,292 32,685,977
Allowances for receivables, loans and advances (2,513,048) 2,401,053 (111,995)
Provisions 17,496,993 (11,641,184) 5,855,809
Other advance - rent (1,109,272) 1,109,272 -
Total deferred tax asset (net) 36,169,358 2,260,433 38,429,791
[Amount in : ZAR]
Opening balance Recognised through Closing balance as on
profit or loss December 31, 2022
Deferred tax assets
Deferred revenue 37,064,500 (14,769,815) 22,294,685
Allowances for receivables, loans and advances (2,852,339) 339,291 (2,513,048)
Provisions 13,059,891 4,437,102 17,496,993
Other advance - rent (1,150,450) 41,178 (1,109,272)
Total deferred tax asset (net) 46,121,602 (9,952,244) 36,169,358
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IFRIC 23 Interpretation uncertainty over income tax treatment

The Company provides for amount payable to be employees for compensated absences per the company’s policy, which
are expected to occur within twelve months after the end of the period in which the employee render the related services
are recognised as undiscounted liability at the date of statement of financial position.
[Amount in : ZAR]

Salaries & bonus 124,330,969 115,851,090
Staff welfare 1,694,074 784,594
Total 141,412,389 130,011,669

[Amount in : ZAR]
As at As at
Other employee benefits 18,878 -
Total 3,933,610 3,759,070

TATA CONSULTANCY SERVICES (SOUTH AFRICA) (PTY) LTD principal related parties consist of its ultimate holding
Company Tata Sons Private Limited, its parent of holding company Tata Consultancy Services Limited, its holding Company
TATA CONSULTANCY SERVICES (AFRICA) (PTY) LTD and its subsidiaries, affiliates and its key managerial personnel. The
Company routinely enters into transactions with its related parties in the ordinary course of business.
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[Amount in : ZAR]
Particulars With Tata With Tata With Tata With Tata With Tata Good Hope Total
Sons Private Consultancy Consultancy Consultancy Africa Holding Palace
Limited, Services Services Services (SA) Pty. Ltd. Hotels(Pty)
Ultimate (Africa) (Pty) Limited, Limited - Subsidiary Ltd., Subsidiary
Holding Ltd, Holding Parent of South Africa of Ultimate of Ultimate
Company Company Holding Branch, Holding Holding Holding
Company Company Company Company
For the year ended
December 31, 2023
Revenue from sale - - 2,746,139 248,026,092 - - 250,772,231
of services and
licences
Purchases - - 931,715,419 729,070,695 18,809 551,400 1,661,356,323
of goods and
services (including
reimbursement)
Rent expense - - - - 3,896,699 - 3,896,699
Brand equity 4,748,393 - - - - - 4,748,393

contribution
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Dividend paid - 77,760,004 - - - - 77,760,004

For the year ended
December 31, 2022
Revenue from sale - - 16,295,031 225,349,028 - 241,644,059
of services and
licences
Purchases - - 916,975,179 701,844,822 19,606 78,642 1,618,918,249
of goods and
services (including
reimbursement)
Rent expense - - - - 4,105,694 4,105,694
Brand equity 4,631,238 - - - - 4,631,238
contribution
TATA Consultancy Services (South Africa) (Pty) Ltd
Dividend paid - 56,160,003 - - - 56,160,003

21.31
[Amount in : ZAR]
Particulars With Tata Sons With Tata With Tata Good Hope Palace Total
Private Limited, Consultancy Consultancy Hotels (Pty) Ltd.,
Ultimate Services Services Limited Subsidiary of
Holding Limited, Parent - South Africa Ultimate Holding
Company of Holding Branch, Holding Company
Company Company
Trade receivables, - 995,716 43,750,702 - 44,746,418
unbilled receivables and
prepayments (net)
Trade payables, unearned 3,510,609 111,092,197 402,192,589 1,968 516,797,363
and deferred revenue, other
financial liabilities and
other liabilities
Prepaid expenses - 107,522,247 38,581,863 - 146,104,110
Volume discount - 22,435 34,940 - 57,375
Trade receivables, - - 48,067,443 - 48,067,443
unbilled receivables and
prepayments (net)
Trade payables, unearned 3,515,850 227,867,821 378,301,578 - 609,685,249
and deferred revenue, other
financial liabilities and
other liabilities
Prepaid expenses - 55,361,107 90,004,341 - 145,365,448
Volume discount - 36,156 58,673 - 94,829
16. Compensation to key managerial personnel

Mr. Henry Langa Dube (Director)
[Amount in : ZAR]
Particulars For the year ended For the year ended

Basic 2,089,488 1,926,393
Bonus 330,246 239,414
Other contribution 525,862 470,863
Total 2,945,596 2,636,670
17. Going concern

The directors have, at the time of approving the financial statements, a reasonable expectation that the Company has
adequate resources to continue in operational existence for the foreseeable future.
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TCS Financial Solutions Australia Pty Limited
General Purpose Financial Report
ABN 20 001 899 369
Financial Statements And

For the year ended

March 31, 2024
Tcs Financial Solutions Australia Pty Limited 22.1
FINANCIAL STATEMENTS FOR THE YEAR ENDED March 31, 2024
CONTENT PAGE
Directors' report 22.2
Auditor's independence declaration 22.4
Statement of profit or loss and other comprehensive income 22.5
Directors' declaration 22.24

22.2 Tcs Financial Solutions Australia Pty Limited
Directors’ Report
The directors present their report together with the financial report of TCS Financial Solutions Australia Pty Limited (‘’ the
Company’’) for the year ended March 31, 2024 and the auditor’s report theron.
1. Directors
The names of the directors in office at any time during or since the end of the year are:
Neville Joseph Roach Appointed October 20, 2005
Natarajan Ganapathy Subramaniam Appointed April 11, 2008
Girish Ramachandran Payangatiri Appointed November 09, 2015
Venkateshwaran Srinivasan Appointed June 12, 2017
Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.
2. Principal activities
The principal activities of the Company during the financial year were the development and sale of specialist banking
software and the provision of implementation and project management services.
No significant change in the nature of these activities occurred during the year.
3. Review of operations
The profit of the Company for the financial year after providing for income tax amounted to AUD$ 5,729,799 (2023: AUD$
6,418,812).
The Company has continued its focus on its core competency of product development with further growth of its core
banking product to capture greater market share of the Banking sector.
4. Environmental issues
The Company’s operations are not regulated by any significant environmental regulations under a law of the Commonwealth
or of a state or territory of Australia.
5. Dividends
AUD$ 9,500,000 dividend was declared and paid to TCS FNS Pty Limited (Holding Company) during the financial year
(2023: AUD$ 8,000,000).
6. Events subsequent to reporting date

There have been no matters which have arisen in the interval between the end of the financial year and the date of
this report, any item, transaction or event of a material and unusual nature likely, in the opinion of the directors of the
Company, to affect significantly the operations of the Company, the results of those operations, or the state of affairs of the
Company in future financial years.
7. Likely developments
Information about likely developments in the operations of the Company and the expected results of those operations in
future financial years has not been included in this report because disclosure of the information would be likely to result
in unreasonable prejudice to the Company.
8. Shares under options

No options over issued shares or interests in the Company were granted during or since the end of the financial year and
there were no options outstanding at the date of this report.
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9. Indemnity and insurance of officers and auditors

No indemnities have been given or insurance premiums paid, during or since the end of the financial year, for any person
who is or has been an officer or auditor of the company.
10. Proceedings on behalf of Company

No person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in any proceedings to
which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or any part of those
proceedings. The Company was not a party to any such proceedings during the year.
11. Lead auditor’s independence declaration

The Lead auditor’s independence declaration is set out on page 5 and forms part of the directors’ report for the financial
year ended March 31,2024.
This report is made out in accordance with a resolution of the directors:
Neville J Roach
Director
Date: 01 May, 2024
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Lead Auditor’s Independence Declaration under Section 307C

of the Corporations Act 2001
To the Directors of TCS Financial Solutions Australia Pty Ltd

I declare that, to the best of my knowledge and belief, in relation to the audit of TCS Financial Solutions Australia Pty Ltd for
the financial year ended 31 March 2024 there have been:
i. no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the
audit; and
ii. no contraventions of any applicable code of professional conduct in relation to the audit.
KPMG Adam Bird

Partner
Sydney
1 May 2024
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(Amount in AUD)

March 31, 2024 March 31, 2023
Revenue 4 10,947,024 10,893,510
Other income, net 4 216,634 190,619
Expenses
Project expenses (2,242,669) (1,859,913)
Legal and professional fees (70,894) (45,903)
Facility expenses (20,899) (12,521)
Other expenses, net (32,601) (246,144)
Profit before income tax expense 8,796,595 8,919,648
Income tax expense 5 (3,066,796) (2,500,836)
Net profit for the year 5,729,799 6,418,812
Foreign currency translation - 27,260
Other comprehensive (loss)/income for the year, net of tax - 27,260
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(Amount in AUD)
Note As at As at
March 31, 2024 March 31, 2023
Current assets
Other current assets 9 181,786 279,536
Non-current assets
Income tax assets (net) - 722,417
Total assets 17,061,173 21,622,062
Current liabilities
Borrowings-Loan from related parties 15 6,027,421 6,027,421
Net Assets 9,896,012 13,666,213
Equity
Share capital 12 4 4
Accumulated profits 9,896,008 13,666,209
Total equity 9,896,012 13,666,213
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Statement of Changes in Equit

(Amount in AUD)
Share Capital Accumulated Foreign Currency Total
profits Translation
reserve
Balance as at March 31, 2022 4 15,247,397 (27,260) 15,220,141
Other comprehensive income - - 27,260 27,260
Total comprehensive income - 6,418,812 27,260 6,446,072
Dividend paid - (8,000,000) - (8,000,000)
Balance as at March 31, 2023 4 13,666,209 - 13,666,213
Other comprehensive income - - - -
Total comprehensive income - 5,729,799 - 5,729,799
Dividend paid - (9,500,000) - (9,500,000)
Balance as at March 31, 2024 4 9,896,008 - 9,896,012
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(Amount in AUD)

March 31, 2024 March 31, 2023
Cash received from customers 13,773,105 11,629,796
Cash paid to suppliers, employees and others (2,923,713) (2,917,716)
Income tax paid (2,387,767) (2,566,955)
Net cash flows generated from operating activities 8,461,625 6,145,125
Proceeds from sale of Investment - 7,227,539
Dividends paid (9,500,000) (8,000,000)
Net cash flows used in financing activities (9,283,366) (761,332)
Effect of movements in exchange rates on cash held - 27,260
Net increase/(decrease) in cash and cash equivalents (821,741) 5,383,793
Cash and cash equivalents at the beginning of the financial year 9,287,912 3,876,859
Cash and cash equivalents at the end of year (Refer Note No.7) 8,466,171 9,287,912
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1. Reporting entity
TCS Financial Solutions Australia Pty Limited (the “Company”) is a Company limited by shares, incorporated and
domiciled in Australia. The registered office address is TCS Financial Solutions Australia Pty Limited, Level 6, 76
Berry Street, North Sydney NSW 2060. TCS FNS Pty Ltd is the parent entity holding 100% of shares of the company.
The main business of the company is to create computer software for banking and to market and license the software
worldwide and to provide maintenance services.
a. Basis of accounting
These financial statements are general purpose financial statements for distribution to the shareholder and for the
purpose of fulfilling the requirements of the Corporations Act 2001. They have been prepared in accordance with
Australian Accounting Standards – Simplified Disclosures made by the Australian Accounting Standards Board and
the Corporations Act 2001.
The statement of cash flows have been prepared under direct method, disclosing major classes of gross cash receipts
and payments related to operating activities.The Accounting Standards require cash flows from interest ,Proceeds
from sale of Investment and dividends received and paid to be disclosed separately.
The financial statements were authorised for issue by the directors on 01 May, 2024.
b. Basis of measurement
The financial statements have been prepared on historical cost basis at the end of each reporting period. Historical
cost is generally based on the fair value of the consideration given in exchange for goods and services.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date.
3. Material accounting policies

The Company also adopted Disclosure of Accounting Policies: Tier 2 and Other Australian Accounting Standards
(Amendments to AASB 1049, 1054 and 1060) from 1 July 2023. Although the amendments did not result in any
changes to the accounting policies themselves, they impacted the accounting policy information disclosed in the
The amendments require the disclosure of ‘material’, rather than ‘significant’, accounting policies. The amendments
also provide guidance on the application of materiality to disclosure of accounting policies, assisting entities to provide
useful, entity-specific accounting policy information that users need to understand other information in the financial
statements.
Management reviewed the accounting policies and made updates to the information disclosed in Material accounting
policies (2023: Significant accounting policies) in certain instances in line with the amendments.
A number of other new accounting standards are also effective from 1 July 2023 but they do not have a material effect
on the Companies financial statements.
a. Income tax
The income tax expense (income) for the year comprises current income tax expense (income) and deferred tax
expense (income). Current and deferred income tax expense (income) is charged or credited directly to other
comprehensive income instead of the profit or loss when the tax relates to items that are credited or charged directly
to other comprehensive income.
The Group has determined that interest and penalties related to income taxes, including uncertain tax treatments,do
not meet the definition of income taxes, and therefore accounted for them under AASB 137 Provisions, Contingent
Liabilities and Contingent.
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Current tax
Current income tax expense charged to the profit or loss is the tax payable on taxable income calculated using
applicable income tax rates enacted, or substantially enacted, as at reporting date. Current tax liabilities (assets) are
therefore measured at the amounts expected to be paid to (recovered from) the relevant taxation authority.
Current tax assets and liabilities are offset where a legally enforceable right of set-off exists and it is intended that
net settlement or simultaneous realisation and settlement of the respective asset and liability will occur.
Deferred tax
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities
for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for:
- temporary differences on the initial recognition of assets or liabilities in a transaction that:
- is not a business combinaôn; and
- at the time of the transaction (i) affects neither accounting nor taxable profit or loss and (ii) does not give rise to
equal taxable and deductible temporary differences
- temporary differences related to investments in subsidiaries and associates to the extent that the Group is able
to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in
the foreseeable future; and
- taxable temporary differences arising on the initial recognition of goodwill.
profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable
temporary differences is insufficient to recognise a deferred tax asset in full, then future taxable profits, adjusted for
reversals of existing temporary differences, are considered, based on the business plans for individual subsidiaries in
the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer
probable that the related tax benefit will be realised; such reductions are reversed when the probability of future
taxable profits improves.
Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse,
using tax rates enacted or substantively enacted at the reporting date, and reflects uncertainty related to income
taxes, if any.
The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the
Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.
Tax consolidation
The Company is part of a tax consolidated group headed by the Holding Company within Australia and is not the tax
parent of this group.
Current tax expense and deferred tax balances arising from temporary differences of the members of the tax-
consolidated group are recognised in the separate financial statements of the members of the tax-consolidated
group using the ‘separate tax payer within the group’ approach.
The Company has entered into a tax sharing agreement with the head entity. The tax sharing agreement in the opinion
of the directors, limits the joint and several liability of the other entities within the Tax Consolidated Group in case of
a default by the Company.
The entities in the Tax Consolidated Group have also entered into a Tax Funding Agreement under which the Company
fully compensate the head entity for any current tax payable assumed and is compensated by the head entity for any
current tax receivable and deferred tax assets relating to unused tax losses or unused tax credits that are transferred
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to the head entity under the tax consolidation legislation. The funding amounts are determined by reference to the
amounts recognised in the Company’s financial statements.
b. Financial instruments
attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and
financial liabilities at fair value through profit or loss) are added to or deducted from the fair value measured on initial
recognition of the financial asset or financial liability.
The Company considers all highly liquid financial instruments, which are readily convertible into known amounts of
cash that are subject to an insignificant risk of change in value and having original maturities of three months or less
from the date of purchase, to be cash equivalents. Cash and cash equivalents consist of balances with banks which
are unrestricted for withdrawal and usage.
Financial assets are subsequently measured at amortised cost if these financial assets are held within a business
whose objective is to hold these assets in order to collect contractual cash flows and the contractual terms of the
financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the
principal amount outstanding.
Financial assets are measured at fair value through other comprehensive income if these financial assets are held
within a business model whose objective is achieved by both collecting contractual cash flows on specified dates that
are solely payments of principal and interest on the principal amount outstanding and selling financial assets.
Equity instruments
An equity instrument is a contract that evidences a residual interest in the assets of the Company after deducting all
of its liabilities. Equity instruments issued by the Company are recognised at the proceeds received net of any direct
issue costs.
c. Impairment
Financial assets (other than at fair value)
The Company assesses at each reporting date whether a financial asset or a group of financial assets is impaired.
AASB 9 requires expected credit losses to be measured through a loss allowance. The Company recognises lifetime
determining the allowances for doubtful trade receivables the Company has used a practical expedient by computing
the expected credit loss allowance for trade receivables based on a provision matrix. The provision matrix takes into
account historical credit loss experience and is adjusted for forward looking information. The expected credit loss
allowance is based on the ageing of the receivables that are due and rates used in the provision matrix. For all other
financial assets, expected credit losses are measured at an amount equal to the 12-month expected credit losses
or at an amount equal to the life time expected credit losses if the credit risk on the financial asset has increased
Non-financial assets
At each reporting date, the Company reviews the carrying values of its tangible and intangible assets to determine
whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable
amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, is compared to the
asset’s carrying value. In assessing value in use, the estimated future cash flows are discounted to their present
value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks
specific to the asset for which the estimates of future cash flows have not been adjusted.
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Any excess of the asset’s carrying value over its recoverable amount is expensed to the statement of profit or loss and
other comprehensive income.
Impairment testing is performed annually for intangible assets with indefinite lives and intangible assets not yet
available for use. Where it is not possible to estimate the recoverable amount of an individual asset, the Company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Goodwill
Goodwill on consolidation is initially recorded at the amount by which the purchase price for a business or for an
ownership interest in a controlled entity exceeds the fair value attributed to its net assets at date of acquisition.
Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is tested annually for impairment
and carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the
carrying amount of goodwill relating to the entity sold.
d. Foreign currency transactions and balances
Functional and presentation currency
The functional currency of each entity is measured using the currency of the primary economic environment in which
that entity operates. The financial statements are presented in Australian dollars which is the Company’s functional
and presentation currency.
Transaction and balances
Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the date of
the transaction. Foreign currency monetary items are translated at the year-end exchange rate. Non-monetary items
measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary
items measured at fair value are reported at the exchange rate at the date when fair values were determined.
Exchange differences arising on the translation of monetary items are recognised in the statement of profit or loss
and other comprehensive income, except where deferred in other comprehensive income as a qualifying cash flow or
net investment hedge.
Exchange difference arising on the translation of non-monetary items are recognised directly in other comprehensive
income to the extent that the gain or loss is directly recognised in other comprehensive income, otherwise the
exchange difference is recognised in the statement of profit or loss and other comprehensive income.
e. Employee benefits
Provision is made for the Company’s liability for employee benefits arising from services rendered by employees to
balance date. Employee benefits that are expected to be settled within one year have been measured at the amounts
expected to be paid when the liability is settled, plus related on¬costs.
Employee benefits payable later than one year have been measured at the present value of the estimated future cash
outflows to be made for those benefits. Those cash flows are discounted using market yields on national government
bonds with terms to maturity that match the expected timing of cash flows.
f. Provisions
Provisions are recognised when the Company has a legal or constructive obligation, as a result of past events, for
which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured.
Provisions are measured using the best estimate of amounts required to settle the obligation at the end of the
reporting period.
g. Revenue
The Company earns revenue primarily from sale of computer software for banking and to market and license the
software worldwide and to provide maintenance services.
reflects the consideration which the Company expects to receive in exchange for those products or services.
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• Revenue from time and material and job contracts is recognised on an output basis measured by units delivered,
performance.
• In respect of other fixed-price contracts, revenue is recognised using the percentage-of-completion method (‘POC
obligation. The contract cost used in computing the revenues includes the cost of fulfilling warranty obligations.
software is recognised upfront at the point in time when the system / software is delivered to the customer.
In cases where implementation and / or customisation services rendered significantly modifies or customises
the software, these services and software are accounted for as a single performance obligation and revenue is
recognised over time on a POC method .
to the customer.
Company is acting as the principal or as an agent of the customer. The Company recognises revenue at the gross
amount of consideration when it is acting as a principal and at net amount of consideration when it is acting as
an agent.
concessions and incentives. The transaction price is also adjusted for the effects of the time value of money if the
contract includes a significant financing component. Any consideration payable to the customer is adjusted to the
transaction price, unless it is a payment for a distinct product or service from the customer. The estimated amount of
variable consideration is adjusted in the transaction price only to the extent that it is highly probable that a significant
reversal in the amount of cumulative revenue recognised will not occur and is reassessed at the each reporting
period. The Company allocates the elements of variable considerations to all the performance obligations of the
contract unless there is observable evidence that they pertain to one or more distinct performance obligations.
or over a period of time. The Company considers indicators such as how a customer consumes benefits as services
are rendered or who controls the asset as it is being created or existence of an enforceable right to payment for
performance to date and any alternate use of such product or service, transfer of significant risks and rewards to the
customer, acceptance of delivery by the customer, etc.
Revenue for fixed-price contracts is recognised using the percentage-of-completion method. The Company uses
to be recovered.
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Contract assets are recognised when there is excess of revenue earned over billings on contracts. Contract assets
are classified as unbilled receivables (only act of invoicing is pending) when there is an unconditional right to receive
cash, and the only passage of time is required, as per contractual terms.
In accordance with AASB 137, the Company recognises an onerous contract provision when the unavoidable costs of
transferred. The billing schedules agreed with customers could include periodic performance based payments and/
or milestone based progress payments. Invoices are payable within a contractually agreed credit period.
reviews any modifications to a contract in conjunction with the original contract on the basis which the transaction
price could be allocated to a new performance obligation or transaction price of an existing obligation could undergo
a change. In the event that the transaction price is revised for an existing obligation, a cumulative adjustment is
accounted for.
services.
h. Goods and services tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is
not recoverable from the Australian Taxation Office. In these circumstances, the GST is recognised as part of the cost
of acquisition of the asset or as part of an item of the expense. Receivables and payables in the statement of financial
position are shown inclusive of GST.
Cash flows are presented in the statement of cash flows on a gross basis, except for the GST component of investing
and financing activities, which are disclosed as operating cash flows.
i. Critical accounting estimates and judgments
The Directors evaluate estimates and judgments incorporated into the financial statements based on historical
knowledge and best available current information. Estimates assume a reasonable expectation of future events and
are based on current trends and economic data, obtained both externally and within the Company. Actual results may
differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the
revision and future periods if the revision affects both current and future periods.
j. Adoption of new and revised accounting standards
In the current year, the Company has not adopted any new accounting standards.
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4. Revenue
(Amount in AUD)

March 31, 2024 March 31, 2023
Consultancy revenue 2,178,748 1,680,422
License fees 8,768,276 9,213,088
Total 10,947,024 10,893,510
Non operating activities
Profit on sale of investment - 179,490
Total 216,634 190,619

(Amount in AUD)
Industry vertical For the year ended For the year ended
March 31, 2024 March 31, 2023
Banking , financial services and insurance 10,947,024 10,893,510
Total 10,947,024 10,893,510

(Amount in AUD)

March 31, 2024 March 31, 2023
Asia Pacific 2,216,539 1,722,298
India 8,730,485 9,171,212
Total 10,947,024 10,893,510

Revenue disaggregation by timing of revenue recognition is as follows:
(Amount in AUD)

March 31, 2024 March 31, 2023
Revenue recongnised at a point in time 8,802,677 9,213,088
Revenue recongnised over time 2,144,347 1,680,422
Total 10,947,024 10,893,510
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Company has applied the practical expedient in AASB 15. Accordingly, the Company has not disclosed the aggregate
revenue recognized corresponds to the value transferred to the customer typically involving time and material, outcome
based and event based contracts.
satisfied) performance obligations is AUD$ 1,944,773 out of which AUD$ 1,057,308 (54.37%) is expected to be recognized
5. Income tax (expense) / income

(Amount in AUD)

March 31, 2024 March 31, 2023
Current tax expense (2,537,215) (2,760,094)
Tax expense related to prior years (436,681) 193,139
Deferred tax (expense)/ benefit (92,900) 66,119
Total (3,066,796) (2,500,836)
Current tax provision @ 30% (2023: 30%) (2,638,979) (2,675,895)
Over/(under) provision from prior year (436,681) 193,139
Non-assessable income 8,864 (18,080)
Total (3,066,796) (2,500,836)
6. Auditor’s remuneration
Remuneration of the auditor of TCS Financials Solutions Australia Pty Ltd for auditing the financial statements, taxation
and other services
(Amount in AUD)

March 31, 2024 March 31, 2023
- For audit of the financial statements 36,281 35,438
Total 36,281 35,438
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(Amount in AUD)
As at As at
March 31, 2024 March 31, 2023
Balances with banks 1,966,171 1,987,912
Deposit with banks 6,500,000 7,300,000
Total 8,466,171 9,287,912

(Amount in AUD)
As at As at
March 31, 2024 March 31, 2023
Allowance for impairment of receivables - (37,137)
Amounts due from related parties 3,632,968 6,349,283
Other receivables 26,727 300
Total 8,341,637 11,167,718
9. Other current assets

(Amount in AUD)
As at As at
March 31, 2024 March 31, 2023
Prepayments 119,321 217,491
Other 36,465 -
Total 181,786 279,536
Movement in contract assets is given below :

(Amount in AUD)

March 31, 2024 March 31, 2023
Opening balance as on April 1, 62,045 80,982
+ Revenue recognised during the year 13,694 50,866
- Invoices raised during the year (49,137) (89,990)
- Translation (602) 20,187
Closing balance as on March 31, 26,000 62,045
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10. Deferred tax assets
(Amount in AUD)
As at As at
March 31, 2024 March 31, 2023
Non-current
Deferred tax assets (net) 71,579 164,479
Total 71,579 164,479
Movement in deferred tax balance

(Amount in AUD)
profit & loss
Property, plant & equipment 898 (236) 662
Doubtful debts 5,569 (5,569) -
Unearned and deferred revenue 126,148 (89,057) 37,091
Other temporary differences 31,864 1,962 33,826
Total 164,479 (92,900) 71,579
(Amount in AUD)
profit & loss
Property, plant & equipment 1,260 (362) 898
Doubtful debts 7,889 (2,320) 5,569
Unearned and deferred revenue 50,243 75,905 126,148
Other temporary differences 38,968 (7,104) 31,864
Total 98,360 66,119 164,479

(Amount in AUD)
As at As at
March 31, 2024 March 31, 2023
Current
Amounts due to related parties 865,345 1,383,906
Amounts due to others 17,066 -
Accrued expenses 131,697 124,033
Unearned and deferred revenue 123,632 420,489
Total 1,137,740 1,928,428
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Movement in unearned and deferred revenue is given below :
(Amount in AUD)

March 31, 2024 March 31, 2023
Opening balance as on April 1, 420,489 167,474
- revenue recognised during the year (420,236) (167,474)
+ Invoices raised during the year 123,718 421,326
+/- Translation (339) (837)
Closing balance as on March 31, 123,632 420,489
12. Share capital

(Amount in AUD)
As at As at
March 31, 2024 March 31, 2023
Ordinary shares 4 4
Issued and fully paid 4 4
The Company does not have a limited amount of authorised capital and issued shares do not have a par value.
There has been no movement in ordinary shares on issue during the current or previous two financial years.
Ordinary shares participate in dividends and proceeds on winding up of the Company in proportion to the number of shares
held.
At the shareholders’ meetings each ordinary share is entitled to one vote when a poll is called, otherwise each shareholder
has one vote on a show of hands.
Capital management
The Company’s objective for capital management is to maximize shareholder value, safeguard business continuity and
13. Reserves
a. Profit reserve
The profit reserve comprises the transfer of profit for the year. Dividend of AUD$ 9,500,000 distributed during the year.
b. Dividend
(Amount in AUD)

March 31, 2024 March 31, 2023
Final dividend 9,500,000 8,000,000
On 05 September 2023 the Board has declared Dividend of AUD 9,500,000 which was paid on 06 September 2023.
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14. Contingent liabilities
The Company had no contingent liabilities or assets as at March 31, 2024 (as at March 31, 2023-Nil).

(Amount in AUD)
With Tata With TCS With Tata With Tata With Tata Total
Sons FNS Pty Consultancy Consultancy Consultancy
Private Limited, Services Services Services
Limited, Holding Limited, (Philippines) (China) Co.
Ultimate Company Parent Inc, Fellow Ltd., Fellow
Holding Company Subsidiary Subsidiary
Particulars Company
Revenue from sale of services and - - 8,730,486 - - 8,730,486
licenses
Purchases of goods and services - - 1,601,093 379,873 - 1,980,966
Brand equity contribution 5,541 - - - - 5,541
Rent paid - - 18,272 - - 18,272
Communication expense - - 3,600 - - 3,600
Dividend paid - 9,500,000 - - - 9,500,000
Total 5,541 9,500,000 10,353,451 379,873 - 20,238,865

(Amount in AUD)
Particulars Company
Revenue from sale of services and - - 9,171,213 - - 9,171,213
licenses
Purchases of goods and services - - 1,373,175 243,822 3,710 1,620,707
Brand equity contribution 4,306 - - - - 4,306
Rent paid - - 11,303 - - 11,303
Communication expense - - 3,600 - - 3,600
Sale of Investment - - - - 7,407,029 7,407,029
Dividend paid - 8,000,000 - - 8,000,000
Total 4,306 8,000,000 10,559,291 243,822 7,410,739 26,218,158
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(Amount in AUD)
Particulars Company
Trade receivables - - 3,632,968 - - 3,632,968
Trade payables, accrued expenses
Other financial liabilities and 5,541 414,421 445,383 - - 865,345
Other liabilities
Loans from related parties - 6,027,421 - - - 6,027,421
Unbilled receivables - - 3,986,757 - - 3,986,757
Prepaid expenses - - 111,269 - - 111,269
Total 5,541 6,441,842 8,176,377 - - 14,623,760

(Amount in AUD)
Particulars Company
Trade receivables - - 6,349,282 - - 6,349,282
Trade payables, accrued expenses 4,306 923,059 387,127 65,700 3,714 1,383,906
Other financial liabilities and
Other liabilities
Loans from related parties - 6,027,421 - - - 6,027,421
Unbilled receivables - - 4,171,984 - - 4,171,984
Prepaid expenses - - 181,978 - - 181,978
Total 4,306 6,950,480 11,090,371 65,700 3,714 18,114,571
16. Events after balance sheet date

No matters or circumstances have arisen since the end of March 31, 2024, which significantly affected or may significantly
affect the operations of the Company, the results of those operations, or the state of affairs of the Company in future
financial years.
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17. Deed of cross guarantee
The Company has entered a deed of cross-guarantee with its holding company, TCS FNS Pty Limited.
Pursuant to ASIC Corporations (Wholly owned Companies) Instrument 2016/785, the Company guarantees to each creditor
payment in full of any debt in the event of winding up of the companies under provisions of the Corporations Act, 2001. If a
winding up occurs under the provisions of the Act, the Company will only be liable if after six months any creditor has not
been paid in full.
The Company has also given similar guarantees if the Parent is wound up.
A statement of comprehensive income and statement of financial position, comprising the Company which are a party to
the Deed, after eliminating all transactions between parties to the Deed of Cross Guarantee, for the year ended 31 March
2024 is set out as follows:
(Amount in AUD)

March 31, 2024 March 31, 2023
Revenue 10,947,024 10,893,510
Other income, net 216,634 11,129
Expenses
Selling, general and administrative expenses (2,369,161) (1,986,216)
Foreign exchange gain/(loss) (25,563) (205,636)
Finance costs (1,662) (1,949)
Profit before income tax expense 8,767,272 8,710,838
Income tax expense (3,353,383) (3,022,228)
Profit from continuing operations 5,413,889 5,688,610
Discontinued Operation (Disposal of a foreign subsidiary)
Profit (loss) from discontinued operation, net of tax - (850,068)
Profit on sale of investment in Discontinued Operation - 1,858,900
Foreign currency translation - -
Other comprehensive (loss)/income for the year, net of tax - -
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(Amount in AUD)
As at As at
March 31, 2024 March 31, 2023
Current assets
Trade and other receivables 8,341,637 11,167,718
Current tax asset - 115,212
Other current assets 181,786 251,026
Non-current assets
Deferred tax assets (net) 2,141,413 2,550,154
Total assets 19,133,803 23,374,872
Current liabilities
Income tax payable (net) 98,581 -
Total liabilities 821,899 976,857
Net assets 18,311,904 22,398,015
Net assets
Share capital 37,258,815 37,258,815
Accumulated profits (18,946,911) (14,860,800)
Reserve - -
Total equity 18,311,904 22,398,015
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Directors’ Declaration
1. In the opinion of the directors of TCS Financial Solutions Australia Pty Limited (“ the Company”)
(a) the Company is not publicly accountable.
(b) the financial statements and notes, set out on pages (6 to 21), are in accordance with the Corporations Act 2001,
including:
(i) giving a true and fair view of the financial position of the Company as at March 31, 2024 and of its performance
for the financial year ended on that date and
(ii) complying with Australian Accounting Standards- Simplified Disclosure Requirements and the Corporations
Regulations 2001; and
(c) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due
and payable.
2. There are reasonable grounds to believe that the Company and the Group entities identified in the Note will be able to meet
any obligations or liabilities to which they are or may become subject to by virtue of the deed of Cross Guarantee between
the Company and those Group entities pursuant to ASIC Corporations (Wholly-owned Companies) Instrument 2016/785.
Signed in accordance with a resolution of the directors
_______________________________________________
Neville J Roach Director

Date: 01 May, 2024
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To the shareholder of
TCS Financial Solutions Australia Pty Limited
Opinion
We have audited the Financial Report of TCS Financial Solutions Australia Pty Limited (the Company).
In our opinion, the accompanying Financial Report of the Company is in accordance with the Corporations Act 2001,
including:
• giving a true and fair view of the Company’s financial position as at 31 March 2024 and of its financial performance for the
year ended on that date; and
• complying with Australian Accounting Standards - Simplified Disclosures and the Corporations Regulations 2001.
The Financial Report comprises:
• Statement of financial position as at 31 March 2024
• Statement of profit or loss and other comprehensive income, Statement of changes in equity, and Statement of cash flows
for the year then ended
• Notes including a summary of material accounting policies
• Directors’ Declaration.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion.
Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audits of the Financial
Report section of our report.
We are independent of the Company in accordance with the Corporations Act 2001 and the ethical requirements of the
Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including
Independence Standards) (the Code) that are relevant to our audit of the Financial Report in Australia. We have fulfilled our
other ethical responsibilities in accordance with these requirements.
Other Information
Other Information is financial and non-financial information in the Company’s annual reporting which is provided in addition to
the Financial Report and the Auditor’s Report. The Directors are responsible for the Other Information.
Our opinions on the Financial Report does not cover the Other Information and, accordingly, we do not express an audit opinion
or any form of assurance conclusion thereon.
In connection with our audit of the Financial Report, our responsibility is to read the Other Information. In doing so, we consider
whether the Other Information is materially inconsistent with the Financial Report or our knowledge obtained in the audit, or
otherwise appears to be materially misstated.
We are required to report if we conclude that there is a material misstatement of this Other Information, and based on the
work we have performed on the Other Information that we obtained prior to the date of this Auditor’s Report we have nothing
to report.
Responsibilities of the Directors for the Financial Report
The Directors are responsible for:
• preparing the Financial Report that gives a true and fair view in accordance with Australian Accounting Standards -
Simplified Disclosures and the Corporations Act 2001
• implementing necessary internal control to enable the preparation of a Financial Report that gives a true and fair view and
is free from material misstatement, whether due to fraud or error
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• assessing the Company’s ability to continue as a going concern and whether the use of the going concern basis of
accounting is appropriate. This includes disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic
alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Report
Our objective is:
• to obtain reasonable assurance about whether the Financial Report as a whole are free from material misstatement,
whether due to fraud or error; and
• to issue an Auditor’s Report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian
Auditing Standards will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of the Financial Report.
A further description of our responsibilities for the audit of the Financial Report is located at the Auditing and Assurance
Standards Board website at: https://www.auasb.gov.au/auditors_responsibilities/ar4.pdf. This description forms part of our
Auditor’s Report.
KPMG Adam Bird

Partner
Sydney
1 May 2024
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TCS Financial Solutions Beijing Co. Ltd
For the year ended
31 December 2023
TCS Financial Solutions Beijing Co., Ltd. 23.1
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
CONTENTS PAGE
Auditor’s Report 23.2
Balance Sheet 23.4
Income Statements 23.6
Cash Flow Statements 23.7

23.2 TCS Financial Solutions Beijing Co., Ltd.

GTCSZ (2024) No. 110C000487
TCS Financial Solutions Beijing Co. Ltd:
Opinion
We have audited the financial statements of TCS Financial Solutions Beijing Co. Ltd (the “Company”), which comprise the
statement of financial position as at 31 December 2023, and the statement of income, statement of changes in equity and
statement of cash flows from January 2023 to December 2023, and the notes to the financial statements.
In our opinion, the accompanying financial statement present fairly, in all material respects, the financial position of the
Company as at 31 December 2023, and its financial performance and its cash flows from January 2023 to December 2023 in
accordance with Accounting Standards for Business Enterprises.
Basis for Opinion

We conducted our audit in accordance with China Standards on Auditing. Our responsibilities under those standards are further
described in the Auditor’s Responsibilities for the Audit of the Financial Statement Section of our report. We are independent
of the Company in accordance with the Code of Ethics for Chinese Certified Public Accountant (Ethics Code) together with the
ethical requirements that are relevant to our audit of the financial statements, and we fulfilled our other ethical responsibilities
in accordance with these requirements and the Ethics Code. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
Responsibilities of Management and Those Charge with Governance for the Financial Statement
Management of the Company is responsible for the preparation and fair presentation of the financial statement in accordance
with Enterprises Accounting System , and for such internal control as management determines in necessary to enable the
preparation of financial statements that are free form material misstatement, whether due to fraud or error.
Those charge with governance are responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statement

is a high level assurance, but is not a guarantee that an audit conducted in accordance with China Standards on Auditing
material if, individually or in aggregation, they could reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements.
As part of an audit in accordance with China Standards on Auditing, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than the
misstatemment resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations,
or overriding of internal control.
control.
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inadequate, to modify out opinion. Our conclusions ate based on the audit evidence obtained up to the date of our auditor’s
report. However, further events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.
Grant Thornton
Beijing China
Date: 18 February 2024
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Balance Sheet as at 31 December 2023
(Expressed in RMB)
As at As at
Item Note 31/12/2022
31/12/2023
Current assets:
Cash and cash equivalents 6.1 14,630,891.85 5,424,127.67
Financial assets at fair value through profit or loss - -
Notes receivable - -
Accounts receivable 6.2 26,110,426.01 34,245,147.54
Prepayments - -
Interest receivable 4,111.78 219.18
Dividends receivable - -
Other receivables 6.3 3,699.68 18,510.70
Inventories - -
Non-current assets maturing within one year - -
Other current assets 6.4 68,082.48 64,355.59
Total current assets 40,817,211.80 39,752,360.68
Non-current assets:
Available-for-sale financial assets - -
Held-to-maturity investments - -
Long-term receivables - -
Long-term equity investments - -
Investment property - -
Fixed assets 6.5 43,940.72 112,301.00
Construction in progress - -
Productive biological assets - -
Oil and gas assets - -
Intangible assets - -
Development expenditure - -
Goodwill - -
Long-term deferred expenses - -
Other non-current assets - -
Total assets 40,861,152.52 39,864,661.68
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Balance Sheet (continued)
(Expressed in RMB)
As at As at
Item Note 31/12/2022
31/12/2023
Short-term loans - -
Financial liabilities at fair value through profit or loss - -
Notes payable - -
Accounts payable 1,252,708.36 2,282,483.48
Advances from customers 140,735.70 336,956.62
Salaries and employee benefits pavable 6.6 5,853,385.85 5,187,849.23
Taxes payable 6.7 150,451.10 317,026.68
Other payables 752,801.20 495,918.20
Non-current liabilities maturing within one year - -
Other current liabilities - -
Total current liabilities 8,150,082.21 8,620,234.21
Non-current liabilities: - -
Long-term loans - -
Debentures payable - -
Long-term payables - -
Long-term employee benefits payable - -
Provisions - -
Other non-current liabilities - -
Total non-current liabilities - -
Total liabilities 8,150,082.21 8,620,234.21
Share capital 6.8 36,660,950.00 36,660,950.00
Capital reserve - -
Less: treasury shares - -
Specific reserve - -
Surplus reserve 6.9 1,397,460.41 1,397,460.41
Retained earnings 6.10 -5,347,340.10 -6,813,982.94
Total equity attributable to shareholders of the Company 32,711,070.31 31,244,427.47
Non-controlling interests
Total owners' equity 32,711,070.31 31,244,427.47
Total liabilities and shareholders' equity 40,861,152.52 39,864,661.68
THE NOTES ON PAGES 23.10 TO 23.19 FORM PART OF THESE FINANCIAL STATEMENTS
Legal representative: The person in charge of accounting affairs: The head of the accounting department:
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Income statement for the year ended 31 December 2023
(Expressed in RMB)
Item Note
31/12/2023 31/12/2022
I. Operating income 6.11 52,495,115.76 42,740,490.11
Less:operating costs 6.11 32,998,685.57 30,174,996.13
Taxes and surcharges 6.12 317,036.68 321,890.18
Selling and distribution expenses 5,494,852.15 7,255,451.25
General and administrative expenses 12,220,266.46 11,256,762.77
Financial expenses 6.13 55,406.62 461,828.18
Including: Interest expenses 6.13 69,524.39 419,890.69
Interest income 6.13 18,823.27 36,181.24
Net foreign exchange losses ("-" denotes gains) 6.13 240.40 72,297.88
Impairment losses - -840,188.64
Add: Other income - -
Investment income ("-” for losses) - -
Including: Income from investment in associates and joint ventures - -
("-" for losses)
Gains from changes in fair value ('’-” for losses) - -
Gains from assets disposal ("-” for losses) - -
II. Operating profit ("-" for losses) 1,408,868.28 -5,890,249.76
Add: Non-operating income 6.14 57,774.56 16,790.56
Less: Non-operating expenses 6.15 - 97,155.22
III. Profit before income tax ("-" for losses) 1,466,642.84 -5,970,614.42
Less: Income tax expenses - -
IV. Net profit for the year (”-" for net losses) 1,466,642.84 -5,970,614.42
Including: Net profit from continuing operations ("-" for net loss) 1,466,642.84 -5,970,614.42
Net profit from discontinued operations ("-" for net loss) - -
V. Other comprehensive income, net of tax - -
VI. Total comprehensive income for the year 1,466,642.84 -5,970,614.42
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Cash Flow Statement for the year ended 31 December 2023
(Expressed in RMB)
Item Note
31/12/2023 31/12/2022
Proceeds from sales of goods or rendering of services 64,015,493.93 49,608,057.66
Refund of taxes 44,368.67
Proceeds from other operating activities 286,624.69 330,068.45
Sub-total of cash inflows 64,346,487.29 49,938,126.11
Cash paid for goods and services 3,513,271.56 9,910,208.70
Cash paid to and on behalf of employees 45,478,597.41 44,022,362.87
Tax payments 4,050,579.45 3,587,769.06
Cash paid relating to other operating activities 2,027,509.90 6,753,202.46
Sub-total of cash outflows 55,069,958.32 64,273,543.09
Net cash flows from operating activities 9,276,528.97 -14,335,416.98
Cash received from disposal of investments - -
Cash received from return on investments - -
Cash received from disposal of fixed assets, intangible assets and - -
other long-term assets
Cash receipts relating to other investing activities - -
Sub-total of cash inflows - -
Cash paid to acquire fixed assets, intangible assets and other - 49,513.27
long-term assets
Cash paid to acquire investment - -
Payment for other investing activities - -
Sub-total of cash outflows - 49,513.27
Net cash flows from investing activities - -49,513.27
Cash received from capital contributions - -
Cash received from borrowings 7,000,000.00 10,000,000.00
Cash receipts relating to other financing activities - -
Sub-total of cash inflows 7,000,000.00 10,000,000.00
Repayments of borrowings 7,000,000.00 10,000,000.00
Dividends paid, profit distribution and interest paid 69,524.39 419,890.69
Cash payments relating to other financing activities - -
Sub-total of cash outflows 7,069,524.39 10,419,890.69
Net cash flows from financing activities -69,524.39 -419,890.69
Effect of foreign exchange rate changes on cash and
cash equivalents -240.40 -72,297.88
Net increase in cash and cash equivalents 9,206,764.18 -14,877,118.82
Add: Cash and cash equivalents at the beginning of the period 5,424,127.67 20,301,246.49
Cash and cash equivalents at the end of the period 14,630,891.85 5,424,127.67
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Company’s Statement of Changes in Shareholders’ Equity
(Expressed in RMB)
23.8

Item Share capital Capital Less: treasury Other comprehensive Specific Surplus Retained Total
reserve shares income reserve reserve earnings
1. Balance as at the end of last year 36,660,950.00 1,397,460.41 -6,813,982.94 31,244,427.47
Add: Changes in accounting policies - - - - - - - -
Correction of prior period errors - - - - - - - -
Others - - - - - - - -
2. Balance at the beginning of the year 36,660,950.00 1,397,460.41 -6,813,982.94 31,244,427.47
3. Changes in equity during the year 1,466,642.84 1,466,642.84
(“-” for decrease)
3.1 Net profit for the period 1,466,642.84 1,466,642.84
3.2 Other comprehensive income - - - - - - - -
Total other comprehensive income - - - - - - - -
3.3 Share capital by or returned to investors - - - - - - - -
TCS Financial Solutions Beijing Co., Ltd.
a. Share capital injected by investors - - - - - - - -

b. Issurance of share pursuant to - - - - - - - -
the exercise of share options
c. Others - - - - - - - -
3.4 Specific Reserve - - - - - - - -
a. Appropriation during the year - - - - - - - -
b. Utilisation during the year - - - - - - - -
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3.5 Appropriation of profits - - - - - - - -

a. Transfer to surplus reserves - - - - - - - -
Including: Statutory surplus - - - - - - - -
Discretionary surplus reserve - - - - - - - -
General reserve fund - - - - - - - -
Enterprise expansion fund - - - - - - - -
b. General risk allowance - - - - - - - -
c. Distributions to shareholders - - - - - - - -
d. Others - - - - - - - -
3.6 Transfer within equity - - - - - - - -
a. Capital reserves converting into share capital - - - - - - - -
b. Surplus reserves converting into share capital - - - - - - - -
c. Surplus reserves cover the deficit - - - - - - - -
d. Others - - - - - - - -
4. Balance at the end of the year 36,660,950.00 - - - - 1,397,460.41 -5,347,340.10 32,711,070.31
Company’s Statement of Changes in Shareholders’ Equity
Expressed in RMB
Item Share capital Capital Less: treasury Other comprehensive Specific Surplus Retained Total
reserve shares income reserve reserve earnings
1. Balance as at the end of last year 36,660,950.00 1,397,460.41 -843,368.52 37,215,041.89
Add: Changes in accounting policies - - - - - - - -
Correction of prior period errors - - - - - - - -
Others - - - - - - - -
2. Balance at the beginning of the year 36,660,950.00 - - - - 1,397,460.41 -843,368.52 37,215,041.89
3. Changes in equity during the year - - - - - - -5,970,614.42 -5,970,614.42
(“-’’ for decrease)
3.1 Net profit for the period - - - - - - -5,970,614.42 -5,970,614.42
3.2 Other comprehensive income - - - - - - - -
Total other comprehensive income - - - - - - - -
3.3 Share capital by or returned to investors - - - - - - - -
a. Share capital injected by investors - - - - - - - -
b. Issurance of share pursuant to the exercise of - - - - - - - -
share options
c. Others - - - - - - - -
3.4 Specific Reserve - - - - - - - -
a. Appropriation during the year - - - - - - - -
b. Utilisation during the year - - - - - - - -
3.5 Appropriation of profits - - - - - - - -
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a. Transfer to surplus reserves - - - - - - - -

Including: Statutory surplus - - - - - - - -
Discretionary surplus reserve - - - - - - - -
General reserve fund - - - - - - - -
Enterprise expansion fund - - - - - - - -
b. General risk allowance - - - - - - - -
c. Distributions to shareholders - - - - - - - -
d. Others - - - - - - - -
3.6 Transfer within equity - - - - - - - -
a. Capital reserves converting into share capital - - - - - - - -
b. Surplus reserves converting into share capital - - - - - - - -
c. Surplus reserves cover the deficit - - - - - - - -
d. Others - - - - - - - -
4. Balance at the end of the year 36,660,950.00 - - - - 1,397,460.41 -6,813,982.94 31,244,427.47
TCS Financial Solutions Beijing Co., Ltd.
23.9

(All amounts in RMB unless otherwise stated) [English Translation for Reference Only]
I. Company’s profile
TCS Financial Solutions Beijing Co. Ltd (“the Company”) is a wholly owned foreign enterprise incorporated in Beijing on
Dec 29, 2006 and approved by People’s Government of Beijing. The registered capital of the Company is USD 250,000.00
and obtained the business certificate No. 110000410305201. The registered capital of the Company was increased to USD
5,250,000.00 on Jan 8 2016 and has been verified by Beijing Zhongpingjian Accounting Firm with verification report No.
(2007) Zhongpingjian yanzi. The relevant business certificate was amended to No. 9111010579670220XQ.
Investor Investment%
TCS Financial Solutions Australia Pty Ltd 100%
In accordance with the resolution of the Board of Directors of the Company on March 3, 2023, it was agreed that TCS
Financial Solutions Australia Pty Ltd would transfer 100% of its original shareholding in the Company to Tata Consultancy
Services (China) Co., Ltd. According to the Shareholders’ Decision and the Investment Transfer Agreement signed on
6 March 2023, TCS Financial Solutions Australia Pty Ltd transferred 100% of its shareholding in the Company to Tata
Consultancy Services (China) Co., Ltd on 10 March 2023. The agreement stipulates that the articles of association shall
be amended and the registered capital of the company shall become RMB 36,660,950.00. And the business certificate is
renewed on March 16, 2023. The investors are as follows:
Investor Investment%
Tata Consultancy Services (China) Co., Ltd 100%
The Company’s business scope: research and development of computer hardware and software; computer system
integration; technical consultation; technical services; Selling self-developed products. (For projects subject to approval
according to law, business activities shall be carried out according to the approved contents after approval by relevant
departments.)
II. Basis of preparation

The Company implemented the Enterprise Accounting System and its supplementary provisions. The presentation shall
be made in accordance with the statement format stipulated in the Notice on Printing and Distributing 2013 Annual
Financial and Accounting Statements of Foreign-invested Enterprises (No. Caiqi[2013]323).
The financial statements of the Company have been prepared on going concern basis.
III. Significant accounting policies and accounting estimates

[1] Accounting System
The Company implemented the Enterprise Accounting System and its supplementary provisions.
[2] Accounting Period
The accounting period of the Company is from 1 January to 31 December.
[3] Functional currency
The Company use Renminbi (“RMB”) as their functional currency
[4] Accounting basis and valuation principles
The Company adopts the accrual basis and the principle of valuation is based on actual cost.
[5] Foreign currency transactions
Foreign currency transactions are translated to the functional currency of the Company at the spot exchange rates
pubished by People’s Bank of China on the dates of the transactions. At the end of the period, adjustments shall be
made according to the spot exchange rates, and the difference arising from the purchase and construction of fixed
assets shall be included in the purchase and construction cost of the relevant fixed assets before they reach the
intended use ; The long-term deferred expenses incurred during the preparation period that have nothing to do with
the purchase and construction of fixed assets; belong to the period of production and operation into the financial
expenses.
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[6] Cash equivalents
Cash equivalents include short-term, highly liquid investments that are readily convertible to known amounts of cash
and are subject to an insignificant risk of change in value.
[7] Bad debts
The Company adopts the allowance method to account for bad debt losses. The provision for doubtful accounts
(including receivables and other receivables) at the end of the period shall be made by specific identification method.
For related party balance, it is based on specific identification method.
According to the previous experience, the actual financial situation and cash flow of the debtor and other relevant
information, for the receivables with obvious differences between the collectibility and other funds, the bad debt
reserve shall be calculated and withdrawn by using the specific identification method
The criteria for recognizing bad debts are:
(1) If the debtor is declared bankrupt or revoked according to law, it shall obtain relevant materials such as the
bankruptcy declaration, the cancellation of industrial and commercial registration or the revocation of license,
or the documents ordered to close down by the government departments, and after deducting the part of the
debtor’s liquidated property for repayment, the receivables that cannot be recovered shall be regarded as bad
debt losses;
(2) If the debtor dies or is declared missing or dead according to law, and his property or estate is insufficient to pay
off the debts and there is no heir, the receivables shall be deemed as bad debt losses after obtaining the relevant
legal documents;
(3) The receivables related to the lawsuit, where the judgment or order of the effective judgment or order of the
people’s court is lost, or where the execution is terminated due to the fact that the judgment or order cannot be
executed due to the victory of the lawsuit, shall be regarded as the bad debt loss;
[8] Fixed assets and Depreciation
Fixed assets of the Company refer to the houses, buildings, machinery and equipment, transportation equipment and
other equipment held for the production of goods, provision of labor services, rental or management with a useful life
of more than 1 year and a high unit value. Fixed assets arc recorded at the cost of acquisition.
The cost of a fixed asset is depreciated using the straight-line method, the estimated useful lives, residual value rates
(The expected residual value rate is 0%) and depreciation rates of each class of fixed assets are as follows:
Class Estimated useful life (years) Depreciation rate %

Office Equipment 5-10 years 10-20
Computer and network communication equipment 4years 25
Office furniture 5 years 20%
At the end of the period, the Company shall inspect the fixed assets item by item. If the recoverable amount is lower
than the book value due to the continuous decline of market price, obsolete technology, damage, long-term idleage
and other reasons, the Company shall make provision for impairment of fixed assets. When making provision for
impairment of fixed assets, the difference between the recoverable amount of a single fixed asset and its carrying
value shall be recognized.
[9] Construction in progress
Construction in progress is recognized based on the actual construction cost, including all expenditures incurred for
construction projects, capitalised borrowing costs and any other costs directly attributable to bringing the asset to
working condition for its intended use. Construction in progress is transferred to fixed asset when it is ready for its
intended use.
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[10] Intangible assets
Intangible assets are stated at actual cost upon acquisition. The company used straight-line method during their
useful life. Amortisation method for intangible assets with finite useful lives is as follows:
Categories Useful life (years)

Software 5 years
At the end of the period, the company should inspect of intangible assets item by item, when following cirnces existed,
the impairment of intangible assets should be made:
(i) An intangible assets has been replaced by other new technology, so that the make its ability to create economic
benefits for the enterprise suffers a serious adverse effect;
(ii) The market price of a certain intangible asset drops significantly in the current period and is not expected to
recover within the remaining amortization year;
(iii) Some intangible assets have exceeded the legal protection period, but still have part of value in use;
(iv) Other circumstances that are sufficient to prove that a certain intangible asset has actually experienced
impairment in value.
When making provision for impairment of an intangible asset, it shall be recognized as the difference between the
recoverable amount of an individual intangible asset and its carrying value.
At the end of the period, if the company expects that an intangible asset can no longer bring future economic benefits
to the enterprise, it shall transfer all the book value of the intangible asset into the current management expense.
[11] Long-term deferred expenses
The expense of improvement of leased fixed assets and amortized using a straight-line method within the benefit
period, which is 5 years.
[12] Revenue
(1) Rendering of services
Where the outcome of a transaction involving the rendering of services can be estimated reliably, revenue is
recognised by the percentage of the cost happened over estimated total cost.
If the result of the transaction of providing labor services cannot be estimated reliably, the labor income provided
shall be recognized according to the amount of labor cost that has occurred and is expected to be compensated,
and the labor cost that has occurred shall be taken as the current expense. If the labor costs that have occurred
are not expected to be compensated, the income shall not be recognized.
(2) Revenues from software licenses
Revenues from software licenses is based on the nature of the relevant agreement, usually after the completion
of the various stages of software installation. Revenue is recognized when it is probable that the economic
benefits will flow to the Company, and the revenue and the cost can be measured reliably.
[13] Leases
In an operating lease, rental expenses are recognized as expenses by the straight-line method during each period of
the lease term.
[14] Income Tax
The company uses tax payable method for income taxes.
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IV. Changes in significant accounting policies, accounting estimates and correction of errors in
prior periods
(1) Changes in accounting policies and estimates
During the reporting period, the Company has no changes in accounting policies and accounting estimates.
(2) Correction of major accounting errors
During the reporting period, the company does not have any correction of major accounting errors.
V. Taxation
Main types of taxes and corresponding tax rates
Tax type Tax basis Tax rate %

VAT Taxable income 6,13
Urban maintenance and construction tax Turnover tax payable 7
Education surcharge Turnover tax payable 3
Local education surcharge Turnover tax payable 2
Corporate income tax Taxable profits 25
VI. Notes to the financial statements
(Expressed in RMB)
As at As at
31/12/2023 31/12/2022
Bank deposits 14,630,891.85 5,424,127.67
Including Foreign currency:
(Expressed in Renminbi Yuan)

As at 31/12/2023 As at 31/12/2022
Currency Original Exchange RMB Original Exchange RMB
Currency currency rate currency rate
USD - 7.0827 - 3.37 6.9525 23.43
2. Accounts Receivables
(1) Aging analysis and percentage
(Expressed in RMB)
As at 31/12/2023
Aging Amount Percentage% Bad debt Provision Net Book Value
Within 1 year 19,082,768.27 73.08 - 19,082,768.27
1 to 2 years 1,746,526.91 6.69 - 1,746,526.91
More than 2 years 5,281,130.83 20.23 - 5,281,130.83
Total 26,110,426.01 100.00 - 26,110,426.01
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(Expressed in RMB)
As at 31/12/2022
Aging Amount Percentage% Bad debt Provision Net Book Value
Within 1 year 15,774,952.92 46.07 - 15,774,952.92
1 to 2 years 13,494,173.76 39.40 - 13,494,173.76
More than 2 years 4,976,020.86 14.53 - 4,976,020.86
Total 34,245,147.54 100.00 - 34,245,147.54
3. Other receivables
(1) Aging analysis and percentage
(Expressed in RMB)
Aging As at 31/12/2023
Amount Percentage% Bad debt Provision Net Book Value
Within 1 year 3,699.68 100.00 - 3,699.68
As at 31/12/2022
Within 1 year 18,510.70 100.00 - 18,510.70
(Expressed in RMB)
Item As at As at
31/12/2023 31/12/2022
Life Insurance 53,597.39 53,819.11
Office rental 11,551.87 10,536.48
Server maintenance cost 2,933.22 -
Total 68,082.48 64,355.59
5. Fixed assets and Depreciation
[1] Recognition of fixed assets
(Expressed in RMB)
Category As at Increase during Decrease during As at
01/01/2023 the period the period 31/12/2023
Computer and network communication 1,398,094.14 - - 1,398,094.14
equipment
Office Equipment 374,583.95 - - 374,583.95
Office Furniture 60,478.14 - - 60,478.14
Total 1,833,156.23 - - 1,833,156.23
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( 2 ) Accumulated Depreciation
(Expressed in RMB)
Category As at Increase during Decrease during As at
01/01/2023 the period the period 31/12/2023
Computer and network communication 1,307,609.92 63,701.27 - 1,371,311.19
equipment
Office Equipment 374,583.95 - - 374,583.95
Office Furniture 38,661.36 4,659.01 43,320.37
Total 1,720,855.23 68,360.28 - 1,789,215.51
(3) Net book value
Category As at 01/01/2023 As at 31/12/2023

Computer and network communication equipment 90,484.22 26,782.95
Office Equipment - -
Office Furniture 21,816.78 17,157.77
Total 112,301.00 43,940.72
6. Salaries and employee benefits payable
(Expressed in RMB)
Item As at 31/12/2023 As at 31/12/2022
Salary Payable 5,853,385 .85 5,187,849.23
7. Taxes Payable
(Expressed in RMB)
Item As at 31/12/2023 As at 31/12/2022
VAT 141,935 .16 283,059.57
Urban maintenance and construction tax and education surcharge 8,515.94 33,967.11
Total 150,451.10 317,026.68
8. Share capital
(Expressed in RMB)
Investor 01/01/2023 Increase Decrease 31/12/2023
TCS Financial Solutions Australia Pty Ltd 36,660,950.00 - 36,660,950.00 -
Tata Consultancy Services (China) Co., Ltd - 36,660,950.00 - 36,660,950.00
Total 36,660,950.00 36,660,950.00 36,660,950.00 36,660,950.00
Note: According to the Shareholders’ Decision and the Investment Transfer Agreement signed on 6 March 2023, TCS
Financial Solutions Australia Pty Ltd transferred 100% of its shareholding in the Company to Tata Consultancy
Services (China) Co., Ltd.
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9. Surplus reserve
Item 01/01/2023 Increase Decrease 31/12/2023

Statutory surplus 1,397,460.41 - - 1,397,460.41
10. Retained earnings
(Expressed in Renminbi Yuan)

01/01/2023 Increase during the Period Decrease during the Period 31/12/2023
-6,813,982.94 1,466,642.84 - -5,347,340.10
11. Operation income and cost
(Expressed in RMB)
Item Year 2023 Year 2022
Revenue Cost Revenue Cost
Service 52,495,115.76 32,998,685.57 42,740,490.11 30,174,996.13
12. Taxes and Surcharges
(Expressed in RMB)
Urban maintenance and construction tax and education surcharge of VAT 317,036.68 321,890.18
13. Financial expenses
(Expressed in RMB)
Interest expense 69,524.39 419,890.69
Less: interest income 18,823.27 36,181.24
exchange loss - -
Less: exchange gain -240.40 -72,297.88
Bank service charge 4,465.10 5,820.85
Total 55,406.62 461,828.18
14. Non-operating income
(Expressed in RMB)
VAT additional deduction 13,405.89 16,790.56
VAT and individual income tax refund 44,368.67 -
Total 57,774.56 16,790.56
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15. Non-operating expenses
(Expressed in RMB)
Compensation - 97,155.22
VII. Supplementary information on cash flow statement

[1] Supplement to cash flow statement:
(Expressed in RMB)
Item
Year 2023 Year 2022
1. Reconciliation of net profit/loss to cash flows from operating
activities:
Net profit/loss 1,466,642.84 -5,970,614.42
Less: Investment loss not recognized - -
Add: Impairment of assets - -840,188.64
Depreciation of fixed assets 68,360.28 104,784.37
Amortization of intangible assets - 4,656.04
Accrued Expenses - -283,095.16
Financial expenses (“-” for income) 69,764.79 492,188.57
Losses arising from investment (“-” for gains) - -
Decrease in gross inventories (“-” for increase) - -
Decrease in operating receivables (“-” for increase) 8,141,913.06 3,946,756.59
Increase in operating payables (“-” for decrease) -470,152.00 -11,789,904.33
Others - -
Net cash flows from operating activities 9,276,528.97 -14,335,416.98
2. Investing and financing activities not requiring the use of - -
cash:
Conversion of debt into capital - -
Convertible bonds due within one year - -
Acquisition of fixed assets under finance leases - -
3. Change in cash and cash equivalents: - -
Cash as at 31/12/2023 14,630,891.85 5,424,127.67
Less: cash as at 31/12/2022 5,424,127.67 20,301,246.49
Add: cash equivalents as at 31/12/2023 - -
Less: cash equivalents as at 31/12/2022 - -
Net increase/decrease in cash and cash equivalents 9,206,764.18 -14,877,118.82
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[2] Details of cash and cash equivalents
(Expressed in RMB)
1. Cash
Including: Cash in hand - -
Bank deposits available on demand 14,630,891.85 5,424,127.67
Other monetary funds available on demand - -
2. Cash equivalents - -
3. Cash and cash equivalents as at the end of the period 14,630,891.85 5,424,127.67
VIII. Related Parties relationship and transaction

1. Parent Company
Name Registration Nature of business Shareholding Voting

place ratio proportion
Tata Consultancy Services (China) Co., Ltd China Develop and sell professional 100.00 100.00
banking application software
2. Information of other related parties
Name Relationship
Tata Sons Private Limited Ultimate holding party
3. Related party transaction
(1) Related Purchase and sales
(D] Funding from related party
Related party Amount Inception date Repayment date Note

Funds received
2,000,000.00 27/2/2023 3/4/2023
1,000,000.00 27/2/2023 24/4/2023
Tata Consultancy Services 500,000.00 13/2/2023 29/6/2023 Working capital
China Co., Ltd loan
500,000.00 27/2/2023 29/6/2023
3,000,000.00 30/10/2023 28/11/2023
Note: The company has signed the loan agreement with Tata Consultancy Services (China) Co., Ltd on 2nd
April, 2021 with 7% interest rate, and the term of the loan is 36 months. According to the agreement, the
loan can be disbursed in various instalments depending upon the company’s working capital needs. During
calendar year 2023, the Company had borrowed and repaid the loan RMB 7,000,000.00.
[2] Interest expenses
(Expressed in RMB)
Related Party Year 2023 Year 2022

Tata Consultancy Services (China) Co., Ltd 65,589.05 396,123.30
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[3] Rent
(Expressed in RMB)

Tata Consultancy Services (China) Co., Ltd 601,383.91 616,480.12
[4] Brand equity
(Expressed in RMB)
Tata Sons Private Limited 100,668.16 24,626.21
4. Payables and receivables from related party
(1) Due to Related parties
(Expressed in RMB)
Related Party As at 31/12/2023 As at 31/12/2022
Tata Consultancy Services (China) Co., Ltd 164,744.23 -
Tata Sons Private Limited 100,668.16 -
Total 265,412.39 -
IX. Contingencies
As at 31 December, 2023, the Company has no pending lawsuits, external guarantees or other contingencies that should
be disclosed.
X. Commitment
Operating lease commitment
As of the balance sheet date, the company’s irrevocable operating lease contracts with other parties are as follows:
(Expressed in RMB)
The minimum lease payment for an irrevocable operating lease As at 31/12/2023 As at 31/12/2022
First year after the balance sheet date 12,845.91 11,400.00
XI. Events after the balance sheet date

As at February 18, 2024, the Company has no events after the balance sheet date to be disclosed.
TCS Financial Solutions Beijing Co. Ltd

February 18, 2024
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TATA Consultancy Services
Malaysia Sdn. Bhd.
(Registration No.: 200301022873 (625293-W))
(Incorporated in Malaysia)
Financial statements for the year

ended 31 March 2024
TATA Consultancy Services Malaysia Sdn. Bhd. 24.1
TATA CONSULTANCY SERVICES CHILE S.A.
CONTENTS PAGE
Statements of changes in equity 24.7
Statement by Directors pursuant to Section 251(2) of the Companies Act, 2016 24.21
Statutory declaration pursuant to Section 251(1)(b) of the Companies Act, 2016 24.22

24.2 TATA Consultancy Services Malaysia Sdn. Bhd.
Directors’ report for the year ended 31 March 2024

The Directors have pleasure in submitting their report and the audited financial statements of the Company for the financial
year ended 31 March 2024.
Principal activities
The Company is principally engaged in the provision of end-to-end information technology consulting and software services.
There has been no significant change in the nature of these activities during the financial year.
Ultimate holding company

The Directors regard Tata Sons Limited, a company incorporated in India, as the ultimate holding company, during the financial
year and until the date of this report.
Results
RM
Reserves and provisions

There were no material transfers to or from reserves and provisions during the financial year under review except as disclosed
in the financial statements.
Dividends
Since the end of the previous financial year, the amount of dividends declared and paid by the Company were as follows:
• interim ordinary dividend of RM7.00 per ordinary share in respect of the financial year ended 31 March 2024, totaling
RM7,000,000 declared on 29 November 2023 and paid on 01 December 2023; and
• interim ordinary dividend of RM7.00 per ordinary share in respect of the financial year ended 31 March 2024, totaling
RM7,000,000 declared on 28 February 2024 and paid on 29 February 2024.
The Directors do not recommend any final dividend in respect of the current financial year.
Directors of the Company

Directors who served during the financial year until the date of this report are:
Vasudevan Rajagopalan (Appointed on 31 May 2023)
Girish Payangatiri Ramachandran
Manoj Ranjitsinh Rajput
Jeevan A/L Sarangam Rajoo
Rajeev Kumar Das (Resigned on 31 May 2023)
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Directors’ interests in shares

The interests and deemed interests in the ordinary shares of the Company and of its related corporations of those who were
Directors at financial year end as recorded in the Register of Directors’ Shareholdings are as follows:
Number of ordinary shares of INR1 each

At 1.4.2023 Bought Sold At 31.3.2024
Penultimate holding company
Direct interests:
Girish Payangatiri Ramachandran 11,000 - 6,000 5,000
Manoj Ranjitsinh Rajput 8,500 - - 8,500
Vasudevan Rajagopalan 3,734 - - 3,734
The other Directors holding office at 31 March 2024 did not have any interest in the ordinary shares of the Company and of its
related corporations during the financial year.
Directors’ benefits
Since the end of the previous financial year, no Director of the Company has received nor become entitled to receive any benefit
(other than those shown below) by reason of a contract made by the Company or a related corporation with the Director or with
a firm of which the Director is a member, or with a company in which the Director has a substantial financial interest.
The directors’ benefits paid to or receivable by directors in respect of the financial year ended 31 March 2024 are as follows:
Directors of the Company:
RM
Remunerations 1,726,857
There were no arrangements during and at the end of the financial year which had the object of enabling Directors of the
Company to acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate.
Issue of shares and debentures

There were no changes in the issued and paid-up capital of the Company during the financial year. There were no debentures
issued during the financial year.
Options granted over unissued shares

No options were granted to any person to take up unissued shares of the Company during the financial year.
Indemnity and insurance costs

During the financial year, no indemnity was given to or insurance was effected for Directors, officers and auditors of the
Company.
Other statutory information

Before the financial statements of the Company were made out, the Directors took reasonable steps to ascertain that:
i) all known bad debts have been written off and adequate provision made for doubtful debts, and
ii) any current assets which were unlikely to be realised in the ordinary course of business have been written down to an
amount which they might be expected so to realise.
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At the date of this report, the Directors are not aware of any circumstances:
i) that would render the amount written off for bad debts or the amount of the provision for doubtful debts in the Company
inadequate to any substantial extent, or
ii) that would render the value attributed to the current assets in the financial statements of the Company misleading, or
iii) which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Company
misleading or inappropriate, or
iv) not otherwise dealt with in this report or the financial statements that would render any amount stated in the financial
statements of the Company misleading.
At the date of this report, there does not exist:
i) any charge on the assets of the Company that has arisen since the end of the financial year and which secures the
liabilities of any other person, or
ii) any contingent liability in respect of the Company that has arisen since the end of the financial year.
No contingent liability or other liability of the Company has become enforceable, or is likely to become enforceable within the
period of twelve months after the end of the financial year which, in the opinion of the Directors, will or may substantially affect
the ability of the Company to meet its obligations as and when they fall due.
In the opinion of the Directors, the financial performance of the Company for the financial year ended 31 March 2024 have
not been substantially affected by any item, transaction or event of a material and unusual nature nor has any such item,
transaction or event occurred in the interval between the end of that financial year and the date of this report.
Auditors
The auditors, KPMG PLT, have indicated their willingness to accept re-appointment.
The auditors’ remuneration of the Company during the year is RM35,117.
Signed on behalf of the Board of Directors in accordance with a resolution of the Directors:
Girish Payangatiri Ramachandran Jeevan A/L Saraijigam Rajoo

Director Director
Date : 30 April 2024 Date : 30 April 2024
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Statement of financial position as at 31 March 2024

(Amount in RM)
Note 2024 2023

Assets
Plant and equipment 3 5,107,672 5,297,222
Other investments 4 3,680 3,680
Deferred tax assets 5 6,853,838 2,000,108
Other receivables 6 1,473,343 878,315
Current tax assets - 1,969,803
Total assets 148,751,105 144,989,848
Equity
Share capital 8 2,000,000 2,000,000
Total equity attributable to the owner of the Company 57,293,535 39,255,756
Liabilities
Current tax liabilities 7,366,236 1,015,185
Total equity and liabilities 148,751,105 144,989,848
The notes on pages 24.9 to 24.26 are an integral part of these financial statements.
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Statement of comprehensive income for the year ended 31 March 2024
(Amount in RM)
Note 2024 2023
Revenue 10 313,788,785 277,650,365
Cost of services (229,302,216) (222,937,985)
Gross profit 84,486,569 54,712,380
Other income 908,572 609,876
Administrative expenses (41,315,824) (35,493,140)
Other expenses (5,247,864) (5,042,232)
Results from operating activities 38,831,453 14,786,884
Finance income 262,768 29,770
Profit before tax 11 39,094,221 14,816,654
Tax expense 12 (7,056,442) (2,987,406)
Profit and total comprehensive income for the year 32,037,779 11,829,248
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Statement of changes in equity for the year ended 31 March 2024

(Amount in RM)
Note Non- distributable Distributable Total equity

Share capital Retained earnings
At 1 April 2022 2,000,000 38,426,508 52,515,965
Profit and total comprehensive income for the year - 11,829,248 11,829,248
Dividend to owner of the Company 13 - (13,000,000) (13,000,000)
At 31 March 2023 / 1 April 2023 2,000,000 37,255,756 39,255,756
Profit and total comprehensive income for the year - 32,037,779 32,037,779
Dividend to owner of the Company 13 - (14,000,000) (14,000,000)
At 31 March 2024 2,000,000 55,293,535 57,293,535
Note 8
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Statement of cash flows for the year ended 31 March 2024

(Amount in RM)
Note 2024 2023

Adjustments for:
Depreciation of plant and equipment 3 2,631,157 2,134,516
Dividend income 11 (71,353) (90,212)
Finance income 11 (262,768) (29,770)
Plant and equipment written-off - 6,241
Unrealised foreign exchange loss 11 4,149,481 29,741
Operating profit before changes in working capital 45,540,738 16,867,170
Change in trade and other receivables (19,231,959) (25,519,657)
Change in trade and other payables (20,862,540) 38,130,645
Tax paid (3,589,318) (850,000)
Net cash from operating activities 1,856,921 28,628,158
Acquisition of plant and equipment 3 (2,441,607) (2,581,658)
Dividends received from investment in unquoted shares 71,353 90,212
Dividends to owner of the Company 13 (14,000,000) (13,000,000)
Net (decrease) / increase in cash and cash equivalents (14,250,565) 13,166,482
Effect of exchange rate fluctuations on cash held (4,113,526) (50,136)
Cash and cash equivalents at 1 April 2023/2022 33,395,385 20,279,039
Cash and cash equivalents at 31 March 2024 7 15,031,294 33,395,385
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TATA Consultancy Services Malaysia Sdn. Bhd. is a private limited liability company, incorporated and domiciled in Malaysia.
The addresses of the principal place of business and registered office of the Company are as follows:
Principal place of business
Level 22A, Axiata Tower
No. 9, Jalan Stesen Sentral 5
50470 Kuala Lumpur Sentral
Kuala Lumpur, Malaysia
Registered office
12th Floor, Menara Symphony
No. 5, Jalan Prof. Khoo Kay Kim
Seksyen 13
46200 Petaling Jaya
Selangor, Malaysia
The Company is principally engaged in the provision of end-to-end information technology consulting and software services.
The immediate holding company during the financial year was Tata Consultancy Services Asia Pacific Pte. Ltd., a company
incorporated in Singapore. The penultimate and ultimate holding companies during the financial year were Tata Consultancy
Services Limited and Tata Sons Limited. Both companies were incorporated in India.
These financial statements were authorised for issue by the Board of Directors on 30 April 2024.
(a) Statement of compliance
The financial statements of the Company have been prepared in accordance with Malaysian Private Entities Reporting
Standard (“MPERS”) and the requirements of the Companies Act, 2016 in Malaysia.
(b) Basis of measurement
The financial statements have been prepared on the historical cost basis other than as disclosed in Note 2.
(c) Functional and presentation currency
These financial statements are presented in Ringgit Malaysia (“RM”), which is the Company’s functional currency.
(d) Use of estimates and judgements
The preparation of the financial statements in conformity with MPERS requires management to make judgements,
estimates and assumptions that affect the application of accounting policies and the reported amounts of assets,
liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimates are revised and in any future periods affected.
There are no significant areas of estimation uncertainty and critical judgements in applying accounting policies that
have significant effect on the amounts recognised in the financial statements.
2. Significant accounting policies

The accounting policies set out below have been applied consistently to the periods presented in these financial statements,
unless otherwise stated.
(a) Foreign currency
Transactions in foreign currencies are translated to the functional currency of the Company at exchange rates at the
dates of the transactions.
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Monetary assets and liabilities denominated in foreign currencies at the end of the reporting period are retranslated
to the functional currency at the exchange rate at that date.
Non-monetary assets and liabilities denominated in foreign currencies are not retranslated at the end of the reporting
date.
All foreign currency differences are recognised in profit or loss.
(b) Financial instruments
(i) Initial recognition and measurement
A financial asset or financial liability is recognised in the statement of financial position when, and only when, the
Company becomes a party to the contractual provisions of the instrument.
A financial asset or financial liability is recognised initially at the transaction price (including transaction costs
except in the initial measurement of a financial asset or financial liability that is subsequently measured at
fair value through profit or loss) unless the arrangement constitutes, in effect, a financing transaction for the
Company (for a financial liability) or the counterparty (for a financial asset) to the arrangement. If the arrangement
constitutes a financing transaction, the financial asset or financial liability is measured at the present value of
the future payments discounted at a market rate of interest for a similar debt instrument as determined at initial
recognition.
(ii) Subsequent measurement
Debt instruments that meet the following conditions are measured at amortised cost using the effective interest
method:
(a) returns to the holder are determinable, e.g. a fixed amount and/or variable rate of return benchmark against
a quoted or observable interest rate;
(b) there is no contractual provision that could result in the holder losing the principal amount or any interest
attributable to the current period or prior periods; and
(c) prepayment option, if any, is not contingent on future events.
Debt instruments that are classified as current assets or current liabilities are measured at the undiscounted
amount of the cash or other consideration expected to be paid or received unless the arrangement constitutes,
in effect, a financing transaction.
All financial assets are assessed at each reporting date whether there is any objective evidence of impairment.
An impairment loss is measured as follows:
• For an instrument measured at amortised cost, the impairment loss is the difference between the asset’s
carrying amount and the present value of estimated cash flows discounted at the asset’s original effective
interest rate.
• For an instrument measured at cost less impairment, the impairment loss is the difference between the
asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were
to be sold at the reporting date.
All other financial assets or financial liabilities not measured at amortised cost or cost less impairment are
measured at fair value with changes recognised in profit or loss.
(iii) Derecognition
A financial asset or part of it is derecognised when, and only when, the contractual rights to the cash flows from
the financial asset expire or are settled, or control of the asset is not retained or substantially all of the risks
and rewards of ownership of the financial asset are transferred to another party. On derecognition of a financial
asset, the difference between the carrying amount of the financial asset derecognised and the consideration
received, including any newly created rights and obligations, is recognised in profit or loss.
A financial liability or part of it is derecognised when, and only when, the obligation specified in the contract is
discharged, cancelled or expires. On derecognition of a financial liability, the difference between the carrying
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amount of the financial liability extinguished or transferred to another party and the consideration paid, including
any non-cash assets transferred or liabilities assumed, is recognised in profit or loss.
(c) Plant and equipment
(i) Recognition and measurement
Items of plant and equipment are measured at cost less any accumulated depreciation and any accumulated
impairment losses.
Cost includes expenditures that are directly attributable to the acquisition of the asset and any other costs
directly attributable to bringing the asset to working condition for its intended use, and the costs of dismantling
and removing the items and restoring the site on which they are located.
Purchased software that is integral to the functionality of the related equipment is capitalised as part of that
equipment.
When significant parts of an item of plant and equipment have different useful lives, they are accounted for as
separate items (major components) of plant and equipment.
The gain or loss on disposal of an item of plant and equipment is determined by comparing the proceeds from
disposal with the carrying amount of plant and equipment and is recognised net within “other income” or “other
expenses” respectively in profit or loss.
(ii) Subsequent costs
The cost of replacing a component of an item of plant and equipment is recognised in the carrying amount of the
item if it is probable that the future economic benefits embodied within the component will flow to the Company,
and its cost can be measured reliably. The carrying amount of the replaced component is derecognised to profit
or loss. The cost of the day-to-day servicing of plant and equipment are recognised in profit or loss as incurred.
(iii) Depreciation
Depreciation is based on the cost of an asset less its residual value. Significant components of individual assets
are assessed, and if a component has a useful life that is different from the remainder of that asset, then that
component is depreciated separately.
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each
component of an item of plant and equipment from the date that they are available for use. Construction-in-
progress are not depreciated until the assets are ready for their intended use.
The estimated useful lives are as follows:
• Computers 4 years
• Furniture and fittings 5-10 years
• Leasehold improvements Lease period
• Office equipment 5 years
If there is an indication that there has been a significant change since the last annual reporting date in the pattern
by which the Company expects to consume an asset’s future economic benefits, the Company would review its
present depreciation method and, if current expectations differ, the Company would amend the residual value,
depreciation method or useful life to reflect the new pattern.
(d) Leased assets
Operating leases
Leases, where the Company does not assume substantially all the risks and rewards of ownership are classified as
operating leases and the leased assets are not recognised on the statement of financial position.
Payments made under operating leases are recognised in profit or loss on a straight-line basis over the term of the
lease. Lease incentives received are recognised in profit or loss as an integral part of the total lease expense, over the
term of the lease. Contingent rentals are charged to profit or loss in the reporting period in which they are incurred.
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(e) Amount due from/to contract customers
Amount due from contract customers represents the gross unbilled amount expected to be collected from customers
for contract work performed to date. It is measured at cost plus profit recognised to date less progress billings and
recognised losses. Cost includes all expenditure related directly to specific projects and an allocation of fixed and
variable overheads incurred in the Company’s contract activities based on normal operating capacity. If progress
billings exceed costs incurred plus recognised profits, then the difference is presented as amount due to contract
customers which is part of trade and other payables in the statement of financial position.
(f) Cash and cash equivalents
Cash and cash equivalents consist of cash on hand, balances and deposits with banks.
(g) Impairment of non-financial assets
The carrying amounts of non-financial assets (i.e. plant and equipment) are reviewed at each reporting date to
determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable
amount is estimated.
For the purpose of impairment testing, assets are grouped together into the smallest identifiable group of assets
that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or
cash¬generating units.
The recoverable amount of an asset or cash-generating unit is the higher of its fair value less costs to sell and its
value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a
pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to
the asset or cash-generating unit.
An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit exceeds its
estimated recoverable amount.
Impairment losses are recognised in the profit or loss. Impairment losses recognised in respect of cash-generating
units are allocated to reduce the carrying amounts of the assets in the cash-generating unit (groups of cash-
generating units) on a pro rata basis.
Impairment losses recognised in prior periods are assessed at the end of each reporting period for any indications
that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the
estimates used to determine the recoverable amount since the last impairment loss was recognised. An impairment
loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would
have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Reversals of
impairment losses are credited to profit or loss in the financial year in which the reversals are recognised.
(h) Equity instruments
Instruments classified as equity are measured at cost on initial recognition and are not remeasured subsequently.
Ordinary shares
Ordinary shares are classified as equity.
(i) Employee benefits
(i) Short-term employee benefits
Short-term employee benefit obligations in respect of salaries, annual bonuses, paid annual leave and sick leave
are measured on an undiscounted basis and are expensed as the related service is provided.
A liability is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans
if the Company has a present legal or constructive obligation to pay this amount as a result of past service
provided by the employee and the obligation can be estimated reliably.
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(ii) State plans
The Company’s contributions to statutory pension funds are charged to profit or loss in the financial year to which
they relate. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in
future payments is available.
(j) Provisions
A provision is recognised if, as a result of a past event, the Company has a present legal or constructive obligation
that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the
obligation. Provisions are determined by discounting the expected future cash flows at a pre¬tax rate that reflects
current market assessments of the time value of money and the risks specific to the liability. The unwinding of the
discount is recognised as finance cost.
(k) Revenue and other income
(i) Goods sold and services
The Company earns revenue from services rendered in relation to information technology and consultancy
services. Revenue is recognised only when evidence of an arrangement is obtained and the other criteria to
support revenue recognition are met, including the price is fixed or determinable, services have been rendered
and collectability of the resulting receivables is reasonably assured. Revenue is reported net of discounts and
goods and services tax.
Revenue from bundled contracts that involve supplying computer equipment, licensing software and providing
services is allocated separately based on their fair value.
Revenue from contract priced on a time and material basis is recognised as services are rendered and as related
costs are incurred.
Revenue from software development contracts, which are generally time bound fixed price contracts, is recognised
over the life of the contract using the percentage-of-completion method, with contract costs determining the
degree of completion. Losses of such contracts are recognised when probable.
Revenue from Business Process Services contracts priced on the basis of time and material or unit of delivery is
recognised as services are rendered or related obligation is performed.
Revenue from sale of internally developed software systems is recognised upon delivery, which is when the
absolute right to use passes to the customer and the Company does not have material remaining service
obligations.
Revenue from maintenance contracts is recognised on a pro-rate basis over the period of the contract.
(ii) Interest income
Interest income is recognised as it accrues using the effective interest method in profit or loss.
(l) Income tax
Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognised in profit or loss.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates
enacted or substantively enacted by the end of the reporting period, and any adjustment to tax payable in respect of
previous financial years.
Deferred tax is recognised using the liability method, providing for temporary differences between the carrying
amounts of assets and liabilities in the statement of financial position and their tax bases. Deferred tax is not
recognised for the temporary differences that affects neither accounting nor taxable profit or loss. Deferred tax is
measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on
the laws that have been enacted or substantively enacted by the end of the reporting period.
The amount of deferred tax recognised is measured based on the expected manner of realisation or settlement of
the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the reporting date.
Deferred tax assets and liabilities are not discounted.
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Deferred tax assets and liabilities are offset if, and only if there is a legally enforceable right to offset current tax
liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or
on different tax entities, but they plan to settle current tax assets and liabilities on a net basis or their tax assets and
liabilities will be realised simultaneously.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against
which the temporary difference can be utilised. Deferred tax assets are reviewed at the end of each reporting period
and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
3. Plant and equipment
(Amount in RM)
Computers Furniture Leasehold Office Construction- Total
and fittings improvement equipment in-progress*
Cost
As at 1 April 2023 9,458,662 733,446 2,469,278 705,240 193,500 13,560,126
Additions 2,337,220 27,000 - 12,050 65,337 2,441,607
Written-off (3,023) - - - - (3,023)
As at 31 March 2024 11,792,859 760,446 2,469,278 717,290 258,837 15,998,710
Depreciation
As at 1 April 2023 5,198,330 691,630 1,904,867 468,077 - 8,262,904
Depreciation for the year 2,036,830 14,635 473,563 106,129 - 2,631,157
Written-off (3,023) - - - - (3,023)
As at 31 March 2024 7,232,137 706,265 2,378,430 574,206 - 10,891,038
Carrying amounts
As at 1 April 2023 4,260,332 41,816 564,411 237,163 193,500 5,297,222
As at 31 March 2024 4,560,722 54,181 90,848 143,084 258,837 5,107,672
4. Other investments
(Amount in RM)
2024 2023
At cost
Unquoted shares 3,680 3,680
5. Deferred tax assets

Recognised deferred tax assets/(liabilities)
Deferred tax assets and liabilities attributable to the following:
(Amount in RM)
Assets Liabilities Net
2024 2023 2024 2023 2024 2023
Plant and equipment - - (401,941) (612,867) (401,941) (612,867)
Provisions 5,620,302 2,034,939 - - 5,620,302 2,034,939
Other items 1,635,477 578,036 - - 1,635,477 578,036
7,255,779 2,612,975 (401,941) (612,867) 6,853,838 2,000,108
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Movement in temporary differences during the year
At 1.4.2023 Recognised in profit At 31.3.2024

or loss (Note 12)
Plant and equipment (612,867) 210,926 (401,941)
Provisions 2,034,939 3,585,363 5,620,302
Other items 578,036 1,057,441 1,635,477
2,000,108 4,853,730 6,853,838
(Amount in RM)
Note 2024 2023

Non-current
Trade
Amount due from contract customers 1,141,248 799,411
Non-trade
Refundable deposits 332,095 78,904
1,473,343 878,315
Current
Trade
Amounts due from:
- immediate holding company 6.1 1,333,922 1,034,517
- penultimate holding company 6.1 21,289,187 13,828,490
- related companies 6.1 3,781,710 4,260,232
Amount due from contract customers 25,545,132 26,894,500
117,879,171 95,910,815
Non-trade
Other receivables 983,829 2,244,370
Prepayments:
- third parties 371,877 2,131,775
- penultimate holding company 6.2 997,007 920,998
2,402,107 5,534,521
120,281,278 101,445,336
121,754,621 102,323,650
6.1 The trade balances due from immediate holding company, penultimate holding company and related companies are
unsecured and subject to normal trade credit terms of 30 days (2023: 30 days).
6.2 The non-trade prepayments from penultimate holding company are unsecured and interest free.
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(Amount in RM)
2024 2023
Cash and bank balances 3,531,294 7,275,885
Short-term deposits 11,500,000 26,119,500
15,031,294 33,395,385
7.1 The short-term deposits with licensed bank have a tenure of less than 3 months.
8. Share capital
(Amount in RM)
Number of shares Amount
Ordinary shares
Issued and fully paid shares with no par value classified as equity
instruments:
At 1 April 2023/31 March 2024 2,000,000 2,000,000
Ordinary shares
The holder of ordinary shares is entitled to receive dividends as declared from time to time and is entitled to one vote per
share at meetings of the Company.
(Amount in RM)
Note 2024 2023

Trade
Amount due to contract customers 2,630,735 2,255,869
Non-trade
Other payables 18,614,469 17,336,264
Amounts due to:
- immediate holding company 9.1 6,070,040 6,885,328
- penultimate holding company 9.1 40,247,819 60,061,489
- ultimate holding company 9.1 623,142 580,079
- related companies 9.1 48,899 350,616
Accruals 15,856,230 17,249,262
81,460,599 102,463,037
84,091,334 104,718,905
9.1 The non-trade balances due to immediate holding company, penultimate holding company, ultimate holding company
and related companies represent payments made on behalf, which are unsecured, interest free and repayable on
demand.
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10. Revenue
(Amount in RM)
2024 2023
Rendering of consultancy services 311,861,615 270,836,655
Sale of equipment and software licenses 1,927,170 6,813,710
313,788,785 277,650,365
11. Profit before tax
(Amount in RM)
2024 2023
Profit before tax is arrived at after
charging/(crediting):
Auditors’ remuneration
- KPMG PLT 35,117 35,117
Material expense/(income):
Depreciation on plant and equipment 2,631,157 2,134,516
Dividend income from investments in unquoted shares (71,353) (90,212)
Interest income of financial assets that are
not measured at fair value through profit or loss (262,768) (29,770)
Impairment loss/(Reversal of impairment loss) on receivables 1,250,030 (196)
Personnel expenses:
- Salaries and bonuses 130,185,645 107,854,383
- Contributions to defined contribution plan 8,069,368 6,600,240
- Social security contributions 1,297,165 1,026,160
- Other employees benefits 1,108,053 5,629,127
Realised gain on foreign exchange (4,831,960) (276,958)
Unrealised loss for foreign exchange 4,149,481 29,741
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12. Tax expense
(Amount in RM)
2024 2023
Current tax expense
- Current year 12,602,486 3,565,185
- (Over) / Under provision in prior year (692,314) 1,013,633
11,910,172 4,578,818
Deferred tax expense
- Origination and reversal of temporary differences (2,859,098) 403,221
- Over provision in prior year (1,994,632) (1,994,633)
(4,853,730) (1,591,412)
7,056,442 2,987,406
Income tax expense of RM7,056,442 is lower than the statutory tax rate of 24% mainly due to over provision of tax expense
in prior year.
13. Dividends
Dividends recognised by the Company:
(Amount in RM)
Total amount Date of payment
2024
Interim ordinary dividend 7,000,000 01-Dec-23
Interim ordinary dividend 7,000,000 29-Feb-24
2023
Interim ordinary dividend 13,000,000 15-Mar-23
The Directors do not recommend any final dividend in respect of the current financial year.
14. Operating leases

Leases as lessee
Non-cancellable operating lease rentals are payable as follows:
(Amount in RM)
2024 2023
Not later than 1 year 763,905 651,114
Later than one year but not later than five years 1,074,382 85,348
1,838,287 736,462
The Company leases a number of office premises, resulting in future rental commitments which can, subject to certain
terms in the agreements, be revised annually based on prevailing market rates.
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15.1 Categories of financial instruments
The trade and other receivables (excluding prepayments), cash and cash equivalents and trade and other payables
are categorised as financial assets and financial liabilities measured at amortised cost, while the other investments
are categorised as financial assets that are equity instruments measured at cost less impairment.
15.2 Net gains and losses arising from financial instruments
(Amount in RM)
2024 2023
Net (losses)/gains on:
Financial assets measured at amortised cost (4,475,070) 259,561
Financial liabilities measured at amortised cost 4,170,287 17,622
Financial assets that are equity instruments measured at cost 71,353 90,212
less impairment
(233,430) 367,395
16. Related parties

Significant related party transactions
The significant related party transactions of the Company are shown below. The balances related to the below transactions
are shown in Notes 6 and 9.
(Amount in RM)
2024 2023
Project costs and other expenses charged for the financial year:
- Related companies (26,597,860) (18,516,315)
- Penultimate holding company (30,882,831) (22,352,163)
- Immediate holding company (8,174,103) (5,723,427)
Project costs and other expenses incurred for the financial year:
- Penultimate holding company 78,682,508 86,338,626
- Immediate holding company 4,394,501 4,427,380
- Ultimate holding company 623,250 580,079
- Related companies 635,886 372,213
Staff costs incurred for the financial year

- Penultimate holding company 24,650,897 20,115,227
- Immediate holding company 68,361 2,375
Dividend income
- Related company (71,353) (90,212)
Key management personnel Directors

Remunerations 1,726,857 60,000
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17. Commitments
(Amount in RM)
2024 2023
Capital expenditure commitments Plant and equipment
Contracted but not provided for 69,944 1,716,298
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Statement by Directors pursuant to Section 251(2) of the Companies Act 2016

In the opinion of the Directors, the financial statements set out on pages 24.5 to 24.20 are drawn up in accordance with
Malaysia Private Entities Reporting Standard and the requirements of the Companies Act 2016 in Malaysia so as to give a true
and fair view of the financial position of the Company as of 31 March 2024 and of its financial performance and cash flows for
the financial year then ended.
Signed on behalf of the Board of Directors in accordance with a resolution of the Directors:
Girish Payangatiri Ramachandran Jeevan A/L Saraijigam Rajoo

Director Director
Date : 30 April 2024 Date : 30 April 2024
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Statutory declaration pursuant to Section 251(1)(b) of the Companies Act 2016

I, Jeevan A/L Sarangam Rajoo, the Director primarily responsible for the financial management of TATA Consultancy Services
Malaysia Sdn. Bhd., do solemnly and sincerely declare that the financial statements set out on pages 24.5 to 24.20 are, to the
best of my knowledge and belief, correct and I make this solemn declaration conscientiously believing the declaration to be
true, and by virtue of the Statutory Declarations Act, 1960.
Subscribed and solemnly declared by the abovenamed Jeevan A/L Sarangam Rajoo, NRIC : 720628-14-5519, at Batu Caves
instate of Selangor on 30 April 2024.
JeevanA/L Saraijigam Rajoo

Director
Before me:
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TO THE MEMBER OF
TATA CONSULTANCY SERVICES MALAYSIA SDN. BHD.
(Registration No.: 200301022873 (625293-W))
(Incorporated in Malaysia)
Opinion
We have audited the financial statements of TATA Consultancy Services Malaysia Sdn. Bhd., which comprise the statement
of financial position as at 31 March 2024, and the statement of comprehensive income, statement of changes in equity and
statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant
accounting policies, as set out on pages 24.5 to 24.20.
In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Company as at 31
March 2024, and of its financial performance and its cash flows for the year then ended in accordance with Malaysian Private
Entities Reporting Standard and the requirements of the Companies Act 2016 in Malaysia.
Basis for Opinion
We conducted our audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing.
Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial
Statements section of our auditors’ report. We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our opinion.
Independence and Other Ethical Responsibilities
We are independent of the Company in accordance with the By-Laws (on Professional Ethics, Conduct and Practice) of the
Malaysian Institute of Accountants (“By-Laws”) and the International Ethics Standards Board for Accountants’ International
Code of Ethics for Professional Accountants (including International Independence Standards) (“IESBA Code”), and we have
fulfilled our other ethical responsibilities in accordance with the By-Laws and the IESBA Code.
Information Other than the Financial Statements and Auditors’ Report Thereon
The Directors of the Company are responsible for the other information. The other information comprises the information
included in the Directors’ Report, but does not include the financial statements of the Company and our auditors’ report
thereon.
Our opinion on the financial statements of the Company does not cover the Directors’ Report and we do not express any form
of assurance conclusion thereon.
In connection with our audit of the financial statements of the Company, our responsibility is to read the Directors’ Report and,
in doing so, consider whether the Directors’ Report is materially inconsistent with the financial statements of the Company
or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have
performed, we conclude that there is a material misstatement of the Directors’ Report, we are required to report that fact. We
have nothing to report in this regard.
Responsibilities of the Directors for the Financial Statements
The Directors of the Company are responsible for the preparation of financial statements of the Company that give a true and
fair view in accordance with Malaysian Private Entities Reporting Standard and the requirements of the Companies Act 2016
in Malaysia. The Directors are also responsible for such internal control as the Directors determine is necessary to enable the
preparation of financial statements of the Company that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements of the Company, the Directors are responsible for assessing the ability of the Company to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative
but to do so.
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Our objectives are to obtain reasonable assurance about whether the financial statements of the Company as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with approved
standards on auditing in Malaysia and International Standards on Auditing will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing, we
exercise professional judgement and maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements of the Company, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations,
or the override of internal control.
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control of the
Company.
disclosures made by the Directors.
• Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and, based on the audit
on the ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditors’ report to the related disclosures in the financial statements of the Company or,
if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditors’ report. However, future events or conditions may cause the Company to cease to continue as a
going concern.
• Evaluate the overall presentation, structure and content of the financial statements of the Company, including the
disclosures, and whether the financial statements of the Company represent the underlying transactions and events in a
manner that gives a true and fair view.
We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit and significant
Other Matter
This report is made solely to the member of the Company, as a body, in accordance with Section 266 of the Companies Act
2016 in Malaysia and for no other purpose. We do not assume responsibility to any other person for the content of this report.
KPMG PLT Eric Kuo Sze-Wei

(LLP0010081-LCA & AF 0758) Approval Number: 03473/11/2025 J
Chartered Accountants Chartered Accountant
Petaling Jaya
Date : 30 April 2024
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TATA Consultancy Services (China) Co., Ltd.
For the year ended
December 31, 2023
Tata Consultancy Services (China) Co., Ltd. 25.1
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
CONTENTS PAGE
Auditor’s Report 25.2
Balance sheet 25.4
Income statement 25.6
Cash flow statement 25.7

25.2 Tata Consultancy Services (China) Co., Ltd.
INDEPENDENT Auditor’s Report

GTCNSZ (2024) NO.110C007356
To the Board of Directors of TATA Consultancy Services (China) Co., Ltd ,
Opinion
We have audited the accompanying financial statements of TATA Consultancy Services (China) Co., Ltd (hereinafter “the
Company”) according to the preparation basis stated in Note 2 to the financial statements., which comprise the balance sheets
as at 31 Dec 2023, and the income statement, the cash flow statement and the statement of changes in equity for the period
then ended, and notes to the financial statements.
In our opinion, the accompanying financial statements have been prepared in all material respects on the basis of preparation
as stated in Note 2 to the financial statements. It fairly reflects the financial status of the Company on December 31, 2023 and
its operating results and cash flow in 2023.
Basis for Opinion

We conducted our audit in accordance with China Standards on Auditing. Our responsibilities under those standards are further
described in the Auditor’s Responsibilities for the Audit of the Financial Statement Section of our report. We are independent
of the Company in accordance with the Code of Ethics for Chinese Certified Public Accountant (Ethics Code) together with the
ethical requirements that are relevant to our audit of the financial statements, and we fulfilled our other ethical responsibilities
in accordance with these requirements and the Ethics Code. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
Emphasis-The basis of compilation

We remind users of financial statements to pay attention to the explanation of the preparation basis in Note 2 to the financial
statements. The preparation of individual financial statements according to the preparation basis stated in Note 2 to the
financial statements was prepared by the Company to meet the requirements of the regulatory authorities. Therefore, the
above financial statements may not be suitable for other purposes. The contents of this paragraph do not affect the published
audit opinions.
Other Matters
Our audit report is only for the use of the company and regulators, and should not be sent to or used by other parties except
the company and regulators.
The company has prepared consolidated financial statements in accordance with the provisions of the accounting system for
business enterprises. On April 2, 2024, we issued an unqualified audit report to the company shareholders on the consolidated
Management’s Responsibility for the Financial Statements

Management of the Company is responsible for the preparation and fair presentation of the financial statement in accordance
with Enterprises Accounting System, and for such internal control as management determines in necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error.
management either intends to liquidate the Company ot to cease operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statement

is a high level of assurance, but is not a guarantee that an audit conducted in accordance with China Standards on Auditing
material if, individually or in the aggregation, could reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements.
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As part of an audit in accordance with China Standards on Auditing, we exercise professional judgment and maintain
professional scepticism throughout the audit. We also:
provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than the
misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or
the overriding of internal control.
report. However, further events or conditions may cause the Company to cease to continue as a going concern.
Grant Thornton
Beijing, China
2 April 2024
The auditor’s report and the accompanying financial statements are English translations of the Chinese auditor’s report and
statutory financial statements prepared under accounting principles and practices generally accepted in the People’s Republic
of China. These financial statements are not intended to present the financial position and results of operations and cash flows
in accordance with accounting principles and practices generally accepted in other countries and jurisdictions. In case the
English version does not conform to the Chinese version, the Chinese version prevails.
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Balance sheet as at 31 December 2023
(RMB)
Note As at As at
CURRENT ASSETS:
Cash and cash equivalents VI.1 171,773,529.40 111,083,826.81
Notes receivable - -
Accounts receivable VI.2 188,979,347.07 212,897,102.74
Prepayments VI.3 340,341.13 347,494.31
Interest receivable - -
Dividends receivable - -
Other receivables VI.4 6,685,742.70 6,029,939.70
Inventories - -
Non-current assets maturing within one year - -
Other current assets VI.5 6,535,236.23 8,519,205.56
Total non-current assets 374,314,196.53 338,877,569.12
NON-CURRENT ASSETS:
Available-for-sale financial assets - -
Held-to-maturity investments - -
Long-term receivables - -
Long-term equity investments VI.6 38,651,699.66 -
Investment property - -
Fixed assets - original cost VI.7 114,243,514.43 107,610,224.13
Less: accumulated depreciation VI.7 90,511,478.93 80,231,392.12
Fixed assets - net book value VI.7 23,732,035.50 27,378,832.01
Less: provision for impairment - -
Fixed assets - carrying amount VI.7 23,732,035.50 27,378,832.01
Construction in progress 132,500.00 -
Materials for projects - -
Fixed assets pending disposal - -
Productive biological assets - -
Oil and gas assets - -
Intangible assets - -
Development expenditure - -
Goodwill - -
Long-term deferred expenses VI.8 132,006.87 661,485.00
Other non-current assets - -
TOTAL NON-CURRENT ASSETS 62,648,242.03 28,040,317.01
TOTAL ASSETS 436,962,438.56 366,917,886.13
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(RMB)
Note As at As at
CURRENT LIABILITIES:
Short-term loans - -
Notes payable - -
Accounts payable VI.9 18,488,323.48 14,205,739.95
Advances from customers 4,767,110.72 1,493,614.40
Salaries and employee benefits payable VI. 10 56,326,309.36 52,470,580.79
Taxes payable Vl.11 23,576,959.26 9,730,054.59
Interest payable - -
Dividends payable - -
Other payables VI.12 30,765,621.79 36,063,624.16
Non-current liabilities maturing within one year - -
Other current liabilities - -
TOTAL CURRENT LIABILITIES 133,924,324.61 113,963,613.89
NON-CURRENT LIABILITIES:
Long-term loans - -
Debentures payable - -
Long-term payables - -
Specific accounts payable - -
Provisions - -
Other non-current liabilities - -
TOTAL NON-CURRENT LIABILITIES - -
TOTAL LIABILITIES 133,924,324.61 113,963,613.89
Shareholder's equity:
Share capital VI.13 201,936,346.00 201,936,346.00
Capital reserves VI.14 91,094.00 91,094.00
Less: Treasury shares - -
Specific reserve - -
Surplus reserves VI.15 74,087.59 74,087.59
Retained earnings VI.16 100,936,586.36 50,852,744.65
Total owners' equity 303,038,113.95 252,954,272.24
TOTAL LIABILITIES AND OWNERS' EQUITY 436,962,438.56 366,917,886.13
Legal representative: Person in charge of accounting function: Person in charge of accounting department:
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Income Statement For the year ended 31 December 2023

(RMB)

Revenue 900,743,499.16 858,619,985.87
Including: Revenue from operations VI.17 900,743,499.16 858,619,985.87
Including: Revenue from main operations VI.17 900,743,499.16 858,619,985.87
Revenue from other operations - -
Less: Cost of sales 833,674,172.63 812,659,186.81
Including: Operating costs VI.17 670,282,861.06 680,639,834.72
Including: Operating cost from main operations VI.17 670,282,861.06 680,639,834.72
Operating cost from other operations - -
Taxes and surcharges 2,358,036.56 2,787,370.60
Selling and distribution expenses 18,848,009.09 19,317,963.51
General and administrative expenses 140,404,086.68 111,901,003.20
Research and development expenses - -
Finance expenses VI.18 1,781,179.24 -1,986,985.22
Including: Interest expenses - -
Interest income VI.18 2,613,147.71 2,064,706.17
Net exchange losses/gains VI.18 4,292,367.02 -14,887.53
Other - -
Add: Gains from changes in fair value ("-” denotes losses) - -
Investment income ("-" denotes losses) VI.19 4,272,638.62 -
Including: Share of profits in associates and joint ventures - -
PROFIT FROM OPERATIONS ("-" denotes losses) 71,341,965.15 45,960,799.06
Add: Non-operating income VI .20 2,044,569.40 3,336,428.08
Less: Non-operating expenses VI.21 77,023.10 56,695.49
PROFIT BEFORE TAX ("-“ denotes losses) 73,309,511.45 49,240,531.65
Less: Income taxes 23,225,669.74 13,228,880.30
NET PROFIT FOR THE YEAR ("-" denotes losses) 50,083,841.71 36,011,651.35
TOTAL COMPREHENSIVE INCOME 50,083,841.71 36,011,651.35
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Cash flow statement For the year ended 31 December 2023

(RMB)
Cash Flows from Operating Activities:
Cash received from sales of goods or rendering of services 963,499,877.81 834,272,500.52
Refunds of taxes 769,239.78 1,011,425.18
Cash received relating to other operating activities 3,888,477.33 8,378,452.68
Sub-total of cash inflows from operating activities 968,157,594.92 843,662,378.38
Cash paid for goods and services 238,931,576.86 239,378,341.82
Cash paid to and on behalf of employees 539,434,776.03 499,840,107.34
Tax payments 33,892,313.10 33,763,451.84
Cash paid relating to other operating activities 49,772,007.98 52,597,139.15
Sub-total of cash outflows from operating activities 862,030,673.97 825,579,040.15
Net Cash Flows from / (used in) Operating Activities 106,126,920.95 18,083,338.23
Cash received from disposal of investments - -
Cash received from return on investments - -
Cash received from disposal of fixed assets, intangible assets and - 7,500.00
other long-term assets
Net cash received from disposal of subsidiaries and other business - -
units
Cash receipts relating to other investing activities - -
Sub-total of cash inflows from investing activities - 7,500.00
Cash paid to acquire fixed assets, intangible assets and other 6,765,790.30 14,158,664.65
long¬term assets
Cash paid to acquire investment 34,379,061.04 -
Cash paid relating to other investing activities - -
Sub-total of cash outflows from investing activities 41,144,851.34 14,158,664.65
Net Cash Flows from / (used in) Investing Activities -41,144,851.34 -14,151,164.65
Cash Flows from Financing Activities:
Cash received from capital contributions - -
Cash received from borrowings - -
Cash receipts relating to other financing activities - -
Sub-total of cash inflows from financing activities - -
Repayments of borrowings - -
Dividends paid, profit distribution and interest paid - -
Cash payments relating to other financing activities - -
Sub-total of cash outflows from financing activities - -
Net Cash Flows from / (used in) Financing Activities - -
Effect of Foreign Exchange Rate Changes on Cash -4,292,367.02 14,887.53
Net Increase / (Decrease) in Cash and Cash Equivalents 60,689,702.59 3,947,061.11
Add: Cash and cash equivalents at the beginning of the period 111,083,826.81 107,136,765.70
Cash and cash equivalents at the end of the period 171,773,529.40 111,083,826.81
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(RMB))
2023
Share capital Capital Less: Treasury Specific Surplus Retained Total
reserves Share reserve reserves earnings
1. Balance at the end of last year 201,936,346.00 91,094.00 - - 74,087.59 50,852,744.65 252,954,272.24
Add: Changes in accounting policy - - - - - - -
Adjustments in prior years - - - - - - -
2. Balance at the beginning of the 201,936,346.00 91,094.00 - - 74,087.59 50,852,744.65 252,954,272.24
period
3. Movement during the period ("-" - - - - - 50,083,841.71 50,083,841.71
denotes less)
3.1 Net profit for the period - - - - - 50,083,841.71 50,083,841.71
3.2 Other comprehensive income - - - - - - -
Total other comprehensive income - - - - - 45,811,203.09 45,811,203.09
3.3 Share capital by or returned to - - - - - - -
investors
a. Share capital injected by investors - - - - - - -
b. Issurance of share pursuant to the - - - - - - -
exercise of share options
c. Others - - - - - - -
3.4 Specific Reserve - - - - - - -
a. Appropriation during the year - - - - - - -
b. Utilisation during the year - - - - - - -
3.5 Appropriation of profits - - - - - - -
a. Transfer to surplus reserves - - - - - - -
Including: Statutory surplus - - - - - - -
Discretionary surplus reserve - - - - - - -
General reserve fund - - - - - - -
Enterprise expansion fund - - - - - - -
b. General risk allowance - - - - - - -
c. Distributions to shareholders - - - - - - -
d. Others - - - - - - -
3.6 Transfer within equity - - - - - - -
a. Capital reserves converting into - - - - - - -
share capital
b. Surplus reserves converting into - - - - - - -
share capital
c. Surplus reserves cover the deficit - - - - - - -
d. Others - - - - - - -
4. Balance at the end of the period 201,936,346.00 91,094.00 - - 74,087.59 100,936,586.36 303,038,113.95
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(RMB)
2022
Share capital Capital Less: Treasury Specific Surplus Retained Total
reserves Share reserve reserves earnings
1. Balance at the end of last year 201,936,346.00 91,094.00 - - 74,087.59 14,841,093.30 216,942,620.89
Add: Changes in accounting policy - - - - - - -
Adjustments in prior years - - - - - - -
2. Balance at the beginning of the 201,936,346.00 91,094.00 - - 74,087.59 14,841,093.30 216,942,620.89
period
3. Movement during the period ("-" - - - - - 36,011,651.35 36,011,651.35
denotes less)
3.1 Net profit for the period - - - - - 36,011,651.35 36,011,651.35
3.2 Other comprehensive income - - - - - - -
Total other comprehensive income - - - - - 36,011,651.35 36,011,651.35
3.3 Share capital by or returned to - - - - - - -
investors
a. Share capital injected by investors - - - - - - -
b. Issurance of share pursuant to the - - - - - - -
exercise of share options
c. Others - - - - - - -
3.4 Specific Reserve - - - - - - -
a. Appropriation during the year - - - - - - -
b. Utilisation during the year - - - - - - -
3.5 Appropriation of profits - - - - - - -
a. Transfer to surplus reserves - - - - - - -
Including: Statutory surplus - - - - - - -
Discretionary surplus reserve - - - - - - -
General reserve fund - - - - - - -
Enterprise expansion fund - - - - - - -
b. General risk allowance - - - - - - -
c. Distributions to shareholders - - - - - - -
d. Others - - - - - - -
3.6 Transfer within equity - - - - - - -
a. Capital reserves converting into - - - - - - -
share capital
b. Surplus reserves converting into - - - - - - -
share capital
c. Surplus reserves cover the deficit - - - - - - -
d. Others - - - - - - -
4. Balance at the end of the period 201,936,346.00 91,094.00 - - 74,087.59 50,852,744.65 252,954,272.24
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I. Company background and principal activities
TATA Consultancy Services (China) Co., Ltd. (hereafter the “Company”) is a foreign owned investment enterprise registered
on 18 October 2006 with the approval from Ministry of Commerce of PRC (Shang Zi Pi No. [2006] 1936) and Beijing
Municipal People’s Government (Shang Wai Zi Jing Zi No. [2006] 20517) in 2006. The Company is located in Tower D, 3rd
District, No.9 Building, Zhongguancun, Software Park, 8 Dongbeiwang West Road, Haidian District, Beijing. The registered
capital of the Company is RMB 100,800,000 and the Company obtained its business license with the registered number
of 110000410302580 (Register on 16 November 2006) . In 2008, the registered capital changed to RMB 110,400,000 with
the approval from Beijing Bureau of Commerce (Jing Shang Zi No. [2008] 1748). The Company obtained the new business
license (No. 110000410302580) which was reissued by Beijing municipal people’s government.
In 2010, according to the Resolution of interim shareholders’ meeting, the Company merged TITL. After that, the registered
capital increase to RMB 201,936,246.00, with the approval from Beijing Municipal Commission of Commerce Qing Shangwu
Zi Zi No. [2010] 1077). On 21 December 2010, the Company received the renewal certificate of approval (Shang Waizi Jing
Zi No. [2006] 20517) and business license (No. 110000410302580) from Beijing Municipal People’s Government.
On November 28, 2016, the Company changed the basic information include the change of ownership, cooperation rights
and interests, with the record of Jing Hai Wai Zi Bei 201600099. The capital contributions of investors after changes shown
as follow:
Invetors % of investment
TATA Consultancy Services Asia Pacific Pte Ltd 93.20
Beijing Zhongguancun Software Park 3.60
Development Co.,Ltd -
Tianjin Huayuan Software Area Construction and 3.20
Development Co.,Ltd -
Total 100.00
On November 26, 2021, according to the “TCS(China) (2021) Shareholder’s Circular Resolution No. SH- 2021-01” of the
company, agree that Beijing Zhongguancun Software Park Development Co., Ltd. (hereinafter referred to as the “BZS”)
transfer all 7,269,709 shares and Tianjin Huayuan Software Area Construction and Development Co., Ltd. (hereinafter
referred to as the “THS”) transfer 6,461,963 shares held by it in the Company in accordance with Chinese relevant laws and
regulations, the Promoters’ Agreement relating to the establishment of (a Foreign-Invested Joint Stock Company) TATA
Consultancy Services Asia Pacific Pte Ltd (hereinafter referred to as the “THS”), BZS and THS waive the preemptive right
over the shares transferred by each other. While TCS does not waive the right of preemption of transferred shares.
The company’s chinese name was changed with the approval from Beijing Haidian District Market Supervision and
Administration Bureau on 18 May 2022. The company submitted the “Registration Notice” (JHDZ [2012] No. 0090313) on
the same day, changed the contents of the responsible person, shareholder equity, personnel equity and enterprise type.
The company obtained a revised business licence No.91110108717867162U on 18 May 2022. The capital contributions of
investors after changes shown as follow:
Invetors % of investment
TATA Consultancy Services Asia Pacific Pte Ltd 100.00
In accordance with the resolution of the Board of Directors of the Company on the “Resolution on the Acquisition of
the Share Capital of TCS Financial Solutions Beijing Co. Ltd “ made in March 2023, it is agreed that in accordance with
the appraisal report issued by Zoomlion Asset Appraisal Group Co., LTD in March 2023, at the consideration of RMB
34,090,100.00, to purchase 100% of the equity held by Tata Consultancy Services Financial Solutions Australia Pte LTD in
TCS Financial Solutions Beijing Co. Ltd (hereinafter “FSBJ”).
On 6 March 2023, the Company entered into a tripartite Equity Transfer Agreement with Tata Consultancy Services
Financial Solutions Australia Pte LTD and FSBJ, under which the underlying equity transferred is 100% of the equity in
FSBJ held by Tata Consultancy Services Financial Solutions Australia Pte LTD. The registered capital of FSBJ is US $5.25
million, the paid-in investment is US $5.25 million, and the transfer price of the underlying equity is RMB 34,090,100.00.
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The approved scope of business operations includes the development and production of software; the production and
sale of self-product; the development, consultation, service and transfer of technology; the service of data processing
and electronic information storage; the development, consultation and transfer of network technology; the integration
of computer system; the wholesale and commission agent (apart from auctions) of computer and component, electronic
products as well as office supplies; the import and export business of product and technology; the agent of import and
export business; the business process outsourcing services (not related to state trading management of goods, involving
quotas, licenses, and the management of commodity in accordance with relevant state provisions application).
The subsidiary of the Company included in the merger scope is TCS Financial Solutions Beijing Co. Ltd.
II. Basis of preparation

This financial statement is only an individual financial statement of the Company in 2023, excluding consolidated financial
statements, and is prepared in accordance with the Accounting System for Business Enterprises and its supplementary
provisions, including the balance sheet of the Company on December 31, 2023, the income statement for 2023, the cash
flow statement, the statement of changes in shareholders’ equity and the notes to the financial statements.
The financial statements of the Company have been prepared on a going concern basis.
IIi. Statement of compliance with accounting standards for business enterprises

Statement on the basis of preparation as described in Note 2.
Except for the consolidated financial statements, these financial statements meet the requirements of the accounting
system for enterprises, and truly and completely reflect the financial status of the Company on December 31, 2023, as well
as the operating results and cash flow in 2023.
It is suggested that this financial statement should be read together with the consolidated financial statement for 2023
approved by the board of directors of the Company at the same time.
VI. Significant accounting policies and accounting estimates

1. Accounting System
The Company adopts the Enterprises Accounting and all relevant supplementary regulations.
2. Accounting Period
The accounting period of the Company is from 1 January to 31 December.
3. Functional currency
The Company uses Renminbi (“RMB”) as its functional currency.
4. Basis of accounting and measurement bases
The Company follows the accrual basis of accounting. The financial statements have been prepared under historical
cost convention.
5. Foreign currency transactions
Foreign currency transactions during the year are translated into Renminbi at the exchange rates quoted by the
People’s Bank of China ruling at the transaction dates. Monetary assets and liabilities denominated in foreign
currenciens are translated into Renminbi at the exchange rates quoted by the People’s Bank of China and the
exchange rates recognized by the State ruling at the balance sheet date. Exchange gains and losses on foreign
currency translation, except for the exchange gains and losses directly relating to the construction of fixed assets, are
dealt with in the income statement.
Cash equivalents refer to short-term, highly-liquid investments that are readily convertible to known amounts of cash
and which are subject to an insignificant risk of changes in value.
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7. Long-term investments
(1) Long-term equity investments
Long-term equity investments are stated at acquisition cost. The cost method is used to account for long¬term
equity investments with less than 20% of the voting rights, or with over 20% voting rights but without significant
influence over the investees’ financial and operating policies. The equity method is used to account for long-
term equity investments with over 20% of the voting rights, or with less than 20% of the voting rights but with
significant influence over the investees’ financial and operating policies.
(2) Long-term debt investments
Long-term debt investments are stated at acquisition cost. Interest receivable is computed in accordance with
the term of debt investments.
(3) Impairment of long-term investments
At each financial period end, the Company appraises all long-term investments on individual basis and provides
for impairment when the recoverable value for these investments falls below its carrying value as a result of
continuing slump in market value or worsen condition of the investees’ business operations.
8. Provision for bad and doubtful debts
Bad debt is accounted for using the allowance method. The provision for bad and doubtful debts is estimated by
management based on individual accounts receivable which show signs of uncollectibility and an ageing analysis.
Provision for other receivables is determined based on their specific nature and management’s estimate of their
collectability.
For related party balance, it is based on specific identification method. For non-related party balance, provision of bad
debt should be determined by aging. Specific percentage is as follow:
Aging Provision for bad debts as a percentage of receivables %

Within 273 days 0.00
274 days to 2 years 100.00
2 to 3 years 100.00
Over 3 years 100.00
The Company recognises bad debts when the following criteria are met:
(a) Due to bankruptcy or revocation imposed by law of the debtors with relevant declaration of bankruptcy,
cancellation of business registration or proof of revocation of business license or order to foreclose by the
government department being obtained, bad debt loss is recognised based on the irrecoverable balance after
netting off the settlement of the liquidated assets of the debtors;
(b) Due to the death or declaration by law to be missing or pronounced dead of the debtors and the estate is
insufficient to cover the debt where there is no heir to the debts, bad debt loss is recognised after obtaining all
relevant legal documents;
(c) For balances under legal dispute, bad debt loss is recognised on the lawsuit which is lost based on Court Order
or those lawsuit won but adjudicated to stop the execution of the Order;
9. Fixed Assets
Fixed assets are tangible assets with useful life exceeding one year and with a relatively higher unit cost, including
building, plants, machinery equipments, transportation facilities, and other equipments held by the Company for
production of goods, provision of services, for rental to others, or held for management purposes. Fixed assets are
stated at acquisition cost.
Subsequent expenditures for major reconstruction, expansion, improvement and renovation are capitalized when
it is probable that the future economic benefits exceeds the originally assessment of the existing asset, or the
useful life of fixed assets is prolonged or the quality of products is substantively improved or the cost of products
is substantively reduced as a result of such expenditure. However, the amount capitalized should not exceed the
increase of recoverable amount. All other subsequent expenditures are expensed when incurred.
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The Company use the straight line method for depreciation. Fixed assets begin to be depreciated from the state of
intended use, and stop being depreciated when derecognized or classified as held for sale non¬current assets. The
estimated residual value, useful life and annual depreciation rate of each category of fixed assets are as follows:
Category of fixed assets Usefully life(year) Residual Value% Annual depreciation

Leasehold improvement Shorter of beneficial period and lease - -
Computer and 4 - 25
communication equipment
Furniture and fixtures 5-10 - 10-20
The Company reviews its fixed assets on an individual basis at each period end and provides for impairment losses
when the recoverable value of the fixed assets falls below the carrying value due to continuing slump of market value,
technical obsolescence, and damage or long period idleness.
10. Construction in progress
The cost of construction in progress is determined according to the actual expenditure incurred for the construction.
Construction in progress is transferred to fixed assets when the asset is ready for its intended use.
11. Long-term deferred expenses
Improvement on leased properties is amortised over the lease term [or economic useful lives] on straight line basis.
Expenses incurred during the Company’s pre-operating period are recorded as long-term deferred expenses and
recorded into current profit and loss in production period.
12. Revenue
(1) Revenue from rendering of services
Where the outcome of a transaction involving the providing of services can be estimated reliably, at the end of the
period, revenue associated with the transaction is recognized using the percentage of completion method.
The stage of completion of a transaction involving the providing of services is determined according to the
proportion of costs incurred to the estimated total costs.
The outcome of a transaction involving the providing of services can be estimated reliably only when all of the
following conditions can be satisfied at the same time:
A. The amount of revenue can be measured reliably;
B. The associated economic benefits are likely to flow into the enterprise;
C. The stage of completion of the transaction can be measured reliably;
D. The costs incurred and to be incurred in the transaction can be measured reliably.
If the outcome of a transaction involving the providing of services cannot be estimated reliably, the revenue of
providing of services is recognized at service cost that incurred and is estimated to obtain compensation and the
service cost incurred is recognized in profit or loss for the current period. If the service cost incurred is not to obtain
compensation, revenue cannot be recognized.
13. Subsidy income
Subsidy income is calculated and recognized in the income statement upon receipt of the subsidy.
14. Income Tax
Income tax is recognized using the tax payable method.
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V. Changes in significant accounting policies, accounting estimates and correction of errors in
prior periods
(1) Changes in significant accounting policies and accounting estimates
During the reporting period, the company has no changes in accounting policies and accounting estimates.
(2) Corrections of errors in prior periods
During the reporting period, the company has no corrections of errors.
VI. Taxation
1. Main types of taxes and corresponding tax rates
Tax type Tax basis Tax rate%

VAT Taxable income 6
Urban maintenance and construction tax Turnover tax payable 7
Education fees Turnover tax payable 3
Local additional education fees Turnover tax payable 2
Enterprise income tax Taxable profits 25
2. Tax preferential treatments and approval documents
(a) Tax exemption of offshore outsourcing revenue
According to the Appendix 4 of Cai Shui [2016] 36,Zero VAT Rate and Tax Free Policy for Cross-border Taxable Acts,
zero VAT rate is applicable to offshore service outsourcing business completely consumed overseas. Therefore,
the company’s offshore outsourcing business income in line with the regulations in the current period is exempt
from VAT.
VII. Notes to the financial statements

1. Cash at bank and in hand
(RMB)
Item December 31, 2023 December 31, 2022

Cash in hand - 30,897.00
Cash at bank 171,773,529.40 111,052,929.81
Total 171,773,529.40 111,083,826.81
The above includes foreign currency as follows:

(RMB)

Currency Original Exchange RMB Original Exchange RMB
currency rate equivalents currency rate equivalents
US Dollars 101,005.91 7.0827 715,394.56 101,005.91 6.9646 703,464.23
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2. Accounts receivable
(1) Accounts receivable by aging analysis:
(RMB)
Aging December 31, 2023

Book value % Provision for bad and Carrying amount
doubtful debts
Within 1 year 188,963,708.07 99.99 - 188,963,708.07
1 to 2 years 15,639.00 0.01 - 15,639.00
Total 188,979,347.07 100.00 - 188,979,347.07
(RMB)

doubtful debts
Within 1 year 212,746,636.80 99.93 - 212,746,636.80
1 to 2 years 150,465.94 0.07 - 150,465.94
Total 212,897,102.74 100.00 - 212,897,102.74
3. Prepayment
(RMB)

Others 340,341.13 347,494.31
(1) Accounts receivable by aging analysis:
(RMB)

doubtful debts
Within 1 year 1,451,098.73 21.70 - 1,451,098.73
1 to 2 years 1,982,267.94 29.65 - 1,982,267.94
2 to 3 years 801,657.33 11.99 - 801,657.33
More than 3 years 2,450,718.70 36.66 - 2,450,718.70
Total 6,685,742.70 100.00 - 6,685,742.70
(RMB)

doubtful debts
Within 1 year 2,727,563.67 45.23 - 2,727,563.67
1 to 2 years 872,457.33 14.47 - 872,457.33
2 to 3 years 20,000.00 0.33 - 20,000.00
More than 3 years 2,409,918.70 39.97 - 2,409,918.70
Total 6,029,939.70 100.00 - 6,029,939.70
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(RMB)
Type of Assets December 31, 2023 December 31, 2022

Project Expense 769,115.72 1,536,130.04
Communication - Data Circuits Inland 3,393,833.57 4,351,016.25
Rent 989,044.41 1,436,998.70
Insurance 1,089,588.26 1,056,728.21
Others 293,654.27 138,332.36
Total 6,535,236.23 8,519,205.56
6. Long - term equity investment

(1) Classification of long-term equity investment
(RMB)
Iterm 1 January 2023 Additions during Disposal during 31 December 2023

the period the period
Other equity investments:
Inclulding: Among them - 34,090,100.00 - 34,090,100.00
investment in subsidiaries
Equity investment - 288,961.04 - 288,961.04
difference
Profit and loss adjustment - 4,272,638.62 - 4,272,638.62
Sub-total - 38,651,699.66 - 38,651,699.66
Less: Provision for - - - -
impairment
Total - 38,651,699.66 - 38,651,699.66
(2) Other equity investment

(RMB)
Name of invested unit Cost of Equity ratio Accounting Current equity Cumulative
investment method investment
TCS Financial Solutions 34,379,061.04 100% Equity method 32,711,070.31 34,379,061.04
Beijing Co. Ltd
Note: According to the “Equity Transfer Agreement” signed between the company and Tata Consultancy Services
Financial Solutions Australia Pte LTD (referred to as “FSA”) on March 6, 2023, Purchase 100% equity of TCS
Financial Solutions Beijing Co. Ltd held by FSA for cash of RMB 34,090,100.00.
7. Fixed assets
(1) Cost of fixed assets
(RMB)
Type of Assets 1 January 2023 Additions during Disposal during 31 December 2023
Leasehold improvement 23,547,800.86 257,857.75 - 23,805,658.61
Computer and 55,239,343.36 5,733,375.10 - 60,972,718.46
Furniture and fixtures 28,823,079.91 642,057.45 - 29,465,137.36
Total 107,610,224.13 6,633,290.30 - 114,243,514.43
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(2) Accumulated depreciation of fixed assets
(RMB)
Type of Assets 1 January 2023 Additions during Disposal during 31 December 2023
Leasehold improvement 22,764,219.41 603,383.89 - 23,367,603.30
Computer and 31,969,592.36 8,713,499.06 - 40,683,091.42
Furniture and fixtures 25,497,580.35 963,203.86 - 26,460,784.21
Total 80,231,392.12 10,280,086.81 - 90,511,478.93
(3) Net book values of fixed assets

(RMB)
Type of Assets 1 January 2023 31 December 2023
Leasehold improvement 783,581.45 438,055.31
Computer and communication equipment 23,269,751.00 20,289,627.04
Electronic equipment, furniture and fixtures 3,325,499.56 3,004,353.15
Total 27,378,832.01 23,732,035.50
8. Long-term deferred expenses
Items Costs 1 January 2023 Addition Amortisation 31 December 2023

Renovation costs 928,400.00 661,485.00 - 529,478.13 132,006.87
9. Accounts payable
(RMB)
Type of Assets December 31, 2023 December 31, 2022
Payable for goods 3,591,527.77 66,562.04
Payable to related parties 13,413,483.41 13,170,644.50
Payable for expenses 1,483,312.30 968,533.41
Total 18,488,323.48 14,205,739.95
10. Employee benefits payable

(RMB)
Salaries, bonus, allowances 44,690,258.97 41,885,987.66
Social insurances 11,636,050.39 10,584,593.13
Total 56,326,309.36 52,470,580.79
11. Taxes payable

(RMB)

Corporate income tax 12,483,208.65 5,574,318.26
Value added tax 8,285,185.10 1,510,175.48
Individual income tax 2,808,565.51 2,645,560.85
Total 23,576,959.26 9,730,054.59
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12. Other payables
(RMB)

Project provision 25,400,142.43 32,004,216.36
Expenses provision 5,345,834.28 3,994,046.98
Petty cash 19,645.08 65,360.82
Total 30,765,621.79 36,063,624.16
13. Share capital

(RMB)
Investor 1 January 2023 Additions during Reductions during 31 December 2023

the period the year
TATA Consultancy Services Asia 201,936,346.00 - - 201,936,346.00
Pacific Pte Ltd
14. Capital reserve
(RMB)
Item 1 January 2023 Additions during Reductions during 31 December 2023

the period the year
Other capital reserves 91,094.00 - - 91,094.00
Note: Account payable not required to be paid.
15. Surplus reserve
(RMB)
Item 1 January 2023 Additions during Reductions during 31 December 2023

the period the year
Statutory surplus reserve 74,087.59 - - 74,087.59
16. Retained earnings
(RMB)

Retained earnings at beginning of year 50,852,744.65 14,841,093.30
Add:Correction of errors in prior years - -
Current year profits 50,083,841.71 36,011,651.35
Retained earnings at end of period 100,936,586.36 50,852,744.65
17. Operating revenue and operating cost

(RMB)
2023 2022
Item Revenue Cost Revenue Cost
Principal activities 900,743,499.16 670,282,861.06 858,619,985.87 680,639,834.72
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18. Financial expenses
(RMB)

Total interest expenses - -
Less: Interest income 2,613,147.71 2,064,706.17
Net exchange losses/gains 4,292,367.02 -14,887.53
Bank charges 101,959.93 92,608.48
Total 1,781,179.24 -1,986,985.22
19. Investment income

(RMB)

Income from long-term equity investments 4,272,638.62 -
Including: using the equity method 4,272,638.62 -
Total 4,272,638.62 -
20. Non-operating income

(RMB)

Government grants 1,168,313.00 2,320,653.15
VAT refund 769,239.78 611,897.95
Others 107,016.62 403,876.98
Total 2,044,569.40 3,336,428.08
21. Non-operating expenses

(RMB)

Losses from disposal of non-current assets - 8,435.42
Late payment fee - 378.32
Donations provided 77,023.10 47,881.75
Total 77,023.10 56,695.49
VIII. Supplementary information on cash flow statement

(1) Supplement to cash flow statement:
(RMB)
Item For the year ended For the year ended

1. Reconciliation of net profit/loss to cash flows from
net profit/loss 50,083,841.71 36,011,651.35
Less: Unrecognized investment loss - -
Add: Provisions for impairment of assets - -46,753.34
Depreciation of fixed assets 10,280,086.81 8,679,682.46
Amortisation of long-term deferred expenses 529,478.13 266,915.00
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(RMB)
Item For the year ended For the year ended

Loss of disposing fixed assets, intangible assets and other - 8,435.42
long-term assets
Financial expenses ("-" for income) 4,292,367.02 -14,887.53
Investment loss ("-" for gains) -4,272,638.62 -
Decrease in operating receivables ("-" for increase) 25,253,075.18 -55,368,616.50
Increase in operating payables ("-" for increase) 19,960,710.72 28,546,911.37
Net cash flows from operating activities 106,126,920.95 18,083,338.23
2. Investing and financing activities not requiring the use of
cash:
Conversion of debt into capital - -
Convertible bonds due within one year -
Acquisition of fixed assets under finance leases - -
3. Change in cash and cash equivalents:
Cash ending balance 171,773,529.40 111,083,826.81
Less: cash opening balance 111,083,826.81 107,136,765.70
Net increase/decrease in cash and cash equivalents 60,689,702.59 3,947,061.11
(2) Details of cash and cash equivalents

(RMB)
1. Cash 171,773,529.40 111,083,826.81
Including: Cash in hand - 30,897.00
Bank deposits available on demand 171,773,529.40 111,052,929.81
2. Cash equivalents - -
3. Cash and cash equivalents ending balance 171,773,529.40 111,083,826.81
IX. Related parties and related party transactions

1. Information about the parent of the Company
(RMB)
Name Registration Business nature Shareholding Percentage of
place percentage % voting rights %
TATA Consultancy Services Asia Singapore Software Consultancy, Business 100.00 100.00
Pacific Pte Ltd Management and Servise
The ultimate parent company of the Company is Tata Sons Private Limited.
2. Interests in subsidiaries
Name Principal place Registration Business Nature Shareholding % Acquisition

of business Place Direct Indirect method
TCS Financial Solutions Beijing Beijing Research and development of 100 - Investment
Beijing Co. Ltd computer hardware and software and merger
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3. Information on other related parties
Name Related party relationship

Beijing Zhongguancun Software Park Development Co.,Ltd Original shareholder
Tata America International Corporation (PCS AMERICA) Subsidiary of ultimate holding company
Tata Consultancy Services Deutschland GmbH Subsidiary of ultimate holding company
Tata Consultancy Services Sverige AB Subsidiary of ultimate holding company
Tata Consultancy Services Switzerland Ltd. Subsidiary of ultimate holding company
Tata Consultancy Services France S.A.S Subsidiary of ultimate holding company
Tata Consultancy Services Asia Pacific Pte Ltd Subsidiary of ultimate holding company
Tata Consultancy Services Belgium N.V./S.A. Subsidiary of ultimate holding company
Tata Consultancy Services Japan, Ltd. Subsidiary of ultimate holding company
TCS (Thailand) Limited Subsidiary of ultimate holding company
Tata Consultancy Services Netherlands B.V Subsidiary of ultimate holding company
TCS Canada Inc. Subsidiary of ultimate holding company
PT Tata Consultancy Services Indonesia Subsidiary of ultimate holding company
Tata Consultancy Services Ireland Limited Subsidiary of ultimate holding company
TCS Malaysia Sdn Bhd Subsidiary of ultimate holding company
TITAN COMPANY LIMITED Subsidiary of ultimate holding company
Tata Sons Priviate Limited Subsidiary of ultimate holding company
TCS Italia srl Subsidiary of ultimate holding company
Tata Consultancy Services Limited Subsidiary of ultimate holding company
4. Transactions with related parties
(1) Purchases/sales
©Receiving of services
(RMB)
Related party Year ended Year ended
Tata Consultancy Services Limited 64,894,694.28 76,893,203.42
TATA Consultancy Services Asia Pacific Pte Ltd. 1,238,791.48 620,862.01
Tata America International Corporation 149,514.08 -
©Rendering of services
(RMB)
Tata Consultancy Services Deutschland GmbH 29,206,350.26 25,176,675.44
Tata Consultancy Services Switzerland Ltd. 12,479,142.78 5,974,654.08
Tata Consultancy Services Japan, Ltd. 12,295,338.06 13,602,566.72
Tata Consultancy Services France S.A.S 10,477,211.00 9,385,960.69
Tata Consultancy Services Netherlands B.V. 6,919,725.24 4,182,407.98
Tata Consultancy Services Sverige AB 4,244,999.90 2,362,340.65
Tata Consultancy Services Asia Pacific Pte Ltd 1,884,407.55 3,371,722.19
Tata Consultancy Services Belgium S.A./N.V. 1,616,913.91 3,671,449.41
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(RMB)
Tata Consultancy Services Ireland Limited 922,941.15 1,074,111.67
PT Tata Consultancy Services Indonesia 139,980.18 1,111,681.41
TCS (Thailand) Limited 85,335.42 241,472.18
TCS Malaysia Sdn Bhd - 1,286.66
TCS Italia srl - 0.57
(3) Trademark use
(RMB)

Tata Sons Private Limited 100,668.16 24,626.21
(2) Leases
As the lessor
(RMB)
Lessee Type of assets Lease income Lease income

leased recognized in 2022 recognized in 2021
TCS Financial Solutions Beijing Co., Ltd. Rent 601,383.91 616,480.12
(3) Other
(RMB)

TITAN COMPANY LIMITED - -558,161.92
Tata Sons Priviate Limited 1,240,103.69 1,256,757.55
5. Receivables from and payables to related parties
(1) Receivables from related parties
(RMB)
Tata Consultancy Services Deutschland GmbH 2,706,149.38 1,686,505.52
Tata Consultancy Services Switzerland Ltd 1,766,750.46 1,310,481.04
Tata Consultancy Services France S.A.S 1,543,040.20 2,733,759.80
Tata Consultancy Services Asia Pacific Pte Ltd 1,269,097.44 1,306,738.81
Tata Consultancy Services Sverige AB 975,104.50 205,311.92
Tata Consultancy Services Netherlands B.V 304,321.98 280,843.71
PT Tata Consultancy Services Indonesia 280,354.24 211,375.00
TCS Financial Solutions Beijing Co., Ltd. 164,744.23 -
Tata Consultancy Services Japan, Ltd. 97,427.01 932,483.00
Tata Consultancy Services Ireland Limited 73,247.58 101,343.29
TCS (Thailand) Limited 23,723.79 100,961.47
Tata Consultancy Services Belgium N.V./S.A. 5,808.18 1,103,481.06
Total 50,050,396.58 55,636,395.09
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(2) Payables to related parties
(RMB)

Tata Consultancy Services Deutschland GmbH 2,327,042.40 -
Tata America International Corporation 428,434.14 207,511.02
Titan Company Limited 188,970.64 -
Tata Consultancy Services Netherlands B.V. 167,728.85 -
Tata Sons Private Limited 100,668.11 -
Tata Consultancy Services France S.A.S 22,892.99 -
Tata Consultancy Services Asia Pacific Pte Ltd. - 446,993.60
Total 13,666,674.29 13,142,330.78
X. Contingencies
As at 31 Dec 2023 there is no material contingency arising from pending litigation and guarantee provided to other entities.
XI. Commitments
Operating lease commitments
As at the balance sheet date, the total future minimum lease payments under non-cancellable operating leases were
payable as follows:
(RMB)
The total future minimum lease payments under non-cancellable As at As at
operating leases December 31, 2023 December 31, 2022
Within 1 year 10,830,086.78 13,601,839.03
Within 2 years 2,121,027.84 2,501,189.46
Total 12,951,114.62 16,103,028.49
XII. Post balance sheet date events

As at 2 April 2024, there is no events after the balance sheet date to be disclosed.
XIII. Approval pf financial statements

These financial statements and the accompanying notes to the financial statements have been approved by the Company’s
management on 2 April 2024.
TATA Consultancy Services (China) Co.,Ltd.
2 April 2024
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(Thailand) Limited
For the year ended

31 March 2024
Tata Consultancy Services (Thailand) Limited 26.1
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024
CONTENTS PAGE
Balance sheet 26.4
Statement of income 26.5
Statements of changes in shareholders’ equity 26.6

26.2 Tata Consultancy Services (Thailand) Limited

To the shareholders of
Tata Consultancy Services (Thailand) Limited
Opinion
I have audited the financial statements of Tata Consultancy Services (Thailand) Limited (the “Company”), which comprise the
statement of financial position as at 31 March 2024, the statements of income and changes in equity for the year then ended,
and notes, comprising a summary of significant accounting policies and other explanatory information.
In my opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the
Company as at 31 March 2024 and its financial performance for the year then ended in accordance with the Thai Financial
Reporting Standard for Non-Publicly Accountable Entities (TFRS for NPAEs).
Basis for Opinion

I conducted my audit in accordance with Thai Standards on Auditing (TSAs). My responsibilities under those standards
are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of my report. I am
independent of the Company in accordance with the Code of Ethics for Professional Accountants including Independence
Standards issued by the Federation of Accounting Professions (Code of Ethics for Professional Accountants) that is relevant to
my audit of the financial statements, and I have fulfilled my other ethical responsibilities in accordance with the Code of Ethics
for Professional Accountants. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis
for my opinion.
Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with TFRS
for NPAEs, and for such internal control as management determines is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.

My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes my opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with TSAs will always detect a
As part of an audit in accordance with TSAs, I exercise professional judgment and maintain professional skepticism throughout
the audit. I also:
provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than
control.
KPMG Phoomchai Audit Ltd., a Thai limited liability company and a member firm of the KPMG global organization of independent member firms affiliated with
KPMG International Limited, a private English company limited by guarantee.
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on the Company’s ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required
to draw attention in my auditor’s report to the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my auditor’s
I communicate with management regarding, among other matters, the planned scope and timing of the audit and significant
audit findings, including any significant deficiencies in internal control that I identify during my audit.
(Vilaivan Pholprasert)
Certified Public Accountant
Registration No. 8420
KPMG Phoomchai Audit Ltd.
Bangkok
30 April 2024
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Statements of financial position as at 31 March, 2024

(Unit : Baht)
Note March 31, 2024 March 31, 2023

Assets
Current assets
Trade accounts receivable 5 89,600,483 98,121,214
Unbilled contract work in progress 6 36,121,575 17,509,131
Other receivables 7 468,710 615,315
Other current assets 8 19,090,655 43,811,237
Non-current assets
Equipment 9 4,071,631 5,840,693
Total assets 166,466,675 169,618,925
Liabilities and equity

Current liabilities
Excess of progress billings over contract work in progress 6 3,994,944 52,587,032
Provision for project loss - 2,273,224
Non-current liability
Provision for retirement benefits 11 6,154,720 5,238,003
Total non-current liability 6,154,720 5,238,003
Equity
Share capital
Authorised share capital
(800,000 ordinary shares, par value at Baht 10 per share)
Issued and paid-up share capital 8,000,000 8,000,000
(800,000 ordinary shares, par value at Baht 10 per share)
Appropriated to legal reserve 12 800,000 800,000
Unappropriated 55,771,032 16,797,881
Total equity 64,571,032 25,597,881
Total liabilities and equity 166,466,675 169,618,925
The accompanying notes are an integral part of these financial statements.
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Statements of income for the year ended 31 March 2024

(Unit : Baht)
Note March 31, 2024 March 31, 2023

Revenue
Revenue from rendering of services 428,319,425 371,550,363
Net foreign exchange gain 3,214,682 -
Other income 300,605 1,107,659
Total revenue 431,834,712 372,658,022
Expenses
Cost of rendering of services 305,586,835 307,680,288
Selling expenses 272,332 163,205
Administrative expenses 13 77,162,761 67,493,025
Net foreign exchange loss - 1,836,285
Total expenses 383,021,928 377,172,803
Profit (loss) before income tax expense 48,812,784 (4,514,781)

Tax expense (income) 9,839,633 (648,307)
Profit (loss) for the year 38,973,151 (3,866,474)
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Statement of changes in equity for the year ended 31 March 2024

(Unit : Baht)
Note Issued and paid-up Retained earnings Total
share capital Appropriated to Unappropriated equity
legal reserve
Balance at 1 April 2022 8,000,000 800,000 30,664,355 39,464,355
Loss for the year - - (3,866,474) (3,866,474)
Dividends 15 - - (10,000,000) (10,000,000)
Balance at 31 March 2023 8,000,000 800,000 16,797,881 25,597,881

Balance at 1 April 2023 8,000,000 800,000 16,797,881 25,597,881
Profit for the year - - 38,973,151 38,973,151
Balance at 31 March 2024 8,000,000 800,000 55,771,032 64,571,032
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Notes to the financial statements for the year ended 31 March 2024
Note Contents
1 General information
2 Basis of preparation of the financial statements
3 Significant accounting policies
4 Cash and cash equivalents
5 Trade accounts receivable
6 Unbilled contract work in progress and excess of progress billings over contract work in progress
7 Other receivables
8 Other current assets
9 Equipment
10 Trade and other payables
11 Provision for retirement benefits
12 Legal reserve
13 Administrative expenses
14 Employee benefit expenses
15 Dividends
16 Commitments
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Notes to the financial statements

These notes form an integral part of the financial statements.
The financial statements issued for Thai statutory and regulatory reporting purposes are prepared in the Thai language.
These English language financial statements have been prepared from the Thai language statutory financial statements
and were approved and authorised for issue by the directors on 30 April 2024.
Tata Consultancy Services (Thailand) Limited, the “Company”, is incorporated in Thailand on 12 May 2013 and has its
registered office at 1818, Rasa Two Building, 17th Floor, Room No. 1707, Phetchaburi Road, Makkasan Sub-district,
Ratchathewi District, Bangkok.
The parent company and ultimate parent company during the financial year were Tata Consultancy Services Asia Pacific
Pte. Ltd. and Tata Consultancy Services Limited, which were incorporated in Singapore and India, respectively.
The principal activities of the Company are IT consulting, software solutions and IT outsourcing services.
2. Basis of preparation of the financial statements
The financial statements are prepared in accordance with Thai Financial Reporting Standard for Non- Publicly Accountable
Entities (Revised B.E. 2565), which promulgated by the Federation of Accounting Professions (TFAC) in 2022. The adoption
of the Thai Financial Reporting Standard for Non-Publicly Accountable Entities (Revised B.E. 2565) (‘TFRS for NPAEs’)
does not impact materially the financial statements.
The financial statements are prepared and presented in Thai Baht. Accounting policies disclosed in Note 3 are applied
consistently to all periods presented in these financial statements.
The preparation of financial statements in conformity with TFRS for NPAEs requires management to make judgments,
estimates and assumptions that affect the application of the Company’s accounting policies. Actual results may differ
from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised prospectively.
3. Significant accounting policies
The accounting policies set out below have been applied consistently to all periods presented in these financial statements.
(a) Foreign currency transactions
Transactions in foreign currencies including non-monetary assets and liabilities denominated in foreign currencies
are translated to Thai Baht at exchange rates at the dates of the transactions. Monetary assets and liabilities
denominated in foreign currencies, are translated at the exchange rate at the reporting date.
Foreign currency differences are recognised in the statement of income.
(b) Cash and cash equivalents
Cash and cash equivalents comprise demand deposits and highly liquid short-term investments, which have
maturities of three months or less from the date of acquisition.
(c) Trade and other receivables
Trade and other receivables are measured at invoice value less allowance for doubtful accounts.
The allowance for doubtful accounts is assessed primarily on analysis of payment histories. Bad debts are written
off when incurred. Bad debts recovered are recognised as other income in the statement of income at the amount
received.
(d) Contract work in progress
Unbilled contracts work in progress represents the gross unbilled amount expected to be collected from customers.
Unbilled contract work in progress measured at cost of contract work plus profit recognised to date (see note 3(i)) less
progress billings and recognised losses. Cost of contract work includes all expenditure related to specific contracts.
Revenue from rendering of services that is recognised for which contract billings are undue is presented as “unbilled
contract work in progress” under current assets in the statement of financial position. If progress billing exceeds
recognised revenue, then the difference is presented as “excess of progress billings over contract work in progress”
under current liabilities in the statement of financial position.
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(e) Equipment
Owned assets
Equipment is measured at cost less accumulated depreciation and losses on decline in value.
Cost includes expenditure that is directly attributable to the acquisition of the asset. Purchased software that is
integral to the functionality of the related equipment is capitalised as part of that equipment.
Differences between the proceeds from disposal and the carrying amount of equipment are recognised in the
statement of income.
Subsequent costs
The cost of replacing a part of an item of equipment is recognised in the carrying amount of the item when the
future economic benefits embodied within the part will flow to the Company, and its cost can be measured reliably.
The carrying amount of the replaced part is derecognised. The costs of the day-to- day servicing of equipment is
recognised in the statement of income as incurred.
Depreciation
Depreciation is calculated on a straight-line basis over the estimated useful life of each component of an asset and
recognised in the statement of income. No depreciation is provided on assets under construction. The estimated
useful lives are as follows:
Furniture, fixture and office equipment 4-5 years
(f) Losses on decline in value
The carrying amounts of the Company’s assets are reviewed at each reporting date to determine whether there is
any indication of a permanent decline in value. If any such indication exists, the assets’ recoverable amounts are
estimated. A loss on decline in value is recognised if the carrying amount of an asset exceeds its recoverable amount.
The loss on decline in value is recognised in the statement of income.
(g) Trade and other payables
Trade and other payables are stated at cost.
(h) Provision
A provision is recognised if, as a result of a past event, the Company has a present legal or constructive obligation
that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the
obligation. Provisions are determined by the best estimate method.
Provision for retirement benefits
Provision for retired benefits are recognised using the best estimate method at the reporting date. The Company
derecognises the provision when actual payment is made.
(i) Revenue
Revenue excludes value added taxes and is arrived at after deduction of trade discounts.
Rendering of services
Revenue from rendering of services is recognised as the services are provided.
Contract revenue
Contract revenue includes the initial amount agreed in the contract plus any variations in contract work, claims and
incentive payments to the extent that it is probable that they will result in revenue and can be measured reliably.
As soon as the outcome of a construction contract can be estimated reliably, contract revenue and expenses are
recognised in the statement of income in proportion to the stage of completion of the contract.
The stage of completion is assessed based on cost-to-cost method. When the outcome of a contract cannot be
estimated reliably, contract revenue is recognised only to the extent of contract costs incurred that are likely to be
recoverable. An expected loss on a contract is recognised immediately in the statement of income.
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(j) Operating leases
Payments made under operating leases are recognised on a straight-line basis over the term of the lease. Contingent
rentals are recognised as expense in the accounting period in which they are incurred.
(k) Income tax
Income tax is calculated on the taxable income or loss for the year, using tax rates enacted at the reporting date.

(Unit : in thousand Baht)
2024 2023
Cash at banks - current accounts 10,499 3,107
Cash at bank - short term fixed deposits 6,000 -
Total 16,499 3,107
5. Trade accounts receivable

2024 2023
Related parties 22,898 15,568
Other parties 66,702 82,553
Total 89,600 98,121
The normal credit term granted by the Company ranges from 30 days to 60 days.
6 Unbilled contract work in progress and excess of progress billings over contract work in
progress
2024 2023
Unbilled contract work in progress
At 1 April 3,512 92,466
Amount recognised as revenue on percentage of completion basis during 28,601 3,362
the year
Less value of total billed during the year (3,468) (92,316)
28,645 3,512
Unbilled contract work in progress from other revenues 7,477 13,997
At 31 March 36,122 17,509
Excess of progress billing over contract work in progress

At 1 April 52,587 30,303
Value of total billed during the year (585) 34,479
Less Amount recognised as revenue on percentage of completion basis (52,002) (12,195)
during the year
Excess of progress billing over contract work in progress from other 3,995 52,587
revenues
At 31 March 3,995 52,587
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2024 2023
Advance to employees 367 407
Total 469 615

2024 2023
Deferred expenses 1,739 23,459
Refundable withholding tax 17,282 20,218
Others 70 134
Total 19,091 43,811
9. Equipment
Furniture, fixture and Assets under construction Total
office equipment
Cost
At 1 April 2022 9,591 117 9,708
Additions 3,528 - 3,528
Transfer 117 (117) -
Disposals (1,415) - (1,415)
At 31 March 2023 and 1 April 2023 11,821 - 11,821
Additions 716 - 716
Disposals (43) - (43)
At 31 March 2024 12,494 - 12,494
Depreciation
At 1 April 2022 4,010 - 4,010
Depreciation charge for the year 1,970 - 1,970
At 31 March 2023 and 1 April 2023 5,980 - 5,980
Depreciation charge for the year 2,485 - 2,485
Disposals (43) - (43)
At 31 March 2024 8,422 - 8,422
Net book value

At 31 March 2023 5,841 - 5,841
At 31 March 2024 4,072 - 4,072
The gross carrying amounts of the Company’s fully depreciated equipment that was still in use at 31 March 2024 amounted
to Baht 2.9 million (2023: Baht 2.4 million).
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2024 2023
Trade and other payables - related parties 47,703 43,929
Accrued operation expenses 25,040 15,587
Accrued bonus 10,090 7,067
Provision for accumulated leave 8,828 7,367
Trade and other payables - other parties 85 9,125
Advances received from customers - 848
Total 91,746 83,923
11. Provision for retirement benefits

2024 2023
At 1 April 5,238 5,566
Additions 1,277
Paid (360) -
Reversal - (328)
At 31 March 6,155 5,238
12. Legal reserve

According to the provision of the Civil and Commercial Code, the Company shall set up reserve (“legal reserve”) at least
5% of operating income upon each dividend distribution until the reserve is no less than 10% of the registered authorised
capital. This legal reserve shall not be available for dividend distribution.
13. Administrative expenses

2024 2023
Employee benefit expenses 53,646 48,441
Professional fees 2,585 1,008
Depreciation expenses 1,692 1,434
Travelling expenses 1,483 1,075
Communication expenses 419 205
Recruitment expenses 342 167
Others 14,316 12,627
Total 77,163 67,493
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14. Employee benefit expenses
2024 2023
Salaries and overtime and bonuses 179,227 183,274
Contribution to defined contribution plan 5,013 4,234
(Reversal of) provision for employee benefits 1,277 (328)
Others 5,129 6,321
Total 190,646 193,501
The define contribution plan comprises a provident fund established by the Company for its employees. Membership to
the fund is on a voluntary basis. Contributions are made monthly by the employees at rates 5% of their basic salaries and
by the Company at rates 5% of the employee’s basic salaries. The provident fund is registered with the Ministry of Finance
as juristic entity and is managed by a licensed Fund Manager.
15. Dividends
The board of directors of the Company have approved dividends as follows:
Approval date Payment schedule Dividend rate per Amount

share (Baht) (in thousand Baht)
27 February 2023 March 2023 12.50 10,000
16. Commitments
2024 2023
Non-cancellable operating lease commitments
Within 1 year 1,399 2,398
Alter 1 year but within 0 years - 1,399
Total 1,399 3,797
As at 31 March 2024, the Company had operating lease agreements covering its office premises and service for the
periods 3 years, expiring various dates up to 31 October 2024.
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PT TATA CONSULTANCY SERVICES INDONESIA
For the year ended
March 31, 2024
PT Tata Consultancy Services Indonesia 27.1
ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2024
CONTENTS PAGE
Director’s Statement of Responsibility 27.2
Notes forming part of Financial Statements 27.9

27.2 PT Tata Consultancy Services Indonesia
Board of Director’s Statement of Responsibility

For The Financial Statements
Year Ended 31 March 2024
PT Tata Consultancy Services Indonesia (The “Company”)
I, the undersigned:
Name : Jia Yu
Office address : Gedung Menara Prima #16 Unit F
Jl. DR. Ide Anak Agung Gde Agung Blok 6.2 Kuningan,
Jakarta Selatan 12950
Office telephone : 021-57947951
Function : Director
declare that:
1. I am responsible for the preparation and presentation of the financial statements of the Company;
2.
The financial statements have been prepared and presented in accordance with Indonesian Financial Accounting
Standards;
3. a. The disclosures I have made in the financial statements are complete and accurate;
b. The financial statements do not contain misleading information, and I have not omitted any information or facts that
would be material to the financial statements; and
4. I am responsible for the internal control.
This statement is made truthfully.

For and on behalf of Board of Director
6 May 2024
(signature)
(Stamp duty)
Jia Yu
Director
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No.:
The Shareholders,
Board of Commissioners and Board of Directors
PT Tata Consultancy Services Indonesia
Opinion
We have audited the financial statements of PT Tata Consultancy Services Indonesia (“the Company”), which comprise the
statement of financial position as of 31 March 2024, the statements of profit or loss and other comprehensive income, changes
in equity, and cash flows for the year then ended, and notes, comprising material accounting policies and other explanatory
information.
Company as of 31 March 2024, and its financial performance and its cash flows for the year then ended in accordance with
Indonesian Financial Accounting Standards.
Basis for Opinion
We conducted our audit in accordance with Standards on Auditing established by the Indonesian Institute of Certified Public
Accountants. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of
the Financial Statements section of our report. We are independent of the Company in accordance with the ethical requirements
that are relevant to our audit of the financial statements in Indonesia, and we have fulfilled our other ethical responsibilities
in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Management is responsible for the preparation and fair presentation of these financial statements in accordance with
Indonesian Financial Accounting Standards, and for such internal control as management determines is necessary to enable
the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Standards on Auditing
taken on the basis of these financial statements.
As part of an audit in accordance with the Standards on Auditing, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
control.
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Siddharta Widjaja & Rekan

Registered Public Accountants
Angga Pujaprayoga, CPA

Public Accountant License No. AP. 1694
6 May 2024
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(In millions of Rupiah)
Notes March 31, 2024 March 31, 2023

ASSETS
Current Assets
Cash in banks and cash equivalents 4 12,506 17,885
Trade and other receivables, net 5 47,859 73,698
Contract assets 10 15,516 57,708
Prepaid value added taxes - 637
Prepayments and advances 12,912 14,647
Total Current Assets 88,793 164,575
Non-Current Assets
Fixed assets, net 1,913 2,635
Claims for tax refund 4,360 -
Deferred tax assets, net 13c 9,882 6,723
Refundable deposits 176 180
Total Non-Current Assets 16,331 9,538
Total Assets 105,124 174,113
Current Liabilities
Trade and other payables 6 50,507 85,478
Unearned revenue 7 2,362 16,920
Income tax payables 626 2,619
Other taxes payable 1,320 3,812
Short-term employee benefits obligation 8 - 131
Lease liabilities 468 138
Total Current Liabilities 55,283 109,098
Non-Current Liability
Employee benefits obligation 8 6,469 5,260
Total Non-Current Liability 6,469 5,260
Equity
Share capital 9 1,003 1,003
Retained earnings
Appropriated 9 201 201
Unappropriated 42,168 58,551
Total Equity 43,372 59,755
See Notes to the Financial Statements, which form an integral part of these financial statements.
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Notes Year ended Year ended

March 31, 2024 March 31, 2023
Revenue 10 140,792 190,623
Cost of revenue 11 (92,576) (126,100)
GROSS PROFIT 48,216 64,523
General and administrative expenses 12 (28,951) (24,462)
Impairment loss on trade receivables and contract assets (9,804) (1,199)
Currency exchange loss, net (36) (893)
Other expenses, net - (123)
(38,791) (26,677)
OPERATING PROFIT 9,425 37,846
Finance income 397 290
PROFIT BEFORE TAX 9,822 38,136
Income tax expense 13a (3,065) (8,338)
PROFIT 6,757 29,798
Items that will not be reclassified to profit or loss
Changes resulting from actuarial remeasurements of employee
benefits obligation 424 446
Tax on other comprehensive income 13c (93) (98)
TOTAL OTHER COMPREHENSIVE INCOME 331 348
TOTAL COMPREHENSIVE INCOME 7,088 30,146
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Statement of Changes In Equity

Notes Share capital Retained earnings Total Equity
Unappropriated Appropriated
Balance as of 31 March 2022 1,003 59,405 201 60,609
Comprehensive income – 2023
Profit - 29,798 - 29,798
Other comprehensive loss - 348 - 348
Distributions to shareholders - cash
dividends 14 - (31,000) - (31,000)
Balance as of 31 March 2023 1,003 58,551 201) 59,755
Comprehensive income – 2024
Profit - 6,757 - 6,757
Other comprehensive income - 331 - 331
Distributions to shareholders - cash
dividends 14 - (23,471) - (23,471)
Balance as of 31 March 2024 1,003 42,168 201 43,372
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March 31, 2024 March 31, 2023
Profit 6,757 29,798
Adjustments for:
Depreciation 1,092 888
Additional (reversal) of impairment loss of trade receivables and 9,377 (343)
contract assets
Loss on trade receivables write-off 427 1,542)
Finance income (397) (290)
Income tax expense 3,065 8,338
Changes in:
Trade and other receivables, net 16,035 (36,273)
Prepaid value added taxes 637 5,094
Prepayments and advances 1,735 (10,130)
Claims for tax refund - 69
Refundable deposits 4 (4)
Trade and other payables (34,971) 10,117
Unearned revenue (14,558) 11,484
Other taxes payable (2,492) 1,362
Short-term employee benefits obligation (131) (201)
Employee benefits obligation 1,633 934
Interest received 397 290
Income tax refund - 16,766
Income tax paid (12,670) (11,644)
Net cash from operating activities 18,132 35,938
CASH FLOWS USED IN INVESTING ACTIVITIES
Acquisition of fixed assets (117) (1,766)
Proceeds from sale of fixed assets 399 -
Net cash from (used in) investing activities 282 (1,766)
CASH FLOWS USED IN FINANCING ACTIVITIES
Payment of lease liabilities (322) (333)
Dividends paid (23,471) (31,000)
NET (DECREASE) INCREASE IN CASH IN BANKS AND CASH EQUIVALENTS (5,379) 2,839
CASH IN BANKS AND CASH EQUIVALENTS, BEGINNING OF YEAR 17,885 15,046
CASH IN BANKS AND CASH EQUIVALENTS, END OF YEAR 12,506 17,885
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Notes forming part of Financial Statements
1. GENERAL
a. PT Tata Consultancy Services Indonesia (the “Company”) was established in the Republic of Indonesia in 2006.
The Company’s office is located at Gedung Menara Prima #16 Unit F, Jl. DR. Ide Anak Agung Gde Agung Blok 6.2,
Kuningan, Jakarta Selatan 12950.
b. The Company is engaged in the Information Technology (IT) services, consulting and business solutions.
2. BASIS OF PREPARATION
a. Statement of compliance
The financial statements have been prepared in accordance with Indonesian Financial Accounting Standards (“SAK”).
b. The Company’s Director approved the financial statements for issuance on 6 May 2024.
c. Basis of measurement
The financial statements are prepared on the accrual basis using the historical cost concept, except where the
accounting standards require fair value measurement.
d. Functional and presentation currency
The financial statements are presented in Rupiah, rounded to the nearest million, which is the Company’s functional
currency.
e. Use of judgments, estimates and assumptions
The preparation of financial statements requires management to make judgments, estimates and assumptions that
affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses.
Actual results may differ from the estimated amounts.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized
prospectively.
(i) Judgments
Information about judgments made in applying accounting policies that have the most significant effect on the
amounts recognized in the financial statements is included in Note 10 – Revenue recognition: Management’s
judgment with respect to existence of contractual performance obligations, timing of revenue recognition,
revenue classification, and determining whether the Company acts as an agent or as a principal.
(ii) Assumptions and estimation uncertainties
Information about the assumptions and estimation uncertainties at the reporting date that have a significant
risk of resulting in material adjustments to the carrying amounts of assets and liabilities in the following year is
included in Note 8 – Measurement of employee benefits obligation: key actuarial assumptions.
3. SUMMARY OF MATERIAL ACCOUNTING POLICIES
The accounting policies set out below have been applied to the periods presented in these financial statements.
a. Cash equivalents
Short-term time deposits with original maturities of three months or less are considered as cash equivalents.
b. Impairment of non-financial assets
The carrying amount of each cash-generating unit (“CGU”) within non-financial assets is reviewed at each reporting
date to determine whether there is any indication of impairment. If any such indications exist, then the asset’s
recoverable amount is estimated.
An impairment loss is recognized if the carrying amount of a CGU exceeds its recoverable amount. A CGU is the
smallest identifiable asset group that generates cash flows that largely are independent from other assets. Impairment
losses are recognized in profit or loss.
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The recoverable amount of a CGU is the greater of its value in use and its fair value less costs of disposal. In assessing
value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset.
Impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss
has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used
to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying
amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization,
if no impairment loss had been recognized.
c. Post-employment benefits
The obligation for post-employment benefits is calculated at the present value of estimated future benefits that the
employees have earned in return for their services in the current and prior periods. The calculation is performed by
a qualified actuary using the project unit credit method.
Gains or losses arising from actuarial remeasurement of the net defined benefit liability are recognized immediately
in other comprehensive income. When the benefits of a plan are changed or when a plan is curtailed, the resulting
change in benefit that relates to past service or the gain or loss on curtailment is recognized immediately in profit or
loss.
d. Financial instruments
(i) Financial assets
The financial assets that are measured at amortized cost consist of cash in banks and cash equivalents, trade
and other receivables, contract assets, and refundable deposits. These financial assets are initially recognized
at fair value plus directly attributable transaction costs, and subsequently are measured at amortized cost using
the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign
exchange gains and losses and impairment are recognized in profit or loss. Gains or losses on derecognition of
these financial assets are recognized in profit or loss.
(ii) Financial liabilities
Financial liabilities are classified as either measured-at-amortized cost, or at FVTPL. A FVTPL financial liability
is measured as such if it is classified as held-for-trading, if it is a derivative, or if it is designated as measured-
at-FVTPL on initial recognition.
Trade and other payables are initially recognized at fair value plus transaction costs and subsequently measured
at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses
are recognized in profit or loss. Gains or losses on derecognition are also recognized in profit or loss.
(iii) Derecognition
Financial assets
The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial
asset expire, or when it transfers the rights to receive the contractual cash flows in a transaction in which
substantially all of the risks and rewards of ownership of the financial asset are transferred: i.e. when control
over the financial asset is relinquished.
In transactions where a financial asset is transferred but the risks and rewards associated with ownership are
somehow retained the transferred asset is not derecognized.
The Company derecognizes a financial liability when its contractual obligations are discharged, cancelled, or
otherwise extinguished. The Company also derecognizes a financial liability when its terms are modified and the
cash flows of the modified liability are substantially different, in which case a new financial liability, based on the
modified terms, is recognized at fair value.
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On derecognition of a financial liability, the difference between the carrying amount extinguished and the
consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or
loss.
(iv) Offsetting
Financial assets and financial liabilities are offset and the net amount presented in the statement of financial
position when, and only when, the Company currently has a legally enforceable right to set off the amounts and
it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously.
(v) Impairment
The Company recognizes loss allowances for expected credit loss (“ECL”) on financial assets measured at
amortized cost.
Measurement of ECLs
ECLs are a probability-weighted estimates of credit losses. Credit losses are measured as the present value of
all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract
and the cash flows that the Company expects to receive). ECLs are discounted at the effective interest rate of the
financial asset.
Presentation of allowance for ECL in the statement of financial position
Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount
of the assets. The Company measures loss allowances at an amount that reflects the lifetime ECL, except for
cash in banks and cash equivalents and refundable deposits for which credit risk (i.e. the risk of default occurring
over the expected life of the financial instrument) has not increased significantly since initial recognition, wherein
the loss allowances are determined based on the 12-month ECL.
Loss allowances for trade and other receivables, and for contract assets that are measured at amortized cost,
are measured at an amount that represents the lifetime ECL.
e. Revenue
Revenue is measured based on the consideration specified in a contract with a customer. The Company recognizes
revenue when it transfers control over a product or service to a customer.
The following table provides information about the nature and timing of the satisfaction of performance obligation in
contracts with customers, including significant payment terms, and the related revenue recognition policies.
Type of product/ service Nature and timing of satisfaction of Revenue recognition policies
performance obligations, including
significant payment terms
Consultancy, maintenance and Invoices are issued on a basis of Revenue is recognized based on
support services contractual terms and are usually time elapsed mode and revenue
payable within 30 - 90 days. is straight lined over the period of
performance.
Time and material and job contracts Invoices are issued on a monthly Revenue is recognized on output
basis and are usually payable within basis measured by units delivered,
30 - 90 days. efforts expended, number of
transactions processed, etc.
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Type of product/ service Nature and timing of satisfaction of Revenue recognition policies
performance obligations, including
significant payment terms
Fixed price contracts Invoices are issued on the basis Revenue is recognized using
contractual milestone and are percentage- of-completion method
usually payable within 30 - 90 days. (‘POC method’) of accounting with
contract costs incurred determining
the degree of completion of the
performance obligation. The
contract costs used in computing
the revenues include cost of fulfilling
warranty obligations.
Third party hardware or software Customers obtain control of the Revenue from the sale of distinct
products when the products internally developed software and
are delivered to the customer’s manufactured systems and third
premises. Invoices are generated party software is recognized upfront
and revenue is recognized at that at the point in time when the system /
point in time. software is delivered to the customer.
In cases where implementation and
/ or customization services rendered
significantly modifies or customizes
the software, these services and
software are accounted for as a
single performance obligation and
revenue is recognized over time on a
POC method.
Internally developed software and Invoices are usually payable within Revenue from the sale of distinct
manufactured systems 30 – 90 days. third party hardware is recognised
at the point in time when control is
(collectively termed as “products”)
transferred to the customer.
Contract assets are recognized when there is excess of revenue earned over billings on contracts. Contract assets are
Unearned revenue is recognized when there is billings in excess of revenues.
f. Foreign currency transactions
Transactions in foreign currencies are translated to the Company’s functional currency (Rupiah) at the rates of
exchange prevailing at transaction date. Monetary assets and liabilities denominated in foreign currencies are
retranslated to the functional currency at the exchange rate at the reporting date. Foreign currency gains or losses
on monetary items are comprised of the difference between amortized cost measured in the functional currency at
the beginning of the period as adjusted for effective interest and payments during the period, and the amortized cost
measured in foreign currency translated at the exchange rate at reporting date.
Non-monetary assets and liabilities denominated in a foreign currency that are measured at historical cost are
translated using the exchange rate at the date of the transaction.
Foreign currency gains and losses on retranslation of monetary assets and liabilities that arise from operating
activities are generally recognized in profit or loss.
g. Income tax
Income tax expense consist of current and deferred corporate income tax. Current tax and deferred tax are recognized
in profit or loss except to the extent that they relate to items recognized directly in equity or in other comprehensive
income.
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Current tax expense is the amount of tax paid, or payable on taxable income or loss for the year, using tax rates
substantively enacted as of the reporting date, and includes true-up adjustments made to the previous years’ tax
provisions either to reconcile them with the income tax reported in annual tax returns, or to account for differences
arising from tax assessments. Current tax expense is measured using the best estimate of the amount expected to
be paid or received, taking into consideration the uncertainty associated with the complexity of tax regulations.
Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities
for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax
rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been
enacted or substantively enacted as of the reporting date. This accounting policy also requires the recognition of tax
benefits, such as tax loss carry forwards, which are originated in the current period that are expected to be realized
in the future periods, to the extent that realization of such benefits is probable.
Deferred tax assets represent the net remaining balance of deferred tax benefits that have been originated and
utilized through the reporting date. Deferred tax assets are reviewed at each reporting date and are reduced to the
extent that it is no longer probable that the related tax benefit will be realized; such reductions are reversed when the
probability of their realization through future taxable profits improves.
4. CASH IN BANKS AND CASH EQUIVALENTS

As at As at
March 31, 2024 March 31, 2023
Cash in banks 5,506 5,885
Short-term time deposits in Rupiah 7,000 12,000
12,506 17,885
5. TRADE AND OTHER RECEIVABLES, NET

As at As at
March 31, 2024 March 31, 2023
Trade receivables resulting from revenue generation activities consist of the
following:
Third parties 67,880 83,830
Related parties (Note 15d) 1,847 2,378
69,727 86,208
Other third parties receivables 799 780

Total trade and other receivables 70,526 86,988
Less: provision for impairment of trade receivables (22,667) (13,290)
Total trade and other receivables, net 47,859 73,698
For the year ended 31 March 2024, a total of Rp 427 million was directly written off from trade receivables (2023: Rp 1,542
million).
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6. TRADE AND OTHER PAYABLES

As at As at
March 31, 2024 March 31, 2023
Trade payables:
Related parties (Note 15d) 12,224 39,506
22,142 48,549
Other payables and accrued expenses:
Related parties (Note 15d):
Technical services 19,617 28,472
Royalty 317 454
Others 223 6
Third parties:
Employees’ salaries and other compensation 7,533 5,556
Professional fees 675 470
Others - 1,971
28,365 36,929
50,507 85,478
7. UNEARNED REVENUE
As at As at
March 31, 2024 March 31, 2023
Balance at 1 April 16,920 5,436
Billings during the year 2 362 16 609
Revenue recognized during the year (16,920) (5,125)
Balance at 31 March 2,362 16,920
8. EMPLOYEE BENEFITS OBLIGATION

In accordance with Indonesian labor regulations, the Company is required to provide certain post-employment benefits to
its employees when their employment is terminated or when they retire. These benefits are primarily based on years of
service and the employees’ compensation at termination or retirement.
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The following table reflects the balance of the obligation for post-employment benefits as of the reporting dates, as well
as the movements in the obligation, and the expense recognized during 2024 and 2023:
As at As at
March 31, 2024 March 31, 2023
Movement in the defined benefit obligation
Defined benefit obligation, beginning of year 5,391 5,104
- Past service cost - (542)
- Current service cost 1,234 1,257
- Interest cost 370 284
Included in other comprehensive income
Actuarial gains (losses) arising from:
- financial assumptions 149 (17)
- experience adjustment (573) (429)
Others
- Benefits paid (102) (266)
Defined benefit obligation, end of year 6,469 5,391
Short-term employee benefits obligation - (131)
Employee benefits obligation 6,469 5,260
Actuarial assumptions
Principal assumptions used in the actuarial calculations were as follows:
2024 2023
Discount rate 6.19% -7.00 % per annum 6.01% - 7.21% per annum
Future salary increase rate 7.00% per annum 7.00% per annum
At 31 March 2024, the weighted-average duration of the defined benefit obligation is 15.59 years (2023: 13.65 years).
The discount rate is used in determining the present value of the benefit obligation at valuation date. In general, the
discount rate correlates with the yield on high quality zero coupon government bonds that are traded in active capital
markets at the reporting date.
The future salary increase assumptions projects the benefit obligation starting from the valuation date through the normal
retirement age. The salary increase rate is generally determined by applying inflation adjustments to pay scales, and by
taking account of the length of service.
Sensitivity analysis
It is reasonably possible that the key actuarial assumptions applied in estimating the post-employment benefits may
turn out to be different than expected. The range of such reasonably expected variability would affect the defined benefit
obligation at the reporting date by the following amounts:
2024 2023
1% increase 1% decrease 1% increase 1% decrease
Discount rate (569) 650 (442) 504
Future salary increase rate 614 (550) 498 (446)
This analysis depicts the approximate sensitivity of the benefits obligation to a reasonably possible change in assumptions,
but does not take account of the variability in the timing of the distribution of benefit payments expected under the plan.
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9. SHARE CAPITAL AND APPROPRIATED RETAINED EARNINGS

As of 31 March 2024 and 2023, the Company’s authorized share capital amounted to Rp 2,508 million (250 shares at a
nominal value of Rp 10,030,000 (whole Rupiah) or USD 1,000 per share), of which amounted to Rp 1,003 million (100 shares
at a nominal value of Rp 10,030,000 (whole Rupiah) or USD 1,000 per share) have been fully issued and paid-up by the
following shareholders:
Nominal value
Shareholders Number of In millions of USD %
shares Rupiah
Tata Consultancy Services Asia Pacific Pte., 99 993 99,000 99%
Ltd, Singapore
Tata Consultancy Services Malaysia Sdn., 1 10 1,000 1%
Bhd, Malaysia
100 1,003 100,000 100%
Based on the General Shareholders’ Meeting, the Company established a statutory reserve of 20% of the issued and paid-
up share capital amounting to Rp 201 million in accordance with the Indonesian Limited Liability Company Law.
10. REVENUE AND CONTRACT ASSETS

As at As at
March 31, 2024 March 31, 2023
Rendering of consultancy maintenance and support services (timing on revenue
recognition: overtime):
Third parties 127 493 179 604
Related parties (Note 15a) 8,310 8,919
135,803 188,523
Sales of hardware and software (timing on revenue recognition: point in time):
140,792 190,623
Contract Assets
The contract assets primarily relate to the Company’s right for consideration for work completed but not billed at the
reporting date for its consultancy services. The following table provide information about contract assets from contracts
with customers:
As at As at
March 31, 2024 March 31, 2023
Balance 1 April 57,708 65,849
(Reversal) recognized as revenue (1,439) 35,095
Transferred to receivables (40,753) (43,236)
Balance 31 March 15,516 57,708
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11. COST OF REVENUE

As at As at
March 31, 2024 March 31, 2023
Professional fees 44,373 65,354
Project 10,113 11,750
Hardware and software and others 993 2,793
92,576 126,100
12. GENERAL AND ADMINISTRATIVE EXPENSES

As at As at
March 31, 2024 March 31, 2023
Utilities 1,343 351
Travel 1,392 1,232
Marketing and sales promotion 699 541
Professional fees 681 879
Others 1,233 1,754
28,951 24,462
13. TAXATION
a. The components of income tax recognized in profit or loss are as follows:
March 31, 2024 March 31, 2023
Current tax expense:
Current year 6,259 10,115
Adjustments to prior years’ tax expense 58 (315)
6,317 9,800
Deferred tax benefit:
Origination and reversal of temporary differences (3,252) (1,462)
3,065 8,338
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b. Income tax expense is reconciled with profit before tax as follows:

March 31, 2024 March 31, 2023
Statutory tax rate 22% 22%
2,161 8,390
Non-deductible expenses 846 263
Adjustment to prior years’ tax expense 58 (315)
Income tax expense 3,065 8,338
c. Recognized deferred tax balances and the movement thereof during the year were comprised of the following:
Year ended Recognized in Recognized Year ended
March 31, 2023 profit or loss in other March 31, 2024
comprehensive
income
Deferred tax assets (liabilities):
Provision for impairment of trade 2,924 2,063 - 4,987
receivables
Accrued expenses 2,596 867 - 3,463
Employee benefits obligation 1,186 330 (93) 1,423
Fixed assets 17 (8) - 9
Deferred tax assets, net 6,723 3,252 (93) 9,882

Year ended Recognized in Recognized Year ended
March 31, 2022 profit or loss in other March 31, 2023
comprehensive
income
Deferred tax assets (liabilities):
Provision for impairment of trade 3,005 (81) - 2,924
receivables
Accrued expenses 1,236 1,360 - 2,596
Employee benefits obligation 1,122 162 (98) 1,186
Fixed assets (4) 21 - 17
Deferred tax assets, net 5,359 1,462 (98) 6,723
The temporary difference that give rise to the deferred tax asset for the provision for impairment of trade receivables
does not expire, however before such provision can be deductible the Company must provide evidence that the
receivables are not collectible, and thereby must write off the uncollectible balances. Management believes that the
Company will be able to provide evidence that the receivables are not collectible as required by the Indonesian Income
Tax Law.
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d. Under the taxation laws of Indonesia, the Company submits tax returns on the basis of self-assessment. The tax
authorities may assess or amend taxes within the statute of limitations, under prevailing regulations.
The Company’s tax positions may be challenged by the tax authorities. The Company’s tax positions are formed on
sound technical bases, in compliance with the tax regulations. Accordingly, management believes that no accruals
for potential income tax liabilities is necessary. This assessment relies on estimates and assumptions and may
involve judgment about future events. New information may become available that causes management to change its
judgment. Such changes will impact tax expense in the period in which such determination is made.
14. DISTRIBUTIONS TO SHAREHOLDERS

The annual general shareholders’ meeting on 28 February 2024 declared the distribution of cash dividends of Rp 11,771
million. The dividends were paid on 29 February 2024.
The annual general shareholders’ meeting on 29 November 2023 declared the distribution of cash dividends of Rp 11,700
million. The dividends were paid on 4 December 2023.
The annual general shareholders’ meeting on 27 February 2023 declared the distribution of cash dividends of Rp 31,000
million. The dividends were paid on 15 March 2023.
15. RELATED PARTIES

The Company is ultimately controlled by Tata Sons Limited (incorporated in India).
The Company’s parent company is Tata Consultancy Services Asia Pacific Pte., Ltd (incorporated in Singapore) and its
intermediate parent is Tata Consultancy Services Limited (incorporated in India).
The Company’s entities under common control are Tata Consultancy Services Malaysia Sdn., Bhd (incorporated in
Malaysia), Tata Consultancy Services (China) Co., Ltd. and Tata America International Corporation (incorporated in United
States).
The following transactions were carried out with related parties:
(a) Revenue
March 31, 2024 March 31, 2023
Consultancy services rendered to (Note 10):
Intermediate parent 3,001 3,606
Parent 5,309 5,313
8,310 8,919
(b) Purchases of services

March 31, 2024 March 31, 2023
Services provided by:
Entities under common control 6,326 5,688
Parent 5,228 3,808
Ultimate parent 349 454
53,332 74,040
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(c) Key management compensation
Key management includes Board of Director and Board of Commissioners. The following reflects the compensation
paid or payable to key management individuals for services rendered in their capacity as employees:
March 31, 2024 March 31, 2023
Salaries and other short-term benefits 2,762 2,484
(d) Year-end balances

March 31, 2024 March 31, 2023
Receivables from (Note 5):
Parent 364 1,040
1,847 2,378
Contract assets from:
Parent 149 446
Intermediate parent 55 286
204 732
Payables to (Note 6):
Entities under common control 3,364 5,915
Parent 6,377 4,707
Ultimate parent 349 454
32,381 68,438
16. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT

Financial instruments
The Company’s financial assets and liabilities are expected to be realized, or settled in the near term. Therefore, their
carrying amounts approximate their fair values.
Financial risk management
The main risks arising from the Company’s financial instruments are credit risk, liquidity risk and currency risk.
Credit risk
Credit risk is the risk of financial loss in the event that a customer or counterparty to a financial instrument fails to meet
its contractual obligations. The Company’s credit risk principally arises from trade receivables from customers.
The carrying amounts of financial assets represent the maximum credit exposure.
Trade and other receivables and contract assets
The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However,
management also considers the factors that may influence the credit risk of its customer base, including the default risk
associated with the industry and country in which customers operate.
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The Company minimizes its exposure to credit risk of trade receivables and contract assets by assessing and monitoring
the credit worthiness of customers. The exposure is also further limited by mandating payment terms of no longer than
30 days and by actively enforcing collection from customers prior to the due date.
The Company’s most significant customer, an Indonesian State Owned and Commercial Bank, PT Bank Negara Indonesia
(Persero), TBK., accounts for Rp 6,367 million of the trade receivables carrying amount at 31 March 2024 (2023: Rp 37,905
million).
An analysis of the credit quality of trade and other receivables and contract assets is summarized below:
As at As at
March 31, 2024 March 31, 2023
Carrying Carrying
amount amount
Not past due 29,116 99,480
Past due:
Less than 90 days 2,827 27,067
91 days to 1 year 31,432 4,805
1 year and above - 54
63,375 131,406
The following table provides information about the exposure to credit risk and ECLs for trade and other receivables and
contract assets as at 31 March 2024 and 2023:
March 31, 2024
Weighted Gross carrying Loss allowance
average loss amount
rate
Not past due 0% 29,116 -
Past due:
Less than 90 days 0% 2,827 -
91 days to 1 year 38 % 50,631 (19,199)
1 year and above 100 % 3,468 (3,468)
86,042 (22,667)

March 31, 2023
Weighted Gross carrying Loss allowance
average loss amount
rate
Not past due 0% 99,480 -
Past due:
Less than 90 days 0% 27,067 -
91 days to 1 year 0% 4,805 -
1 year and above 99% 13,344 (13,290)
144,696 (13,290)
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The movement in the allowance for impairment in respect of trade receivables and contract assets during the years was
as follows:
March 31, 2024 March 31, 2023
Balance at 1 April 13,290 13,633
Net remeasurement of loss allowance 9,377 (343)
Balance at 31 March 22,667 13,290
Cash in banks and cash equivalents

The Company’s cash in banks and cash equivalents are deposited at reputable banks that are subject to tight regulations,
therefore, the exposure to loss is minimized.
Refundable deposits
Refundable deposits represents cash paid in advance by the Company whereby the Company expects to be refundable
after a specific period of time, or when certain conditions are satisfied, therefore, no significant credit risk factors was
identified.
Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset. The Company manages this liquidity risk by on-
going monitoring of the projected and actual cash flows.
The following are the contractual maturities of financial liabilities, including estimated interest payments:
Contractual
cash flows
Carrying Total/Within
amount 1 year
March 31, 2024
50,975 50,995

Contractual
cash flows
Carrying Total/Within
amount 1 year
March 31, 2023
85,616 85,617
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Currency risk
The Company is exposed to currency risk on few sales and purchases that are denominated in a currency other than
the Company’s functional currency, primarily in US Dollars. Management mitigates the overall risk by buying or selling
currencies of US Dollars at spot rate when necessary.
The Company’s net exposure to currency risk is as follows:
March 31, 2024 March 31, 2023
US Dollars US Dollars
Assets 909,665 836,915)
Liabilities (434,513) (562,269)
Net exposure 475,152 274,646
At reporting dates, balances of monetary assets and liabilities denominated in US Dollars are translated into Rupiah using
the prevailing exchange rates which were Rp 15,873/US Dollars at 31 March 2024; and Rp 14,925/US Dollars at 31 March
2023.
The Company believes that a strengthening/weakening of the Rupiah, by against the US Dollars would not have significant
impact to equity and profit or loss after income tax. This analysis is based on US Dollars rate variances that management
considers as being reasonably possible at the reporting date. The analysis assumes that all other variables, in particular
interest rates, remain constant and ignores any impact of forecasted sales and purchases.
Capital risk management
The Company manages capital with the objective of being able to continue as a going concern and sustaining its ability to
provide returns for shareholders and benefits for other stakeholders, as well as maintaining an optimal capital structure
to minimize the effective cost of capital. This objective is achieved by limiting the amounts of dividends.
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TATA CONSULTANCY SERVICES
(PHILIPPINES) INC.
(A Wholly-owned Subsidiary of
Tata Consultancy Services Asia Pacific Pte. Ltd.)
For the year ended

March 31, 2024
Tata Consultancy Services (Philippines) Inc 28.1
CONTENTS PAGE
Statements of Financial Position 28.5
Statements of Comprehensive Income 28.6

28.2 Tata Consultancy Services (Philippines) Inc

The Board of Directors and Stockholders
Tata Consultancy Services (Philippines), Inc.
10th Floor, Panorama Tower

34th Street Corner Lane A
Bonifacio Global City, Taguig City
Opinion
We have audited the financial statements of Tata Consultancy Services (Philippines), Inc. (the “Company”), a wholly-owned
subsidiary of Tata Consultancy Services Asia Pacific Pte. Ltd., which comprise the statements of financial position as at March
31, 2024 and 2023, and the statements of comprehensive income, statements of changes in equity and statements of cash
flows for the years then ended, and notes, comprising material accounting policies and other explanatory information.
Company as at March 31, 2024 and 2023, and its financial performance and its cash flows for the years then ended in accordance
with Philippine Financial Reporting Standard (PFRSs).
Basis for the Opinion

We conducted our audits in accordance with Philippine Standards on Auditing (PSAs). Our responsibilities under those standards
are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are
independent of the Company in accordance with the Code of Ethics for Professional Accountants in the Philippines (Code of
Ethics) together with the ethical requirements that are relevant to our audit of the financial statements in the Philippines, and
we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Management is responsible for the preparation and fair presentation of the financial statements in accordance with PFRSs,
and for such internal control as management determines is necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or error.

misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with PSAs will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.
As part of an audit in accordance with PSAs, we exercise professional judgment and maintain professional skepticism
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control.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of
the audits and significant audit findings, including any significant deficiencies in internal control that we identify during our
audits.
Report on the Supplementary Information Required Under Revenue Regulations No. 15-2010 of the
Bureau of Internal Revenue
Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The
supplementary information on taxes, duties and license fees in Note 27 to the financial statements is presented for purposes
of filing with the Bureau of Internal Revenue and is not a required part of the basic financial statements. Such supplementary
information is the responsibility of management. The supplementary information has been subjected to the auditing
procedures applied in our audits of the basic financial statements. In our opinion, the supplementary information is fairly
stated in all material respects in relation to the basic financial statements taken as a whole.
R.G. MANABAT & CO.
Partner
CPA License No. 108798
Tax Identification No. 225-454-652
BIR Accreditation No. 08-001987-035-2024
Issued March 26, 2024; valid until March 26, 2027
PTR No. MKT 10075209
Issued January 2, 2024 at Makati City
April 30, 2024

Makati City, Metro Manila
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SUPPLEMENTAL WRITTEN STATEMENT OF AUDITOR

10th Floor, Panorama Tower

34th Street Corner Lane A
We have audited the accompanying financial statements of Tata Consultancy Services (Philippines), Inc. (the “Company”), a
wholly-owned subsidiary of Tata Consultancy Services Asia Pacific Pte. Ltd., as at and for the year ended March 31, 2024, on
which we have rendered our report dated April 30, 2024.
In compliance with Revised Securities Regulation Code (SRC) Rule 68, we are stating that the Company has one (1) stockholder
owning one hundred (100) or more shares.
R.G. MANABAT & CO.
Partner
April 30, 2024

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Note As at As at
March 31, 2024 March 31, 2023
Assets
Current Assets
Cash and cash equivalents 5, 23, 24 P610,553,076 P490,085,081
Trade receivables - net 6, 19, 23, 24 1,613,836,598 1,815,614,385
Prepayments and other current assets 7, 23, 24 258,677,888 270,635,505
Total Current Assets 2,483,067,562 2,576,334,971
Noncurrent Assets
Property and equipment - net 8 297,644,521 238,243,717
Intangible assets - net 9 3,978 11,578
Right-of-use assets - net 21 479,175,902 685,822,420
Other noncurrent assets 10, 23, 24 106,043,039 85,804,764
Total Noncurrent Assets 882,867,440 1,009,882,479
P3,365,935,002 P3,586,217,450

Current Liabilities
Trade and other payables 11, 23, 24 P1,513,980,062 P1,809,883,650
Lease liabilities - current portion 21 291,575,805 288,753,101
Income tax payable 22,374,286 21,704,897
Total Current Liabilities 1,827,930,153 2,120,341,648
Non current Liabilities
Lease liabilities - net of noncurrent portion 21 225,354,268 447,353,691
Retirement benefit obligation 12 241,500,461 179,263,215
Total Noncurrent Liabilities 466,854,729 626,616,906
Total Liabilities 2,294,784,882 2,746,958,554
Equity
Share capital 13 276,200,000 276,200,000
Accumulated remeasurements on retirement benefits 16,386,329 43,313,628
Retained earnings:
Appropriated 14 500,000,000 400,000,000
Unappropriated 14 831,083,791 672,265,268
Treasury shares 13 (552,520,000) (552,520,000)
Total Equity 1,071,150,120 839,258,896
P3,365,935,002 P3,586,217,450
SEE NOTES TO THE FINANCIAL STATEMENTS.
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Statements of Comprehensive Income

March 31, 2024 March 31, 2023
Revenues - net 15, 19 P6,644,188,958 P6,553,764,184
Cost of services 16 5,486,312,841 5,426,060,702
GROSS PROFIT 1,.157,876,117 1,127,703,482
General and administrative
Expenses 17 483,066,954 458,585,472
INCOME FROM OPERATIONS 674,809,163 669,118,010
Other income (charges)
Interest expense 21 (37,315,096) (49,549,533)
Foreign exchange gain (loss) - net 30,747,751 (5,846,282)
Interest income 5, 21 8,718,387 3,422,674
Others – net 1,717,250 1,251,122
3,868,292 (50,722,019)
INCOME BEFORE INCOME TAX 678,677,455 618,395,991
NET INCOME 604,818,523 548,436,588
Items that will not be reclassified
Remeasurement gain on retirement benefits 12 (26,927,299) 16,441,173
TOTAL COMPREHENSIVE INCOME P577,891,224 P564,877,761
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Statements of Changes in Equity
Accumulated
Remeasurements Retained Earnings Treasury
Share Capital on Retirement (Note 14) Shares
Note (Note 13) Benefits Appropriated Unappropriated Total (Note 13) Total
Balances as at March 31, P276,200,000 P26,872,455 P100,000,000 P920,828,680 P1,020,828,680 (P552,520,000) P771,381,135
2022
Net Income - - - 548,436,588 548.436,588 - 548,436,588
Other comprehensive income 12 - 16,441,173 - - - - 16,441,173
Total comprehensive income - 16,441,173 - 548,436,588 548,436,588 - 564,877,761
Reversal of appropriations - - (100,000,000) 100,000,000 - - -
Additional appropriation 14 - - 400,000,000 (400,000,000) - - -
Dividend distribution 14 - - - (497,000,000) (497,000,000) - (497,000,000)
Transactions with owners of the - - 300,000,000 (797,000,000) (497,000,000) - (497,000,000)
Company
Balances as at March 31, 2023 P276,200,000 P43,313,628 P400,000,000 P672,265,268 P1,072,265,268 (P552,520,000) P839,258,896
Net Income - - - 604,818,523 604,818,523 - 604,818,523
Other comprehensive income 12 - - - - - -
Total comprehensive income - (26,927,299) - 604,818,523 604,818,523 - 577,891,224
Reversal of appropriations - - (400,000,000) 400,000,000 - - -
Additional appropriation 14 - - 500,000,000 (500,000,000) - - -
Dividend distribution 14 - - - (346,000,000) (346,000,000) - (346,000,000)
Transactions with owners of the - - 100,000,000 (446,000,000) (346,000,000) - (346,000,000)
Company
Balances as at March 31, 2024 P276,200,000 P16,386,329 P500,000,000 P831,083,791 P1,331,083,791 (P552,520,000) P1,071,150,120
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Statements of cash Flows

March 31, 2024 March 31, 2023
Income before tax P678,677,455 P618,395,991
Adjustments for:
Depreciation and amortization 8, 9, 21 407,041,286 378,436,729
Retirement benefit expense 12, 18 48,099,146 39,841,638
Provision (reversal) for impairment losses on receivables 6 14,825,465 (8,578)
Gain on sublease & lease modification 906,318 1,033,018
Dividend Income - (20)
Unrealized foreign exchange gain - net (9,671,510) (144,923)
Interest Income 5, 21 (8,718,388) (3,422,674)
Provision (reversal) for volume discount 4,869 (8,223,347)
Operating cash flows before working capital changes 1,131,164,641 1,025,907,834
Decrease (increase) in:
Prepayments and other current assets 11,953,652 12,796,812
Increase (decrease) in trade and other Payables (322,862,433) 503,597,198
Cash generated from operations 1,020,649,693 1,029,323,534
Income taxes paid (73,189,543) (65,477,618)
Benefits paid (12,789,199) -
Net cash provided by operating activities 934,670,951 963,845,916
Additions to property and equipment (net of disposal) 8 (138,557,208) (87,557,631)
Decrease (increase) in other assets (14,746,083) 3,936,609
Interest Income received 5 4,537,675 348,746
Dividend income received - 20
Dividends paid 14 (346,000,000) (497,000,000)
Repayment of lease liabilities 21 (317,976,098) (268,556,116)
NET INCREASE IN CASH AND CASH EQUIVALENTS P121,929,237 P115,017,544
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH (1,461,242) 4,568,386
EQUIVALENTS
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 490,085,081 370,499,151
CASH AND CASH EQUIVALENTS AT END OF YEAR 5 P610,553,076 P490,085,081
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Tata Consultancy Services (Philippines) Inc. (the “Company”) was organized under the laws of the Republic of the
Philippines and registered with the Philippine Securities and Exchange Commission (SEC) on September 19, 2008. The
Company’s principal activities are to provide information technology (IT), business solutions and outsourcing services.
The Company is a wholly-owned subsidiary of Tata Consultancy Services Asia Pacific Pte. Ltd. (the “Parent Company”),
a company incorporated under the laws of Singapore. Tata Consultancy Services Limited (the “Intermediate Parent”),
a company incorporated in India and Tata Sons Limited (“the Ultimate Parent”), a company incorporated in India is the
Company’s ultimate parent company.
The Company is registered with the Philippine Economic Zone Authorities (PEZA) under Republic Act No. 7916 (The Special
Economic Zone Act of 2005) as an Ecozone IT Enterprise on June 2, 2010.
The Company is concurrently registered with the Philippine Board of Investments (BOI) under Executive Order No. 226
(Omnibus Investment Code of 1987) as an Export Market Enterprise on December 22, 2022.
2. Basis of Preparation
Statement of Compliance
The financial statements have been prepared in compliance with Philippine Financial Reporting Standards (PFRSs). PFRSs
are based on International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board
(IASB). PFRSs which are issued by the Philippine Financial and Sustainability Reporting Standards Council (FSRSC),
consist of PFRSs, Philippine Accounting Standards (PASs), and Philippine Interpretations.
Basis of Measurement
The financial statements of the Company have been prepared on the historical cost basis of accounting, except for the
retirement benefit obligation which is measured at the present value of defined benefit obligation, certain financial
instruments which are measured at fair value or amortized cost at the end of each reporting period & Lease liability which
is measured at amortized cost.
Functional and Presentation Currency
The financial statements are measured using the currency of the primary economic environment in which the Company
operates. The financial statements are presented in Philippine Peso, which is the Company’s functional currency. All
amounts are rounded to the nearest Peso, except when otherwise indicated.
Authorization for Issuance of the Financial Statements
The accompanying financial statements were approved and authorized for issue by the Company’s Board of Directors
(BOD) on April 30, 2024.
3. Summary of Material Accounting Policies

The accounting policies set out below have been applied consistently to all years presented in the financial statements,
except for the changes in accounting policies as explained below.
Adoption of New or Revised Standards, Amendments to Standards and Interpretations
The Company has adopted the following new standards, amendments to standards and interpretations starting April
1, 2023 and accordingly, changed its accounting policies. Except as otherwise indicated, the adoption did not have any
significant impact on Company’s financial statements.
Effective January 1, 2023
• Definition of Accounting Estimates (Amendments to PAS 8 Accounting Policies, Changes in Accounting Estimates
and Errors). To clarify the distinction between changes in accounting policies and changes in accounting estimates,
the amendments introduce a new definition for accounting estimates, clarifying that they are monetary amounts in
the financial statements that are subject to measurement uncertainty. The amendments also clarify the relationship
between accounting policies and accounting estimates by specifying that an accounting estimate is developed to
achieve the objective set out by an accounting policy. Developing an accounting estimate includes both selecting a
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measurement technique and choosing the inputs to be used when applying the chosen measurement technique. The
effects of changes in such inputs or measurement techniques are changes in accounting estimates. The definition
of accounting policies remain unchanged. The amendments also provide examples on the application of the new
definition.
The amendments will apply prospectively to changes in accounting estimates and changes in accounting policies occurring
on or after the beginning of the first annual reporting period in which the amendments are applied.
• Disclosure of Accounting Policies (Amendments to PAS 1 Presentation of Financial Statements and PFRS Practice
Statement 2 Making Materiality Judgements). The amendments are intended to help companies provide useful
accounting policy disclosures. The key amendments to PAS 1 include:
• requiring companies to disclose their material accounting policies rather than their significant accounting
policies;
• clarifying that accounting policies related to immaterial transactions, other events or conditions are themselves
immaterial and as such need not be disclosed; and
• clarifying that not all accounting policies that relate to material transactions, other events or conditions are
themselves material to a company’s financial statements.
The amendments to PFRS Practice Statement 2 includes guidance and additional examples on the application of
materiality to accounting policy disclosures, assisting companies to provide useful, entity-specific accounting policy
information that users need to understand other information in the financial statements.
The Company reviewed the accounting policies and although the amendments did not result in any changes to the
accounting policies.
• Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to PAS 12 Income
Taxes). The amendments clarify that that the initial recognition exemption does not apply to transactions that give rise
to equal taxable and deductible temporary differences such as leases and decommissioning obligations.
For leases and decommissioning liabilities, the associated deferred tax assets and liabilities will be recognized from
the beginning of the earliest comparative period presented, with any cumulative effect recognized as an adjustment to
retained earnings or other appropriate component of equity at that date. For all other transactions, the amendments
apply to transactions that occur after the beginning of the earliest period presented.
• International Tax Reform - Pillar Two Model Rules (Amendments to IAS 12 Income Taxes). The amendments provide a
temporary mandatory exception from accounting for deferred tax that arises from legislation implementing the Pillar
Two model rules published by the Organisation for Economic Co-operation and Development, including tax law that
implements qualified domestic minimum top-up taxes described in those rules. Under the relief, a Company:
• discloses that it has applied the exception to recognizing and disclosing information about deferred tax assets
and liabilities related to Pillar Two income taxes;
• discloses that it has applied the exception to recognizing and disclosing information about deferred tax assets
and liabilities related to Pillar Two income taxes;
• discloses separately its current tax expense (income) related to Pillar Two income taxes; and
• in periods in which Pillar Two legislation is enacted or substantively enacted but not yet in effect, discloses known
or reasonably estimable information that helps users of financial statements understand the entity’s exposure to
Pillar Two income taxes arising from that legislation.
Standard Issued But Not Yet Adopted
A number of new standards and amendments to standards are effective for annual periods beginning after April 1, 2023.
However, the Company has not early adopted the following new or amended standards in preparing these financial
statements. Unless otherwise stated, none of these are expected to have a significant impact on the Company’s financial
statements.
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• Lease Liability in a Sale and Leaseback (Amendment to PFRS 16 Leases). The amendments confirm the following:
• On initial recognition, the seller-lessee includes variable lease payments when it measures a lease liability
arising from a sale-and-leaseback transaction.
• After initial recognition, the seller-lessee applies the general requirements for subsequent accounting of the
lease liability such that it recognizes no gain or loss relating to the right of use it retains.
A seller-lessee may adopt different approaches that satisfy the new requirements on subsequent measurement. For
example, the seller-lessee could determine the lease payments to be deducted from the lease liability as expected
lease payments or as equal periodic payments over the lease term, with the difference between those payments and
amounts actually paid recognized in profit or loss.
The amendments are effective for annual reporting periods beginning on or after 1 January 2024, with earlier
application permitted. Under PAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, a seller-lessee
will need to apply the amendments retrospectively to sale-and-leaseback transactions entered into or after the date
of initial application of PFRS 16.
• Classification of Liabilities as Current or Non-current - 2020 amendments and Non-Current Liabilities with Covenants
– 2022 amendments (Amendments to PAS 1 Presentation of Financial Statements). To promote consistency in
application and clarify the requirements on determining whether a liability is current or non-current, the amendments:
• removed the requirement for a right to defer settlement of a liability for at least twelve months after the reporting
period to be unconditional and instead requires that the right must have substance and exist at the end of the
reporting period;
• clarified that only covenants with which a company must comply on or before the reporting date affect the
classification of a liability as current or non¬current and covenants with which the entity must comply after the
reporting date do not affect a liability’s classification at that date;
• provided additional disclosure requirements for non-current liabilities subject to conditions within twelve months
after the reporting period to enable the assessment of the risk that the liability could become repayable within
twelve months; and
• clarified that settlement of a liability includes transferring an entity’s own equity instruments to the counterparty,
but conversion options that are classified as equity do not affect classification of the liability as current or
noncurrent.
The amendments will apply retrospectively for annual reporting periods beginning on or after January 1, 2024 with
earlier application is permitted. Entities that have early applied the 2020 amendments may retain application until the
2022 amendments are applied. Entities that will early apply the 2020 amendments after issue of the 2022 amendments
must apply both amendments at the same time.
• Finance Arrangements (Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments:
Disclosures). The amendments introduce new disclosures about a company’s supplier finance arrangements that
would enable users of financial statements to assess the effects of those arrangements on the entity’s liabilities and
cash flows, and the company’s exposure to liquidity risk. Under the amendments, a Company discloses in aggregate
for its supplier finance arrangements:
• the terms and conditions of the arrangements;
• beginning and ending carrying amounts and associated line items of the financial liabilities that are part of a
supplier finance arrangement, distinguishing those for which suppliers were already paid, and range of payment
due dates including those for comparable trade payables not part of a supplier finance arrangement; and
• the type and effect of non-cash changes in the carrying amounts.
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The amendments also add supplier finance arrangements as an example to the existing disclosure requirements on
factors a company might consider when providing specific quantitative liquidity risk disclosures about its financial
liabilities.
The amendments are effective for annual reporting periods beginning on or after 1 January 2024, with early application
permitted. However, a company is not required to disclose comparative information for any prior reporting periods,
information on carrying amounts for which suppliers already received payment and range of payment due dates as
at the beginning of the annual reporting period the company first applies the amendments, and information for any
interim period within the annual reporting period in which the company first applies those amendments.
• PFRS 17 Insurance Contracts replaces the interim standard, PFRS 4 Insurance Contracts. Reflecting the view that an
insurance contract combines features of both a financial instrument and a service contract, and considering the fact
that many insurance contracts generate cash flows with substantial variability over a long period, PFRS 17 introduces
a new approach that:
• combines current measurement of the future cash flows with the recognition of profit over the period services
are provided under the contract;
• presents insurance service results (including presentation of insurance revenue) separately from insurance
finance income or expenses; and
• requires an entity to make an accounting policy choice portfolio-by-portfolio of whether to recognize all insurance
finance income or expenses for the reporting period in profit or loss or to recognize some of that income or
expenses in other comprehensive income.
Under PFRS 17, groups of insurance contracts are measured based on fulfilment cash flows, which represent the
risk-adjusted present value of the entity’s rights and obligations to the policy holders, and a contractual service
margin, which represents the unearned profit the entity will recognize as it provides services over the coverage
period. Subsequent to initial recognition, the liability of a group of insurance contracts represents the liability for
remaining coverage and the liability for incurred claims, with the fulfilment cash flows remeasured at each reporting
date to reflect current estimates.
Simplifications or modifications to the general measurement model apply to groups of insurance contracts measured
using the ‘premium allocation approach’, investment contracts with discretionary participation features, and
reinsurance contracts held.
PFRS 17 brings greater comparability and transparency about the profitability of new and in-force business and gives
users of financial statements more insight into an insurer’s financial health. Separate presentation of underwriting
and financial results will give added transparency about the sources of profits and quality of earnings.
PFRS 17 is effective for annual periods beginning on or after January 1, 2025. Full retrospective application is required,
unless it is impracticable, in which case the entity chooses to apply the modified retrospective approach or the fair
value approach. However, if the entity cannot obtain reasonable and supportable information necessary to apply the
modified retrospective approach, then it applies the fair value approach. Early application is permitted for entities that
apply PFRS 9 Financial Instruments on or before the date of initial application of PFRS 17.
• Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates). The amendments
clarify that a currency is exchangeable into another currency when a Company is able to obtain the other currency
within a time frame that allows for a normal administrative delay and through a market or exchange mechanism in
which an exchange transaction would create enforceable rights and obligations.
When a currency is not exchangeable, a Company needs to estimate a spot rate. The objective in estimating the
spot rate is to reflect the rate at which an orderly exchange transaction would take place at the measurement date
between market participants under prevailing economic conditions. The amendments do not specify how to estimate
the spot exchange rate to meet the objective and an entity can use an observable exchange rate without adjustment
or another estimation technique.
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The amendments require new disclosures to help users assess the impact of using an estimated exchange rate on
the financial statements, including the nature and financial impacts of the currency not being exchangeable, the spot
exchange rate used, the estimation process, and risks to the Company because the currency is not exchangeable.
The amendments apply for annual reporting periods beginning on or after 1 January 2025. Earlier application is
permitted. Comparative information is not restated and the effect of initially applying the amendments are adjusted
to the opening balance of retained earnings, or to the cumulative amount of translation differences if the Company
uses a presentation currency other than its functional currency.
Deferral of the local implementation of Amendments to PFRS 10 and PAS 28: Sale or Contribution of Assets between an
Investor and its Associate or Joint Venture
• Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to PFRS 10
Consolidated Financial Statements and PAS 28 Investments in Associates and Joint Ventures). The amendments
address an inconsistency between the requirements in PFRS 10 and in PAS 28, in dealing with the sale or contribution
of assets between an investor and its associate or joint venture.
The amendments require that a full gain or loss is recognized when a transaction involves a business (whether it
is housed in a subsidiary or not). A partial gain or loss is recognized when a transaction involves assets that do not
constitute a business, even if these assets are housed in a subsidiary.
Originally, the amendments apply prospectively for annual periods beginning on or after January 1, 2016 with
early adoption permitted. However, on January 13, 2016, the FRSC decided to postpone the effective date of these
amendments until the IASB has completed its broader review of the research project on equity accounting that may
result in the simplification of accounting for such transactions and of other aspects of accounting for associates and
joint ventures.
Financial Assets & Financial Liabilities
Financial assets and liabilities are recognised when the entity becomes a party to the contractual provisions of the
instrument. Financial assets and liabilities are initially measured at fair value. Transaction costs that are directly
The company derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or
The entity derecognises financial liabilities when, and only when, the entity obligations are discharged, cancelled or have
expired.
Financial Assets at Amortized Cost
outstanding.
Financial Assets at Fair Value through Other Comprehensive Income
The company has made an irrevocable election to present subsequent changes in the fair value of equity investments not
Financial Assets at fair Value through Profit or Loss
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Financial liabilities are measured at amortized cost using the effective interest method.
Impairment of Financial Assets (Other than at Fair Value)
assets is impaired. PFRS 9 requires expected credit losses to be measured through a loss allowance. The entity recognizes
lifetime expected losses for all contract assets and / or all trade receivables that do not constitute a financing transaction.
In determining the allowances for doubtful trade receivables the entity has used a practical expedient by computing the
assets, expected credit losses are measured at an amount equal to the 12-month expected credit losses or at an amount
recognition.
Prepayments
Prepayments represent expenses not yet incurred but already paid in cash. Prepayments are initially recorded as assets
and measured at the amount of cash paid. Subsequently, these are charged to profit or loss as they are consumed in
operations or expire with the passage of time.
Prepayments are classified in the statements of financial position as current assets when the cost of services related
to the prepayments are expected to be incurred within one year or the Company’s normal operating cycle, whichever is
longer. Otherwise, prepayments are classified as noncurrent assets.
Property and Equipment
Property and equipment are initially measured at cost. The cost of an item of property and equipment comprises:
• its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and
rebates;
• any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of
operating in the manner intended by Management; and
• the initial estimate of the future costs of dismantling and removing the item and restoring the site on which it is
located, the obligation for which an entity incurs either when the item is acquired or as a consequence of having used
the item during a particular period for purposes other than to produce inventories during that period.
Purchased software that is integral to the functionality of the related equipment is capitalized as part of that equipment.
At the end of each reporting period, item of property and equipment measured using the cost model are carried at cost
less any subsequent accumulated depreciation, amortization and impairment losses.
Subsequent expenditures relating to an item of property and equipment that have already been recognized are added to
the carrying amount of the asset when it is probable that future economic benefits, in excess of the originally assessed
standard of performance of the existing asset, will flow to the Company. All other subsequent expenditures are recognized
as expenses in the period in which those are incurred.
Depreciation is computed on the straight-line method based on the estimated useful lives of the assets as follows:
Number of Years
Computer equipment 4
Furniture and fixtures 5
Office equipment 5 - 10
Leasehold improvements 5 or lease term, whichever is shorter
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Properties in the course of construction for production, rental or administrative purposes, or for purposes not yet
determined, are carried at cost, less any recognized impairment loss. Cost includes professional fees and for qualifying
assets, borrowing costs capitalized in accordance with the Company’s accounting policy. Depreciation of these assets
commences at the time the assets are ready for their intended use.
An item of property and equipment is derecognized upon disposal or when no future economic benefits are expected to
arise from the continued use of the asset. Gain or loss arising on the disposal or retirement of an asset is determined as
the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss.
Leases
At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains,
a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration.
As a Lessee
At commencement or on modification of a contract that contains a lease component, the Company allocates the
consideration in the contract to each lease component on the basis of its relative stand-alone prices.
The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use
asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments
made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and
remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives
received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the
end of the lease term, unless the lease transfers ownership of the underlying asset to the Company by the end of the
lease term or the cost of the right-of-use asset reflects that the Company will exercise a purchase option. In that case the
right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis
as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any,
and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement
date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the lessee’s
incremental borrowing rate. Generally, the Company uses the lessee’s incremental borrowing rate as the discount rate.
The Company determines the lessee’s incremental borrowing rate by obtaining interest rates from various external
financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased.
Lease payments included in the measurement of the lease liability comprise the following:
• fixed payments, including in-substance fixed payments;
• variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the
commencement date;
• amounts expected to be payable under a residual value guarantee; and
• the exercise price under a purchase option that the Company is reasonably certain to exercise, lease payments in an
optional renewal period if the Company is reasonably certain to exercise an extension option, and penalties for early
termination of a lease unless the Company is reasonably certain not to terminate early.
The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a
change in future lease payments arising from a change in an index or rate, if there is a change in the Company’s estimate
of the amount expected to be payable under a residual value guarantee, if the Company changes its assessment of
whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease
payment.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the
right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to
zero.
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Short-term leases and leases of low-value assets.
The Company has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets and
short-term leases, including IT equipment. The Company recognizes the lease payments associated with these leases as
an expense on a straight-line basis over the lease term.
Impairment of Nonfinancial Assets
At the end of each reporting period, the Company assesses whether there is any indication that any of its nonfinancial
assets, which comprise of property and equipment, may have suffered an impairment loss. If any such indication exists,
the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. When it
is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount
of the cash-generating unit (CGU) to which the asset belongs. A reasonable and consistent basis of allocation can be
identified, assets are also allocated to individual (CGUs), or otherwise they are allocated to the smallest group of CGUs for
which a reasonable and consistent allocation basis can be identified.
Recoverable amount is the higher of fair value less costs to sell and value-in-use. In assessing value-in-use, the
estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash
flows have not been adjusted.
If the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the carrying amount of the
asset or CGU is reduced to its recoverable amount. An impairment loss is recognized as an expense.
Impairment losses recognized in prior periods are assessed at the end of each reporting period for any indications that
the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates
used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying
amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no
impairment loss had been recognized. A reversal of an impairment loss is recognized as income.
Share Capital
Share capital are classified as equity. Incremental costs directly attributable to the issuance of new shares or options are
shown in equity as a deduction from the proceeds, net of tax.
Treasury Shares
When share capital recognized as equity is repurchased, the amount of the consideration paid, which includes directly
attributable costs, net of any tax effects, is recognized as a deduction from equity. Repurchased shares are classified as
treasury shares and are presented in the reserve for own shares. When treasury shares are sold or reissued subsequently,
the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is
presented in additional paid-in capital.
Retained Earnings
Retained earnings represent accumulated profits or losses. Retained earnings may also include effect of changes in
accounting policy as may be required by the standard’s transitional provisions.
Unappropriated retained earnings represent that portion which is free and can be declared as dividends to stockholders.
Appropriated retained earnings represent that portion which has been restricted and, therefore, not available for dividend
declaration. When appropriation is no longer needed, it is reversed.
Other Comprehensive Income (OCI)
Other comprehensive income represents income and expense that are not recognized in profit or loss as required or
permitted by the related accounting standards.
Revenue Recognition
The Company earns revenue primarily from providing IT services, business solutions and outsourcing services. The
Company offers a consulting-led, cognitive powered, integrated portfolio of IT, business and engineering services and
solutions.
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Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects
• Revenue from time and material and job contracts is recognized on output basis measured by units delivered, efforts
to provide services is recognized based on time elapsed mode and revenue is straight lined over the period of
performance.
• In respect of other fixed-price contracts, revenue is recognized using percentage- of-completion method (‘POC
is recognized upfront at the point in time when the system/software is delivered to the customer. In cases where
implementation and/or customization services rendered significantly modifies or customizes the software, these
services and software are accounted for as a single performance obligation and revenue is recognized over time on a
POC method .
• Revenue from the sale of distinct third party hardware is recognized at the point in time when control is transferred
to the customer.
is acting as the principal or as an agent of the customer. The Company recognizes revenue in the gross amount of
criteria for capitalization. Such costs are amortized over the contractual period or useful life of the license, whichever is
less. The assessment of this criteria requires the application of judgement, when considering if costs generate or enhance
resources to be used to satisfy future performance obligations and whether costs are expected to be recovered.
Contract assets are recognized when there is excess of revenue earned over billings on contracts. Contract assets are
Unearned and deferred revenue (“contract liability”) is recognized when there are billings in excess of revenues. Contract
liability is presented in the Company’s financial statements as “unearned revenue”.
The billing schedules agreed with customers could include periodic performance¬based payments and/or milestone-
based progress payments. Invoices are payable within contractually agreed credit period.
In accordance with PAS 37, the Company recognizes an onerous contract provision when the unavoidable costs of meeting
The Company disaggregates revenue from contracts with customers by industry verticals, geography, and nature of
services.
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Use of significant judgments in revenue recognition
• The Company’s contracts with customers could include promises to transfer multiple products and services to a
customer. The Company assesses the products and services promised in a contract and identifies distinct performance
obligations in the contract. Identification of distinct performance obligation involves judgment to determine the
• Judgment is also required to determine the transaction price for the contract and to ascribe the transaction
of the time value of money if the contract includes a significant financing component. The Company has applied
the practical expedient provided by PFRS 15, whereby the Company does not adjust the transaction price for the
effects of the time value of money where the period between when the control on goods and services transferred
to the customer and when payment thereof is due, is one year or less. Any consideration payable to the customer
is adjusted to the transaction price, unless it is a payment for a distinct product or service from the customer.
The estimated amount of variable consideration is adjusted in the transaction price only to the extent that it is
highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur and is
reassessed at the each reporting period. The Company allocates the elements of variable considerations to all
the performance obligations of the contract unless there is observable evidence that they pertain to one or more
• The Company exercises judgment in determining whether the performance obligation is satisfied at a point in
• Revenue for fixed-price contracts are recognized using percentage-of-completion method. The Company uses
judgment to estimate the future cost-to-completion of the contracts which is used to determine the degree of
Finance and Other Income
Interest Income
Interest income is accrued on a time proportion basis, by reference to the principal outstanding and at the effective
interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life
of the financial asset to that asset’s net carrying amount.
Other Income
Other income is income generated outside the normal course of business and is recognized when it is probable that the
economic benefits will flow to the Company and it can be measured reliably.
Expense Recognition
Costs and expenses are recognized when incurred and have been classified according to their primary functions in the
Cost of Revenue
to external consultants, cost of equipment and software licenses, depreciation and amortization of production related
Selling, General and Administrative Expenses
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and practice management personnel, depreciation and amortization expenses of non-production equipment and software,
expenses.
Employee Benefits
Short-term Benefits
The Company recognizes a liability net of amounts already paid and an expense for services rendered by employees during
the accounting period that are expected to be settled wholly before twelve months after the end of the reporting period.
A liability is also recognized for the amount expected to be paid under short-term cash bonus or profit sharing plans if
the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the
employee, and the obligation can be estimated reliably.
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service
is provided.
Compensated absences are recognized as undiscounted liability as at the end of the reporting periods.
Post-employment Benefits
The Company classifies its retirement benefit as defined benefit plans. Under the defined benefit plans, the cost of
providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at the
end of each annual reporting period. Remeasurement, comprising actuarial gains and losses, is reflected immediately
in the statement of financial position with a charge or credit recognized in other comprehensive income in the period in
which they occur. Remeasurement recognized in other comprehensive income will not be reclassified to profit or loss.
Past service cost is recognized in profit or loss in the period of a plan amendment. Net interest is calculated by applying
the discount rate at the beginning of the period to the net defined benefit liability. Defined benefit costs are categorized as
follows:
• Service cost (including current service cost, past service cost, as well as gains and losses on curtailments and
settlements).
• Net interest expense or income.
The Company presents the first two components of defined benefit costs in profit or loss in the line item of cost of services
and general and administrative expenses. Curtailment gains and losses are accounted for as past service costs.
The retirement benefit obligation recognized in the statements of financial position represents the present value of the
defined benefit obligation.
Taxes
Current and deferred taxes are recognized in profit and loss, except when they relate to items that are recognized in
other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other
Income tax expense represents the sum of current tax expense and deferred tax.
Current Tax
The current tax expense is based on taxable profit for the year. Taxable profit differs from net income as reported in the
statements of comprehensive income because it excludes items of income or expense that are taxable or deductible in
other years and it further excludes items that are never taxable or deductible. As a PEZA-registered entity, the Company
is entitled to corporate income tax holiday (ITH) for four years for IT and Business Process Outsourcing (BPO) projects
effective on the committed date of start of commercial operations, or the actual date of start of commercial operations,
whichever is earlier. The Company’s liability for current tax is calculated using 0% tax rate for PEZA-registered activities
under ITH and 5% tax rate for PEZA and BOI-registered activities and 25% tax rate for ordinary activities.
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Deferred Tax
Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax base used in the computation of taxable profit. Deferred tax liabilities are generally
recognized for all taxable temporary differences, while deferred tax assets are generally recognized for all deductible
temporary differences and carry forward benefits of unused net operating loss carry over (NOLCO), to the extent that it
is probable that taxable profits will be available against which those deductible temporary differences and carry forward
benefits of NOLCO can be utilized.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that
it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Unrecognized deferred income tax assets are reassessed at each reporting date and are recognized to the extent that it
has become probable that sufficient future taxable profits will allow the deferred income tax asset to be recovered.
Deferred tax liabilities and assets are measured using substantial enacted tax rates that are expected to apply in the
period in which the liability is settled or the asset realized.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax assets against
current tax liabilities and they relate to income taxes levied by the same taxation authority and the Company intends to
settle its current tax assets and liabilities on a net basis.
Value-added Tax (VAT)
Revenues, expenses and assets are recognized net of the amount of VAT, except:
• where the sales tax incurred on a purchase of assets or services is not recoverable from the tax authority, in which
case the sales tax is recognized as part of the cost of acquisition of the asset or as part of the expense item as
applicable; and
• receivables and payables that are stated with the amount of VAT included.
The net amount of sales tax recoverable from or payable to the tax authority is included as part of receivables or payables
in the Company’s statements of financial position.
Foreign Currency Denominated Transactions and Translation
Transactions in currencies other than Philippine Peso are recorded at the rates of exchange prevailing on the date of the
transaction. At the end of each reporting period, monetary assets and liabilities that are denominated in foreign currencies
are retranslated at the rates prevailing at the end of the reporting period. Gains and losses arising on settlement and
retranslation are included in profit or loss for the year. Non-monetary assets and liabilities that are measured in terms of
historical cost in foreign currencies are not retranslated.
Related Parties and Related Party Transactions
Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise
significant influence over the other party in making financial and operating decisions. Parties are also considered to be
related if they are subject to common control. Related parties may be individuals or corporate entities.
Provisions
Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is
probable (i.e., more likely than not) that an outflow of resources embodying economic benefits will be required to settle the
obligation, and a reliable estimate can be made of the amount of the obligation. Where the Company expects some or all
of the provision to be reimbursed, the reimbursement is recognized as a separate asset, but only when the reimbursement
is virtually certain. The expense relating to any provision is presented in profit or loss, net of reimbursement. If the effect
of the time value of money is material, provisions are discounted using the current pre-tax rate that reflects, where
appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage
of time is recognized as interest expense.
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Contingencies
Contingent liabilities are not recognized in the financial statements but are disclosed in the notes to the financial
statements unless the outflow of resources embodying economic benefits is remote. Contingent assets are not recognized
in the financial statements but disclosed in the notes to the financial statements when an inflow of economic benefits is
probable.
Events After the Reporting Period
The Company identifies events after the end of the reporting period as those events, both favorable and unfavorable, that
occur between the end of the reporting period and the date when the financial statements are authorized for issue. The
financial statements of the Company are adjusted to reflect those events that provide evidence of conditions that existed
at the end of the reporting period. Non-adjusting events after the end of the reporting period are disclosed in the notes to
the financial statements when material.
4. Significant Accounting Judgments, Estimates and Assumptions

In the application of the Company’s accounting policies, Management is required to make judgments, estimates and
assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The
estimates and associated assumptions are based on the historical experience and other factors that are considered to be
relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the
revision and future periods if the revision affects both current and future periods.
Critical Judgments in Applying Accounting Policies
The following are the critical judgments, apart from those involving estimations, that management have made in the
process of applying the entity’s accounting policies and that have the most significant effect on the amounts recognized in
Determining Functional Currency
Based on the economic substance of the underlying circumstances relevant to the Company, the functional currency of
the Company has been determined to be the Philippine Peso. The Philippine Peso is the currency of the primary economic
environment in which the Company operates. It is the currency that mainly influences the Company in determining the
costs and selling price of its services.
Determining Term and Discount Rate of Lease Agreement
The company evaluates if an arrangement qualifies to be a lease as per the requirements of PFRS 16. Identification
of a lease requires significant judgment. The entity uses significant judgement in assessing the lease term (including
anticipated renewals) and the applicable discount rate.
The company determines the lease term as the non-cancellable period of a lease, together with both periods covered by
an option to extend the lease if the group is reasonably certain to exercise that option; and periods covered by an option
to terminate the lease if the entity is reasonably certain not to exercise that option. In assessing whether the entity is
reasonably certain to exercise an option to extend a lease, or not to exercise an option to terminate a lease, it considers
all relevant facts and circumstances that create an economic incentive for the entity to exercise the option to extend the
lease, or not to exercise the option to terminate the lease. The Entity revises the lease term if there is a change in the non-
cancellable period of a lease.
Key Sources of Estimation Uncertainty
The following are the key assumptions concerning the future and other key sources of estimation uncertainty at the end of
each reporting period that have a significant risk of causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial year.
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Key source of estimation of uncertainty in respect of revenue recognition, impairment has been discussed in their
respective policies.
Estimating Impairment Losses on Trade Receivable
assets is impaired. PFRS 9 requires expected credit losses to be measured through a loss allowance. The Company
recognizes lifetime expected losses for all contract assets and / or all trade receivables that do not constitute a financing
As at March 31, 2024 and 2023, the management provided for allowances amounting to P14.82 million and nil, respectively
considering doubtful collection from accounts (see Note 6).
Trade receivables recognized in the Company’s statements of financial position amounted to P1,613.84 million and
P1,815.61 million, as at March 31, 2024 and 2023, respectively (see Note 6).
Estimating Useful Lives of Property and Equipment
The useful lives of the Company’s property and equipment are estimated based on the period over which the assets are
expected to be available for use. The estimated useful lives are reviewed periodically and are updated if expectations
differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other
limits on the use of the Company’s assets. In addition, the estimation of the useful lives is based on the Company’s
collective assessment of industry practice, internal technical evaluation and experience with similar assets. It is possible,
however, that future results of operations could be materially affected by changes in estimates brought about by changes
in factors mentioned above. The amounts and timing of recorded expenses for any period would be affected by changes in
these factors and circumstances. A reduction in the estimated useful lives of property and equipment would increase the
recognized operating expenses and decrease non-current assets.
There is no change in the EUL of the Company’s property and equipment in 2024 and 2023.
As at March 31, 2024 and 2023, the carrying amounts of the Company’s property and equipment amounted to P 297.64
million and P238.24 million, respectively (see Note 8).
Estimating Impairment of Nonfinancial Assets
The Company performs an impairment review when certain impairment indicators are present. Determining the
recoverable amount of property and equipment, which require the determination of future cash flows expected to be
generated from the continued use and ultimate disposition of such assets, require the Company to make estimates and
assumptions that can materially affect the financial statements. Future events could cause the Company to conclude that
property and equipment and intangible asset are impaired. Any resulting impairment loss could have a material adverse
impact on the financial position and results of operations.
The preparation of the estimated future cash flows involves significant judgment and estimations. While the Company
believes that its assumptions are appropriate and reasonable, significant changes in the assumptions may materially
affect the assessment of recoverable values and may lead to future additional impairment charges.
As at March 31, 2024 and 2023, the Company’s management determined that there are no impairment indicators affecting
its property and equipment.
Recoverability of Deferred Tax Assets
The Company reviews its deferred tax assets at each reporting date and reduces the carrying amounts to the extent that
it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax assets to be
utilized. The Company also reviews expected timing and rates upon reversal of temporary differences and adjust impact
of deferred tax assets accordingly. The Company’s assessment on the recognition of deferred tax assets is based on the
forecasted taxable income of the subsequent reporting periods. This forecast is based on Company’s past results and
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future expectation on revenues and expenses.
As at March 31, 2024 and 2023, Company has not recognized deferred tax assets for retirement benefit obligation, bonus
and leave liability as management believes it is not probable that future taxable profits from its non-PEZA-registered and
PEZA registered activities will be available against which the company can utilize the carryforward benefits of retirement
benefit obligation, bonus and leave liability, respectively (see Notes 20 and 22).
Estimating Retirement Benefit Obligation and Expense
The determination of the retirement benefit obligation and expense is dependent on the selection of certain assumptions
used by actuaries in calculating such amounts. Those assumptions include discount rates, mortality rates and rates of
compensation increase, among others. Actual results that differ from the assumptions are accumulated and amortized
over future periods and therefore, generally affect the recognized expense and recorded obligation in such future periods.
While the Company believes that the assumptions are reasonable and appropriate, significant differences in the actual
experience or significant changes in the assumptions may materially affect the retirement obligations.
The retirement benefit expense charged to operations amounted to P48.10 million and P39.84 million in 2024 and 2023,
respectively. The carrying amount of the retirement benefit obligation in the Company’s statements of financial position
amounted to P 241.50 million and P179.26 million as at March 31, 2024 and 2023, respectively (see Note 12).
Estimating Provisions and Contingent Liabilities
The Company is involved in a certain claim, which arise in the normal course of business. The management believes
that the claims lack legal basis and will contest any future proceedings. The estimate on the probable costs for the
resolution of these possible claims is based upon analysis of potential results. Currently, the Company does not believe
these claims will have a material adverse effect on the Company’s financial statements. It is possible that future financial
performance could be materially affected by changes in the estimates or in the effectiveness of the strategies relating to
these proceeding.
Contingent liabilities are disclosed, unless the possibility of an outflow of resources embodying economic benefits is
remote.
5. Cash and Cash Equivalents

This account consists of:
Note As at As at
March 31, 2024 March 31, 2023
Cash on hand P95,000 P95,000
Cash in banks 23, 24 85,063,051 200,336,331
Cash equivalents 23, 24 525,395,025 289,653,750
P610,553,076 P490,085,081
Cash pertains to cash on hand and unrestricted cash in banks, which earned an average interest of 0.01%. Interest for
time deposit earned an average interest of 3.06% and 0.85% in 2024 and 2023, respectively. Income earned on cash in
banks amounted to P0.92 million and P0.10 million in 2024 and 2023, respectively, while interest income earned on time
deposits amounted to P4.45 million and to P0.25 million in 2024 and 2023, respectively.
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6. Trade Receivables - net
As at As at
March 31, 2024 March 31, 2023
Trade:
Billed receivables P1,239,814,752 P1,335,292,674
1,628,658,013 1,815,614,385
Allowance for impairment losses (14,821,415) -
P1,613,836,598 P1,815,614,385
The average credit period taken on sales of services is 15-75 days. No interest is charged in the receivable exceeding the
credit period.
Out of the total trade receivables, due from related parties amounted to P1,087.52 million and P927.58 million as at March
31, 2024 and 2023, respectively (see Note 19).
Movements of allowance for impairment losses:
As at As at
March 31, 2024 March 31, 2023
Balance at beginning of year P- P8,578
Provision 14,821,415 -
Reversal - (8,578)
Balance at end of year P14,821,415 P-
7. Prepayments and Other Current Assets

Note As at As at
March 31, 2024 March 31, 2023
Contract assets 15, 19 P191,725,481 P160,131,235
Advances to employees 12,698,836 11,456,424
Sublease receivable 3,593,876 1,884,985
Refundable deposits 21, 23, 24 1,833,600 1,833,600
Advance Rent - 11,017,243
Other receivables 2,724,393 4,892,409
Others 3,354,122 14,095,313
P258,677,888 P270,635,505
Prepaid expenses include health medical insurance.
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Advances to employees is net of allowance for impairment losses amounting to P0.04 million and nil in 2024 and 2023,
respectively. Doubtful expense is recognized in profit or loss under General and administrative expenses amounting to
P0.04 million and nil in 2024 and 2023, respectively (see Note 17).
Other receivables include receivables from Social Security System for advances made on behalf of the Company’s
employees.
Others include excess input VAT credit.
8. Property and Equipment

Movements in the carrying amounts of the property and equipment are as follows:
Computer Furniture Office Leasehold Construction Total

Equipment and Fixtures Equipment Improvements in Progress
Cost
Balance, March 31, 2022 P530,540,962 P93,791,027 P268,835,282 P485,143,925 P50,758,841 P1,429,070,037
Disposal/(adjustment) (96,427) - - - - (96,427)
Addition 86,400,820 - 1,691,506 - 374,356 88,466,682
Reclassifications 39,393,920 - 10,700,920 - (50,094,840) -
Balance, March 31, 2023 656,239,275 93,791,027 281,227,708 485,143,925 1,038,357 1,517,440,292
Addition 82,427,636 - 2,045,700 - 78,733,054 163,206,390
Reclassifications 374,355 - - 830,000 (1,204,355) -
Balance, March 31, 2024 739,041,266 93,791,027 283,273,408 485,973,925 78,567,056 1,680,646,682
Accumulated Depreciation and

Amortization
Balance, March 31, 2022 398,966,822 82,597,462 230,830,704 466,518,818 - 1,178,913,806
Depreciation and amortization 73,170,089 4241,735 16,600,635 6,330,646 - 100,343,105
Disposal (60,336) - - - - (60,336)
Balance, March 31, 2023 472,076,575 86,839,197 247,431,339 472,849,464 - 1,279,196,575
Depreciation and amortization 77,379,440 4,156,514 15,541,427 6,728,205 103,805,586
Balance, March 31, 2024 549,456,015 90,995,711 262,972,766 479,577,669 - 1,383,002,161
Carrying Amounts
March 31, 2023 P184,162,700 P6,951,830 P33,796,369 P12,294,461 P1,038,357 P238,243,717
March 31, 2024 P189,585,251 P2,795,316 P20,300,642 P6,396,256 P78,567,056 P297,644,521
The total amount of additions to property and equipment includes cash acquisitions amounting to P150.88 million and
P87.59 million as at March 31, 2024 and 2023, respectively.
Management believes that there are no impairment indicators offsetting the Company’s property and equipment.
Depreciation and amortization is recognized in profit or loss as follows:
Note As at As at
March 31, 2024 March 31, 2023
Cost of services 16 P94,145,032 P87,892,946
General and administrative expenses 17 9,660,554 12,450,159
P103,805,586 P100,343,105
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9. Intangible Asset - net
Note As at As at
March 31, 2024 March 31, 2023
Cost P30,406 P30,406
Amortization 16 (26,428) (18,828)
Carrying Amount, March 31, 2024 P3,978 P11,578
10. Other Noncurrent Assets

Note As at As at
March 31, 2024 March 31, 2023
Refundable deposits 21, 23, 24 P93,544,297 P78,318,047
Sublease receivable 7,029,445 7,233,918
Contract assets 15 5,469,279 252,781
Others 18 18
P106,043,039 P85,804,764
11. Trade and Other Payables

Note As at As at
March 31, 2024 March 31, 2023
Trade payables P512,485,388 P843,328,789
Accrued short-term employee benefits 739,163,952 644,345,745
Unearned revenues 15 117,273,678 125,274,539
Withholding taxes payables 59,172,411 110,864,200
Provision for volume discount 39,421,353 31,759,149
Output VAT - net - 19,284,190
Other statutory payables 46,463,280 35,027,038
24 P1,513,980,062 P1,809,883,650
The average credit period on purchases of goods and services from suppliers is 30-45 days. No interest is charged on the
trade payables. The Company has financial risk management policies in place to ensure that all payables are paid within
the credit timeframe.
Accrued short-term employee benefits include provision for employee bonus, sick leave, and vacation leave accruals.
Output VAT is net of input VAT amounting to nil and P13.01 million as at March 31, 2024 and 2023, respectively. Claims for
tax credit amounted to P21.17 million and P34.06 million as at March 31, 2024 and 2023.
Out of the total trade payables, due to related parties amounted to P409.09 million and P837.29 million as at March 31,
2024 and 2023, respectively (see Note 19).
Refer to Note 15 for changes in contract liabilities, presented above as “Unearned revenues”.
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12. Retirement Benefit Plan
The Company operates a defined benefit plan for qualifying employees. Under the plan, the employees upon reaching the
age of 60 years or more but not beyond 65 years, which is declared the compulsory retirement age, and have served at
least five years in the Company are entitled to retirement benefits equivalent to at least one half month salary for every
year of service rendered in the Company.
The plan typically exposes the participants to actuarial risks such as: interest rate risk, longevity risk and salary risk.
Interest Rate Risk
A decrease in the government bond interest rate will increase the plan liability.
Longevity Risk
The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of
plan participants both during and after their employment. An increase in the life expectancy of the plan participants will
increase the plan’s liability.
Salary Risk
The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants.
As such, an increase in the salary of the plan participants will increase the plan’s liability.
The most recent actuarial valuation of the present value of the defined benefit obligation were carried out at March 31,
2024 by an independent actuary. The present value of the defined benefit obligation and the related current service cost
were measured using the Projected Unit Credit Method.
The principal assumptions used for the purposes of the actuarial valuations were as follows:
Valuation at
2024 2023
Expected rate of salary increase 5.00% 4.50%
Amounts recognized in profit or loss and other comprehensive income in respect of this defined benefit plan are as
follows:
Defined Benefit Obligation

2024 2023
Balance at beginning of year P179,263,215 P155,862,750
Included in Profit or Loss
Current service cost 36,196,069 30,926,289
Interest cost 11,903,077 8,915,349
48,099,146 39,841,638
Contribution paid (12,789,199) -
Included in OCI
Remeasurement loss (gain) arising from:
Changes in financial assumptions 28,720,835 (10,221,633)
Deviations of experience from assumptions (1,793,536) (6,219,540)
26,927,299 (16,441,173)
Balance at end of year P241,500,461 P179,263,215
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The total retirement benefits expense charged to cost of services amounted to P39.07 million and P31.94 million in 2024
and 2023, respectively. Total retirement benefits expense charged to general and administrative expenses amounted to
P9.03 million and P7.91 million in 2024 and 2023, respectively (see Notes 16, 17 and 18).
The reasonably possible changes to the relevant actuarial assumptions, holding other assumptions constant, would have
affected the defined benefit obligation by the amounts shown below:
Increase (Decrease) in Defined

Benefit Obligation
As at As at
March 31, 2024 March 31, 2023
Discount rate:
Increase by 0.5% (P16,496,079) (P11,489,853)
Decrease by 0.5% 18,143,694 12,642,709
Salary rate:
Increase by 0.5% 18,292,102 12,897,046
Decrease by 0.5% (16,795,896) (11,847,205)
Employee turnover:
Increase by 10% (21,235,102) (15,074,409)
Decrease by 10% 21,235,102 15,074,409
The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation
as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may
be correlated.
Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been
calculated using the Projected Unit Credit method at the end of the reporting period, which is the same as that applied in
calculating the defined benefit obligation liability recognized in the statements of financial position.
There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.
There has been no change in the process used by the Company to manage its risks from prior periods.
13. Share Capital

An analysis of the Company’s share capital is as follows:
As at As at
March 31, 2024 March 31, 2023
Authorized 3,000,000 ordinary shares of P100 par value
Issued P2,762,000 P2,762,000
Treasury shares (380,000) (380,000)
Total issued and outstanding P2,382,000 P2,382,000
The Company has one class of ordinary shares which carries no right to fixed income.
Treasury Shares
On July 26, 2017, the BOD approved to buy-back 380,000 shares from Tata Consultancy Services Asia Pacific Pte. Ltd. for
P1,454 per share for a total of P552.52 million. These shares will not be retired and shall be deemed as treasury shares.
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14. Retained Earnings
Under the Revised Corporation Code of the Philippines, the Company is prohibited to retain surplus profits in excess of one
hundred percent (100%) of its paid-up capital except: when justified by definite corporate expansion projects or programs
approved by the BOD; when a company is prohibited under any loan agreement with any financial institution or creditor,
whether local or foreign, from declaring dividends without its consent, and such consent has not yet been secured; or
when it can be clearly shown that such retention is necessary under special circumstances, such as when there is a need
for reserve for probable contingencies.
The Company has appropriated its retained earnings for various future business expansion as follows:
On March 3, 2023, the Company reversed the appropriated retained earnings amounting to P100 million for the purpose
of business expansion but due to the business requirement, the expansion was put on hold. Further, the BOD approved the
declaration of cash dividends at P208.65 per share amounting to P497 million. The dividends were paid on March 14, 2023.
Furthermore, the BOD approved the appropriation of reserve fund in the amount of P400 million out of the total retained
earnings of P1,072.07 million as at March 31, 2023 of which P200 million is allocated for Panorama Tower expansion in
2024 while the remaining is allocated for business expansion of the Company which is expected to continue in 2025 to
2026.
On October 31, 2023, the BOD approved the declaration of cash dividends at P71.79 per share amounting to P171 million.
The dividends were paid on November 3, 2023.
On March 15, 2024, the BOD approved the declaration of cash dividends at P73.47 per share amounting to P175 million.
The dividends were paid on March 18, 2024.
15. Revenue
An analysis of the Company’s revenue is as follows:
Note As at As at
March 31, 2024 March 31, 2023
Sale of service to third parties P1,931,979,045 P2,131,540,844
Sale of service to related parties 19 4,712,209,913 4,422,223,340
P6,644,188,958 P6,553,764,184
Sale of services is net of volume discount amounting to P58.54 million and P77.65 million in 2024 and 2023, respectively.
As at As at
March 31, 2024 March 31, 2023
Banking, financial and insurance P2,230,506,778 P1,981,075,912
Energy, resources and utilities 1,603,530,862 1,424,540,633
High-tech industry practice Communication, media, and technology 997,043,087 830,875,701
Life Sciences and healthcare 377,150,845 663,867,450
Others 888,412,290 791,589,290
Total P6,644,188,958 P6,553,764,184
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As at As at
March 31, 2024 March 31, 2023
America P3,078,155,109 P3,093,528,410
Asia Pacific 2,120,100,687 2,322,445,117
Europe 224,644,070 223,043,695
Others 1,221,289,092 914,746,962
Total P6,644,188,958 P6,553,764,184
Contract Assets Movement
Note As at As at
March 31, 2024 March 31, 2023
Balance at the beginning of the year P160,384,016 P150,683,858
Revenue recognized during the year 177,130,230 108,168,010
Translation exchange difference 3,580,194 1,865,000
Balance at the end of the year 7, 10 P197,194,760 P160,384,016
Contract Liabilities Movement
Note As at As at
March 31, 2024 March 31, 2023
Balance at the beginning of the year (P125,274,539) (P132,292,403)
Increase due to invoicing during the year excluding amounts (103,640,300) (103,184,741)
recognized as revenue during the year
Revenue recognized that was included in the contract 111,203,707 108,827,519
liability balance at the beginning of the period
Translation exchange difference 437,454 1,375,086
Balance at the end of the year 11 (P117,273,678) (P125,274,539)
Company has applied the practical expedient in PFRS 15. Accordingly, the Company has not disclosed the aggregate
and event-based contracts.
(changes in currency rates, tax laws etc.). The aggregate value of transaction price allocated to unsatisfied (or partially
satisfied) performance obligations P4 billion out of which 39.30% is expected to be recognized as revenue within the next
year and the balance thereafter. No consideration from contracts with customers is excluded from the amount mentioned
above.
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16. Cost of Services
Note As at As at
March 31, 2024 March 31, 2023
Salaries and other short-term employee benefits 18 P4,362,252,093 P4,069,617,194
Depreciation and amortization 8, 21 397,380,732 365,986,569
Direct cost-intercompany charges 19 365,012,321 550,467,552
Repairs and maintenance 92,941,722 86,603,294
Communication 67,320,628 78,851,027
Facilities 48,865,928 46,175,835
Security services 40,326,176 36,291,016
Retirement benefit expense 12,17 39,067,067 31,935,609
Recruitment and training 24,411,181 63,877,623
Project cost 17,450,318 58,226,642
Transportation and travel 7,925,065 6,240,015
Taxes and licenses 7,672,838 4,713,852
Legal and professional fees 1,195,809 1,422,149
Rent 21 546,937 1,194,948
Others 13,944,026 24,457,377
P5,486,312,841 P5,426,060,702
Others include office supplies, cleaning supplies and other miscellaneous items.
17. General and Administrative Expenses

Note As at As at
March 31, 2024 March 31, 2023
Salaries and other short-term employee benefits 18 P305,844,216 P304,759,272
Management cost 19 77,007,365 71,828,078
Legal and professional fees 16,450,633 14,528,752
Doubtful expense (reversal) 6,7 14,825,465 (8,578)
Transportation and travel 11,066,238 5,030,608
Depreciation and amortization 8,9 9,660,554 12,450,160
Retirement benefits expense 12,17 9,032,079 7,906,029
Fees paid to business associates 8,311,949 5,132,750
Taxes and licenses 6,581,634 1,409,391
Brand equity contribution 19 4,852,350 5,332,799
Representation and entertainment 4,242,832 2,182,304
Recruitment and training 4,018,574 4,741,658
Communication 3,604,366 12,632,476
Advertising 3,447,602 4,450,222
Printing and stationery 1,252,292 712,867
Repairs and maintenance 249,615 586,853
Director’s fees 33,333 116,700
Others 2,585,857 4,793,131
P483,066,954 P458,585,472
Others include cleaning expenses and miscellaneous items.
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18. Employee Benefits
Employee benefits consist of:
Note As at As at
March 31, 2024 March 31, 2023
Salaries and other short-term employee benefits 16 ,17 P4,668,096,309 P4,374,376,466
Retirement benefits expense 12, 16, 17 48,099,146 39,841,638
P4,716,195,455 P4,414,218,104
19. Related Party Transactions

In the normal course of business, the Company transacts with companies which are considered related parties under PAS
24, Related Party Disclosures.
The summary of the Company’s transactions and outstanding balances with related parties as at and for the years ended
March 31, 2024 and 2023 are as follows:
Transactions Outstanding Balance Terms Condition

During the Trade Other Trade
Year Receivables Assets Payables
Note
2024
Ultimate Parent
Brand Equity b P4,852,350 P- P- P9,378,514 30-day; non- Unsecured,
interest bearing not impaired
Intermediate Parent
Sales a 4,559,533,051 887,564,312 35,846,543 308,643,900 30-day; non- Unsecured,
Volume discount 55,236,389 - - 382,26,750
Purchase a 130,610,756 - - -
Direct Cost 329,961,453 - - -
Management cost d 53,942,828 - - -
Parent Company
Sales a 27,080,279 15,271,071 - 34,850,754 30-day; non- Unsecured,
Volume discount a 581,465 - - 738,541
Management cost c 23,064,537 - - -
Purchase 452,600 - - -
Direct Cost 1 - - -
Dividend declaration 346,000,000 - - -
Fellow Subsidiaries
Sales 181,188,546 50,731,395 4,772,318 21,617,849 30-day; non- Unsecured,
Volume discount 185,395 - - 184,066
Purchases 2,039,003 - - -
Direct cost 35,050,866 - - -
Dividend income - - - -
Rental income 2,519,901 - 10,623,321 -
Other income 3,034,861 - - -
P953,566,778 P51,242,182 P413,640,374
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Transactions Outstanding Balance Terms Condition

During the Trade Other Trade
Year Receivables Assets Payables
Note
2023
Ultimate Parent
Brand Equity P5,332,799 P- P- P5,328,852 30-day; non- Unsecured, not
interest bearing impaired
Intermediate Parent
Sales 4,331,414,538 891,434,866 60,695,105 741,455,602 30-day; non- Unsecured, not
Volume discount a 77,158,330 - - 30,660,682
Purchase a 116,621,923 - - -
Direct Cost 506,338,421 - - -
Management cost d 48,134,434 - - -
Parent Company
Sales a 12,721,737 2,824,973 - 41,186,581 30-day; non- Unsecured, not
Volume discount 18,029 - - 154,902
Management cost c 23,693,644 - - -
Purchase 841,480 - - -
Direct Cost 3,932,288 - - -
Dividend declaration 497,000,000 - - -
Fellow Subsidiaries
Sales 155,261,923 33,304,661 1,543,970 18,503,711 30-day; non- Unsecured, not
Volume discount (1,501) - - (56)
Purchases 12,937,535 - - -
Direct cost 40,316,370 - - -
Dividend income 20 - - -
Rental income 607,445 - 9,118,903 -
Other income 144,753 - - -
Reimbursement of expense (11,966)
P927,576,466 P71,357,978 P837,290,274
a. Sales to related parties were made at the Company’s usual list prices. Purchases and direct cost-intercompany
charges, representing subcontract costs for employee-related costs recoveries and reimbursements, were made at
market price discounted to reflect the services purchased and the relationships between the parties. Sale of services
is net of volume discount amounting to P56.00 million and P77.17 million in 2024 and 2023, respectively.
Contract assets amounting to P104 million and P9.83 million are recognized from the Intermediate Parent as at 2024 and
2023, respectively.
b. On December 23, 2009, the BOD approved the subscription of the Company to Tata Brand Equity & Business Promotion
Scheme (Scheme) and authorized its intermediate parent company, Tata Consultancy Services Limited, to enter into
a Brand Equity and Business Promotion Agreement through its authorized signatories with Ultimate parent company
Tata Sons Limited, on behalf of the Company, towards the Company’s subscription to the Scheme. Total fees charged
to the Company amounted to P4.85 million and P5.33 million in 2024 and 2023, respectively (see Note 17).
c. The Company’s Parent Company has allocated its management cost to all its Asia Pacific subsidiaries. The
management cost is allocated based on time spent of management personnel for respective subsidiaries. Total
charges allocated to the Company amounted to P23.06 million and P23.69 million in 2024 and 2023, respectively (see
Note 17).
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d. On April 1, 2013, the Company and its Intermediate parent signed an agreement for General Services and Cost Sharing.
The Company is a subsidiary company of Tata Consultancy Services Limited, a group of companies (the “TCS group”),
that is engaged in business of promoting, marketing, designing, developing, delivering, maintaining information
technology services and products and delivery of information technology-enabled services. The Corporate Office
of Tata Consultancy Services Limited (“TCS-HQ”) raises charges on various subsidiaries distributing the expenses
incurred by TCS-HQ comprising cost towards staffing and support activities and other support functions which has
been provided by TCS-HQ and which can reasonably be allocated to subsidiaries. The Company hereby recognizes the
efficiency and acknowledges benefit of the said referred services since services are not locally performed within the
Philippines. Total management cost allocated to the Company amounted to P53.94 million and P48.13 million in 2024
and 2023, respectively (see Note 17).
Remuneration of Key Management Personnel
The remuneration of the key management personnel of the Company consists of short-term benefits amounting to
P16.47 million and P17.80 million in 2024 and 2023, respectively.
20. Income Taxes

The Company’s income tax expense represents current tax expense amounting to P73.86 million and P69.96 million in
2024 and 2023, respectively.
The reconciliation of the income tax expense computed at the statutory tax rate of 5% and the income tax expense shown
in profit or loss is as follows:
As at As at
March 31, 2024 March 31, 2023
Income before income tax P678,677,455 P618,395,991
Income tax at statutory rate P33,933,873 P30,919,800
Income subject to 25% in ordinary tax Additions to (reductions in) income: 4,101,289 850,327
Tax resulting from the tax effects of:
Non-deductible expenses 36,050,654 38,206,713
Income subject to final tax (226,884) (17,437)
Income tax expense P73,858,932 P69,959,403
As at March 31, 2024 and 2023, the gross amount of the Company’s unrecognized deferred tax assets on retirement
benefit obligations amounted to P26.28 million and P31.94 million as of March 31, 2024 and 2023, respectively, on accrued
bonuses amounted to P79.79 million and P59.71 million as of March 31, 2024 and 2023, respectively and on accrued leave
amounted to P38.32 million and P32.78 million as of March 31, 2024 and 2023, respectively.
Management believes it is not probable that future taxable profits from the Company’s non-PEZA-registered and PEZA-
registered activities will be available against which the Company can utilize the benefits from retirement benefit obligation,
bonus and leave liability. As a result, the Company has not recognized the deferred tax assets on retirement benefit
obligation, accrued bonus and leave.
The Fiscal Incentives Regulatory Board (FIRB) issued FIRB Resolution No. 017-22 for Registered Business Enterprises
(RBEs) in IT-BPM sector allowing the Investment Promotion Agencies (IPAs) to continue implementing the work from
home (WFH) arrangement without adversely affecting the fiscal incentives under the CREATE Act from April 1, 2022 until
September 12, 2022 only. The number of employees under the WFH arrangement shall not exceed thirty percent (30%)
of the total workforce of the RBE, while the remaining seventy percent (70%) of the total workforce shall render work
or service within the geographical boundaries of the ecozone of freeport being administered by the IPA with which the
project/activity is registered. The Company has exceeded the threshold which were subjected to regular income tax of 25%
covering the period from April 1 to June 30, 2022 only.
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21. Leases
The Company has entered into lease agreements with third parties in respect of the leases of office building spaces
ranging from five to six years, renewable at the option of the lessee. The rent is payable monthly with an escalation rate
ranging from 5% to 6% on the subsequent years. The Company does not have any lease restrictions and commitment
towards variable rent as per the contract.
Right-of-Use Assets
The details of the right-of-use assets held by the Company is as follows:
Additions for the Deletion for the Net Carrying Amount

Year Ended Year Ended as at
March 31, 2024 March 31, 2024 March 31, 2024
Building P95,016,761 P- P473,808,533
Building - Security Deposit 1,564,822 - 5,367,369
Total P96,581,583 P- P479,175,902
Additions for the Deletion for the Net Carrying Amount

Year Ended Year Ended as at
March 31, 2023 March 31, 2023 March 31, 2023
Building P228,108,696 P- P678,707,380
Building - Security Deposit 2,842,948 - 7,115,040
Total P230,951,644 P- P685,822,420
Amortization on right-of-use asset is as follows:
As at As at
March 31, 2024 March 31, 2023
Building P299,915,608 P275,160,819
Building - Security Deposit 3,312,492 2,925,202
Total P303,228,100 P278,086,021
Amortization of right-of-use assets charges to cost of services amounted to P303.23 million and P278.09 million in March
31, 2024 and 2023 respectively.
As at As at
March 31, 2024 March 31, 2023
Lease Liabilities
Balance at April 1 P736,106,792 P765,976,072
Payments made (355,291,194) (318,105,649)
Interest charge for the year 37,315,096 49,549,533
Additions to lease liabilities 98,799,379 238,686,836
Balance at March 31 P516,930,073 P736,106,792
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Total cash outflow for leases is P335.29 million and P318.10 million for the year ended March 31, 2024 and 2023, respectively.
Other Leases
The Company applied the recognition exemption for right-of-use asset and lease liability on various short-term leases.
Rental expense incurred on these lease agreements amounted to P0.55 million and P1.19 million in March 31, 2024 and
2023 respectively (see notes 16 and 17).
Security Deposits
Total deposits made on these lease agreements amounted to P95.38 million and P80.15 million as at March 31, 2024
and 2023 (see Notes 7 and 10). Total advance rent amounted to nil and P11.02 million as at March 31, 2024 and 2023,
respectively (see Note 7).
Interest income recognized in the statements of comprehensive income amounted to P3.38 million and P2.89 million in
2024 and 2023, respectively.
At the end of each reporting period, the Company had outstanding commitments for future minimum rentals payable
under these lease agreements as follows:
As at As at
March 31, 2024 March 31, 2023
Not later than one year P311,603,473 P321,495,340
Later than one year but not later than five years 233,646,283 471,707,955
P545,249,756 P793,203,295
All additions, alteration and improvements made on the leased office units at Bench Tower and Panorama by the lessee
(except movable furniture and fixtures, equipment, appliances, electronic items and others) installed at the lessee’s
expense and removable without damaging the leased office units and the premises, shall become the lessor’s property
upon the termination of the contract or its extension, without any obligation on the lessor’s part to reimburse the lessee
for the value thereof.
Should the lessor decide, at its sole discretion, that it does not wish to retain any of the said additions, alterations and
improvements, it shall so advise the lessee at least 60 days prior to the termination of the Contract, and the lessee hereby
undertakes to remove such additions, alterations and improvements from the leased office units at its sole expense.
Said obligation is considered contingent since the existence will be confirmed only by the occurrence or non-occurrence
of an uncertain future event, i.e., lessor’s decision prior to termination of contract.
22. Registration with Philippine Economic Zone Authority and Philippine Board of Investments
As discussed in Note 1, the Company was registered with PEZA to set up an I.T.-enabled facility to perform information
technology outsourcing services and BPO to all types of enterprises, organizations, entities and companies at the E-Square
Information Technology Park, Bonifacio Global City, Taguig City. As a registered enterprise, the Company’s project shall
be entitled to incentives granted to non-pioneer projects under R.A. 7916 (The Special Economic Zone Act of 2005), as
amended, and the PEZA IT. Guidelines.
Incentives include the following:
a. Corporate Income Tax Holiday (ITH) for four (4) years for original project effective on the committed date of start of
commercial operations, or the actual date of start of commercial operations, whichever is earlier; ITH entitlement
for the original project can also be extended for another three (3) years provided specific criteria are met for each
additional year and prior PEZA approval is obtained; duly approved and registered “Expansion” and “New” projects
are entitled to a three-year and four-year ITH, respectively;
b. Tax and duty-free importation of merchandise which include raw materials, capital equipment, machineries, and
spare parts;
c. Exemption from wharfage dues and export tax, impost, or fees;
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d. VAT zero-rating of local purchases subject to compliance with Bureau of Internal Revenue (BIR) and PEZA
requirements; and
e. Exemption from payment of any and all local government imposts, fees, licenses or taxes except real estate tax;
however, machinery installed and operated in the ecozone for manufacturing, processing or for industrial purposes
shall not be subject to payment of real estate taxes for the first three years of operation of such machineries;
production equipment not attached to real estate shall be exempt from real property taxes.
At the end of ITH, the following incentives shall apply:
a. The Company shall pay a 5% final tax on gross income, in lieu of all national and local taxes.
b. Additional deduction for training expenses (1/2 of value) against the 5% tax on gross income earned, but not to exceed
3%, subject to guidelines to be formulated by PEZA in coordination with the Department of Labor and Employment
and the Department of Finance.
The Company was registered with PEZA to set up an I.T.-enabled facility to perform information technology outsourcing
services and BPO to all types of enterprises, organizations, entities and companies at the E-Square Information Technology
Park, Bonifacio Global City, Taguig City. As a registered enterprise, the Company’s project shall be entitled to incentives
granted to non-pioneer projects under R.A. 7916 (The Special Economic Zone Act of 2005), as amended, and the PEZA IT.
Guidelines.
Incentives include the following:
As discussed in Note 1, the Company was concurrently registered with the Philippine Board of Investments (BOI) under
Executive Order No. 226 (Omnibus Investment Code of 1987), as amended, Title XIII of the National Internal Revenue Code
of 1997, as amended by Republic Act No. 11534, or the CREATE Act, and the Fiscal Incentives Review Board Resolution No.
026-22. As a registered enterprise, the Company’s project shall be entitled to the remaining incentives and subject to the
representations and commitments set forth in its application for registration with PEZA, the provisions of the above-cited
law, the rules and regulations promulgated thereunder, and the terms and conditions with PEZA and its Registrations or
Supplemental Agreement. PEZA shall monitor the registered project’s compliance thereof and administer the availment
of remaining incentives.
Incentives include the following until 11 April 2031:
a. Five percent (5%) tax on Gross Income Earned
b. Duty Exemption
c. VAT Exemption and Zero Rating
23. Fair Value of Financial Instruments

The fair values of the Company’s financial assets and financial liabilities are shown below:
As of March 31, 2024 As of March 31, 2023

Carrying Fair Value Carrying Fair Value
Amount Amount
Financial Assets
Cash and cash equivalents P610,553,076 P610,553,076 P490,085,081 P490,085,081
Trade receivables 1,613,836,598 1,613,836,598 1,815,614,385 1,815,614,385
Refundable deposits 95,377,897 95,377,897 80,151,647 80,151,647
P2,319,767,571 P2,319,767,571 P2,385,851,113 P2,385,851,113
Trade and other payables* P1,089,184,123 P1,089,184,123 P1,358,397,629 P1,358,397,629
Lease liabilities 516,930,073 516,930,073 736,106,792 736,106,792
P1,606,114,196 P1,606,114,196 P2,094,504,421 P2,094,504,421
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*Excluding non-financial instruments amounting to P417.57 million and P451.49 million as at March 31, 2024 and 2023,
respectively.
The difference between the carrying amount of the trade and other payables disclosed in the statements of financial
position and the amount disclosed in this note pertains to government payables, provisions and deferred revenues that
are not considered as financial liabilities.
Due to the short-term maturities of cash, trade receivables, other receivables, current refundable deposits and trade and
other payables, their carrying amounts approximate their fair values.
The fair value of noncurrent refundable deposits cannot be measured reliably since there were no comparable market
data and inputs for the sources of fair value such as discounted cash flow analysis. However, Management believes that
their carrying amounts approximate their fair values. Fair value measurement of lease liabilities is not required.
24. Financial Risk Management

Financial Risk Management Objectives and Policies
The Company’s activities expose it to a variety of financial risks such as market risks (including foreign exchange risk
and interest rate risk), credit risk and liquidity risk The Company’s overall risk management program seeks to minimize
potential adverse effects on the financial performance of the Company. The policies for managing specific risks are
summarized below:
Market Risk
Market risk refers to the possibility that changes in market prices, such as foreign exchange rates and interest rates will
affect the Company’s profit or the value of its holdings of financial instruments. The Company focuses on two market risk
areas such as interest rate risk and foreign currency risk. The objective and management of these risks are discussed
below:
Foreign Exchange Risk
Foreign exchange risk arises when an investment’s value changed due to changes in currency exchange rate. The Company
undertakes certain transactions denominated in foreign currencies. Hence, exposures to exchange rate fluctuations arise
with respect to transactions other than the functional currency. Foreign exchange risk arises when future commercial
transactions and recognized assets and liabilities are denominated in a currency that is not the Company’s functional
currency. Significant fluctuation in the exchange rates could significantly affect the Company’s financial position. The
exposure is managed partly by natural hedges that arise from offsetting assets and liabilities that are denominated in
foreign currencies. The Company kept its foreign currency transaction at a minimum to minimize the effect of foreign
currency fluctuations.
The carrying amounts of the Company’s foreign currency denominated monetary assets and monetary liabilities and their
Philippine peso equivalents at the end of each reporting period are as follows:
Currency As of March 31, 2024 As of March 31, 2023

Currency PHP Currency PHP
Amount Amount
Financial Assets
Cash USD 6,305,042 354,494,668 5,000,115 271,848,811
AUD 6,266 228,917 7,348 266,798
354,723,585 272,115,609
Trade receivables USD 16,407,228 922,452,222 21,411,196 1,164,073,172
GBP 3,018,274 213,968,185 2,975,155 199,941,309
AUD 4,538,207 165,794,772 3,387,493 122,988,402
EUR 328,251 19,918,538 360,565 21,322,203
MYR 18,731 222,435 208,050 2,563,145
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Currency As of March 31, 2024 As of March 31, 2023

Currency PHP Currency PHP
Amount Amount
INR 209,670 141,374 - -
KRW 213,593,755 8,920,743 5,821,442 243,115
SGD (21,008) (875,059) (21,009) (858,914)
CAD 58,894 2,434,196 57,108 2,290,358
1,332,977,406 1,512,562,790
Trade and other
payables USD 4,070,132 230,165,321 4,098,007 223,542,456
EUR 27,825 1,688,442 48,017 2,839,527
INR (1,028,003) (693,154) 13,543,009 8,953,879
GBP (721,823) (51,170,731) 80,645 5,419,670
AUD 125,347 4,579,363 149,837 5,440,065
SGD 1,012 42,157 - -
CAD 3,357 138,772 - -
184,750,170 246,195,597
1,502,950,821 1,538,482,802
Foreign exchange rates as at March 31 are shown in the following table:
2024 2023
Closing exchange rate:
USD 56.22 54.37
AUD 36.53 36.31
GBP 70.89 67.20
INR 0.67 0.66
EUR 60.68 59.14
MYR 11.87 12.32
AED 15.31 14.80
KRW 0.04 0.04
SGD 41.65 40.88
CAD 41.34 40.11
The sensitivity rate used in reporting foreign currency risk internally to key management personnel is 10% and it represents
Management’s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes
only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 10% in
foreign currency rates. The sensitivity analysis includes all the Company’s foreign currency denominated monetary assets
and liabilities.
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The table below details the Company’s sensitivity to a 10% increase and decrease in the Philippine Peso against the
relevant foreign currencies. The sensitivity rate used reporting foreign currency risk internally to key management
personnel is 10% and it represents Management’s assessment of the reasonably possible change in foreign exchange
rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their
translation at the period end for a 10% in foreign currency rates. The sensitivity analysis includes all the Company’s foreign
currency denominated monetary assets and liabilities. A positive number below indicates an increase in profit when the
Philippine Peso strengthens 10% against the relevant currency. For a 10% weakening of the Philippine Peso against the
relevant currency, there would be an equal and opposite impact on the profit and the balances below would be negative.
March 31, 2024

Effect on Income before Income Tax
10% Increase in the 10% Decrease in
Exchange Rate the Exchange Rate
USD 104,678,157 (104,678,157)
GBP 26,513,892 (26,513,892)
SGD (91,722) 91,722
AUD 16,144,433 (16,144,433)
INR 83,453 (83,453)
MYR 22,244 (22,244)
EUR 1,823,010 (1,823,010)
AED - -
KRW 892,074 (892,074)
CAD 229,542 (229,542)
March 31, 2023

Effect on Income before Income Tax
10% Increase in the 10% Decrease in
Exchange Rate the Exchange Rate
USD 121,237,953 (121,237,953)
GBP 19,452,164 (19,452,164)
SGD (85,891) 85,891
AUD 11,781,513 (11,781,513)
INR (895,388) 895,388
MYR 256,314 (256,314)
EUR 1,848,268 (1,848,268)
AED - -
KRW 24,312 (24,312)
CAD 229,036 (229,036)
153,848,281 (153,848,281)
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Management does not foresee or expect any significant change in its foreign currency risk exposures or in the strategies
it employs to manage them soon.
Interest Rate Risk
Interest rate risk refers to the possibility that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market interest.
The primary source of the Company interest rate risk relates to cash in banks. The interest rates on these assets are
disclosed in Note 5 to the financial statements.
The cash in banks are short-term in nature and with the current interest rate level, any variation in the interest will not
have a material impact on profit or loss of the Company.
Credit Risk
Credit risk refers to the possibility that counterparty will default on its contractual obligations resulting in financial loss to
the Company. The Company has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient
collateral, when appropriate, as a means of mitigating the risk of financial loss from defaults.
The Company uses other publicly available financial information and its own trading records to rate its major customers.
The Company’s exposure and the credit ratings of its counterparties are continuously monitored, and the aggregate value
of transactions concluded is spread amongst approved counterparties.
The following table presents the Company’s maximum exposure to credit risk without taking account of the value of any
collateral obtained.
Note As of As of
March 31, 2024 March 31, 2023
Cash in banks 5 P85,063,051 P200,336,331
Cash equivalents 5 525,395,025 289,653,750
Trade receivables 6 1,613,836,598 1,815,614,385
Refundable deposits 7, 10, 23 95,377,897 80,151,647
P2,319,672,571 P2,385,756,113
The Company does not hold any collateral or other credit enhancements to cover its credit risks associated with its
financial assets.
As at March 31, 2024 and 2023, the aging analysis of the Company’s financial assets is as follows:
Neither Past Due Past Due Account but not Impaired Impaired Total
nor Impaired 1 – 90 Days 91 – 180 Days 181 – 270 Over 271 Days Financial
Past Due Past Due Days Past Due Past Due Assets
2024
Cash in banks P85,063,051 P- P- P- P- P- P85,063,051
Cash equivalents 525,395,025 - - - - - 525,395,025
Trade receivables 1,599,015,183 - - - 14,821,415 - 1,613,836,598
Refundable 95,377,897 - - - - - 95,377,897
deposits
P2,304,851,156 P- P- P- P14,821,415 P- P2,319,672,571
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Neither Past Due Past Due Account but not Impaired Impaired Total
nor Impaired 1 – 90 Days 91 – 180 Days 181 – 270 Over 271 Days Financial
Past Due Past Due Days Past Due Past Due Assets
2023
Cash in banks P200,336,331 P- P- P- P- P- P200,336,331
Cash equivalents 289,653,750 - - - - - 289,653,750
Trade receivables 1,815,614,385 1,815,614,385
Refundable 80,151,647 - - - - - 80,151,647
deposits
P2,385,756,113 P- P- P- P- P- P2,385,756,113
The Company provided an allowance on past due account that believed to be impaired. Management believes that there is
no change in the credit quality of financial assets from the date credit was initially granted up to the end of each reporting
period.
The table below details the credit quality of the Company neither past due nor impaired financial assets:
Neither Past Due nor Impaired

High Grade Satisfactory Grade Total
2024
Cash in banks P85,063,051 P- P85,063,051
Cash equivalents 525,395,025 - 525,395,025
Trade receivables 1,599,015,183 - 1,599,015,183
Refundable deposits - 95,377,897 95,377,897
P2,209,473,259 P95,377,897 P2,304,851,156
Neither Past Due nor Impaired

High Grade Satisfactory Grade Total
2024
Cash in banks P200,336,331 P- P200,336,331
Cash equivalents 289,653,750 - 289,653,750
Trade receivables 1,815,614,385 - 1,815,614,385
Refundable deposits - 80,151,647 80,151,647
P2,305,604,466 P80,151,647 P2,385,756,113
The Company uses internal ratings to determine the credit quality of its financial assets. These have been mapped to the
summary rating below.
High Grade – This applies to highly rated financial obligors, strong corporate counterparties, and personal borrowers with
whom the Company has excellent repayment experience.
Satisfactory Grade – This applies to financial assets that are performing as expected, including loans and advances to
small and medium sized entities and recently established businesses.
Acceptable Grade – This applies to counterparties with risk profiles that are subject to closer monitoring and scrutiny with
the objective of managing risk and moving accounts to improved rating category.
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Low Grade – This applies to risks that is neither past due nor expected to result in loss but where the Company requires
a workout of the relationship unless an early reduction in risk is achievable.
Cash in Banks and Cash Equivalents
Cash in banks and cash equivalents are held with counterparties with high external credit ratings. The credit quality
of these financial assets is high grade. Impairment on cash in banks and cash equivalents have been measured on a
12-month ECL basis and reflects the short maturities of the exposures. The Company considers that its cash in banks and
cash equivalents have low risk based on the external credit ratings of its counterparties.
Trade Receivables
The Company computes impairment loss on trade receivables based on past collection experiences, current circumstances,
and the impact of future economic conditions, if any, available at the reporting period. Loss rates are based on actual credit
loss experience. Any adjustments to the loss rates for forecasts of future economic conditions are not expected to be
material. The Company applies the simplified approach in providing for ECL prescribed by PFRS 9, which permits the use
of the lifetime expected loss provision and applies a provision matrix. The maturity of the Company’s trade receivables is
less than one year so the lifetime expected credit losses and the 12-month expected credit losses are similar.
Other Receivables and Refundable Deposits
With respect to credit risk arising from other receivables and refundable deposits, the Company’s exposure to credit risk
arises from default of the counterparty with a maximum exposure equal to the carrying amount of these financial assets.
The Company trades only with reputable and recognized third parties.
Liquidity Risk
Liquidity risk is the possibility that the Company will encounter difficulty in meeting the obligations associated with its
financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing
liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both
normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation.
The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities,
by continuously monitoring forecast and actual cash flows. The Company maintains adequate highly liquid assets in the
form of cash and cash equivalents to assure necessary liquidity.
25. Capital Risk Management

The Company manages its capital to ensure that the Company will be able to continue as a going concern while maximizing
the return to shareholders. The Company is governed by the following fundamental strategies:
a. The Company enters bank guarantee for some operational transactions.
b. It does not enter high risk security or equity investments. The Company’s overall strategy remains unchanged from
2015.
The capital structure of the Company consists of equity attributable to the shareholders comprising of share capital and
retained earnings.
Equity is defined as capital and retained earnings of the Company, while assets include current and noncurrent assets.
The Company’s equity ratio is as follows:
As of As of
March 31, 2024 March 31, 2023
Total equity P1,071,150,120 P839,258,896
Total assets 3,365,935,002 3,586,217,450
Equity ratio 0.32:1 0.23:1
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The Company has not externally imposed capital requirement. There was no change in the Company’s approach to capital
management for the years ended March 31, 2024 and 2023.
26. Contingent Liabilities and Commitment

The Company has contractually committed P98.27 million and P8.20 million as at March 31, 2024 and 2023 respectively, for
purchase of property, plant, and equipment. The company has given financial guarantees worth P49.56 million and P47.94
million as at March 31, 2024 and 2023, respectively. Claims against the Company not acknowledged as debts amounted to
P0.48 million and nil as at March 31, 2024 and 2023, respectively.
The Company has contingent liability in respect of tax demand received from tax authority during the year of P161.37
million and P165.26 million as at March 31, 2024 and 2023, respectively. This demand order is being contested by the
Company based on the management evaluation and advice of tax consultant.
27. Supplementary Information Required by the Bureau of Internal Revenue (BIR) Under Revenue
Regulations (RR) No. 15-2010
In addition to the disclosures mandated under PFRS, and such other standards and/or conventions as may be adopted,
companies are required by the BIR to provide in the notes to the financial statements, certain supplementary information
for the taxable year. The amounts relating to such information may not necessarily be the same with those amounts
disclosed in the financial statements which were prepared in accordance with PFRS. Following are the tax information
required for the taxable period ended March 31, 2024:
A. VAT
Amount
Output VAT P66,324,023
Basis of the Output VAT P552,700,193
Vatable sales -
Exempt sales 6,146,054,160
Zero-rated sales P6,698,754,353
Amount
Input VAT
Beginning of the year P34,055,828
Current year’s domestic purchases:
Domestic purchases of goods other than capital goods 144,228
Purchase of capital goods exceeding 1 million 3,934,351
Purchase of capital goods not exceeding 1 million 108,194
Importation of goods other than capital goods -
Domestic purchases of services 16,986,678
Total 55,229,279
Less: Input VAT applied the year (34,055,828)
Balance at the end of the period P21,173,451
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B. Withholding Taxes
Amount
Withholding tax – compensation P433,422,836
Withholding tax – expanded 26,712,708
Withholding tax – final 54,514,320
Fringe benefit tax 1,477,217
P516,127,081
C. All Other Taxes (Local and National)

Details of the Company’s other taxes and licenses and permits paid or accrued during 2024 are as follows:
Amount
Charged to Cost of Services
PEZA processing fee for local sales, permit fees P7,672,838
Charged to General and Administrative Expenses
Permit fees, fringe benefit tax 6,581,634
P14,254,472
D. As at March 31, 2024 the Company received Letter of Authority, Preliminary Assessment Notice, and Notice of
Discrepancy
During the Fiscal year 2022-23, Company received a Formal Letter of DemandNotice from the Bureau of Internal
Revenue covering fiscal year 2019, amount of P 183 million (Including Base Amount, Penalty & Interest) for deficiency
taxes on Income Tax, Withholding Tax, Final Tax, Fringe Benefit Tax, Documentary Stamp Tax, Withholding Vat, Value-
Added Tax. This demand order is being contested by the Company based on the management evaluation and advise
of tax consultant.
On July 17, 2023, the Company paid the tax assessment from the Bureau of Internal Revenue for Value-Added Tax
covering fiscal year 2020 amounting to P4.0 million (including Base Amount, Penalty & Interest) for deficiency taxes
on Value-Added Tax and Final Withholding Value-Added Tax.
During the fiscal year 2023-2024, the Company received a Formal Letter of Demand Notice from the Bureau of
Internal Revenue covering fiscal year 2020, amount of P1,156.91 million (including Base Amount, Penalty & Interest)
for deficiency taxes on all internal revenue taxes except Value-Added Tax. This demand order is being contested by
the Company based on the management evaluation and advise of tax consultant.
Information on amounts of customs duties, tariff fees and excise taxes are not applicable, since there is not transaction
that the Company will be subjected to these taxes during the year.
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REPORT OF INDEPENDENT AUDITORS

10th Floor, Panorama Tower, 34th Street Corner Lane A
We have audited, in accordance with Philippine Standards on Auditing, the accompanying financial statements of Tata
Consultancy Services (Philippines), Inc. (the “Company”), a wholly-owned subsidiary of Tata Consultancy Services Asia Pacific
Pte. Ltd., as at and for the year ended March 31, 2024, on which we have rendered our report dated April 30, 2024.
Our audit was made for the purpose of forming an opinion on the basic separate financial statements of the Company taken
as a whole. The supplementary information included in the accompanying Schedule of Reconciliation of Retained Earnings
Available for Dividend Declaration is the responsibility of the Company’s management.
The supplementary information has been presented for purposes of complying with the Revised Securities Regulation Code
Rule 68 and is not a required part of the basic financial statements. Such supplementary information has been subjected to the
auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated, in all material
respects, in relation to the basic financial statements taken as a whole.
R.G. MANABAT & CO.
VERNILO G. YU
Partner
April 30, 2024

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SCHEDULE OF RECONCILATION OF RETAINED EARNINGS AVAILABLE

FOR DIVIDEND DECLARATION
FOR THE YEAR ENDED MARCH 31, 2024
2023
Unappropriated Retained Earnings, beginning or reporting period P123,947,557
Add: Category A: Items that are directly credited to Unappropriated Retained
Earnings
Reversal of Retained Earnings Appropriation/s Effect of restatements or prior- P400,000,000
period
adjustments -
Others - 400,000,000
Less: Category B: Items that are directly debited to Unappropriated Retained
Earnings
Dividend declaration during the reporting period 346,000,000
Retained Earnings appropriated during the reporting period 500,000,000
Effect of restatements or prior-period adjustments -
Others - 846,000,000
Unappropriated Retained Earnings, as adjusted (322,052,443)
Add: Net Income for the current year 604,818,523
Less: Category C.1: Unrealized income recognized in the profit or loss
during the reporting period (net of tax)
Equity in net income of associate/joint venture, net of dividends declared -
Unrealized foreign exchange gain, except those attributable to cash and cash 10,576,114
equivalents
Unrealized fair value adjustment (mark-to-market gains) of financial -
instruments at fair value through profit or loss (FVTPL)
Unrealized fair value gain of Investment Property -
Other unrealized gains or adjustments to the retained earnings as a result of - 10,576,114
certain transactions accounted for under the PFRS
Sub-total 10,576,114
Add: Category C.2: Unrealized income recognized in the profit or loss in prior
reporting periods but realized in the current reporting period (net of tax)
Realized foreign exchange gain, except those attributable to Cash and cash P-
equivalents
Realized fair value adjustment (mark-to-market gains) of financial instruments -
at fair value through profit or loss (FVTPL)
Realized fair value gain of Investment Property -
Other realized gains or adjustments to the retained earnings as a result of - P-
certain transactions accounted for under the PFRS
Sub-total -
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2023
Reversal of previously recorded foreign exchange gain (loss), except those (4,202,290)
attributable to cash and cash equivalents
Reversal of previously recorded fair value adjustment (mark-to market gains) -
of financial instruments at fair value through profit or loss (FVTPL)
Reversal of previously recorded fair value gain of Investment Property -
Reversal of other unrealized gains or adjustments to the retained earnings - (4,202,290)
as a result of certain transactions accounted for under the PFRS, previously
recorded
Sub-total (4,202,290)
Adjusted Net Income 590,040,119
Add: Category D: Category D: Non-actual losses
recognized in profit or loss during the reporting period (net of tax)
Depreciation on revaluation increment (after tax) -
Sub-total
Add/Less: Category E: Adjustments related to relief granted by the SEC and -
BSP
Amortization of the effect of reporting relief Total amount of reporting relief - -
granted during the year
Others
Sub-total - -
Add/Less: Category F: Other items that should be excluded from the
determination of the amount of available for dividends distribution
Net movement of treasury shares (except for reacquisition of redeemable P-
shares)
Net movement of deferred tax asset not considered in the reconciling items -
under the previous categories
Net movement in deferred tax asset and deferred tax liabilities related to same -
transaction, e.g, set up of right of use of asset and lease liability, set-up of
asset and asset retirement obligation, and set- up of service concession asset
and concession payable
Adjustment due to deviation from PFRS/GAAP -
gain (loss) -
Others - P-
Sub-total -
Total Retained Earnings, end of the reporting period available for dividend P267,987,676
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Tata Consultancy Services Japan, Ltd
ANNUAL REPORT AND
For the year ended

31 March 2024
TATA Consultancy Services Japan, Ltd 29.1
ANNUAL REPORT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
CONTENTS PAGE
Balance Sheet 29.4
Statement of Income 29.5

29.2 TATA Consultancy Services Japan, Ltd
This is unofficial convenience translation of the Japanese original version.

If there is any discrepancy between the Japanese original and this translation, the Japanese original will always prevail.

May 8, 2024
Tata Consultancy Services Japan, Ltd.
Mr. Narasimha Shenoy, Corporate Auditor
Mr. Akihiko Kitamura, Corporate Auditor
KPMG AZSA LLC
Tokyo Office
Yasuhisa Yajima
Designated Limited Liability Partner
Engagement Partner
Certified Public Accountant
Opinion
We have audited the financial statements, which comprise the balance sheet, the statement of income, the statement of
changes in net assets and the related notes, and the accompanying supplementary schedules (“the financial statements and
the accompanying supplementary schedules”) of Tata Consultancy Services Japan, Ltd. (“the Company”) as at March 31, 2024
and for the year from April 1, 2023 to March 31, 2024 in accordance with Article 436-2-1 of the Companies Act.
In our opinion, the financial statements and the accompanying supplementary schedules referred to above present fairly,
in all material respects, the financial position and the results of operations of the Company for the period, for which the
financial statements and the accompanying supplementary schedules were prepared, in accordance with accounting principles
generally accepted in Japan.
Basis for Opinion

We conducted our audit in accordance with auditing standards generally accepted in Japan. Our responsibilities under
those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements and the
Accompanying Supplementary Schedules section of our report. We are independent of the Company in accordance with the
ethical requirements that are relevant to our audit of the financial statements in Japan, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Other Information
The other information comprises the business report and its supplementary schedules. Management is responsible for
the preparation and presentation of the other information. Corporate auditors are responsible for overseeing the directors’
performance of their duties with regard to the design, implementation and maintenance of the reporting process for the other
information.
Our opinion on the financial statements and the accompanying supplementary schedules does not cover the other information
and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements and the accompanying supplementary schedules, our responsibility
is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements and the accompanying supplementary schedules or our knowledge obtained in the audit, or otherwise
appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are
required to report that fact.
We have nothing to report in this regard.
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This is unofficial convenience translation of the Japanese original version.

If there is any discrepancy between the Japanese original and this translation, the Japanese original will always prevail.
Responsibilities of Management and Corporate Auditors for the Financial Statements and the Accompanying Supplementary
Schedules
Management is responsible for the preparation and fair presentation of the financial statements and the accompanying
supplementary schedules in accordance with accounting principles generally accepted in Japan, and for such internal
control as management determines is necessary to enable the preparation of financial statements and the accompanying
supplementary schedules that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements and the accompanying supplementary schedules, management is responsible for
assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern in
accordance with accounting principles generally accepted in Japan.
Corporate auditors are responsible for overseeing the directors’ performance of their duties with regard to the design,
implementation and maintenance of the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements and the Accompanying Supplementary Schedules
Our objectives are to obtain reasonable assurance about whether the financial statements and the accompanying supplementary
schedules as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Misstatements can arise from fraud or error and are considered material if, individually or in the
statements and the accompanying supplementary schedules.
As part of our audit in accordance with auditing standards generally accepted in Japan, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements and the accompanying supplementary
schedules, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
in the circumstances, while the objective of the audit is not to express an opinion on the effectiveness of the Company’s
internal control.
• valuate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
E
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and based on the audit
to draw attention in our auditor’s report to the related disclosures in the financial statements and the accompanying
supplementary schedules or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the
Company to cease to continue as a going concern.
• Evaluate whether the presentation and disclosures in the financial statements and the accompanying supplementary
schedules are in accordance with accounting standards generally accepted in Japan, the overall presentation, structure
and content of the financial statements and the accompanying supplementary schedules, including the disclosures, and
whether the financial statements and the accompanying supplementary schedules represent the underlying transactions
and events in a manner that achieves fair presentation.
We communicate with corporate auditors regarding, among other matters, the planned scope and timing of the audit, significant
Interest required to be disclosed by the Certified Public Accountants Act of Japan

We do not have any interest in the Company which is required to be disclosed pursuant to the provisions of the Certified Public
Accountants Act of Japan.
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(Translation)
Balance Sheet as of March 31, 2024

(In Millions of Yen)
Accounts Amount Accounts Amount
(Assets) (Liabilities)
Current assets 33,655 Current liabilities 20,859
Cash and deposits 15,569 Accounts payable-trade 5,472
Notes, Accounts receivable &
Contract Assets 16,688 Accrued expenses 3,810
Provision for doubtful debts -324 Accrued income taxes 1,623
Prepaid expenses 1,260 Accrued consumption taxes 2,151
Other current assets 461 Unearned revenue 2,111
Provision for bonuses 3,799
Lease obligations Current 529
Provision for loss on contracts 48
Non-current assets 21,175 Other current liabilities 1,314
Tangible fixed assets 4,078
Buildings 1,876
Tools, furniture and fixtures 1,131 Non-current liabilities 2,296
Leased assets 980 Unearned revenue-Non Current 809
Construction in progress 90
Asset retirement obligations 740
non¬current
Lease obligations 560

(non-current)
Other non-current liabilities 22
Intangible fixed assets 71 Total Liabilities 23,155
Software 71
(Equity)
Shareholders’ equity 31,674
Investments and other assets 17,025 Common stock 4,327
Long-term time deposits 13,000 Capital surplus 2,942
Deferred tax assets 2,668 Legal capital surplus 2,352
Guarantee deposits 929 Other capital surplus 590
Long-term prepaid expenses 116
Other non-current assets 311 Retained earnings 24,404
Legal reserve 58
Other retained earnings 24,346
Retained earnings brought forward 24,346
Total Equity 31,674
Total Assets 54,830 Total Liabilities and Equity 54,830
(Amounts less than one million yen are rounded down)

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(Translation)
Statement of Income from April 1, 2023 to March 31, 2024

Accounts Amount
Net sales 93,585
Cost of sales 65,541
Gross profit 28,044
Selling, general and administrative expenses 18,802
Operating income 9,242
Non-operating income
Foreign exchange gains 393
Other income 128 521
Non-operating expenses
Loss on disposals of fixed assets 35
Interest expenses 20
Other expenses 0 55
Ordinary income 9,708
Income before income taxes 9,708
Income taxes-current 2,685
Income taxes-deferred (74) 2,610
Net income 7,098
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(Translation)
Statement of Changes in Equity from April 1, 2023 to March 31, 2024

Shareholders’ Equity
Capital surplus Retained earnings
Other
retained Total
Common Legal Other earnings Equity
stock Legal Shareholders’
capital capital Total Total
reserve Retained Equity Total
surplus surplus earnings
brought
forward
Balance as of March 31, 2023 4,327 2,352 590 2,942 58 19,990 20,048 27,319 27,319
Changes during period
Dividends of surplus -2,742 -2,742 -2,742 -2,742
Net income 7,098 7,098 7,098 7,098
Total Changes during period - - - - - 4,355 4,355 4,355 4,355
Balance as of March 31, 2024 4,327 2,352 590 2,942 58 24,346 24,404 31,674 31,674
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(Translation)
[Notes to Significant Accounting Policies]
1. Valuation standard and method of inventory (merchandise, supplies)

At cost determined by the specific identification method (The balance sheet amount has been determined at the lower of
cost and net realizable value.)
2. Depreciation method of fixed assets

(1) Tangible fixed assets excluding leased assets: Straight-line method:
Major useful lives are as follows:
Buildings 5-10 years
Tools, furniture, and fixtures 4-10 years
(2) Intangible fixed assets excluding leased assets
Software
Internal use: Straight-line method over the anticipated useful period (2-7 years)
(3) Leased assets
Finance leases that do not transfer ownership of leased assets to the lessee:
Depreciation is computed using the straight-line method based on the lease term or the applicable useful life of an
owned fixed asset, whichever is shorter, with a residual value of zero.
3. Provision
(1) Provision for doubtful debts
The Company provides for possible credit losses stemming from monetary claims and other receivables. Estimates
of irrecoverable amounts are determined by considering historical loan-loss ratios for general receivables and on
consideration of recoverable amounts on a case-by-case basis in instances of suspected bad debt or other dubious
accounts.
(2) Provision for bonuses
Provision for bonuses is recorded based on estimated bonus payment amounts.
(3) Provision for loss on contracts
In anticipation of loss arising from contracts, the excess of estimated future cost over the order amount is recorded
for which the loss is foreseeable and the amount can be reasonably estimated.
4. Recognition of revenues and costs

For system integration contracts, etc., we assume an obligation to fulfill the provision of products and services in accordance
with customer specifications, and as the obligation is satisfied over a certain period of time, revenue is recognized in
accordance with the manner in which expenses are incurred (such as the progress measured as the ratio of actual costs
to total estimated costs).
With respect to maintenance and support service contracts, we have obligations to provide support services related to
product maintenance and software development, etc., and because these obligations are fulfilled over a certain period
of time, we recognize revenues based on a percentage of the total amount of goods or services transferred (the Output
Method) or as time passes.
For products such as hardware equipment, revenue is recognized upon transfer of control because performance
obligations are satisfied primarily when products are sold and the delivery to the customer is completed.
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Transaction prices are measured based on the amount of consideration that the company expects to be entitled to in
exchange for the transfer of promised goods or services to customers. The amount of consideration promised does not
include important financial factors.
For transactions in which the Company acts as an agent in providing goods or services to the customer (Transactions in
which the Company does not obtain control of the goods or services transferred to the customer and only provides the
services of arranging those goods or services), revenue is recognized at the net amount received from the customer less
the amount paid to the vendor.
5. Accounting treatment of consumption taxes

Accounting treatment of consumption taxes is based on the tax exclusion method.
(Notes on Accounting Estimates)

Items whose amounts are recorded in the financial statements for the current fiscal year based on accounting estimates and
which may have a material impact on the financial statements for the following fiscal year are as follows.
1. Deferred tax asset 2,668 million yen
2. Asset retirement obligations 740 million yen
3. Provision for doubtful debts 324 million yen
4. Provision for loss on order received 211 million yen
Information on important accounting estimates for identified items
1. Deferred tax asset
The recognition of deferred tax assets takes into account the possibility that deductible temporary differences may be
made available to taxable income in the future. In assessing the recoverability of deferred tax assets, the expected reversal
of deferred tax liabilities, expected future taxable income and tax planning are taken into account.
Our company estimates deferred tax assets based on its past taxable income levels and future business plans for the
periods in which deferred tax assets can be recognized and believes that the calculation is reasonable. However, the
projections of future taxable income may change depending on market trends and economic conditions surrounding our
company.
2. Asset retirement obligations
Asset retirement obligations, which are obligations to restore rental properties such as the head office building to their
original condition, are based on cost estimates from third parties.
3. Provision for doubtful debts
Please refer to (Notes on Items Related to Important Accounting Policies 3. Accounting Standard for the Provision
(2) Provision for doubtful debts) for the accounting standard of the reserve for doubtful debts.
4. Provision for loss on order received
Please refer to (Notes on Items Related to Important Accounting Policies 3. Accounting Standard for the Provision
(3) Provision for loss on order received) for the accounting standard of the reserve for loss on orders received.
[Notes to Balance Sheet]
1. Of
notes receivable, accounts receivable and contract assets, the amounts of receivables and contract
assets arising from contracts with customers are as follows, respectively:
Notes receivable 0 million yen
Accounts receivable 15,784 million yen
Contract assets 902 million yen
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2. Financial assets and liabilities from/to affiliates:
Short-term financial assets ¥2,512 million
Short-term financial liabilities ¥4,117 million
3. Accumulated depreciation of tangible fixed assets ¥3,457million
[Notes to Statement of Income]
1. Transactions with affiliates

Operating transactions
Net sales ¥14,417million
Cost of sales ¥19,587 million
Selling, general and administrative expenses ¥1,660 million
[Notes to Statement of Changes in Equity]
1. Number of issued shares as of the end of the fiscal year

Common Stock 94,969 shares
2. Dividends
(1) Payments of dividends
Resolution Type of Source Total amount Dividends Record Date Effective date
Shares of of dividends per share
Dividend (in Million Yen) (in Yen)
The Shareholders’ Common Retained 2,742 28,880 March 31st 2023 May 31st 2023
Meeting on May 30, 2023 stock earnings
(2) Dividends for which the record date is in the year ended March 31, 2023, but for which the effective date is in the next
fiscal year
During the shareholders’ meeting in May 2024, resolution as follows is expected to be resolved:
Resolution Type of Source Total amount Dividends Record Date Effective date
Shares of of dividends per share
Dividend (in Million Yen) (in Yen)
The Shareholders’ Common Retained 3,549 37,371 March 31st 2024 May 15th 2024
Meeting on May 14, 2024 stock earnings
[Notes to Revenue Recognition]

Basic information to understand revenue
Is as follows Recognition of revenues and costs in [Notes to Significant Accounting Policies]
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[Notes to Tax Effect Accounting]
Significant components of deferred tax assets and liabilities

Deferred tax assets

Provision for bonuses 1,163
Accrued expenses 679
Asset retirement obligation 226
Social security payable 254
Accrued rent 143
Depreciation 140
Accrued enterprise taxes 134
Provision for bad debts 99
Long-term prepaid expenses 19
Accrued business establishment tax 28
Inventory write-down 24
Others 9
Deferred tax assets Subtotal 2,987
Valuation allowance (123)
Deferred tax assets Total 2,863
Deferred tax liabilities
Asset retirement obligation (assets) (195)

Deferred tax liabilities Total (195)
Net deferred tax assets 2,668
[Notes to financial instruments]
Policy on financial instruments

The Company makes efforts to limit credit risk of customers affecting notes receivable and accounts receivable in line with
the Risk Management Rule and Risk Management Practice Rule.
[Notes to Transactions with Related Parties]

1. Parent Company
Attribute Name Voting Relationship Transaction Transaction Accounts Ending
rights Details Amount balance
Parent Tata Consultancy 66% System Development Receiving of 19,528 Accounts receivable 1,022
Services Limited indirectly consignment, Co- services Prepaid expenses 601
owned headed Directors Accounts payable
3,457
Transaction terms and decision policies
(Note) Ordinary transaction terms are the same as those of other third parties.
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2. Affiliates
Attribute Name Voting Relationship Transaction Transaction Accounts Ending
rights details Amount balance
Other Mitsubishi 34% System Development Net sales 13,153 Accounts receivable 863
affiliate Corporation directly Turnkey, Co-headed
owned Directors
Transaction terms and decision policies
(Note) Ordinary transaction terms are the same as those of other third parties.
[Notes to Per Share Information]

1. Net assets per share ¥ 333,524
2. Net income per share ¥ 74,741
The 28th (FY2024) Supplementary Schedule from April 1, 2023 to March 31, 2024
1. Tangible fixed assets and Intangible fixed assets

Category Asset type Beginning Increase Decrease Depreciation Ending Accumulated Ending
book for the for the for the book depreciation acquisition
value period period period value cost
Tangible Buildings 187 2,033 5 339 1,876 1,156 3,032
fixed assets Tools, furniture 273 1,098 28 211 1,131 1,435 2,566
and fixtures
Leased assets 1,340 132 - 492 980 865 1,846
Construction in 73 90 73 - 90 - 90
progress
Total 1,875 3,355 108 1,044 4,078 3,457 7,536
Intangible Software 119 9 0 56 71
fixed assets Total 119 9 0 56 71
(Note)
Due to office relocation, increase in Building by JPY 1,350 million and Tools, furniture and fixtures by JPY 1,041 million.
2. Details of provisions
Division Beginning balance Increase for the period Decrease for the period Ending Balance
Provision for doubtful debts 1 324 1 324
Provision for bonuses 3,533 3,799 3,533 3,799
Provision for loss on contracts 309 - 98 211
The basis for accounting and calculation is stated in “3. Provision” under “Notes to the Significant Accounting Policies”.
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3. Selling, general and administrative expenses
Accounts Amount
Employee salary 8,433
Employee retirement benefit expenses 227
Employee bonuses 1,501
Welfare benefits 1,955
Office expenses 1,680
Depreciation and amortization 676
Travel expenses 231
Entertainment 39
Office supplies 86
Information processing 132
Commissioned services 478
Tax and public charge 529
Advertising & publicity 290
Provision for doubtful debts 324
Others 2,214
Total 18,802
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Tata Consultancy Services Italia S.r.l.
Annual Report and Financial Statements
For the period ended
March 31, 2024
Tata Consulting Services Italy S.r.l. 30.1
CONTENT PAGE
General information about the company 30.4
Balance Sheet 30.6
Financial statement, indirect method 30.10
Management Report 30.32

30.2 Tata Consulting Services Italy S.r.l.
Independent Auditor’s report

Pursuant to art. 14 of Legislative Decree 27 January 2010, n. 39
Financial Statements as at March 31, 2024
To the Quota-holders of
Tata Consultancy Services Italia S.r.l.
Opinion
We have audited the financial statements of Tata Consultancy Services Italia S.r.l. (the Company), which comprise the balance
sheet as March, 31st, 2024, the income statement for the year then ended and related explanatory notes.
In our opinion, the financial statements give a true and fair view of the financial position of the Company, as at March 31st,
2024, of the result of its operations and its cash flows for the year then ended in accordance with the Italian regulations and
accounting principles governing financial statements.
Basis of opinion
We conducted our audit in accordance with International Standards Auditing (ISA Italia). Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of this
report. We are independent of the Company in accordance with ethical requirements and standards applicable in Italy that are
relevant to the audit of financial statement. We believe that the audit evidence we have obtained is sufficient and appropriate
Responsibility of the management and of the Sole Auditor for the financial statements
Management is responsible for the preparation of the financial statements that give a true and fair view in accordance with the
Italian regulations and accounting principles governing financial statement and, within the limits of the law, for such internal
control as management determines is necessary to enable the preparation of financial statements that are free from material
In preparing the financial statements, management is responsible for assessing the Company’s ability continue as going
Auditor’s Responsibility for the audit of the financial statements
misstatements, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance
is a high level of assurance but is not a guarantee that an audit conducted in accordance with the international auditing
standards (ISA Italia) will always detect a misstatement when it exists. Misstatements may arise from fraud or from error
and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with international auditing standards (ISA Italia), we exercise professional judgment and
maintain professional skepticism throughout the audit. We also have:
• we have identified and assessed the risks of material misstatement in the financial statements, whether due to fraud or
error, designed and performed audit procedures responsive to those risks; and obtained audit evidence that is sufficient
and appropriate to provide a basis our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations
or overriding of internal control;
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• we have obtained an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s
internal control;
• we have evaluated the appropriateness of the accounting policies used and the reasonableness of the accounting estimates
and related disclosures made by management;
• we have concluded on the appropriateness of management’s use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubts on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we
are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on auditor’s report. However, future events
or conditions may cause the Company to cease to operate as a going concern;
• we evaluated the overall presentation, structure and content of the financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that provides a fair
representation.
We have communicated with those charged with governance, as properly identified in accordance with ISA Italy, among other
aspects, the planned scope and timing of the audit and the significant findings, including any significant deficiencies in internal
control that we identify during our audit.
Report on other legal and regulatory provisions
Opinion in accordance with Article 14, paragraph 2 (e) of Legislative Decree 39/10.
The Directors of Tata Consultancy Services Italia S.r.l. are responsible for the preparation of the report on operations of Tata
Consultancy Services Italia S.r.l. as March 31st, 2024, including its consistency with the related financial statements and its
compliance with legal requirements.
We have performed the procedures specified in Auditing Standard (SA Italy) No. 720B for the purpose of expressing an opinion
on the consistency of the management report with the financial statements of Tata Consultancy Services Italia S.r.l. as March
31, 2024, and on its compliance with legal requirements, as well as to issue a statement on any material misstatement.
In our opinion, the management report is consistent with the statutory financial statements of Tata Consultancy Services Italia
S.r.l. as March 31, 2024, and is prepared in accordance with legal requirements.
With reference to the statement referred to in Article 14(2)(e) of Legislative Decree 39/10, made on the basis of the knowledge
and understanding of the company and its context acquired in the course of the audit, we have nothing to report.
MILAN, 2nd May 2024
The Auditor
Dott.ssa Raffaella Pagani
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General information about the company

Name ID Code
Company name : TATA CONSULTANCY SERVICES ITALIA SRL a socio unico
Company site : Corso Italia 1 20122 MILANO MI
Share capital : 100.000
Fully paid-in share capital : yes
Registration Authority id code : Milano
VAT number : 04083450967
Fiscal code : 04083450967
Registation number : 1723756
Legal form : SOCIETA' A RESPONSABILITA' LIMITATA con socio unico
Activity Code : 620200 Consulenza nel settore delle tecnologie
dell'informatica
Company being wound up : no
Company with a single shareholder : yes
Company subject to the management and coordination : yes
of others
Name of the company or entity that exercises management : TATA CONSULTANCY SERVICES NETHERLANDS BV
and coordination
Belonging to a group : yes
Name of the controlling entity : TATA CONSULTANCY SERVICES LIMITED
Country of the controlling entity : MUMBAI-INDIA
Cooperative company Registration number :
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Income statement (value and cost of production)

(EUR)
As at As at
March 31, 2024 March 31, 2023
Income statement (value and cost of production)
A) Value of production
1) Revenues from sales and services 39.412.033 44.525.765
5) Other income and revenues
other 878.116 428.913
Total Other income and revenues 878.116 428.913
Total value of production 40.290.149 44.954.678
B) Costs of production
6) Raw, ancillary and consumable materials and goods for resale 6.905 12.833
7) Services 21.866.473 26.098.721
8) Use of third party assets 1.987.647 1.941.376
9) personnel
a) wages and salaries 11.706.190 12.300.069
b) related salaries 2.283.609 2.170.119
c) severance 525.194 558.064
e) other costs 383.823 439.602
Total payroll and related costs 14.898.816 15.467.854
10) depreciation, amortisation and write downs
b) depreciation of tangible fixed assets 113.901 77.797
d) write-downs of accounts included among current assets 657 0
Total Amortisation, depreciation and write-downs 114.558 77.797
13) Other provisions 0 117.795
14) Other operating expenses 54.707 331.902
Total cost of production 38.929.106 44.048.278
Difference between value and cost of production (A - B) 1.361.043 906.400
C) Financial income and charges
16) other financial income
d) income other than the above
other 117.956 45.899
Total income other than the above 117.956 45.899
Total other financial income 117.956 45.899
17) Interest and other financial expense
other 0 2
Total interest and other financial expense 0 2
17-bis) Currency gains and losses 17.930 25.248
Total financial income and expense (15 + 16 - 17 + - 17-bis) 135.886 71.145
Pre-tax result (A - B + - C + - D) 1.496.929 977.545
20) Income tax for the year, current, deferred and prepaid
Current taxes 1.008.053 1.006.392
tax related to previous years 8.382 28.072
deferred and prepaid tax 33.976 0
Total taxes on the income for the year 1.050.411 1.034.464
21) Profit (loss) for the year 446.518 (56.919)
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Balance sheet (mandatory scheme)
(EUR)
As at As at
March 31, 2024 March 31, 2023
Assets
B) Fixed assets
II - Tangible fixed assets
1) land and buildings 0 0
2) plant and machinery 0 0
3) industrial and commercial equipment 0 0
4) other assets 241.545 334.053
5) assets under construction and payments on account 55.884 59.488
Total tangible fixed assets 297.429 393.541
Total fixed assets (B) 297.429 393.541
C) Current assets
II - Receivables
1) trade accounts
due within the following year 8.941.050 12.322.266
due beyond the following year 0 -
Total trade accounts 8.941.050 12.322.266
2) due from subsidiary companies
due within the following year 0 -
Total receivables due from subsidiary companies 0 0
3) due from associated companies
Total receivables due from associated companies 0 0
4) due from parent companies
Total receivables due from parent companies 1.648.247 1.582.899
5) receivables due from companies controlled by parent
companies
due within the following year 762.793 1.608.179
Total receivables paid by companies controlled by parent 762.793 1.608.179
companies
5-b) tax receivables
due within the following year 30.350 874.618
Total receivables due from tax authorities 30.350 874.618
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(EUR)
As at As at
March 31, 2024 March 31, 2023
5-c) prepaid tax 221.741 255.717
5-d) other receivables
due beyond the following year 180.067 185.022
Total receivables due from third parties 187.805 193.652
Total receivables 11.791.986 16.837.331
IV - Liquid funds
1) bank and post office deposits 5.126.593 4.712.278
2) cheques 0 0
3) cash and equivalents on hand 0 0
Total liquid funds 5.126.593 4.712.278
Total current assets (C) 16.918.579 21.549.609
D) Accrued income and prepayments 74.291 365.797
Total assets 17.290.299 22.308.947
Liabilities and shareholders' equity

A) Shareholders' equity
I- Share capital 100.000 100.000
II - Share premium reserve 0 0
III - Revaluation reserves 0 0
IV - Legal reserve 20.000 20.000
V - Statutory reserves 0 0
VI - Other reserves, indicated separately
Extraordinary reserve 0 0
Reserves from exceptions as per art. 2423 Civil Code 0 0
Shares reserve of the parent entity 0 0
Investment revaluation reserve 0 0
Contributions for capital increase 0 0
Contributions for future capital increase 0 0
Contributions to capital account or to cover previous losses 0 0
Contributions to cover losses 2.100.000 2.100.000
Capital reduction reserve 0 0
Merger surplus reserve 0 0
Reserve from exchange gains not redeemed 0 0
Reserve from current profit adjustments 0 0
Miscellaneous other reserves 0 3
Total other reserves 2.100.000 2.100.003
VII- Reserve for hedging expected cash flow operations 0 0
VIII-Retained earnings (accumulated losses) 6.372.705 6.429.624
IX - Net profit (loss) for the year 446.518 (56.919)
Minimised loss for the year 0 0
X- Negative reserve for own portfolio shares 0 0
Total shareholders' equity 9.039.223 8.592.708
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(EUR)
As at As at
March 31, 2024 March 31, 2023
B) Reserves for contingencies and other charges
1) pension and similar commitments 0 0
2) taxation 0 0
3) passive derivative financial instruments 0 0
4) other 287 117.516
Total reserves for contingencies and other charges 287 117.516
Total reserve for severance indemnities (TFR) 1.630.937 1.504.029
D) Payables
1) bonds
Total bonds 0 0
2) convertible bonds
Total convertible bonds 0 0
3) due to partners for financing
Total payables due to partners for financing 0 0
4) due to banks
Total payables due to banks 0 0
5) due to other providers of finance
Total payables due to other providers of finance 0 0
6) advances
Total advances 838.448 994.847
7) trade accounts
Total trade accounts 1.620.014 2.231.469
8) payables represented by credit instruments
Total payables represented by credit instruments 0 0
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(EUR)
As at As at
March 31, 2024 March 31, 2023
9) due to subsidiary companies
Total payables due to subsidiary companies 0 0
10) due to associated companies
Total payables due to associated companies 0 0
11) due to parent companies
due within the following year 958.285 5.695.226
Total payables due to parent companies 958.285 5.695.226
11-b) payables due to companies controlled by parent companies
Total payables due to companies controlled by parent 200.078 135.991
companies
12) due to tax authorities
Total payables due to tax authorities 218.511 143.604
13) due to social security and welfare institutions
Total payables due to social security and welfare institutions 197.570 277.842
14) other payables
Total other payables 2.395.577 2.554.631
Total payables (D) 6.428.483 12.033.610
E) Accrued liabilities and deferred income 191.369 61.084
Total liabilities and shareholders' equity 17.290.299 22.308.947
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Financial statement, indirect method

(EUR)
As at As at
March 31, 2024 March 31, 2023
Financial statement, indirect method
A) Cash flows from current activities (indirect method)
Profit (loss) for the year 446.518 (56.919)
Income tax 1.050.411 1.034.464
Payable (receivable) interest (117.956) (45.897)
(Dividends) 0 0
(Capital gains)/Capital losses from business conveyance 0 0
1) Profit (loss) for the year before income tax, interest, dividends 1.378.973 931.648
and capital gains/losses from conveyances.
Adjustments to non monetary items that were not offset in the
net working capital.
Allocations to preserves 944 117.795
Fixed asset depreciation/amortisation 113.901 77.797
Write-downs for long-term value depreciation 0 0
Adjustments to financial assets and liabilities for derivative 0 0
financial instruments that do not involve monetary transactions
Other adjustments to increase/(decrease) non-monetary items 525.194 558.064
total adjustments for non-monetary items that were not offset 640.039 753.656
in the net working capital
2) Cash flow before changing net working capital 2.019.012 1.685.304
,Changes to the net working capital
Decrease/(increase) in inventory 0 0
Decrease/(increase) in payables to customers 3.380.559 (1.019.290)
Increase/(decrease) in trade payables (611.455) 443.361
Increase/(decrease) from prepayments and accrued income 291.506 (229.548)
Increase/(decrease) from accruals and deferred income 130.285 61.084
Other decreases/(other increases) in net working capital 4.052.992 1.585.778
Total changes to net working capital (862.097) 841.385
3) Cash flow after changes to net working capital 1.156.915 2.526.689
Other adjustments
Interest received/(paid) 117.956 45.897
(Income tax paid) (324.231) (1.162.910)
Dividends received 0 0
(Use of reserves) (117.516) (279)
Other collections/(payments) (398.286) (199.138)
Total other adjustments (722.077) (1.316.430)
Cash flow from current activities 434.838 1.210.259
B) Cash flows from investments
Tangible fixed assets
(Investments) (20.520) (371.569)
Disposals 0 0
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(EUR)
As at As at
March 31, 2024 March 31, 2023
Intangible fixed assets
(Investments) 0 0
Disposals 0 0
Financial fixed assets
(Investments) 0 0
Disposals 0 0
Short term financial assets
(Investments) 0 0
Disposals 0 0
(Acquisition of branches of business net of liquid assets) 0 0
Transfer of branches of business net of liquid assets 0 0
Cash flows from investments (B) (20.520) (371.569)
C) Cash flows from financing activities
Loan capital
Increase/(decrease) in short term bank loans 0 0
New loans 0 0
(Loan repayments) 0 0
Equity
Capital increase payments 0 0
(Capital repayments) 0 0
Transfer/(purchase) of own shares 0 0
(Dividends and advances on dividends paid) (3) 2
Cash flows from financing activities ( C) (3) 2
Increase (decrease) in liquid assets (A ± B ± C) 414.315 838.692
Exchange rate effect on liquid assets 0 0
Liquid assets at the start of the year
Bank and post office deposits 4.712.278 3.873.586
Loans 0 0
Cash and valuables in hand 0 0
Total liquid assets at the start of the year 4.712.278 3.873.586
of which not freely available 0 0
Liquid assets at the end of the year
Bank and post office deposits 5.126.593 4.712.278
Loans 0 0
Cash and valuables in hand 0 0
Total liquid assets at the end of the year 5.126.593 4.712.278
of which not freely available 0 0
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Supplementary notes, initial part Publishing principles

Structure and contents of the financial statements
The financial statements for the financial year closed as of 31/03/2024, composed of the Balance Sheet, Income Statement,
financial statement and Notes correspond to the results of duly kept accounting entries and have been drawn up in accordance
with the provisions of articles 2423 and 2423-bis of the Civil Code as well as in accordance with the accounting principles and
accounting guidelines drawn up by the Italian Accounting Body (O.I.C.). The articles mentioned in this note, unless otherwise
indicated, refer to the Civil Code.
The financial statement has been drawn up in compliance with the principles of clarity, correctness and truthfulness, as well
as the general principle of materiality. A piece of data or information is considered important when the omission or incorrect
indication of same could influence decisions taken by the recipients of financial statement information.
The financial statement has been drawn up on the presumption that the undertaking will carry on its business as a going
concern.
It is structured in accordance with the provisions of articles 2424 and 2425 of the Civil Code according to the recitals set out
by article 2423-ter. The Notes comply with the contents of articles 2427, 2427-bis and with all the other provisions that refer
to them.
The entire document and all its related parts have been drawn up to give a fair and true picture of the company’s assets and
financial situation as well as of the operating results. It gives, where necessary, additional supplementary information for this
purpose.
In accordance with the provisions of Art. 2423-ter, each item is presented with the amount of the corresponding item from the
previous year.
Interested parties are referred to the contents of the Management Report as regards information related to the company’s
operating and financial trend, to relations and transactions with correlated parties.
Accounting principles
In accordance with the provisions of Art. 2423-bis of the Civil Code, following principles have been complied with while preparing
the Financial Statements:
• prudential approach to entry assessment in accordance with the going-concern value and taking into account the
substance of the transaction or arrangement;
• only profits actually achieved during the financial year are reported;
• proceeds and charges related to the financial year have been stated irrespective to their occurrence and payment;
• risks and losses accrued in the financial year are reported even if they became known after closure;
• sundry elements included in the various Financial Statements items have been assessed separately.
The assessment criteria provided for by art. 2426 of the Civil Code have been maintained unchanged compared to those used
in the previous financial year.
The Financial Statements and these Notes have been drawn up in units of Euros.
Applied evaluation criteria
The assessment criteria provided for by art. 2426 of the Civil Code have been applied when drawing up these Financial
statements.
At the end of the year, intangible fixed assets were fully amortised.
Tangible fixed assets have been entered in the Financial Statements at their purchase or in-house production cost. This cost
includes additional costs as well as directly allocated costs.
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The related amounts are entered after deduction of depreciation expenses, calculated systematically using the rates indicated
below and related to their residual possibility of use that takes into account the use, destination and economic-technical
duration of the assets.
Description Applicable rates

Other assets:
- Furniture 20%
- Electronic office equipment 25%
There have been no changes in depreciation rates from the previous financial year.
Fixed assets with value at the date of closure of the financial year that is enduringly lower than the value as calculated above,
have been entered at that lesser value; this has not been made in the following financial statements if the reasons for the
adjustment made no longer exist.
Receivables
Receivables are entered using the amortised cost criterion, considering the time factor; differences arising from successive
recalculation of value are entered in financial income and expenses.
Receivables falling due within 12 months are nonetheless entered at book value, since the effects are negligible, with regard to
the criterion of amortised cost, pursuant to Art. 2423, subsection 4 of the Italian Code of Civil Procedure.
Receivables are entered net of all premiums, discounts, allowances and inclusive of any costs directly attributable to the
transaction generating the receivable (these latter are entered in prepayments if the amortised cost criterion is not applied).
Receivables are subsequently adapted to probable realisation value, using the allocation of a special depreciation fund, to
which an amount corresponding to the risk of receivables entered in the financial statement becoming irrecoverable is set
aside, in relation to general economic conditions in the sector, as well as the sector of the debtor.
Receivables include issued invoices and those still to issue but which refers to services assigned to the financial year under
examination.
Receivables with customers subject to insolvency proceedings or in a state of proven financial difficulties where it would serve
no purpose to bring executive measures are entered as a total loss or a loss to the extent to which current proceedings and
information obtained let us suppose them to be definitively irrecoverable.
Liquid assets
The item contains cash in hand both in Euro and in foreign currency, stamps and monetary reserves resulting from accounts
held by the company with financing institutions, all expressed at their nominal values and explicitly converted into Italian
currency when the accounts were in foreign currency.
Accruals and deferrals
Accruals and deferrals have been calculated according to the temporal accruals principle of accounting.
Contingency funds for risks and charges
These have been allocated to cover losses or liabilities of a specific nature, certain or probable to exist, but for which, at the
closure of the financial year, it was not yet possible to determine the amount or the date of occurrence.
These funds were assessed by applying general criteria of prudence and accrual. No generic contingency funds for risks
lacking economic justifications were created.
Severance pay
The severance pay fund corresponds to the Company’s real commitment with each employee, calculated pursuant to existing
laws and, in particular, to the provisions of art. 2120 of the Civil Code, to the collective labor agreements and to company’s
supplementary agreements.
This liability is subject to revaluation by applying indexes.
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Payables
Payables are entered using the amortised cost criterion, considering the time factor; differences arising from successive
recalculation of value are entered in financial income and expenses.
Payables falling due within 12 months are nonetheless entered at book value, since the effects are negligible, with regard to
the criterion of amortised cost, pursuant to Art. 2423, subsection 4 of the Italian Code of Civil Procedure.
Payables are entered net of all premiums, discounts, allowances and inclusive of any costs directly attributable to the
transaction generating the debt (these latter are entered in prepayments if the amortised cost criterion is not applied).
Conversion criteria for values expressed in currency
Receivables and payables originally expressed in foreign currency are converted into euros at the exchange rates at the date
of occurrence. Exchange differences arising during payment of payables and collection of receivables in foreign currency are
allocated to the Income Statement.
The existing receivables in currency at the end of the financial year have been converted into euros at the rate valid on the day of
closure of the Financial Statement; profits and losses coming from the exchange have been entered in the Income Statement
under the C.17-bis “Exchange profits/losses” item, allocating, if necessary, an amount equal to the net profits emerging from
the algebraic sum of the values to net worth reserve that cannot be distributed until the time of collection.
As to the amount entered under C.17-bis item we clarify that the collected part of losses on exchanges is equal to euros 84.031,
while that not collected profit is equal to euros 109.280.
Recording of revenue and costs
Income and proceeds are entered after deduction of returns, discounts and allowances as well as of taxes directly connected
with sale of the products and lending of the services.
In particular:
• revenue for supply of services are calculated according to the actual supply of the service and in accordance with the
relevant contracts. Revenue related to works in progress on order is calculated with the method of the percentage of
completion of the works;
• costs are recorded according to the accruals principle of accounting;
• proceeds and financial charges are calculated according to the temporal accruals principle of accounting.
Income taxes
Financial year income taxes are allocated in accordance with the accruals principle of accounting and are calculated in
accordance with existing laws and on the basis of the estimated taxable income. In the Balance Sheet the debt is indicated in
the “Tax payables” item and the credit in the “Tax receivable” item.
We specify the following concerning detection of the fiscal effects caused by temporary differences between entry of economic
items in the Financial Statements and the time they become fiscally important.
Deferred taxes were calculated according to the temporary taxable differences applying the tax rate valid at the moment these
temporary differences will generate increases in the taxable base.
Assets for advanced taxes, in accordance with the prudence principle, were calculated on the deductible temporary differences
applying the tax rate which is valid at the moment these differences generate a decrease in the taxable base, according to
the principle of the reasonable certainty of the existence of future taxable bases sufficient to reabsorb the variations specified
above.
The amount of advanced taxes is revised every year to check the existence of the reasonable certainty of having, in the future,
fiscally taxable income sufficient to recover the entire amount of the advanced taxes.
The amount of deferred and advanced taxes is also subject to recalculation whenever there are changes in the taxation rates
originally considered.
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Supplementary notes, assets
Fixed assets
The following schedule illustrates the composition of tangible fixed assets and the variations that took place during the
financial year.
(EUR)
Financial year item Initial balance Increases Decreases Final balance
Other assets 334.053 21.393 113.901 241.545
-Electronic equipment 334.053 21.393 113.901 241.545
Fixed assets in progress and down payments 59.488 3.604 55.884
Totals 393.541 21.393 117.505 297.429
Tangible fixed assets, after deduction of the depreciation fund, are equal to euros 297.429 (euros 393.541 at the end of the
previous financial year).
Changes in tangible fixed assets
The following schedule illustrates the components that contributed to calculating the net book value of the Financial statements
(art. 2427, point 2 of the Civil Code).
(EUR)
Land and Plant and Industrial Other Tangible Total
buildings machinery and tangible assets in tangible
commercial fixed process fixed
equipment assets and assets
advances
Year opening balance
Cost 0 0 0 703.882 59.488 763.370
Amortisation (amortisation fund) 0 0 0 369.829 0 369.829
Balance sheet value 0 0 0 334.053 59.488 393.541
Changes during the year
Increases for purchases 0 0 0 16.916 0 16.916
Reclassifications (of the balance 0 0 0 3.604 (3.604) 0
sheet value)

Decreases for transfers and 0 0 0 (873) 0 (873)
disposals (of the balance sheet
value)
Depreciation/amortisation for the 0 0 0 113.901 0 113.901
year
Total changes 0 0 0 (92.508) (3.604) (96.112)
Year closing balance
Cost 0 0 0 724.402 55.884 780.286
Amortisation (amortisation fund) 0 0 0 482.857 0 482.857
Balance sheet value 0 0 0 241.545 55.884 297.429
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Following report shows the details of “Other goods” balance sheet item, indicating the movements relating to each component.
(EUR)
Description Furnitures Electronic Automobiles Motor Assets Rounding Other tangible
office and vehicles different off fixed assets
machinery motorcycles from the balance
above
Historic cost 1.573 702.309 703.882
Initial depreciation fund 1.573 368.256 369.829
Rounding off
Financial year initial balance 334.053 334.053
Financial year purchases 20.520 20.520
Financial year sales/decrease: 873 873
depreciation fund
Financial year depreciations 113.901 113.901
Final balance 241.545 241.545
The increase in electronic office equipment of Euro 20.520 is composed of PCs used by engineers that became operational
during the year.
Fixed Assets in progress and down payments
The fixed asstes in progress amounting to Euro 55.884 are mainly referred to PCs used by engineers, relates to the PCs which
are not in use at the year end.
Current assets
Receivables included among current assets
Changes and deadline of receivables posted to current assets
The following schedule illustrates the composition, the variation and the expiration dates of receivables present in current
assets (art. 2427, point 4 and 6 of the Civil Code).
(EUR)
Year Change Year Amount Amount of which
opening during the closing due within due beyond beyond
balance year balance 12 months 12 months 5 years
Trade receivables included among 12.322.266 3.381.216 8.941.050 8.941.050 0 0
current assets
receivables due from parent companies 1.582.899 65.348 1.648.247 1.648.247 0 0
included among current assets
receivables due from companies 1.608.179 (845.386) 762.793 762.793 0 0
controlled by parent companies posted
to current assets
Tax receivables included among 874.618 (844.268) 30.350 30.350 0 0
current assets
Assets for prepaid tax included among 255.717 (33.976) 221.741
current assets
Other receivables included among 193.652 (5.847) 187.805 7.738 180.067 0
current assets
Total receivables included among 16.837.331 (5.045.345) 11.791.986 11.390.178 180.067 0
current assets
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Breakdown of receivables included among current assets by geographic area
Receivables of current assets are subdivided according to geographic areas where the debtor does business (art. 2427, point
6 of the Civil Code):
(EUR)
Geographic area Italy Europe Rest of the Total
World
Trade receivables included among current assets 8.941.050 - - 8.941.050
Receivables due from parent companies included among - 91.626 1.556.621 1.648.247
current assets
receivables due from companies controlled by parent - 762.504 289 762.793
companies posted to current assets
Tax receivables included among current assets 30.350 - - 30.350
Assets for prepaid tax included among current assets 221.741 - - 221.741
Other receivables included among current assets 187.805 - - 187.805
Total receivables included among current assets 9.380.946 854.130 1.556.910 11.791.986
Receivables with customers
(EUR)
Description As at As at Variation
March 31, 2023 March 31, 2024
Trade receivables 12.322.266 7.433.214 -4.889.052
Bad debt fund 657 657
Total 12.322.266 7.433.871 -4.888.395
Receivables with controlling companies
(EUR)
March 31, 2023 March 31, 2024
Tata Consultancy Services LTD 1.551.494 1.556.621 5.127
Tata Consultancy Services Netherlands B.V. 31.405 91.626 60.221
Total 1.582.899 1.648.247 65.348
The receivables here classified are all related to the commercial transactions occurred with the direct mother company and
also with the ultimate mother company. All the transactions have been made at arms’ length principle.
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Receivables from businesses subject to the control of the parent companies
(EUR)
Description As at Variation As at
March 31, 2023 March 31, 2024
Tata Consultancy Services America International Corp. 1 1
TCS Africa Holdings LTD 42 (42)
Tata Consultancy Services Osterreich GmbH 259.181 (119.223) 259.181
Tata Consultancy Services Switzerland LTD 45.753 111.661 157.414
Tata Consultancy Services Deutschland GmbH 692.644 (456.684) 235.960
Tata Consultancy Services Luxembourg S.A. 5.040 337 5.377
Tata Consultancy Services France SAS 559.091 (371.537) 187.554
Tata Consultancy Services Belgium N.V./S.A. 42.997 (11.521) 31.476
Tata Consultancy Services de Espana 1.032 1.032
Tata Consultancy Services do Brasil LTDA 3.431 (3.142) 289
Tata Consultancy Services Portugal, Unipessoal LDA 36 36
Total receivables from businesses subject to the control of the 1.608.179 (845.386) 762.793
parent companies
The receivables here classified are all related to the commercial transactions occurred with the other companies of the group.
All the transanctions have been made at arms’lenght principle.
Tax receivables
(EUR)
March 31, 2023 March 31, 2024
Withholding tax paid 11.830 11.830
Income Tax (IRPEF) / Corporate Income Tax (IRES) credit 637.612 (637.612)
Regional Income Tax (IRAP) credit 92.345 (73.825) 18.520
VAT credit 144.660 (144.660)
Rounding off 1 (1)
Totals 874.618 (844.268) 30.350
IRAP credit here reported are referred to the yearly balance.
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Other receivables
(EUR)
March 31, 2023 March 31, 2024
a) Other receivables following year 8.630 7.738 (892)
Employees receivables 6.492 7.737 1.245
Other receivables:
- suppliers advance 75 (75)
- other 2.063 1 (2.062)
b) Other receivables above following year 185.022 180.067 (4.955)
Cash deposits 185.022 180.067 (4.955)
Other receivables:
Total other receivables 193.652 187.805 (5.847)
Under “Other Receivables” have been classified receivables towards employees (Euro 7.737) and cash deposits (Euros 180.067).
Receivables include assets for advanced taxes (Euros 221.741) which details are provided in the paragraph related to deferred
taxation.
Adjustment of the nominal value of the receivables to the presumed break up value was done by using a specific allowance for
bad debts which sustained, during the financial year, the following movements:
(EUR)
Description Initial balance Uses Allocations Final balance
Allowance for bad debts of the current assets 657 657
Liquid funds
The balance detailed below represents the amount and variations in liquid assets existing at the time of closure of the financial
year (art. 2427, point 4 of the Civil Code).
(EUR)
As at Change during As at
March 31, 2023 the year March 31, 2024
Bank and post office deposits 4.712.278 414.315 5.126.593
Total liquid funds 4.712.278 414.315 5.126.593
Accrued income and prepayments

The composition and variations for the item under examination are detailed as follows (art. 2427, point 7 of the Civil Code):
(EUR)
As at Change during As at
Accrued income 239.922 (239.922) 0
Deferred income 125.875 (51.584) 74.291
Total accrued income and prepaid expenses 365.797 (291.506) 74.291
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Supplementary notes, liabilities and net equity
Shareholders’ equity
Changes in shareholders’ equity for the three previous years are shown below:
(EUR)
Description Value as at Increase/ Value as at Increase/ Value as at
31/03/2021 Decrease 31/03/2022 Decrease 31/03/2023
Share Capital 100.000 0 100.000 0 100.000
Legal Reserve 20.000 0 20.000 0 20.000
Contribution to cover the loss 2.100.000 0 2.100.000 0 2.100.000
Miscellaneous other reserves 0 1 1 2 3
Retained earning (accumulated losses) 1.494.293 3.001.150 4.495.443 1.934.181 6.429.624
Net profit (loss) of the year 3.001.150 (1.066.969) 1.934.181 (1.991.100) (56.919)
Total 6.715.443 1.934.182 8.649.625 (56.917) 8.592.708
Changes in shareholders’ equity

Net worth existing at the closure of the financial year amounts to Euros 9.039.223 and has experienced the following evolution
(art. 2427, point 4 of the Civil Code).
(EUR)
Year Destination of the Other changes Result Year

opening previous year’s result for the closing
balance Dividend Other Increases Decreases Reclassifications year balance
allocations destinations
Capital 100.000 0 0 0 0 0 100.000
Legal reserve 20.000 0 0 0 0 0 20.000
Other reserves
Contributions to 2.100.000 0 0 0 0 0 2.100.000
cover losses
Total other reserves 2.100.003 0 0 (3) 0 0 2.100.000
Profit (loss) carried 6.429.624 0 0 0 56.919 0 6.372.705
forward
Profit (loss) for the year (56.919) 0 (56.919) 0 0 0 446.518 446.518
Total shareholders' 8.592.708 0 (56.919) (3) 56.919 0 446.518 9.039.223
equity
Use of shareholders’ equity

Details are given, in particular, related to the reserves that compose the Net Worth, specifying their origin or nature, and their
possible uses and distributability limits as well as their uses in previous financial years (art. 2427, point 7-bis of the Civil Code):
Explanation column “Origin/nature”: C = Capital reserve; U = Profit reserve.
Explanation column “Possible use”: A = for capital increase; B = to cover losses; C = for distribution to shareholders.
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(EUR)
Amount’ Origin / Possible Available Summary of uses in the

nature use amount three previous years
to cover for other
losses reasons
Capital 100.000 C B 0 0 0
Legal reserve 20.000 U B 0 0 0
Other reserves
Contributions to cover losses 2.100.000 C B, C 2.100.000 0 0
Total other reserves 2.100.000 2.100.000 0 0
Profit carried forward 6.372.705 6.372.705 0 0
Total 8.592.705 8.472.705 0 0
Unavailable amount 0
Residual available share 8.472.705
Key: A: for capital increase, B: to hedge losses, C: distribution to shareholders, D: for other article of association restraints,
E: other
As of 31/03/2024 capital was fully underwritten and paid up.
Provisions for risks and charges
The composition and the movements in the single items are given in the following schedule (art. 2427, point 4 of the Civil Code).
(EUR)
Provisions Deferred tax Passive Other funds Total
for pension fund derivative provisions
liabilities financial for risks and
and similar instruments charges
obligations
Year opening balance 0 0 0 117.516 117.516
Use in the financial year 0 0 0 117.516 117.516
Other changes 0 0 0 287 287
Total changes 0 0 0 (117.229) (117.229)
Year closing balance 0 0 0 287 287
The Management, in the financial year closed as of 31.03.2024, evaluated the portfolio project as at the year end and decided
to accrue a contingency for foreseeable losses on ‘ready-to-deliver’ projects and it amounted to Euro 287, whereas the amount
of the previous year equal to Euro 117.516 was realised.
This schedule gives a detailed description of the item related to other contingency funds for risks and charges as well as the
variations since the previous financial year, because they are held to be of appreciable amount (art. 2427, point 7 of the Civil
Code).
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(EUR)
Description As at Change during As at
Foreseeable losses on projects 117.516 (117.229) 287
Total 117.516 (117.229) 287
Staff severance fund

The fund being allocated represents the actual debt of the company with its employees as of al 31/03/2024 after deduction of
paid advances.
The severance pay is directly deposited in the pension fund for employees who have opted for complementary social security
which is shown on “Other”; in other cases the severance pay is transferred to the Treasury Fund managed by INPS. the amount
booked as use is related to amount paid during the year.
Composition and uses are listed in the following schedule (art. 2427, point 4 of the Civil Code).
(EUR)
Staff severance fund
Year opening balance 1.504.029
Operating accrual 525.194
Use in the financial year 260.523
Other changes (137.763)
Total changes 126.908
Year closing balance 1.630.937
Payables due to companies controlled by parent companies

Payables changes and due date
The composition, the variations in the single items and the subdivision by due dates of payables are illustrated in the following
schedule (art. 2427, point 4 and 6 of the Civil Code).
(EUR)
Year Change Year Amount Amount of which

opening during the closing due due beyond 5
balance year balance within 12 beyond 12 years
months months
Advances 994.847 156.399 838.448 838.448 0 0
Payables to suppliers 2.231.469 611.455 1.620.014 1.620.014 0 0
Payables to parent companies 5.695.226 (4.736.941) 958.285 958.285 0 0
Payables due to companies controlled by 135.991 64.087 200.078 200.078 0 0
parent companies
Tax payables 143.604 74.907 218.511 218.511 0 0
Payables due to social security and welfare 277.842 (80.272) 197.570 197.570 0 0
institutions
Other payables 2.554.631 159.054 2.395.577 2.395.577 0 0
Total payables (D) 12.033.610 (5.605.127) 6.428.483 6.428.483 0 0
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Advance payments
(EUR)
March 31, 2023 March 31, 2024
a) Advance payments due within a year 994.847 838.448 (156.399)
Advance payments from customers 994.847 838.448 (156.399)
Total advance payments 994.847 838.448 (156.399)
Payables to suppliers
(EUR)
March 31, 2023 March 31, 2024
a) Payables to suppliers due within a year 2.231.469 1.620.014 (611.455)
Suppliers within a year: 1.486.818 761.260 (725.558)
Invoices to be received within a year: 744.651 839.167 94.516
Total payables to suppliers 2.231.469 1.620.014 (611.455)
Payables to parent companies
(EUR)
March 31, 2023 March 31, 2024
Tata Consultancy Services LTD 5.640.924 873.937 (4.766.987)
Tata Consultancy Services Netherlands B.V. 54.302 84.348 30.046
Total payables to parent companies 5.695.226 958.285 (4.736.941)
Under the item “Payables to parent companies” are reclassified not only the payables to Tata Consultancy Services Netherlands
B.V, but also the payables to Indian parent company Tata Consultancy Services LTD. All the transactions are made at the
arms’lenght value.
Payables due to companies subject to the control of the parent companies
(EUR)
As at As at Variation
March 31, 2023 March 31, 2024
Tata Consultancy Services Deutschland GmbH 42.422 66.318 23.896
Tata Consultancy Services France SAS 37.008 56.736 19.728
Tata Consultancy Services Brasil LTD 16.712 14.444 (2.268)
Tata Consultancy Services Sverige AB 6.470 11.715 5.245
Tata Consultancy Services Belgium SA 8.849 18.760 9.911
Tata Consultancy Services Switzerland LTD 24.377 23.834 (543)
Tata Consultancy Services Espana SA 153 (153)
Tata Asia Pacific PTE e LTD 8.271 8.271
Total payables due to companies subject to the control of the parent 135.991 200.078 64.087
companies
All the transactions are made at the arms’lenght value.
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Tax payables
(EUR)
March 31, 2023 March 31, 2024
Income Tax (IRPEF) / Corporate Income Tax (IRES) 9.752 9.752
VAT 91.003 91.003
Employee withholding taxes 129.953 (13.636) 116.317
Consultant/collaborator withholding taxes 13.651 (12.212) 1.439
Total tax payables 143.604 74.907 218.511
The IRES payable shown here represents the balance for the year.
Payables with social security and insurance institutions
(EUR)
March 31, 2023 March 31, 2024
Payables with Inps (National Institute of Social Insurance) 277.842 197.570 (80.272)
Total social security and insurance payables 277.842 197.570 (80.272)
Other payables
(EUR)
March 31, 2023 March 31, 2024
a) Other payables following year 2.554.631 2.395.577 (159.054)
Employees / similar payables 2.469.421 2.303.905 (165.516)
Other payables:
- other 85.210 91.672 6.462
Total other payables 2.554.631 2.395.577 (159.054)
Breakdown of payables by geographic area

An illustrative schedule is also given with the breakdown of payables according to the geographic area of business of the
creditor.
(EUR)
Geographic area Italy Europe Rest of the Total
World
Advances 838.448 - - 838.448
Payables to suppliers 1.620.014 - - 1.620.014
Payables due to parent companies - 84.348 873.937 958.285
Payables due to companies controlled by parent companies - 177.363 22.715 200.078
Tax payables 218.511 - - 218.511
Payables due to social security and welfare institutions 197.570 - - 197.570
Other payables 2.395.577 - - 2.395.577
Payables 5.270.120 261.711 896.652 6.428.483
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Accrued liabilities and deferred income
The following schedule indicates the composition and movements of the item under examination (art. 2427, point 7 of the Civil
Code).
(EUR)
Year opening Change during Year closing
balance the year balance
Accrued liabilities 61.084 130.285 191.369
Total accrued liabilities and deferred income 61.084 130.285 191.369
Supplementary notes, income statement

Value of production
Production worth composition is given below as well as variations in the single items compared to the previous financial year:
(EUR)
Description As at As at Variation Var. %
March 31, 2023 March 31, 2024
Revenue from sales and services 44.525.765 39.412.033 (5.113.732) (11,48)
Other revenue and proceeds 428.913 878.116 449.203 104,73
Totals 44.954.678 40.290.149 (4.664.529)
Breakdown of net revenue by geographic area

In accordance with the provisions of point 10) of article 2427 we specify the breakdown of revenue from sales and services by
geographic area.
(EUR)
Geographic area Current year value
Italy 33.276.674
Europe 4.372.689
Rest of the World 1.762.670
Total 39.412.033
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Cost of production
The following schedule illustrates the composition and movements in the “Production costs” item.
(EUR)
Description As at As at Variation Var. %
March 31, 2023 March 31, 2024
For raw materials, ancillary materials, consumables and 12.833 6.905 (5.928) (46,19)
goods
For services 26.098.721 21.866.473 (4.232.248) (16,22)
For use of third party assets 1.941.376 1.987.647 46.271 2,38
For personnel:
a) wages and salaries 12.300.069 11.706.190 (593.879) (4,83)
b) social security contributions 2.170.119 2.283.609 113.490 5,23
c) severance pay 558.064 525.194 (32.870) (5,89)
d) pension indemnity and similar
e) other costs 439.602 383.823 (55.779) (12,69)
Depreciations and write-offs:
a) intangible fixed assets
b) tangible fixed assets 77.797 113.901 36.104 46,41
c) other write-offs of fixed assets
d) receivables write-offs included in current assets 657 657
Variations in stocks of raw materials, ancillary materials
and consumables and goods
Contingency fund for risks
Other funds 117.795 (117.795) (100,00)
Sundry operating charges 331.902 54.707 (277.195) (85,32)
Rounding off
Totals 44.048.278 38.929.106 (5.119.172)
Costs raw materials, ancillary materials, consumables and good

They include mainly the costs for the purchases of the goods and products required for the office uses.
Costs for services
They include all the costs relating to the services incurred by the company during the year. In particular: costs related to the
providing of services for the projects (Euro 20.667.745), marketing and sponsorship related (Euro 71.586), legal, fiscal and
consultancy expenese (Euro 163.558), and communication costs (Euro 399.208).
Use of third party assets
They include the fees incurred by the Company in relation to its offices (euro 190.455), for the rent of the cars given to the
employees (Euro 156.970) and for the apartments rented for its employees (Euro 1.618.367).
Costs for personnel
It represents the full costs for employees, including also the accruals for vacation and deferred provided by law.
Depreciation tangible assets
They have been calculated applying the rates provided by our fiscal law.
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Sundry operations charge
They represent the residual category in which those costs not classified previously are accounted, like registration tax, stamp
duty, government concession tax, fines and other management costs.
Financial income and charges
A schedule is also given concerning the composition of the “C.16.d) Proceeds other than the previous ones” item.
(EUR)
Description Controlled Associated Controlling Companies Others Total

companies companies companies subject to
the control
of parent
companies
Bank and postal interest - - - - 117.956 117.956
Totals - - - - 117.956 117.956
Income tax for the year, current, deferred and prepaid

Operating income taxes
The composition of the “Operating income taxes” item is illustrated in the following table:
(EUR)
Description As at Variation Var.% As at
March 31, 2023 March 31, 2024
Current taxes 1.006.392 1.661 0,17 1.008.053
Taxes relative to previous periods 28.072 (19.690) (70,14) 8.382
Advanced taxes 33.976 33.976
Totals 1.034.464 15.947 1.050.411
“Current taxes” are composed by:

• IRES: Euros 700.255;
• IRAP: Euros 307.798.
Deferred taxation (art. 2427, point 14 of the Civil Code)
Deferred taxes were calculated taking into account the amount of all the temporary differences generated from application of
tax regulations and applying the rates valid at the moment these differences arose.
Assets for advanced taxes were detected as it is reasonably certain that there will be, during subsequent financial year, a
taxable base not inferior to the amount of the differences that will be written off. The total amount at the year end is Euro
221.741.For a full disclosure, it is reported that the company pays IRAP tax in three different regions:
• Tuscany: IRAP applicable rate 4,82%;
• Lombardy: IRAP applicable rate 3,9%;
• Piedmont: IRAP applicable rate 3,9%.
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Supplementary notes, other information
Employment data
In accordance with the provisions of point 15) of article 2427 of the Civil Code, the following schedule illustrates the data related
to the composition of staff employed as of 31/03/2024.
(EUR)
Average number
Directors 9
Middle management 35
Office staff 72
Other employees 17
Total employees 133
For a full disclosure, it is reported that the total of detached staff at the end of the financial year is composed by 72 engineers.
Remuneration to legal auditor or audit company
According to art. 2427 paragraph 16-bis we provide the following details about the legal auditor (auditing company) fees
PAGANI RAFFAELLA for the rendered services, divided in legal audit services and other services.
(EUR)
Value
Legal audit of annual accounts 13.072
Total remuneration due to the legal auditor or audit firm 13.072
Commitments, guarantees and potential liabilities not posted to the balance sheet
Compliant with art. 2427 no. 9 of the Civil Code, please note that the Company has no commitments, guarantees and contingent
liabilities other than those resulting from the balance sheet.
Information on assets and loans addressed to specific deals

Assets and loans allocated to a specific deal
The Company has not created any assets destined to the a specific business.
Information on transactions with correlated parties

Related party transactions
According to Art. 2427 point 22-bis, please note that during the financial year related party transactions were not carried out
with significant amounts and in any case they were fulfilled at regular market conditions. In any case, transactions with related
parties are displayed in the following table:
(EUR)
Description Controlling Other related Total
companies parties
Revenue 2.000.983 3.997.665 5.998.648
Costs 21.014.881 944.969 22.049.850
Commercial receivables 1.648.247 762.792 2.411.039
Commercial debts 958.285 200.078 1.158.636
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In item “controlled companies” have been classified the transactions (revenues, costs, receivables and debts) toward the direct
parent company Tata Consultancy Services B.V., Amsterdam, and toward the holding Tata Consultancy Services Ltd. Mumbai,
India.
According to Art. 2427 point 22-bis, please note that during the financial year related party transactions took place and the
year-end balance is the following ones:
(EUR)
Entity Revenues Costs Receivables Payables
Tata Consultancy Services Asia Pacific Pte Ltd 132.216 8.271
Tata Consultancy Services Belgium N.V./S.A. 131.894 31.476 18.760
Tata Consultancy Services Deutschland GmbH 2.092.573 437.072 235.960 66.318
Tata Consultancy Services France S.A.S 350.983 257.663 187.554 56.736
Tata Consultancy Services Limited 1.466.975 20.827.595 1.556.621 873.937
Tata Consultancy Services Netherland BV 534.008 277.286 91.626 84.348
Tata Consultancy Services Osterreich GmbH 907.070 139.958
Tata Consultancy Services Sverige AB 12.335 3.696 11.715
Tata Consultancy Services Switzerland Ltd 450.437 157.414 23.834
Tata Consultancy Services Espana SA 1.028 1.031
Tata Consultancy Services Brazil Ltd. 118.018 289 14.444
Tata Consultancy Services Portugal, Unipessoal, LDA 36 36
Totale 5.998.648 22.049.850 2.411.039 1.158.363
Information on agreements not posted to the balance sheet

Agreements not included in balance sheet
According to Art. 2427 point 22-ter, please note that the Company is not engaged in any agreement which is not included in the
Balance Sheet, represents relevant risks or benefits and is necessary to evaluate the Company’s assets and financial situation.
Information on significant events after yearend
Pursuant to art. 2427 no. 22 quater) of the Italian Civil Code after the end of the year there are anything to be reported.
Information regarding derivative financial instruments as per art. 2427-b Civil Code
Information concerning the “Fair value” of derivative financial instruments
It is hereby stated, in accordance with article 2427-bis, paragraph 1, number 1) of the Civil Code, that the Company does not
use derivative instruments.
Summary of balance sheet of the company exercising management and coordination activities
The Company belongs to the Tata Group which carries on management and coordination through the Tata Consultancy Services
Netherlands BV company.
The following schedule gives essential figures from the last Financial Statements approved by the Company which carries on
management and coordination in accordance with paragraph 4 of article 2497-bis of the Civil Code. Figures provided in the
following table are rounded to the nearest EUR ‘000.
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Summary of balance sheet of the company exercising management and coordination activities (overview)
(EUR)
Last financial year Previous year
Date of the last approved balance sheet 31/03/2023 31/03/2022
A) receivables due from shareholders 0 0
B) Fixed assets 159.126 151.268
C) Current assets 345.089 275.009
D) Prepaid expenses and accrued income 0 0
Total assets 504.215 426.277
A) Shareholders' equity
share capital 66.000 66.000
Reserves 161.744 125.111
Profit (loss) for the year 56.661 61.634
Total shareholders' equity 284.405 252.745
B) Reserves for contingencies and other charges 0 0
Total reserve for severance indemnities (TFR) 0 0
D) Payables 219.810 173.532
E) Accrued expenses and deferred income 0 0
Total liabilities and shareholders' equity 504.215 426.277
Summary of memorandum accounts of the company exercising management and coordination activities (overview)
(EUR)
Last financial year Previous year
31/03/2023 31/03/2022
A) Value of production 852.517 687.229
B) Costs of production 810.924 653.595
C) Financial income and charges 26.699 36.977
D) Value adjustments to financial assets 0 0
Income taxes for the year 11.631 8.977
Profit (loss) for the year 56.661 61.634
Proposed use of profits or hedging of losses

Operating results allocation
Compliant with Art. 2427 no. 22-septies the following operating results allocation is proposed to the shareholders’ meeting
called to approve the Financial Statement:
(EUR)
Description Value
Operating profits:
- carry forward 446.518
Total 446.518
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Payment times for commercial transactions
Pursuant to art. 7-ter of Lgs. Decree 231/2002, the average time for payment of suppliers in commercial transactions is 30
days (end of month) from the date of receipt of invoice. Any general delays with regard to the agreed term will be limited to ten
working days.
The company’s business policies do not envisage requests to suppliers for particular deferments.
Shareholdings in unlimited liability companies
We point out, in accordance with article 2361 paragraph 2 of the Civil Code, that the company have not acquired shareholdings
involving unlimited liability in any Company.
Financial Charges Capitalised on Assets in the Balance Sheet
We hereby certify that no capitalisation of financial charges was made to the values entered on the assets side of the balance
sheet during the financial year (Article 2427.8 of the Italian Civil Code).
Finance Leasing Transactions
It is hereby certified that no financial leasing operations were performed during the financial year.
Information Concerning the Fair Value of Derivative Financial Instruments
Pursuant to Article 2427 bis, paragraph 1, number 1) of the Italian Civil Code it is hereby stated that the Company does not use
derivative instruments.
Significant Effects of Changes in Foreign Exchange Rates
In accordance with the provisions of point 6-bis) of Article 2427 of the Italian Civil Code, we report that no significant changes
in currency exchange rates occurred between the closing date of the financial year and the date of preparation of the draft
Balance sheet conformity statement
MILANO, 17/04/2024
For the Directors
CHAPALAPALLI SAPTHAGIRI
The undersigned CHAPALAPALLI SAPTHAGIRI, as Director, aware of the penal responsibilities in case of false or misleading
statement, as per art. 76 of Presidential Decree 445/2000, certifies the correspondence between the XBRL electronic document
containing the balance sheet, income statement, financial statement and explanatory notes and the documents stored in the
company records according to art.47 of the aforementioned decree.
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MANAGEMENT REPORT
REPORT OF THE BOARD OF DIRECTORS OVER THE PERIOD ENDED ON 31/03/2024
To the Sole Shareholders,
compliant to the provisions of Art. 2428 of Civil Code, the Report of the Board of Directors comments on the management
choices and the results for the period ended on 31/03/2024 in order to provide a faithful, impartial and exhaustive account about
the state of the company, its management trend and its results as well as about the activities performed by the company during
the current business year; the Report also provides information about the risks which the company is exposed to.
COMPANY ACTIVITIES
The company provides IT consultancy services and solutions. The broad range of services enables the company to provide
comprehensive and high value-added services to its clients.
The Company is owned 100% by Tata Consultancy Services Netherlands B.V. with legal seat at Amsterdam, European
headquarter of the holding company Tata Consultancy Services Limited, located at Mumbai (India). The sole shareholder also
provides Management and coordination activity. The group structure did not change during the previous year.
The company headquarter and legal office is in MILAN, and operates through the following branches:
Municipality Adress
Florence via Panciatichi, 31
Maranello (MO) via Giovanni Verga, 12
Turin (TO) via Confienza, 10
COMPANY PERFORMANCE
The financial statements submitted for your approval show a profit of Euros 446.518; the main factors influencing the annual
result are as follows:
• an improvement in operating profitability;
• an increase in financial income;
• a reduction in operating costs.
The tables below summarize the balance of assets and the company’s performance over the period, outlining the factors above
mentioned:
(EUR)
Balance Sheet Balance as at Difference Balance as at
March 31, 2023 March 31, 2024
Receivables from shareholders for payments due
Fixed assets 393.541 (96.112) 297.429
Current assets 21.549.609 (4.645.340) 16.904.269
Accruals and deferrals 365.797 (291.506) 74.291
TOTAL ASSETS 22.308.947 (5.032.958) 17.275.989
Net worth: 8.592.708 446.516 9.039.224

- of which operating profit (loss) (56.919) 503.437 446.518
Contingency funds for risks and future 117.516 (117.229) 287
Severance pay 1.504.029 126.908 1.630.937
Short term debts 12.033.610 (5.619.438) 6.414.172
Long term debts
Accruals and deferrals 61.084 130.285 191.369
TOTAL LIABILITIES 22.308.947 (5.032.958) 17.275.989
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Description Previous financial % of Current financial % of

year balance revenue year balance revenue
Revenue from typical operations 44.525.765 - 39.412.033 -
Variation in stocks of products currently being processed, - - - -
semi-finished and finished products and fixed assets
increase
Purchases and variation in stocks of raw materials, 12.833 0,03 6.905 0,02
ancillary materials, consumables and goods
Costs for services and for use of third party assets 28.040.097 62,97 23.854.120 60,52
ADDED VALUE 16.472.835 37,00 15.551.008 39,46
Revenue from ancillary operations 428.913 0,96 878.116 2,23
Cost of labor 15.467.854 34,74 14.898.816 37,80
Other operating costs 331.902 0,75 83.628 0,21
GROSS OPERATING MARGIN 1.101.992 2,47 1.446.680 3,67
Depreciations, write-offs and other appropriations 195.592 0,44 114.558 0,29
ORDINARY RESULTS 906.400 2,04 1.332.122 3,38
Financial charges and proceeds and value adjustments to
financial assets and liabilities 71.145 0,16 135.886 0,34
PRE-TAX RESULT 977.545 2,20 1.468.008 3,72
Income tax 1.034.464 2,32 1.021.490 2,59
OPERATING POFIT (LOSS) (56.919) (0,13) 446.518 1,13
Below are comments over several areas of the company’s overall performance.
MACROECONOMIC TREND AND MARKET CONDITIONS

Italian GDP is expected to grow by 0.7% in 2024. Inflation deceleration, mostly determined by the decline of energy raw material
prices and restrictive monetary policies implemented by ECB, will moderate the dynamics of resident household expenditure
deflator in 2024 (+2.5%).
The forecast scenario is based on the assumptions that inflation will continue to decelerate in the coming months, international
trade will recover and the National recovery and resilience plan will be effectively implemented.
The company’s IT sector continuous to show a trend which is favourable. According to the forecast of the Anitec-Assinform
report (report of IT market elaborated by Association of Companies of IT sector), the addressable market to TCS (Software
Solutions and IT Services) will grow from 6.2-8- 9% during 2024, with AI, Cloud and Cybersecurity among the top growing
digital enabling disciplines.
MARKET STRATEGY
The target market of your company is software consultancy. The target customer group did not experience any particular
changes during the year. In fact, the markets in which Tata Consultancy Services Italia Srl is engaged, are traditional ones in
which the ultimate Indian parent company is well recognized worldwide.
The Company has a prestigious pool of clients including the best Italian companies. Sales by country are detailed below:
(EUR)
Geographic area Previous financial Variation Var. % Current financial
year balance year balance
Italy 38.761.965 (5.485.291) (14,15) 33.276.674
Europe 4.827.989 (455.300) (9,43) 4.372.689
Rest of the World 935.811 826.859 88,36 1.762.670
Totals 44.525.765 (5.113.732) 39.412.033
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Sales expenditure split by cost category is shown below:

(EUR)
Category Domestic European Market Foreign Countries
Advertising 71.586 - -
Representation expenses 29.527 - -
TOTAL 101.113 - -
INVESTMENT STRATEGY
Investment during the period is detailed below:
(EUR)
Investment in tangible fixed assets Financial year purchases
Fixed assets in progress and down payments
Other assets 16.916
TOTAL 16.916
FINANCIAL STRUCTURE AND STRATEGY

The company’s net financial debt is detailed below; the report, based on ESMA guidelines, highlights the composition of the
financial debt; a negative value states a situation in which financial assets are greater than financial liabilities.
(EUR)
Description Previous Variation Current year Current
financial year adjustment financial year
A) Cash 4.712.278 414.315 - 5.126.593
B) Cash equivalents - - - -
C) Other current financial assets - - - -
Other short term assets - - - -
D) Liquid assets (A+B+C) 4.712.278 414.315 - 5.126.593
E) Current financial debt - - - -
F) Current portion of long-term financial debt - - - -
Other short term liabilities - - - -
G) Current financial debt (E+F) - - - -
H) Current net financial debt (G-D) (4.712.278) (414.315) - (5.126.593)
I) Long-term financial debt - - - -
J) Debt instruments - - - -
K) Trade payables and other long-term payables - - - -
L) Non-current financial debt (I+J+K) - - - -
M) TOTAL FINANCIAL DEBT (H+L) (4.712.278) (414.315) - (5.126.593)
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Following tables show a reclassification of the Balance Sheet on the basis of liquidity use and sources.
(EUR)
Uses Value % on the uses
Immediate liquidity 5.126.593 29,67
Deferred liquidity 11.851.967 68,60
Inventory
Current assets 16.978.560 98,28
Tangible fixed assets 297.429 1,72
Financial assets
Fixed assets 297.429 1,72
TOTAL USES 17.275.989 100,00
(EUR)
Sources Values % on the
sources
Current liabilities 6.605.541 38,24
Consolidated liabilities 1.631.224 9,44
Capital of third parties 8.236.765 47,68
Share capital 100.000 0,58
Accumulated funds and profits (losses) 8.492.706 49,16
Current year profit (loss) 446.518 2,58
Equity 9.039.224 52,32
TOTAL SOURCES 17.275.989 100,00
In compliance with the provisions of art. 2428 par. 2 of the Civil Code, we point out the main financial and non-financial
indicators of results.
Structural indexes Meaning Previous Current Comment

financial year financial year
Primary structure ratio The index measures the 21,83 30,39 Shareholders’ equity
Net worth capacity of the company’s is sufficient to fully
------------------------ financial structure to cover fixed assets.
cover long term with long
Financial year fixed assets
term sources.
Secondary structure ratio The index measures the 25,95 35,88 Long-term sources
Net worth + Consolidated liabilities capacity of the company’s and uses are in
------------------------- financial structure to balance.
cover long term with long
Financial year fixed assets
term sources.
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Patrimonial and financial indexes Meaning Previous Current Comment

Leverage (financial dependence) The index measures 2,60 1,91 The company
Invested capital the intensity of use of does not resort to
-------------------------- indebtedness to cover borrowing outside
invested capital. the Group.
Net worth
Flexibility of the uses It allows to better define 98,24 98,28 Invested capital
Circulating assets the percentage mix of is almost equal
-------------------------- uses, which depends to current assets,
substantially on the kinds highlighting the
Invested capital
of activity of the company flexibility of the
and on the flexibility level structure.
of the business structure.
The more flexible the
structure of the uses is,
the greater the capacity
of the business to adapt
itself to the changeable
market conditions..
Total debt ratio The index represents the 1,60 0,91 The company resorts
Third party financing equilibrium degree of the to financing only
------------------------- financial sources. within the Group.
Net worth
Managerial indexes Meaning Previous Current Comment

Personnel efficiency The index shows the 2,88 2,65
Net operating revenue personnel productivity,
------------------------- calculated as the
ratio between the net
Financial year cost of personnel
operating revenue and
the cost of personnel.
Days’ payables outstanding The index measures, in 29 24 Index showing
Payables with Suppliers * 365 days, the commercial improvement
------------------------- extension received from
the suppliers.
Financial year purchases
Days’ sales in receivable The index measures, in 101 69 Index showing
Receivables with Customers * 365 days, the commercial improvement
------------------------ extension offered to
customers.
Net operating revenue
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Liquidity indexes Meaning Previous Current Comment

Quick ratio The index measures 1,80 2,54 There is a good
Prompt liquidity + deferred liquidity the degree of coverage relationship
------------------------- of short term payables between the sources
by assets presumably and uses of financial
Short term period payables
collectible in the short resources, with
term. current assets
covering current
liabilities.
Profitability indexes Meaning Previous Current Comment

Return on sales (R.O.S.) The index measures the 2,04 3,38
Financial year operating result percentage efficiency of
------------------------------ current operations with
respect to sales.
-
Net operating revenue
Return on investment (R.O.I.) The index offers a 4,06 7,71
Financial year operating result summary percentage
------------------------------ measurement of the
economics of current
-
operations and the
Financial year invested capital capacity of the company
to self- finance
irrespective to the
choices of the financial
structure.
Return on Equity (R.O.E.) The index offers a -0,66 4,94
Financial year operating result summary percentage
------------------------------ measurement of the
global economics of
-
company operation
Net worth as a whole and on the
capacity to finance the
owner’s equity.
INFORMATION ABOUT THE ENVIRONMENT

At present the commitment about social and territory responsibility is an integral part of its principles and behaviours,
which are oriented towards technology excellence, maintenance of high security levels, environmental protection and energy
effectiveness as well as towards the training, the sensitization and involvement of the personnel as far as social responsibility
matters are concerned. Therefore, the company’s environmental strategy is based upon the following principles:
– optimize the use of renewable energy and natural resources;
– minimize negative environmental impacts and maximize positive ones;
– spread a correct approach to environmental culture;
– achieve continuous improvement in environmental performances;
– adopt purchasing policies in respect of environmental issues.
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Particularly the following initiatives were undertaken during the year:

- Scrupulous separate waste collection to improve recycling: plastic, organic, aluminium, glass, toner;
- All the paper used to print is Eco-compatible and could be disposed via WC.
ENVIRONMENTAL LITIGATION
At the moment the Company is not involved in any civil or criminal litigation with third parties for damages caused to the
environment or environmental crimes.
INFORMATION ABOUT THE PERSONNEL

SAFETY
The Company operates in its environment in accordance with the provisions of Decree-Law 81/08 for workers safety.
Activities in this area include:
– train employees and collaborators;
– recurrent medical examinations;
– organize and train safety intervention teams provided by law;
– permanent corporate monitoring from RSPP;
– preparation and distribution of documents regarding Decree-Law 81/08.
Particularly the following initiatives were undertaken during the year:
– update risk assessment documents;
– update and edit of procedures regarding safety and health at work;
– training course for n. 19 new employees.
INJURIES
During the year no injuries occurred to employees.
LITIGATION
Currently the Company is not involved in any litigation of any kind with employees or former employees.
With reference to the employed personnel we report following data:
• n. 83 men and n. 24 women are employed with a permanent contract;
• the average length of employment is 3/4 years;
• n.19 employees was hired during the year.
DESCRIPTION OF THE MAIN RISKS AND UNCERTAINTIES WHICH MAY HAVE AN IMPACT ON THE COMPANY
related to the overall macroeconomic framework or the specific environment the Company operates in, as well as risks related
to strategic decisions and internal risk management.
The identification and mitigation of these risks were carried out on a regular basis through consistent monitoring and
immediate reactions in face of risk events.
The Company can count on a central risk management, although it allows its supervisors to take care of identification,
monitoring and mitigation of the risks themselves. The aim is to estimate the impact of each risk according to going concern
premises, reduce risks’ occurrence and/or moderate their effect in proportion to the determining factor (controllable by the
Company or not).
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On the topic of business risks, the main risks identified, monitored and managed by the company are as follows:
- risks dependent on exogenous variables;
- risk related to competitiveness;
- risks related to the demand / macro-economic cycles.
RISKS DEPENDENT ON EXOGENOUS VARIABLES

The company is exposed to foreign exchange risk as it deals in multi currencies. However, the risk is hedged to a great extent
as the expenses are incurred in the respective foreign currency.
RISK RELATED TO COMPETITIVENESS

The company operates in highly competitive industry, which is reflected in intense price competition of products and services.
RISK RELATED TO OVERALL ECONOMIC DEVELOPMENT

related to the overall macroeconomic framework and the consequent reduction in IT spending by the companies, in containing
their costs, could impact the Company’s business.
INFORMATION EX ART. 2428 C. 6 BIS

The company does not have investments in financial activities.
AIMS AND POLICIES ON FINANCIAL RISK MANAGEMENT

The Company aims to contain financial risks through a control system managed by the Executive Board and monitored by
internal auditors.
COMPANY’S EXPO SURE TO RISKS

CREDIT RISK
The Company has a policy to extend credit terms, on an average 60 days, after carefully considering the credit worthiness of
its clients based on reports obtained from Credit Rating Agencies.
Doubtful debts represent the 2.71% of the total amount of all receivables towards customers. The Company has a good
portfolio of clients and carries on careful checks on the clients’ credit worthiness. It is specified that, as per company policy,
the receivables considered in the doubtful/ bad debts are those which have remained unrealized beyond 9 months.
LIQUIDITY RISK
Policy of the company is to manage accurately its spare funds, using tools able to schedule revenues and expenditures. The
company intends to maintain liquidity reserves in order to avoid liquidity risk.
RESEARCH AND DEVELOPMENT

The Company has not made significant investments in Research and Development during the year.
TRANSACTIONS WITH SUBSIDIARIES, ASSOCIATED AND PARENT COMPANIES AND OTHER GROUP COMPANIES
Throughout the period ended 31st March 2024 the Company held commercial relations with companies of the Group.
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Contract terms have been negotiated according to market conditions and do not give rise to significant advantages to any of the
parties involved. Intercompany transactions are made at arm’s length value. The amount of the intercompany trade relations
is listed below:
(EUR)
Description Controlling companies Other related parties Total
Revenues 2.000.983 3.997.665 5.998.648
Costs 21.014.881 944.969 22.049.850
Account receivables 1.648.247 762.792 2.411.039
Account payables 958.285 200.078 1.158.363
Entity Revenues for Costs for Account Account

services services receivables payables
Tata America International Corporation 287 - 1
Tata Consultancy Services Asia Pacific Pte Ltd 132.216 - 8.271
Tata Consultancy Services Belgium N.V./S.A. 131.894 - 31.476 18.760
Tata Consultancy Services Deutschland GmbH 2.092.573 437.072 235.960 66.318
Tata Consultancy Services France S.A.S 350.983 257.663 187.554 56.736
Tata Consultancy Services Limited 1.466.975 20.827.595 1.556.621 873.937
Tata Consultancy Services Netherland BV 534.008 277.286 91.626 84.348
Tata Consultancy Services Osterreich GmbH 907.070 - 139.958
Tata Consultancy Services Sverige AB 12.335 - 3.696 11.715
Tata Consultancy Services Switzerland Ltd 450.437 - 157.414 23.834
Tata Consultancy Services Espana SA 1.028 - 1.031
Tata Consultancy Services Brazil Ltd. 118.018 289 14.444
Tata Consultancy Services Portugal, Unipessoal, LDA 36 36
Total 5.998.648 22.049.850 2.411.039 1.158.363
The contracts were concluded and executed during the financial year at normal market conditions, without any special
concessions for the counterparties. The values shown herein are accurately confirmed in the group’s consolidated financial
statements, to which reference should be made for further details and in-depth analysis.
INFORMATION CONCERNING THE ACTIVITY OF DIRECTION AND COORDINATION

Compliant with the dispositions of Art. 2497 et seq. of the Civil Code, we communicate that the Company is subject to the
direction and coordination of the Company TATA CONSULTANCY SERVICES NETHERLANDS BV. Compliant with art. 2497-bis,
par. 4, Civil Code, in the notes to the financial statements we reported a summary of the essential data of the last financial
statements of the Company that exerts the activity of direction and coordination.
Moreover, the Company fulfilled its obligation required under article 2497-bis, par.1 of the Civil Code, as it reported on
acts and correspondence its subjection to the direction and coordination of the Company TATA CONSULTANCY SERVICES
NETHERLANDS BV exercising management and coordination activities.
Pursuant to Article 2497-bis, Section 5, of the Italian Civil Code, the following tables show the company’s relationships with the
company TATA CONSULTANCY SERVICES NETHERLANDS B.V .
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TRADE RELATIONS AND OTHERS

(EUR)
Description TCS Netherlands BV
Receivables 91.626
Payables 65.368
Costs for services 72.311
Revenues for services 534.008
Finally, we state that no decision was influenced by the activity or direction and coordination of the Company TATA CONSULTANCY
SERVICES NETHERLANDS BV.
OWN SHARES AND INVESTMENT IN PARENT COMPANIES

Compliant with Article 2428 c. 3 p. 3 and 4 of the Civil Code the Company holds no own shares or investment in Parent
companies.
FORESEEABLE DEVELOPMENTS BY THE END OF THE PERIOD

According to the available information the subsequent year result is expected have a growth of 5% compared to the current
year.
ACTIVITIES EX DECREE LAW 231/01

The company has adopted an Organization and Control Model pursuant to Legislative Decree no. 231/01, including a Code of
Ethics, whose functioning is monitored by a Supervisory Board.
MILAN, 17th April 2024
For the Directors

CHAPALAPALLI SAPTHAGIRI
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TATA CONSULTANCY SERVICES
LUXEMBOURG S.A.
Société Anonyme
ANNUAL ACCOUNTS AND
REPORT OF THE REVISEUR
D’ENTREPRISES AGREE
MARCH 31, 2024
89 D, Rue Pafebruch
L-8308 Capellen
R.C.S. Luxembourg: B112.110
Tata Consultancy Services Luxembourg S.A. 31.1
CONTENTS PAGE
Report of the Reviseur D’entreprises Agree 31.3
Annual Accounts
- Balance sheet 31.5
- Profit and loss account 31.9
- Notes to the annual accounts 31.10

31.2 Tata Consultancy Services Luxembourg S.A.
MANAGEMENT REPORT FY 2023-24

TATA Consultancy Services Luxembourg S. A. (the “Company”), during the fiscal year ending on the March 31, 2024, has an
increased net margin by EUR 0.64 million compared to the previous year. The Company continues to work closely with Tata
Consultancy Services Limited (hereinafter referred to as “TCS”) relationship teams managing global TCS customers that have
operations in Luxembourg. The long-term relationship with our customers, the quality of service and innovative offerings, has
led to consolidating TCS’s presence. The service contracts currently in place signify enhanced revenue growth going forward.
Finding and hiring local qualified resources remains an important challenge in growing our presence in the country. However,
within the above limits, the Company regularly plans to position and showcase its services and solutions for acquiring new
customers and to develop new areas of business with existing customers.
On the basis of the current visibility, the revenue for the year 2024-25 are expected to be at the same level as that of the revenue
during the year 2023-24.
There are no significant events after the balance sheet date which has a bearing on the financial statements for the year 2023-
24.
Currently, the Company has no significant credit risks. The Company does not have any concentrations of credit with a single
customer or a geographical region which carries an unusually high credit risk and has no significant third-party interest risk.
In FY 2023-24, the Company proved to be self-sufficient to meet its cash requirements and did not take recourse to Banks for
financial operations.
The operations of the Company will continue as at the present, the current assets exceed current liabilities and net equity
have improved. The Company will be provided with all the necessary mechanisms to ensure the continuity of operations, the
realization of its assets and the settlement of its liabilities, in the normal course of its operations.
The Company operates in a competitive market scenario which is reflected in the competitive prices for services.
The Company does not hold its own shares and does not have any investment in the shares of its parent company (Tata
Consultancy Services Netherlands B.V) and the Company does not have any branches. The Company did not incur research
and development expenses during the financial year.
The total net turnover for the year was EUR 82.30 million compared to EUR 89.35 million for the previous year. The year ended
with a net profit of EUR 6.95 million as compared to EUR 6.31 million for the previous year. The net profit is expected to grow
going forward.
Mr. Sapthagiri Chapalapalli Mr. Paul Arbab

May 3, 2024
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REPORT OF THE REVISEUR D’ENTREPRISES AGREE

To the Board of Directors of
Tata Consultancy Services Luxembourg S.A.
89D, rue Pafebruch
L-8308 Capellen
Luxembourg
Report on the audit of the annual accounts
Opinion
We have audited the annual accounts of Tata Consultancy Services Luxembourg S.A. (the “Company”), which comprise the
balance sheet as at 31 March 2024, and the profit and loss account for the year then ended, and notes to the annual accounts,
including a summary of significant accounting policies.
In our opinion, the accompanying annual accounts give a true and fair view of the financial position of the Company as at 31
March 2024 and of the results of its operations for the year then ended in accordance with Luxembourg legal and regulatory
requirements relating to the preparation and presentation of the annual accounts.
Basis for opinion

We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (“Law of 23 July 2016”) and
with International Standards on Auditing (“ISAs”) as adopted for Luxembourg by the Commission de Surveillance du Secteur
Financier (“CSSF”). Our responsibilities under the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are
further described in the « Responsibilities of “réviseur d’entreprises agréé” for the audit of the annual accounts » section
of our report. We are also independent of the Company in accordance with the International Code of Ethics for Professional
Accountants, including International Independence Standards, issued by the International Ethics Standards Board for
Accountants (“IESBA Code”) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant
to our audit of the annual accounts, and have fulfilled our other ethical responsibilities under those ethical requirements. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other information
The Board of Directors is responsible for the other information. The other information comprises the information stated in
the annual report including the management report but does not include the annual accounts and our report of the “réviseur
d’entreprises agréé” thereon.
Our opinion on the annual accounts does not cover the other information and we do not express any form of assurance
conclusion thereon.
In connection with our audit of the annual accounts, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the annual accounts or our knowledge obtained in the
audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a
material misstatement of this other information, we are required to report this fact. We have nothing to report in this regard.
Responsibilities of the Board of Directors for the annual accounts

The Board of Directors is responsible for the preparation and fair presentation of the annual accounts in accordance with
Luxembourg legal and regulatory requirements relating to the preparation and presentation of the annual accounts, and for
such internal control as the Board of Directors determines is necessary to enable the preparation of annual accounts that are
free from material misstatement, whether due to fraud or error.
In preparing the annual accounts, the Board of Directors is responsible for assessing the Company’s ability to continue as a
unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative
but to do so.
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Responsibilities of the réviseur d’entreprises agréé for the audit of the annual accounts
The objectives of our audit are to obtain reasonable assurance about whether the annual accounts as a whole are free from
material misstatement, whether due to fraud or error, and to issue a report of the “réviseur d’entreprises agréé” that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual accounts.
As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we
exercise professional judgment and maintain professional skepticism throughout the audit. We also:
— Identify and assess the risks of material misstatement of the annual accounts, whether due to fraud or error, design and
internal control.
— Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
control.
— Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the Board of Directors.
— Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on
required to draw attention in our report of the “réviseur d’entreprises agréé” to the related disclosures in the annual
accounts or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our report of the “réviseur d’entreprises agréé”. However, future events or conditions may cause
— Evaluate the overall presentation, structure and content of the annual accounts, including the disclosures, and whether

The management report is consistent with the annual accounts and has been prepared in accordance with applicable legal
requirements.
Luxembourg, 8 May 2024 KPMG Audit S.à r.l.

Cabinet de révision agréé
F. Rouault
Partner
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Balance Sheet
(EUR)
Reference(s) As at March 31, 2024 As at March 31, 2023

ASSETS
A. Subscribed capital unpaid 1101 101 - 102 -
I. Subscribed capital not called 1103 103 - 104 -
II. Subscribed capital called but unpaid 1105 105 - 106 -
B. Formation expenses 1107 107 - 108 -
C. Fixed assets 1109 109 179.361,41 110 130.383,71
I. Intangible assets 1111 111 - 112 -
1. Costs of development 1113 113 - 114 -
2. Concessions, patents, licences, trade 1115 115 - 116 -
marks and similar rights and assets, if they
were
a) acquired for valuable consideration 1117 117 - 118 -
and need not be shown under C.I.3
b) created by the undertaking itself 1119 119 - 120 -
3. Goodwill, to the extent that it was acquired 1121 121 - 122 -
for valuable consideration
4. Payments on account and intangible assets 1123 123 - 124 -
under development
II. Tangible assets 1125 3 125 69.274,15 126 27.961,29
1. Land and buildings 1127 127 128 -
2. Plant and machinery 1129 3 129 29.964,86 130 13.027,30
3. Other fixtures and fittings, tools and 1131 3 131 33.382,32 132 10.286,99
equipment
4. Payments on account and tangible assets 1133 3 133 5.926,97 134 4.647,00
in the course of construction
III. Financial assets 1135 135 110.087,26 136 102.422,42
1. Shares in affiliated undertakings 1137 137 - 138 -
2. Loans to affiliated undertakings 1139 139 - 140 -
3. Participating interests 1141 141 - 142 -
4. Loans to undertakings with which 1143 143 - 144 -
the undertaking is linked by virtue of
participating interests
5. Investments held as fixed assets 1145 145 - 146 -
6. Other loans 1147 147 110.087,26 148 102.422,42
D. Current assets 1151 151 29.480.751,18 152 32.011.812,90
I. Stocks 1153 153 - 154 -
1. Raw materials and consumables 1155 155 - 156 -
2. Work in progress 1157 157 - 158 -
3. Finished goods and goods for resale 1159 159 - 160 -
4. Payments on account 1161 161 - 162 -
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Balance Sheet
(EUR)

II. Debtors 1163 163 20.383.589,51 164 20.926.181,39
1. Trade debtors 1165 4 165 15.777.545,57 166 16.457.922,66
a) becoming due and payable within one 1167 4 167 15.777.545,57 168 16.457.922,66
year
b) becoming due and payable after more 1169 169 - 170 -
than one year
2. Amounts owed by affiliated undertakings 1171 4 171 1.304.102,14 172 980.065,04
a) becoming due and payable within one 1173 4 173 1.304.102,14 174 980.065,04
year
than one year
3. Amounts owed by undertakings with which 1177 177 - 178 -
the undertaking is linked by virtue of
participating interests
a) becoming due and payable within one 1179 179 - 180 -
year
than one year
4. Other debtors 1183 5 183 3.301.941,80 184 3.488.193,69
a) becoming due and payable within one 1185 5 185 3.301.941,80 186 3.488.193,69
year
than one year
III. Investments 1189 189 - 190 -
1. Shares in affiliated undertakings 1191 191 - 192 -
2. Own shares 1209 209 - 210 -
3. Other investments 1195 195 - 196 -
IV. Cash at bank and in hand 1197 197 9.097.161,67 198 11.085.631,51
E. Prepayments 1199 6 199 2.489.321,62 200 3.930.513,61
TOTAL (ASSETS) 201 32.149.434,21 202 36.072.710,22
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Balance Sheet
(EUR)

CAPITAL, RESERVES AND LIABILITIES
A. Capital and reserves 1301 7, 8 301 13.787.376,45 302 13.338.708,18
I. Subscribed capital 1303 7.1, 8 303 5.600.000,00 304 5.600.000,00
II. Share premium account 1305 305 - 306 -
III. Revaluation reserve 1307 307 - 308 -
IV. Reserves 1309 7.2, 8 309 1.219.100,00 310 885.650,00
1. Legal reserve 1311 7.2.1, 8 311 560.000,00 312 560.000,00
2. Reserve for own shares 1313 313 - 314 -
3. Reserves provided for by the articles of 1315 315 - 316 -
association
4. Other reserves, including the fair value 1429 7.2.2, 8 429 659.100,00 430 325.650,00
reserve
a) other available reserves 1431 431 - 432 -
b) other non available reserves 1433 7.2.2, 8 433 659.100,00 434 325.650,00
V. Profit or loss brought forward 1319 8 319 19.608,18 320 541.163,18
VI. Profit or loss for the financial year 1321 8 321 6.948.668,27 322 6.311.895,00
VII. Interim dividends 1323 323 - 324 -
VIII. Capital investment subsidies 1325 325 - 326 -
B. Provisions 1331 9 331 1.141.334,63 332 1.174.109,73
1. Provisions for pensions and similar obligations 1333 333 - 334 -
2. Provisions for taxation 1335 335 - 336 -
3. Other provisions 1337 9 337 1.141.334,63 338 1.174.109,73
C. Creditors 1435 435 12.995.475,29 436 15.402.203,37
1. Debenture loans 1437 437 - 438 -
a) Convertible loans 1439 439 - 440 -
i) becoming due and payable within one 1441 441 - 442 -
year
ii) becoming due and payable after more 1443 443 - 444 -
than one year
b) Non convertible loans 1445 445 - 446 -
i) becoming due and payable within one 1447 447 - 448 -
year
than one year
2. Amounts owed to credit institutions 1355 355 - 356 -
a) becoming due and payable within one year 1357 357 - 358 -
b) becoming due and payable after more than 1359 359 - 360 -
one year
3. Payments received on account of orders in 1361 361 - 362 -
so far as they are not shown separately as
deductions from stocks
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Balance Sheet
(EUR)

one year
4. Trade creditors 1367 10 367 1.553.329,45 368 95.321,77
a) becoming due and payable within one year 1369 10 369 1.553.329,45 370 95.321,77
one year
5. Bills of exchange payable 1373 373 - 374 -
one year
6. Amounts owed to affiliated undertakings 1379 11 379 4.410.285,02 380 8.148.138,77
a) becoming due and payable within one year 1381 11 381 4.410.285,02 382 8.148.138,77
one year
7. Amounts owed to undertakings with which the 1385 385 - 386 -
undertaking is linked by virtue of participating
interests
one year
8. Other creditors 1451 12 451 7.031.860,82 452 7.158.742,83
a) Tax authorities 1393 12 393 6.942.246,45 394 7.123.465,30
b) Social security authorities 1395 12 395 48.556,99 396 29.447,46
c) Other creditors 1397 12 397 41.057,38 398 5.830,07
i) becoming due and payable within one 1399 12 399 41.057,38 400 5.830,07
year
than one year
D. Deferred income 1403 13 403 4.225.247,84 404 6.157.688,94
TOTAL (CAPITAL, RESERVES AND LIABILITIES) 405 32.149.434,21 406 36.072.710,22
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Profit And Loss Account

(EUR)
Reference(s) Year ended March 31, 2024 Year ended March 31, 2023
1. Net turnover 1701 14 701 82.302.093,18 702 89.346.131,55
2. Variation in stocks of finished goods and in 1703 - 703 - 704 -
work in progress
3. Work performed by the undertaking for its 1705 705 - 706 -
own purposes and capitalised
4. Other operating income 1713 15 713 633.732,61 714 652.828,16
5. Raw materials and consumables and other 1671 671 (61.708.946,66) 672 (70.063.668,68)
external expenses
a) Raw materials and consumables 1601 601 - 602 -
b) Other external expenses 1603 16 603 (61.708.946,66) 604 (70.063.668,68)
6. Staff costs 1605 17 605 (11.281.284,46) 606 (10.153.579,55)
a) Wages and salaries 1607 607 (10.779.042,23) 608 (9.857.141,85)
b) Social security costs 1609 609 (413.073,15) 610 (250.251,68)
i) relating to pensions 1653 653 (147.794,85) 654 (103.031,70)
ii) other social security costs 1655 655 (265.278,30) 656 (147.219,98)
c) Other staff costs 1613 613 (89.169,08) 614 (46.186,02)
7. Value adjustments 1657 657 (13.557,69) 658 (15.996,48)
a) in respect of formation expenses and of 1659 659 (13.307,69) 660 (17.440,96)
tangible and intangible fixed assets
b) in respect of current assets 1661 661 (250,00) 662 1.444,48
8. Other operating expenses 1621 18 621 (512.996,19) 622 (524.931,51)
9. Income from participating interests 1715 715 - 716 -
a) derived from affiliated undertakings 1717 717 - 718 -
b) other income from participating interests 1719 719 - 720 -
10. Income from other investments and loans 1721 721 - 722 -
forming part of the fixed assets
a) derived from affiliated undertakings 1723 723 - 724 -
b) other income not included under a) 1725 725 - 726 -
11. Other interest receivable and similar income 1727 19 727 566.917,03 728 1.016.927,49
a) derived from affiliated undertakings 1729 19 729 141.337,10 730 922.693,14
b) other interest and similar income 1731 19 731 425.579,93 732 94.234,35
12. Share of profit or loss of undertakings 1663 663 - 664 -
accounted for under the equity method
13. Value adjustments in respect of financial 1665 665 - 666 -
assets and of investments held as current
assets
14. Interest payable and similar expenses 1627 20 627 (244.830,81) 628 (1.410.760,38)
a) concerning affiliated undertakings 1629 20 629 (238.716,51) 630 (498.551,04)
b) other interest and similar expenses 1631 20 631 (6.114,30) 632 (912.209,34)
15. Tax on profit or loss 1635 21 635 (2.792.458,74) 636 (2.534.942,50)
16. Profit or loss after taxation 1667 667 6.948.668,27 668 6.312.008,10
17. Other taxes not shown under items 1 to 16 1637 21 637 - 638 (113,10)
18. Profit or loss for the financial year 1669 8 669 6.948.668,27 670 6.311.895,00
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1. ORGANISATION AND BUSINESS PURPOSE
TATA CONSULTANCY SERVICES LUXEMBOURG S.A. (the “Company”) was incorporated on October 28, 2005 as a “Société
Anonyme” under the laws of the Grand Duchy of Luxembourg for an unlimited period.
The Company is registered at 89 D, Rue Pafebruch, L-8308 Capellen and its commercial register number is R.C.S.
Luxembourg B112.110.
The Company is a subsidiary of Tata Consultancy Services Netherlands B.V., a company organised under the Netherlands’
laws under registered number 33237130 and whose registered address is Gustav Mahlerplein 85-91, 1082 MS Amsterdam,
the Netherlands.
Tata Consultancy Services Netherlands B.V., a company organised under the Netherlands’ laws is a subsidiary
of TATA Consultancy Services Limited, a company incorporated under the laws of India under registered number
L22210MH1995PLC084781 and whose registered address is Nirmal Building, 9th Floor, Nariman Point, Mumbai - 400 021,
India.
The Company’s object is the development, management, implementation and operating of information technology (“IT”)
and communication systems of credit institutions, professionals of the financial sector, undertakings for collective
investment or pension funds established under Luxembourg or foreign laws. The Company may also develop and own IT
and communication systems and make them available to its aforesaid clients.
The object further includes the processing and transfer of data stored in the IT systems.
The Company may also carry out any commercial, industrial, financial, movable and immovable operations, which are
direct or indirect relation with its object, or which may deem useful in the accomplishment and development of its
purposes.
The Company has the status of a professional of the financial sector, as such it may carry out any activities deemed useful
for the accomplishment of its object remaining however within the limitations of articles 29(1), 29(2), 29(3) and 29(4) of the
amended Luxembourg law of April 5, 1993 relating to the financial sector.
The Company’s financial year starts on April 1 and ends on March 31 every year.
The consolidated accounts of TATA Consultancy Services Limited, which form the smallest and largest body of undertakings
in which the Company is included, are available at the following address: Nirmal Building, 9th Floor, Nariman Point,
Mumbai - 400 021, India.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of preparation
The Company maintains its books and records in Euro (EUR) and the annual accounts have been prepared in accordance
with Luxembourg legal and regulatory requirements and the going concern principle under the historical cost convention.
Accounting policies and valuation rules are, besides the ones laid down by the amended Law of 19 December 2002,
determined and applied by the board of directors of the Company (the “Board of Directors”).
The preparation of annual accounts requires the use of certain critical accounting estimates. It also requires the Board
of Directors to exercise its judgement in the process of applying the accounting policies. Changes in assumptions may
have a significant impact on the annual accounts in the period in which the assumptions changed. The Board of Directors
believes that the underlying assumptions are appropriate and that the annual accounts therefore present the financial
position and results fairly.
The Company makes estimates and assumptions that affect the reported amounts of assets and liabilities in the next
financial year. Estimates and judgements are continually evaluated and are based on historical experience and other
factors, including expectations of future events that are believed to be reasonable under the circumstance.
Significant accounting policies
2.1. Formation expenses
The formation expenses of the Company are directly charged to the profit and loss account of the year in which they
are incurred.
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2.2. Tangible assets
The value of tangible fixed assets with limited useful economic lives is reduced by value adjustments calculated on a
straight-line basis to write off the value of such assets systematically over their useful economic lives.
The depreciation rates applied are as follows:
- Plant and machinery: 10%, 20% or 25%
- Other fixtures and fittings, tools and equipment: 10%, 20% or 25%
2.3. Debtors
Debtors are valued at their nominal value. They are subject to value adjustments where their recovery is compromised.
These value adjustments are not continued if the reasons for which the value adjustments were made have ceased to
apply.
2.4. Creditors
Debts are recorded at their reimbursement value. Where the amount repayable on account is greater than the amount
received, the difference is recorded in the profit and loss account when the debt is issued.
2.5. Foreign currency translation
These annual accounts are expressed in EUR.
The transactions made in a currency other than EUR are translated into EUR at the exchange rate prevailing at the
transaction date.
Long-term assets expressed in currencies other than EUR are translated into EUR at the exchange rate effective at
the time of the transaction. At the balance sheet date, these assets remain translated at historic exchange rates.
Cash at bank is translated at the exchange rate effective at the balance sheet date. Exchange losses and gains are
recorded in the profit and loss account of the year.
All other assets and liabilities expressed in a currency other than EUR are translated separately respectively at the
lower and at the higher of the value converted at the historical exchange rate or the value determined on the basis
of the exchange rates prevailing at the balance sheet date. Solely the unrealized exchange losses are recorded in
the profit and loss account. The exchange gains are recorded in the profit and loss account at the moment of their
realisation.
Where there is an economic link between an asset and a liability, these are valued in total according to the method
described above and the net unrealised losses are recorded in the profit and loss account where as the net unrealised
exchange gains are not recognised.
2.6. Revenues from operations
Revenues which are derived from management and operating of Information Technology are recognised over the
term of related contract in the period when the services are provided.
Works in progress are classified as invoices to be issued under the caption “Trade debtors”. Then invoices are issued
in accordance with milestones set in the “Statement of work” agreed with each client.
2.7. Provisions
Provisions are intended to cover losses or debts the nature of which is clearly defined and which, at the date of the
balance sheet are either likely to be incurred or certain to be incurred but uncertain as to their amount or as to the
date on which they will arise.
Provisions may also be created to cover charges that have originated in the financial year under review or in previous
financial year, the nature of which is clearly defined and which, at the date of the balance sheet, are either likely to be
incurred or certain to be incurred but uncertain as to their amount or the date on which they will arise.
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Provision for taxation
Provisions for taxation corresponding to the tax liability estimated by the Company for the financial years are recorded
under the caption “Other creditors - Tax authorities”. The advance tax payments are shown in the assets of the
balance sheet under the “Other debtors” item.
2.8. Prepayments
This asset item includes expenditure incurred during the financial year but relating to a subsequent financial year.
2.9. Deferred income
This liability item includes income received during the financial year but relating to a subsequent financial year.
3. TANGIBLE ASSETS
The following movements have occurred in the course of the financial year:
(EUR)
Plant and Other fixtures Payments on Total
machinery and fittings, account and
tools and tangible assets
equipment in the course of
construction
Gross book value - opening balance 562.175,74 566.343,28 4.647,00 1.133.166,02
Additions for the year 22.401,88 30.938,70 1.279,97 54.620,55
Disposals for the year - - - -
Transfers for the year - - - -
Gross book value - closing balance 584.577,62 597.281,98 5.926,97 1.187.786,57
Accumulated value adjustment - opening balance (549.148,44) (556.056,29) - (1.105.204,73)
Allocations for the year (5.464,32) (7.843,37) - (13.307,69)
Reversals for the year - - - -
Transfers for the year - - - -
Accumulated value adjustment - closing balance (554.612,76) (563.899,66) - (1.118.512,42)
Net book value - closing balance 29.964,86 33.382,32 5.926,97 69.274,15
Net book value - opening balance 13.027,30 10.286,99 4.647,00 27.961,29
4. TRADE DEBTORS AND AMOUNTS OWED BY AFFILIATED UNDERTAKINGS

Trade debtors are resulting from IT application support and application development business.
Claims on affiliated undertakings amount to EUR 1.304.102,14 (March 31, 2023: EUR 980.065,04) and results from sales
and services provided. Income on work in process not yet invoiced to clients amounts to EUR 941.399,94 (March 31, 2023:
EUR 1.658.316,10).
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5 OTHER DEBTORS
Other debtors may be broken down as follows:
(EUR)
Within one After more As at As at
year than one year March 31, 2024 March 31, 2023
Staff allowance for travel and recoverable 199.495,20 - 199.495,20 225.269,18
expenses
Advances for taxes 3.102.446,60 - 3.102.446,60 3.262.924,51
Total 3.301.941,80 - 3.301.941,80 3.488.193,69
6 PREPAYMENTS
This asset item includes expenditure incurred during the financial year but relating to the subsequent financial year for an
amount of EUR 2.489.321,62 (March 31, 2023: EUR 3.930.513,61)
7 CAPITAL AND RESERVES

7.1 Subscribed capital
As at March 31, 2024, the issued capital of the Company amounts to EUR 5.600.000,00 consisting of 5.600 registered
shares with par value of EUR 1.000,00 fully paid up.
7.2 Reserves
7.2.1. Legal reserve
In accordance with Luxembourg commercial law, the Company is required to transfer a minimum of 5% of its
net profit for each financial year to a legal reserve. This requirement ceases to be necessary once the balance on
the legal reserve reaches 10% of the issued share capital. The legal reserve is not available for distribution to the
shareholders.
7.2.2. Other non available reserves
The Company reduced its Net Wealth Tax liability in accordance with paragraph 8a of the Luxembourg Net Wealth
Tax law. The Company allocates under non-distributable reserves an amount that corresponds to five times the
amount of reduction of the Net Wealth Tax. This reserve is non-distributable for a period of five years from the
year following the one during which the Net Wealth Tax was reduced.
The total amount of the Net Wealth Tax reserve amounts to EUR 659.100.00 (EUR 325.650,00 for 2023).
8 MOVEMENTS FOR THE YEAR ON CAPITAL, RESERVES AND PROFIT AND LOSS ITEMS
The movements for the year are as follows:
Subsribed Legal Other Other non Dividend Result Result for the Total
capital reserve available available brought financial year
reserves reserves forward
Balance as at March 31, 2023 5.600.000,00 560.000,00 - 325.650,00 - 541.163,18 6.311.895,00 13.338.708,18
Movements for the year:
- Allocation of previous year’s result - - - 333.450,00 6.500.000,00 (521.555,00) (6.311.895,00) -
- Dividend distribution - - - - (6.500.000,00) - - (6.500.000,00)
- Result for the year - - - - - - 6.948.668,27 6.948.668,27
Balance as at March 31, 2024 5.600.000,00 560.000,00 - 659.100,00 - 19.608,18 6.948.668,27 13.787.376,45
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The Company has distributed dividends for an amount of EUR 6.500.000,00. Dividends were distributed to the shareholders
based on the proportion of their shareholding in the Company and in accordance with Shareholder meeting held on 28th
of September 2023. The payment of dividends occurred in the same month after deduction the applicable taxes.
9 OTHER PROVISIONS
Other provisions may be broken down as follows:
(EUR)
As at As at
March 31, 2024 March 31, 2023
Provision for subcontracting expenses 24.900,00 77.390,00
Provision for emoluments 315.152,74 246.212,71
Provision for intercompany expenses 353.118,44 361.380,09
Provision for professional fees 140.393,62 101.865,69
Others 307.769,83 387.261,24
1.141.334,63 1.174.109,73
9.1. Others
Others consist mainly of Tata Brand Equity Provision for an amount of EUR 203.896,30 (March 31, 2023: EUR
220.466,00) and insurance expenses for EUR 49.036,84 (March 31, 2023: EUR 4.989,60).
10 TRADE CREDITORS
Trade creditors are made up of suppliers payable and a customer with a credit balance.
11 AMOUNTS OWED TO AFFILIATED UNDERTAKINGS

Amounts owed to affiliated undertakings are made of debts on purchase and services for an amount of EUR 4.410.285,02
(March 31, 2023: EUR 8.148.138,77).
12 OTHER CREDITORS
The amounts due and payable for the accounts shown under “Other Creditors” are as follows:
(EUR)
Tax authorities 6.942.246,45 - 6.942.246,45 7.123.465,30
Social security authorities 48.556,99 - 48.556,99 29.447,46

Other creditors:
- Amounts payable to staff 41.057,38 - 41.057,38 5.830,07
Total 7.031.860,82 - 7.031.860,82 7.158.742,83
13 DEFERRED INCOME
Deferred income includes income received during the financial year ended March 31, 2024 but relating to a subsequent
financial year.
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14 NET TURNOVER
Net turnover is broken down by category of activity and geographical markets as follows:
Categories of activity (EUR)

March 31, 2024 March 31, 2023
Telecom 49.425.795,34 61.744.067,06
Banking, Financial Services and Insurance 27.151.357,16 23.031.078,05
Manufacturing and Process 5.025.942,70 4.273.498,81
Retail & Distribution 698.997,98 183.928,43
Others - 113.559,20
Total 82.302.093,18 89.346.131,55
Geographical markets (EUR)

March 31, 2024 March 31, 2023
Luxembourg 80.442.439,08 87.693.740,59
Outside Europe 1.076.797,65 1.147.604,21
Rest of Europe 782.856,45 504.786,75
Total 82.302.093,18 89.346.131,55
15 OTHER OPERATING INCOME

As at year-end, the Company’s other operating income may be analysed as follows:
(EUR)
March 31, 2024 March 31, 2023
Subsidies for operating activities 22.213,10 22.465,13
Benefits in kind 561.131,60 612.278,65
Other miscellaneous income 50.387,91 18.084,38
Total 633.732,61 652.828,16
16 OTHER EXTERNAL EXPENSES

The other external expenses amount of EUR 61.708.946,66 (March 31, 2023: EUR 70.063.668,68) mainly consists of
sub-contract expenses of EUR 56.428.845,53 in current year (March 31, 2023: EUR 65.482.007,08) for projects development.
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17 STAFF
The average number of persons employed during the financial year by the Company is as follows:
As at As at
March 31, 2024 March 31, 2023
Senior Management 2 2
Employees 130 123
Total 132 125
18 OTHER OPERATING EXPENSES

As at March 31, 2024, the Company’s other operating expenses may be analysed as follows:
(EUR)
March 31, 2024 March 31, 2023
Staff & Wages - Meal Allowance 310.736,89 296.843,94
Tata Brand Equity Contribution 202.259,30 218.783,89
Miscellaneous operating charges - 9.303,68
512.996,19 524.931,51
19 OTHER INTEREST RECEIVABLE AND SIMILAR INCOME

This item is composed of foreign currency exchange gains and interests on bank accounts.
20 INTEREST PAYABLE AND SIMILAR EXPENSES

This item is mainly composed of foreign currency exchange losses and interests on bank accounts
21 TAXATION
The Company is subject to all the taxes relevant to commercial companies in Luxembourg.
In 2023 Luxembourg enacted legislation implementing the OECD Pillar Two rules, which are designed to ensure that large
multinationals pay a minimum 15% rate of corporation tax. As a member of the Tata group, the Company is potentially
in scope of the Pillar Two rules, which will first apply to the Company for its financial year beginning April 1, 2024.
The Company has performed a preliminary assessment of its potential exposure under Pillar Two. On the basis of this
assessment, the Company does not currently expect any additional tax liability to arise under Pillar Two.
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22 OFF-BALANCE SHEET COMMITMENTS
The off-balance sheet commitments may be broken down as follows:
(EUR)
Fixed rental payments 143.339,97 143.732,68 287.072,65 430.805,32
Company cars 43.455,09 52.537,78 95.992,87 72.340,94
Total 186.795,06 196.270,46 383.065,52 503.146,26
23 EMOLUMENTS, ADVANCES AND LOANS GRANTED TO THE MEMBERS OF THE MANAGEMENT AND SUPERVISORY
BODIES
The Company has not granted any emoluments in respect of the financial year to members of the management and
supervisory bodies by reason of their responsibilities.
As at March 31, 2024, the Company has not granted advances or loans to members of its administration (March 31, 2023:
none).
24 RELATED PARTIES
During the financial year, no significant transactions were concluded outside the normal market conditions with persons
holding participations in the Company neither with entities in which the company holds participations, nor with members
of the administrative, management or supervisory bodies of the Company.
25 AUDITOR’S FEES
The total fees expensed by the Company and due for the current financial year to the audit firm amounts to EUR 33.022,95
(March 31, 2023: EUR 41.225,50).
26 SUBSEQUENT EVENTS
No significant subsequent event has occurred since the balance sheet date.
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Osterreich GmbH
For the year ended
March 31, 2024
Tata Consultancy Services Osterreich GmbH 32.1
CONTENT PAGE
Balance sheet 32.4
Statement of Profit or Loss 32.5

32.2 Tata Consultancy Services Osterreich GmbH

Tata Consultancy Services Osterreich GmbH
Report on the special purpose Ind AS Financial Statements
Opinion
We have audited the accompanying Special purpose Ind AS financial statements of Tata Consultancy Services Osterreich GmbH
(‘the Company), which comprises the Balance Sheet as at 31st March 2024, the Statement of Profit and Loss, the Statement of
Changes in Equity and the Statement of Cash Flows for the year then ended, and the summary of the significant accounting
policies and other explanatory information (hereinafter referred to as “the special purpose Ind AS financial statements”). The
special purpose Ind AS financial statements have been prepared by the management as described in Note 2 to the Special
Purpose Ind AS financial statements.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Special purpose
Ind AS financial statements give the information required by the Companies Act, 2013 (‘the Act’) in the manner so required and
give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the
Company as at 31st March 2024, and it’s profit (including other Comprehensive Income), Changes in Equity and its Cash Flows
for the year ended on that date.
Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our
responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Special purpose
Ind AS financial statements section of our report. We are independent of the Company in accordance with the Code of Ethics
issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit
of the Special purpose Ind AS financial statements under the provisions of the Act and the Rules thereunder and fulfilled our
other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence
we have obtained is sufficient and appropriate to provide a basis for our opinion.
Management’s Responsibility for the Special purpose Ind AS financial Statements

The Company’s management and Board of Directors are responsible for the matters stated in Section 134(5) of the Act with
respect to the preparation of these Special purpose Ind AS financial statements that give a true and fair view of the state
of affairs, profit/ loss and (including other comprehensive income), changes in equity and cash flows of the Company in
accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS)
specified under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds
and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that
are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were
operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the Special purpose Ind AS financial statements that give a true and fair view and are free from misstatement,
whether due to fraud or error.
In preparing these Special purpose Ind AS financial statements, management and Board of Directors are responsible for
assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Special purpose Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the Special purpose Ind AS financial statements as a whole
Reasonable assurance is high level of assurance but is not a guarantee that an audit conducted in accordance with SAs
taken on the basis of these Special purpose Ind AS financial statements.
the audit. We also:
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related

(To the extent applicable to a Company incorporated outside India)
1. As required by Section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
b) In our opinion, proper books of account as required by law have been kept by the company so far as it appears from
our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), the Statement of
Changes in Equity and the Statement of Cash Flows dealt with by this Report are in agreement with the relevant books
of account.

This Special purpose Ind AS financial statements have been prepared for the limited purpose of consolidated financial
statements, to comply with the Section 129(3) of the Companies Act 2013, of Tata Consultancy Services Limited for the year
ended 31st March,2024 in accordance with Accounting Standard specified in section 133 of the Companies Act 2013. Our report
is intended solely for the information and use of Board of Directors of the company and Tata Consultancy Services Limited for
the preparation of consolidated this Special purpose Ind AS financial statements as aforesaid and for the use at their annual
general meetings for the information of their members. It is not intended to be and should not be used by anyone other than
specified parties.

Date: 30 April 2024 Kaushik B. Joshi

Place: Mumbai Proprietor
(Membership No.48889)
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Balance Sheet
EUR
As at As at
Note
March 31, 2024 March 31, 2023
ASSETS
Non-current assets
(a) Property, plant and equipment 8(a) 1,77,314 2,417
(b) Capital work in progress 8(b) 16,505 -
(c) Right-of-use Assets 7 4,407 13,548
(d) Income tax assets (net) 7,894 3,006
(e) Deferred tax assets (net) 15 55,188 51,215
(f) Other financial assets 6(d) 4,680 4,680
Total non-current assets 2,65,989 74,866
Current assets
(i) Trade receivables
Billed 6(a) 37,55,462 50,76,855
Unbilled 6(a) 12,78,049 23,997
(ii) Cash and cash equivalents 6(b) 6,95,196 11,76,676
(iii) Loans receivables 6(c) 39,344 38,333
(iv) Other financial assets 6(d) 11,742 12,336
(b) Other assets 8(c) 5,92,281 6,97,164
TOTAL ASSETS 66,38,062 71,00,227
Equity
(a) Share capital 35,000 35,000
(b) Other equity 9 5,05,233 4,29,723
Total Equity 5,40,233 4,64,723
Liabilities
(i) Lease Liabilities - 4,660
Total non-current liabilities - 4,660
Current liabilities
(a) (i) Lease Liabilities 4,660 9,243
(ii) Trade payables 6(e) 45,77,323 54,05,587
(iii) Other Financial Liabilities 6(f) 2,49,991 1,76,708
(b) Unearned and deferred revenue 10 6,44,040 4,06,777
(c) Employee benefit obligations 12 37,038 12,172
(d) Other liabilities 8(d) 5,57,702 6,18,163
(e) Current Tax Liabilities 27,074 2,194
TOTAL EQUITY AND LIABILITIES 66,38,062 71,00,227
As per our report of even date attached For and on behalf of the Board of Directors of
For KBJ & Associates Pradeep Manohar Gaitonde
Chartered Accountants Director
Firm registration no.114934W Mumbai, India
Kaushik B. Joshi Sapthagiri Chapalapalli
Proprietor Director
Membership number : 48889 Frankfurt , Germany
Mumbai
Date:30 April, 2024
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EUR

March 31, 2024 March 31, 2023
Revenue 10 1,18,49,838 87,36,003
I. Other income 11 31,490 4,580
II. TOTAL INCOME 1,18,81,328 87,40,583
III. Expenses
IV. (a) Employee benefit expenses 12 10,19,049 10,87,713
(b) Depreciation expense 52,157 10,948
(c) Other expenses 13(a) 1,07,09,653 75,95,044
(d) Finance costs 14 108 4,758
TOTAL EXPENSES 1,17,80,967 86,98,463
V. PROFIT BEFORE TAX 1,00,361 42,120
VI. Tax expenses
(a) Current tax 15 28,824 4,056

(b) Deferred tax 15 (3,973) 8,567
TOTAL TAX EXPENSES 24,851 12,623
VII. PROFIT FOR THE YEAR 75,510 29,497
VIII. TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR 75,510 29,497
NOTES FORMING PART OF FINANCIAL STATEMENTS 1-17
Proprietor Director
Mumbai
Date:30 April, 2024
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EUR
Balance as at April 1, 2023 Change in equity share capital during the period Balance as at March 31, 2024
35,000 - 35,000
EUR
Balance as at April 1, 2022 Change in equity share capital during the period Balance as at March 31, 2023
35,000 - 35,000
B. OTHER EQUITY
EUR
Retained earnings Total equity
Proprietor Director
Mumbai
Date:30 April, 2024
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EUR
March 31, 2024 March 31, 2023
Profit/ (loss) for the year 75,510 29,497
Adjustments to reconcile profit and loss to net cash provided by operating
activities:
Depreciation expense 52,157 10,948
Tax Expense 24,851 12,623
Finance Costs 108 4,758
Interest on bank overdrafts and loans (8,507) -
Unrealised exchange gain 839 (941)
Loss on sale of asset 509 -
Operating Profit/(Loss) before working capital changes 1,45,467 56,885
Net change in
Unbilled receivables (12,54,052) (18,784)
Other assets 1,04,883 (25,971)
Loans receivables (1,011) (23,333)
Other financial assets 594 135
Trade payables (8,28,264) 13,07,707
Unearned and deferred revenues 2,37,264 3,73,375
Employee benefit obligations 24,866 4,073
Other liabilities and provisions (60,461) 3,56,552
Cash generated (used) from operations (2,52,543) 2,47,477
Taxes paid (net of refund) (8,832) 7,104
Net cash generated (used) in operating activities (2,61,375) 2,54,581
Payment for purchase of property and equipment (2,18,421) (778)
Net cash used in investing activities (2,18,421) (778)
Interest paid - (4,547)
Interest Received 8,507 -
Repayment of lease Interest (108) (211)
Net cash used in financing activities (844) (23,631)
Exchange difference on translation of foreign currency cash (839) 941
Cash and cash equivalents, as at the end of the year (Refer Note 6 (b)) 6,95,196 11,76,675
As per our report of even date attached. For and on behalf of the Board of Directors of
Proprietor Director
Mumbai
Date:30 April, 2024
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Tata Consultancy Services Osterreich GmbH is into business of providing a wide range of information technology and
consultancy services.
The Company is incorporated in Austria. The address is Fleischmarkt 1, 6th floor, 1010 Wien, Austria. Tata Consultancy
Services Netherlands B.V, the holding Company owned 100% of the Company’s equity share capital.
This special purpose financial statements have been prepared in accordance with the Indian Accounting Standards
(referred to as “Ind AS”) as prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian
Accounting Standards) Rules as amended from time to time for sole purpose of inclusion for Tata Consultancy Services
Limited (Intermediate Holding Company) under the requirement of Section 129(3) of the Companies Act, 2013 (‘the Act’).
These financial statements have been prepared on the historical cost basis, except for certain financial instruments, which
are measured at fair values or amortised cost at the end of each reporting period. Historical cost is generally based on
date. All assets and liabilities have been classified as current or non current as per the Company’s normal operating cycle.
Based on the nature of services rendered to customer and time elapsed between deployment of resources and realisation
in cash and cash equivalents of the consideration for such a services rendered, the Company has considered an operating
cycle of 12 months.
equivalents.
These financial statements have been presented in EURO which is the functional currency of the Company.
The functional currency is the currency of the primary economic environment in which the Company operates.
denominated monetary assets and liabilities are translated at the exchange rate prevailing on the balance sheet date and
exchange gains and losses arising on settlement and restatement of foreign currency denominated monetary assets and
liabilities are recognised in the statement of profit and loss. Non-monetary assets and liabilities that are measured in
terms of historical cost in foreign currencies are not retranslated.
The significant accounting policies used in preparation of the standalone financial statements have been discussed in the
respective notes.

the management of the Company to make estimates and assumptions that affect the reported balances of assets and
liabilities, disclosures relating to contingent liabilities as at the date of the financial statements and the reported amounts
of income and expense for the periods presented.
• The Company’s contracts with customers could include promises to transfer multiple products and services
to a customer. The Company assesses the products / services promised in a contract and identifies distinct
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performance obligations in the contract. Identification of distinct performance obligation involves judgement to
determine the deliverables and the ability of the customer to benefit independently from such deliverables.
• Judgement is also required to determine the transaction price for the contract. The transaction price could
be either a fixed amount of customer consideration or variable consideration with elements such as volume
discounts, service level credits, performance bonuses, price concessions and incentives. The transaction price is
also adjusted for the effects of the time value of money if the contract includes a significant financing component.
Any consideration payable to the customer is adjusted to the transaction price, unless it is a payment for a
distinct product or service from the customer. The estimated amount of variable consideration is adjusted in
the transaction price only to the extent that it is highly probable that a significant reversal in the amount of
cumulative revenue recognised will not occur and is reassessed at the each reporting period. The Company
allocates the elements of variable considerations to all the performance obligations of the contract unless there
• Revenue for fixed-price contracts are recognised using percentage-of-completion method. The Company uses
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All the employees of the Company have been seconded from the holding Company. The costs relating to the employee
cost is reimbursed to the holding Company which is including the retirement cost as applicable to such seconded
employees. Hence no separate actuarial valuation is required to be done by the Company.
g. Lease

when it transfers the financial asset and substantially all the risks and rewards of ownership of asset to another entity. The
Company derecognises a financial liabilities when, and only when, the Company’s obligations are discharged , cancelled
or have expired.
Financial assets amortised cost
Financial assets are subsequently measured at amortized cost if these financial assets are held within a business whose
outstanding.
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through other comprehensive income on initial recognition. The transaction costs directly attributable to the acquisition of
financial assets and liabilities at fair value through profit and loss are immediately recognised in statement of profit and
loss.
Equity instruments
The Company assesses at each date of Balance sheet whether a financial asset or a group of financial assets is impaired.
Ind AS 109 requires expected credit losses to be measured through a loss allowance. In determining the allowances for
doubtful trade receivables, the Company has used a practical expedient by computing the expected credit loss allowance
for trade receivables based on a provision matrix. The provision matrix takes into account historical credit loss experience
and is adjusted for forward looking information. The expected credit loss allowance is based on the ageing of the receivables
that are due and allowance rates used in the provision matrix. For all other financial assets, the Company recognises
lifetime expected losses for all contract assets and/or all trade receivables that do not constitute a financing transaction.
For all other financial assets, expected credit losses are measured at an amount equal to the 12-month expected credit
losses or at an amount equal to the life time expected credit losses if the credit risk on the financial asset has increased
a. Trade Receivables
Trade receivables (unsecured) consist of following:
EUR
Trade Receivable - Current As at As at
March 31, 2024 March 31, 2023
Considered Good 37,55,462 50,76,855
37,55,462 50,76,855
Above balances of trade receivables includes balance with related parties (Refer Note 17)
EUR
Particulars Not due Less than 6 months - 1-2 2-3 More than Total
6 months 1 year years years 3 years
Undisputed trade 24,22,285 13,29,087 4,090 - - - 37,55,462
24,22,285 13,29,087 4,090 - - - 37,55,462
37,55,462
Trade Receivables - unbilled 12,78,049
50,33,511
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Ageing for trade receivables current outstanding as at March 31, 2023 is as follows:
EUR
Particulars Not due Less than 6 months - 1-2 2-3 More than Total
6 months 1 year years years 3 years
Undisputed trade 36,08,948 14,67,907 - - - - 50,76,855
36,08,948 14,67,907 - - - - 50,76,855
50,76,855
Trade Receivables - unbilled 23,997
51,00,852
Other financial assets

b. Cash and cash equivalents
EUR
As at As at
March 31, 2024 March 31, 2023
Balances with banks In current accounts 6,95,196 11,76,083
Remittances in Transit - 593
6,95,196 11,76,676
c. Loans receivables
Loans receivables (unsecured) consist of the following:
Loan receivables - current
EUR
As at As at
March 31, 2024 March 31, 2023
Considered Good
Loans and advances to employees 39,344 38,333
39,344 38,333

Other financial assets – Non- current
EUR
As at As at
March 31, 2024 March 31, 2023
4,680 4,680
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EUR
As at As at
March 31, 2024 March 31, 2023
Others 1,516 2,049
11,742 12,336
e. Trade payables
Trade payables consist of the following:
EUR
As at As at
March 31, 2024 March 31, 2023
Trade and other payables 32,53,731 43,38,497
45,77,323 54,05,587
Above balances of trade payables includes balance with related parties (Refer Note 17)
Ageing for trade payable - current outstanding as at March 31, 2024 is as follows:
EUR
Particulars Not due Less than 1 1-2 2-3 years More years Total
year years than 3
Others 30,02,906 3,09,189 - (27,734) (30,630) 32,53,731
30,02,906 3,09,189 - (27,734) (30,630) 32,53,731
32,53,731
45,77,323
Ageing for trade payable - current outstanding as at March 31, 2023 is as follows:
EUR
Particulars Not due Less than 1 1-2 years 2-3 years More than Total
year 3 years
Others 24,54,661 10,40,917 - 8,30,392 12,527 43,38,497
24,54,661 10,40,917 - 8,30,392 12,527 43,38,497
43,38,497
54,05,587
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EUR
As at As at
March 31, 2024 March 31, 2023
Accrued Payroll 2,31,867 1,71,432
Others 1,619 5,276
Capital creditors 16,505 -
2,49,991 1,76,708

EUR
Financial assets
Loans receivables 39,344 39,344
Total 57,84,473 57,84,473
Trade payables 45,77,323 45,77,323
Total 48,31,974 48,31,974
EUR
Financial assets
Unbilled revenues 23,997 23,997
Loans receivables 38,333 38,333
Total 63,32,877 63,32,877
Trade payables 54,05,587 54,05,587
Total 55,96,199 55,96,199
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Carrying amounts of cash and cash equivalents, trade receivables, unbilled receivables, loans receivables and trade
payables as at March 31, 2024 and March 31, 2023 approximate the fair value. Difference between carrying amounts
and fair values of balance with banks, other financial assets and other financial liabilities subsequently measured at
amortised cost is not significant in each of the periods presented. Fair value measurement of lease liabilities is not
required.
Level 1 — Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 — Inputs are other than quoted prices included within Level 1 that are observable for the asset or liability,
Level 3 —Inputs are not based on observable market data (unobservable inputs). Fair values are determined in whole
or in part using a valuation model based on assumptions that are neither supported by prices from observable
There are no financial liabilities or assets measured at fair value at the end of each reporting period.
Market Risk
foreign currency exchange rates, credit, liquidity and other market changes. The Company’s exposure to market risk
is primarily on account of foreign currency exchange rate risk.
The fluctuation in foreign currency exchange rates may have potential impact on the statement of profit and
loss, where any transaction references more than one currency or where assets / liabilities are denominated in
a currency other than the functional currency of the Company.
to risk arising from fluctations in exchange rates in those countries.
rate risks. Its hedges a part of these risks by using derivative financial instruments in line with its risk management
policies.
The foreign exchange rate sensitivity is calculated by aggregation of net foreign exchange rate exposure and a
simultaneous parallel foreign exchange rates shift of all currencies by 10% against the functional currency of the
Company.
sheet which could affect the statements of profit and loss and equity.
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EUR)
USD SEK CHF HUF DKK NOK
Net financial assets 23,290 6,95,196 25,110 - - -
Net financial liabilities 10,627 3,752 5,693 102 1,680 141
currencies would result in increase / decrease in the Company’s profit before taxes by approximately EUR 72160
EUR)
USD SEK CHF HUF DKK NOK
Net financial assets 2,05,217 - - - - -
Net financial liabilities 45,518 2,785 6,365 102 3,070 129
currencies would result in increase / decrease in the Company’s profit before taxes by approximately EUR 14725
Credit risk
deterioration of creditworthiness as well as concentration of risks. Credit risk is controlled by analyzing credit
unbilled receivables (PY unbilled revenue), investments, cash and cash equivalents, bank deposits and other
financial assets. None of the other financial instruments of the Company result in material concentration of
credit risk.
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure
to credit risk was EUR 5,745,129 as of March 31, 2024 and EUR 6,294,544 as of March 31, 2023, respectively,
being the total of the carrying amount of balances with banks, trade receivables, unbilled receivables and
other financial assets excluding equity & loans.
• Trade Receivables and Contract Assets
The entity’s exposure to credit risk with regards to trade receivables and contract assets is influenced
mainly by the individual characteristics of each customer in relation to the industry practices and business
environment in which they operate. The entity limits its exposure to credit risk from trade receivables
by establishing a maximum payment period of 365 days for its customers after which they are in default
(credit impaired). To manage this risk, the Company has a robust Credit Management process in place. The
Company has adopted a policy of dealing only with creditworthy counterparties. The Company’s exposure
of the counterparties is continuously monitored and necessary changes to the credit terms are made. The
carrying amounts of financial assets represent the maximum credit risk exposure. None of the customer
balances have been written off and no customer balances have been credit impaired at the reporting date.
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The following customers form more than 10% of outstanding trade receivable and unbilled receivables (PY
Unbilled revenue) as at March 31, 2023 and March 31, 2022 are as follows.
EUR
As at March 31,2024 As at March 31,2023
Total Trade Percentage Total Trade Percentage
Unbilled revenue Unbilled revenue
Customer A 21,82,449 43% 41,18,153 76%
Customer B 8,65,205 17% 5,00,132 9%
Customer C 3,40,109 27% 2,24,441 4%
Company’s cash and cash equivalents, trade receivables, unbilled receivables (PY unbilled revenue), short-
term loans and other financial assets are substantially held in Austria.
The Company is not exposed to the risk as the customer base of Company is concentrated in Austria.
Liquidity risk
The Company consistently generated sufficient cash flows from operations to meet its financial obligations as
EUR
As at March,31 2024 Due in 1st year Due in 2nd year Total
Trade payables 45,77,323 - 45,77,323
Lease Liability 4,768 - 4,768
Total 48,32,082 - 48,32,082
EUR
As at March,31 2023 Due in 1st year Due in 2nd year Total

Trade payables 54,05,587 - 54,05,587
Lease Liability 9,351 4,768 14,119
Total 55,91,647 4,768 55,96,415
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Other risk
Financial assets of EUR 695,196 as at March 31,2024 (PY: EUR 1,176,676 as at March 31, 2023) carried at
amortised cost is in the form of cash and cash equivalents, where the Company has assessed the counterparty
credit risk. Trade receivables of EUR 3,755,462 as at March 31, 2024 (PY:EUR 50,76,855 as at March 31, 2023)
forms a significant part of the financial assets carried at amortised cost, which is valued considering provision
for allowance using expected credit loss method. The Company has specifically evaluated the potential impact
with respect to customers in Retail, Manufacturing and Energy verticals which could have an immediate impact
and the rest which could have an impact with a lag. The Company closely monitors its customers who are going
through financial stress and assesses actions such as change in payment terms, discounting of receivables with
institutions on no-recourse basis, recognition of revenue on collection basis etc., depending on severity of each
case. The same assessment is done in respect of unbilled receivables EUR 1,278,049 as at March 31, 2024 (EUR
23,997 as at March 31, 2023) while arriving at the level of provision that is required.
j. Equity
EUR
As at As at
March 31, 2024 March 31, 2023
Authorised :
Equity share capital 35,000 35,000
(Share Capital of EUR 35000, PY EUR 35000)
35,000 35,000
Issued, subscribed
Equity share capital 35,000 35,000
(Share Capital of EUR 35000, PY EUR 35000)
35,000 35,000
i. Reconciliation
EUR
As at As at
March 31, 2024 March 31, 2023
Equity shares
Closing balance 35,000 35,000
* The Company does not have number of equity shares.

ii. Rights, preferences and restrictions attached to shares
The Company has only one class of equity shares which is an 100% investment by TCS Netherlands. Since TCS
Netherlands is the only shareholder for the Company, TCS Netherlands carry a right to dividend and also in the
event of liquidation, TCS Netherlands is eligible to receive the remaining assets of the Company.
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iii. Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company
EUR
As at As at
March 31, 2024 March 31, 2023
Equity Shares
TCS Netherlands NV (Holding Company) 35,000 35,000
% Holding in class 100% 100%
iv. Disclosure of shareholding promoters
EUR
Disclosure of shareholding of promoters as at March 31st 2024 is as follows:

Shares Held by Promoters
Promoter name Number of %of Total Number of %of Total % Change
Shares Shares Shares Shares During the year
TCS Netherlands NV 35,000 100% 35,000 100% 0%
Total 35,000 100% 35,000 100% 0%
EUR
Disclosure of shareholding of promoters as at March 31st 2023 is as follows:

Shares Held by Promoters
Promoter name Number of %of Total Number of %of Total % Change
Shares Shares Shares Shares During the year
TCS Netherlands NV 35,000 100% 35,000 100% 0%
Total 35,000 100% 35,000 100% 0%
7. Leases
Company as a lessee
dismantling and removing the underlying asset or restoring the underlying asset or site on which it is located. The right-of
use assets is subsequently measured at cost less any accumulated depreciation, accumulated impairment losses, if any
and adjusted for any remeasurement of the lease liability. The right-of-use assets is depreciated using the straight-line
method from the commencement date over the shorter of lease term or useful life of right-of-use asset. The estimated
useful lives of right-of-use assets are determined on the same basis as those of property, plant and equipment. Right-of-
use assets are tested for impairment whenever there is any indication that their carrying amounts may not be recoverable.
Impairment loss, if any, is recognised in the statement of profit and loss.
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in the measurement of the lease liability, the Company recognises any remaining amount of the re¬measurement in
EUR
ended as at
March 31, 2024 March 31, 2024
Leasehold building - -
Leased Motor Cars - 4,407
Total - 4,407
EUR
ended as at
March 31, 2023 March 31, 2023
Leased Motor Cars - 13,548
Total - 13,548
EUR

March 31, 2024 March 31, 2023
Leased Motor Cars (9,141) (9,141)
Total (9,141) (9,141)

Interest on lease liabilities is EUR 108 for the year ended on March 31, 2024 and EUR 211 for the year ended on
March 31, 2023.
Lease contracts entered by the Company pertains for motor cars taken on lease to conduct its business in the ordinary
course. The Company does not have any lease restrictions and commitment towards variable rent as per the contract.
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residual value are reviewed at the end of each reporting period, with the effect of any change in estimate accounted

and loss.
EUR
Computer equipment
Cost as at April 1, 2023 12,284
Additions 2,18,421
Disposals (1,220)
Cost as at March 31, 2024 2,29,485
Accumulated depreciation as at April 1, 2023 (9,867)

Depreciation for the year (42,304)
Accumulated depreciation as at March 31, 2024 (52,171)
Net Carrying amount as at March 31, 2024 1,77,314
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EUR
Computer equipment
Cost as at April 1, 2022 11,506
Additions 778
Disposals -
Cost as at March 31, 2023 12,284
Accumulated depreciation as at April 1, 2022 (8,059)

Depreciation for the year (1,807)
Accumulated depreciation as at March 31, 2023 (9,867)
b. Capital Work In Progress as at March 31, 2024
To be completed in
Capital Work in Progress Less than 1 year 1-2 years 2-3 years More than 3 Total
years
16,505 - - - 16,505
- - - - -
16,505 - - - 16,505
Capital Work In Progress as at March 31, 2023
To be completed in
Capital Work in Progress Less than 1 year 1-2 years 2-3 years More than 3 Total
years
- - - - -
- - - - -
- - - - -
c. Other assets
EUR
Other assets – Current As at As at
March 31, 2024 March 31, 2023
Considered Good
Contract assets - 3 14 197
Others - 34,979
5,92,281 6,97,164
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EUR
Other liabilities - Current As at As at
March 31, 2024 March 31, 2023
5,57,702 6,18,163
5,57,702 6,18,163
9. Other Equity
EUR
As at As at
March 31, 2024 March 31, 2023
Retained earnings
Opening balance 4,29,723 4,00,226
Profit/(Loss) for the year 75,510 29,497
5,05,233 4,29,723

The Company earns revenue primarily from providing information technology, consultancy services and business solutions
for its customers. The Company offers a consulting-led, integrated portfolio of IT, business and engineering services and
solutions.
Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects
the consideration which the entity expects to receive in exchange for those products or services.
expended, number o transactions processed, etc.
performance.
is recognised upfront a the point in time when the system / software is delivered to the customer. In cases where
POC method.
to the customer.
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Revenue from subsidiaries is recognised based on transaction price which is at arm’s length.
criteria for capitalisation. Such costs are amortised over the contractual period or useful life of licence whichever is less.
services.
EUR
March 31, 2024 March 31, 2023
Consultancy services 1,18,49,838 87,36,003
Total 1,18,49,838 87,36,003
EUR
March 31, 2024 March 31, 2023
Banking, Financial Services and Insurance 63,14,093 55,90,409
Manufacturing 28,56,512 2,33,029
Communication , Media and Technology 1,05,336 1,05,318
Energy & Utilities 24,31,159 23,77,994
Others 1,42,738 4,29,252
1,18,49,838 87,36,003
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EUR
March 31, 2024 March 31, 2023
Europe 1,18,49,838 87,36,003
1,18,49,838 87,36,003

Information about major customers:
UniCredit Services GmbH represents 10% or more of the Company’s total revenue during the year ended March 31, 2024
and March 31, 2023.
Company has applied the practical expedient in Ind AS 115. Accordingly, the Company has not disclosed the aggregate
obligations is EUR 1,62,45,053 out of which 23.71% is expected to be recognized as revenue within the next year and the
Changes in Contract assets are as follows :
EUR
March 31, 2024 March 31, 2023
Revenue recognised during the year 12,68,447 3,14,197
Changes in Unearned and deferred revenue are as follows :

EUR
March 31, 2024 March 31, 2023
Balance at the beginning of the year (4,06,777) (33,402)
the unearned and deferred revenue at the 4,06,777 33,402
Increase due to invoicing during the year, excluding amounts recognised (6,44,041) (4,06,777)
as revenue
Balance at the end of the year (6,44,040) (4,06,777)
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Reconciliation of revenue recognized with the Contracted price is as follows :
EUR
March 31, 2024 March 31, 2023
Contracted price 1,18,49,838 87,36,003
Revenue recognised 1,18,49,838 87,36,003
11. Other Income

Other Income consist of the following:
EUR
March 31, 2024 March 31, 2023
Net foreign exchange gains/(loss) (492) (263)
Other income 23,474 4,843
Interest on bank 8,507 -
31,490 4,580

EUR
March 31, 2024 March 31, 2023
Contributions to Retirement funds 85,362 70,960
10,19,049 10,87,713
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EUR
Employee benefit obligations – Current Year ended Year ended
March 31, 2024 March 31, 2023
Other employee benefit obligations 37,038 12,172
37,038 12,172

The costs of the Company are broadly categorised in employee benefit expenses, cost of equipment and software licenses,
facility expenses, travel expenses, communication expenses, bad debts and advances written off, allowance for doubtful
trade receivable and advances (net) and other expenses. Other expenses is an aggregation of costs which are individually
not material such as commission and brokerage, recruitment and training, entertainment, etc.
a. Other expenses
EUR
March 31, 2024 March 31, 2023
Fees to external consultants (including subcontractor cost)* 23,15,390 28,30,362
Other expenses 1,77,949 1,35,575
1,07,09,653 75,95,044
* Cost of personnel on deputation from TCS.
14. Finance Costs

EUR
March 31, 2024 March 31, 2023
Other interest costs - 4,547
Interest on lease liabilities 108 211
108 4,758
15. Income Tax

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The current income tax expense for the entity has been computed based on the tax laws applicable in the jurisdiction in
which it operates.
paid and income tax provision arising in the same tax jurisdiction provided the Company has a legally enforceable right to
Deferred income tax asset are recognised to the extent that it is probable that taxable profit will be available against which
utilised.
The Company recognises interest levied and penalties related to income tax assessments in income tax expenses.
The Income-tax expenses consist of the following:
EUR
March 31, 2024 March 31, 2023
Current tax
Current tax expense for current year 28,824 4,056
28,824 4,056
Deferred tax
Deferred tax (benefit)/ expense for current year (3,973) 8,567
Deferred tax (benefit)/ expense pertaining to prior years - -
(3,973) 8,567
Total income tax expense recognised in current year 24,851 12,623
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The reconciliation of estimated income-tax expenses at statutory income tax rate to the income tax expenses reported in
the statement of profit and loss is as follows:
EUR
March 31, 2024 March 31, 2023
Profit/(Loss) before taxes 1,00,361 42,120
Enacted Income tax rate in Osterreich 23.00% 24.00%
Expected Income tax expense 23,083 10,109
Tax effect of adjustments to reconcile expected income tax expense to - 2,515
23,083 12,624
The tax rates under TCS Osterreich Income Tax Act, for the year ended March 31, 2024 and March 31, 2023 is 23% and 24%
respectively.
Significant components of net deferred tax assets and deferred tax liabilities for the year ended March 31, 2023 are as
follows:
EUR
Particulars Opening Recognised in Recognised in Closing
balance profit or loss retained earning balance
Deferred tax assets/ (liabilities) in relation to
Accumulated Losses 51,216 3,972 - 55,188
Total deferred tax assets/ (liabilities) 51,216 3,972 - 55,188

EUR
Others 1,26,533 (71,344) 55,188
Total deferred tax assets/ (liabilities) 1,26,533 (71,344) 55,188

EUR
Particulars Opening Recognised in Recognised in Closing
balance profit or loss retained earning balance
Accumulated Losses 59,783 (8,567) - 51,216
Total deferred tax assets/ (liabilities) 59,783 (8,567) - 51,216
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EUR
Others 2,17,103 (1,65,887) 51,215
Total deferred tax assets/ (liabilities) 2,17,103 (1,65,887) 51,215
16. Segment Information

17. Related Party Transactions

Tata Consultancy Services Osterreich GmbH’s principal related parties consist of its holding Company Tata Consultancy
Services Netherlands BV , intermediate holding Company Tata Consultancy Services Limited and ultimate holding
Company Tata Sons Private Limited. Company routinely enters into transactions with its related parties in the ordinary
course of business.
EUR
Tata Sons Tata Consultancy Subsidiaries Total
Private Services (TCS) of TCS
Limited limited
Revenue - - 8,62,079 8,62,079
Purchases of goods and services (including - 57,13,908 22,98,715 80,12,623
reimbursement)
Cost Recovery - 1,13,885 1,20,128 2,34,013
Total 27,469 58,27,793 32,80,922 91,36,184
EUR
Limited limited
Revenue - 36,078 6,40,997 6,77,075
Purchases of goods and services (including - 35,20,538 11,72,593 46,93,131
reimbursement)
Cost Recovery - (48,256) 53,717 5,461
Total 2,217 35,08,360 18,67,307 53,77,884
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Balance Receivable from related parties are as follows:
EUR
Limited limited
Trade receivables and unbilled receivables (net) - 6,01,673 3,42,354 9,44,026
Loans Receivable, other financial assets and other - - -
assets
Commitments - - - -
Total - 6,01,673 3,42,354 9,44,026
EUR
Limited limited
Trade receivables and unbilled receivables (net) - 1,55,677 3,16,887 4,72,564
Loans Receivable, other financial assets and other - 3,47,988 - 3,47,988
assets
Commitments - 2,049 - 2,049
Total - 5,05,714 3,16,887 8,22,601
Balance Payable to related parties are as follows:
EUR
Limited limited
Trade payables, unearned and deferred revenue and 27,469 19,71,532 9,20,672 29,19,674
Other liabilities
Commitments - 1,516 (104) 1,412
Total 27,469 19,73,048 9,20,568 29,21,086
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EUR
Limited limited
Trade payables, unearned and deferred revenue and 2,217 39,25,718 4,43,544 43,71,479
Other liabilities
Commitments - - 2,948 2,948
Total 2,217 39,25,718 4,46,492 43,74,427
Proprietor Director
Mumbai
Date:30 April, 2024
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TATA CONSULTANCY SERVICES FRANCE
Public Limited Company
Annual Report and Financial Statements
For the year ended
March 31, 2024
The English language text below is a translation provided for information purposes only. The original French text shall prevail
in the event of any discrepancies between the English translation and the French original.
Tata Consultancy Services France 33.1

FOR THE YEAR ENDED MARCH 31, 2024
CONTENTS PAGE
Statutory Auditor’s Report 33.2
Balance Sheet 33.5
Note forming part of the financial statements 33.7

33.2 Tata Consultancy Services France
Auditors’ report on the financial statements

This is a translation into English of the statutory auditor’s report on the financial statements of the Company issued in French
and it is provided solely for the convenience of English speaking users.
This statutory auditor’s report includes information required by European regulation and French law, such as information
about the appointment of the statutory auditors or verification of the management report and other documents provided to
shareholders.
This report should be read in conjunction with, and construed in accordance with, French law and professional auditing
standards applicable in France.
Tata Consultancy Services France S.A.

1, Terrasse Bellini - 92919 La Défense
Statutory Auditors’ report on the financial statements

To the annual general meeting of Tata Consultancy Services France S.A.,
Opinion
In compliance with the engagement entrusted to us by your annual general meeting, we have audited the accompanying
financial statements of Tata Consultancy Services France S.A. for the year ended March 31, 2024.
In our opinion, the financial statements give a true and fair view of the assets and liabilities and of the financial position of
the Company as at March 31, 2024 and of the results of its operations for the year then ended in accordance with French
accounting principles.
Basis for Opinion

Audit Framework
We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.
Our responsibilities under those standards are further described in the Statutory Auditor’s Responsibilities for the Audit of the
Financial Statements section of our report.
Independence
We conducted our audit engagement in compliance with independence requirements of the French Commercial Code (code
de commerce) and the French Code of Ethics (code de déontologie) for statutory auditors rules applicable to us, for the period
from April 1, 2023 to the date of our report.
Justification of Assessments
In accordance with the requirements of Articles L.821-53 and R.821-180 of the French Commercial Code (code de commerce)
relating to the justification of our assessments, we inform you of the following matters that, in our professional judgment, were
of most significance in our audit of the financial statements of the current period.
These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on specific items of the financial statements.
Your company performs an impairment test on goodwill as described in notes « V. Principes comptables – Méthodes d’évaluation
» and « V.1 Immobilisations incorporelles » to the financial statements. Our work consisted in assessing the reasonableness of
data and assumptions on which estimates are based and reviewing the calculations made by the Company.
Specific Verifications
We have also performed, in accordance with professional standards applicable in France, the specific verifications required by
French laws and regulations.
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Information given in the management report and in the other documents with respect to the financial position and the
financial statements provided to the Shareholders
We have no matters to report as to the fair presentation and the consistency with the financial statements of the information
given in the management report of the Board of Directors and in the other documents with respect to the financial position and
the financial statements provided to the Shareholders.
We attest the fair presentation and the consistency with the financial statements of the information relating to payment terms,
required under Article D.441-6 of the French Commercial Code (Code de commerce).
In accordance with French law, we report to you that the non-financial statement provided for in article L.225-102-1 of the
French Commercial Code (Code de commerce) is not included in the management report and that the Company has not
designated an independent third party to perform such procedures.
Report on Corporate governance
We attest that the Board of Directors’ report on corporate governance sets out the information required by Article L.225-37-4
of the French Commercial Code.
Management is responsible for the preparation and fair presentation of thefinancial statements in accordance with French
accounting principles and for such internal control as management determines is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless it
is expected to liquidate the Company or to cease operations.
The financial statements were approved by the Board of Directors.
Statutory Auditor’s Responsibilities for the Audit of the Financial Statements

Our role is to issue a report on the financial statements. Our objective is to obtain reasonable assurance about whether the
financial statements as a whole are free from material misstatement. Reasonable assurance is a high level of assurance, but is
not a guarantee that an audit conducted in accordance with professional standards will always detect a material misstatement
when it exists.
As specified in Article L.821-55 of the French Commercial Code (code de commerce), our statutory audit does not include
assurance on the viability of the Company or the quality of management of the affairs of the Company.
As part of an audit conducted in accordance with professional standards applicable in France, the statutory auditor exercises
professional judgment throughout the audit and furthermore:
• Identifies and assesses the risks of material misstatement of the financial statements, whether due to fraud or error,
designs and performs audit procedures responsive to those risks, and obtains audit evidence considered to be sufficient
and appropriate to provide a basis for his opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations,
or the override of internal control.
• Obtains an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
• Evaluates the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management in the financial statements.
• Assesses the appropriateness of management’s use of the going concern basis of accounting and, based on the audit
on the Company’s ability to continue as a going concern. This assessment is based on the audit evidence obtained up to
the date of his audit report. However, future events or conditions may cause the Company to cease to continue as a going
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concern. If the statutory auditor concludes that a material uncertainty exists, there is a requirement to draw attention in
the audit report to the related disclosures in the financial statements or, if such disclosures are not provided or inadequate,
to modify the opinion expressed therein.
• Evaluates the overall presentation of the financial statements and assesses whether these statements represent the
underlying transactions and events in a manner that achieves fair presentation.
Paris la Défense, 3 May 2024

KPMG S.A.
French original signed by Guillaume Salommez
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Balance Sheet
Financial Statement (Thousands of Euro)
(EURO in Thousand)
ASSETS As at March 31, 2024 As at
March 31, 2023
CAPITAL SUBSCRIBED & UNCALLED
FIXED ASSETS
Intangible assets 57,756 (1,107) 56,648 56,654
Tangible assets 10,410 (6,277) 4,133 4,589
Financial assets 1,913 1,913 1,851
TOTAL I 70,079 (7,385) 62,695 63,094
CURRENT ASSETS
Trade receivables 139,126 (11) 139,115 143,760
Other receivables 8,078 (2) 8,076 10,152
Investments in securities 15,739 15,739 3,000
Liquid assets 2,100 2,100 6,841
TOTAL II 165,044 (13) 165,031 163,753
PREPAID EXPENSES
Deferred charges 21,941 21,941 10,484
Conversion adjustment - assets 23 23 61
TOTAL ASSETS 257,086 (7,398) 249,689 237,393
LIABILITIES As at As at
March 31, 2024 March 31, 2023
EQUITY
Registered capital 446 446
Merger, issue and contribution premiums 2,822 2,822
Reserves 10,692 10,692
Carry forward (16,981) (20,577)
Profit or loss for the FY 5,528 3,596
TOTAL I 2,506 (3,021)
PROVISIONS FOR RISKS AND EXPENSES TOTAL II 1,571 1,225
DEBTS
Loans and debts with credit institutions 27 1
Loans and financial debts 434 394
Trade accounts and notes payables 170,942 176,752
Social security and tax liabilities 32,965 28,656
Liabilities on fixed assets and related Other payables 19,248 20,165
TOTAL III 223,616 225,967
PREPAID EXPENSES
Unrecognised revenues 21,948 13,124
Conversion adjustment - liabilities 48 97
ACCRUED LIABILITIES 249,689 237,393
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(EURO in Thousand)

March 31, 2024 March 31, 2023
(12 months) (12 months)
PROFIT AND LOSS ACCOUNT
Revenues excl. of tax 331,360 317,244
Other operating income 12,941 11,371
TOTAL OPERATING INCOME 344,301 328,615
Other operating expenses 218,053 205,829
Direct and indirect taxes 3,897 4,206
Personnel cost 115,524 112,555
Depreciation allowances & provisions 1,702 1,064
Other expenses 1,480 918
TOTAL OPERATING EXPENSES 340,656 324,571
1. OPERATING RESULT 3,645 4,043
Income from subsidiaries
Other financial income 533 377
Reversals of provisions and depreciation 61 67
TOTAL FINANCIAL INCOME 594 444
Allowances for provisions and depreciation 23 61
Interests and assimilated expenses 61 4
TOTAL FINANCIAL EXPENSES 83 65
2. FINANCIAL RESULT 511 378
3. PRE-TAX OPERATING RESULT 4,155 4,422
Extraordinary income
Extraordinary expenses 1 1
4. EXTRAORDINARY RESULT (1) (1)
Tax on profits (1,757) 437
Employee participation in expansion 384 387
5. NET RESULT 5,528 3,596
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I. Nature of the activity and accounting standards
TATA CONSULTANCY SERVICES FRANCE SA is an IT services company launched in 1995. The Company offers a wide range
of specialized services related to IT systems set up, ranging from consulting to expert advice in advance technologies.
The balance sheet total before appropriation of earnings for the financial year is 249,688,646 euro and the statement of
income for the year, presented in list form, recorded a profit of 5,527,556 euro on a turnover of 331,359,965 euro.
The FY was 12 months long, from 01/04/2023 to 31/03/2024.
The notes and the tables below are an integral part of the annual accounts.
The accounts for the bygone FY were drawn up and presented in compliance with accounting rules and principles stipulated
by articles 121-1 to 121-5 and the subsequent ones of the Plan comptable général.
General accounting conventions have been applied in line with the principle of prudence and with the basic accounting
concepts of going concern, consistency of accounting methods from one financial year to another, independence of
financial years and pursuant to the general rules for drawing up and presenting annual accounts.
The basis for evaluating the items recorded in the accounts is the historical-cost method.
The accounting conventions applied comply with the provisions of the Commercial Code, more specifically, of the accounting
decree of 29/11/83 as well as the regulation by ANC 2014-03 and the regulation by ANC 2018-07 prescribed by the Plan
Comptable Général, applicable on the closure of the financial year.
The Company’s accounts for the current FY have been finalised according to the principle of going concern.
II. Characteristic facts of the period

Events from previous years affecting this one.
• On 1 July 2021, TCS France entered into a sub-lease agreement with the Company GREEN YELLLOW (S.A.S. with a
capital of 16,854 thousand euros) for the premises of 2 floors (24th and 25th) leased in the building complex located
“Tour Initiale” at La Défense (92919), 1, Terrasse Bellini.
This sublease is granted for a period of 9 years and expiring on 16 February 2030, for an annual rent of 1,025 thousand
euros. This agreement has a 28.6-month rent deduction.
• Tax audits started on January 28, 2021 for the FY 2017-2018 to 2019-2020. The wrap-up meeting took place on
December 14, 2021. After various exchanges, the tax authorities sent the Company a rectification notice on October
12, 2023, which resulted in a reduction of €1,301 K of the carry-forward losses existing as of March 31, 2023.
• The audit over the periods 2017 and 2018 having been carried out, TCS France has contacted the tax authorities again
in order to receive the research tax credits determined for these years, and not received. As a result, the following
research tax credits were received for 2017 (€1.03 million) and 2018 (€1.17 million).
• The emergence of an armed conflict between Russia and Ukraine in early 2022 impacted economic and business
activities worldwide. However, this situation did not have any major impact on our business during this fiscal year.
III. Noteworthy events that took place during the FY

The Company has reported revenues of 331,360 million Euro for the FY 2023-24, which represents an increase of 4.45%
compared to the last FY, over comparable scope.
The result of the year was a profit of 5.5 million Euro after considering 461 thousand euros of profit-sharing due to
employees (including social contributions) and 434 thousand euros of corporate taxes. As on 31 March 2023, the result of
TCS France recorded a profit of 3.6 million Euro.
The return to profitability is due to the slight increase in the revenues, controlled gross margins from key customers,
improved utilization rates and a continued focus on operational efficiencies.
Finally, the Company is continuously working on identifying expenses incurred during this fiscal year which qualify for
research tax credit, as was done for the year ended on March 31, 2023. As the requests for the return of these tax credits
under previous tax periods have been audited by the administration, TCS France S.A. chose to post these amounts once
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they have been cashed.
A risk has been identified with regard to the decisions rendered by the Court of Cassation dated September 13, 2023,
related to the calculation of paid leave earned by employees during periods of absence. However, to date, it has not been
possible to make a sufficiently accurate estimate of the risk or to calculate it accurately enough and, consequently, no
provision has been set aside.
IV. Noteworthy events following book closing

Apart from the above-mentioned points, the company has not identified any other significant event that could have an
impact on the next financial year.
V. Accounting principles – Methods of evaluation

General rules for drawing up and presenting accounts
Methods of evaluation and calculation used for the accounts of the financial year that ended on 31 March 2024 are identical
to those used for the previous financial year that ended on 31 March 2023.
Method of evaluation chosen for certain items in the income statement
Research and development spend
The company’s spend on research and development is meant to develop its know-how and define its new technical
positioning, especially in line with the potential customers’ expectations. The corresponding expenses are recorded under
the charges for the financial year in which they were incurred, depending upon their nature.
Tangible and intangible assets
Gross value of tangible and intangible assets corresponds to their initial value obtained after adding the extra expenses
needed for readying them for use.
Depreciation is calculated over the normal lifetime of the assets which are generally as follows:
• Software Linear 1 year

• Licences Linear 1 year
• Leasehold facilities Linear 3 to 7 years
• Transport equipment Linear 4 years
• Office equipment Linear 4 years
• IT equipment Linear 3 to 4 years
• Furniture Linear 5 to 7 years
Intangible assets - Goodwill

Goodwill is assessed once a year based on the updated projections of future cashflow (c.f. § Financial assets hereafter).
Goodwill represents the cost of activities acquired as stated upon the date of acquisition of the business minus the buyer’s
participation.
Goodwill is not amortised as it is for an unlimited duration.
Goodwill is subject to a depreciation test annually or when the events or circumstances indicate a possible loss of value.
If the recoverable amount is estimated to be lower than the book value, the book value is reduced to the recoverable value.
A loss in value is recorded in the profit and loss account.
Financial assets
The security deposits are entered in the assets of the balance sheet for the amount corresponding to their payments.
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Client receivables and recognition of revenues
Sequential performance contracts (T & M):
Services provided and not billed on the date of closing, in case of T&M contracts are considered as “due for billing”.
Fixed price contracts:
Only that percentage of the fixed price contracts that has been delivered is taken into consideration.
According to this method, the revenue tagged to each contract is pro-rata to the time spent by associates as on the date
of accounts closing.
When the amount of predictable costs for completion of an engagement could potentially record a loss, a provision for this
risk is made based on the best available estimate of the losses at the date of accounts closing.
Account receivables:
Receivables are considered at their nominal value. A depreciation allowance is made on a case by case basis when the
inventory value is lower than the book value, depending upon the risks of non-recovery.
Conversion of Account receivables and payables into foreign currency:
Receivables and debts in foreign currency are converted and considered in Euros based on the last known exchange rate
on the date of the transaction. Assets and debts shall be revalued at the exchange rate on the date of closure of the FY.
When the application of the conversion rate at the date of FY closing impacts the amounts previously considered, the
difference in the conversion rate is reported in a transitory account and adjusted later on, based on the:
- asset side of the income statement for the differences corresponding to unforeseeable losses (due to foreign exchange
adjustment)
- liability side of the income statement for the differences corresponding to unforeseeable gains (due to foreign
exchange adjustment)
Unrealised losses call for the earmarking of a provision commensurate with the risk.
In compliance with ANC no 2015-05, foreign exchange margins on payables and receivables fall under operating result and
not under financial result.
Provision for Risks & Contingencies
At the closing of accounts, provisions have to be made for risks and charges that have been identified but not factored,
and are likely to result as a consequence of the events that have occurred over the financial year. These provisions are
estimated on a case by case basis, depending upon the information available.
Credit risk
Financial instruments that pose a credit risk to the company include mainly cash and cash equivalents, investments in
securities and client receivables.
The Company’s cash and cash equivalents are mainly expressed in Euro and are in the safekeeping of two major French
banks.
Transactions on bank accounts in foreign currency shall be entered against their equivalent value on the date of transaction.
The balance in foreign currency is updated as per the prevalent exchange rate and recorded in the financial result.
Assumptions and estimations made by the Management
For drawing up the financial statement, TCS FRANCE S.A management needs to give estimates and make assumptions
that are likely to have an impact on the values of assets, liabilities, revenues and charges as well as on the information
given in the appendices.
These assumptions are determined based on the “going concern” principle and depend upon the information available on
the date of drawing up the accounts and upon corresponding historical data as well as upon other factors deemed relevant
in the circumstances.
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Upon each book closure, the assumptions and estimations can be reviewed if the circumstances on which they were based
have changed or new information is available to the management. The items in the future financial statements could vary
from the present estimations on account of the changes in assumed values.
Vi. Notes on the income statement

1. Intangible assets
(EURO in Thousand)
Gross Values Depreciation operated Net Values

31/03/2023 Increase Decrease 31/03/2024 31/03/2023 Allowance Provision 31/03/2024 31/03/2024
Merger losses 37,456 37,456 37,456
TCS France
Other intangible 20,278 20,278 (1,096) (1,096) 19,182
assets
Licence – 22 22 (6) (5) (11) 11
software
Total 57,756 57,756 (1,102) (5) (1,107) 56,649
The increase relates to the acquisition of computer software.

The item “other intangible assets” is composed of the following:
(EURO in Thousand)
Gross Values Depreciation operated Net Values

31/03/2023 Increase Decrease 31/03/2024 31/03/2023 Allowance Provision 31/03/2024 31/03/2024
Euractiv 801 801 801
Cybertech 50 50 50
Cartem conseil 3,065 3,065 3,065
PL7 Conseil 44 44 44
Masterline SI 2,959 2,959 2,959
Nucleus 250 250 (250) (250) 0
Bright 546 546 (546) (546) 0
Colego 237 237 237
Itras 5,313 5,313 (300) (300) 5,013
E-Factory 560 560 560
Advoo 368 368 368
CGPI 486 486 486
Aralys 5,598 5,598 5,598
Total 20,278 20,278 (1,096) (1,096) 19,182
Goodwill, just like participating interests, listed in paragraph V.3 was tested for impairment during the financial year that
ended.
The Company considers goodwill and merger losses (56.6 million Euro) as one single asset contributing to the activity of
TCS FRANCE SA whose assets have been evaluated as part of the depreciation test.
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The recoverable value of this asset subject to test is equivalent to its value in use. It is calculated based on the updated
projections of future cashflows, based on the following hypotheses:
- Budgetary data for 2024-2025 and revenue projections for FYs 2025-2026 to 2028-2029 have been approved by the
Management.
These assumptions are laid down , based on the visibility that the management has of the various sectors and growth
prospects. These projections have been made at the end of the first quarter of 2024 in connection with the drawing up of a
business plan for 2024-2025 and for the four subsequent FYs. They take into account the assumption of business as usual:
- Final values are calculated over 5 years by taking into account a perpetual growth rate of 1.5%.
- The discount rate considered as on 31 March 2024 is 8.67%.
The recoverable value of the tested asset calculated based on the assumptions above seems higher than the net accounting
value of the asset tested. Therefore no depreciation has been observed as on 31 March 2024 on the asset tested following
the implementation of this depreciation test.
Key influencing factors
The recoverable value of TCS FRANCE S.A. is based on the assumption that the revenue targets will be reached and cost-cutting
plan will give expected results. The company has estimated revenue projections based on the existing orders, materialisation
of the expected contracts and the market’s development potential. Estimated reduction in sales costs, general operational
expenses and administrative expenses is based upon the cost optimisation initiatives such as continuous focus on resource
utilisation.
The Company has carried out an analysis of the sensitivity of values to changes in the key assumptions and it has revealed that:
- A variation of +1 point of the discount rate and / or of -1 point of the perpetual growth rate would not result in a recoverable
value of the tested assets to be lower than their accounting value.
- An annual variation of -5% of revenue targets and /or +4% of operational expenses over the period 2025-2029 would
not result in a recoverable value of the tested assets to be lower than their accounting value. Beyond this variation, the
accounting value of the assets tested could be challenged.
2. Tangible assets
(EURO in Thousand)
Gross Values
31/03/2023 Increase Capital Item-wise Decrease 31/03/2024
injection
Set up / arrangement 1,819 1,138 2,957
Office equipment and hardware 4,745 628 (38) 5,335
Furniture 1,514 65 1,579
Current capital assets 1,717 317 (1,495) 539
Total 9,795 2,148 0 (1,533) 10,410
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(EURO in Thousand)
Depreciation operated
31/03/2023 Allowances Item-wise Provision 31/03/2024
Set up / arrangement (707) (332) (1,039)
Office equipment and hardware (3,270) (638) 37 (3,871)
Furniture (1,229) (138) (1,367)
Current capital assets
Total (5,206) (1,108) 0 37 (6,277)
(EURO in Thousand)
Net accounting values

Gross Values Amortisation Net Values
Provision
Set up / arrangement 2,957 (1,039) 1,918
Office equipment and hardware 5,335 (3,871) 1,464
Furniture 1,579 (1,367) 212
Current capital assets 539 539
Total 10,410 (6,277) 4,133
3. Financial assets
(EURO in Thousand)
March 31, 2024 March 31, 2023

Gross value Provision Net value Gross value Provision Net value
Loans, deposits and 1,913 1,913 1,851 1,851
sureties
Total 1,913 1,913 1,851 1,851
4. Customer receivables
Payment term of receivables is less than one year.
(EURO in Thousand)
March 31, 2024 March 31, 2023

Customer receivables 99,415 112,408
Group clients 4,094 1,927
Doutbful and contentious clients 11 36
Invoices to be made outside the group 35,606 29,425
Intercompany bills 0 0
Depreciation of customer receivables (11) (36)
Total 139,115 143,760
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Receivables are due in less than one year.
(EURO in Thousand)
March 31, 2024 March 31, 2023
Current account balance minus provisions / charges
Tax receivables 2,069 2,219
VAT 2,217 2,822
Personal receivables (advance) 213 310
Vendor debtor 2,823 3,929
Others 755 873
Depreciation of other receivables (2) (2)
Total 8,075 10,151
6. Accrued liabilities and income

(EURO in Thousand)
March 31, 2024 March 31, 2023

Accrued income
Clients - yet to be billed 35,606 29,425
Suppliers - credit notes 2,049 3,265
Other receivables
Total 37,655 32,690
(EURO in Thousand)
March 31, 2024 March 31, 2023

Accrued charges
Vendors - bills not received 41,202 34,941
Clients - credit notes to be issued 6,110 7,923
Tax and social security debts 14,327 14,569
Other payables 113 104
Total 61,752 57,537
7. Income and charges to be carried over to the next financial year

(EURO in Thousand)
March 31, 2024 March 31, 2023

Prepaid expenses(1) 21,941 10,484
Unearned revenue(2) (21,948) (13,124)
Prepaid expenses are reported in the asset line item “Accruals and prepaid expenses account”.
(1)
They correspond mostly to the % of the project executed.

(2) Unearned revenue corresponds to the excessive billing recorded as compared to the revenue figures, given the
status of the project in fixed price contracts.
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8. Equity capital
The break-up of the equity capital is as follows:
(EURO in Thousand)
March 31, Transactions Income Distribution Operating March 31,

2023 on the capital appropriation of dividends result 2024
Registered capital 446 446
Issue and merger 2,822 2,822

premiums
Legal reserves 37 37
Other reserves 10,655 10,655
Carry forward (20,577) 3,596 (16,981)
Operating result for 3,596 (3,596) 5,528 5,528

the FY
Total (3,021) 0 5,528 2,506
Registered capital
Number of securities Face value Total in Euro

March 31, 2024 14,867,651 0.03 446,029.53
Shares entitled to double voting rights

A shareholder who can prove that s/he has personally held those shares for at least two years, enjoys double voting
rights.
As of 31 March 2024, there are no securities with double voting rights.
Own shares of Group
None.
Stock options
No stock options have been floated since 30 September 2010.
Subscription warrants for founders’ shares
There have been none since 30 September 2010.
Free shares
No free shares have been allotted since 27 October 2007.
Holding
TCS FRANCE S.A. previously known as ALTI S.A. is held wholly by Tata Consultancy Services Netherlands since
28 June 2013.
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9. Provisions for risks and charges
(EURO in Thousand)
Time March 31, Capital Allowance Used Unused March 31,

period 2023 injection provision provision 2024
Provisions for risks
Labour cases 1 to 5 years 839 363 (150) 1,052
URSSAF inspection 1 to 5 years 276 (4) 272
Foreseeable loss 1 year 49 224 (49) 224
Exchange rate 1 year 61 23 (61) 23

related losses
Total 1,225 610 (154) (110) 1,571
Labour cases
The Company has identified and classified the risks (high, medium, low) related to disputes with its employees. Based
on its lawyers’ opinions, the Company has evaluated the extent of its liability involved.
Disputes are of 2 types:
1. Employees disagreeing with their being laid-off
2. Employees demanding additional remuneration (for working Sunday, for being on call etc.)
To factor for the disputes in front of the “Prud’hommes” between TCS FRANCE S.A and its current or former
employees, the Company has set aside a provision for risk when there is a probability of an outflow of funds, based
on the best risk evaluation along with the legal counsels. A provision of 1,052 K Euro has been earmarked as on 31
March 2024.
URSSAF inspection
Alti SA, having become TCS FRANCE S.A., went through a URSSAF inspection in FY 2012 whose conclusions have
been formally contested by the company. Provision has been made for the total amount of payroll tax revision in the
said financial year.
In February 2018, URSSAF proposed a transaction for the FYs 2010 and 2011. Based on the discussions underway, the
amount payable towards the above is 0.2 million Euro.
The findings of the URSSAF inspection, which began on April 8, 2021, aim for an adjustment of €0,2 million. After
various discussions held between the Company and the tax authorities over the previous year, the Company agreed
to a settlement of €136 K. As on March 31, 2024, the amount in dispute was €47 K, for which the provision has been
earmarked.
10. Financial loans and debts
The various loans and financial debts (€434 K) consist of the security deposits received:
- for a sub-lease agreement for €270 K,
- by the expatriates for the accommodation they rent for €164 K.
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11. Accounts payables
Payment term of accounts payables is less than a year.
(EURO in Thousand)
March 31, 2024 March 31, 2023
Accounts payables 2,540 5,112
Group vendors 127,200(*) 136,699(*)
Invoices yet to be received from outside the group 28,111 24,934
Invoices yet to be received from the group 13,092 10,007
Total 170,942 176,752
(*) paid in arrears 77,392 k€ (94,704 k€ as on 31 March 2023)

12. Other payables
Payment term for these payables is less than one year.
(EURO in Thousand)
March 31, 2024 March 31, 2023

Expense bills 144 127
Provision for volume discounts & credit notes to be issued 6,110 7,923
Client receivables 12,988 12,108
Client receivables Group 6 7
Total 19,248 20,165
13. Liquidities and investment securities

The Company took out 4 fixed-term deposit contracts on March 31, 2024, the characteristics of which are:
Contracts in foreign Contracts in euros Date of deposit Date of expiry Annual interest
currency
€5,000,000 5,000,000.00 28 March 2024 04 April 2024 3.52%
€6,400,000 6,400,000.00 28 March 2024 02 April 2024 3.47%
$900,000 833,873.40 28 March 2024 02 April 2024 5.02%
€3,500,000 3,500,000.00 26 March 2024 03 April 2024 3.53%
Total 15,733,873.40
The item cash and cash equivalents refers to bank accounts and cash.
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VIi. Notes on the income statement
1. Revenues
Revenues as on 31 March 2024 stand at 331,360 K€ against 317,244 K€ on 31 March 2023.
The break-up of the revenues is as follows:
(EURO in Thousand)
Activity Revenues (%)
Energy and resources 25%
Healthcare 18%
BFSI 18%
Industry 12%
Others 27%
Revenues 100%
2. Other income and expenses

(EURO in Thousand)
March 31, 2024 March 31, 2023

Trademark fee (981) (200)
Credit losses (26) (49)
Translation gains and losses on purchases and sales (19) (404)
Other income 989 103

Total (38) (550)
3. Headcount
The Company headcount as on 31 March 2024 is 1.088 compared to 1.076 on 31 March 2023.
Executives Non-executives Consultants Average headcount Average headcount

As on March 31, 2024 As on March 31, 2023
Men Women Men Women Men Women
775 264 35 12 1 1 1,088 1,076
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4. Financial income and charges
The break-up of the financial results is as follows:
(EURO in Thousand)
March 31, 2024 March 31, 2023
Revenues from receivables 533 58
Financing commission (4)
Bank interest
Interest to related parties
Exchange rate related gain/losses (61) 229
Allowance for exchange rate related losses 39 5
Provision for impairment losses, current account and risk
Net effect of merger operations
Miscellaneous 90
Total 511 378
5. Extraordinary income and charges

The break-up of the extraordinary results is as follows:
(EURO in Thousand)
March 31, 2024 March 31, 2023

Penalties
Transfer – Disposal of fixed assets (1) (1)
Donations
Total (1) (1)
6. Corporate taxes and employee profit sharing

Impact of tax provisions on the result is as follows:
(EURO in Thousand)
March 31, 2024 March 31, 2023

Corporate tax 434 437
Research tax credit (2,192)
Employee profit-sharing 384 387
Total (1,374) 824
The above profit-sharing amount does not take into account social contributions (20%).
As on 31 March 2024, after considering the reduction of losses carried forward following the tax inspection audit and
the result for the FY 2023-2024 i.e. (4,476 K€), and the limitation on the use of losses for the FY, the amount of losses
carried forward stands at 73,997 K€.
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Tax break-up between operating and extraordinary results
(EURO in Thousand)
Pre-tax Tax Post-tax
Operating result 4,155 (434) 3,721
Extraordinary result (1) (1)
Employee profit-sharing (384) (384)
Tax credit 2,192 2,192
Tax readjustment
Total 5,962 (434) 5,528
Projected tax rebate / excess tax:

(EURO in Thousand)
Base Post-tax effect
Surcharge Rebate
Conversion adjustments as on 31 March 2024 23 6
Provision for foreign currency adjustment 23 6
Provision for foreseeable losses 224 56
Organic 522 131
Building-related 333 83
Employee profit-sharing and social contributions 461 115
Carry-forward losses 73,997 18,499
Total - 6 18,889
Tax slab considered: 25%.

7. List of subsidiaries and interests
None.
8. Directors’ remuneration
Salaries paid out for the year 2023/-2024 by TCS FRANCE SA are as follows:
(EURO in Thousand)
Gross annual remuneration paid out

Rammohan Gourneni 531 K€
Jean Pernet 31 K€ (included in the overhead expenses)
Pradeep Gaitonde -
No advance payments, credits or allotment of free shares were extended to the members of the Management
Committee.
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9. Other information
Commitments and other contractual obligations
(EURO in Thousand)
Total < 1 year 1 to 5 years > 5 years
Financing lease commitments None
Operational lease commitments 16,293 3,389 10,721 2,182
Other long-term commitments None
Total 16,293 3,389 10,721 2,182
Commitments related to retirement benefits

There is no special contractual commitment within TCS FRANCE SA. The employees of the Group are covered by the
provisions of the “SYNTEC Collective Convention” in terms of retirement gratuity.
On this basis, the commitment amount is 6,724 K Euro including social security contributions as on 31 March 2024
against 5,371 KEuro as on 31 March 2023. No provision has been made for this amount in the Company accounts that
have just been closed.
The cost of the services defined is determined using the actuarial valuation method based on projected unit credit.
The calculations were based on the following assumptions:
- Discount rate: 3.60%
- Annual salary increase rate: 2.38%
- Mortality table: TH/TF 00-02
- Turnover rate:
Age Turnover rate

16-44 years 15.38%
45-49 years 5.77%
50-59 years 2%
60 years and above 0%
Auditors’ fees
The auditor’ fee are split as follows:
(EURO in Thousand)
2023-2024 2022-2023
Auditors 103 K€ 109 K€
Auditor’ fee as it appears in the income statement for the FY is 103,287 Euros that is made up of the following:
- Fee charged for auditing the accounts: 103.287 Euros
- Fee charged for advice and services that are part of the advisory obligations arising from the legal auditing of the
accounts, as defined by the professional rules and standards mentioned in II of article L.822-11: 0 Euros
VIiI. Identity of the holding company

TCS FRANCE SA is a 100% subsidiary of TATA CONSULTANCY SERVICES Netherlands BV. All financial information about
the Company is included in the consolidated financial statements of the ultimate holding company, Tata Consultancy
Services Limited.
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Switzerland Ltd, Zurich
Report of the Statutory Auditor to the General Meeting on the
Financial Statements 2023/2024
Tata Consultancy Services Switzerland Ltd, Zurich 34.1
CONTENTS PAGE
Balance Sheet 34.4
Statements of Income and Available Earnings 34.5

34.2 Tata Consultancy Services Switzerland Ltd, Zurich
Independent Auditors’ REPORT

Report of the Statutory Auditor to the General Meeting of
Tata Consultancy Services Switzerland Ltd, Zurich
Opinion
We have audited the financial statements of Tata Consultancy Services Switzerland Ltd (the Company), which comprise the
balance sheet as at 31 March 2024, and the income statement for the year then ended, and notes to the financial statements,
including a summary of significant accounting policies.
In our opinion, the accompanying financial statements comply with Swiss law and the Company’s articles of incorporation.
Basis for Opinion

We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our responsibilities under
those provisions and standards are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements”
section of our report. We are independent of the Company in accordance with the provisions of Swiss law, together with the
requirements of the Swiss audit profession, and we have fulfilled our other ethical responsibilities in accordance with these
requirements.
Board of Directors’ Responsibilities for the Financial Statements

The Board of Directors is responsible for the preparation of the financial statements in accordance with the provisions of
Swiss law and the Company’s articles of incorporation, and for such internal control as the Board of Directors determines is
necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud
or error.
In preparing the financial statements, the Board of Directors is responsible for assessing the Company’s ability to continue as
a going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting
unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative
but to do so.

is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Swiss law and SA-CH will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.
As part of an audit in accordance with Swiss law and SA-CH, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:
control.
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disclosures made.
• Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on
doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we
are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going
concern.
We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

In accordance with article 728a para. 1 item 3 CO and PS-CH 890, we confirm that an internal control system exists, which has
been designed for the preparation of financial statements according to the instructions of the Board of Directors.
We further confirm that the proposed appropriation of available earnings complies with Swiss law and the Company’s articles
of incorporation. We recommend that the financial statements submitted to you be approved.
KPMG AG
Anna Pohle Lea Stettler

Licensed Audit Expert Licensed Audit Expert
Auditor in Charge
Zurich, 26 April 2024
Enclosures:
- Financial statements (balance sheet, income statement and notes)
- Proposed appropriation of available earnings
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Balance Sheets
(SWISS FRANCS)
Note As at As at
March 31, 2024 March 31, 2023
ASSETS
Current assets
Cash and banks 8,459,683 7,897,483
Time deposits 9,354,851 11,893,700
Trade receivables
Due from third party 3.1 112,583,381 105,267,045
Due from affiliated companies 8,026,713 8,103,837
Due from shareholders 521,119 405,208
Other receivables
Due from third parties 3.2 228,017 1,230,661
Due from affiliated companies. 5,040,528 6,573,638
Unbilled Revenue 27,299,678 28,134,646
Prepaid expenses
Due from third parties 12,770,310 16,605,297
Due from affiliated companies.. 1,012,400 2,467,323
Non-current assets
Deposits and guarantees 3.3 2,694,480 2,492,091
Fixed assets, net 3.4 269,573 286,047
Intangible assets, net 3.5 56,534 119,665
TOTAL ASSETS 188,317,268 191,476,641
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Trade payables
Due to third parties 1,603,808 1,973,649
Due to affiliated companies 7,146,334 6,260,989
Due to shareholders 1,578,275 1,018,601
Accounts payable - others 3.6 20,472,474 15,265,576
Deferred revenue 12,309,793 13,662,672
Accrued expenses
Due to third parties 3.7 19,182,890 20,865,603
Due to affiliated companies 22,242,259 30,554,360
Tax provision 5,064,262 6,077,655
Shareholders' equity
Share capital 1,500,000 1,500,000
Legal retained earnings 1,030,000 1,030,000
Available earnings
Profit Brought Forward 73,267,536 69,651,174
Profit For the current Year 22,919,638 23,616,362
Total shareholders' equity 98,717,174 95,797,536
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 188,317,268 191,476,641
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STATEMENTS OF INCOME AND AVAILABLE EARNINGS

(SWISS FRANCS)

March 31, 2024 March 31, 2023
Gross revenue from sales of services 496,236,374 523,584,395
Cost from sales of services (360,338,887) (388,755,013)
Gross profit 135,897,487 134,829,382
Operating expenses
Salaries (101,802,549) (100,672,608)
Travel expenses (1,515,653) (1,292,404)
Marketing and advertising expenses (541,043) (440,910)
Rent expenses (1,122,318) (1,132,868)
Office expenses (1,099,877) (1,934,279)
Insurance (18,850) (15,349)
Administrative expenses & others (818,983) (944,899)
Depreciation (204,607) (259,668)
Total operating expenses (107,123,880) (106,692,985)
Non-operating (expenses) / income
Interest expenses and bank charges (71,698) (75,915)
Exchange gains / (losses) (1,809,317) 893,667
Release tax accruals 439,207 0
Other income, net 19,335 -
Total non-operating (expenses) / income (790,467) 979,630
Profit for the year before taxes 27,983,140 29,116,026
Direct taxes (5,063,502) (5,499,664)
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Tata Consultancy Services Switzerland Ltd (“the Company”) was incorporated on January 15, 1985. The Company was
established as a limited company in Switzerland and is domiciled in Oerlikon, ZH. Its main activities consist of providing
software products and computer services in Switzerland.
The Company is a wholly-owned subsidiary of Tata Consultancy Services Netherlands B.V. in the Netherlands (“the
Group”). The Group is ultimately owned by Tata Consultancy Services Ltd, Mumbai, India.
The share capital is divided into 150,000 registered shares of CHF 10 par value.
The average number of full-time employees during 2024 and 2023 did not exceed 250.
As the Company is a wholly-owned step down subsidiary of Tata Consultancy Services Ltd in Mumbai, India that
prepares consolidated financial statements in accordance with IFRS, the Company is exempt from additional disclosure
requirements for larger companies in accordance with Art. 961d para 1 CO and also exempt to prepare consolidated
accounts in accordance with Art 963a para. 1 CO.
2. Key accounting and valuation principles

Principles of financial reporting
The annual accounts for the Company have been prepared in accordance with the regulations of Swiss financial reporting
law. The main accounting and valuation principles used, which are not already specified by the Code of Obligations, are
described as follows.
Estimates and assumptions made by management
Financial reporting under the Code of Obligations requires certain estimates and assumptions to be made by management.
These are made continuously and are based on past experience and other factors (e.g. anticipations of future results,
which seem appropriate under the circumstances). The results subsequently achieved may deviate from these estimates.
Actual items in the annual accounts, which are based on the estimates and assumptions made by management, are as
follows:
• trade receivables
• unbilled revenue
• accrued expenses
Foreign currency items
The functional currency is Swiss Francs (CHF). Transactions in foreign currencies are converted into the functional
currency (CHF) at the exchange rate on the day the transaction takes place.
• Monetary assets and liabilities in foreign currencies are converted into the functional currency (CHF) at the exchange
rate on the balance sheet date. Any profits or losses resulting from the exchange are recorded in the profit and loss
account.
• Non-monetary assets and liabilities at historical costs are converted at the foreign exchange rate at the time of the
transaction. Any foreign exchange profits are deferred in the balance sheet as not having an effect on net income.
Foreign exchange losses, on the other hand, are recorded in the profit and loss account.
Related parties
Related parties include subsidiary companies, members of the board of directors and the shareholders of the Company.
Transactions with related parties must take place under proper market conditions (dealing at an arm’s length).
Trade receivables
Trade receivables are recorded at their original net invoice amount, less a value adjustment for specific receivables
carrying risk (contingency reserves). Value adjustments are carried out for receivables, which are more than 12 months
overdue (in arrears) for the full amount, 50% of the amount for receivables which are overdue for 9 to 12 month or for
which specific risks have been identified. Doubtful receivables are written off.
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The straight-line depreciation method is used for tangible fixed assets according to their expected useful life. Useful lives
are established as follows and are revised each year:
• Leasehold improvements according to rent contract
• Furniture and fixtures 5 years
• Computer 4 years
• Office equipment 4 to 5 years
If there is any evidence of an over-valuation, the accounting values are checked and adjusted where necessary.
Revenue recognition
Revenue from contracts priced on a time and material basis are recognised when services are rendered and related costs
are incurred.
Revenue from turnkey contracts, which are generally time bound fixed price contracts, are recognised over the life of
the contract using the percentage of completion method, with contract costs determining the degree of completion.
Foreseeable losses on such contracts are recognised when probable.
Revenue from sale of software licenses are recognised upon delivery.
Revenue from maintenance contracts are recognised on pro-rata basis over the period of the contract.
In respect of Business Process Services, revenue on time and material and unit priced contracts is recognised as
the related services are rendered, whereas revenue from fixed price contracts is recognised using the percentage of
completion method with contract cost determining the degree of completion.
When recognized revenue is not billed then it is accounted as unbilled revenue in balance sheet.
Revenue is reported net of discounts.
3. Information relating to items on the balance sheet and statement of income

3.1 Trade receivables – due from third parties
(In CHF)
As at As at
March 31, 2024 March 31, 2023
Receivables from third parties 113,078,084 105,527,721
Less allowance for doubtful accounts (494,702) (260,676)
Total 112,583,381 105,267,045
3.2 Other receivables – due from third parties

(In CHF)
As at As at
March 31, 2024 March 31, 2023
Recoverable from employees 72,099 137,213
Recoverable Other 155,918 1,093,448
Total 228,017 1,230,661
3.3 Deposits and guarantees

Deposits for flats and offices on postal and bank accounts amount to CHF 2,694,480 as of March 31, 2024 (2023: CHF
2,492,091).
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3.4 Fixed assets
(In CHF)
As at As at
March 31, 2024 March 31, 2023
Computer 725,547 699,987
Furniture and fixtures 627,283 627,283
Office equipment 295,735 282,048
Leasehold improvements 1,876,747 1,876,747
Less depreciation and value adjustments (3,255,739) (3,200,018)
Total 269,573 286,047
3.5 Intangible assets

(In CHF)
As at As at
March 31, 2024 March 31, 2023
Software licences 262,772 260,764
Less depreciation and value adjustments (206,238) (141,099)
Total 56,534 119,665
3.6 Other payables

(In CHF)
As at As at
March 31, 2024 March 31, 2023
Liabilities due to tax authorities 10,343,539 5,112,198
Liabilities due to VAT authorities (Output tax) 8,937,509 9,697,494
Liabilities due to institutions and staff 1,191,426 455,884
Total 20,472,474 15,265,576
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3.7 Accrued expenses – due to third parties
(In CHF)
As at As at
March 31, 2024 March 31, 2023
Provision for staff and social obligations 7,157,527 6,992,356
Provision for vendors 12,025,362 13,873,247
Total 19,182,890 20,865,603
3.8 Rent and other commitments

As of March 31, 2024 the Company has rent commitments for its offices in Zurich, Nyon and Basel for CHF 2,406,420
(2023: CHF 3,018,980).
3.9 Leasing
As of March 31, 2024, the Company has outstanding liabilities for leasing contracts in the amount of CHF 138,615
(2023: CHF 114,962).
PROPOSED APPROPRIATION OF AVAILABLE EARNINGS AS PER MARCH 31, 2024

The Board of Directors proposes to the General Shareholder Meeting the dividend distribution as follows:
(In CHF)
Profit Brought Forward 73,267,536
Profit of the Year 22,919,638
Available earnings at the disposal of the General Meeting 96,187,174
Dividend (20,000,000)
Carry forward the balance of 76,187,174
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TATA CONSULTANCY SERVICES DE ESPAÑA, S.A.U.
For the year ended
March 31, 2024
Tata Consultancy Services De España, S.a.u. 35.1
CONTENT PAGE
Balance Sheet 35.6
Profit and Loss Account 35.7
Cash Flow Statement of Changes in Equity 35.8

35.2 Tata Consultancy Services De España, S.a.u.
MANAGEMENT REPORT
EVOLUTION OF BUSINESS DURING THE YEAR
The revenue from operations during the financial year 2023-2024 was 59.588.209 euros, which has shown a decrease of 6%
against the previous year, due to lower demand from clients. The main activity contributing to this turnover continued to be
information technology (IT) and IT enabled services.
The employee benefit expenses of 41.676.798 euros represent 70% of sales, being the direct cost of the activities. The employee
cost increased by 18% compared to the previous year due to higher personnel expenses, which is affecting the industry around
the world.
Operative income for the year 2023-2024 was losses for 611.799 euros which is due to the deterioration of margins in some
projects and the decrease in turnover.
Financial income showed a loss of 404.130 euros due to the movements of the exchange rate Euro/USD, which has not been
favorable to the Company in this financial year.
The Company’s investments in fixed assets during the year have been mainly in computer and hardware for improvement of
the facilities.
The main clients of the Company are multinational companies and the companies in the field of transportation, life sciences
& healthcare and financial services.
The main business risks that the Company faces arises from the general economic situation and specifically the services
business in information technology, where the principal players are the multinational companies.
The Company is using its Secure Borderless Work Space TM (SBWSTM) model, which allows its employees to work from home,
with support from minimal associates working from office, to ensure business support to all its customers. The Company
is then able to seamlessly adapt and extend this model to prospect for new business, sell, contract and execute programs
with strong cybersecurity framework, project management practices and systems needed to ensure that work allocation,
monitoring and reporting.
PAYMENT TERMS TO SUPPLIERS

The average term for payments to suppliers has been 28 days which is lower to the previous year, having improved
the management of payments to. avoid overdues over and above the contracted payment terms. The Company will keep
strengthening their processes going forward having in account that payables to the group companies constitute a major
component of the total payables.
POSITION OF THE COMPANY

The equity of the Company was 14.521.682 euros. Share capital is represented by 60.200 shares with a face value of Euro 1, fully
subscribed and paid. At the end of the year all the share capital belongs to the Group’s company TCS Netherlands, B.V. and
indirectly, all the share capital is owned by the Company TATA CONSULTANCY SERVICES LIMITED.
BUSINESS FORECAST
The evolution of inflation rates in recent times, jointly with the difficulties in hiring personnel are generating pressure on wages
that may affect margins in the future, although their effect is not expected to be significant in the long term.
OBJECTIVES AND MANAGEMENT OF FINANCIAL RISKS

Management of risk is controlled by the Company according to the policies approved by the Directors:
• Market risk
There are no financial investments made by the Company. Hence there are no market risks in respect of financial
investments.
• Credit risk
The Company has a concentrated credit risk in few clients outside the group, being mainly multinational companies. The
Company has policies to assess that the revenue is generated from the clients having a clean track record of payments.
The Company has policies to limit the amount of credit risk with any customer.
Impairment for credit risk from clients’ insolvencies implies an elevated level of judgment by the Management and review
of individual balances based on the credit quality of the clients, current trends and historical analysis of the insolvencies
at an aggregated level with no forecasts of material impairments for credit risk.
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• Liquidity risk
The Company has a prudent management of the liquidity risk, based in holding adequate cash in order to meet its payment
commitments.
No financial instruments are carried at fair value. Financial instruments carried at amortised cost as of 31 March 2024 are
21.836.623 euros and were 24.883.058 euros as of 31 March 2023.
Financial assets of 4.811.620 carried at amortised cost is in the form of cash and cash equivalents, bank deposits and
earmarked balances with banks where the Company has assessed the counterparty credit risk. Trade receivables of
16.693.144 euros forms a significant part of the financial assets carried at amortised cost, which is valued considering
provision for allowance for doubtful debts. The Company closely monitors its customers who are going through financial
stress and assesses suitable actions on case-to-case basis. Similar assessment is done in respect of unbilled receivables
while arriving at the level of provision that is required.
• Foreign currency exchange risk
The Company has considered the effect of changes, if any, in both counterparty credit risk and own credit risk while
assessing hedge effectiveness and measuring hedge ineffectiveness. The Company continues to believe that there is no
impact on effectiveness of its hedges.
Financial assets subject to interest are only Cash in banks as liabilities do not accrue interest, then the interest rate risk
is not significant. A change in interest rate of 1% represents approximately 50.000 euros for the income before taxes.
• Price risk
There are no financial investments made by the Company. Hence there are no price risks in respect of financial investments.
ENVIRONMENT
There are no significant assets dedicated to protection and improvement of the environment, neither any major expenses of
this nature have been incurred during the year. Equally, it is estimated that no material contingency related to protection and
improvement of environment exists.
OWN SHARES
The Company does not own any shares of the company, neither any transaction on its own shares has been carried out during
the year.
ACTIVITIES OF RESEARCH AND DEVELOPMENT

The company did not incur any research and development expenses in the current year.
STATEMENT OF NON-FINANCIAL INFORMATON

The company has used the exemption for preparing of the Statement of Non-Financial Information established in article
262.5 of the Law of Capital Companies, considering that the group’s ultimate parent company, TATA CONSULTANCY SERVICES
LIMITED, includes in its consolidated report the Company and its subsidiary, which has been prepared in accordance with GRI
standards. This consolidated report will be deposited in the relevant Indian Register and is available on the group’s website.
The present management report included from pages 1 to 4 above has been issued by the Board of Directors in Madrid, on
02 May 2024.
Sapthagiri Chapalapalli Prithwis Chandra Ray Rabindran Vennimalai

President Director Director
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To the Sole Shareholder of
Tata Consultancy Services De España, S.a.u.
Opinion
We have audited the financial statements of TATA CONSULTANCY SERVICES DE ESPAÑA, S.A.U., (the Company), which
comprise the balance sheet as of 31 March 2024, the statement of income, the statement of changes in equity, the statement
of cash-flows and the notes to the financial statements for the year then ended.
In our opinion, the accompanying financial statements express, in all material matters, a true and fair view of the equity
and financial position of the Company as of 31 March 2024, and of its financial performance and its cash-flows for the year
then ended in accordance with the applicable accounting framework, which is identified in note 2 and, specifically, with the
principles and accounting criteria included in it.
Basis for Opinion

We conducted our audit in accordance with the regulation of the audit activity currently in force in Spain. Our responsibilities
under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section
of our report.
We are independent of the Company in accordance with the ethical requirements, included those of independence, which are
applicable to our audit of the financial statements in Spain as obliged by the regulation of the audit activity in Spain. In this way,
we have not rendered services different to the audit of the financial statements neither other situations nor circumstances
have happened that, according to those established in the mentioned regulation, have affected to the necessary independence
in a way that it has been compromised.
Most relevant audit matters

The most relevant audit matters are those matters that, in our professional judgment, were considered as most significant
risks of material misstatement in our audit of the financial statements for the current period. These risks have been addressed
in the context of our audit of the financial statements as a whole and in forming our opinion thereon, and do not provide a
separate opinion on those risks.
We have determined that the issues described below are the most relevant audit matters which we have to disclose in our
report.
Progress of revenue in services rendered

As explained in the attached notes to the financial statements 4 h) and 9, the Company estimates the value of the works
performed at the end of the fiscal year but unbilled on that date and records the corresponding amount of assets as trade
debtors for services rendered.
On our side, the procedures applied in our audit have consisted ofan analysis of the criteria employed in the calculations of
the amount of “Unbilled revenue”, checking through selective samples of the data used in those calculations, checking their
arithmetic integrity and comparison with the accounting balance.
Other information: Management report

Other information comprises exclusively the management report for the financial year ended on 31 March 2024, whose
preparation is a responsibility of the Directors of the Company and is not a part of the financial statements.
Our audit opinion on the financial statements does not cover the management report. Our responsibility on the management
report, in accordance with the compulsory legal regulation of the audit activity, consists in:
a) Check only that the statement of non-financial information, has been provided in the form established by the applicable
regulation and, otherwise, to report on it
b) Assessing and disclosing the concordance of the rest of information included in the management report with the financial
statements, from the knowledge about the Company obtained when performing the audit of the mentioned financial
statements and also to assess and disclose whether the content and disclosures of this part of the management report
are in conformity with the applicable regulation. If, based on the work that we have performed, we conclude that there
exist material misstatements, we are obliged to inform of it.
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Based on our work performed, as described above, we have checked that the information mentioned in the paragraph a) above
is disclosed ad established in the applicable regulation and the resto of the information that is contained in the management
report is in accordance with the information of the financial statements for the year ended on 31 March 2024 and its content
and disclosures are in conformity with the applicable regulation.
Responsibilities of the Directors of the Company for the Financial Statements

The Directors are responsible for the preparation and fair presentation of the attached financial statements in order to present
the true and fair view of the equity and financial position and the financial performance of the Company in conformity with the
legal framework of financial information applicable to the Company in Spain, which is identified in note 2, and for such internal
control as the Directors determine necessary to enable the preparation of the financial statements that are free from material
When preparing the financial statements, the Directors are responsible for assessing the Company’s ability to continue as a
unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs
As part of an audit in accordance with the legal regulation of the audit activity in Spain, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
control.
disclosures made by the Directors.
• Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and, based on the audit
We communicate with the Directors of the Company regarding, among other matters, the planned scope and timing of the
From the risks communicated to the Directors, we determine those risks that were of most significance in the audit of the
financial statements of the current period and are therefore considered the most significant risks.
We describe these risks in our auditor’s report unless law or regulation precludes public disclosure about the risks.
BNFIX AUDIT AUDITORES, S.L.P.

Registered in ROAC No. S0294
José María Hinojal Sánchez
Partner Auditor of accounts
02 May 2024 ROAC number 16660
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Balance Sheet
(EUR)
As at As at
Note
March 31, 2024 March 31, 2023
ASSETS
Non current assets 2.668.766 907.753
Fixed assets 713.260 876.296
Property, plant and equipment (5) 713.260 876.296
Non current, investments in group's companies 5.500 5.500
Equity instruments (8) 5.500 5.500
Deferred tax assets (14) 1.950.006 25.957
Current assets 22.286.894 25.594.319
Trade receivables and other debtors 16.931.780 19.951.408
Trade receivables (9) 12.509.638 14.118.603
Trade receivables, group's companies (10) 4.183.506 5.227.896
Other debtors 238.398 309.871
Current tax assets 238 295.038
Short term investments 93.461 93.461
Other financial assets (6) 93.461 93.461
Accruals 450.033 416.223
Prepaid expenses (11) 450.033 416.223
Cash and equivalents 4.811.620 5.133.227
Cash and bank balances (12) 4.811.620 5.133.227
TOTAL ASSETS 24.955.660 26.502.072
Net equity 14.521.682 13.622.786
Shareholders’ funds (13) 14.521.682 13.622.786
Reserves 354.501 136.632
Prior years' earnings 13.208.085 8.184.654
Income for the year 898.896 5.241.300
Non current liabilities 44.486 ---
Deferred tax liabilities 44.486 ---
Current liabilities 10.389.492 12.879.286
Short term liabilities 13.555 ---
Other financial liabilities 13.555 ---
Trade payables and other creditors 9.424.578 11.936.120
Suppliers 246.908 383.076
Suppliers, group's companies (10) 4.456.068 7.257.169
Other creditors 585.581 1.227.534
Employees (salaries pending) 995.272 785.201
Other debts with public entities (14) 3.140.749 2.283.140
Short term accruals 951.359 943.166
TOTAL EQUITY AND LIABILITIES 24.955.660 26.502.072
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(EUR)

March 31, 2024 March 31, 2023
OPERATIONS
Net revenue from operations 59.588.209 63.413.832
Services rendered (15) 59.588.209 63.413.832
Procurements (14.549.693) (17.782.346)
Works performed by other companies (16) (14.549.693) (17.782.346)
Employee benefit expenses (17) (41.676.798) (35.369.150)
Salaries and others (31.612.710) (27.210.912)
Social charges (10.064.088) (8.158.238)
Other operative expenses (3.618.576) (3.622.375)
External services (18) (3.618.576) (3.622.375)
Depreciation and amortizacion of fixed assets (5) (354.030) (302.290)
Impairment and income from sales of fixed assets (911) ---
Other income --- 21
OPERATIVE INCOME (611.799) 6.337.692
Exchange differences (20) (404.130) (372.199)
FINANCIAL INCOME (404.130) (372.199)
INCOME BEFORE TAXES (1.015.929) 5.965.493
Corporate tax (14) 1.914.825 (724.193)
Income for the year from operations 898.896 5.241.300
INCOME FOR THE YEAR 898.896 5.241.300
Statement of changes in Equity

(EUR)

March 31, 2024 March 31, 2023
STATEMENT OF INCOME RECOGNISED
Other income --- 7.663
Total income directly recongnised in equity --- 7.663
Total transfer to the profit and loss account --- ---
Total income recognised 898.896 5.248.963
STATEMENT OF TOTAL CHANGES IN EQUITY Share Reserves Income from Income for TOTAL
capital previous the year
years
Final balance as at 31/03/2022 60.200 12.040 6.122.889 2.178.694 8.373.823
Adjusted balances, initial as at 01/04/2022 60.200 12.040 6.122.889 2.178.694 8.373.823
Total income recognised --- --- 7.663 5.241.300 5.248.963
Other variations in equity --- 124.592 2.061.765 (2.186.357) ---
Final balance as at 31/03/2023 60.200 136.632 8.192.317 5.233.637 13.622.786
Adjusted balances, initial as at 01/04/2023 60.200 136.632 8.192.317 5.233.637 13.622.786
Total income recognised --- --- --- 898.896 898.896
Other variations in equity --- 124.592 5.109.045 (5.233.637) ---
Final balance as at 31/03/2024 60.200 261.224 13.301.362 898.896 14.521.682
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Cash flow statement
(EUR)

March 31, 2024 March 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES 260.873 1.686.395
Income before taxes (1.015.929) 5.965.493
Adjustments on the income for: 759.071 674.489
Depreciation and amortizacion of fixed assets (5) 354.030 302.290
Impairment and income from sales of fixed assets 911 ---
Exchange differences 404.130 372.199
Working capital changes (94.608) (3.934.356)
Trade receivables and other debtors 2.442.551 (5.118.374)
Other current assets (33.810) (362.704)
Trade payables and other creditors (2.511.542) 1.077.266
Other short term liabilities 8.193 469.456
Other cash flows from operating activities 612.339 (1.019.231)
Collections (Payments) for income tax (14) 612.339 (1.019.231)
CASH FLOWS FROM INVESTING ACTIVITIES (191.905) (663.972)
Payments for investments (192.943) (663.972)
Fixed assets (5) (192.943) (636.174)
Other financial assets --- (27.798)
Collections from disinvestments 1.038 ---
Fixed assets (5) 1.038 ---
CASH FLOWS FROM FINANCING ACTIVITIES 13.555 ---
Collections and payments for financial liabilities instruments 13.555 ---
Issuing
Other debts 13.555 ---
Effect from exchange differences (20) (404.130) (372.199)
NET INCREASE IN CASH AND CASH EQUIVALENTS (321.607) 650.224
Cash and cash equivalents at beginning of the year 5.133.227 4.483.003
Cash and cash equivalents at the end of the year (12) 4.811.620 5.133.227
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1. General information about the company and nature of its activity
a) Incorporation and company’s name
On 30 May 2003, TATA CONSULTANCY SERVICES DE ESPAÑA, S.A.U. was incorporated, whose social address is
situated at Santa Leonor 65, F building, 28037 in Madrid.
b) Social purpose
According to the bylaws the social purpose is, advisory and consultancy services, implementation and maintenance
services related to information systems and information technologies.
The Company’s activity is focused on rendering Information Technology and IT enabled Services.
c) Group companies
The Company is integrated in the TCS group as disclosed in note 13, the group’s company TATA CONSULTANCY
SERVICES NETHERLANDS, B.V., whose social address situated at Symphony Towers 20th floor, Gustav Malherplein
85-91, Amsterdam (The Netherlands) is the direct parent company and the sole shareholder. The last parent company
is the company TATA CONSULTANCY SERVICES LIMITED, with social address at 9th Floor, Nirmal Building, Nariman
Point, Mumbai 400 021 (India).
d) Consolidated financial statements
The directors of the last parent company issue the consolidated financial statements as of 31 March 2024, which will
be presented before the authority of India.
The company and its subsidiary TATA CONSULTANCY SERVICES PORTUGAL, UNIPESSOAL LIMITADA form a group
of companies as established in the article 42 of the Spanish Commercial Code. The Directors issue consolidated
financial statements for the Group that will be presented before the House of Companies in Madrid.
2. Basis of presentation
a) True and fair view
The financial statements have been prepared from the accounting records of the Company according to the current
commercial law and the rules established in the General Accounting Plan, in order to present the true and fair view of
the equity and financial position as of 31 March 2024 and the results of its operations, changes in net equity and cash
flows for the year then ended.
The financial statements as of 31 March 2024 have not been submitted to the approval of the sole shareholder;
nevertheless, the Directors hope that they will be approved without changes.
b) Functional and presentation currency
The financial statements are presented in euros, rounded to the nearest unit, which is the functional and presentation
currency for the Company.
c) Changes in accounting standards
Law 18/2022 has introduced the obligation to report on the monetary volume and number of invoices paid in a period
lower than the maximum established in the payment terms regulations and the percentage they represent on the
total number of invoices and on the monetary amount of payments to suppliers. As it is the first year of application,
comparative information is not included for this concept.
d) Comparative figures
The financial statements present, for comparative purposes, with each entry of the balance sheet, the statement of
profit and loss, the statement of changes in equity, the cash flow statement and the notes, in addition to the figures
for the year ended on 31 March 2024 (that are pending to be approved by the Sole Shareholder), those for the prior
year which were included in the financial statements for the year ended on 31 March 2023 which have been approved
by the sole shareholder.
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e) Significant valuation issues and use of estimates and relevant judgements in applying the accounting policies.
Preparing the financial statements require applying relevant accounting estimates and making judgments, forecasts
and hypotheses in the process of applying the accounting policies of the Company. In this process, the aspects that
imply a major level of judgment, complexity or where hypotheses and forecasts are significant for preparing the
financial statements are mainly:
• The recognition of turnover and expense by reference to the stage of completion. This method is based on the
estimations of the stage of completion of the projects. Based on the method to establish the completion of the
projects, the forecasts include the cost incurred in executing the projects.
• The recoverability of deferred tax assets that depend on the future evolution of income and the obtaining of
positive tax bases to offset tax losses from previous years.
f) Addition of entries
Some entries of the balance sheet, the statement of profit and loss, the statement of changes in equity, the cash flow
statement and the notes are disclosed or added in order to enable easy comprehension, although when material, the
information has been disaggregated in the notes.
3. Distribution of income
The Directors will propose to the sole shareholder the next distribution of income:
(EUR)

March 31, 2024 March 31, 2023
Basis of distribution
898.896 5.241.300
Distribution
Prior's years earnings 898.896 5.241.300
898.896 5.241.300
4. Valuation and recording standards

a) Intangible assets
Assets included as intangible are software that is initially valued at cost. Costs of maintenance are expensed when
incurred. As of 31 March 2024, and 2023, all of them are fully amortised.
b) Tangible assets
Assets included as tangible assets are recorded at cost of acquisition. Tangible assets are presented in the balance
sheet at cost less accumulated amortisation.
Depreciation is calculated on a straight-basis method, during their estimated useful lives, in such a way that at the
end of it, the net value is zero. Percentages of amortisation annually applied are:
Furniture and fixtures 20,0%
Computers 25,0%
The company reviews the residual value, useful life and method of amortisation of property, plant and equipment at
the end of each year. Modifications in established criteria are recognised as change of estimations.
After the initial recognition of the asset, only those costs that increases the capacity, productivity or enhances the
useful life are capitalised, writing-off those elements substituted. The daily maintenance costs are expensed when
incurred.
The company evaluates periodically the possible existence of impairment in the value of tangible assets.
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c) Operating leases
The company has the right of use for some assets under lease contracts. Given that those contracts do not transfer to
the Company substantially all the risk and benefits inherent to the property of the goods, those leases are classified
as operating leases.
Amounts paid for operating leases are recognised as expense on a straight-line basis during the term of the contract.
d) Financial instruments
i. Classifications and separation of financial instruments
Financial instruments are classified initially as a financial asset or a financial liability, as appropriate, according
to the arrangement and definition of financial asset or financial liability.
In order to be valued, financial instruments are classified as financial assets or liabilities at fair value through
profit or loss, financial assets at amortised cost and financial assets at cost. The classification in those categories
is made initially according to the instrument and the Management intention.
Financial instruments are recognised when the Company is obliged by a contract or arrangement.
Transactions of purchase or sale of financial assets documented in contracts in which reciprocal obligations
must be carried out in an established time and cannot be settled by difference are recognised at the date of
contract or settlement.
ii. Non-compensation principle
A financial asset and a financial liability are compensated only when the Company has the right to compensate
the recognised amounts and has the intention to settle the net amount or cancel the asset and the liability
simultaneously.
iii. Financial assets at amortised cost
Financial assets at amortised cost are trade and non-trade credits with fixed collections or fixable that are not
traded in an active market and different from other financial assets. These assets are initially recognised at
fair value, including transactions costs and are valued after initial measurement at amortised cost using the
effective interest rate method. Nevertheless, financial assets that does not have an interest rate or from which
the maturity is less than a year and the effects are not material, are valued at face value.
iv. Rental Deposits
Rental Deposits given are initially valued as financial instruments. After the initial valuation, given that the effect
is not material, these are valued at face value.
v. Interests
Interests are recognised using the effective interest rate method, which is the rate that equals the book value of
the financial instrument with the cash flows estimated in the life of the instrument, from their contract conditions
and with no loss for future credit risk.
vi. Derecognition of financial assets
The Company derecognises a financial asset or a part of it, when it gets expired or when the rights on the
cash flows of the financial asset are transferred, being necessary that risks, and rewards of ownership are
substantially transferred.
When the financial asset is derecognised, the difference between the amount received net of transactions costs
and the book value of the financial asset is the resultant profit or loss which arises upon de-recognition of the
financial asset is included in the income for the year.
The Company applies the average price in order to evaluate and derecognise the cost of equity instruments or
debt that are included in a portfolio and have the same rights.
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vii. Impairment of financial assets
A financial asset or a group of financial assets is impaired and a loss for impairment arises, if there is objective
evidence of the impairment as a consequence of the events that have occurred after the initial recognition of the
asset and which affects the estimated future cash flows from the asset or group of financial assets, that can be
reliably estimated.
For financial assets at amortised cost, it is considered that there exists impairment when an event that causes
reduction or delay in the future estimated cash flows, motivated by an insolvency of the debtor.
The amount of the impairment is the difference between the account value of the financial asset and the current
value of the cash flows estimated, excluding future losses for credit risk, using the effective interest rate. For
those financial assets with variable interest rate, the interest rate on the date of valuation is used according to
the arrangement.
Losses for impairment are recognised in the income statement and it is reversible in future years if the decrease
can be objectively related to a future event. Nevertheless, the reversal of the loss has a limit in the amortised cost
of the asset with no loss for impairment.
viii. Financial liabilities at amortised cost.
Financial liabilities at amortised cost, including trade creditors and other payable, are initially recognised at fair
value, less, in case costs of transaction which are directly attributable to issuing them. After initial recognition,
financial liabilities at amortised cost are valued using the effective interest rate method. Nevertheless, financial
liabilities that do not have an established interest rate and the maturity is less than a year and the effect is not
material are valued at face value.
ix. Derecognition of financial liabilities
The Company derecognizes a financial liability or a part of it when it has accomplished the obligation included in
the liability or it is legally freed from the responsibility included in the liability, from a trial or agreement with the
creditor.
e) Cash and equivalents
Cash and equivalents include cash in hand and disposable bank deposits in credit entities. Other investments of great
liquidity are also included if they are easily converted in fixed amounts of cash and the risk of change value is not
material. For these reasons, investments with a maturity of less than three months from acquisition are included.
f) Accruals
Turnover and expense invoiced that have not been carried out at the end of the year is recorded as a current liability
or asset as short-term accruals.
g) Turnover and expenses
Turnover and expenses are accrued independent of the time / moment of cash flows from them. Nevertheless, the
Company only recognises profits realisable at the end of the year, but risks and losses are recognised when known.
h) Revenue from services rendered
• The Company’s contracts with customers could include commitments to transfer multiple products and services
to a customer. The Company assesses the commitment related to the product/services in a contract and identifies
distinct performance obligation in the contract. which involves judgement to determine the deliverables and the
• Judgement is also required to determine the transaction price for the contract and to ascribe the transaction
price to each distinct performance obligation. The transaction price can be either a fixed amount of customer
of the time value of money if the contract includes a significant financing component. Any consideration payable
to the customer is adjusted to the transaction price unless it is a payment for a distinct product or service form
the customer. The estimated amount of variable consideration is adjusted in the transaction price only to the
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extent that is highly probable that a significant reversal in the amount of cumulative revenue recognised will not
occur and it is reassessed at the end of each reporting period. The Company allocates the elements of variable
considerations to all the performance obligations of the contract unless there is observable evidence that they
pertain to one or more distinct performance obligations.
time or over a period. The Company considers indicator such as how customer consumes benefits as services
are rendered or who controls the asset as it is being created or existence of enforceable right to payment for
performance to date and alternate use of such product or service, transfer of significant risks and rewards to the
customer, acceptance of delivery by the customer, etc.
• Revenues for fixed-price contracts is recognised using percentage-of-completion method. The Company uses
the completion of the performance obligation.
i) Employee benefit expenses
The Company recognises the cost of the cash bonuses to employees when there is an obligation, legal or constructive,
because of past events and can be reliably estimated.
Employee termination benefits are recognised when there is a formal plan and there is a valid expectation in the
affected staff that the termination is going to be carried out, as the plan has been started or the main characteristics
have been informed.
j) Corporate tax
Expense or turnover for corporate tax includes current and deferred income tax.
Current income tax is the amount to be paid or collected for the corporate tax from the taxable base for the year.
Assets or liabilities for the current income tax are valued for the amounts that are expected to be paid or recovered
from the tax authority, using the current law and tax rates or those approved and pending to be published at the end
of the year.
Income tax, current or deferred is recognised in the statement of profit and loss unless it arises from a transaction
or event that is recognised in the same year or in other years and is recognised directly in net equity or a business
combination.
Deductible temporary differences are recognised if it is likely with high probability that there will exist positive taxable
bases in the future, enough for their compensation.
Deferred tax assets are valued according to the tax rates that will be applied in the years when it is expected to
compensate those assets with the law and rates currently applicable.
k) Classification of current and non-current assets and liabilities
Assets are classified in the balance sheet as current when it is expected to be recovered or is intended to be sold or
consumed in the normal operating cycle, are kept mainly to trade, is expected to be sold in twelve month after the
end of the year or is cash or cash equivalents, except in those cases when they cannot be exchanged or used to settle
a liability, at least in the next twelve months after the end of the year, when they are classified as non-current.
Liabilities are classified in the balance sheet as current when it is expected to be settled in the normal operating
cycle, are kept mainly to trade, and must be settled in the next twelve months or the Company does not have the right
to delay the cancellation of the liability during the next twelve months after the end of the year, presented as non-
current in any other case.
Financial liabilities are classified in the balance sheet as current when it must be settled in the next twelve months
after the end of the year although the initial maturity is for a period higher to twelve months and there exists an
agreement for refinancing or restructuring payments in a term completed after the end of the year and before the
annual accounts are issued. In any other circumstance, they are classified as non-current liabilities.
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l) Transaction with related parties
Transactions carried out with related parties are recognised at fair value of the consideration to be given or received.
The main transactions carried out during the year with related parties have been recorded with the criteria given
below:
• Services rendered have been valuated at cost of the work carried out plus a market margin.
• Cash balances for credits generate interests according to preferential market rates.
m) Foreign currency transactions
Those transactions in foreign currency are converted to the functional currency by applying the current exchange rates
between the functional and the foreign currency at the date when the transactions are carried out. Nevertheless, the
Company uses monthly exchange rates for those transactions carried out in that term.
Monetary assets and liabilities denominated in foreign currency have been converted to euros by applying the
exchange rate at the end of the year and non-monetary assets valued at historic cost are converted applying the
exchange rate when the transaction was carried out. Finally, conversion to euros of the non-monetary assets that are
valued at fair value has been carried out by applying the exchange rate at the date when the valuation of the asset was
made.
5. Tangible assets
a) Composition and movement as of 31 March 2024 in accounts included as tangible assets have been as follows:
(EUR)
Balance as at Additions Disposals Transfers Balance as at

March 31, 2023 (Expense) March 31, 2024
Cost value
Computers 1.253.560 153.867 (3.254) 20.487 1.424.660
Office equipment 96.039 8.610 --- 5.057 109.706
Furniture and fixtures 1.422.246 8.487 --- --- 1.430.733
Tangible assets in progress 107.464 21.979 --¬ (25.544) 103.899
2.879.309 192.943 (3.254) --- 3.068.998
Cumulated amortisation
Computers (800.388) (202.166) 1.305 --- (1.001.249)
Office equipment (46.431) (26.511) --- --- (72.942)
Furniture and fixtures (1.156.194) (125.353) --- --- (1.281.547)
(2.003.013) (354.030) 1.305 --- (2.355.738)
Net value
Computers 453.172 423.411
Office equipment 49.608 36.764
Furniture and fixtures 266.052 149.186
Tangible assets in progress 107.464 103.899
876.296 713.260
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b) Composition and movement as of 31 March 2023 in accounts included as tangible assets have been as follows:
(EUR)
Balance as at Additions Disposals Transfers Balance as at

March 31, 2022 (Expense) March 31, 2023
Cost value
Computers 944.376 309.184 --- --- 1.253.560
Office equipment 84.419 11.620 --- --- 96.039
Furniture and fixtures 1.221.775 200.471 --- --- 1.422.246
Tangible assets in progress (146) 107.610 --- --- 107.464
2.250.424 628.885 --- --- 2.879.309
Cumulated amortisation
Computers (621.621) (178.767) --- --- (800.388)
Office equipment (28.845) (17.586) --- --- (46.431)
Furniture and fixtures (1.057.546) (98.648) --- --- (1.156.194)
(1.708.012) (295.001) --- --- (2.003.013)
Net value
Computers 322.755 453.172
Office equipment 55.574 49.608
Furniture and fixtures 164.229 266.052
Tangible assets in progress (146) 107.464
542.412 876.296
c) There are no significant tangible assets fully amortised.

d) The Company has contracted insurance policies in order to cover the risk for the goods in tangible assets. The
coverage of those policies is considered enough.
6. Operating leases
a) The Company has taken on lease from third parties office buildings and vehicles. The total leases expenses incurred
during the year as of 31 March 2024 have amounted to 576.014 euros and in the prior year as of 31 March 2023 were
526.008 euros.
b) The main lease contract included in the a) above is for lease for the facilities that the Company occupies in Santa
Leonor, 65, F Building in Madrid, where is also the social address, which has incurred rents and expenses for an
amount of 522.999 euros in this year and 617.593 euros in the prior year. This contract ends in April 2024.
c) The Company has made rental deposits for 93.461 euros.
d) Amount of lease commitments at the end of the year is as follows:
(EUR)
As at As at
March 31, 2024 March 31, 2023
Amounts to pay
Less than 1 year 99.746 497.253
Between 1 and 5 years 61.783 98.656
More than 5 years - -
161.529 595.909
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e) The Company does not foresee any large-scale contraction in demand which could result in significant down-sizing
of its employee base rendering the physical infrastructure redundant. The leases that the Company has entered with
lessors towards properties used as delivery centres / sales offices are long term in nature and no changes in terms of
those leases are expected at the end of the rental period whose renewal is currently in negotiation with the owners.
a) The classification of financial assets by categories and classes, without cash and equivalents nor equity instruments
in group’s companies is as follows:
(EUR)
Balance As at Balance As at
March 31, 2024 March 31, 2023
Short term financial assets
Financials assets at amortised cost
Trade receivables and other debtors 16.931.542 19.656.370
17.025.003 19.749.831
b) The classification of financial liabilities by categories and classes is as follows:

(EUR)
Balance As at Balance As at
March 31, 2024 March 31, 2023
Short term financial liabilities
Financial liabilites at amortised cost
Trade payables and other creditors 6.283.829 9.652.980
6.283.829 9.652.980
c) Nature and level of risk from financial instruments

Management of risk is controlled by the Company according to the policies approved by the Directors:
i. Market risk
There are no financial investments made by the Company. Hence there are no market risks in respect of financial
investments.
ii. Credit risk
The Company has a concentrated credit risk in few clients outside the group, being mainly multinational
companies. The Company has policies to assess that the revenue is generated from the clients having a clean
track record of payments. The Company has policies to limit the amount of credit risk with any customer.
Impairment for credit risk from clients’ insolvencies implies an elevated level of judgment by the Management
and review of individual balances based on the credit quality of the clients, current trends and historical analysis
of the insolvencies at an aggregated level. No impairments for credit risk are forecasted.
iii. Liquidity risk
The Company has a prudent management of the liquidity risk, based in holding adequate cash in order to meet
its payment commitments.
No financial instruments are carried at fair value. Financial instruments carried at amortised cost as of 31 March
2024 are 21.836.623 euros and were 24.883.058 euros as of 31 March 2023.
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Financial assets of 4.811.620 carried at amortised cost is in the form of cash and cash equivalents, bank deposits
and earmarked balances with banks where the Company has assessed the counterparty credit risk. Trade
receivables of 16.693.144 euros forms a significant part of the financial assets carried at amortised cost, which is
valued considering provision for allowance for doubtful debts. The Company closely monitors its customers who
are going through financial stress and assesses suitable actions on case-to-case basis. Similar assessment is
done in respect of unbilled receivables while arriving at the level of provision that is required.
iv. Foreign currency exchange risk
The Company has considered the effect of changes, if any, in both counterparty credit risk and own credit risk
while assessing hedge effectiveness and measuring hedge ineffectiveness. The Company believes that there is
no impact on effectiveness of its hedges.
v. Interest rate risk
Financial assets subject to interest are only Cash in banks as liabilities do not accrue interest, then the interest
rate risk is not significant. A change in interest rate of 1% represents approximately 50.000 euro before taxes.
vi. Price risk
There are no financial investments made by the Company. Hence there are no price risks in respect of financial
investments.
8. Equity instruments from group’s companies

a) The balance of equity instruments in group companies are shares of TATA CONSULTANCY SERVICES PORTUGAL
UNIPESSOAL LIMITADA, owning the 100% of its share capital.
b) The social address of that company is Avenida José Gomes Ferreira 15, 7º-U, Miraflores - Algés (Portugal) and its
activities are in consultancy of information technologies.
c) The financial information of it is as follows:
(EUR)
As at As at
March 31, 2024 March 31, 2023
Net equity
Reserves 3.863.292 1.572.353
Income for the year 2.154.276 2.290.939
6.023.068 3.868.792
d) That company is not listed in stock exchange and during the years as of 31 March 2024 and 2023 has not paid
dividends.
9. Trade receivables
a) Detail of the balance is as follows:
(EUR)
As at As at
March 31, 2024 March 31, 2023
Clients
For services rendered 14.700.163 16.165.660
Unbilled revenue 1.992.981 3.180.839
16.693.144 19.346.499
b) No movement of credit risk impairment has arisen during the year nor in the prior year.
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10. Balances and transactions with group’s companies
a) Detail of debtor balances and revenues for services rendered to group’s companies is as follows:
(EUR)
Assets Turnover for services

31/03/2024 31/03/2023 31/03/2024 31/03/2023
Debtors
Tata America International Corporation 637 (15) --- ---
Tata Consultancy Services (Portugal) Unipessoal, Limitada 144.191 33.921 95.845 ---
Tata Consultancy Services Belgium, N.V./S.A. 400.914 548.029 2.005.711 2.792.536
Tata Consultancy Services De Mexico S.A., De C.V. 24.057 --- --- ---
Tata Consultancy Services Deutschland, GmbH 512.868 368.367 1.703.790 774.169
Tata Consultancy Services France S.A. 76.376 203.395 464.403 320.677
Tata Consultancy Services Ireland Limited (1.392) --- 15.280
Tata Consultancy Services Italia SRL --- 361 --- ---
Tata Consultancy Services Japan, Ltd. --- 46.991 74.078 309.480
Tata Consultancy Services Luxembourg S.A. --- (52.448) 81.820 17.100
Tata Consultancy Services Netherlands BV 306.928 323.772 1.046.767 1.928.954
Tata Consultancy Services Osterreich GmbH 448 391 22.668 ---
Tata Consultancy Services Sverige AB 1.560.313 2.665.587 7.491.850 8.995.783
Tata Consultancy Services Switzerland, Ltd. 282.765 264.221 1.823.956 1.795.135
TCS Uruguay S.A. 6.197 117.525 --- ---
Tata Consultancy Services, Limited 1.348.071 1.253.277 1.741.032 2.756.457
Tata Sons Private Limited 223.175 --- --- ---
4.885.550 5.773.371 16.567.200 19.690.290
b) The detail of credit balances and expenses for services rendered by group’s companies is as follows:
(EUR)
Liabilities Services received

31/03/2024 31/03/2023 31/03/2024 31/03/2023
Creditors
Tata America International Corporation --- --- (653) ---
Tata Consultancy Services (Portugal) Unipessoal, Limitada 3.170 1.489 (11.256) (4.139)
Tata Consultancy Services Belgium 58.286 19.327 24.643 695
Tata Consultancy Services De Mexico S.A., De C.V. 132.532 185.941 550.487 541.779
Tata Consultancy Services Deutschland GmbH 89.459 171.418 (884.126) (113.984)
Tata Consultancy Services France 47.713 69.330 66.888 55.540
Tata Consultancy Services Ireland Limited --- ---
Tata Consultancy Services Italia s.r.l. 1.031 --- 1.028 (633)
TCS Japan, Ltd. --- 29.403 --- ---
TCS Luxcembourg, S.A. --- --- (30) (1.397)
Tata Consultancy Services Netherlands BV 58.328 62.118 55.612 27.598
Tata Consultancy Services Osterreich GmbH --- --- (1.401) (4.059)
Tata Consultancy Services Sverige AB 28.947 14.428 31.368 13.339
Tata Consultancy Services Switzerland Ltd. 13.979 40.696 15.787 24.524
TCS Uruguay, S.A. 74.288 241.085 228.885 330.404
Tata Consultancy Services Limited 3.471.698 5.570.610 14.120.756 12.660.365
Tata Sons Limited --- --- --- 190.537
3.979.431 6.405.847 14.197.988 13.720.570
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11. Prepaid expenses
a) Detail of the balance and movement is as follows:
(EUR)
As at As at
March 31, 2024 March 31, 2023
Project expenses
Transfer to income for the year (416.223) (53.519)
Services TCS Limited 450.033 365.272
Other prepaid expenses --- 50.951
450.033 416.223
12. Cash and bank balances.

Detail of the balance by categories is as follows:
(EUR)
As at As at
March 31, 2024 March 31, 2023
Cash in credit entities
Current accounts, Euro 4.808.063 5.129.697
Current accounts, USD 3.557 3.530
4.811.620 5.133.227
13. Shareholders’ funds

a) Share capital is represented by 60.200 shares with a face value of 1 euro each, fully subscribed and paid being the sole
shareholder being the group’s company TATA CONSULTANCY SERVICES NETHERLANDS, B.V.
b) Indirectly, all the share capital belongs to the Company TATA CONSULTANCY SERVICES LIMITED in both years.
c) Detail of reserves is as follows:
(EUR)
As at As at
March 31, 2024 March 31, 2023
Reserves
Legal Reserve 12.040 12.040
Other reserves 342.461 124.592
354.501 136.632
The legal reserve has been created according to the Law of Capitalists Companies, establishing that in any case, an
amount equal to 10 per cent of the profit in the year will be dedicated to it until it is, at least, 20 per cent of the share
capital. This reserve is not distributable to the shareholders, and it can only be used to compensate losses in case
other reserves are not available for the same.
The capitalization reserve has been calculated in accordance with the provisions of the Corporate Income Tax
regulations for the increase in equity equivalent to the reduction of the tax base for the year. This reservation is
unavailable within five years.
d) The balance of income from previous years are profits pending to be distributed according to the sole shareholder’s
decisions.
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14. Public entities and tax position.
a) Detail of balances is as follows:
(EUR)
Non Current Current

31/03/2024 31/03/2023 31/03/2024 31/03/2023
Assets
Deferred tax assets 1.950.006 25.957 --- ---
Current tax assets --- --- 238 295.038
1.950.006 25.957 238 295.038
Liabilities
Deferred tax liabilities 44.486 --- --- ---
Withholdings on personal tax --- --- 418.813 386.457
Added Value Tax --- --- 1.631.488 919.646
Social Security Entities --- --- 1.090.448 977.037
44.486 --- 3.140.749 2.283.140
b) The Company has generated negative taxable bases that can be compensated with positive taxable bases in future
years. Thea tax rate used in calculating the applicable for future company’s operations is 25%. The tax credit from
the negative tax bases amounts 1.890.837 euros and it was 1.632.786 euros at the end of the prior year. Until this
fiscal year the tax credit was not recognised for prudent reasons. This year, based on forecasts for future income, the
directors consider that there is a high probability for the Company to be able for compensating then with positive tax
bases in future years.
c) Detail of negative bases pending to be compensated in the corporate tax is as follows:
Euro
End of the original year
31/03/2013 1.162.453
31/03/2014 2.289.977
31/03/2015 2.493.129
31/03/2016 585.585
31/03/2024 1.045.366
7.576.510
d) Detail and movements for deferred tax assets are as follows:

(EUR)
As at Addition Reduction As at
March 31, 2023 March 31, 2024
Deferred tax assets
Tax credit from negative bases --- 1.890.837 --- 1.890.837
Temporary differences 25.957 33.212 --- 59.169
25.957 1.924.049 --- 1.950.006
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e) Movements for the prior year are as follows:
(EUR)
As at Addition Reduction As at
March 31, 2022 March 31, 2023
Deferred tax assets
Deductions pending to apply 159.810 --- (1.775) 158.035
Other deferred tax assets 82.831 --- (214.909) (132.078)
242.641 --- (216.684) 25.957
f) The reconciliation between the net amount of revenues and expenses for the year and the taxable base is as follows:
(EUR)

March 31, 2024 March 31, 2023
Balance of revenues and expenses for the year 898.896 5.241.300
Corporate tax (1.914.825) 724.193
Permanent differences --- 193.826
Capitalisation reserve Temporary differences --- (234.142)
Depreciation non-deductible and others (29.437) (9.815)
Compensation of negative bases --- (2.906.600)
Taxable base (1.045.366) 3.008.762
Tax amount --- (752.191)
Witholdings and payments in advance 238 1.047.228
Net receivable (payable) 238 295.038
g) The reconciliation between the income before tax and the tax expense for income tax is as follows:
(EUR)

March 31, 2024 March 31, 2023
Income before taxes for the year (1.015.929) 5.965.493
Income for corporate tax recognised in the statement of profit and loss
Amount at tax general rate 253.982 (1.491.373)
Recognition of deferred tax assets 1.668.048 726.650
Other differences (7.205) 40.530
1.914.825 (724.193)
h) The Company has open to be reviewed tax assessment for the years given below:
Tax issue
Corporate tax 2013 to 2023
Value Added Tax 2019 to 2023
Witholdings on personal tax 2019 to 2023
Local tax 2019 to 2023
Consequently, among others, of different possible interpretations of the current tax law, additional tax liabilities could
arise as a result of a tax audit. Nevertheless, the directors of the Company consider that in that case those liabilities
would not affect materially to the financial statements.
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15. Services rendered
a) Detail of the amount by geographical areas is as follows:
(EUR)

March 31, 2024 March 31, 2023
Area
Europe 58.210.401 61.089.470
United Kingdom 818.298 1.656.949
Americas 485.431 357.932
Asia Pacific 74.078 309.480
59.588.208 63.413.832
16. Works performed by other companies

a) The entire amount comes from works in consultancy subcontracted to other companies.
Approximately, 90% of the balance in the year ended as at 31 March 2024 and 76% in the prior year is from acquisition
of services from group’s companies.
b) Detail of expense by geographical markets is as follows:
(EUR)

March 31, 2024 March 31, 2023
Area
Spain 1.412.258 1.387.612
Rest of Europe 701.487 5.668.229
America 778.720 110.048
Asia Pacific 11.657.228 10.616.457
14.549.693 17.782.346
17. Personnel
a) The average staff during the years by categories is as follows:
(EUR)
For the year ended March 31, 2024 For the year ended March 31, 2023
Wome Men Total Women Men Total
Categories
Managers 1 --- 1 1 --- 1
Technicians 124 608 732 111 543 654
Administrative 12 11 23 12 12 24
137 619 756 124 555 679
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b) Staff at the end of the year is as follows:
(EUR)
For the year ended March 31, 2024 For the year ended March 31, 2023
Women Men Total Women Men Total
Categories
Managers 1 --- 1 1 --- 1
Technicians 126 624 750 121 588 709
Administrative 12 11 23 12 11 23
139 635 774 134 599 733
c) Staff includes 6 handicapped persons, with a level higher than 33%, hired as technicians in both financial years.
d) Detail of the balance of social charges in both years is as follows:
(EUR)
As at As at
March 31, 2024 March 31, 2023
Social charges
Social Security charged to the Company 9.375.892 7.598.639
Other social charges 688.196 559.599
10.064.088 8.158.238
18. External services

a) Detail of the balances by concepts is as follows:
(EUR)
As at As at
March 31, 2024 March 31, 2023
External services
Leases and mantenaince of facilities 912.321 818.517
External consultants 495.596 443.495
Communications 278.737 190.908
Other expenses 1.432.606 1.659.972
3.618.576 3.622.375
19. Balances and transactions in foreign currencies

Detail of balances and transactions performed in foreign currency different from euros is as follows:
US Dollar SEK Krona Other currencies

31/03/2024 31/03/2023 31/03/2024 31/03/2023 31/03/2024 31/03/2023
Balance sheet
Trade receivables and other debtors 519.317 181.685 708.455 825.519 270.195 349.314
Trade payables and other creditors 192.665 190.854 265.842 327.954 27.186 149.220
Cash and equivalents 3.557 3.530 --- --- ---
Statement of profit and loss
Services rendered 1.382.189 2.436.687 7.470.342 8.709.196 2.996.843 2.533.733
Services received 504.507 590.694 --- 932 75.074 (58.990)
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20. Information on deferred payments to suppliers. Third Additional disposition “Commitment to
inform” Law 15/2010, 5 July
a) The detailed information to be presented related to payments delayed is as follows:
(EUR)
As at As at
March 31, 2024 March 31, 2023
Average period of payments to suppliers 29 days 95 days
Ratio of paid transactions 29 days 113 days
Ratio of payable transactions 31 days 31 days
Amount of payments carried out 59.576.729 100% 24.196.486 100%
Amount of payments in legal term 46.484.602 78% 9.772.546 40%
Amount of payments pending 4.279.078 6.526.592
Total number of invoices 4.690 100% 3.634 100%
Number of invoices paid in the legal term 3.010 64% 1.742 48%
b) The excess in the average period of payments over the legal limit is explained because the payments are to those
suppliers that are Group’s Companies and therefore, the payment to them is carried out depending of the availability
of cash in the Company. Therefore, average period of payments to third parties is approximately 40 days.
21. Other commitments and contingencies

The Company does not have bank guarantees neither the directors know other material contingencies different to those
from the leases.
22. Information related to the directors and other related parties

a) In both years, the directors, all men, have not received any remuneration for their functions in the Company. Additionally,
at the end of both years there were no balances pending with directors, neither the Company has commitments for
pensions or life insurances with old or current directors of the Company.
b) Accomplishing the article 229 of the Spanish Law of Capitalistic Companies, the Directors state that they do not have
any situation of conflict of interests with the activities carried out by the Company and also, they do not own significant
stakes in other companies with the same, similar or complementary activity to the social purpose neither execute
functions in other companies different from those belonging to the TCS group.
c) The top executive has received as salaries during the year ended on 31 March 2024 an amount of 217.000 euros and
was 208.538 euros for the year ended on 31 March 2023.
23. Environmental information

At the end of the year, there are no significant assets dedicated to protection and improvement of the environment and no
significant expenses of this nature have been incurred during the year. It is also estimated that no material contingency
related to protection and improvement of environment exists, and hence it is not considered necessary to record any
provisions in respect of risks and expenses for environmental reasons.
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24. Remuneration to the auditors
Fees of professional services accrued for BNFIX have been:
(EUR)
March 31, 2024 March 31, 2023

Fees
Audit 7.350 7.350
Tax advising 8.121 7.222
15.471 14.572

After the end of the year, no facts or circumstances have arisen that could affect materially to these financial statements.
The present financial statements included from pages 1 to 25 above have been issued by the Board of Directors in Madrid,
on 02 May 2024 .
Sapthagiri Chapalapalli Prithwis Chandra Ray Rabindran Vennimalai

President Director Director
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TATA CONSULTANCY SERVICES (PORTUGAL),
UNIPESSOAL, LDA.
For the year ended
March 31, 2024
Tata Consultancy Services (Portugal), Unipessoal, Lda. 36.1
CONTENTS PAGE
Statutory Audit Report 36.4
Balance Sheet 36.6
Statements of Profit and Loss 36.7
Statements of Changes in Quotaholders’ Equity 36.8

36.2 Tata Consultancy Services (Portugal), Unipessoal, Lda.
Management report
Introduction
In accordance with what is stated in the by-laws and in accordance with the applicable requirements of the Commercial
Companies Code, the Management of TATA CONSULTANCY SERVICES PORTUGAL, UNIP.LDA submits the MANAGEMENT
REPORT for the year 2023 for consideration in the General Meeting of the Company.
Company Performance
The company’s activity improved satisfactorily in 2023 and despite the challenges, the company presents positive net results,
representing 13.0% of turnover.
The results obtained by the company in the current financial year were within the estimates made, as better described in
chapter < Analysis of Economic and Financial position of the Company>.
We project the continuation of the company’s growth on a sustainable basis, despite of taking into account the constant
uncertainty of the markets’ s evolution.
Economic and financial Company position analyses

The comparative situation of the various company indicators is shown in the following table:
(Eur)
2020 2021 2022 2023
Sales 3,820,212 6,662,320 12,035,084 16,124,479
Income before tax 593,047 1,224,665 2,789,814 2,788,691
Net income 541,347 1,118,631 2,162,749 2,072,661
Current assets 3,551,301 4,607,876 7,811,135 10,711,922
Non-current Assets 9,569 54,645 115,668 565,840
TOTAL ASSETS 3,560,870 4,662,522 7,926,803 11,277,763
TOTAL EQUITY 540,953 1,659,584 3,822,333 5,894,944
TOTAL LIABILITIES 3,019,918 3,002,938 4,104,469 5,382,769
TOTAL LIABILITY AND EQUITY 3,560,870 4,662,522 7,926,803 11,277,763
Number of employees 11 11 11 43
Employee Expenses 891,802 919,331 1,015,268 1,841,128
The 2023 fiscal year was influenced by an increase turnover volume, from 12,035,084 € in 2022 to 16,124,479 € in the year to
which this report concerns, representing an increase of 34%.
The net turnover increase led to the improvement in the operating and current results, with an increase of 230,736 € while
compared with previous year.
In 2023, the company proved to be self-sufficient to meet its cash requirements and did not take recourse to Banks for financial
operations.
The financial position of the company, is presented in the following table:
Indicators
Indicator 2020 2021 2022 2023

Financial autonomy 15.18% 35,59% 48,22% 52,27%
Solvency 17.90% 55,27% 93,13% 109,52%
The operations of the company will continue as at the present, the current assets exceed current liabilities, net equity has
improved. The company will be provided with all the necessary mechanisms to ensure the continuity of operations, the
realization of its assets and the settlement of its liabilities, in the normal course of its operations.
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Human resources
Regarding the employees, in 2023, the company increased the number of jobs existing in the previous year, through expats.
Market Conditions
As in the previous year, the price levels practiced by the Company in 2023 were maintained this year by the consideration to
maintain the services quality, which will enable sustained growth for the coming years. The market for our services has been
characterized as quite competitive. Despite the increase in competition, which is highly competitive in terms of prices, the
quality of TATA CONSULTANCY SERVICES PORTUGAL, UNIP. LDA. services, together with the seriousness with which the
company operates, has allowed us to continue to improve the trust and preference of our current customers.
Communication and Image

In the perspective of the increase in sales volume, during the year 2023 and, in order to increase the market share, TATA
CONSULTANCY SERVICES PORTUGAL, UNIP.LDA has benefited from an international corporate image.
Investments
Direct investment in 2023 was 711,942 € in IT equipment.
Relevant subsequent events

The year 2023 ended with strong signs of an economic recovery which is expected to continue in 2024 and is expected to slow
down in subsequent years.
Prices are likely to rise, as in the previous year, which entails some uncertainty for all activities, and a general increase in
prices is expected in all sectors of the economy.
However, taking into account the present scenario, We expect would not have any impact on the continuity of the Company.
Hence the assumption of the continuity of operations as a going concern used in the preparation of these financial statements,
remains appropriate.
Events occurring after the balance sheet date on conditions that existed at the balance sheet date have been are considered in
the preparation of the financial statements.
Business Forecast
Management believes that the results obtained at all levels by the company reinforce its stability both in economic and financial
terms and in terms of the current market share.
The Company’s activity in the first months of the next fiscal year is expected to remain identical compared to the activity in 2023.
Management believes that the company has adequate facilities to manage with the desirable evolution in turnover.
Proposal for profit appropriation

Management proposes that the net profit for 2023, in the amount of 2,072,660.51 €, should be transferred to the Retained
Earnings account.
Final note
To the Companies and Entities that honored us with their preference, we thank the trust, shown, which was an important
incentive and compensation for the efforts assumed by those who work in this Company.
To all the employees who contributed to the company’s performance, with its professionalism and dedication, the Management
expresses its gratitude.
Amadora, 26th of April 2024

The Management
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Statutory Audit Report

(Translation of a report originally issued in Portuguese. In the event of discrepancies, the Portuguese language version prevails)
Opinion
We have audited the financial statements of TATA Consultancy Services (Portugal), Unipessoal, Lda. (the Entity), which
comprise the balance sheet as at 31 March 2024 (which shows total assets of Euro 11,277,763 and total shareholders’ equity
of Euro 5,894,994 including a net profit of Euro 2,070,661), the statement of income, the statement of changes in equity and the
statement of cash flows for the year then ended, and the notes to the financial statements, including a summary of significant
In our opinion, the accompanying financial statements present fairly in all material respects, the financial position of TATA
Consultancy Services (Portugal), Unipessoal, Lda. as at 31 March 2024, and its financial performance and its cash flows for the
year then ended, in accordance with generally accepted accounting principles in Portugal.
Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs) and other technical and ethical standards
and recommendations issued by the Institute of Statutory Auditors. Our responsibilities under those standards are described
in the “Auditor’s responsibilities for the audit of the financial statements” section below. In accordance with the law we are
independent of the Entity and we have fulfilled our other ethical responsibilities in accordance with the ethics code of the
Institute of Statutory Auditors.
Responsibilities of management for the financial statements

Management is responsible for:
• the preparation of the financial statements, which present fairly the financial position, the financial performance and the
cash flows of the Entity in accordance with the with generally accepted accounting principles in Portugal.
• the preparation of the Management’ Report, in accordance with the applicable law and regulations;
• the creation and maintenance of an appropriate system of internal control to enable the preparation of financial statements
that are free from material misstatement, whether due to fraud or error;
• the adoption of appropriate accounting policies and criteria;
• the assessment of the Entity’s ability to continue as a going concern, disclosing, as applicable, events or conditions that
may cast significant doubt on the Entity’s ability to continue its activities.

Our responsibility is to obtain reasonable assurance about whether the financial statements as a whole are free from material
statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout
the audit. We also:
• identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design
override of internal control;
• obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity’s internal control;
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• evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management;
• conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit
on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required
report. However, future events or conditions may cause the Entity to cease to continue as a going concern;
• evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether
the financial statements represent the underlying transactions and events in a manner that achieves fair presentation;
• communicate with those charged with governance, including the supervisory board, regarding, among other matters,
the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal
control that we identify during our audit;
Our responsibility also includes verifying that the information included in the Management’ report is consistent with the
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

Management’s report
In compliance with paragraph 3 e) of article No. 451 of the Portuguese Company Law, it is our understanding that the
Management’s report has been prepared in accordance with applicable requirements of the law and regulation, that the
information included in the Management’ report is consistent with the audited financial statements and, taking into account
the knowledge and assessment about the Entity, no material misstatements were identified.
Lisbon, 26th April 2024 RSM & Associados – Sroc, Lda

Represented by Joaquim Patrício da Silva (ROC no. 320)
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TATA CONSULTANCY SERVICES (PORTUGAL), UNIPESSOAL, LDA.

BALANCE SHEET AS OF MARCH 31, 2024 AND 2023
(Translated from the Portuguese original – Note 25)
(EUR)
Note As at As at
March 31, 2024 March 31, 2023
ASSETS
Non-current assets:
Tangible fixed assets 6 558,386 95,045
Tangible fixed assets in progress 359 12,910
565,840 115,668
Current assets:
Trade receivables 8 3,822,992 3,020,447
State and other public entities 15 1,198,312 838,705
Other receivables 8 782,712 1,223,471
Deferrals 10 287,369 1,953
Cash and bank deposits 4 4,620,538 2,724,492
10,711,923 7,809,067
Total Assets 11,277,763 7,924,736
QUOTAHOLDERS' EQUITY AND LIABILITIES
Quotaholders' equity:
Quota capital 11 5,500 5,500
Legal reserves 11 17,574 17,574
Retained earnings/(losses) 11 3,799,260 1,636,510
3,822,333 1,659,584
Net profit/(loss) for the year 2,072,661 2,162,749
Total quotaholders' equity 5,894,994 3,822,333
Liabilities
Provisions 68,132 4
Other payables 13 - 1,994
68,132 1,998
Current liabilities
Suppliers 14 2,328,073 1,767,574
State and other public entities 15 266,327 589,803
Other payables 13 2,272,800 1,691,180
Deferrals 10 447,437 51,848
5,314,636 4,100,405
Total Quotaholders' equity and Liabilities 11,277,763 7,924,736
The accompanying notes form an integral part of the balance sheet as of March 31, 2024.
THE CERTIFIED ACCOUNTANT MANAGEMENT
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STATEMENTS OF PROFIT AND LOSS BY NATURE FOR THE YEARS ENDED MARCH 31, 2024 AND 2023
(EUR)
EARNINGS AND LOSSES Note Year ended Year ended

March 31, 2024 March 31, 2023
Services rendered 17 16,124,479 12,035,084
Supplies and services 18 (11,209,473) (8,181,466)
Payroll expenses 19 (1,841,128) (1,015,268)
Provisions 20 (68,129) 20,604
Other operating income 21 41,826 -
Other operating expenses 22 (10,283) (52,399)
Net profit/(loss) before depreciation, financial expenses and taxes 3,037,291 2,806,555
Amortization and depreciation 6 (248,601) (16,741)
Operating profit (before financial expenses and income taxes) 2,788,691 2,789,814
Net profit/(loss) before income tax 2,788,691 2,789,814
Corporate income tax for the year 7 (716,030) (627,064)
Net profit/(loss) for the year 2,072,661 2,162,749
The accompanying notes form an integral part of the statement of profit and loss by nature for the year ended March 31, 2024.
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STATEMENTS OF CHANGES IN QUOTAHOLDERS’ EQUITY FOR THE YEARS ENDED MARCH 31, 2024 AND 2023
(EUR)
Note Quota Legal Other Retained Net profit/ Total

capital reserve reserves earnings/ (loss) for
(losses) the year
Balance as of March 31, 2022 5,500 17,574 - 517,879 1,118,631 1,659,584
Net profit for the year - - - - 2,162,749 2,162,749
Transfer from Other reserves to - - - - - -
retained earnings/(losses)
Appropriation of 2021 results: - - - - - -
Transfer to retained 11 - - - 1,118,631 (1,118,631) -
earnings/(losses)
Balance as of March 31, 2023 5,500 17,574 - 1,636,510 2,162,749 3,822,334
Net profit for the year - - - - 2,072,661 2,072,661
Transfer from Other reserves to - - - - - -
retained earnings/(losses)
Appropriation of 2023 results: - - - - - -
Transfer to retained 11 - - - 2,162,749 (2,162,749) -
earnings/(losses)
Balance as of March 31, 2024 5,500 17,574 - 3,799,260 2,072,661 5,894,994
The accompanying notes form an integral part of the statement of changes in quotaholders’ equity for the year ended
March 31, 2024.
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(EUR)
March 31, 2024 March 31, 2023
OPERATING ACTIVITIES:
Received from clients 17,874,043 10,830,419
Paid to suppliers (12,376,435) (8,773,633)
Paid to employees (1,090,513) (775,487)
Net cash from operations 4,407,095 1,281,299
Income tax (paid) / received (1,062,217) (146,606)
Other (payments) / receipts relating to operating activities (750,664) (244,283)
Net cash provided by operating activities [1] 2,594,214 890,411
INVESTING ACTIVITIES:
Receipts relating to:
Financial investments 618 252
618 252
Payments relating to:
Tangible fixed assets (698,786) -
Other financial assets - (2,244)
(698,786) (2,244)
Net cash used by investing activities [2] (698,168) (1,992)
Variation in cash and cash equivalents ([3] = [1] + [2] 1,896,046 888,419
Cash and cash equivalents at the beginning of the year 4 2,724,492 1,836,073
Cash and cash equivalents at the end of the year 4 4,620,538 2,724,492
The accompanying notes form an integral part of the statement of cash flows for the year ended March 31, 2024.
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Notes forming part of the Financial Statements As of March 31, 2024

1. INTRODUCTORY NOTE
TATA Consultancy Services (Portugal), Unipessoal, Lda. (“The Company”), has its head office in Amadora, was founded on
July 4, 2005 and its corporate object consists of IT consultancy services.
The Company is included in TATA Group (whose mother company has its head office in India), which includes several
companies with head office in Europe and America, with which it has transactions related to the development of its
operations (Note 16), so that its activity and results are influenced by decisions taken at group level.
These financial statements were approved by Management on April 26, 2024.
2. ACCOUNTING REFERENCE FOR THE PREPARATION OF THE FINANCIAL STATEMENTS

The accompanying financial statements have been prepared in compliance with the requirements in force in Portugal
in accordance with Decree-Law 158/2009, of 13 July and the conceptual structure, modified by Decree-Law 98/2015,
of 2 June, interpretation standards and accounting and financial reporting standards (“NCRF”), contained in Notices
8254/2015, 8258/2015 and 8256/2015, which together make up the Portuguese Accounting Standards System (“Sistema
de Normalização Contabilística” or “SNC”). These standards and interpretations are hereinafter referred to generally as
“NCRF”.
3. PRINCIPAL ACCOUNTING POLICIES

3.1. Bases of presentation
The accompanying financial statements were prepared on a going concern basis as from the Company’s accounting
records, in accordance with NCRF.
3.2. Tangible fixed assets
Tangible fixed assets are initially recorded at acquisition cost, which includes the purchase cost and any other direct
expenses to put the assets in the location and conditions needed to operate in the intended manner and, when
applicable, the initial estimates opowerf dismantling and removing assets and restoration of the places of installation/
operation of the assets that the Company expects to incur.
Depreciations are recognised after the asset is available for use, in a straight-line basis, according to its estimated
useful life for each group of assets, as follows:
Years
Administrative equipment 3 to 8
Other tangible fixed assets 8 to 16
Useful life and the depreciation method are revised on an annual basis. The effect of any change is recognised
prospectively in the statement of profit and loss.
Costs of maintenance and repair (subsequent expenditure) that are not likely to generate future economic benefits
are recorded as expenses in the period they are incurred on.
The gain (or loss) on disposal or write-off of a plant and equipment is determined as the difference between the
amount received in the transaction and the amount of the asset and is recognized in the period in which it occurs.
3.3. Income tax
Income tax for the year consists of current tax and deferred tax. Current tax and deferred tax are recognized in the
statement of profit and loss, except when they are related with items recorded directly in equity. In such cases current
and deferred tax are also recorded in equity.
Income tax for the period is calculated based on the Company’s taxable results. The taxable income differs from
the accounting profit or loss, as it excludes several costs and earnings that are deductible or taxable in other years.
Taxable income also excludes costs and earnings that will never be deductible or taxable, according to tax rules in
force.
Deferred tax relates to the temporary differences between assets and liabilities for accounting and tax purposes.
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Deferred tax liabilities are recorded for all taxable temporary differences.
Deferred tax assets are recorded for deductible temporary differences, only when there is reasonable expectation
of sufficient future taxable income to use them. Temporary differences underlying deferred tax assets are reviewed
at each balance sheet date in order to recognise or adjust them based on the current expectation of their future
recovery.
Deferred tax assets and liabilities are calculated and assessed using the tax rates expected to be in force when the
temporary differences reverse, based on tax rates (and tax legislation) that are formally or substantially issued at the
reporting date.
The compensation between deferred tax assets and liabilities is only allowed when: (i) the Company has the legal right
to do the compensation between this assets and liabilities for liquidating purposes; (ii) those assets and liabilities
relate to income tax of the same fiscal authority; and (iii) the Company has the intention of compensating for liquidation
purposes.
3.4. Financial assets and liabilities
Financial assets and liabilities are recorded in the balance sheet when the Company becomes part of the correspondent
arrangements, as established by NCRF 27 – Financial Instruments.
Financial assets and liabilities at cost or at amortised cost
The financial assets and liabilities are measured at cost or at amortised cost net of accumulated impairment losses
(in the case of financial assets) when:
• The maturity is defined; and
• They have a fix or determinate repayment; and
• They do not constitute or incorporate a derivative financial instrument.
The amortised cost is the amount at which a financial asset or financial liability is measured at initial recognition,
less principal repayments and plus or minus a cumulative amortisation, using the effective interest method, of any
difference between the original amount and the amount at the maturity date. The effective interest rate is the rate that
discounts cash flows associated with the financial instrument net carrying amount.
Assets and liabilities at cost or at amortised cost net of accumulated impairment losses include, namely:
• Trade receivables;
• Other receivables;
• Suppliers;
• Other payables;
• Group companies.
“Cash and cash equivalents” include cash, bank deposits and term deposits with maturity up to three months and
that can be demanded immediately with insignificant risk of losses.
Trade receivables and other receivables
Trade receivables and other receivables are recorded at cost or amortised cost net of eventual impairment losses.
Generally, the amortised cost of these assets doesn’t differ from its nominal value.
Suppliers and other payables
Suppliers and other payables are recorded at cost or amortised cost.
Generally, the amortised cost of these liabilities doesn’t differ from its nominal value.
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Impairment of financial assets
Financial assets classified “at cost or at amortised cost” are tested for impairment at each reporting date. Such
financial assets are impaired when there is objective evidence that, as a result of one or more events after their initial
recognition, their estimated future cash flows are negatively affected.
For financial assets measured at amortised cost, the impairment loss recognised corresponds to the difference
between the asset’s carrying amount and the present value of estimated future cash flows discounted at the respective
original effective interest rate.
For financial assets measured at cost, the impairment loss recognised corresponds to the difference between the
asset’s carrying amount and the best estimate of the fair value of the asset.
Impairment losses are recognized in the statement of profit and loss in the period in which they are determined.
Subsequently, if the amount of the impairment loss decreases and such reduction can be objectively related to an
event that took place after the recognition of that loss, it is reversed through the statement of profit and loss. The
reversal shall be done within the limits of the amount that would be recognized (amortised cost) if the loss had not
been initially accounted for. Reversal of impairment losses are recognized in the statement of profit and loss.
Derecognition of financial assets and liabilities
The Company derecognizes the financial assets only when the contractual rights to receive the cash flows expire, or
when the financial assets and the risks and rewards of its ownership are transferred to other entity. The Company
derecognizes the financial assets transferred, even if some significant risks and rewards remain, when the
transference of control occurs.
The Company derecognizes financial liabilities only when the corresponding obligation specified in the contract is
either discharged, cancelled or expires.
3.5. Foreign currency balances and transactions
Transactions in foreign currency (different from functional currency) are recorded at the exchange rate of the
transaction date. At each reporting date, the foreign currency monetary items are translated at the exchange rate of
that date.
Exchange gains and losses arising from differences between the historical exchange rates and those prevailing at the
date of collection, payment or at the reporting date are recorded in the statement of profit and loss for the period.
3.6. Provisions and contingent assets and liabilities
Provisions
Provisions are recognized when there is a present legal or implied obligation resulting from a past event, the resolution
of which will probably require expending internal resources, the amount of which can be reasonably estimated.
The amount recorded in provisions is the present value of the best estimate at the reporting date, needed to settle
the obligation. The estimate is determined based on risks and uncertainties related to the obligation. The amount of
provisions is reviewed and adjusted at each reporting date so as to reflect the best estimate at that time.
Contingent liabilities
Contingent liabilities are not recorded in the financial statements, but are disclosed when the possibility of outflows
of resources including economic benefits is not remote.
Contingent assets
Contingent assets are not recorded in the financial statements, but are disclosed when economic future inflows of
resources are likely to occur.
3.7. Revenue
Revenue is measured at fair value of the compensation received or to be received. Revenue to be recorded is offset of
the estimated discounts and other rebates.
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Revenue provided by rendered services (projects) is recognised according to the stage of completion method of the
transaction/service at the financial position date, subject to the following conditions:
• The amount of revenue can be reliably measured;
• It is probable that future economic benefits flow to the Company; and
• Incurred cost or costs to be incurred with transactions can be measured reliably.
3.8. Accruals basis
Costs and earnings are recorded in the period to which they relate, independently of the date they are paid or received.
Costs and earnings for which the real value is not known are estimated.
Costs and earnings attributed to the current period and which expenses and revenues will occur in future periods as
well as costs and earnings that have already occurred but that respect to future periods are recorded as assets or
liabilities.
3.9. Leases
As of March 31, 2024 and 2023, the Company has long term lease contracts, which, due to their characteristics,
according to NCRF 9 – Leases, taking into account the substance over form principle, are recognized in the financial
statements as operational leases. Payments of operational leases are recorded as costs in a straight line basis during
the period of the lease. The operating assignment contract was considered for the purpose of recognizing the mobile
assets underlying it and the associated debt.
3.10. Critical judgments/estimates in applying the accounting standards
In the preparation of the financial statements’ judgments, estimates and assumptions were made, that can affect the
value of the assets and liabilities presented, as well as earnings and costs of the period.
These estimates are based on the best knowledge available at the time and on the actions planned, and are
constantly revised based on the information available at the financial position date. However, situations can happen in
subsequent periods which are not predictable at the time of the approval of the financial statements and thus, were
not considered on those estimates. Changes in estimates that occur after the date of the financial statements will
be corrected prospectively. For this reason and due to that uncertainty, real results can differ from the corresponding
estimates.
The most significant estimates reflected in the financial statements refer to: (i) impairment analysis of receivables;
(ii) revenue recognition of ongoing projects
3.11. Subsequent events
Events that occur after the balance sheet date that provide additional information on conditions that existed as of that
date (“adjustable events”) are reflected in the financial statements. Events that occur after the balance sheet date
that provide information on conditions that exist after that date (“non-adjustable events”), if material, are disclosed in
the notes to the financial statements.
4. CASH FLOWS
Cash and cash equivalents include cash and bank deposits immediately callable. Cash and cash equivalents as of March
31, 2024 and 2023, are detailed as follows:
(EUR)
Name As at As at
March 31, 2024 March 31, 2023
Bank deposits immediately callable 4.620.538 2.724.492
Cash and equivalents 4.620.538 2.724.492
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5. ACCOUNTING POLICIES, CHANGES IN ESTIMATES AND ERRORS
In the year ended as of March 31, 2024, there were no changes in accounting policies in relation to those used in the
year ended as of March 31, 2023, presented for comparative purposes, nor were material errors relating to prior years
identified.
6. TANGIBLE FIXED ASSETS
During the years ended March 31, 2024 and 2023, the movements in tangible fixed assets, as well as in the respective
accumulated depreciations and impairment losses, were as follows:
(EUR)
As at As at
Administrative equipment
March 31, 2024 March 31, 2023
Gross assets:
Beginning balance 168.601 92.636
Increases 711.942 75.965
Ending balance 880.543 168.601
Accumulated depreciation and impairment losses:
Depreciation of the year 248.002 16.142
Net assets 554.894 90.954
Other tangible fixed assets

Gross assets:
Increases - -
Accumulated depreciation and impairment losses:
Beginning balance 699 100
Depreciation of the year 599 599
Ending balance 1298 699
Net assets 3.492 4.091
Total Net assets 558.386 95.045
7. INCOME TAX
The Company is subject to corporate income tax, in accordance with article 87 of the Portuguese Corporate Income Tax
Code (“IRC”), at the rate of 21%. This rate is increased up to a maximum of 1.5% of Municipal Surcharge.
For 2023, the nominal tax rate can vary between 22,5% and 29,5% depending on the determined taxable income, which will
be taxable at the follow rates:
• IRC rate : 17% to the first 50.000 Euros;
• IRC rate: 21% over remaining taxable income;
• Municipal surcharge: 1,5% over taxable income;
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• State surcharge: 3% over taxable income if 1,500,000 < taxable income <= 7,500,000 Euros, 5% over taxable income
if 7,500,000 Euros < taxable income <= 35,000,000 Euros or 7% over taxable income if taxable income > 35,000,000
Euros.
In accordance with article 88 of the Portuguese Corporate Income Tax Code, the Company is also subject to autonomous
taxation of certain expenses at the rates mentioned therein.
In accordance with applicable Portuguese legislation, income tax returns are subject to review and correction by the tax
authorities for a period of four years (five years for social security) except where there are tax losses, tax benefits have
been granted or there is litigation in progress where, depending on the circumstances, the period can be extended or
suspended. Accordingly, the Company’s tax returns for the years 2020 to 2023 are still subject to review. Management
believes that possible corrections arising from inspections by the tax authorities of those tax returns will not have a
significant impact on the financial statements of March 31, 2024 and 2023.
As of March 31, 2024 and 2023, there were no temporary differences between accountant and tax in order to create
deferred taxes in the financial statements.
For the years ended March 31, 2024 and 2023, the tax rate reconciliation is as follows:
Reconciliation of the tax rate
(EUR)

March 31, 2024 March 31, 2023
Profit/(Loss) before income tax 2.788.691 2.789.814
Nominal tax rate (<25.000 net income) - 17,00%
Nominal tax rate (<50.000 net income) 17,00% -
Nominal tax rate (>25.000 net income) - 21,00%
Nominal tax rate (>50.000 net income) 21,00% -
Municipal Tax 1,50% 1,50%
Derrama estadual 3,00% 3,00%
Expected income tax 665.116 665.403
Nominal tax rate 23,85% 23,85%
Profit/(Loss) before income tax 2.788.691 2.789.814
Permanent differences 68.129 (20.593)
Tax losses carried forward for which no deferred taxes were recorded - (201.123)
Profit for tax proposes 2.856.820 2.568.098
Income tax (<25,000) - 4.250
Income tax (<50,000) 8.500 -
Income tax (>25,000) - 534.051
Income tax (>50,000) 589.432 -
Income tax (municipal tax) 42.852 41.538
Income tax (State tax) 40.705 38.077
Autonomous taxation 34.541 9.149
Income tax total (note 15) 716.030 627.064
Effective tax rate 25.06% 22.48%
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8. TRADE RECEIVABLES AND OTHER RECEIVABLES
As of March 31, 2024 and 2023, trade receivables and other receivables present the following composition:
(EUR)
Gross Impairment Net amount Gross Impairment Net amount
amount losses amount losses
Current:
Trade receivables 3.835.290 (12.298) 3.822.992 3.031.500 (11.053) 3.020.447
Other receivables 782.712 - 782.712 1.223.471 - 1.223.471
4.618.002 (12.298) 4.605.704 4.254.971 (11.053) 4.243.918
As of March 31, 2024 and 2023, trade receivables include 2.067.114 Euros and 1.394.447 Euros, respectively, related with
Group companies (Note 16).
For the years ended March 31, 2024 and 2023, movements occurred in impairment losses, were as follows:
(EUR)
March 31, 2024 March 31, 2023
Increase 736 -
Decrease - -
Effect of exchange rate adjustments 509 (1.390)
12.298 11.053
As of March 31, 2024 and 2023, the variance occurred in this rubric includes 1.245 Euros and 1.390 Euros, respectively, due
to foreign exchange actualization.
Other receivables
As of March 31, 2024 and 2023, this caption was as follows:
(EUR)
As at As at
March 31, 2024 March 31, 2023
Accrued income:
Unbilled services rendered 733.137 1.187.740
Other debtors 49.575 35.731
782.712 1.223.471
As of March 31, 2024 and 2023, other receivables included 730.574 Euros and 1.156.578 Euros respectively, related with
9. ADVANCES TO SUPPLIERS
As of March 31, 2024, there were no advances to suppliers.
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10. DEFERRALS
As of March 31, 2024 and 2023, these captions were detailed as follows:
(EUR)
As at As at
March 31, 2024 March 31, 2023
Deferred assets:
Supplies and services 287.369 1.838
Payroll expenses - 115
287.369 1.953
Deferred liabilities:
Services rendered 447.437 51.848
As of March 31, 2024, and 2023, the Deferrals included 138.081 Euros and 0 Euros, respectively, related with Group
companies (Note 16).
11. QUOTA CAPITAL AND RESERVES

As of March 31, 2024 and 2023, the Company’s fully subscribed and paid up quota capital was made up of one quota with
the nominal value of 5.500 Euros. As of those dates, quota capital was totally owned by TATA Consultancy Services España,
S.A. (head office at Spain).
Legal reserve:
Portuguese legislation establishes that at least 5% of annual net profit must be appropriated to legal reserves until the
reserve equals the statutory minimum requirement of 20% of quota capital. This reserve is not available for distribution,
except in the case of liquidation of the Company, but may be used to absorb losses once other reserves and retained
earnings have been exhausted. The balance of this item as at 31 March 2024 is 17,574 Euros.
Results application:
As approved at the General Shareholders’ Meeting held on May 05, 2023, the results of the year ended on March 31, 2023,
EUR 2.162.749 were transferred to Retained earnings/(losses).
12. LEASES
Operating leases
As of March 31, 2024 and 2023, the Company has part of its operational lease contracts related to rented vehicles. The
minimum non-cancellable lease payments as of March 31, 2024 and 2023, are as follows:
(EUR)
As at As at
March 31, 2024 March 31, 2023
Until 1 year 25.562 2.840
Between 1 and 5 years 98.470 -
125.032 2.840
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13. OTHER PAYABLES
As of March 31, 2024 and 2023, the caption “Other payables” had the following composition:
(EUR)
As at As at
March 31, 2024 March 31, 2023
Accrued costs:
Employees 217.798 122.538
Supplies and services Group (Note 16) (a) 146.332 57.216
Bonuses 21.195 58.440
Audit 6.795 6.500
Credits to be granted 88.839 29.580
Subcontracts 1.624.848 1.304.025
Others 122.465 50.583
Other creditors 34.031 53.877
Other creditors - Group (Note 16) (a) 10.497 10.416
2.272.800 1.693.174
a) As of March 31, 2024 and 2023 other payables included 156.829 Euros and 67.632 Euros, respectively, related with
14. SUPPLIERS
As of March 31, 2024 and 2023, the caption “Suppliers” was as follows:
(EUR)
As at As at
March 31, 2024 March 31, 2023
Suppliers, current account:
Group companies (Nota 16) 962.888 636.274
Other suppliers 1.365.185 1.131.300
2.328.073 1.767.574
15. STATE AND OTHER PUBLIC ENTITIES

As of March 31, 2024 and 2023, the caption “State and other public entities” was as follows:
(EUR)
As at As at
March 31, 2024 March 31, 2023
Corporate income tax:
Withholding taxes 511.386 76.233
Advances 10.457 -
Estimated tax (Note 7) (716.030) (627.064)
Personal income tax (47.325) (21.432)
Value Added Tax 1.198.312 838.705
Social Security Contributions (24.814) (17.540)
931.985 248.902
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16. RELATED PARTIES
During the years ended March 31, 2024 and 2023 transactions with related parties were as follows:
(EUR)
Year ended March 31, 2024 Year ended March 31, 2023
Services Supplies Services Supplies
rendered and services rendered and services
(Nota 17) (Note 18) (Nota 17) (Note 18)
Tata Consultancy Services, Limited 4.290.776 5.997.868 3.376.780 1.278.869
Tata Consultancy de España, S.A. - 310.048 - 5.363
Tata Consultancy Services Netherlands B.V. 3.130.039 18.948 3.310.138 2.465
Tata Consultancy Services France SAS 347.899 24.930 436.707 3.933
Tata Consultancy Services Deutschland GmbH 844.827 8.354 652.505 2.064
Tata Consultancy Services Sweden 972.468 6.678 688.599 560
Tata Consultancy Services Belgium N.V./S.A. 183.855 729 441.654 -
Tata Consultancy Services Canada Inc. 703.808 - 585.156 -
Tata Consultancy Services Luxembourg SA 151.501 2.485 133.538 -
Tata Consultancy Services Osterreich GmbH - 72 - 100
Tata Consultancy Services Do Brasil Ltda 3.850 4.057 - -
Tata Consultancy Services Switzerland Ltd. - 8.256 - -
Tata Consultancy Services Ireland Limited - 428 - -
10.629.023 6.382.853 9.625.076 1.293.354
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As of March 31, 2024 and 2023, balances with related parties were as follows:
(EUR)
Trade Other Other Suppliers Other
receivables receivables payables (Note 14) payables
(Note 8) (Note 8) (Note 13) (Note 13)
Tata Consultancy de España, S.A. - - 3.219 140.973 3.170
Tata Consultancy Services Netherlands B.V. 582.984 209.029 1.952 33.459 -
Tata Consultancy Services Deutschland GmbH 72.635 113.064 883 16.961 (3.520)
Tata Consultancy Services France SA 42.752 7.516 1.735 33.566 (81.814)
Tata Consultancy Services Luxembourg SA 30.332 30.425 - - -
Tata Consultancy Services Sweden 57.415 13.787 614 7.207 (779)
Tata America Internacional Corporation - - 10.497 2.678 -
Tata Consultancy Services Switzerland Ltd - - - 6.839 -
Tata Consultancy Services Belgium N.V./S.A. 16.154 16.923 - 365 -
Tata Consultancy Services Canada Inc. 68.194 17.829 - - -
Tata Consultancy Services Osterreich GmbH - - - 100 -
Tata Consultancy Services, Limited 1.192.798 322.001 137.929 1.120.966 221.024
TCS Ireland Limited - - - 543 -
Tata Consultancy Services Italia S.r.l. - - - 36 -
TATA Consultancy Services do Brasil LTDA. 3.850 - - 1.494 -
2.067.114 730.574 156.829 1.365.185 138.081

Trade Other Other Suppliers Other
receivables receivables payables (Note 14) payables
(Note 8) (Note 8 ) (Note 13) (Note 13)
Tata Consultancy de España, S.A. 3.332 - 923 32.998 -
Tata Consultancy Services Netherlands B.V. 360.537 788.216 565 25.607 -
Tata Consultancy Services Deutschland GmbH 22.762 6.502 499 13.169 -
Tata Consultancy Services France SA 280.440 111.438 835 23.042 -
Tata Consultancy Services Luxembourg SA 31.424 31.667 - - -
Tata Consultancy Services Sweden 88.331 28.804 92 4.540 -
Tata America Internacional Corporation - - - 2.657 10.416
Tata Consultancy Services Switzerland Ltd - - - 2.757 -
Tata Consultancy Services Belgium N.V./S.A. 39.550 22.016 - - -
Tata Consultancy Services Canada Inc. 99.952 59.347 - - -
Tata Consultancy Services Osterreich GmbH - - - 100 -
Tata Consultancy Services, Limited 468.118 108.588 54.303 531.403 -
1.394.447 1.156.578 57.216 636.274 10.416
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17. RENDERED SERVICES
Rendered services by the Company during the years ended March 31, 2024 and 2023, were as follows:
(EUR)
March 31, 2024 March 31, 2023
Internal market 5.495.456 2.410.007
External market (a) 10.629.023 9.625.077
16.124.479 12.035.084
(a) As of March 31, 2024 and 2023 rendered services included 10.629.023 Euros and 9.625.076 Euros, respectively, related
with Group companies (Note 16).
18. SUPPLIES AND SERVICES

The caption “Supplies and services” for the years ended March 31, 2024 and 2023, is made up as follows:
(EUR)
March 31, 2024 March 31, 2023
Subcontracts 10.944.851 7.921.733
Fees 5.450 -
Rents and leases 125.458 126.587
Specialized services 40.563 50.453
Communication 12.091 12.053
Others 66.261 59.211
11.209.473 8.181.466
During the years ended March 31, 2024 and 2023, these captions included 6.382.853 Euros and 1.293.354 Euros, respectively,
related to services rendered by Group companies (Note 16).
19. PAYROLL EXPENSES

The caption “Payroll expenses” of the years ended March 31, 2024 and 2023, was as follows:
(EUR)
March 31, 2024 March 31, 2023
Staff remuneration 1.533.812 782.333
Bonuses 50.283 47.439
Social security charges 222.345 163.821
Others 34.688 21.675
1.841.128 1.015.268
During the years ended March 31, 2024 and 2023, the average number of personnel was 43 and 17, respectively.
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20. PROVISIONS
In the years ended March 31, 2024 and 2023, movements occurred in caption “Provisions” were as follows:
(EUR)
March 31, 2024 March 31, 2023
Increase 68.133 53.580
Decrease 4 74.184
68.129 (20.604)
21. OTHER OPERATING INCOME

The composition of the caption “Other operating income” for the years ended March 31, 2024 and 2023, was as follows:
(EUR)
March 31, 2024 March 31, 2023
Foreign exchange rate gains - -
Others 41.826 -
41.826 -
22. OTHER OPERATING EXPENSES

The composition of caption “Other operating expenses” for the years ended March 31, 2024 and 2023, was as follows:
(EUR)
March 31, 2024 March 31, 2023
Foreign exchange rate losses 9.352 51.922
Others 931 477
10.283 52.399

The year 2023 ended with signs of an economic recovery which is expected to continue in 2024 and is expected to slow
down in subsequent years.
Prices are likely to rise, which entails some uncertainty for all activities, and a general increase in prices is expected in all
sectors of the economy.
Events occurring after the balance sheet date on conditions that existed at the balance sheet date have been are considered
in the preparation of the financial statements.
24. RISKS
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Credit risks
The company is exposed to credit risk related with the possibility of the other part failing to comply with contractual
obligations, resulting in losses relating to assets fulfilment.
Credit risk is mainly related with receivables, as a result of the Company´s operations, namely data-processing consultancy
rendered services to its clients.
This risk is monitored, on a regular basis, with the objective of:
• limit credit granted to clients, considering the profile and age of account receivables;
• monitor the progress of granted credit level;
• analyse the recoverability of receivables on a regular basis.
Impairment losses for accounts receivable are calculated considering:
• analysis of aged accounts receivable;
• client risk’s profile;
• clients’ financial conditions.
As of March 31, 2024, Management is convicted that estimated impairment losses for accounts receivable are appropriately
accounted for in the financial statements.
25. NOTE ADDED FOR TRANSLATION

These financial statements are a translation of financial statements originally prepared in Portuguese in conformity with
Portuguese legislation and following generally accepted accounting principles in Portugal. In the event of discrepancies,
the Portuguese language version prevails.
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Tata Consultancy Services Saudi Arabia
(A Foreign Limited Liability Company)
Together with the
Tata Consultancy Services Saudi Arabia 37.1

CONTENTS PAGE
Statement of Profit or Loss and other Comprehensive Income 37.5
Statements of Changes in Shareholders’ Equity 37.6

37.2 Tata Consultancy Services Saudi Arabia

KPMG Professional Services
Roshn Front, Airport Road
P. O. Box 92876
Riyadh 11663
Kingdom of Saudi Arabia
Commercial Registration No 1010425494
Headquarters in Riyadh
To the Shareholders of Tata Consultancy Services Saudi Arabia
Opinion
We have audited the financial statements of Tata Consultancy Services Saudi Arabia (“the Company”), which comprise the
statement of financial position as at 31 December 2023, the statements of profit or loss and other comprehensive income,
changes in shareholder’s equity and cash flows for the year then ended, and notes forming part of the financial statements,
comprising material accounting policies and other explanatory information.
Company as at 31 December 2023, and its financial performance and its cash flows for the year then ended in accordance
with International Financial Reporting Standards (IFRS) Accounting Standards that are endorsed in the Kingdom of Saudi
Arabia and other standards and pronouncements issued by the Saudi Organization for Chartered and Professional Accountants
(SOCPA).
Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing that are endorsed in the Kingdom of Saudi
Arabia. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the
Financial Statements section of our report. We are independent of the Company in accordance with the International Code
of Ethics for Professional Accountants (including International Independence Standards), that is endorsed in the Kingdom of
Saudi Arabia, that are relevant to our audit of the financial statements, and we have fulfilled our other ethical responsibilities
in accordance with the Code’s requirements. We believe that the audit evidence we have obtained is sufficient and appropriate
Accounting Standards that are endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements issued
by SOCPA, the applicable requirements of the Regulations for Companies, Company’s Articles of Association and for such
internal control as management determines is necessary to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
Those charged with governance, the Board of Directors, are responsible for overseeing the Company’s financial reporting
process.

misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. ‘Reasonable assurance’
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with International Standards
on Auditing that are endorsed in the Kingdom of Saudi Arabia, will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of these financial statements.
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As part of an audit in accordance with International Standards on Auditing that are endorsed in the Kingdom of Saudi Arabia,
we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override
of internal control.
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s
internal control.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the
doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, then
we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going
concern.
We communicate with the those charged with governance regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit
of Tata Consultancy Services Saudi Arabia (“the Company”).
KPMG Professional Services
Naif Abdulrahman Edrees

License Number 457
AI Riyadh: 18 Ramadan 1445H

Corresponding to: 28 March 2024
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(Amount in SAR)
As at As at
Notes
ASSETS
Current assets
Trade receivables 7 (b) 186,303,372 67,206,527
Other financial assets 7 (c) 397,638 472,415
Current income tax assets (net) 13 2,173,620 3,232,578
Other current assets 9 (c) 29,145,531 13,229,673
Non-current assets
Property, plant and equipment 9 (a) 2,917,228 1,894,654
Intangible assets 9 (b) 530 9,111
Deferred tax assets (net) 13 7,439,315 6,263,739
Other non-current assets 9 (d) 11,320 -
TOTAL ASSETS 253,954,248 124,279,828
Liabilities
Current liabilities
Trade and other payables 7 (d) 131,233,654 21,296,959
Provisions 5,055 -
Lease liabilities 8 3,025,906 3,256,114
Other financial liabilities 7 (e) 3,619,637 2,906,300
Unearned and deferred revenue 10 8,190,687 372,773
Other current liabilities 9 (e) 7,400,089 5,427,962
Lease liabilities 8 - 3,025,906
Equity
Share capital 7 (i) 3,750,000 3,750,000
Statutory reserve 1,875,000 1,875,000
Total Equity 67,264,418 61,347,379
SEE ACCOMPANYING NOTES FROM 1 TO 16 FORMING PART OF FINANCIAL STATEMENTS
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Statements of Profit or Loss and Other Comprehensive Income

(Amount in SAR)
Notes For the year ended For the year ended

Revenue 10 428,966,900 234,519,012

Operating expenses
Employee cost 14 (273,146,673) (181,215,943)
Other operating expenses 11 (143,166,685) (43,136,142)
Depreciation and amortisation expenses 8, 9 (a) & 9 (b) (4,209,813) (3,930,580)
Total operating expenses (420,523,171) (228,282,665)
Operating income 8,443,729 6,236,347
Other (expenses) / income
Net foreign exchange loss 12 (c) (42,295) (90,303)
Finance costs 12 (b) (164,660) (204,852)
Finance income 12 (a) 21 27,538
PROFIT BEFORE TAXES 8,236,795 5,968,730
Income tax expense 13 (1,660,956) (1,176,257)
PROFIT FOR THE YEAR 6,575,839 4,792,473
OTHER COMPREHENSIVE INCOME / (LOSS), NET OF TAXES
(Loss) / gain on remeasurement of defined employee benefit plans 14 (823,500) 1,097,432
Deferred tax gain / (loss) on remeasurement of defined employee 13 164,700 (219,486)
benefit plans
TOTAL OTHER COMPREHENSIVE (LOSS) / INCOME, NET OF TAXES (658,800) 877,946
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 5,917,039 5,670,419
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Statements of Changes in Shareholders’ Equity

(Amount in SAR)
Notes Share capital Retained Statutory Total equity

earnings reserves
Balance as at January 1, 2022 3,750,000 50,051,960 1,875,000 55,676,960
Other comprehensive income for the year - 877,946 - 877,946

Other comprehensive loss for the year - (658,800) - (658,800)
THE STATEMENT OF CHANGES IN EQUITY IS TO BE READ IN CONJUNCTION WITH THE NOTES TO, AND FORMING PART OF,
THE FINANCIAL STATEMENTS SET OUT ON PAGES 7 TO 30.
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Statements of Cash Flows

(Amount in SAR)

Adjustments for:
Depreciation and amortisation expenses 8, 9 (a) & 9 (b) 4,209,813 3,930,580
Finance cost 12 (b) 164,660 204,852
Interest income 12 (a) (21) (27,538)
(Reversal of) / provision for impairment loss on trade receivables 7 (b) (5,771) 5,771
Trade receivables (119,091,075) (30,437,489)
Other financial assets 74,777 (62,082)
Other current assets (15,915,858) (7,437,036)
Other non-current assets (11,320) -
Provisions 5,055 -
Unearned and deferred revenue 7,817,914 276,752
Employee benefit obligations 5,744,867 2,337,102
Other current liabilities 1,972,127 1,358,007
Other financial liabilities 713,338 1,546,672
Cash used from operating activities (7,904,041) (11,352,699)
Taxes paid 13 (1,612,874) (1,289,085)
Net cash used in operating activities (9,516,915) (12,641,784)
Payment for purchase of property, plant and equipment (1,774,716) (722,234)
(includes CWIP)
Proceeds from interest received on fixed deposits - short term 21 27,538
Net cash used in investing activities (1,774,695) (694,696)
Interest paid (58,273) 10,000
Net change in cash and cash equivalents (14,712,384) (16,700,980)
Cash and cash equivalents, end of the year 7 (a) 7,238,315 21,950,699
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1. CORPORATE INFORMATION
Tata Consultancy Services Saudi Arabia (“the Company”) is a Foreign limited liability Company registered in the Kingdom
of Saudi Arabia under commercial registration numbered 1010435987 dated 14 Shawwal 1436H (Corresponding to
30 July 2017).
The registered address of Company is - Akaria Center II, office no 172, 7th floor, Olaya Road, P.O Box 300055, Riyadh -
11372, Kingdom of Saudi Arabia. The parent entity of the Company is Tata Consultancy Services Netherlands B.V. and the
ultimate parent entity is Tata Consultancy Services Limited.
The Company provides all services related to information technology and services include business process management,
application support and maintenance services, infrastructure and its maintenance support, call center services relating to
any industry or trade or application or domain services. The Company’s full service portfolio consist of activities related
to software development, implementation, support and maintenance of any industry, trade, application, product, device,
computer, microscopic including consulting, design and implementation of software, hardware for all these services
processors, provide software and hardware consulting and information processing services.
The new Companies Law issued through Royal Decree M/132 on 1/12/1443H (corresponding to 30 June 2022) (hereinafter
referred as “the Law”) came into force on 26/6/1444 H (corresponding to 19 January 2023). For certain provisions of the
Law, full compliance is expected not later than two years from 26/6/1444H (corresponding to 19 January 2023). The
management is in process of assessing the impact of the New Companies Law and will amend its Articles of Association
for any changes to align the Articles to the provisions of the Law.
The financial statements were approved by the Board of Directors and authorized for issue on dated 17 Ramadan 1445H
(Corresponding to 27 March 2024)
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS)
Accounting Standards that are endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements issued
by Saudi Organization for Chartered and Professional Accountants (SOCPA) (herein and after referred to as IFRS as
endorsed in KSA).
The material accounting policies applied in the preparation of these financial statements have been consistently applied
to all periods presented.
3. BASIS OF PREPARATION
These financial statements have been prepared on historical cost basis using the going concern concept except for certain
financial instruments which are measured at fair value or amortised cost at the end of each reporting period and defined
benefit plans which are measured in accordance with IAS 19. Historical cost is generally based on the fair value of the
paid to transfer a liability in an orderly transaction between market participants at the measurement date. All assets and
liabilities have been classified as current or non-current as per the Company’s normal operating cycle. Based on the
nature of services rendered to customer and time elapsed between deployment of resources and the realisation in cash
12 months.
The financial statements are presented in Saudi Arabian Riyals, which is the functional and presentation currency of
the Company. Foreign currency transactions are translated into functional currency at exchange rates prevailing on the
date of the transaction. Foreign currency denominated monetary assets and liabilities are translated into the functional
currency using exchange rates prevailing on the date of statement of financial position. Gains and losses arising on
conversion of foreign currency denominated monetary assets and liabilities are included in profit or loss. Non monetary
assets and liabilities that are measured in terms of historical cost in foreign currencies are not translated.
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Assets and liabilities of entities with functional currency other than presentation currency have been translated to the
presentation currency using exchange rate prevailing on the date of statement of financial position.
Material accounting policies
The Company adopted Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) from 1
January 2023. The amendments require the disclosure of ‘material’ rather than ‘significant’ accounting policies. Although
the amendments did not result in any changes to the accounting policy themselves, they impacted the accounting policy
information disclosed in certain instances.
4. USE OF ESTIMATES AND JUDGMENTS

The preparation of these financial statements in conformity with the recognition and measurement principles of IFRS
Accounting Standards require management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses for the year presented.
Key source of estimation of uncertainty at the date of the financial statements, which may cause a material adjustment to
the carrying amounts of assets and liabilities within the next financial year, is in respect of useful lives of property, plant
and equipment, valuation of deferred tax assets, provisions and contingent liabilities and has been discussed below. Key
source of estimation of uncertainty in respect of revenue recognition, employee benefits and fair value measurement of
financial instruments have been discussed in their respective policies.
The Company reviews the carrying amount of property, plant and equipment at the end of each reporting period.
This reassessment may affect depreciation expense in future periods. The carrying amount of property, plant and
equipment as on December 31, 2023 was SAR 2,917,228 (December 31, 2022 was SAR 1,894,654)
d. Valuation of deferred tax assets
The Company reviews the carrying amount of deferred tax assets at the end of each reporting period.
A provision is recognised when the Company has a present obligation as a result of past event and it is probable than
Provisions (excluding retirement benefits and compensated absences) are not discounted to its present value and
are determined based on best estimate required to settle the obligation as at the date of the statement of financial
position. These are reviewed at the end of each reporting period adjusted to reflect the current best estimates.
Contingent liabilities are not recognised in the financial statements. Contingent asset is neither recognised nor
disclosed in the financial statements.
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The cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being
carried out at each statement of financial position date. The accounting of employee benefit plans in the nature of
defined benefit requires the Company to use assumptions. These assumptions have been explained under employee
benefits note.
g. Leases
5. NATURE AND PURPOSE OF RESERVES

position.
b. Statutory reserves
10% of the net profit shall be set aside as statutory reserve as per the Company’s article of association, until it
has built up a reserve equal to 50% of its share capital. Remaining profit shall be distributed amongst the shares
proportionately to their share holding.
6. RECENT ACCOUNTING STANDARDS


1
2
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7. FINANCIAL ASSETS, FINANCIAL LIABILITIES AND EQUITY INSTRUMENTS

or have expired.
Tata Consultancy Services Saudi Arabia considers all highly liquid financial instruments, which are readily convertible into
known amounts of cash that are subject to an insignificant risk of change in value and having original maturities of three
months or less from the date of purchase, to be cash equivalents. Cash and cash equivalents consist of balances with
banks which are unrestricted for withdrawal and usage.
Trade receivables
Trade receivables without a significant financing component are initially measured at transaction price.
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outstanding.
Equity instruments
Derecognition
(a) Financial asset
The Company enters into transactions whereby it transfers assets recognised in its statement of financial position, but
retains either all or substantially all of the risks and rewards of the transferred assets. In these cases the transferred
(b) Financial liability
The Company derecognises a financial liability when its contractual obligations are discharged or cancelled, or
expire. The Company also derecognises financial liability when its terms are modified and cash flows of the modified
liability are substantially different, in which case a new financial liability based on the modified terms is recognised
at fair value.
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Offsetting
when, and only when, the Company currently has legally enforceable right to set off the amounts and it intends either to
(Amount in SAR)
As at As at
Balance with bank - current account 7,238,315 21,950,699
Deposits with banks (original maturity less than 3 months) - -
Total 7,238,315 21,950,699
(Amount in SAR)
As at As at
Less: Allowance for doubtful trade receivables** - (5,771)
Total 186,303,372 67,206,527
* Trade receivables include balance with related party (refer note number - 15)
**There is no provision recognised as per ECL Model. Amount shown here is recognised basis recoverability of specific party.
Movement in the allowance for doubtful trade receivables is given below:

(Amount in SAR)
Opening balance 5,771 -
Add: (reversal) / charge to profit and loss (5,771) 5,771
Closing balance - 5,771

Other financial asset consist of the following:
(Amount in SAR)
Other current financial assets As at As at
Employee advances (130,558) 216,809
Imprest 11,063 4,886
Earmarked deposits 11,813 -
Total 397,638 472,415
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d. Trade and other payables
(Amount in SAR)
As at As at
Trade payables* 97,766,578 11,846,038
Total 131,233,654 21,296,959
* Trade payables include balance with related party (refer note number - 15)
No interest is charged on trade payables. The Company has financial risk management policies in place to ensure
that all payables are paid within the credit time frame.
e. Other financial liabilities
(Amount in SAR)
As at As at
Capital creditors 117,675 -
Total 3,619,637 2,906,300

The carrying value of financial instruments by categories as of December 31, 2023 is as follows:
(Amount in SAR)
Amortized cost Total carrying value

Financial assets
208,749,610 208,749,610
137,879,197 137,879,197
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The carrying value of financial instruments by categories as of December 31, 2022 is as follows:
(Amount in SAR)
Financial assets
92,683,889 92,683,889
30,485,279 30,485,279
The fair values of financial assets and financial liabilities as at December 31, 2023 and December 31, 2022 approximate
the carrying amounts.
Market risk
The fluctuation in foreign currency exchange rate may have potential impact on the financial statement, where
any transaction references more than one currency or where assets / liabilities are denominated in a currency
other than functional currency of the Company. Considering the countries and economic environment in
which the Company operates, its operations are subject to risks arising from fluctuations in exchange rates in
those countries.
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rate risks.
The foreign exchange rate sensitivity is calculated by aggregation of the net foreign exchange rate exposure and a
simultaneous parallel foreign exchange rates shift of all the currencies by 10% against the respective functional
currencies of Company.
The following analysis has been worked out based on the net exposures of the Company.
(equivalent SAR)
INR USD Other
Net financial assets 166,360 16,407,158 1,964
Net financial liabilities (15,122) 13,374,620 (9,314)
10% appreciation / depreciation of the respective foreign currencies with respect to functional currency of Tata
Consultancy Services Saudi Arabia would result in decrease / increase in the Company’s profit before taxes by
approximately SAR 322,530 for the year ended December 31, 2023.
(equivalent SAR)
INR USD Other
Net financial assets 42,264 6,762,812 13,940
Net financial liabilities 6,658 5,707,947 12,030
10% appreciation / depreciation of the respective foreign currencies with respect to functional currency of Tata
Consultancy Services Saudi Arabia would result in decrease / increase in the Company’s profit before taxes by
approximately SAR 109,238 for the year ended December 31, 2022.
Credit risk
maximum exposure to credit risk was SAR 222,337,068 and SAR 95,939,070 as of December 31, 2023 and
December 31, 2022, respectively being the total of the carrying amount of balance with bank, trade receivable,
unbilled receivable and other financial assets. Balance with bank is placed with a bank with high credit ratings.
As of December 31, 2023, there were no indications that any defaults will occur on trade receivable, unbilled
receivables, contract assets or other financial assets.
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Details of single customer who contribute to more than 10% of outstanding trade receivables, unbilled receivables
and contract assets as at December 31, 2023 and December 31, 2022.
(Amount in SAR)
Amounts Percentage Amounts Percentage
Customer A - - 12,986,953 18%
Customer B - - - -
Customer C - - - -
Customer D 45,908,352 21% 30,848,293 43%
Customer E - - 8,911,238 12%
Customer F 36,397,801 17% - -
Customer G 26,367,088 12% - -
Customer H 24,229,534 11% - -
contract assets is as given below:
(Amount in SAR)
As at As at
Middle east 99% 99%
Others 1% 1%
(Amount in SAR)
December 31, 2023 Weighted Gross carrying Loss allowance Credit impaired
average loss rate amount *
No Due 0.00% 68,604,178 - No
1-90 0.00% 38,412,280 - No
91-180 0.00% 18,660,899 - No
181-272 0.00% 11,469,627 - No
273-364 0.00% 3,071,238 - No
365-455 0.00% - - No
456-546 0.00% - - No
>547 100.00% - - Yes
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(Amount in SAR)
December 31, 2022 Weighted Gross carrying Loss allowance Credit impaired
average loss rate amount *
Not Due 0.00% 5,774,935 - No
1-90 0.00% 17,105,700 - No
91-180 0.00% 643,919 - No
181-272 0.00% 53,286 - No
273-364 0.00% - - No
365-455 0.00% - - No
456-546 0.00% - - No
>547 100.00% - - Yes
*Gross carrying amount excludes inter-company and retention receivable from customers.
There is no credit risk for intercompany receivables as the receivables are due from Holding company and
retention receivable from customers are considered through time value of money.
The above table provides the loss allowance calculated as per ECL and Management is expected to make at the
minimum this amount as provision of bad and doubtful debts against trade receivables.
Liquidity risk
(Amount in SAR)
Lease liabilities 3,029,144 - 3,029,144
Total 137,882,435 - 137,882,435
Total 27,565,760 3,029,144 30,594,904
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i. Share capital
The authorised, issued, subscribed and fully paid up share capital consist of the following:
As at As at
Authorised, issued, subscribe and paid up Share capital
Share Capital at SR 3,750 (1,000 shares) 3,750,000 3,750,000
3,750,000 3,750,000
Share holding Percentage No of Shares Amount per Total

Share
Tata Consultancy Services Netherlands B.V. 100% 1,000 3,750 3,750,000
3,750,000
The authorized share capital of the Company is SR 3,750,000 and the number of shares is 1,000 of SR 3,750 each.
All such shared rank equally with regard to Company’s residual assets. Holders of these shares are entitled
to dividends as declared from time to time and are entitled to one vote per share at general meetings of the
Company.
On Aug 28, 2023, Saudi Desert Rose Holding which held 24% of the Tata Consultancy Services Saudi Arabia,
merged with TCS Netherlands B.V. Therefore, Tata Consultancy Services Netherlands B.V., which prior to the
aforesaid date held 76% of Tata Consultancy Services Saudi Arabia, now holds 100% of Tata Consultancy Services
Saudi Arabia.
and support the growth of the Company. The Company determines the capital requirement based on annual
operating plans and long-term product and other strategic investment plans. The funding requirements are met
requirements.
8. LEASES
Company as a lessee
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modification. Where the carrying amount of the right-of-use asset is reduced to zero and there is a further reduction
profit or loss.
(Amount in SAR)
Additions for the year ended Net carrying amount as at

Office equipment - -
Total - 3,517,094
Additions for the year ended Net carrying amount as at

Office equipment - 3,384
Total - 6,966,184

Leasehold building 3,445,706 3,452,814
Leasehold improvements - -
Furniture and fixtures - -
Office equipment 3,384 5,842
Total 3,449,090 3,458,656
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Set out below are the carrying amounts of lease liabilities and movements during the year:
As at As at
As at 1 January 6,282,020 9,441,669
Additions during the year - -
Payments during the year (3,362,501) (3,374,500)
As at 31 December 3,025,906 6,282,020
Non-current portion - 3,025,906
Current portion 3,025,906 3,256,114
Interest on lease liabilities is SAR 106,387 and SAR 214,852 for the year ended on December 31, 2023 and December 31,
2022, respectively.[Refer Note 12(b)]
The Company incurred SAR 8,831,442 and SAR 5,002,155 for the year ended December 31, 2023 and December 31, 2022,
respectively, towards expenses relating to short-term leases and leases of low-value assets.
The total cash outflow for leases is SAR 9,810,473 and SAR 5,469,049 for the year ended December 31, 2023 and December
31, 2022, respectively, including cash outflow for short-term leases and leases of low-value assets.
Lease contracts entered by the Company majorly pertains for buildings taken on lease to conduct its business in
the ordinary course. The Company does not have any lease restrictions and commitment towards variable rent as
per the contract.
9. NON-FINANCIAL ASSETS AND LIABILITIES

Depreciation is provided for property and equipment so as to expense the cost over their estimated useful lives based
on a technical evaluation. The estimated useful lives and residual values are reviewed at the end of each reporting
period, with the effect of any change in estimate accounted for on a prospective basis.

Computer equipment Straight line method 4 years
Plant and machinery Straight line method 10 years
Furniture and fixtures Straight line method 4 to 10 years
Office equipment Straight line method 4 to 10 years
Electrical installations Straight line method 4 to 10 years
Leasehold improvement Straight line method Lease period
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Property, plant and equipment is derecognised from the statement of financial position on its disposal or when no
future economic benefits are expected from its use or disposal. The gain or loss on disposal is the difference between
the proceeds and the carrying amount and is recognised in profit and loss.
(Amount in SAR)
Plant and Leasehold Computer Furniture Office Electrical Total
machinery improvements equipment and fixtures equipment installations
Cost as at January 1, 2023 120,000 52,145 5,508,268 226,732 1,784,326 1,127,412 8,818,883
Additions - 21,800 727,263 832,233 193,420 - 1,774,716
Disposals - - - - - - -
Cost as at December 31, 120,000 73,945 6,235,531 1,058,965 1,977,746 1,127,412 10,593,599
2023
Accumulated depreciation 81,041 17,382 4,859,034 56,809 1,188,382 721,581 6,924,229
as at January 1, 2023
Depreciation for the year 11,975 22,975 289,061 145,876 164,375 117,880 752,142
Disposals - - - - - - -
as at December 31, 2023
Net carrying amount as at 26,984 33,588 1,087,436 856,280 624,989 287,951 2,917,228
December 31, 2023
Total 2,917,228
Plant and Leasehold Computer Furniture Office Electrical Total

machinery improvements equipment and fixtures equipment installations
Cost as at January 1, 2022 120,000 - 4,774,643 15,950 1,185,465 1,110,319 7,206,377
Additions - 52,145 733,625 210,782 598,861 17,093 1,612,506
Disposals - - - - - - -
Cost as at December 31, 120,000 52,145 5,508,268 226,732 1,784,326 1,127,412 8,818,883
2022
Accumulated depreciation 69,041 - 4,657,282 11,973 1,131,425 603,457 6,473,178
as at January 1, 2022
Depreciation for the year 12,000 17,382 201,752 44,836 56,957 118,124 451,051
Disposals - - - - - - -
Net carrying amount as at 38,959 34,763 649,234 169,923 595,944 405,831 1,894,654
December 31, 2022
Total 1,894,654
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Intangible assets consist of rights under licensing agreement and software licences and customer-related intangibles.

Customer-related intangibles 3 years
(Amount in SAR)
Software licences Others Total
Cost as at January 1, 2023 83,494 - 83,494
Additions - - -
Disposals - - -
Cost as at December 31, 2023 83,494 - 83,494
Accumulated amortisation as on January 1, 2023 74,383 - 74,383
Amortisation for the year 8,581 - 8,581
Accumulated amortisation as on December 31, 2023 82,964 - 82,964
Net carrying amount as at December 31, 2023 530 - 530
(Amount in SAR)
Software licences Others Total
Cost as at January 1, 2022 83,494 - 83,494
Additions - - -
Disposals - - -
Cost as at December 31, 2022 83,494 - 83,494
Accumulated amortisation as on January 1, 2022 53,510 - 53,510
Amortisation for the year 20,873 - 20,873
Accumulated amortisation as on December 31, 2022 74,383 - 74,383
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c. Other current assets
(Amount in SAR)
As at As at
Contract assets (refer note number 10) 13,587,462 3,255,185
Advance to suppliers 2,885,828 2,865,828
Prepaid rent 1,436,066 251,575
Total 29,145,531 13,229,673
Contract fulfilment cost of SAR 44,820 for year ended December 31, 2023 (SAR NIL for the year ended December 31,
2022) has been amortized in statement of Profit and Loss.
d. Other non-current assets
(Amount in SAR)
As at As at
Prepaid expenses 11,320 -
Total 11,320 -
e. Other current liabilities

(Amount in SAR)
As at As at
Advances from customer - 45,425
Total 7,400,089 5,427,962
10. REVENUE RECOGNITION

performance.
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POC method.
to the customer.
recovered.
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The Company has signed an agreement with the branch of Tata Consultancy Services Limited (affiliate) in Saudi Arabia to
mutually provide IT Support services at 7% markup on the cost of each party effective from January 2022. In accordance
with the agreement the Company has started accounting it as revenue as the agreement meets IFRS 15 criteria to
recognise revenue as principal.
geography.
(Amount in SAR)
Revenue from sale of equipment and software licences 897,652 297,323
Total 428,966,900 234,519,012

(Amount in SAR)
Energy, resources and utilities 56,825,583 61,968,656
Manufacturing 26,295,580 10,001,455
Banking, financial services and insurance 103,867,604 63,926,035
Communication, media and technology 166,522,527 60,423,610
Governance 57,091,366 27,038,146
Others 13,695,547 7,352,816
Total 428,966,900 234,519,012

(Amount in SAR)
Middle east 426,252,973 232,906,935
Others 2,713,927 1,612,077
Total 428,966,900 234,519,012

Company has applied the practical expedient in IFRS 15. Accordingly, the Company has applied practical expedient of not
disclosing the aggregate transaction price allocated to unsatisfied (or partially satisfied) performance obligations which
pertain to contracts where revenue recognized corresponds to the value transferred to customer typically involving time
and material, outcome based and event based contracts.
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obligations is SAR 302,090,147 out of which 73.17% is expected to be recognized as revenue within the next year and the
Movement in contract asset is given below:
(Amount in SAR)
Translation exchange difference (142) (881)
Movement in unearned and deferred revenue is given below:

(Amount in SAR)
Balance at the beginning of the year 372,773 96,021
Revenue recognised that was included in the unearned and deferred (372,771) (58,019)
revenue balance at the beginning of the year
Increase due to invoicing during the year, excluding amounts recognised 8,190,686 338,348
Translation exchange difference (1) (3,577)
Balance at the end of the year 8,190,687 372,773
11. COST RECOGNITION

Cost of revenue
expenses.
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(Amount in SAR)
Cost of revenue 355,588,103 185,237,703
Total 420,523,171 228,282,665
Break-up of Cost of revenue is as follows:

(Amount in SAR)
Employee cost 223,354,722 147,696,987
Travel expenses 19,568,620 10,159,207
Communication 1,275,415 1,000,180
Depreciation 200,024 151,030
Total 355,588,103 185,237,703
Break-up of Selling, general and administrative expenses is as follows:

(Amount in SAR)
Employee cost 49,791,951 33,518,956
Depreciation 4,009,789 3,779,550
Travel expenses 1,699,913 745,521
Communication 83,768 14,400
Bad debts and advances written off, allowance for doubtful trade receivable (5,771) 5,771
and advances (net)
Total 64,935,068 43,044,962
The costs of the Company are broadly categorised into employee benefit expenses, depreciation and other operating
expenses. Employee benefit expenses include salaries, incentives and allowances, contribution to various funds and staff
welfare expenses. Other operating expenses mainly include fees to external consultants, facility expenses, travel expenses,
cost of equipment and software licenses, communication expenses, bad debts and advances written off, allowance for
doubtful trade receivables and advances (net) and other expenses. Other expenses is an aggregation of costs which are
individually not material such as corporate overhead allocation, commission and brokerage, recruitment and training,
entertainment, etc.
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(Amount in SAR)
Expenses by nature For the year ended For the year ended
Facility expenses* 14,391,572 10,491,651
Communication 1,359,183 1,014,580
Travel expenses 21,268,533 10,904,729
Other expenses (63,841) (2,470,912)
Bad debts and advances written off, allowance for doubtful trade receivable (5,771) 5,771
and advances (net)
Project expense 475,070 210,928
Total 143,166,685 43,136,142
*Facility expenses includes short term lease expenses amounting SAR 8,831,442 for December 31, 2023 (SAR 5,002,155 for December 31,
2022).
12. OTHER (EXPENSES) / INCOME

a. Finance income
Interest income is recognised using the effective interest method.
(Amount in SAR)
Interest income - bank deposits 21 27,538
Total 21 27,538
b. Finance costs
(Amount in SAR)
Interest on lease liabilities 106,387 214,852
Other interest expense / (benefit) 58,273 (10,000)
Total 164,660 204,852
c. Net foreign exchange loss

(Amount in SAR)
Net foreign exchange loss 42,295 90,303
Total 42,295 90,303
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13. INCOME TAXES
Deferred income taxes are provided for the temporary differences between the tax base of assets and liabilities and their
reported amounts in the financial statements.
existing temporary differences, are considered, based on the business plans for the Company. Deferred tax assets are
(Amount in SAR)
Current tax
Current tax expense 2,671,832 1,514,838
Deferred tax (credit) / expense (1,010,876) (338,581)
Total 1,660,956 1,176,257
The reconciliation of estimated income tax expense at the Saudi statutory income tax rate to income tax expense reported
in statements of profit or loss and other comprehensive income is as follows:
(Amount in SAR)
Income before income taxes 8,236,795 5,968,730
Income tax rate 20% 20%
Tax pertaining to prior years - -
Tax effect due to permanent difference 13,597 (17,489)
Total income tax expense 1,660,956 1,176,257
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Income tax movement
(Amount in SAR)
Opening tax liability (3,232,578) (3,458,331)
Provision for current tax charged to profit and loss 2,671,832 1,514,838
Tax paid (1,612,874) (1,289,085)
Net income tax (assets) / liability (2,173,620) (3,232,578)
1. The Company has filed its income tax declaration (“return”) for and upto the year ended December 31st, 2022 with the
Zakat, Tax and Customs Authority (“ZATCA”).
2. Management requested the final tax certificate for FY 23 after submission of the tax return of FY 22, which had been
issued by the ZATCA valid until April 30th, 2024.
3. During September 2020, ZATCA raised an assessment with additional tax of SAR 3,196,579 plus delay fines for the
periods ended 31 March 2017 to 31 March 2019. The Company did not agree with the assessment and has filed an
appeal with the ZATCA. Post submission of the appeal, the Company opted to avail the benefit of ZATCA’s tax amnesty
initiative to waive the delay fines. Accordingly, the Company had accepted the assessment and settled the additional
tax claim of SAR 1.32 million (net of the tax over-payment of SAR 1.9 million for the year ended 31 March 2017) and
the delay fines have been waived. The case registered with the General Secretariat of Tax Committees (GSTC) has
been dismissed.
4. No assessment raised for FY 20, 21, and 22 and there are no outstanding / ongoing assessment with the ZATCA
(Amount in SAR)
Opening Recognised / Recognised in other Closing
balance reversed through comprehensive balance
profit or loss income
Property, plant and equipment and intangibles 1,204,346 (115,612) - 1,088,734
Provision for employee benefits 4,559,765 1,147,188 164,700 5,871,653
Provision for doubtful debts 1,154 (1,154) - -
Leases 498,474 (19,546) - 478,928
Net deferred tax assets 6,263,739 1,010,876 164,700 7,439,315

(Amount in SAR)
Assets Liabilities Net
Property, plant and equipment and intangibles 1,088,734 - 1,088,734
Provision for employee benefits 5,871,653 - 5,871,653
Provision for doubtful debts - - -
Leases 478,928 - 478,928
Net deferred tax assets 7,439,315 - 7,439,315
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(Amount in SAR)
Opening Recognised / Recognised in other Closing
balance reversed through comprehensive balance
profit or loss income
Property, plant and equipment and intangibles 1,358,172 (153,826) - 1,204,346
Provision for employee benefits 4,311,832 467,419 (219,486) 4,559,765
Provision for doubtful debts - 1,154 - 1,154
Leases 474,640 23,834 - 498,474
Net deferred tax assets 6,144,644 338,581 (219,486) 6,263,739
(Amount in SAR)
Gross deferred tax assets and liabilities are as follows: Assets Liabilities Net
Property, plant and equipment and intangibles 1,204,346 - 1,204,346
Provision for employee benefits 4,559,765 - 4,559,765
Provision for doubtful debts 1,154 - 1,154
Leases 498,474 - 498,474
Net deferred tax assets 6,263,739 - 6,263,739
IFRIC 23 Interpretation uncertainty over income tax treatment

14. EMPLOYEE BENEFITS

Defined benefit plan
The Company operates a defined benefit plan for employees in accordance with Saudi Labor and Workman Law as defined
by the conditions stated in the laws of the Kingdom of Saudi Arabia. The cost of providing the benefits under the defined
benefit plan is determined using the projected unit credit method.
Remeasurements for actuarial gains and losses are recognised in the statement of financial position with a corresponding
credit to retained earnings through other comprehensive income in the period in which they occur.
Remeasurements are not reclassified to statement of profit or loss in subsequent periods.
Past service cost are recognised in profit or loss on the earlier of:
• The date of the plan amendment or curtailment, and
• The date the Company recognises related restructuring costs
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employee renders the related services are recognised as actuarially determined liability at the present value of the
obligation at the year end.
(Amount in SAR)
Salaries & bonus 240,015,912 157,454,589
Staff welfare 17,712,886 10,997,492
Total 273,146,673 181,215,943

(Amount in SAR)
Gratuity liability - -
Others - Long Services 26,186 -
Total 14,368,082 10,514,467
Employee benefit obligations - non-current
Gratuity liability 18,846,720 16,131,968
Total 18,846,720 16,131,968

Gratuity
In accordance with Saudi Labour Law, the Company operate a scheme of Gratuity which is a defined benefit plan. The
gratuity plan provides for a lump sum payment to vested employees at retirement, death while in employment or on
termination of employment at an amount equivalent to:-
For service more than 2 years and less than 5 years - 1/3 of retirement benefits
For service more than 5 years and less than 10 years - 2/3 of retirement benefits
For service more than 10 years - Full retirement benefits
There is a vesting period of 2 years for the payment of end of services benefit.
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(Amount in SAR)

Attrition rate 23.50% 19.95%
The following table provides a reconciliation from the opening balances
to closing balances for defined benefit liability
Benefit obligations, beginning of the year 16,138,800 15,908,300
Included in profit and loss statement
- Service cost 3,986,800 3,509,900
- Interest cost 772,400 344,500
Included in other comprehensive income / (loss)
Loss / (gain) on remeasurement of the net defined benefit liability 823,500 (1,097,400)
Benefits paid (2,851,100) (2,526,500)
Total 18,870,400 16,138,800
(Amount in SAR)
Sensitivity Analysis December 31, 2023 December 31, 2022

Effect of “+0.50” change in rate of discounting 388,000 (383,500)
Effect of “-0.50” change in rate of discounting (398,900) 402,700
Effect of “+0.50” change in salary escalation (401,500) 406,500
Effect of “-0.50” change in salary escalation 388,000 (390,600)
The sensitivity analysis above have been determined based on reasonably possible changes of the respective assumptions
occurring at the end of the reporting period, while holding all other assumptions constant. The sensitivity analysis
presented above may not be representative of the actual change in the defined benefit obligations as it is unlikely that
the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.
calculating the defined benefit obligation liability recognised in the balance sheet.
15. RELATED PARTY TRANSACTIONS

Tata Consultancy Services Saudi Arabia’s principal related parties consist of its holding company Tata Consultancy Services
Netherlands B.V., the Company’s ultimate parent company Tata Consultancy Services Limited and ultimate controlling
party Tata Sons Private Limited. The Company routinely enters into transactions with its related parties in the ordinary
course of business.
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Tata Tata Tata Consultancy Tata Tata

Sons Communications Services Consultancy Consultancy
Private (International) Deutschland Services Services
Particulars Limited, Pte Limited, GmbH Subsidiary Netherlands Limited, Parent Total
Ultimate Subsidiary of of Tata B.V., Holding of Holding
Holding Ultimate Holding Consultancy Company Company
Company Company Services Limited (India)
Revenue from sale - 1,935,861 - - 189,905,014 191,840,875
of services and
licenses
Purchases of goods - - 450,000 - 83,619,847 84,069,847
and services
Brand equity 736,709 - - - - 736,709
contribution

Particulars Limited, Pte Limited, GmbH Netherlands Limited, Parent Total
Ultimate Subsidiary of Subsidiary of B.V., Holding of Holding
Holding Ultimate Holding Tata Consultancy Company Company
Revenue from sale - 1,977,945 - - 121,029,533 123,007,478
of services and
licenses
Purchases of goods - - - - 19,605,456 19,605,456
and services
Dividend paid - - - - - -
Brand equity 74,264 - - - - 74,264
contribution

Trade receivables - 338,776 - - 45,888,813 46,227,589
Trade payables 810,972 - 450,000 - 92,186,777 93,447,749
Prepaid expenses - - - - 1,528,238 1,528,238
Unbilled receivables - 126,252 - - 29,446 155,698
Total 810,972 465,028 450,000 - 139,633,274 141,359,274
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Trade receivables - 241,983 - - 30,828,608 30,828,608
Trade payables 74,264 - - - 10,692,008 10,766,272
Prepaid expenses - - - - 134,950 134,950
Unbilled receivables - 168,336 - - 19,508 187,844
Total 74,264 410,319 - - 41,675,074 42,159,657
• No compensation paid to key managerial personnel for the year ended December 31, 2023.

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TCS Business Services GmbH.
Report
on the Audit
of the Financial Statements
and the Management Report
as of 31 March 2024
TCS Business Services GmbH. 38.1
CONTENTS PAGE
Balance sheet 38.10
Management report for the business 38.16

38.2 TCS Business Services GmbH
Financial Statements, Management Report and audit opinion
1 Audit Engagement
The management of TCS Business Services GmbH,Düsseldorf, – hereinafter also referred to as the “Company” or “TBS”
– has engaged us to audit the Company’s annual Financial Statements – including the accounting records – and the
Management Report as of 31 March 2024 and to report on the result of our audit in accordance with professional practice
and to report in writing on the results of our audit. This report is addressed to the audited company. The audit engagement
dated July 4, 2023, was based on the minutes of the shareholders’ meeting on July 3, 2023, at which we were elected as
auditor (in accordance with §318 (1) sentence 1 German Commercial Code [HGB]). We accepted the engagement letter
dated June 8, 2023.
The Company is a medium-sized Company within the meaning of § 267 (2) HGB. The audit constitutes a statutory audit in
accordance with §§ 316 ff. HGB.
In accordance with § 317 German Commercial Code (HGB), we conducted our audit according to German generally
accepted standards for the audit of Financial Statements promulgated by the Institute of Public Auditors in Germany
(Institut der Wirtschaftsprüfer in Deutschland, “IDW”), as set forth in the IDW Auditing Standards (IDW AuS).
In accordance with § 321 (4a) HGB, we confirm that we observed the applicable independence requirements during our
audit of the Financial Statements.
We based the following report on the results of our audit. We observed the audit standard IDW AuS 450 (n.v.) in preparing
the audit report.
Section 2 of this report begins with our comments on the management assessment of the situation, findings in accordance
with Section 321 (1) sentence 3 HGB and a description of significant changes in legal, economic and tax circumstances of
the company. The scope of the audit and the audit results are presented in detail in sections 3 and 4. The unqualified audit
opinion, which is based on the audit results, is reproduced in section 5.
We have attached to our report the audited annual financial statements, consisting of the balance sheet (Appendix 1.1), the
income statement (Appendix 1.2) and the notes (Appendix 1.3) as well as the audited management report (Appendix 1.4).
The execution of this engagement and our responsibility, also in relation to third parties, are based on the agreed “General
Engagement Terms for Wirtschaftsprufer and Wirtschaftsprufungsgesellschaften dated January 1, 2024”, which are
attached to this report as an appendix. We also refer to the liability provisions contained in section 9 of these terms and to
the exclusions of liability towards third parties.
2 Basic Findings
2.1 Comments on the management assessment of the situation
In accordance with § 321 (1) sentence 2 HGB, an assessment of the position of the Company as expressed in the
Financial Statements and in the Management Report prepared by the management shall precede the report. In
this assessment, particular emphasis was placed on the going concern assumption and the assessment of the
opportunities and risks of the Company’s future development as expressed in the Financial Statements and the
Management Report, to the extent that the audited documents permitted such an assessment. The Management
Report includes the following core statements:
• The year 2023 continued to be influenced by the war in Ukraine and the renewed conflict in the Middle East. The
high inflation rate and the rise in interest rates also had an impact. The consequences of the global crises have
weighed on the German economy. According to the Federal Statistical Office, gross domestic product recorded
a slight decline of - 0.3% in 2023 (previous year: + 1.8%). By contrast, investments in equipment developed
positively. They rose by 3.0% in price-adjusted terms compared to 2022. The labor market also remained robust.
At 45.9 million, the number of people in employment in Germany in 2023 was higher than ever before.
• According to figures from the industry association Bitkom, the IT sector recorded growth of 2.2% despite the
difficult conditions. However, the growth rates of the individual sub-segments are very different. While the volume
of hardware business fell by 5.4%, IT services recorded an increase of 5.1% and software sales rose by 9.6%.
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• The number of staff employed by the Company decreased from an average of 102 in the financial year 2022/2023
to an average of 92 in the financial year 2023/2024 due to fluctuation. The Company employs all staff in Germany,
of which 70 are based in Düsseldorf and 22 in Berlin. All operating costs for these employees, together with all
other costs of the Company, are charged in full to TATA Consultancy Services Deutschland GmbH at a mark-up
of 7% (cost plus method).
• Sales for the financial year fell by 2,455 kEUR to 14,300 kEUR compared with the financial year 2022/2023.
Due to the cost-plus method, revenues are largely dependent on the costs incurred at TCS Business Services
GmbH. Due to the decrease in the number of employees and the associated decrease in personnel costs, lower
revenues than expected were generated in the financial year. Higher interest income resulted in an increase in
net income before taxes. It increased from 424 kEUR to 1,922 kEUR. In 2023/2024, our key financial indicator
revenue therefore developed negatively and the financial performance indicator EBIT declined.
• The increase in net income compared with the previous year, is mainly due to increased interest earnings in
connection with the discounting of pension provisions.
• Overall, the forecast for fiscal 2022/2023 was achieved. Management considers business performance in
2022/2023 to be satisfactory
These core statements about the Company’s financial situation and business performance are discussed in sufficient
detail in the Management Report and are understandable in and of themselves; we therefore refer to the Management
Report, appended as Appendix 1.4, for further details.
The Management Report prepared by the Company’s management includes the following core statements on the
opportunities and risks of the Company’s future development:
• TCS’ ability to generate growth and maintain economic momentum is linked to its ability to consistently meet
customers’ ever-changing business needs and help them transform by deploying new digital technologies in
their businesses. The supplier consolidation offers opportunities and new services and solutions such as S4
HANA, public cloud and cybersecurity services and solutions continue to offer good growth opportunities on the
market. In addition, new business areas are to be developed, expanded and marketed to both new and existing
customers (including German SMEs). Based on current knowledge, TCS assesses the opportunities as medium.
• Here again, reference is made to the risks of TCS. In general, customers’ willingness to invest is influenced
by the overall economic development in the respective countries or in Europe as a whole, as well as by their
confidence in a positive economic development. As the Company generates the majority of its sales in Germany,
the development of the German economy is decisive for the Company’s growth. Based on current knowledge, the
Company considers the risk to be low.
• Based on the cost-plus method, no significant risks are seen here, with the exception of potential interest
charges in connection with pension provisions.
• Foreign currency risks arise in particular from the conclusion of transactions in US dollars and other foreign
currencies. A weakening of the dollar or other foreign currencies against the euro could therefore lead to foreign
currency losses. The risk is considered to be low. The interest rate risks arising from pension commitments are
to be offset by covering them with securities.
• At TCS, default and liquidity risks are limited by the selection of customers and close co-operation in payment
transactions between sales and administration within the framework of a functioning dunning system. TCS has a
solvent and creditworthy customer base. Bad debt losses are the absolute exception. In addition, there is a long-
standing cooperation with the majority of customers. In this respect, we consider the financial risk of a liquidity
bottleneck, in particular due to possible late payments to us by our sister company TCS, to be low.
• Management does not see any risks that could jeopardize the Company’s ability to continue as a going concern.
Based on our assessment of the financial situation of the Company, which we derived on the basis of the findings
of our audit of the Financial Statements and of the Management Report - to the extent the audited documents
permitted such an assessment - we have concluded that the assessment by the management on the position of the
Company, particularly with respect to its ability to continue as a going concern and the opportunities and risks of
future development, appears to be realistic. The management assessment of the situation is appropriate in scope and
accurate in content.
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2.2 Irregularities and violations of statutory provisions

We found no infringements against requirements that were unrelated to accounting.
3 Subject, nature and scope of the audit

The subject of our audit were the Financial Statements as of March 31, 2024, (Appendices 1 to 1.3), and the Management
Report for the financial year ended March 31, 2024 (Appendix 1.4) as well as the compliance with the respective statutory
accounting regulations.
We audited the Management Report to determine whether it is consistent with the Financial Statements as well as with
the findings of the audit, whether it complies with the relevant statutory provisions and whether it gives a true and fair
view of the Company’s position; in doing so, we also audited whether the opportunities and risks of the Company’s future
development had been accurately depicted. The audit also covered whether the legal requirements for the preparation of
the management report have been complied with.
In conducting our audit, we observed the provisions of § 316 ff. HGB and the relevant professional opinions, statements
and auditing standards set out in the German Generally Accepted Standards for Financial Statement Audits promulgated
by the “Institut der Wirtschaftsprüfer” (IDW).
The audit need not cover whether the Company will continue to operate as a going concern or whether the effectiveness
and efficiency of the management is assured.
Company’s management is responsible for the accounting records, the preparation of the financial statements and
management report, the related controls and the disclosures made to us. Our responsibility is to express an opinion on
the documents submitted by the management and the disclosures made within the scope of our audit in accordance with
professional standards.
Our audit work was performed from March to April 2024 in our offices. Necessary audit evidence was sent to us digitally via
e-mail or was made available for download on a Cloud-Server. During the audit, there where online meetings via a video
conference system. The audit was completed on April 22, 2024.
The starting point for our audit were the assets, liabilities and capital accounts carried forward from the Financial
Statements for the financial year from April 1, 2022 to March 31, 2023. The Financial Statements from the previous year
were audited by us and received an unqualified audit opinion; it was approved unchanged by shareholder meeting on July
3, 2023.
We used the accounting records and supporting documents as well as the company’s files and correspondence as audit
documents.
The management and the contact persons named by them provided all explanations and evidence.
In accordance with professional practice, the management confirmed in writing in a Company Letter of Representation
that the accounting records and the Financial Statements included all assets, liabilities (obligations, risks, etc.), accruals,
expenses and income as reflected on the balance sheet, all required disclosures were made, and all existing contingent
liabilities were made known to us. According to management’s statements there were no other obligations or contingent
liabilities requiring disclosure other than those reported in the balance sheet or in the notes to the Financial Statements.
In this report, management has further stated that the Management Report also contains, with regards to expected
developments, all aspects essential for the assessment of the situation of the Company as well as the disclosures required
pursuant to § 289 HGB.
In conducting our audit, we observed the requirements of §§ 316 ff. HGB and German Generally Accepted Standards for
Financial Statement Audits promulgated by the IDW. Those standards require that we plan and perform the audit such that
- but without specific focus on an embezzlement check - misstatements materially affecting the presentation of the net
assets, financial position and results of operations of the company in accordance with the legal regulations are detected.
Our audit did not extend to whether the continuation of the company as a going concern or whether the effectiveness and
efficiency of the management is assured (§ 317 [4a] HGB).
Audit planning and planning of our focal points was based on our preliminary appraisal of the position of the Company and
the fundamental assessment of the accounting-related internal control system and risk management (risk- and process-
oriented audit approach). That appraisal is developed from an assessment of the economic and legal environment in which
the Company operates, its objectives, strategies and business risks, which we assessed on the basis of previous year’s
financial statements as well as discussions with the management and employees of the company.
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Based on our risk assessment, the following areas represent the focal points of our audit:
• valuation of financial assets,
• completeness and valuation of other provisions and pension provisions,
• completeness of balance sheet notes, notes and statements made in the Management Report.
The Company has established internal controls in various areas. We obtained an overview of the accounting internal
control system and considered the findings of our audit procedures with respect to the internal control system in the
further planning of our audit. Due to the transparent nature of the processes, we opted not to audit the functioning of the
internal controls. Audit certainty was ensured primarily through individual case reviews.
These comprised plausibility checks and the audit of business transactions and inventories. In accordance with the
principle of materiality and the risk of error, our audit procedures were mainly conducted based on samples. The following
audit procedures were carried out individually:
Valuation of financial assets
To prepare our impairment test of the financial assets, we obtained securities account statements from the custodian
bank and assured ourselves that the Company was indeed the holder of the securities. Additionally, we compared the
capitalized book values of these securities to year-end rates for the financial year as well as to up-to-date stock market
prices at the date of our audit. This audit yielded no indications of necessary depreciations.
Completeness and valuation of other provisions and pension provisions
The composition and development of other provisions and pension provisions in comparison to the previous year was
audited on its completeness based on our acquired understanding of the business activities and through conversations
with the management.
We obtained pension surveys from the actuary Lurse Pension & Benefits Consulting GmbH, Hanover, to audit the pension
obligations. In addition, we obtained securities account statements from the custodian bank to audit the cover assets and
received assurance that the cover assets were barred from distribution to any other creditors and were solely used to fulfil
payments resulting from pension obligations. Furthermore, fair value of these securities was compared to year-end rates
for the financial year.
We examined the valuation on the basis of the individual statements and calculation documents of the company. We also
examined contracts with customers for unrecognized provisions.
Completeness of balance sheet notes, notes and statements made in the Management Report
The completeness of notes to the balance sheet, notes and statement of the Management Report was verified through
interviewing the management and employees of the Company as well as examined against the background of our other
audit procedures. We placed particular emphasis on verifying the correct attribution of balance sheet items and on the
measurement and collateral security of the contingent liabilities.
Additional auditing procedures
Receivables and liabilities towards affiliated companies have been agreed with the companies concerned as of March 31,
2024. Where relevant, deviating balance confirmations were clarified as part of our audit.
To match the balances with banks we gathered a bank statement as of March 31, 2024. Additionally, we checked the bank
balance confirmation as of March 31, 2024, during our audit procedures to ensure the completeness of the notes to the
balance sheet with regards to collaterals and contingent liabilities.
To audit the assets and liabilities, we reviewed excerpts from the commercial register, delivery and service contracts as
well as other business records. We have requested confirmations from the Company’s lawyers on pending legal disputes.
We also requested a confirmation by the Company’s tax consultant relating to possible tax risks.
The management has provided us with all the information and evidence requested. On April 22, 2024, the management
confirmed in writing in a Company Letter of Representation that the accounting records and the Financial Statements as
per March 31, 2024, included all assets, liabilities (obligations, risks, etc.), accruals, expenses and income as reflected
on the balance sheet, all required disclosures were made, and all existing contingent liabilities were made known to us.
According to management’s statements there were no other obligations or contingent liabilities as per March 31, 2024,
requiring disclosure other than those reported in the balance sheet or in the notes to the Financial Statements.
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The management has further stated that the Management Report also contains, with regards to expected developments,
all aspects essential for the assessment of the situation of the Company as well as the disclosures required pursuant to
§ 289 HGB. No events of particular significance occurred after the end of the financial year according to this declaration
and none came to our attention during our audit.
Based on a preliminary assessment of the internal controls system, we applied the principles of materiality and efficiency
when determining the further audit procedures. Both the analytical audit procedures and individual case reviews were
therefore performed in selected samples according to type and scope, taking into account the significance of the audit
areas and the organization of the accounting system. The samples were selected in such a way that they take into account
the economic significance of the individual items in the annual financial statements and enable compliance with the
statutory accounting requirements to be sufficiently verified.
4 Findings and explanations regarding the accounting

4.1 Conformity of the Financial Statements with legal requirements
4.1.1 Accounting records and other documents audited
The internal control system established by the Company for accounting purposes is consistent with the business
purpose and the scope of business is adequately regulated with regards to the organisation and control of
processes. The accounting processes did not undergo any significant organizational changes in the reporting
period.
For the accounting software used by the Company, “DATEV Kanzlei-Rechnungswesen”, issued by DATEV eG,
Nuremberg, there exists a software certificate pursuant to IDW AuS 880 issued by the auditing company Ernst
& Young GmbH, Munich, dated February 28, 2023. According to this certificate, the software complies with
the generally accepted accounting principles and allows for accounting procedures in accordance with these
principles. In the course of our audit, we did not detect any issues that negate this finding. The additionally used
accounting software constitutes a simple IT-system. We therefore abstained from a detailed system audit.
The organization of the Company’s accounting and accounting-related internal control system enables the
complete, correct, timely and orderly recording and posting of business transactions. The chart of accounts is
clear and well-arranged. The vouchers are compliant with our audited previous years balances and conclusive
throughout the financial year.
In our opinion, the accounting and additionally audited records and the other documents comply in all material
matters with legal requirements, including the generally accepted accounting principles (or other relevant
accounting principles). The audit did not give rise to any objections.
4.1.2 Financial Statements
The Company is a medium-sized Company within the meaning of § 267 (2) HGB. These annual financial
statements as at March 31, 2024 were prepared in accordance with the applicable commercial law provisions for
medium-sized companies.
The balance sheet and income statement have been properly derived from the accounting records and the other
audited documents. The balance sheet (Appendix 1) is structured in accordance with the format of § 266 (2) and
(3) HGB. The income statement (Appendix 1.2) was prepared using the total cost method in accordance with § 275
(2) HGB.
In instances where various presentation options are available for the balance sheet or income statement, the
related disclosures are provided in the notes.
The notes to the Financial Statements comply with the legal requirements and include all necessary presentations,
classifications, explanations, and justifications with regard to the evidence, preparation of the balance sheet,
and the appraisal of the individual items of the balance sheet and the income statement as well as the other
necessary information.
Pursuant to § 286 para. 4 HGB, the Company has abstained from declaring the remuneration of the board
members. We confirm that the Company complies with the legal requirements necessary to claim this exemption.
In our opinion, the annual financial statements therefore comply in all material respects with the legal
requirements, including generally accepted accounting principles. The audit did not give rise to any objections.
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4.1.3 Management Report

The Management Report for the financial year 2023/2024 includes all required components pursuant to § 289
HGB. Concerning the Management Report appended as Appendix 1.4 we have determined the following:
• Concordant with our findings, the business performance and the position of the Company are accurately
portrayed; the Management Report is consistent with the Financial Statements and the findings of our audit.
• The Management Report complies with the statutory requirements.
• The Management Report gives a true and fair view of the Company’s position.
• The Management Report accurately portrays the material risks and opportunities of future developments.
Please refer also to Appendix 1.4 for information about the Company’s position from the management.
4.2 Overall picture conveyed by the Financial Statements
4.2.1 Economic background
The Company’s core business is the provision of services in all areas of information technology, corporate
management, digital data processing, consultancy either for one’s own account or for account of another or
in cooperation with third parties, including the support of research and development as well as distribution,
development and maintenance of computer equipment, products, software and hardware as well as distribution
of software licences of all sorts nationally and internationally. Currently, the Company is solely providing services
to Tata Consultancy Services Deutschland GmbH (TCS). These services are billed using the cost-plus-method.
4.2.2 Findings regarding the overall picture conveyed by the Financial Statements
In our opinion, based on the findings of our audit, the Financial Statements as of March 31, 2024, consisting of
the balance sheet, income statement and the notes to the Financial Statements, provide an overall true and fair
view of the Company’s net assets, financial position and results of operations in accordance with the generally
accepted accounting principles (§ 264 [2] HGB).
4.2.3 Measurement bases and grooming transactions
The Company retained the accounting and measurement methods used for the items of the balance sheet and
the income statement of the previous year. In order to maintain continuity with the previous year, the accounting
and measurement options were not exercised again.
For the presentation of the measurement bases and other transactions not included in the balance sheet, please
refer to the notes to the Financial Statements provided by the management as appended in Appendix 1.3.
During our audit, we also found no evidence of one-sided application of margins of discretion for the purpose of
a targeted manipulation of the results for the financial year or of grooming transactions taken which would have
resulted in accounting differing from the economic situation.
4.3 Analysis of the Company’s economic position
Because of the transparency of the annual Financial Statements and the additional explanations and breakdowns in
the Management Report, we have abstained from explanations and breakdowns on items of the Financial Statements
and an analysis of the assets, financial and profit situation in accordance with the order.
5 Reproduction of audit opinion and signature of audit report

Upon completion of our audit, we issued the following unqualified audit opinion for the balance sheet, statement of
income and notes to the Financial Statements (appended as Appendices 1.1 to 1.3) as well as for the Management Report
(appended as Appendix 1.4) for the financial year from April 1, 2023, to March 31, 2024, of Financial Statements of TCS
Business Services GmbH, Düsseldorf, as of March 31, 2024:
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Independent auditor’s report

To TCS Business Services GmbH, Düsseldorf:
Audit opinion
We have audited the annual Financial Statements of TCS Business Services GmbH, Düsseldorf, which comprise the balance
sheet as of March 31, 2024, the statement of income and the notes to the Financial Statements. In addition, we have audited the
Management Report of TCS Business Services GmbH, Düsseldorf, for the financial year from April 1, 2023, to March 31, 2024.
In our opinion, based on the knowledge obtained in the audit,
• the accompanying Financial Statements comply, in all material aspects, with the requirements of German commercial law
as applicable to corporations and, in compliance with these requirements, give a true and fair view of the assets, liabilities,
and financial position of the Company as of March 31, 2024 and of its financial performance for the financial year from
April 1, 2023, to March 31, 2024, and
• the accompanying Management Report as a whole provides an appropriate view of the Company’s position. In all material
aspects, this Management Report is consistent with the Financial Statements, complies with German legal requirements
and appropriately presents the opportunities and risks of future developments.
Pursuant to § 322 (3) sentence 1 HGB, we declare that our audit has not led to any reservations relating to the legal compliance
of the Financial Statements and of the Management Report.
Basis for the audit opinion

We conducted our audit of the Financial Statements and of the Management Report in accordance with § 317 HGB and in
compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der
Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Our responsibilities under those requirements and principles
are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements and of the Management
Report“ section of our auditor’s report. We are independent of the Company in accordance with the requirements of German
commercial and professional law, and we have fulfilled our German professional responsibilities in accordance with these
requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion on the Financial Statements and on the Management Report.
Responsibilities of the management for the Financial Statements and the Management Report
The management is responsible for the preparation of the Financial Statements that comply, in all material aspects, with
the requirements of German commercial law as applicable to corporations and that the Financial Statements, in compliance
with these requirements, give a true and fair view of the assets, liabilities, financial position, and financial performance of the
Company. In addition, the management are responsible for such internal controls as they have determined necessary to enable
the preparation of Financial Statements that are free from material misstatements, whether due to fraud or error.
In preparing the Financial Statements, the management is responsible for assessing the Company’s ability to continue as a
going concern. They also have the responsibility for disclosing, as applicable, matter related to going concern. In addition, they
are responsible for financial reporting based on the going concern basis of accounting unless there is an intention to liquidate
the Company or to cease operations, or there is no realistic alternative but to do so.
Furthermore, the management is responsible for the preparation of the Management Report that, as a whole, provides an
appropriate view of the Company’s position and is, in all material aspects, consistent with the Financial Statements, complies
with German legal requirements, and appropriately presents the opportunities and risks of future developments. In addition,
the management is responsible for such arrangements and measures (systems) as they have considered necessary to enable
the preparation of a Management Report that is in accordance with the applicable German legal requirements, and to be able
to provide sufficient appropriate evidence for the assertions in the Management Report.
Auditor’s Responsibilities for the Audit of the Financial Statements and of the Management Report
Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material
misstatements, whether due to fraud or error, and whether the Management Report as a whole provides an appropriate view of
the Company’s position and, in all material respects, is consistent with the Financial Statements and the knowledge obtained
in the audit, complies with the German legal requirements and appropriately presents the opportunities and risks of future
developments, as well as to issue an auditor’s report that includes our audit opinion on the Financial Statements and the
Management Report.
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Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with § 317
HGB and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut
der Wirtschaftsprüfer (IDW) will always detect a material misstatement. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions
of users taken on the basis of these Financial Statements and this Management Report.
We exercise professional judgment and maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatements of the Financial Statements and of the Management Report,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our audit opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit of the Financial Statements and of the arrangements
and measures (systems) relevant to the audit of the Management Report in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an audit opinion on the effectiveness of these
systems.
• Evaluate the appropriateness of accounting policies used by the management and the reasonableness of estimates made
by the management and related disclosures.
• Conclude on the appropriateness of the management use of the going concern basis of accounting and, based on the
doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we
are required to draw attention in the auditor’s report to the related disclosures in the Financial Statements and in the
Management Report or, if such disclosures are inadequate, to modify our respective audit opinion. Our conclusions are
the Company to cease to be able to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether
the Financial Statements present the underlying transactions and events in a manner that the Financial Statements give a
true and fair view of the assets, liabilities, financial position and financial performance of the Company in compliance with
the requirements of the German commercial law.
• Evaluate the consistency of the Management Report with the Financial Statements, its conformity with German law, and
the view of the Company’s position it provides.
• Perform audit procedures on the prospective information presented by the management in the Management Report.
On the basis of sufficient appropriate audit evidence we evaluate, in particular, the significant assumptions used
by the management as a basis for the prospective information and evaluate the proper derivation of the prospective
information from these assumptions. We do not express a separate audit opinion on the prospective information and on
the assumptions used as a basis. There is substantial unavoidable risk that future events will differ materially from the
prospective information.
We communicate with those charged with governance, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identify during the audit.
The audit opinion was issued by the signatories of this audit report on April 22, 2024. IDW AuS 400 (n. v.) “Principles for audit
opinions of Financial Statements” was observed in issuing the audit opinion.
We issue the above audit report on the Financial Statements and the Management Report as of March 31, 2024, of TCS
Business Services GmbH, Düsseldorf, in compliance with the statutory regulations as well as IDW AuS 450 (n. V.) Generally
accepted standards for the issuance of long form audit reports for the audits of Financial Statements.
The audit report was signed as follows in accordance with § 321 (5) HGB and § 32 German Public Accountants Act:
Düsseldorf, April 22, 2024 NIEHAUSPARTNER Treuhand GmbH & Co. KG

Wirtschaftsprüfungsgesellschaft
Steuerberatungsgesellschaft
Enck Evers
German Public Auditor German Public Auditor
(Wirtschaftsprüfer) (Wirtschaftsprüfer)
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Balance Sheet
(EUR) (kEUR)
As at As at
March 31, 2024 March 31, 2023
Assets
A. Fixed assets
I. Tangible fixed assets
1. Other equipment, operating and office equipment 24,975.84 32
24,975.84 32
II. Long-term financial assets 6,000,000.00 6,000
Securities kept as fixed assets 6,024,975.84 6,032
B. Current assets
I. Receivables and other assets
1. Receivables from affiliated companies 9,403,513.02 10,355
2. Other assets 825,029.15 28
10,228,542.17 10,383
II. Cash and bank balances 238,951.69 447
10,467,493.86 10,830
C. Prepaid expenses 22,873.32 110
D. Asset excess resulting from the offsetting of assets with provisions 175,223.48 0
16,690,566.50 16,972
Equity and liabilities
A. Equity
I. Subscribed capital 25,000.00 25
II. Accumulated profit brought forward 593,326.98 1,113
III. Net income/loss 1,622,072.91 -520
2,240,399.89 618
B. Provisions
1. Provisions for pensions and similar obligations 8,373,452.29 9,473
2. Tax provision 1,805,637.59 1,827
3. Other provisions 3,418,285.15 3,881
13,597,375.03 15,181
C. Liabilities
1. Trade payables 672,238.58 18
2. Other liabilities 180,553.00 1,155
- of which taxes:
146,631.40 EUR (Previous year: 1,088 kEUR)
- of which relating to social security:
13,177.15 EUR (Previous year: 13 kEUR)
- of which residual maturity of up to one year:
180,553.00 EUR (Previous year: 1,156 kEUR)
852,791.58 1,173
16,690,566.50 16,972
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Income Statement
(EUR) (kEUR)
March 31, 2024 March 31, 2023
1. Sales 14,299,835.21 16,755
2. Other operating income 14,362.99 23
- of which generated from currency conversion:
14,238.29 EUR (Previous year: 23 kEUR)
3. Gross profit 14,314,198.20 16,778
4. Personnel expenses:
a) Wages and salaries 9,847,520.27 10,522
b) Social security, post-employment and other employee benefit costs 1,698,514.91 3,300
- f which post-employment: 253,394.23 EUR (Previous year: 2,435
o
kEUR)
11,546,035.18 13,822
5. Amortisation and write-downs of intangible fixed assets and depreciation 29,374.15 26
and write-downs of tangible fixed assets
6. Other operating expenses 1,803,285.63 1,782
- f which expenses from currency conversion: 2.57 EUR (Previous year:
o
38 kEUR)
7. Operating profit 935,503.24 1,148
8. Other interest and similar income 986,305.86 27
- of which interest income from discounting provisions:
- 344,554.00 EUR (Previous year: 0 kEUR)
9. Other interest and similar expenses 3.10 751
- of which interest expenses from accumulation of pension provisions
0.00 EUR (Previous year: 296 kEUR)
10. Financial result 986,302.76 -724
11. Taxes on income 299,733.09 944
- of which expenses from increases to and dissolution of deferred taxes:
0.00 EUR (Previous year: 0 kEUR)
12. Result after tax 1,622,072.91 -520
13. Net loss/income 1,622,072.91 -520
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I. General information on the Company

The registered office TCS Business Services GmbH is in Düsseldorf. It is registered in the Commercial Register of the
Local Court (Amtsgericht) in Düsseldorf under HRB 84792.
II. General information on the content and presentation of the financial statements
The Company is a medium-sized Company within the meaning of § 267 (2) HGB.
The Financial Statements of TCS Business Services GmbH were compiled while maintaining the classification and
valuation principles of the previous year in accordance with the legal requirements for medium-sized companies by the
German Commercial Code (HGB). Additionally, the provisions of the Limited Liability Act (GmbHG) were adhered to. The
income statement was prepared according to the nature of expense method.
III. Accounting policies

The Financial Statements contain all assets, liabilities, deferred items, expenses and income in compliance with legal
requirements. Items on the assets side were not offset with items from the liabilities side, expenses were not offset with
income unless this was explicitly required pursuant to § 246 German Commercial Code.
The opening entries of the opening balance sheet were properly transferred from the previous years’ statement. The
valuation was based on the assumption of the Company’s ability as a going concern. Assets and liabilities were valued
individually.
Assets and liabilities were measured prudently, i.e. all foreseeable risks and losses which have occurred by the balance
sheet date were taken into consideration, even if these only become known between the balance sheet date and the date
of the preparation of the Financial Statements. Income was only recognized if it was realised ahead of the reporting date.
Expenses and income of the financial year were recognized regardless of the date of payment.
Property, plant and equipment are measured at cost less scheduled straight-line depreciation and unscheduled impairment
losses if permanent impairment is expected. Scheduled straightline depreciation is measured based on the estimated
operating lifespan. Tangible assets have an estimated lifespan of four years.
Financial assets were measured at cost or at a lower market value in case of expected permanent impairment.
Receivables and other assets are measured at acquisition costs. Recognizable individual risks as well as the risks of
receivables default are recognized through value adjustments. Cash and cash equivalents are measured at face value.
Expenditures/income before the balance sheet date, insofar as they constitute costs/revenue for a period following this
date, are presented as deferred items.
Provisions made for uncertain liabilities regarding pension obligations were estimated based on prudent commercial
assessment with their probable settlement value which also accounts for expected wage developments. Provisions were
made based on the projected unit credit method (PUC). Calculations were based on the guideline tables 2018 G of Dr.
Heubeck. Provisions were discounted based on the average market interest rate annual for the last ten years of 1.8
per cent (Previous year: 1.8 per cent). According to historical experience, pension adjustments of 2.00 per cent, wage
adjustments of 3.5 per cent as well as a rise of the upper limit for social security expenses of 2.5 per cent were considered.
Profit effects resulting from changes in the applied actuarial interest rate were shown within the personnel costs.
Assets that solely serve for fulfilment of pension obligations and cannot be seized by any other creditors were measured
at fair value (cover assets). Income and expenditures from these assets were netted with the expenses resulting from
provisions compounding. Additionally, these assets were charged against their underlying obligations. As this yields an
obligation surplus at the balance sheet date, the result is shown with the provisions for pensions.
Provisions for taxation and other provisions which are uncertain regarding their value and/or their date of occurrence
were measured on the basis of prudent commercial assessment at the expected settlement amount for these uncertain
liabilities.
Current liabilities are reported with their repayment or settlement amount.
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Assets and liabilities in foreign currencies with maturity dates of less than a year were measured based on the mean spot
exchange rate of the balance sheet date. All other assets and liabilities were measured either at the exchange rate on the
date of invoicing or the higher mean spot exchange rate of the balance sheet date.
Deferred taxes were recognized for amounts resulting from temporary differences between the amounts shown in the
commercial balance sheet and the tax balance sheet if these differences are expected to scale down in the following
fiscal years. An overall resulting tax burden is shown as deferred tax liabilities in the balance sheet. In case of an overall
resulting tax relief, the company does not apply the optional capitalization pursuant to § 274 (1) sentence 2 German
Commercial Code.
Pursuant to § 273 (1) sentence 3 German Commercial Code, deferred taxes are shown without offsetting.
IV. Explanatory notes on the balance sheet

The developments of the individual items of the fixed assets are shown in the statement of movements in fixed assets
(gross).
Receivables from affiliated companies result exclusively from receivables for deliveries and services.
Within the other assets, an amount of 28 kEUR (Previous year: 26 kEUR) has a maturity date of more than a year.
The amounts barred from distribution pursuant to § 268 (8) German Commercial Code amount to 1,478 kEUR and are
composed of 207 kEUR for covering of long-term work accounts and of 1,271 kEUR for covering pension obligations. The
amounts barred from distribution therefore solely result from the capitalization of covering amounts at fair value.
From the discounting of provisions for pensions at the average market interest rate of the last ten years in comparison to
the discounting at the average market interest rate of the last seven years results a difference of 132 kEUR. This difference
is barred from distribution pursuant to § 253 (6) sentence 2 German Commercial Code.
The overall amount barred from distribution amounts therefore to 1,610 kEUR.
For netting liabilities from pension obligations with amounts for cover assets, the following amounts were determined:
Settlement amount of liabilities: 18,027 kEUR
Acquisition costs of the netted assets: 8,383 kEUR
Netted assets at fair value: 9,654 kEUR
Netted expenses: 1,009 kEUR
The amount at fair value results from the end of day stock market price for the securities of the cover assets on the
balance sheet date and was measured on the basis of securities account statements.
Other provisions (3,418 kEUR) essentially comprise provisions for bonus payments (1,960 kEUR), anniversary bonuses
(998 kEUR), vacation payments (200 kEUR) and for overdue receivables (117 kEUR).
As in the previous year, all liabilities will be due within one year.
Liabilities to affiliated companies comprise solely of trade payables.
Deferred tax balances for the financial year have developed as follows:
At the Change At the end of

beginning of the financial
the financial year
year
Deferred tax assets 3,760,300.00 453,500.00 3,306,800.00
Deferred tax liabilities 2,353,400.00 -136,200.00 2,217,200.00
In accordance with § 274 (1), the resulting tax reduction is not recognized as tax asset in the balance sheet.
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V. Explanatory notes on the income statement
Other operating income in the amount of 14 kEUR (Previous year: 23 kEUR) comprises solely of income from foreign
currency translation.
Other operating expenses contain expenses from foreign currency translation in the amount of 0 kEUR (Previous year: 38
kEUR).
The amount of other interest and similar expenses contains expenses resulting from provisions compounding for pension
obligations in the amount of 345 kEUR. In the previous year, income resulting from provisions compounding for pension
obligations in the amount of 296 kEUR was shown in other interest and similar income.
The transition from net losses to net profit is calculated as follows:
Net income 1,622 kEUR

+Accumulated profit brought forward 593 kEUR
= Net profit 2,215 kEUR
VI. Other disclosures

Other financial obligations
As of 31 March 2023, the other financial obligations amount to 802 kEUR.
Members of the Company’s executive bodies
During the financial year, the Company’s business activities were managed by the following individuals:
Sapthagiri Chapalapalli
Pradeep Gaitonde
Mr. Sapthagiri Chapalapalli is responsible for Sales and Mr. Pradeep Gaitonde is responsible for Accounting and Finance.
Mr. Sapthagiri Chapalapalli is employed by Tata Consultancy Services Deutschland and Mr. Pradeep Gaitonde is employed
by Tata Consultancy Services Limited, India.
The Company made use of the protection clause pursuant to § 286 (4) German Commercial Code.
Average number of employees during the financial year
The total average number of employees amounts to 92 (Previous year: 102). The Company has only salaried employees.
Parent company
Tata Consultancy Services Limited, Mumbai, India, prepares the consolidated financial statement for the smallest group
of companies and Tata Sons Limited, Mumbai, India, prepares the consolidated financial statements for the largest group
of companies, into which Tata Consultancy Services Deutschland GmbH is respectively included.
The consolidated financial statements can be obtained from Bombay House, Mumbai, India.
The consolidated financial statements of Tata Consultancy Services Limited, Mumbai, India, are published under the
register number 11-84781 and the consolidated financial statements of Tata Sons Limited, Mumbai, India, are published
under the register number 478.
Düsseldorf, April 22, 2024
S. Chapalapalli P. Gaitonde
(Managing Director) (Managing Director)
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STATEMENT OF MOVEMENTS IN FIXED ASSETS (GROSS) AS OF 31 MARCH 2024
Costs Additions Disposals Reclassifications Costs Accumulated Disposals Amortization, Accumulated Book value Book value
amortization, depreciation amortization,
depreciation and write- depreciation and
and write- downs during write-downs
downs the financial
year
01.04.2024 31.03.2024 01.04.2023 31.03.2024 31.03.2024 31.03.2023
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
I. Tangible fixed assets
1. Other equipment, operating
and office equipment
103,528.92 22,400.00 1,243.76 0.00 124,685.16 71,221.13 885.96 29,374.15 99,709.32 24,975.84 32,307.79
Tangible fixed assets 103,528.92 22,400.00 1,243.76 0.00 124,685.16 71,221.13 885.96 29,374.15 99,709.32 24,975.84 32,307.79
II. Long-term financial assets

Securities kept as fixed assets 6,000,000.00 0.00 0.00 0.00 6,000,000.00 0.00 0.00 0.00 0.00 6,000,000.00 6,000,000.00
Financial assets 6,000,000.00 0.00 0.00 0.00 6,000,000.00 0.00 0.00 0.00 0.00 6,000,000.00 6,000,000.00
6,103,528.92 22,400.00 1,243.76 0.00 6,124,685.16 71,221.13 0.00 29,374.15 99,709.32 6,024,975.84 6,032,307.79
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TCS Business Services GmbH.
38.15
Management report for the business
I. Company profile
1. Business Model
The Company operates in the information technology market. It provides services in the areas of management
consulting and software development. It currently provides services exclusively for Tata Consultancy Services
Deutschland GmbH (TCS), which is charged using the cost-plus method.
2. Human Resources
The number of staff employed by the Company decreased from an average of 102 in the financial year 2022/2023 to an
average of 92 in the financial year 2023/2024 due to fluctuation. The Company employs all staff in Germany, of which
70 are based in Düsseldorf and 22 in Berlin. All operating costs for these employees, together with all other costs
of the Company, are charged in full to TATA Consultancy Services Deutschland GmbH at a mark-up of 7% (cost plus
method).
II. Economic report

1. General economic conditions and industry environment
The year 2023 continued to be influenced by the war in Ukraine and the renewed conflict in the Middle East. The high
inflation rate and the rise in interest rates also had an impact.
The consequences of the global crises have weighed on the German economy. According to the Federal Statistical
Office, gross domestic product recorded a slight decline of - 0.3% in 2023 (previous year: + 1.8%). By contrast,
investments in equipment developed positively. They rose by 3.0% in price-adjusted terms compared to 2022. The
labor market also remained robust. At 45.9 million, the number of people in employment in Germany in 2023 was
higher than ever before.
According to figures from the industry association Bitkom, the IT sector recorded growth of 2.2% despite the difficult
conditions. However, the growth rates of the individual sub¬segments are very different. While the volume of hardware
business fell by 5.4%, IT services recorded an increase of 5.1% and software sales rose by 9.6%.
2. Business Performance
Sales for the financial year fell by 2,455 kEUR to 14,300 kEUR compared with the financial year 2022/2023. Due to the
cost-plus method, revenues are largely dependent on the costs incurred at TCS Business Services GmbH. Due to the
decrease in the number of employees and the associated decrease in personnel costs, lower revenues than expected
were generated in the financial year. Higher interest income resulted in an increase in net income before taxes.
It increased from 424 kEUR to 1,922 kEUR. In 2023/2024, our key financial indicator revenue therefore developed
negatively and the financial performance indicator EBIT declined.
The increase in net income compared with the previous year, is mainly due to increased interest earnings in connection
with the discounting of pension provisions.
Overall, the forecast for fiscal 2022/2023 was achieved. Management considers business performance in 2022/2023
to be satisfactory.
3. Assets, liabilities, financial position and financial performance
Financial performance
Sales decreased from 16,755 kEUR to 14,300 kEUR. Due to the cost-plus method used, it is not possible to analyze
sales by product and/or region. Rather, the decrease is mainly attributable to lower personnel expenses and material
expenses. In addition, the net loss for the year is mainly influenced by increased interest expenses for additions to
pension provisions, as the cost-plus method only relates to earnings before interest and taxes (EBIT).
kEUR
As at As at
March 31, 2024 March 31, 2023
Earnings after taxes 1,622 (520)
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The development of the main types of expenses in relation to total output is shown below:
01.04.2023 - 01.04.2022 -
31.03.2024 31.03.2023
% %
Personnel expenses 81 82
Other operating expenses 13 11
Financial position
Compared to March 31, 2023, cash and cash equivalents decreased from 447 kEUR to 239 kEUR. The development of
cash and cash equivalents is largely dependent on the Group’s internal liquidity management. The Company was able
to meet its payment obligations at all times in the year under review.
Cash flow from operating activities increased from 433 kEUR in the 2022/2023 financial year to 472 kEUR in the
2023/2024 financial year. This is mainly due to the decrease in receivables from affiliated companies.
All liabilities and accruals (with the exception of pension accruals) have a short-term maturity. They account for 36.4%
of the balance sheet total.
The Company reports positive net working capital of 4,363 kEUR (previous year: 3,923 kEUR). Net working capital
comprises inventories, cash and cash equivalents, current receivables and other assets less current provisions and
liabilities.
Assets and liabilities
Assets decreased by 282 kEUR to 16,691 kEUR compared to March 31, 2023, mainly due to the decrease in receivables
from affiliated companies.
The range of trade receivables (receivables * 360 / sales) has increased from 222 days in the previous year to 237 days
in the current fiscal year. Management does not see any impairment risks, as the trade receivables are exclusively
due from a solvent sister company.
Compared to March 31, 2023, equity increased by 1,622 kEUR to 2,240 kEUR. The equity ratio amounts to 13.4%
(previous year: 3.6%). The increase in the equity ratio results from the net loss for the year.
Provisions (13,597kEUR) mainly comprise provisions for pensions (8,373 kEUR), bonus payments (1,960 kEUR),
anniversary payments (998 kEUR), vacation (200 kEUR), outstanding invoices (117 kEUR) and tax provisions (1,806
kEUR).
The decrease of 975 kEUR in other liabilities compared with the previous year is mainly due to VAT liabilities. This is
mainly due to decrease in revenue.
III. Forecast, opportunities and risks

1. Forecast
Expected general economic conditions and industry environment
In its spring forecast for 2024, the Kiel Institute for the World Economy (IfW) predicts only a moderate increase in
the global economy of 2.8% measured on a purchasing power parity basis and 3.1% for 2025. The IfW forecasts only
a modest increase in economic activity for China due to structural problems, whereas India is seen as the driving
force with growth rates of 7.0%. The IfW also sees the presidential elections in the United States as a major source of
uncertainty. An escalation of trade conflicts would have a negative impact on global economic activity.
In its spring forecast, the IfW predicts a moderate recovery for the German economy only after the spring and even
a contraction in the winter half-year. The institute expects gross domestic product to increase by just 0.1% in 2024
and 1.2% in 2025. This is 0.8% less than expected in the winter forecast. The institute sees the reasons for this as
a delayed and less dynamic recovery in private consumption and weak investments. The decline in inflation, which
is estimated at 2.3% for 2024 and 1.7% for 2025, is seen as positive. Despite the weak economic momentum, the
unemployment rate is expected to remain low (5.8% for 2024 and 5.6% for 2025). The IfW assumes that the number
of people in employment will rise again this year before declining due to demographic change.
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Business expectations in the digital economy are more optimistic again at the end of the first quarter of 2024 and
also significantly more confident than those of the economy as a whole. According to surveys conducted by Bitkom in
March, IT and telecommunications companies assess the current business situation as better than in February. With
an increase of 1.2 points to 15.5 points, the index for the current business situation is above the previous month’s
value for the first time since July 2023. Business expectations for the rest of the year have improved even more
significantly compared to February. According to calculations by Bitkom and the ifo Institute, the digital index, which
reflects the current business situation and business expectations for the next three months, stood at 6.4 points in
March, 4.8 points higher than in February.
Outlook for the company
All operating risks are borne by TCS, as the company uses the cost-plus method of accounting based on EBIT.
With regard to the number of employees, a further slight decrease in the number of employees is expected. The
development of the Company is thus largely dependent on the development of costs as well as on the development of
TCS. Therefore, the forecast of TCS is discussed in the following:
In order to achieve growth above the industry average in fiscal year 2024/25 and in subsequent years, management
plans to position its services and solutions with new customers and to develop new business areas with existing
customers, in line with the above approach. In Germany, investments were made in the TCS Enterprise Cloud and in
digital services. Both areas offer the company meaningful opportunities to develop new services and solutions. The
Company plans to continue to target the SME segment in Germany, which has proven successful and will be further
expanded.
Based on the current forecasts for the company, we expect our key figures for sales and EBIT to continue at the
current level with a corresponding impact on operating profit in 2024/2025.
2. Risk report
Industry-specific risks
Here again, reference is made to the risks of TCS. In general, customers’ willingness to invest is influenced by the
overall economic development in the respective countries or in Europe as a whole, as well as by their confidence in a
positive economic development. As the Company generates the majority of its sales in Germany, the development of
the German economy is decisive for the Company’s growth. Based on current knowledge, the Company considers the
risk to be low.
Income-related risks
Based on the cost-plus method, no significant risks are seen here, with the exception of potential interest charges in
connection with pension provisions.
Financial risks
Foreign currency risks arise in particular from the conclusion of transactions in US dollars and other foreign
currencies. A weakening of the dollar or other foreign currencies against the euro could therefore lead to foreign
currency losses. The risk is considered to be low. The interest rate risks arising from pension commitments are to be
offset by covering them with securities.
Reference is again made here to the financial risks of TCS:
At TCS, default and liquidity risks are limited by the selection of customers and close cooperation in payment
transactions between sales and administration within the framework of a functioning dunning system. TCS has a
solvent and creditworthy customer base. Bad debt losses are the absolute exception. In addition, there is a long-
standing cooperation with the majority of customers. In this respect, we consider the financial risk of a liquidity
bottleneck, in particular due to possible late payments to us by our sister company TCS, to be low.
Management does not see any risks that could jeopardize the Company’s ability to continue as a going concern.
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3. Opportunities
TCS forecasts are again used for the opportunities report:
TCS’ ability to generate growth and maintain economic momentum is linked to its ability to consistently meet
customers’ ever-changing business needs and help them transform by deploying new digital technologies in their
businesses. The supplier consolidation offers opportunities and new services and solutions such as S4 HANA,
public cloud and cyber¬security services and solutions continue to offer good growth opportunities on the market.
In addition, new business areas are to be developed, expanded and marketed to both new and existing customers
(including German SMEs). Based on current knowledge, TCS assesses the opportunities as medium.
Frankfurt am Main, April 22, 2024
S. Chapalapalli Pradeep Gaitonde

(Manager) (Manager)
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Allgemeine Auftragsbedingungen
1. Geltungsbereich
(1) Die Auftragsbedingungen gelten für Verträge zwischen Wirtschafts- prüferinnen, Wirtschaftsprüfern oder
Wirtschaftsprüfungsgesellschaften (im Nachstehenden zusammenfassend „Wirtschaftsprüfer“ genannt) und ihren
Auftraggebern über Prüfungen, Steuerberatung, Beratungen in wirtschaftlichen Angelegenheiten und sonstige
Aufträge, soweit nicht etwas anderes ausdrücklich in Textform vereinbart oder gesetzlich zwingend vorgeschrieben
ist.
(2) Dritte können nur dann Ansprüche aus dem Vertrag zwischen Wirtschaftsprüfer und Auftraggeber herleiten, wenn
dies vereinbart ist oder sich aus zwingenden gesetzlichen Regelungen ergibt. Im Hinblick auf solche Ansprüche gelten
diese Auftragsbedingungen auch diesen Dritten gegenüber. Einreden und Einwendungen aus dem Vertragsverhältnis
mit dem Auftraggeber stehen dem Wirtschaftsprüfer auch gegenüber Dritten zu.
2. Umfang und Ausführung des Auftrags

(1) Gegenstand des Auftrags ist die vereinbarte Leistung, nicht ein bestimmter wirtschaftlicher Erfolg. Der Auftrag
wird nach den Grundsätzen ordnungsmäßiger Berufsausübung ausgeführt. Der Wirtschaftsprüfer übernimmt
im Zusammenhang mit seinen Leistungen keine Aufgaben der Geschäftsführung. Der Wirtschaftsprüfer ist für
die Nutzung oder Umsetzung der Ergebnisse seiner Leistungen nicht verantwortlich. Der Wirtschaftsprüfer ist
berechtigt, sich zur Durchführung des Auftrags sachverständiger Personen zu bedienen.
(2) Die Berücksichtigung ausländischen Rechts bedarf – außer bei betriebswirtschaftlichen Prüfungen – der
ausdrücklichen Vereinbarung in Textform.
(3) Ändert sich die Sach- oder Rechtslage nach Abgabe der abschließenden beruflichen Äußerung, so ist der
Wirtschaftsprüfer nicht verpflichtet, den Auftraggeber auf Änderungen oder sich daraus ergebende Folge- rungen
hinzuweisen.
3. Mitwirkungspflichten des Auftraggebers

(1) Der Auftraggeber hat dafür zu sorgen, dass dem Wirtschaftsprüfer alle für die Ausführung des Auftrags
notwendigen Unterlagen und weiteren Informationen rechtzeitig übermittelt werden und ihm von allen Vorgängen
und Umständen Kenntnis gegeben wird, die für die Ausführung des Auftrags von Bedeutung sein können. Dies gilt
auch für die Unterlagen und weiteren Informationen, Vorgänge und Umstände, die erst während der Tätigkeit des
Wirtschaftsprüfers bekannt werden. Der Auftragge- ber wird dem Wirtschaftsprüfer geeignete Auskunftspersonen
benennen.
(2) Auf Verlangen des Wirtschaftsprüfers hat der Auftraggeber die Vollständigkeit der vorgelegten Unterlagen und der
weiteren Informationen sowie der gegebenen Auskünfte und Erklärungen in einer vom Wirtschaftsprüfer formulierten
Erklärung in gesetzlicher Schriftform oder einer sonstigen vom Wirtschaftsprüfer bestimmten Form zu bestätigen.
4. Sicherung der Unabhängigkeit

(1) Der Auftraggeber hat alles zu unterlassen, was die Unabhängigkeit der Mitarbeiter des Wirtschaftsprüfers gefährdet.
Dies gilt für die Dauer des Auftragsverhältnisses insbesondere für Angebote auf Anstellung oder Übernahme von
Organfunktionen und für Angebote, Aufträge auf eigene Rechnung zu übernehmen.
(2) Sollte die Durchführung des Auftrags die Unabhängigkeit des Wirtschaftsprüfers, die der mit ihm verbundenen
Unternehmen, seiner Netzwerkunternehmen oder solcher mit ihm assoziierten Unternehmen, auf die die
Unabhängigkeitsvorschriften in gleicher Weise Anwendung finden wie auf den Wirtschaftsprüfer, in anderen
Auftragsverhältnissen beeinträchtigen, ist der Wirtschaftsprüfer zur außerordentlichen Kündigung des Auftrags
berechtigt.
5. Berichterstattung und mündliche Auskünfte

Soweit der Wirtschaftsprüfer Ergebnisse im Rahmen der Bearbeitung des Auftrags in gesetzlicher Schriftform oder
Textform darzustellen hat, ist allein diese Darstellung maßgebend. Entwürfe solcher Darstellungen sind unverbindlich.
Sofern nicht anders gesetzlich vorgesehen oder vertraglich vereinbart, sind mündliche Erklärungen und Auskünfte
des Wirtschaftsprüfers nur dann verbindlich, wenn sie in Textform bestätigt werden. Erklärungen und Auskünfte des
Wirtschaftsprüfers außerhalb des erteilten Auftrags sind stets unverbindlich.
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6. Weitergabe einer beruflichen ÄuSSerung des Wirtschaftsprüfers

(1) Die Weitergabe beruflicher Äußerungen des Wirtschaftsprüfers (Arbeitsergebnisse oder Auszüge von
Arbeitsergebnissen – sei es im Entwurf oder in der Endfassung) oder die Information über das Tätigwerden des
Wirtschaftsprüfers für den Auftraggeber an einen Dritten bedarf der in Textform erteilten Zustimmung des
Wirtschaftsprüfers, es sei denn, der Auftraggeber ist zur Weitergabe oder Information aufgrund eines Gesetzes oder
einer behördlichen Anordnung verpflichtet.
(2) Die Verwendung beruflicher Äußerungen des Wirtschaftsprüfers und die Information über das Tätigwerden des
Wirtschaftsprüfers für den Auftraggeber zu Werbezwecken durch den Auftraggeber sind unzulässig.
7. Mängelbeseitigung
(1) Bei etwaigen Mängeln hat der Auftraggeber Anspruch auf Nacherfüllung durch den Wirtschaftsprüfer. Nur bei
Fehlschlagen, Unterlassen bzw. unberechtigter Verweigerung, Unzumutbarkeit oder Unmöglichkeit der Nacherfüllung
kann er die Vergütung mindern oder vom Vertrag zurücktreten; ist der Auftrag nicht von einem Verbraucher erteilt
worden, so kann der Auftraggeber wegen eines Mangels nur dann vom Vertrag zurücktreten, wenn die erbrachte
Leistung wegen Fehlschlagens, Unterlassung, Unzumutbarkeit oder Unmöglichkeit der Nacherfüllung für ihn ohne
Interesse ist. Soweit darüber hinaus Schadensersatzansprüche bestehen, gilt Nr. 9.
(2) Ein Nacherfüllungsanspruch aus Abs. 1 muss vom Auftraggeber unverzüglich in Textform geltend gemacht
werden. Nacherfüllungsansprü- che nach Abs. 1, die nicht auf einer vorsätzlichen Handlung beruhen, ver-
jähren nach Ablauf eines Jahres ab dem gesetzlichen Verjährungsbeginn. (3) Offenbare Unrichtigkeiten, wie z.B.
Schreibfehler, Rechenfehler und formelle Mängel, die in einer beruflichen Äußerung (Bericht, Gutachten und dgl.)
des Wirtschaftsprüfers enthalten sind, können jederzeit vom Wirtschaftsprüfer auch Dritten gegenüber berichtigt
werden. Unrichtigkeiten, die geeignet sind, in der beruflichen Äußerung des Wirtschaftsprüfers enthaltene Ergebnisse
infrage zu stellen, berechtigen diesen, die Äußerung auch Dritten gegenüber zurückzunehmen. In den vorgenannten
Fällen ist der Auftraggeber vom Wirtschaftsprüfer tunlichst vorher zu hören.
8. Schweigepflicht gegenüber Dritten, Datenschutz

(1) Der Wirtschaftsprüfer ist nach Maßgabe der Gesetze (§ 323 Abs. 1 HGB, § 43 WPO, § 203 StGB) verpflichtet, über
Tatsachen und Umstände, die ihm bei seiner Berufstätigkeit anvertraut oder bekannt werden, Stillschweigen zu
bewahren, es sei denn, dass der Auftraggeber ihn von dieser Schweigepflicht entbindet.
(2) Der Wirtschaftsprüfer wird bei der Verarbeitung von personenbezogenen Daten die nationalen und europarechtlichen
Regelungen zum Datenschutz beachten.
9. Haftung
(1) Für gesetzlich vorgeschriebene Leistungen des Wirtschaftsprüfers, insbesondere Prüfungen, gelten die jeweils
anzuwendenden gesetzlichen Haftungsbeschränkungen, insbesondere die Haftungsbeschränkung des § 323 Abs. 2
HGB.
(2) Sofern weder eine gesetzliche Haftungsbeschränkung Anwendung findet noch eine einzelvertragliche
Haftungsbeschränkung besteht, ist der Anspruch des Auftraggebers aus dem zwischen ihm und dem Wirtschafts-
prüfer bestehenden Vertragsverhältnis auf Ersatz eines fahrlässig verursachten Schadens, mit Ausnahme von
Schäden aus der Verletzung von Leben, Körper und Gesundheit sowie von Schäden, die eine Ersatzpflicht des
Herstellers nach § 1 ProdHaftG begründen, gemäß § 54a Abs. 1 Nr. 2 WPO auf 4 Mio. € beschränkt. Gleiches gilt für
Ansprüche, die Dritte aus oder im Zusammenhang mit dem Vertragsverhältnis gegenüber dem Wirtschaftsprüfer
geltend machen.
(3) Leiten mehrere Anspruchsteller aus dem mit dem Wirtschaftsprüfer bestehenden Vertragsverhältnis Ansprüche
aus einer fahrlässigen Pflichtverletzung des Wirtschaftsprüfers her, gilt der in Abs. 2 genannte Höchstbetrag für die
betreffenden Ansprüche aller Anspruchsteller insgesamt.
(4) Der Höchstbetrag nach Abs. 2 bezieht sich auf einen einzelnen Schadensfall. Ein einzelner Schadensfall ist auch
bezüglich eines aus mehreren Pflichtverletzungen stammenden einheitlichen Schadens gegeben. Der einzelne
Schadensfall umfasst sämtliche Folgen einer Pflichtverletzung ohne Rücksicht darauf, ob Schäden in einem oder
in mehreren aufeinanderfolgenden Jahren entstanden sind. Dabei gilt mehrfaches auf gleicher oder gleichartiger
Fehlerquelle beruhendes Tun oder Unterlassen als einheitliche Pflichtverletzung, wenn die betreffenden
Angelegenheiten miteinander in rechtlichem oder wirtschaftlichem Zusammenhang stehen. In diesem Fall kann der
Wirtschaftsprüfer nur bis zur Höhe von 5 Mio. € in Anspruch genommen werden.
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(5) Ein Schadensersatzanspruch erlischt, wenn nicht innerhalb von sechs Monaten nach der in Textform erklärten
Ablehnung der Ersatzleistung Klage erhoben wird und der Auftraggeber auf diese Folge hingewiesen wurde. Dies gilt
nicht für Schadensersatzansprüche, die auf vorsätzliches Verhalten zurückzuführen sind, sowie bei einer schuldhaften
Verletzung von Leben, Körper oder Gesundheit sowie bei Schäden, die eine Ersatzpflicht des Herstellers nach § 1
ProdHaftG begründen. Das Recht, die Einrede der Verjährung geltend zu machen, bleibt unberührt.
(6) § 323 HGB bleibt von den Regelungen in Abs. 2 bis 5 unberührt.
10. Ergänzende Bestimmungen für Prüfungsaufträge

(1) Ändert der Auftraggeber nachträglich den durch den Wirtschaftsprüfer geprüften und mit einem Bestätigungsvermerk
versehenen Abschluss oder Lagebericht, darf er diesen Bestätigungsvermerk nicht weiterverwenden.
Hat der Wirtschaftsprüfer einen Bestätigungsvermerk nicht erteilt, so ist ein Hinweis auf die durch den
Wirtschaftsprüfer durchgeführte Prüfung im Lagebericht oder an anderer für die Öffentlichkeit bestimmter Stelle
nur mit in gesetzlicher Schriftform erteilter Einwilligung des Wirtschaftsprüfers und mit dem von ihm genehmigten
Wortlaut zulässig.
(2) Widerruft der Wirtschaftsprüfer den Bestätigungsvermerk, so darf der Bestätigungsvermerk nicht weiterverwendet
werden. Hat der Auftraggeber den Bestätigungsvermerk bereits verwendet, so hat er auf Verlangen des
Wirtschaftsprüfers den Widerruf bekanntzugeben.
(3) Der Auftraggeber hat Anspruch auf fünf Berichtsausfertigungen. Weitere Ausfertigungen werden besonders in
Rechnung gestellt.
11. Ergänzende Bestimmungen für Hilfeleistung in Steuersachen

(1) Der Wirtschaftsprüfer ist berechtigt, sowohl bei der Beratung in steuerlichen Einzelfragen als auch im Falle der
Dauerberatung die vom Auftraggeber genannten Tatsachen, insbesondere Zahlenangaben, als richtig und vollständig
zugrunde zu legen; dies gilt auch für Buchführungsaufträge. Er hat jedoch den Auftraggeber auf von ihm festgestellte
wesentliche Unrichtigkeiten hinzuweisen.
(2) Der Steuerberatungsauftrag umfasst nicht die zur Wahrung von Fristen erforderlichen Handlungen, es sei denn,
dass der Wirtschaftsprüfer hierzu ausdrücklich den Auftrag übernommen hat. In diesem Fall hat der Auftraggeber
dem Wirtschaftsprüfer alle für die Wahrung von Fristen wesentlichen Unterlagen, insbesondere Steuerbescheide, so
rechtzeitig vorzulegen, dass dem Wirtschaftsprüfer eine angemessene Bearbeitungszeit zur Verfügung steht.
(3) Mangels einer anderweitigen Vereinbarung in Textform umfasst die laufende Steuerberatung folgende, in die
Vertragsdauer fallenden Tätigkeiten:
a) Ausarbeitung und elektronische Übermittlung der Jahressteuererklärungen, einschließlich E-Bilanzen, für
die Einkommensteuer, Körperschaftsteuer und Gewerbesteuer, und zwar auf Grund der vom Auftraggeber
vorzulegenden Jahresabschlüsse und sonstiger für die Besteuerung erforderlichen Aufstellungen und
Nachweise
b) Nachprüfung von Steuerbescheiden zu den unter a) genannten Steuern c) Verhandlungen mit den Finanzbehörden
im Zusammenhang mit den unter a) und b) genannten Erklärungen und Bescheiden
d) Mitwirkung bei Betriebsprüfungen und Auswertung der Ergebnisse von Betriebsprüfungen hinsichtlich der
unter a) genannten Steuern
e) Mitwirkung in Einspruchs- und Beschwerdeverfahren hinsichtlich der unter a) genannten Steuern.
Der Wirtschaftsprüfer berücksichtigt bei den vorgenannten Aufgaben die wesentliche veröffentlichte Rechtsprechung
und Verwaltungsauffassung.
(4) Erhält der Wirtschaftsprüfer für die laufende Steuerberatung ein Pauschalhonorar, so sind mangels anderweitiger
Vereinbarungen in Textform die unter Abs. 3 Buchst. d) und e) genannten Tätigkeiten gesondert zu honorieren.
(5) Sofern der Wirtschaftsprüfer auch Steuerberater ist und die Steuerberatervergütungsverordnung für die Bemessung
der Vergütung anzuwenden ist, kann eine höhere oder niedrigere als die gesetzliche Vergütung in Textform vereinbart
werden.
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(6) Die Bearbeitung besonderer Einzelfragen der Einkommensteuer, Körperschaftsteuer, Gewerbesteuer und
Einheitsbewertung sowie aller Fragen der Umsatzsteuer, Lohnsteuer, sonstigen Steuern und Abgaben erfolgt auf
Grund eines besonderen Auftrags. Dies gilt auch für
a) die Bearbeitung einmalig anfallender Steuerangelegenheiten, z.B. auf dem Gebiet der Erbschaftsteuer und
Grunderwerbsteuer,
b) die Mitwirkung und Vertretung in Verfahren vor den Gerichten der Finanz- und der Verwaltungsgerichtsbarkeit
sowie in Steuerstrafsachen,
c) die beratende und gutachtliche Tätigkeit im Zusammenhang mit Umwandlungen, Kapitalerhöhung und
-herabsetzung, Sanierung, Eintritt und Ausscheiden eines Gesellschafters, Betriebsveräußerung, Liquidation
und dergleichen und
d) die Unterstützung bei der Erfüllung von Anzeige- und Dokumentationspflichten.
(7) Soweit auch die Ausarbeitung der Umsatzsteuerjahreserklärung als zusätzliche Tätigkeit übernommen wird,
gehört dazu nicht die Überprüfung etwaiger besonderer buchmäßiger Voraussetzungen sowie die Frage, ob alle in
Betracht kommenden umsatzsteuerrechtlichen Vergünstigungen wahrgenommen worden sind. Eine Gewähr für die
vollständige Erfassung der Unterlagen zur Geltendmachung des Vorsteuerabzugs wird nicht übernommen.
12. Elektronische Kommunikation

Die Kommunikation zwischen dem Wirtschaftsprüfer und dem Auftraggeber kann auch per E-Mail erfolgen. Soweit der
Auftraggeber eine Kommunikation per E-Mail nicht wünscht oder besondere Sicherheitsanforderungen stellt, wie etwa
die Verschlüsselung von E-Mails, wird der Auftraggeber den Wirtschaftsprüfer entsprechend in Textform informieren.
13. Vergütung
(1) Der Wirtschaftsprüfer hat neben seiner Gebühren- oder Honorarforderung Anspruch auf Erstattung seiner Auslagen;
die Umsatzsteuer wird zusätzlich berechnet. Er kann angemessene Vorschüsse auf Vergütung und Auslagenersatz
verlangen und die Auslieferung seiner Leistung von der vollen Befriedigung seiner Ansprüche abhängig machen.
Mehrere Auftraggeber haften als Gesamtschuldner.
(2) Ist der Auftraggeber kein Verbraucher, so ist eine Aufrechnung gegen Forderungen des Wirtschaftsprüfers auf
Vergütung und Auslagenersatz nur mit unbestrittenen oder rechtskräftig festgestellten Forderungen zulässig.
14. Streitschlichtungen
Der Wirtschaftsprüfer ist nicht bereit, an Streitbeilegungsverfahren vor einer Verbraucherschlichtungsstelle im Sinne des
§ 2 des Verbraucherstreitbeilegungsgesetzes teilzunehmen.
15. Anzuwendendes Recht

Für den Auftrag, seine Durchführung und die sich hieraus ergebenden Ansprüche gilt nur deutsches Recht.
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TCS Technology Solutions GmbH.
REPORT ON THE AUDIT OF
THE ANNUAL FINANCIAL STATEMENTS
AND THE MANAGEMENT REPORT
For the financial year ended
December 31, 2023
TCS Technology Solutions GmbH. 39.1
CONTENTS PAGE
Balance sheet 39.5
Statement of profit and loss 39.6

39.2 TCS Technology Solutions GmbH.

To the TCS Technology Solutions GmbH, Bonn
Audit Opinion on the Annual Financial Statements and the Qualified Audit Opinion on the Management
Report
We have audited the annual financial statements of TCS Technology Solutions GmbH, Bonn, which comprise the balance
sheet as at 31 December 2023, and the statement of profit and loss for the financial year from 1 January 2023 to
31 December 2022, and notes to the financial statements, including the presentation of the recognition and measurement
policies. In addition, we have audited the management report of TCS Technology Solutions GmbH, Bonn, for the financial
year from 1 January 2023 to 3. In accordance with the German legal requirements, we have not audited the content of the
statement on corporate governance pursuant to section 289f paragraph 4 HGB [Handelsgesetzbuch: German Commercial
Code] (disclosures on the quota for women on executive boards).
In our opinion, on the basis of the knowledge obtained in the audit,
• the accompanying annual financial statements comply, in all material respects, with the require¬ments of German
commercial law applicable to business corporations and give a true and fair view of the assets, liabilities and financial
position of the Company as at 31 December 2023 and of its financial performance for the financial year from 1 January
2023 to 31 December 2023 in compliance with German Legally Required Accounting Principles, and
• except for the effects of the matter described in the “Basis for the Qualified Audit Opinions” section of our report, the
accompanying management report as a whole provides an appropriate view of the Company’s position. Except for the
effects of this matter, in all material respects, this management report is consistent with the annual financial statements,
complies with German legal requirements and appropriately presents the opportunities and risks of future development.
Our audit opinion on the management report does not cover the content of the statement on corporate governance referred
to above.
Pursuant to section 322 paragraph 3 sentence 1 HGB, we declare that, except for the qualifications of the audit opinion on the
management report noted, our audit has not led to any reservations relating to the legal compliance of the annual financial
statements and of the management report.
Basis for the Audit Opinion on the Annual Financial Statements and the Qualified Audit Opinion on the
Management Report
Contrary to § 289f para. 4 in conjunction with para. para. 2 no. 4 of the HGB the Corporate Governance Statement in the
management report does not include information on the quota of women on the Supervisory Board, the Managing Directors
and the two management levels below the Managing Directors.
We conducted our audit of the annual financial statements and of the management report in accordance with section 317 HGB
and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der
Wirtschaftsprufer [Institute of Public Auditors in Germany] (IDW). Our responsibilities under those requirements and principles
are further described in the “Auditor’s Responsibilities for the Audit of the Annual Financial Statements and of the Management
Report” section of our auditor’s report. We are independent of the Company in accordance with the requirements of German
commercial and professional law, and we have fulfilled our other German professional responsibilities in accordance with
these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion on the annual financial statements and our qualified opinion on the management report.
Other Information
The legal representatives are responsible for the other information. The other information comprises the corporate governance
statement pursuant to section 289f (4) of the German Commercial Code (HGB) (disclosures on the proportion of women).
Our audit opinions on the financial statements and the management report do not cover the other in¬formation and, accordingly,
we do not express an opinion or any other form of assurance conclusion thereon.
In connection with our audit, our responsibility is to read the other information referred to above and, in doing so, consider
whether the other information is
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• materially inconsistent with the financial statements, the content of the management report or our knowledge obtained in
the audit, or
• otherwise appears to be materially misstated.
If, based on our work, we conclude that there is a material misstatement of such other information, we are required to report
that fact. As described in the section “Basis for the audit opinion on the annual financial statements and for the qualified
audit opinion on the management report”, contrary to section 289f para. 4 in conjunction with. (2) no. 4 HGB, the Corporate
Governance Statement included in the management report does not disclose the women’s quota for the Supervisory Board,
the Managing Directors and the two management levels below the Managing Directors. We have concluded that, for the
same reason, there are material misstatements in the Corporate Governance Statement pursuant to section 289f (4) HGB
(information on the women’s quota).
Responsibilities of the Executive Directors and the Supervisory Board for the Annual Financial
Statements and the Management Report
The executive directors are responsible for the preparation of the annual financial statements that comply, in all material
respects, with the requirements of German commercial law applicable to business corporations, and that the annual financial
statements give a true and fair view of the assets, liabilities, financial position and financial performance of the Company in
compliance with German Legally
Required Accounting Principles. In addition, the executive directors are responsible for such internal control as they, in
accordance with German Legally Required Accounting Principles, have determined necessary to enable the preparation of
annual financial statements that are free from material misstatement, whether due to fraud (i.e., fraudulent financial reporting
and misappropriation of assets) or error.
In preparing the annual financial statements, the executive directors are responsible for assessing the Company’s ability to
continue as a going concern. They also have the responsibility for disclosing, as applicable, matters related to going concern.
In addition, they are responsible for financial reporting based on the going concern basis of accounting, provided no actual or
legal circumstances conflict therewith.
Furthermore, the executive directors are responsible for the preparation of the management report that as a whole provides
an appropriate view of the Company’s position and is, in all material respects, consistent with the annual financial statements,
complies with German legal requirements, and appropriately presents the opportunities and risks of future development. In
addition, the executive directors are responsible for such arrangements and measures (systems) as they have considered
necessary to enable the preparation of a management report that is in accordance with the applicable German legal
requirements, and to be able to provide sufficient appropriate evidence for the assertions in the management report.
The supervisory board is responsible for overseeing the Company’s financial reporting process for the preparation of the
annual financial statements and of the management report.
Auditor’s Responsibilities for the Audit of the Annual Financial Statements and of the Management
Report
Our objectives are to obtain reasonable assurance about whether the annual financial statements as a whole are free from
material misstatement, whether due to fraud or error, and whether the management report as a whole provides an appropriate
view of the Company’s position and, in all material respects, is consistent with the annual financial statements and the
knowledge obtained in the audit, complies with the German legal requirements and appropriately presents the opportunities
and risks of future development, as well as to issue an auditor’s report that includes our audit opinions on the annual financial
statements and on the management report.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with section
317 HGB and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the
Institut der Wirtschaftsprufer (IDW) will always detect a material misstatement. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these annual financial statements and this management report.
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We exercise professional judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the annual financial statements and of the management report,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our audit opinions. The risk of not detecting a material misstatement
resulting from fraud is higher than the risk of not detecting a material misstatement resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.
• Obtain an understanding of internal control relevant to the audit of the annual financial statements and of arrangements
and measures (systems) relevant to the audit of the management report in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an audit opinion on the effectiveness of these
systems of the Company.
• Evaluate the appropriateness of accounting policies used by the executive directors and the reasonableness of estimates
made by the executive directors and related disclosures.
• Conclude on the appropriateness of the executive directors’ use of the going concern basis of accounting and, based on
required to draw attention in the auditor’s report to the related disclosures in the annual financial statements and in the
management report or, if such disclosures are inadequate, to modify our respective audit opinions. Our conclusions are
the Company to cease to be able to continue as a going concern.
• Evaluate the overall presentation, structure and content of the annual financial statements, including the disclosures,
and whether the annual financial statements present the underlying transactions and events in a manner that the annual
financial statements give a true and fair view of the assets, liabilities, financial position and financial performance of the
Company in compliance with German Legally Required Accounting Principles.
• Evaluate the consistency of the management report with the annual financial statements, its conformity with German law,
and the view of the Company’s position it provides.
• Perform audit procedures on the prospective information presented by the executive directors in the management report.
On the basis of sufficient appropriate audit evidence we evaluate, in particular, the significant assumptions used by the
executive directors as a basis for the prospective information, and evaluate the proper derivation of the prospective
information from these assumptions. We do not express a separate audit opinion on the prospective information and on
the assumptions used as a basis. There is a substantial unavoidable risk that future events will differ materially from the
prospective information.
audit and significant audit findings, including any significant deficiencies in in¬ternal control that we identify during our audit.
Grant Thornton AG
Wirtschaftsprufungsgesellschaft
Matthias Koch Ralf Clemens

Wirtschaftsprufer [German Public Auditor] Wirtschaftsprufer [German Public Auditor]
Dusseldorf, 26 April 2024
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Balance Sheet
Amount in EUR
As at As at
Assets
A. Fixed Assets
1. Intangible Assets
1. Acquired concessions, industrial property rights and similar 706,847.25 681,838.33
rights and assets, as well as licences in such rights and assets
2. Advance payments 0.00 731,000.00
706,847.25 1,412,838.33
II. Tangible Assets
1. Technical equipment and machinery 1,534,471.94 3,160,149.06
2. Other equipment, factory and office equipment 1,028,660.76 1,127,058.76
3. Advance payments and assets under construction 1,440,335.13 983,821.93
4,003,467.83 5,271,029.75
4,710,315.08 6,683,868.08
B.Current Assets
I. Inventories
Raw materials and supplies 92,246.29 92,246.29
II. Receivables and other assets
1. Trade receivables 13,557,547.95 32,564,826.58
2. Receivables from affiliated companies 2,323,054.59 1,029,014.02
3. Other assets 2,705,013.71 2,990,161.21
III Cash at bank 99,689,231.19 106,274,894.00
118,367,093.73 142,951,142.10
C. Prepaid expenses 8,327,200.68 8,908,176.70
D. Difference from offsetting assets 1,323,406.73 0.00
132,728,016 22 158,543,186.88
A. Equity
I. Share capital 3,250,000.00 3,250,000 00
II. Capital reserves 118,922,728.71 118,922,728.71
III. Retained profits brought forward 8,597,518.98 8,597,518.98
IV. Loss for the previous period -46,627,442.96 -39,047,275.29
V. Loss for the period 7,926,230.18 -7,580,167.67
92,089,034.91 84,142,804.73
B. Provisions
1. Provisions for pensions 0.00 3,465,011.27
2. Provisions for taxes 5,535,999.29 8,022,709.85
3. Other provisions 15,883,110.02 32,845,695.61
21,219,109.31 44,333,416.73
C. Liabilities
1 Trade payables (thereof with a maturity of up to one year € 14,530,869.47 17,175,475.26
14.530,859,47; prior vear T€ 17.175
2. Other liabilities (thereof from taxes € 2.519.084,80; prior year T€ 7.893) 4,909,012.53 12,891,490 16
(thereof with a maturitv of upto one vear €4.909.012 53: prior year T€
12 891)
19,438,872.00 30,066,965.42
132,728,016.22 158,543,186.88
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Statements of Profit and Loss

1. Revenue 187,594,877.26 231,888,423.80
2. Other operating income 4,437,542.67 3,254,533.41
3. Cost of materials
a) Cost of raw materials, consumables and supplies, and of purchased -256,853.36 -108,983.55
merchandise
b) Cost of purchased services -69,866,783.50 -76,051,604.54

-70,123,636.86 - 76,160,588.09
4. Personnel expenses
a) Wages and salaries -92,728,018.22 -100,229,172.19
b) Social security, post-employment and other employee benefit costs -16,711,565.69 -24,908,433.78
(thereof post-employment cost €1.156.091,17; prior year T€ 7.782)
-109,439,583.91 -125,137,605.97
5. Amortization and write-downs of intangible assets and depreciation and -3,268,723.39 -4,495,810.57
write-downs of property, plant and equipment
6. Other operating expenses -10,378,127.66 -15,018,840.79
7. Other interest and similar income 8,242,888.71 122,190.01
8. Interest and similar expenses -1,257,953.00 -14,994,269.47
9. Taxes on income 2,118,946.36 -7,038,200.00
10. Earnings after taxes 7,926,230.18 -7,580,167.67
11. Income from the assumption of losses 0.00 0.00
12. Expenses from profit transfer 0.00 0.00
13. Loss for the financial period 7,926,230.18 -7,580,167.67
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Notes forming part of the Financial Statement

I. GENERAL NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2023
TCS Technology Solutions GmbH, Bonn (TCS GmbH; formerly TCS Technology Solutions AG), was entered in the Commercial
Register at Bonn Local Court on 13 April 2023 under the number HRB 27943 (until 13 April 2023 HRB 8867).
These financial statements have been prepared in accordance with the provisions of the Third Book of the German
Commercial Code. (Handelsgesetzbuch, “HGB”).
The company is a large corporation according to the criteria of Section 267 (3) HGB.
The income statement has been prepared using the expense method.
The fiscal year corresponds to the calendar year.
II. INFORMATION ON SHAREHOLDINGS

The share capital of TCS GmbH of EUR 3,250,000 is held 100 % by Tata Consultancy Services Netherlands B.V., Amsterdam,
Netherlands (TCS).
For the smallest group, Tata Consultancy Services Limited, Mumbai, India, and for the largest group, Tata Sons Limited,
Mumbai, India, each prepares consolidated financial statements in which TCS GmbH is included.
The consolidated financial statements are available at Bombay House, Mumbai, India. The consolidated financial
statements of Tata Consultancy Services Limited, Mumbai, India, are published under registration number 11-84781, and
the consolidated financial statements of Tata Sons Limited, Mumbai, India, under registration number 478.
III. ACCOUNTING AND VALUATION METHODS

Intangible assets purchased against payment are valuated at acquisition cost less straight-line depreciation. In the year
of acquisition, an asset is depreciated pro rata temporis. The useful life is generally set to five years.
Property, plant and equipment are valued at acquisition cost less scheduled straight-line depreciation.
Depreciation in 2023 is based on the following definitions for useful life:
Years
Data processing units 4.5
Telecommunications equipment 5
Operating equipment 6
Office equipment 10
The fixed value method is used to value inventories pursuant to Section 240 para. 3 HGB. The last physical inventory was
conducted in fiscal year 2018.
Receivables and other assets are measured at nominal value.
Cash and bank balances
As of the reporting date, TCS GmbH had bank balances in the amount of TEUR 99,689, which are reported at nominal
value.
Prepaid expenses are recognized pursuant to Section 250 para.1 HGB for expenses incurred prior to the balance sheet
date, which represent expenditure for a certain period after the balance sheet date.
Obligations arising from pensions and similar obligations at TCS GmbH are secured against insolvency through cover
assets at Metzler Trust e.V., Frankfurt am Main. The asset-side difference from offsetting of assets shows the asset-side
surplus from offsetting the cover assets against provisions for pensions and similar obligations. Cover assets, serving
exclusively to meet liabilities arising from pensions and similar obligations and are not accessible to all other creditors,
are measured at fair value pursuant to Section 253 para. 1 sent. 4 HGB and offset against pension obligations pursuant to
246 para. 2 sent. 2 and 3 HGB.
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Provisions for pensions and similar obligations are valued pursuant to actuarial principles (modified guideline tables 2018
G by Dr. Klaus Heubeck) based on an assumed interest rate of 1.83%, a salary dynamic of 2.80% and an adjustment rate
for pensions of 2.20% p.a.. The projected unit credit method is used as the valuation method.
The difference resulting from the valuation of pension obligations using the actuarial interest rate based on the 10-year
average and the valuation using the 7-year average is subject to the distribution ban as per Section 253 para. 6 HGB (see
chapter VI 2. Distribution ban).
For discounting purposes, TCS GmbH uses the actuarial interest rate determined and published by the Deutsche
Bundesbank, which results from an assumed remaining term of 15 years.
Equity is recognised at the nominal amount.
Other provisions are recognised as follows:
1. Anniversary provisions
These are valued according to actuarial principles (modified guideline tables 2018 G by Dr. Klaus Heubeck) based on
an actuarial interest rate of 1.75% and a salary dynamic of 2.80% p.a. The projected unit credit method is used as the
valuation method.
2. Death benefit provisions
valuation method.
3. Early retirement provisions
valuation method.
4. Miscellaneous other provisions
In accordance with Section 253 para. 1 Sentence 2 and para. 2 HGB, other non- current provisions are recognized
at their settlement amount, which is discounted over the individual term using the interest rates of Deutsche
Bundesbank. Provisions with a remaining term of up to one year are not discounted.
Provisions are measured in such a way that they adequately cover all known but uncertain risks in terms of amount
and/or timing. They are considered at the settlement amount deemed necessary in accordance with prudent business
judgment.
Liabilities are recognized at their settlement amount
IV. DISCLOSURES ON INDIVIDUAL ITEMS OF THE BALANCE SHEET

1. Fixed assets
The development of fixed assets from 1 January 2023 to 31 December 2023 can be seen in the attached gross fixed
asset movement schedule.
2. Receivables and other assets
Receivables arid other assets of TEUR 18,586 (prior year: TEUR 36,584) include trade receivables of TEUR 15,881
(prior year: TEUR 33,594), other receivables from employees of TEUR 259 (prior year: TEUR 194) and creditors with
debit balances of TEUR 1.672 (prioryear: TEUR 1,232).
There were no foreign currency receivables as at the balance sheet date.
Receivables and other assets have a remaining term of up to one year.
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3. Prepaid expenses
Prepaid expenses mainly comprise advance payments for rent, maintenance and upkeep of hardware and software
for subsequent years.
4. Asset-side difference from offsetting of assets
The asset-side difference from asset offsetting results from offsetting the cover assets available to secure the pension
payment against the accruals for pensions and similar obligations.
Provisions for pensions and similar obligations are offset against the fair value of a cover asset pursuant to Section
246 para. 2 Sentence 2 HGB and, pursuant to Section 246 para. 2 Sentence 3 in conjunction with Section 266 para. 2
lit. E. HGB under the separate asset item “Asset-side difference from offsetting of assets”.
The following table shows the fulfilment amounts of the pension provision existing at the end of the year and the fair
value of the cover assets, which is based on market prices, as well as the resulting difference:
As of As of
TEUR TEUR
Settlement amount pension provision 120.902 120.241
Fair value cover assets 122.226 116.776
Difference on assets side from offsetting of assets 1.324 -3.465
Acquisition costs of cover assets 126.104 125.552
Unrealised gains/losses on cover assets -3.878 -8.776
The excess of cover assets over pension liability increased in the reporting year from EUR -3.5 million to EUR 1.3
million due to the higher valuation of cover assets and the simultaneous increase in pension obligations. The balance
is recognised on the assets side under “Excess of cover assets over pension liability”.
In fiscal year 2023, the acquisition costs of cover assets increased by TEUR 552 (prior year: TEUR 0). The unrealised
gain from the cover assets increased by TEUR 4,897 to TEUR -3,879 as at the balance sheet date. As at 31.12.2023,
the balance from the income from the valuation of the cover assets as at the balance sheet date of TEUR 4,897 (prior
year: expense TEUR 11,057) is offset against the interest expense from the pension provision of TEUR 2,161 (prior
year: TEUR 2,064) and the income from the change in interest rates of TEUR 903 (prior year: expense TEUR 1,774) and
recognised under interest and similar income in the amount of TEUR 4,191 (prior year: expense TEUR 14,894).
The German Accounting Law Modernisation Act (Bilanzrechtsmodernisierungsgesetz) resulted in a difference of
TEUR 6,559 for pension obligations as at 1 January 2010, of which one fifteenth (TEUR 437) is reversed annually in the
income statement under “Other operating expenses” and added to pension provisions. As at 31 December 2023, the
remaining difference amounts to TEUR 437.
The difference between the recognition of pension provisions based on the seven year average interest rate and the
ten-year average interest rate amounts to TEUR 1,602 (prior year: TEUR 7,442) as of the balance sheet date.
5. Equity
In accordance with Section 272 HGB, equity includes subscribed capital, the capital reserve and other revenue
reserves. The company’s subscribed capital amounts to TEUR 3,250.
As at 31 December 2023, the equity ratio was 69% (prior year: 53%).
Other revenue reserves include amounts of TEUR 8,579 (prior year: TEUR 8,579) that were allocated in the past due
to amounts blocked from distribution.
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6. Provisions
The tax provisions of TEUR 5,536 (prior year: TEUR 8,023) include TEUR 4,169 (prior year: TEUR 4,704) in trade tax and
TEUR 1,367 (prior year: TEUR 3,319) in corporate tax.
Other provisions mainly relate to outstanding invoices (TEUR 3,491; prior year: TEUR 17,419), early retirement (TEUR
3,557; prior year: TEUR 6,063), bonus entitlements (TEUR 5,475; prior year: TEUR 5,497) and vacation/overtime
entitlements (TEUR 2,672; prior year: TEUR 3,499).
7. Liabilities
Liabilities of TEUR 19,440 (prioryear: TEUR 30,067).include TEUR 14,531 (prioryear: TEUR 17,175) in trade payables
and TEUR 2,519 (prior year: TEUR 7,893) in liabilities from operating taxes and levies.
There were no foreign currency liabilities or liabilities with a remaining term of more than 5 years as at the balance
sheet date.
8. Deferred taxes
Deferred tax assets result from valuation differences in non-current assets and non- current provisions.
The option to capitalize the surplus of deferred income tax assets pursuant to Section 274 para. 1 sentence 2 HGB has
not been exercised.
V NOTES TO INDIVIDUAL ITEMS OF THE INCOME STATEMENT

1. Revenues
Revenues relate to the following areas of activity:
As of As of
TEUR TEUR
Revenues operating products 90,801 148,436
Project services 96,317 83,452
Other 477 0
Total 187,595 231,888
Compared to the prior year, sales fell by 19.1% and were generated entirely in Germany.
2. Other operating income
Other operating income of TEUR 4,438 (prior year: TEUR 3,255) includes income relating to other periods of TEUR
4,040 (prior year: TEUR 3,271), which is mainly attributable to the reversal of provisions.
3. Cost of materials
The cost of materials is made up of expenses for raw materials, consumables and supplies and for purchased goods
totalling TEUR 257 (prior year: TEUR 109) and expenses for purchased services amounting to TEUR 69,867 (prior
year: TEUR 76,052). Expenses for purchased services mainly relate to rent, maintenance and upkeep in the amount
of TEUR 38,648. Another significant expense concerns IT consultant services at TEUR 30,691.
4. Personnel expenses
Personnel expenses comprise wages and salaries of TEUR 92,728 (prioryear: TEUR 100,229) and social security
contributions of TEUR 16,712 (prioryear: TEUR 24,908).
5. Depreciation
Depreciation in the reporting period was allocated to intangible fixed assets in the amount of TEUR 703 (prior year:
TEUR 725) and to technical equipment/operating and office equipment of TEUR 2,566 (prioryear: TEUR 3,771).
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6. Other operating expenses
Other operating expenses of TEUR 10,378 (prior year. TEUR 15,019) mainly include expenses for rent, occupancy
costs and ancillary costs of TEUR 2,842, energy costs of TEUR 1,589, legal and consulting costs of TEUR 1,101 and
insurance costs of TEUR 1,011.
The German Accounting Law Modernization Act (Bi/anzrechtsmodernisierungsgesetz) resulted in a difference of
TEUR 6,559 for pension obligations as of 1 January 2010. As of 31 December 2023, the remaining difference amounts
to TEUR 437. Other operating expenses include expenses pursuant to Section 67 para.1 and 2 of the Introductory Act
to the German Commercial Code (Einfuhrungsgesetz zum Handelsgesetzbuch, “EGHGB”) in the amount of TEUR 437
(prior year: TEUR 437).
7. Other interest and similar income
Other interest and similar income includes interest income from cash investments with SBI Bank of TEUR 2,792 (prior
year: TEUR 122) and income from the valuation of cover assets of TEUR 5,449 (prior year: expense TEUR 11,057).
8. Interest and similar expenses
Interest and similar expenses include expenses from the valuation of cover assets of TEUR 0 (prioryear: TEUR 11,057)
and the following effects regarding pensions:
As of As of
TEUR TEUR
Interest portion of pensions 2,161 2,064
Interest rate change -903 1,774
Net result 1,258 3,838
In addition, interest expenses to banks amounting to TEUR 0 (prior year: TEUR 76) and expenses from the interest
portion of other personnel provisions amounting to TEUR 0 (prior year: TEUR 12) are reported under interest and
similar expenses.
9. Taxes on income and earnings
Income taxes include expenses for corporate tax in the amount of TEUR 1,952 (prior year: TEUR 2,954) and trade tax
in the amount of TEUR 167 (prioryear: TEUR 4,084).
VI. OTHER INFORMATION

1. Other financial obligations
In the context of rental, maintenance and other contracts, there are other financial obligations pursuant to Section
285 No. 3a HGB. The breakdown is as follows:
2023 2024 2025 2026 2027 2028 Total

TEUR TEUR TEUR TEUR TEUR TEUR TEUR
Obligations from rental 8.985 4.539 1.639 1.469 4 0 16.636
contracts
Obligations from 26.261 17.326 941 27 4 0 44.558
maintenance contracts
Total obligation 35.245 21.865 2.580 1.496 8 0 61.194
2. Distribution/disbursement block
The Company acts in full compliance with the regulations on profit transfer based on the distribution and disbursement
block.
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The amounts relevant for distributions and disbursements are as follows:
As of As of
TEUR TEUR
Amounts blocked from distribution pursuant to section 268 para. 8
HGB in conjunction with Section 285 No. 28 HGB
Difference between acquisition cost of cover assets and valuation at -3,878 -8,776
fair value
Difference from the valuation of pension provisions blocked against 1,602 7,442
distribution as per Section 253 para. 6 HGB
Total -2,276 -1,334
TCS Technology Solutions GmbH generated a profit in the reporting year.

3. Supplementary report
Otherwise, there were no events of particular significance after the balance sheet date that had a material impact on
our results of operations, financial position and net assets.
4. Organs of the company
Members of the Executive Board
Ingo Rosenstein, Velbert

Chairman of the Management Board (formerly Chairman of the Executive Board)
Pradeep Gaitonde, Issy-les-Moulineaux, France
Managing Director (formerly Chief Financial Officer) until 13 April 2023
Dr Prithwish Ray, Amstelveen, Netherlands
Managing Director (formerly Chief Human Resources Officer)
Niraj Sanghvi, Frankfurt am Main
Managing Director 13.04.2023-15.01.2024
Vennimalai Rabindran, Zeist, Netherlands
Managing Director from 15 January 2024
Members of the Supervisory Board
Sapthagiri Chapalapalli, Frankfurt am Main
Chairman of the Supervisory Board (Managing Director Tata Consultancy Deutschland GmbH)
Heinz Gehri, Monsingen, Switzerland
Deputy Chairman of the Supervisory Board (Country Head and Director of Tata Consultancy Services Switzerland)
Kunchitham Krithivasan, Chennai, India
President of Banking and Financial Services Business
of Tata Consultancy Services Limited
Samir Seksaria, Mumbai, India
Chief Financial Officer of Tata Consultancy Services Limited
Employee representatives
Andreas Beutner, Hameln

Employee at TCS Technology Solutions GmbH
Kai Specht, Wachtberg
Employee at TCS Technology Solutions GmbH, Dipl. Verwaltungswirt
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5. Remuneration of the governing bodies
Board members did not receive any remuneration in the reporting year or in the previous year.
Pension obligations for former board members amount to TEUR 5,736 as of 31 December 2023 (prior year: TEUR
5,820).
Members of the Supervisory Board did not receive any remuneration in the reporting year or in the previous year.
There are no pension obligations for former members of the Supervisory Board.
No advances or loans were granted to members of corporate bodies.
6. Number of employees
The average number of employees is as follows:
As of As of
civil servants on leave 107 128
Employees 972 1,099
Total 1,079 1,227
Part-time employees hereof 116 120

Parental leave (10 in 2023), dual students (0 in 2023), apprentices (1 in 2023), working students (1 in 2023) and the
Board (0 in 2023) are not included in the average number of employees.
7. Auditor’s fee
As of As of
Auditor services 51,0 55,2
Other confirmation services 0,0 0,0
Tax consultant services 25,0 35,0
Other services 0,0 0,0
Total 76,0 90,2
8. Appropriation of earnings
The management proposes that the net profit for the year of EUR 7,926,230.18 will be carried forward to new account
as profit carried forward.
Bonn, 26 April 2024
TCS Technology Solutions GmbH
(formerly TCS Technology Solutions AG)
Ingo Rosenstein
Chairman of the Management Board
Dr Prithwish Ray Vennimalai Rabindran
Managing Director Managing Director
(since 15 January 2024)
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Development of fixed assets in the financial year 2023
39.14
Acquisition and production costs Accumulated depreciation Sack value
01.01.2023 Addition Disposal Euro Reversal 31.12.2023 01.01.2023 Addition Euro Disposal Reversal 31.12.2023 01.01.2023 31.12.2023
Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro
I. Intangible Assets
1. Acquired concessions, 35.644.370,77 0,00 -1.324.532,10 731.000,00 35.050.838,67 -34.962.532,44 -703.130,68 1.321.671,70 0,00 -34.343.991,42 681.838,33 706.847,25
industrial property rights
and similar rights and
assets, as well as licences in
such rights and assets
2. Prepayments on intangible 731.000,00 0,00 0,00 -731.000,00 0,00 0,00 0,00 0,00 0,00 0,00 731.000,00 0,00
assets
36.375.370,77 0.00 -1.324.532,10 0.00 35.050.838,67 -34.962.532,44 -703.130,68 1.321.671,70 0,00 -34.343.991,42 1.412.838,33 706.847,25
TCS Technology Solutions GmbH.
II. Tangible Assets

1.
Technical equipment and 53.284.950,15 41.084,32 -2.369.810,93 720.073,14 51.676.296,68 -50.124.801,09 -2.208.334,89 2.191.311,24 0,00 -50.141.824,74 3.160.149,06 1.534.471,94
machinery
2. Other equipment, factory 4.438.480,88 266.129,94 -792.897,83 1.349,59 3.913.062,58 -3.311.422,12 -357.257,82 784.278,12 0,00 -2.884.401,82 1.127.058,76 1.028.660,76
and office equipment
3.
Prepayments on tangible 983,821.93 1.177.935,93 0,0O -721.422,73 1.440.335,13 0,0O 0,0O 0,0O 0,0O 0,0O 983.821,93 1.440.335,13
assets and assets under
construction
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58.707.252,96 1.485.150,19 -3.162.708,76 0,00 57.029.694,39 -53.436.223,21 -2.565.592,71 2.975.589,36 0,00 -53.026.226,56 5.271.029,75 4.003.467,83
Total 95.082.623,73 1.485.150,19 -4.487.240,86 0,00 92.080.533,06 -88.398.755,65 -3.268.723,39 4.297.261,06 0,00 -87.370.217,98 6.683.868,08 4.710.315,08

Management Report for the Financial year 2023

1. Basics of the company
TCS Technology Solutions GmbH (TCS TS) has is registered office in Bonn and has nine locations: Berlin, Dortmund,
Frankfurt, Hamburg, Hamelin, Hanover, Munich, Nuremberg and Saarbrucken. IT services with different focuses are
provided in these locations.
On 29 December 2022, the Extraordinary General Meeting resolved to change the company’s legal form from a stock
corporation to a limited liability company. The constitutive entry of the change of legal form was made in the commercial
register on 13 April 2023.
The company is a subsidiary of Tata Consultancy Services Netherlands BV (Amsterdam) (TCS NL), which in turn is a
subsidiary of the globally active Tata Consultancy Services Ltd. The TCS Group offers a consultancy-orientated, integrated
portfolio of business, technology and engineering services and solutions.
1.1 Business model and governance
TCS TS was part of the Deutsche Bank Group until the end of 2020 and was acquired by TCS NL on 01 January 2021.
The company’s product range essentially comprises the planning, development, implementation and operation of IT
application systems and IT infrastructure.
After the takeover of the company by TCS NL, the adjustment of the previous business model, which included the
exclusive activity of the company as a service delivery provider for the Deutsche Bank Group, was started. The personnel
capacities of the company, which will be increasingly freed up in the future due to the contractual agreements with
the Deutsche Bank Group, will be used to provide services for customers and branches. To this end, the company
had reorganised itself in the previous year and now offers customer- and industry-specific IT services on the market
through the established delivery centres.
1.2 Research and development
As a service delivery provider for IT services integrated into a globally operating group, the company does not provide
any research or development services of its own.
2. Economic report
2.1 Macroeconomic and Industry Conditions
According to calculations by the Federal Statistical Office (Destatis), price and calendar-adjusted gross domestic
product (GDP) in Germany was 0.3% lower in 2023 than in the previous year. The reasons cited for the subdued
economy are the persistently high prices, unfavourable financing conditions due to rising interest rates and lower
demand from Germany and abroad. Contrary to expectations in the previous year, a further post-corona recovery of
the economy did not take place in 2023.
Despite these difficult economic conditions, IT and telecommunications (ICT) companies were able to record sales
growth of 2.0%, according to the German digital association Bitkom, which also had a positive impact on the labour
market and, according to Bitkom estimates, created around 28,000 new jobs in the ICT sector in Germany.
2.2 Business development
The 2023 financial year was characterised by the further consolidation of the company’s business model. In addition
to the ongoing provision of transition services in 2023 for the transfer of the IT systems previously operated by the
company for Postbank to the IT systems of Deutsche Bank Group (DB), the company also continued to refocus on the
provision of IT services for customers in the German, Austrian and Swiss markets. Important projects were finalised
with customers in this area.
Services for new customers doubled in relation to 2023 compared to 2022. However, the expectation of a significant,
disproportionately high absolute increase in new customer business was not fulfilled, which, in addition to the ongoing
project activities for DB, is also attributable to the generally difficult economic situation in Germany in the past 2023
financial year, according to the management.
The decline in sales with DB of around 25% compared to the previous year could not be offset by additional new
business in the 2023 financial year as planned, meaning that sales fell by a good 19% year-on-year to €187.6 million.
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The company has responded to this situation with the new “Growth Acceleration Programme” launched in 2023 and
the associated intensification of cooperation with the international sales organisations of the TCS Group.
Due to the nature of the business activity as a service delivery provider for IT services, the employees of TCS TS are the
most important success factor. Free working hours continued to be used intensively for training measures, particularly
in the areas of language skills and agility, as well as to promote personal initiative in order to prepare employees for
changing activities. Nevertheless, the number of employees decreased over the course of 2023, particularly due to
staff turnover and retirement. While 1,227 people were still employed in the previous year according to the annual
average under commercial law, in 2023 there were 1,079 people, 148 people or 12.1% fewer than in the previous year.
As at the balance sheet date of 31 December 2023,1,035 people were still employed.
In 2023, the majority of employees continued to work from home. In the 4th quarter of 2023, however, the management
gave the go-ahead for “back to office”.
2.3 Assets, financial and earnings situation
2.3.1 Financial situation
Total assets fell by € 25.8 million to € 132.7 million compared to the previous year’s figure of € 158.5 million.
On the assets side, the decrease is mainly due to the significant year-on-year fall in trade receivables of € 17.7
million as a result of lower sales and a € 6.5 million drop in bank balances.
The significant improvement in the valuation of the plan assets has led to a difference of € 1.3 million being
recognised from the offsetting of assets instead of the pension provision of € 3.5 million reported in the previous
year, despite pension obligations remaining virtually unchanged as at the balance sheet date.
On the liabilities side, other provisions decreased by € 17.1 million, of which around € 13.9 million is primarily
attributable to provisions for outstanding purchase invoices. At € 14.5 million, trade payables were also € 2.7
million lower as at the reporting date. The decline in other liabilities from € 12.9 million to € 4.9 million is largely
due to the decrease in VAT liabilities as at the reporting date, also as a result of the decline in sales.
Due to the net profit for the year of€ 7.9 million, equity increased from € 84.1 million to € 92.1 million.
2.3.2 Financial position
The company reported a high equity ratio of 69.4% as at the balance sheet date, compared to an equity ratio of
around 53.1% in the previous year. In addition to the net profit for the year, the € 25.8 million reduction in total
assets contributed to this.
Equity totalling €92.1 million is offset by cash and cash equivalents totalling just under €99.7 million on the
assets side. In the opinion of the management, this represents a very good ratio between equity and debt capital,
which takes into account the challenges facing the company in the final transformation of its business model
from a by 2021 purely DB-internal IT service provider to an internationally competitive service delivery provider
for IT services.
The company’s pension obligations are fully covered by the existing plan assets as at the balance sheet date.
Cash and cash equivalents fell by a total of € 6.6 million compared to the previous year to € 99.7 million. Due to
the company’s high liquidity position, the ability to fulfil all payment obligations was guaranteed at all times, even
though the company does not have any credit lines of its own with financing partners, as in the previous year.
At € 1.5 million, investments in the 2023 financial year are at a similarly low level as in 2022 (€ 1.9 million).
0.3 million of the investments related to other equipment, operating and office equipment and € 1.2 million to
advance payments on property, plant and equipment and assets under construction, particularly in connection
with operating and office equipment.
2.3.3 Earnings situation
The 2023 financial year closed with earnings before interest and taxes (EBIT) of € -1.2 million, following EBIT of
€ 14.3 million in the previous year. Taking into account the interest result and income taxes, net income for the
past financial year totalled € 7.9 million, compared to a net loss of € 7.6 million in the previous year.
At €187.6 million, sales fell by €44.3 million or a good 19% compared to the previous year’s figure of €231.9
million. As expected, the decline in sales with DB could not be compensated for by new customer business to the
extent planned.
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The cost of materials, which in addition to software licences and maintenance costs includes in particular
expenses for purchased personnel capacities - both from other affiliated companies of the TCS Group and third
parties - was only reduced by € 6.1 million or 8.0% to € 70.1 million compared to the previous year.
Gross profit, defined as sales revenue less cost of materials, therefore fell by € 38.3 million in absolute terms
from € 155.6 million to € 117.5 million due to the disproportionately low reduction in the cost of materials. The
gross profit ratio fell accordingly from 67.2% in the previous year to 62.6% in the reporting year.
Personnel expenses fell by € 15.7 million from € 125.1 million to € 109.4 million. This decrease is mainly due
to the reduction in the annual average number of employees by 148 from 1,227 to 1,079. As at the balance sheet
date, the company still had a total of 1,035 employees. At € 101.4 thousand, average personnel costs per capita
were slightly below the previous year’s figure of € 102.0 thousand.
Depreciation and amortisation amounted to € 3.4 million (previous year: € 4.5 million). The balance of other
operating income and other operating expenses improved by € 5.8 million from € -11.8 million to € - 5.9 million.
Net interest income as the sum of other interest and similar income and interest and similar expenses shows
a significant improvement. While a negative interest result of € -14.9 million was recorded in the previous year,
a positive interest result of € 7.0 million was achieved in the reporting year. This improvement of just under
€ 22.0 million, despite the significant decline in gross profit and a disproportionately low adjustment in personnel
expenses, contributed significantly to the significant improvement in earnings from a net loss of € - 7.6 million in
the previous year to a net profit of € 7.9 million, i.e. an improvement in earnings of € 15.5 million.
2.3.4 Financial and non-financial performance indicators
The financial and non-financial performance indicators stated here are the key figures used by the company to
assess progress or success in achieving the defined corporate goals.
2.3.4.1 Financial performance indicators
The company is managed and monitored on the basis of the accounting information to be used by all subsidiaries
of TCS NL, which is based on the International Financial Reporting Standards (IFRS). In contrast, the company’s
annual financial statements are based on the accounting regulations prescribed by German commercial law,
which may differ significantly from accounting information based on IFRS in individual cases.
In the case of the company, this relates in particular to the measurement of existing pension obligations and the
recognition of rental and lease agreements. In addition to revenue and earnings before interest and taxes (EBIT),
the most important financial performance indicators are revenue per employee (based on full-time equivalents).
Sales declined significantly compared to the previous year and totalled € 187.6 million (previous year: € 231.9
million). New business activities accounted for just under 7% (previous year: 4%) of this sales revenue at € 12.7
million (previous year: € 6.9 million).
Earnings before interest and taxes amounted to € -1.2 million in 2023 (previous year € 14.3 million). The main
reason for this deterioration is the decline in sales with the customer Deutsche Bank, which could not be
replaced by new business to the extent planned and which could not be offset by a short-term adjustment of cost
structures.
The reduction in personnel expenses is the result of a lower number of employees in the financial year. As
shown under the non-financial performance indicators, an average of 1,072 employees were employed on the
basis of full-time equivalents. This results in revenue per employee of € 175 thousand for the 2023 financial year
(previous year: € 189 thousand).
2.3.4.2 Non-financial performance indicators
As a service delivery provider for IT services, the employees of TCS TS are the most important success factor.
Accordingly, the most significant non-financial performance indicators are related to them. The most important
non-financial performance indicators include the average number of employees (based on full-time equivalents,
or “FTE” for short), the sickness rate and the staff turnover rate.
As at 31 December 2023,1,017 people were employed (previous year: 1,185) with a female share of 24%. The 1,017
employees include 113 part-time employees (previous year: 127), which corresponds to a part-time ratio of 11%.
Furthermore, the company did not have any trainees or dual students in the financial year. These figures have
fallen further compared to the previous year (4 trainees and 6 dual students).
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The sickness rate is a measure of the unplanned loss of personnel capacities that must be compensated for by
the use of external personnel capacities, which leads to unplanned expenses or to a pro rata reduction in billable
services and thus lower sales revenue. In the past financial year, the fourth since the start of the coronavirus
pandemic, the sickness rate rose by over 12% year-on-year to 8.2% (2022: 7.3%).
The German labour market for IT specialists remains employee-friendly, which makes it easier to change
employers and consequently leads to an unplanned reduction in available personnel capacity on the part of the
company, which can only be avoided or reduced if vacant positions are successfully filled by new employees.
At 13.4%, the staff turnover rate has increased compared to the previous year (12.1%). 25% of employees (37
HC) who left the company retired. Adjusted for retirements, the fluctuation rate is therefore 10%. The personal
changes for employees associated with the realignment of the company to a competitive company and the good
labour market situation for IT specialists continue to have an impact here too.
To counterbalance this, the aforementioned Growth Acceleration Programme was set up. It was launched at the
end of 2023 and refers to the TCS Group’s cooperative operating model, which divides services for customers
between offshore and local onshore services as standard. The ultimate goal at TCS TS is to ensure that every
employee finds the perfect project that not only matches their skills, but also provides a suitable space for
personal development. Employees are given intensive support in developing their skills and ambitions, such as
achieving certifications, whether through self-study or under the guidance of an instructor.
2.4 Assessment of the economic situation
Business performance in the third year since the start of the reorganisation of the company’s business operations
has fallen somewhat short of expectations. The decline in sales with Deutsche Bank expected for 2023, which
materialised, could not be offset to the planned extent by new customer business.
The expected break-even earnings before interest and taxes (EBIT) with falling expenses was almost achieved. In
contrast, while a renewed net loss for 2023 slightly below the previous year’s level had been expected, a net profit was
achieved due to the significant improvement in net interest income compared to the previous year. The expected slight
deterioration in the liquidity trend was also achieved.
With regard to the average number of employees (FTE), the company assumed a further reduction for 2023 as a
continuation of the trend from previous years. This has also materialised in this respect.
With regard to “revenue per employee (FTE)”, neither an improvement nor a deterioration compared to 2022 was
expected. In fact, the key figure fell by 7.4% compared to the previous year due to the poorer sales performance. The
slight improvements expected for the sickness and staff turnover rates were also not achieved in the financial year.
Overall, the management assesses the company’s performance in the 2023 financial year as still satisfactory.
3 Forecast, opportunity and risk report

3.1 Forecast
After economic output was expected to grow by 1.3% in 2024 in the joint autumn report by the leading German
economic research institutes, this forecast was significantly reduced in the spring report. Growth of just 0.1% is
currently expected, which at best equates to stagnation of economic output in Germany. At the same time, there are
still extensive geopolitical risks that could have a significant impact on inflation in Germany and thus lead to a more
recessionary development. These research institutes only expect a slight recovery in economic development in 2025,
with growth of 1.4%.
Despite this difficult macroeconomic environment, the digital association Bitkom expects an overall increase in
turnover of 4.4% for companies in the ICT sector in its forecast from January 2024. Revenue from IT services, which is
particularly relevant for TCS TS, is even expected to increase by 4.8%, with above-average growth expected for cloud-
related services in particular. According to the digital association Bitkom, this underlines the fact that the German
economy is taking the topic of digitalisation seriously and that the willingness to invest remains high, even under
difficult economic conditions. At the same time, the digital association Bitkom expects the number of employees in
the ITC sector to increase by a further 36,000, meaning that the shortage of skilled labour and the inadequate skills
profiles of employees in particular could act as a brake on growth.
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For TCS TS, 2023 has shown that the transformation process from the decreasing volume of tasks for the Deutsche
Bank Group to significant absolute growth in new client business cannot be realised seamlessly. Based on our
corporate planning, we therefore expect a significant reduction in sales revenue for 2024 compared to 2023, with the
share of new client business set to continue to increase significantly. Sales revenue with Deutsche Bank is expected
to halve compared to the previous year.
With regard to the average number of employees (FTE), we expect a further reduction in 2024 as a continuation of the
trend of previous years with a fluctuation rate of over 10% (2023:13%). For the sickness rate, we assume that the high
level (2023: 8.2%) will continue.
A further slight deterioration compared to 2023 is expected for the key figure “Revenue per employee (FTE)” due to
the conversion process resulting from the decline in services for the Deutsche Bank Group and the delayed expansion
of new business.
With expenses falling overall, the company expects earnings before interest and taxes (EBIT) to be significantly
negative in 2024 and a significant net loss for the year. Against this backdrop, it can also be assumed that the good
liquidity trend as at the balance sheet date will deteriorate significantly.
3.2 Opportunity and risk report
3.2.1 Opportunity report
The company’s economic development in the 2024 financial year will be increasingly characterised by the
expansion of business with new customers and a further decline in cooperation with the Deutsche Bank Group.
The resources freed up as a result of the ongoing termination of the “Budapest” programme with the customer
Deutsche Bank offer the opportunity to expand the new customer business in 2024 to such an extent that the
decline in sales revenue with the customer Deutsche Bank can be quickly offset.
Demand for IT expertise is expected to remain high in 2024, as many companies continue to drive digitalisation
and IT specialists are in high demand. Accordingly, the management of TCS TS assumes that the market
environment for its services as a service delivery provider for IT services will develop much more positively than
the overall economic environment in the relevant markets, particularly in Germany.
This also leads to the forecast that staff turnover will remain at a similarly high level as in the previous year
(13%). While this represents a risk for TCS TS, it also offers the opportunity to further adjust personnel costs as
a key cost factor in line with sales development without having to bear extensive restructuring costs if, contrary
to expectations, the pace of development of new customer groups is below average.
3.2.2 Risk report
Transformation and market risks
Expected sales with our largest customer, Deutsche Bank, will decrease significantly in 2024. This means that
there is a particular transformation risk in 2024 in order to transfer employees to new engagements as quickly
as possible, i.e. to utilise existing personnel capacities.
This is subject to the risk that a reskilling of the previously committed employees in line with market requirements
will not have a sufficiently rapid effect. Nevertheless, the company’s medium to long-term assessment is that
significant sales growth can be achieved in conjunction with the German and European sister companies in the
TCS Group. To this end, the growth acceleration programme initiated at the end of 2023 described above will be
continued in conjunction with the entire TCS Group.
Personnel risks, fluctuation
Staff turnover has risen significantly compared to the time they were with Deutsche Bank Group. This reflects the
overall economic situation, but also the personal situation of employees in a company undergoing a great deal of
change. In particular, the switch to English as the leading corporate language is a challenge for many employees.
The personnel development measures implemented are intended to take this into account. The objective
communicated within the company is to generally retain and develop all employees. To this end, the TCS
Group offers TCS TS employees further extensive opportunities for further training in addition to the measures
specifically designed for TCS TS.
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However, as the TCS Group’s business model is generally based on an onshore/offshore approach, the current
fluctuation in TCS TS is not seen as a threatening risk.
As in the previous year, the company is not currently exposed to any significant market price, counterparty default
and/or liquidity risks due to its business model and customer structure.
3.3 Concluding assessment
The company is very aware of the opportunities and risks and appropriate measures are put in place with the support
of the entire Group. Employees are seen as the real value of the company. Their own initiative for personal development
is specifically encouraged.
The overall situation of risks and opportunities is manageable, taking into account the existing financial and earnings
situation. At TCS TS, assuming that the economy develops in line with expectations in the 2024 financial year, there
are no discernible risks that could jeopardise the company’s continued existence.
4. Declaration on corporate governance in accordance with section 289f (4) HGB

The company is part of a multinational group with global business activities. As part of its ongoing endeavours to promote
talent, the company supports the recruitment of talents with different educational and cultural backgrounds, regardless
of their origin. The global gender diversity within the Group shows that women make up more than 35% of the workforce.
In principle, the company employees are selected and recruited on the basis of their skills and qualifications. The
determination of individual salary agreements for the company employees is independent of their gender. One of our
basic principles is that work of equal value is remunerated equally.
Women and men are supported equally in their professional qualifications - regardless of their professional background
and life circumstances. The aim is for every employee, regardless of gender, to be able to contribute to demanding
specialist, project and management positions.
TCS TS offers specific measures to help employees achieve a better work-life balance:
• The home office option, for example, gives participants the option of working from home several days a week.
• Flexible working hours offer the prospect of freely planning working hours within a large time window.
• As far as operational requirements allow, requests for part-time employment are honoured.
• Temporary sabbaticals are another option.
The company continuously supports its employees in developing their skills in order to qualify for higher positions through
regular management development programmes.
However, targets and target achievement deadlines for the participation of women in management positions have not yet
been set.
Bonn, 26 April 2024

TCS Technology Solutions GmbH
Ingo Rosenstein
Chairman of the Management Board
Vennimalai Rabindran (since 15 January 2024)

Managing Director
Dr Prithwish Ray
Managing Director
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TCS Uruguay S.A.
Financial Statements
TCS Uruguay S.A. 40.1
FINANCIAL STATEMENTS FOR THE YEAR ENDED december 31, 2023
CONTENT PAGE
Statement of financial position as at December 31, 2023 40.4
Statement of profit or loss and other comprehensive income for the year ended December 31, 2023 40.5
Statement of changes in equity for the year ended December 31, 2023 40.6
Statement of cash flows for the year ended December 31, 2023 40.7
Notes to financial statements as at December 31, 2023 40.8

40.2 TCS Uruguay S.A.

TCS Uruguay S.A.
Opinion
We have audited the financial statements of TCS Uruguay S.A. (the “Company”), which comprise the statement of financial
position as of December 31st, 2023, the statements of profit or loss and other comprehensive income, changes in equity and
cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting
policies.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of TCS
Uruguay S.A. as of December 31st, 2023, and its financial performance and its cash flows for the year then ended in accordance
with International Financial Reporting Standards (IFRS).
Basis for opinion

standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report.
financial statements in Uruguay, and we have fulfilled our other ethical responsibilities in accordance with these requirements
and the IESBA Code.
Management is responsible for the preparation and fair presentation of the financial statements in accordance with International
Financial Reporting Standards (IFRS), and for such internal control as management determines is necessary to enable the

Our objectives are to obtain reasonable assurance about whether TCS Uruguay S.A.’s financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will
always detect a material misstatement when it exists.
We also:
 Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design
 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
control.
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 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
 Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit
 Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether
Montevideo, Uruguay
February 28, 2024
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Note As at As at
ASSETS: December 31, 2023 December 31, 2022
Current assets:
Trade receivables
Billed 8 (c) 922,305,741 608,906,213
Unbilled 85,043,650 103,429,281
Other financial assets 8 (d) 38,672,786 44,806,499
Other assets 10 (c) 84,830,397 94,525,316
Total current assets 1,197,151,000 967,870,554
Non-current assets:
Trade receivables
Unbilled 288,462 310,321
Investments 8 (b) 354,289,584 354,289,584
Other financial assets 8 (d) 32,315,158 55,526,705
Income tax assets (net) 28,969,143 44,090,853
Property, plant and equipment 10 (a) 79,834,751 110,713,558
Intangible assets 10 (b) 16,743 32,035
Other assets 10 (c) 7,934,941 245,327
Total assets 1,958,418,509 1,544,686,748
Liabilities:
Trade payables 8 (e) 37,327,817 32,463,127
Borrowings - 80,142,000
Other financial liabilities 8 (f) 36,295,213 32,996,559
Unearned and deferred revenue 11 37,780,263 55,257,080
Provisions 16,430 -
Other liabilities 10 (d) 122,833,131 86,799,367
Non-current liabilities:
Lease liabilities 227,095,790 -
Total non-current liabilities 227,095,790 -
Equity:
Share capital 8 (j) 540,000 540,000
Legal reserves 108,000 108,000
Other equity (2,069,390) (2,069,390)
Retained earnings 1,158,739,534 1,013,103,286
TOTAL EQUITY 1,157,318,144 1,011,681,896
TOTAL LIABILITIES AND EQUITY 1,958,418,509 1,544,686,748
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Revenues:
Consultancy services 11 3,918,971,513 3,269,277,594
Total revenues 3,918,971,513 3,269,277,594
Operating expenses:
Employee benefits expenses 15 3,097,700,736 2,427,595,063
Depreciation and amortisation expense 9&10&11 83,792,844 94,823,333
Other operating expenses 12 186,976,516 163,124,789
Other income / (expense):
Finance and other income 13 (a) 6,550,364 4,368,982
Finance costs 13 (b) (12,336,347) (7,286,484)
Other gains / (losses) net 13 (c) (15,024,325) (70,365,380)
Other income / (expense), net (20,810,308) (73,282,882)
Other comprehensive income (OCI):
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for the year ended December 31, 2023
Equity share Legal Other equity Retained Total equity
capital Reserves earnings
Balance as at January 1, 2022 540,000 108,000 (2,069,390) 518,913,354 517,491,964
Profit for the year - - - 494,189,932 494,189,932
Total comprehensive income / (losses) - - - 494,189,932 494,189,932
Dividend (Note 5) - - - - -
Balance as at December 31, 2022 540,000 108,000 (2,069,390) 1,013,103,286 1,011,681,896
Balance as at January 1, 2023 540,000 108,000 (2,069,390) 1,013,103,286 1,011,681,896

Profit for the year - - - 492,927,048 492,927,048
Total comprehensive income / (losses) - - - 492,927,048 492,927,048
Dividend (Note 5) - - - (347,290,800) (347,290,800)
Balance as at December 31, 2023 540,000 108,000 (2,069,390) 1,158,739,534 1,157,318,144
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Adjustments to reconcile Profit or loss to net cash provided by operating
activities:
Depreciation and amortisation expense 9&10&11 83,792,844 94,823,333
(Gain) / Loss on disposal of property, plant and equipment 13(c) (91,844) (2,413)
Unrealised foreign exchange (gain) / loss 11,939,667 36,449,159
Operating profit before capital changes 625,331,777 641,721,606
Net change in:
Trade receivables
Billed (313,399,528) (146,200,631)
Unbilled 18,407,490 (49,479,022)
Other financial assets 4,946,036 (5,034,001)
Other assets 2,005,305 (58,189,439)
Unearned and deferred revenues (17,476,817) 17,421,937
Provisions 16,430 (11,267,060)
Employee benefit obligations 84,689,149 58,373,012
Other liabilities 36,033,764 19,506,068
Net cash provided by operating activities 425,279,688 437,962,326
Purchase of property and equipment 10(a) (19,569,593) (62,897,537)
Purchase of investments (*) - (353,768,640)
Proceeds from disposal of property, plant and equipment 10(a) 154,498 28,609
Loan given to fellow subsidiary - (67,869,000)
Repayment of loan installment (75,080,000) (92,830,000)
Loan recovered from fellow subsidiary 22,279,164 27,060,597
Loan received from parent company - 186,216,800
Dividends paid 5 (347,290,800) -
Lease liabilities (33,673,023) (39,420,547)
Exchange difference on translation of foreign currency cash and cash (22,004,753) (42,181,798)
equivalents
Cash and cash equivalents at the end of the year 8(a) 66,298,426 116,203,246
Interest paid 12,280,093 7,187,670
Interest received 7,817,535 1,771,645
Dividend received 10 13
(*) Purchase of investments UYU 353.768.640 in MGDC during the period ended December 31, 2022
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TCS Uruguay S.A. (the Company) is a private company whose headquarter is located on Monte Caseros 2600, in Montevideo,
Uruguay.
The Company is part of a wider economic group, represented by TCS Iberoamerica S.A., therefore, the results of its
operations could be affected to operate without this support.
The Company’s main activities are the development of software, provision of IT services and process outsourcing services
aimed at both local and foreign markets.
The financial statements have been approved by the Entity´s Board of Directors for their issuance on February 28, 2024
and will be submitted to the shareholders meeting for approval.
These financial statements have been prepared in accordance with International Financial Reporting Standards
(hereinafter “IFRS”) adopted by the International Accounting Standards Board (IASB), translated into Spanish, and
interpretations prepared by the Interpretations Committee of the International Financial Reporting Standards or the
previous Interpretations Committee, in accordance with the Appropriate Accounting Standards in Uruguay pursuant to
Decrees 291/014, 292/014 and 124/011.
The statement of Cash flows are reported using the indirect method, whereby profit or loss is adjusted for the effects
The functional currency of the Company is the Uruguayan peso. Foreign currency transactions are recorded at exchange
arising on settlement and restatement are recognised in profit or loss. Non-monetary assets and liabilities that are
notes.

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b. Useful lives of property, plant and equipment and intangibles
The Company reviews the useful life of property, plant and equipment and intangibles at the end of each reporting
period. This reassessment may result in change in depreciation expense in future periods.
Measurement of impairment of financial assets require use of estimates and judgements, which have been explained
in the note on financial assets, financial liabilities and equity instruments, under impairment of financial assets (other
than at fair value).
f. Provisions and contingent liabilities
g. Leases
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Legal reserve
The Legal reserve has reached the maximum amount established by Article 93 of Law 16.060.
Retained earnings
On June 21, 2023 it was determined to distribute dividends in advanced for a total of $ 41.703.200 Uruguayan Pesos in
accordance to article 100 of Law 16.060, which have been cancelled at year end.
On September 22, 2023 it was determined to distribute dividends in advanced for a total of $ 114.615.000 Uruguayan Pesos
in accordance to article 100 of Law 16.060, which have been cancelled at year end.
On December 01, 2023 it was determined to distribute dividends in advanced for a total of $ 190.972.600 Uruguayan Pesos
6. Registration of Financial Statements
they do not comply with the obligation to register, within the established terms, the financial statements to the Auditoría
Interna de la Nación (AIN), institution that regulates the commercial companies.
December 31, 2023 the company has time to comply until June 30, 2024.

1
2
Effective for annual periods beginning on or after January 1, 2025
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The company has applied IFRIC 23 effective for annual periods beginning on or after January 1, 2019 as below:
The company reviewed its income tax treatments in order to determine whether IFRIC 23 interpretation could have an
impact on the financial statements. In that respect, the Company observed that there are no continuous instances of any
uncertain tax treatment in the past and on that basis, it is reasonable to conclude that all the tax treatments are accepted
by the tax officer and hence IFRIC-23 is not applicable.
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The Company derecognises a financial asset only when the contractual rights to the cash flows from the asset expire,
entity. The Company derecognises financial liabilities when, and only when, the Company´s obligations are discharged,
cancelled or have expired.
outstanding.

Equity instruments
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As at As at
Cash in hand 31,493 30,603
Current account balances with banks 66,266,933 116,172,642
Total 66,298,426 116,203,245
b. Investments
As at As at
Investments carried at cost
i. TCS Argentina S.A. 3,128 3,128
ii. TCS Inversions Chile Ltda. 29 29
iii. MGDC S.C. 353,841,756 353,841,756
iv. TCS Guatemala S.A. 444,671 444,671
Total Investments - Non current 354,289,584 354,289,584
c. Trade receivables-Billed
Trade receivables- Billed consist of the following:
Trade receivables –Billed- Current As at As at
Trade receivables - Billed 954,386,748 639,697,639
Less: Provision for volume discount (32,081,007) (30,791,426)
Total 922,305,741 608,906,213
Trade receivables- Billed include balances with related parties amounting to UYU 947.842.543 and UYU 622.418.996
for the period ended on December 31,2023 and December 31, 2022 respectively. (Refer note 17)
Other financial assets – Current As at As at
Employee advances (*) 12,389,467 14,807,859
Loan to related parties 25,999,734 22,945,616
Deposits for premises - 4,823,815
Accrued Interest 283,585 2,189,138
Others - 40,071
Total 38,672,786 44,806,499
(*) Include recoverable advances to foreign employees deputed in Uruguay.
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Other financial assets – Non-current As at As at
Deposits for premises 4,241,795 -
Loan to related parties 28,073,363 55,526,705
Total 32,315,158 55,526,705
e. Trade Payables

As at As at
Trade payables 22,647,676 17,621,525
Total 37,327,817 32,463,127

Other financial liabilities – Current As at As at
Accrued payroll 33,114,832 24,223,981
Accrued interest - 98,815
Capital Creditors 1,830,381 7,342,763
Security Deposits 1,350,000 1,331,000
Total 36,295,213 32,996,559
Financial assets
Trade receivables
Billed 922,305,741 922,305,741
Unbilled 85,332,112 85,332,112
Total 1,144,924,223 1,144,924,223
Trade payables 37,327,817 37,327,817
Lease Liabilities 254,142,798 254,142,798
Total 327,765,828 327,765,828
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Financial assets
Trade receivables
Billed 608,906,213 608,906,213
Unbilled 103,739,602 103,739,602
Total 929,182,264 929,182,264
Trade payables 32,463,127 32,463,127
Borrowings 80,142,000 80,142,000
Lease Liabilities 17,331,155 17,331,155
Total 162,932,841 162,932,841
Carrying amounts of cash and cash equivalents, trade receivables and trade payables as at December 31, 2023 and
December 31, 2022 approximate at the fair value due to their nature. Carrying amounts of other financial assets,
other financial liabilities and borrowings which are subsequently measured at amortized cost also approximates
the fair value due to their nature in each of the periods presented. Fair value measurement of lease liabilities is not
required.
Market risk
currency exchange rates, interest rates, credit, liquidity and other market changes. The Company´s exposure to
market risk is primarily on account of foreign currency exchange rate risk.
The fluctuation in foreign currency exchange rates may have potential impact on the statement of profit or
loss and other comprehensive income and equity, where any transaction references more than one currency
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or where assets / liabilities are denominated in a currency other than the functional currency of the respective
entities. Considering the economic environment in which the Company operates, its operations are subject to
risks arising from fluctuations in exchange rates.
rate risks.
a simultaneous parallel foreign exchange rates shift of all the currencies by 10 percent against the respective
functional currency of the Company.
The following analysis has been worked out based on the net exposures for Company as at the date of statement
of financial position which could affect the statement of profit or loss and other comprehensive income and equity.
2023 and 2022:

December 2023 USD GBP EUR AUD CAD BRL DKK CHF MXN
Net financial assets 934,103,925 26,224,031 112,839,602 (70,341) 5,670,647 2,255,103 142 5,806,270 5,675,303
Net financial liabilities 277,296,114 61,015 (62,336) (1,691) 51,417 - - 18,473 -

December 2022 USD GBP EUR AUD CAD BRL DKK CHF MXN
Net financial assets 833,297,634 5,281,963 93,233,906 315,623 22,168,255 590,485 141 18,930,477 8,491,890
Net financial liabilities 101,293,569 151,757 (366) (3,841) 343,566 - - - -
10 percent appreciation / depreciation of the respective foreign currencies with respect to functional currency
of the Company would result in decrease / increase in the Company’s profit before taxes by approximately UYU
81.514.169 for the period ended December 31, 2023 and UYU 88.052.569 for the period ended December 31, 2022
respectively.
Credit risk
cash and cash equivalents, and other financial assets. Cash and cash equivalents include an amount of held with
a bank UYU 66.266.933 having high quality credit rating which are individually in excess of 10 percent or more of
the Company’s total cash and cash equivalents as at 31st December, 2023 (UYU 116.172.642 as at 31st December,
2022). None of the other financial instruments of the Company result in material concentration of credit risk.
maximum exposure to credit risk was UYU 1.224.402.775 and UYU 1.017.831.653 as at December 31, 2023 and
December 31, 2022 respectively, being the total of the carrying amount of balances with banks, trade receivables,
contract assets and other financial assets.
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Company’s exposure to customers is diversified, and single customer which contributes individually to more than
10 percent of outstanding trade receivable and contract assets as at December 31, 2023 and December 31, 2022,
respectively are as follows:

Total trade Total trade
receivables and Percentage receivables and Percentage
contract assets contract assets
Customer A 926,190,805 85 629,411,173 79

Geographic concentration of trade receivables (gross and net of allowances) and contract assets is as follows:
As at As at
Net % Net %
Americas 79 83
Europe 15 15
Others 6 2
100 100
Geographical concentration of trade receivables and contract assets is allocated based on the location of the
customers.
Liquidity risk
December 31, 2023 Due in 1st Due in 2nd Due in 3rd to Due after Total
Trade payables 37,327,817 - - - 37,327,817
Lease liabilities (*) 24,898,325 23,133,600 69,400,800 106,992,900 224,425,625
Total 98,521,355 23,133,600 69,400,800 106,992,900 298,048,655
December 31, 2022 Due in 1st Due in 2nd Due in 3rd to Due after Total
Trade payables 32,463,127 - - - 32,463,127
Lease liabilities (*) 17,647,245 - - - 17,647,245
Total 83,106,931 - - - 83,106,931
(*) Amounts are presented at nominal value and not book value.
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The authorised, issued, subscribed and fully paid up share capital consists of the following:
As at As at
Authorised
Equity shares of uruguayan pesos 1 each (1.800.000 shares) 1,800,000 1,800,000
Total 1,800,000 1,800,000

Outstanding balance of equity shares of uruguayan pesos 1 each 540,000 540,000
(540.000 shares)
Total 540,000 540,000
Details of shares held by shareholders in the company equity shares.

As at As at
TCS Iberoamerica S.A. (Holding Company) 540,000 540,000

Fully paid equity shares, which have a par value of 540.000 Uruguayan pesos (UYU 1 each) carry one vote per share
and have a right to dividend. In the event of liquidation of the Company, the holders of shares are eligible to receive the
remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.
9. Leases
Company as a lessee
The company accounts for each lease component within the contract as a lease separately from non-lease components
The company recognises right-of-use asset representing its right to use the underlying asset for the lease term at the
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reflect revised in- substance fixed lease payments. The Company recognises the amount of the re-measurement of lease
the measurement of the lease liability, the Company recognises any remaining amount of the remeasurement in profit
or loss.
Additions for year Net carrying amount

ended December 31, 2023 as at December 31, 2023
Buildings 278,919,857 256,855,294
Total 278,919,857 256,855,294
Additions for year Net carrying amount

ended December 31, 2022 as at December 31, 2022
Buildings 1,483,466 11,327,243
Total 1,483,466 11,327,243


Buildings 33,391,806 27,234,951
Total 33,391,806 27,234,951
Interest on lease liabilities are UYU 10.649.123 and UYU 1.573.838 for the period ended on December 31, 2023 and
December 31, 2022 respectively.
The Company incurred UYU Nil and UYU Nil for the period ended December 31, 2023 and December 31, 2022 towards
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The total cash outflow are UYU 44.738.450 and UYU 41.730.509 for the period ended December 31, 2023 and December 31,
2022 respectively for long term and short term leases.
contract.


Furniture, fixtures, office equipment and other assets 4-10 years
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Leasehold Computer Furniture & Office Electrical Automobiles Total
improvements equipments fixtures equipments Installations
Gross block as at 224,516,685 186,636,513 40,713,493 20,244,172 1,781,054 - 473,891,917
December 31, 2022
Purchases 2,845,549 19,785,767 8,386 5,264,414 - - 27,904,115
Disposals - (9,020,120) - - - - (9,020,120)
Gross block as at 227,362,234 197,402,160 40,721,879 25,508,586 1,781,054 - 492,775,912
December 31, 2023
Accumulated depreciation 213,233,143 106,906,507 36,544,862 15,101,477 1,600,673 - 373,386,663
Disposals - (8,957,466) - - - - (8,957,466)
Depreciation for the year 11,370,272 34,942,332 1,420,076 2,473,057 180,008 - 50,385,746
Net carrying amount as at 2,758,819 64,510,786 2,756,941 7,934,052 372 - 77,960,969
December 31, 2023
Capital work-in-progress 492,125 972,433 18,212 391,011 - - 1,873,782
Total 79,834,751
Leasehold Computer Furniture & Office Electrical Automobiles Total

improvements equipments fixtures equipments Installations
Gross block as at 224,516,685 139,665,948 38,874,324 16,126,225 1,781,054 - 420,964,236
December 31, 2021
Purchases - 47,013,011 1,839,169 4,117,947 - - 52,970,127
Disposals - (42,446) - - - - (42,446)
Gross block as at 224,516,685 186,636,513 40,713,493 20,244,172 1,781,054 - 473,891,917
December 31, 2022
Disposals - (16,250) - - - - (16,250)
Depreciation for the year 34,150,891 29,384,375 2,250,814 1,584,480 180,380 - 67,550,940
Net carrying amount as at 11,283,542 79,730,006 4,168,631 5,142,695 180,381 - 100,505,254
December 31, 2022
Capital work-in-progress - 5,842,772 - 4,365,532 - - 10,208,304
Total 110,713,558
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Intangible assets consist of rights under licensing agreement and software licences. Following table summarises the
nature of intangibles and their estimated useful lives:

Intangible assets
Software Licences
Gross block as at December 31, 2022 342,102
Purchases -
Disposals -
Accumulated depreciation as at December 31, 2022 310,067

Disposals -
Depreciation for the year 15,292
Net carrying amount as at December 31, 2023 16,743
Intangible assets

Software Licences
Purchases -
Disposals -

Disposals -
Net carrying amount as at December 31, 2022 32,035
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The estimated amortisation for the years subsequent to December 31, 2023 is as follows:
Intangible assets
2024 15,390
2025 1,353
Total 16,743
c. Other assets
Other current assets As at As at

Prepaid expenses 332,029 100,046
Advance to suppliers 185,905 878,668
Tax credit 12,768,842 5,113,750
Contract assets 71,543,621 88,404,062
Others - 28,790
Total 84,830,397 94,525,316
Other non current assets As at As at

Contract assets 7,934,941 245,327
Total 7,934,941 245,327
Refer note 11 for changes in contract assets.

Other liabilities – Current As at As at

Total 122,833,131 86,799,367
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performance.
POC method .
to the customer.
concessions and incentives. The transaction price is also adjusted for the effects of the time value of money if the
contract includes a significant financing component. Any consideration payable to the customer is adjusted to the
transaction price, unless it is a payment for a distinct product or service from the customer. The estimated amount of
variable consideration is adjusted in the transaction price only to the extent that it is highly probable that a significant
reversal in the amount of cumulative revenue recognised will not occur and is reassessed at the end of each reporting
period. The Company allocates the elements of variable considerations to all the performance obligations of the
contract unless there is observable evidence that they pertain to one or more distinct performance obligations.
rendered or who controls the asset as it is being created or existence of enforceable right to payment for performance
to date and alternate use of such product or service, transfer of significant risks and rewards to the customer,
acceptance of delivery by the customer, etc.
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to be recovered.
Unearned and deferred revenue (“contract liability”) is recognised when there is billings in excess of revenues. The
billing schedules agreed with customers could include periodic performance based payments and/or milestone
based progress payments. Invoices are payable within contractually agreed credit period.
In accordance with IAS 37, the Company recognises an onerous contract provision when the unavoidable costs of
allocated to a new performance obligation or transaction price of an existing obligation could undergo a change. In
the event transaction price is revised for existing obligation, a cumulative adjustment is accounted for.
The Company disaggregates revenue from contracts with customers by nature of services, industry verticals, and
geography.

Consultancy services 3,918,971,513 3,269,277,594
Total 3,918,971,513 3,269,277,594

Industry Vertical For the year ended For the year ended
Banking, Financial and Insurance 345,725,304 367,062,425
Manufacturing 472,162,881 386,541,722
Retail and Consumer Products 236,670,565 190,877,145
Communication, Media and Technology 2,078,644,359 1,688,190,858
Life Sciences and Healthcare 508,253,562 422,001,648
Others 277,514,842 214,603,796
Total 3,918,971,513 3,269,277,594


Americas 3,358,603,939 2,901,748,047
Others 560,367,574 367,529,547
Total 3,918,971,513 3,269,277,594
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While disclosing the aggregate amount of transaction price yet to be recognized as revenue towards unsatisfied or
partially satisfied performance obligations, along with the broad time band for the expected time to recognize those
revenues, the Company has applied the practical expedient in IFRS 15. Accordingly, the Company has not disclosed
to contracts where revenue recognized corresponds to the value transferred to customer typically involving time and
terminations, changes in scope of contracts, periodic revalidations of the estimates, economic factors (changes in
currency rates, tax laws etc). The aggregate value of transaction price allocated to unsatisfied (or partially satisfied)
performance obligations is 1.836.265.025 Uruguayan Pesos out of which 57.62 percent is expected to be recognized as
revenue within the next year and the balance thereafter. No consideration from contracts with customers is excluded

Increase due to revenue recognized during the year, excluding 32,150,542 86,493,557
amounts billed during the year
Invoice raised that was included in the contract asset balance at (42,564,367) (25,791,767)
the beginning of th period
Translation exchange difference 1,242,988 (2,549,071)
Total 79,478,552 88,649,389
Changes in unearned and deferred revenue (contract liabilities) are as follows:

Revenue recognised that was included in the unearned and (53,199,831) (34,329,391)
deferred revenue at the beginning of the year.
Increase due to invoicing during the year, excluding amounts 37,968,511 54,647,248
recognised as revenue during the year.
Translation exchange difference (2,245,497) (2,895,920)
Total 37,780,263 55,257,080
12. Operating expenses recognition
The costs of the Company are broadly categorized into employee benefits expenses, depreciation and amortization and
other operating expenses. Employee benefits expenses include employee compensation, allowances paid, contribution to
various funds and staff welfare expenses. Other operating expenses mainly include fees to external consultants, facility
expenses, travel expenses, communication expenses, and other expenses.
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Other operating expenses Year ended Year ended

Communication 15,331,633 13,466,166
Facility running expenses 55,640,331 48,880,849
Other expenses 70,051,857 43,689,572
Travel expenses 36,642,153 50,364,480
Total 186,976,516 163,124,789
Expenses by function Year ended Year ended

Cost of revenue 2,847,502,704 2,219,043,984
Total 3,368,470,096 2,685,543,185
13. Other income

Interest revenue - bank deposits 2,982,800 671,002
Interest revenue - other deposits 584,422 608,406
Interest revenue- loan to related parties ( Refer Note 17) 2,983,132 3,089,559
Dividends received - subsidiaries (Refer note 17) 10 15
Total 6,550,364 4,368,982
b. Finance costs

Finance costs - Interest on loans other than banks 1,687,224 5,712,646
Interest on lease liabilities 10,649,123 1,573,838
Total 12,336,347 7,286,484
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c. Other gains / (losses) net

Gain/(loss) on disposal of property, plant and equipment 91,844 2,413
Net foreign exchange gains/(losses) (15,161,889) (70,369,331)
Others 45,720 1,538
Total (15,024,325) (70,365,380)
14. Income taxes

Income tax
Income tax expense comprises current and deferred tax. It is recognized in profit or loss except to the extent that is related
to a business combination, or items recognized directly in equity or in other comprehensive income.
Current tax
Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment
to tax payable or receivable in respect of previous years. It is measured using tax rates enacted or substantively enacted
at the reporting date.
Current tax assets and liabilities are offset only if certain criteria are met.
Deferred tax
Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used for taxation purposes.
Deferred tax assets is recognized for unused tax losses and deductible temporary differences to the extent that it is
probable that future taxable profits will be available against which they can be used. Deferred tax assets is reviewed at
each reporting date and is reduced to the extent that it is no longer probable that the related tax benefit will be realized.
Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse,
using tax rates enacted or substantively enacted at the reporting date.

Domestic 22,124,369 1,343,730
Overseas 15,122,557 9,655,475
37,246,926 10,999,205
Deferred income tax expense / (benefit)
Domestic (482,865) 5,262,390
(482,865) 5,262,390
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The reconciliation of income tax expense and book net income is as follows:

Income before income taxes 529,691,109 510,451,527
Federal income tax rate 25% 25%
Income exempt from tax (787,229,196) (621,698,433)
Current tax 592,038 (4,493,019)
Fixed assets of SEZ/STP 286,083 (7,843,619)
Disallowable expenses:
Income exempt related disallowed expenses 692,784,641 533,238,935
Other permanent differences:
Other adjustments (2,092,283) (10,555,151)

Year ended Recognized / Recognised Year ended
December 31, 2022 reversed through through retained December 31, 2023
profit or loss earnings
Originated by:
Property, plant and equipment (280,592) 711,533 - 430,941
Lease liabilities 326,541 (261,776) - 64,764
Provisions 234,619 33,109 - 267,728
280,568 482,865 - 763,433

Year ended Recognized / Recognised Year ended
December 31, 2021 reversed through through retained December 31, 2022
profit or loss earnings
Originated by:
Property, plant and equipment 1,513,528 (1,794,120) - (280,592)
Lease liabilities 1,244,793 (918,252) - 326,541
Provisions 2,784,637 (2,550,018) - 234,619
5,542,958 (5,262,390) - 280,568
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Investment tax credit

On June 25, 2014 the Ministry of Economy and Finance determined to give a tax benefit to TCS Uruguay S.A. under
regulatory Decree 455/07 of Law 16.906 of Promotion and protection of investments. This benefit grants an exemption of
20.277.929 IU from IRAE (Corporate income tax) for 40.71 percent of the eligible investment to be used in a 6-year term
and an exemption from IP (Net worth tax) on movable fixed assets for the whole of their useful lives and on civil works for
a term of 8 years.
There are no contingency in relation to Direct tax matters.


Salaries, incentives and allowances 2,755,678,970 2,153,660,589
Staff welfare 38,091,512 40,252,522
Total 3,097,700,736 2,427,595,063

Employee benefit obligations – Current
As at As at
Benefits to employees 311,376,581 226,865,078
Other employee benefit obligations 1,328,132 1,150,486
Total 312,704,713 228,015,564

Capital commitments
The Company has contractually committed (net of advances) UYU 7.541.193 and UYU 3.852.731 as at December 31, 2023
and December 31, 2022 respectively, for purchase of property, plant and equipment.
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Contingencies
Refer note 14.
There are no contingency in relation to Indirect tax matters.
• Other claims
Claims aggregating UYU Nil and UYU Nil as at December 31, 2023 and December 31, 2022 respectively, against the
Company have not been acknowledged as debts.
17. Related party transactions and balances

Company’s principal related parties consist of its ultimate holding company Tata Consultancy Services Limited and its

Tata Consultancy Services Limited 3,252,225,411 2,706,761,768
Tata America International Corporation - 16
Tata Consultancy Services Canada Inc. 146,531,366 155,690,211
Tata Consultancy Services Chile S.A. 448,434 -
Tata Consultancy Services Deutschland GmbH 115,850,072 88,925,976
Tata Consultancy Services Do Brasil Ltda 8,262,981 13,506,852
Tata Consultancy Services France S.A. 82,032,918 47,164,295
TCS Iberoamerica S.A. 1,736,678 -
Tata Consultancy Services Switzerland Ltd. 145,729,030 116,312,520
Tata Consultancy Services Netherlands BV - 1,797,137
Tata Consultancy Services Argentina S.A. 2,593,992 3,199,163
Tata Consultancy Services Belgium 42,336,451 33,520,483
Tata Consultancy Services De Espana S.A. 10,576,369 8,331,592
Tata Consultancy Services De Mexico S.A., De C.V. 20,367,556 10,675,501
Total 576,465,846 479,123,746
Interest income
Tata Consultancy Services Guatemala S.A 2,983,132 2,828,214
TCS Iberoamerica S.A. - 261,346
Total 2,983,132 3,089,560
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Loan given
Tata Consultancy Services Guatemala S.A - 67,869,000
Total - 67,869,000
Loan recovered
Tata Consultancy Services Guatemala S.A 22,279,164 1,667,397
Total 22,279,164 1,667,397
Other income
TCS Inversiones Chile Limitada 10 15
Total 10 15
Equity investment made
MGDC S.C. - 353,768,640
Total - 353,768,640
Tata Communications (America) Inc. 2,636,923 -
MGDC S.C. - 110,253
Tata America International Corporation (332,831) (117,087)
Tata Consultancy Services De Mexico S.A.,De C.V. 4,496,498 3,885,096
TCS Inversiones Chile Limitada 18,176,926 15,147,275
TCS Solution Center S.A. - (54,406)
TCS Colombia S.A. 29 -
Tata Consultancy Services Do Brasil Ltda 3,856,789 (3,825,316)
Tata Consultancy Services Canada Inc. (385,601) (73,897)
Total 25,811,810 15,071,917
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Tata Sons Private Limited 237,701 186,298
Total 237,701 186,298
Dividend paid
TCS Iberoamerica S.A. 347,290,800 -
Total 347,290,800 -
Loan repaid
TCS Iberoamerica S.A. 75,080,000 92,830,000
Total 75,080,000 92,830,000
Loan taken
TCS Iberoamerica S.A. - 180,906,000
Total - 180,906,000
Interest Paid
TCS Iberoamerica S.A. 1,681,137 5,712,646
Total 1,681,137 5,712,646
Balances receivable from related parties are as follows:

As at As at
Tata America International Corporation 340,077 70,755
Tata Consultancy Services Deutschland GmbH 30,004,103 29,800,252
Tata Consultancy Services Do Brasil Ltda 2,251,158 2,829,843
Tata Consultancy Services France S.A. 47,234,145 25,775,890
Tata Consultancy Services Switzerland Ltd. 40,476,292 27,211,064
Tata Consultancy Services Belgium 3,664,053 7,993,950
Tata Consultancy Services De Espana S.A. 5,375,097 11,549,862
Tata Consultancy Services De Mexico S.A.,De C.V. 8,322,659 9,290,243
Tata Consultancy Services Argentina S.A. 5,720,032 3,194,588
TCS Colombia S.A. (40) (12)
Total 156,008,119 156,320,829
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As at As at
Loans, other financial assets and other assets
TCS Guatemala S.A. 54,307,342 80,701,530
Total 54,307,342 80,701,530

As at As at
Trade payables, unearned and deferred revenue, other financial
liabilities and other liabilities
Tata Sons Private Limited 162,010 186,298
Tata Communications (America) Inc. 510,522 -
Total 672,533 186,298

TCS Inversiones Chile Limitada 6,041,671 3,329,296
Tata Consultancy Services De Mexico S.A.,De C.V. (110,699) 525,309
MGDC S.C. (1,654) (1,698)
Tata Consultancy Services Deutschland GmbH - 3,676,991
Tata Consultancy Services France S.A. - 5,598,770
Tata Consultancy Services De Espana S.A. - 3,056,513
Tata Consultancy Services Do Brasil Ltda 483,853 1,132,718
Tata Consultancy Services Switzerland Ltd. - 88,373
TCS Iberoamerica S.A. - 80,240,815
Total 9,241,630 102,167,308
Compensation to key management personnel (in Uruguayan Pesos)

Short-term benefits 14,995,813 12,293,760
Total 14,995,813 12,293,760

There were no subsequent events that meet disclosure.
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TCS SOLUTION CENTER S.A.

TCS Solution Center S.A. 41.1
CONTENT PAGE
Statement of financial position as at December 31, 2023 41.4
Statement of profit or loss and other comprehensive income for the year ended December 31, 2023 41.5
Statement of changes in equity for the year ended December 31, 2023 41.6
Statement of cash flows for the year ended December 31, 2023 41.7
Notes to financial statements as at December 31, 2023 41.8

41.2 TCS Solution Center S.A.

TCS Solution Center S.A.
Opinion
We have audited the financial statements of TCS Solution Center S.A. (the “Company”), which comprise the statement of
financial position as of December 31st, 2023, the statements of profit or loss and other comprehensive income, changes
in equity and cash flows for the year then ended, and notes to the financial statements, including a summary of significant
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of TCS
Solution Center S.A. as of December 31st, 2023, and its financial performance and its cash flows for the year then ended in
Basis for opinion

standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report.
financial statements in Uruguay, and we have fulfilled our other ethical responsibilities in accordance with these requirements
and the IESBA Code.
Management is responsible for the preparation and fair presentation of the financial statements in accordance with International
Financial Reporting Standards (IFRS), and for such internal control as management determines is necessary to enable the

Our objectives are to obtain reasonable assurance about whether TCS Solution Center S.A.’s financial statements as a whole
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will
always detect a material misstatement when it exists.
We also:
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control.
Montevideo, Uruguay
February 28, 2024
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As at As at
Note
ASSETS:
Current assets:
Cash and cash equivalents 8 (a) 727.869.556 585.122.375
Trade receivables
Billed 8 (c) 881.282.870 831.667.137
Unbilled 162.244.095 143.660.170
Other financial assets 8 (d) 16.771.351 24.629.305
Other assets 10 (c ) 46.845.318 31.260.575
Total current assets 1.835.013.190 1.616.339.562
Non-current assets:
Investments 8 (b) 914 914
Other financial assets 8 (d) 2.148.589 24.042.600
Deferred tax assets (net) 14 60.374.006 49.542.028
Property, plant and equipment 10 (a) 324.488.109 242.930.871
Right-of-use assets 9 205.967.008 157.124.256
Intangible assets 10 (b) 260.705 1.003.494
Trade receivables
Unbilled 406.556 115.477
Other assets 10 (c ) 12.023.454 6.517.097
Total non-current assets 605.669.341 481.276.737
TOTAL ASSETS 2.440.682.531 2.097.616.299
Liabilities:
Trade payables 8 (e) 90.494.285 81.727.813
Lease liabilties 56.978.947 39.696.493
Other financial liabilities 8 (f) 134.788.609 102.609.134
Unearned and deferred revenue 43.456.964 27.658.836
Employee benefit obligations 15 170.182.325 136.645.624
Income tax liabilities (net) 41.054.890 22.302.044
Provisions 1.684.423 7.480.317
Other liabilities 10 (d) 159.449.230 124.120.800
Total current liabilities 698.089.673 542.241.061
Non-current liabilities:
Total non-current liabilities 146.418.620 117.541.185
TOTAL LIABILITIES 844.508.293 659.782.246
Equity:
Share capital 8 (j) 359.244.073 359.244.073
Legal reserves 71.848.815 71.848.815
Other equity (72.321.612) (335.609.260)
Retained earnings 1.237.402.962 1.342.350.425
TOTAL EQUITY 1.596.174.238 1.437.834.053
TOTAL LIABILITIES AND EQUITY 2.440.682.531 2.097.616.299
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Statement of profit or loss and other comprehensive income


Revenues:
Revenue from operations 11 4.466.175.800 4.703.418.358
Total revenues 4.466.175.800 4.703.418.358
Operating expenses:
Employee benefits expenses 15 3.161.633.116 3.129.069.048
Depreciation and amortisation expense 9 &10 &11 224.619.805 269.366.621
Other operating expenses 12 495.445.736 571.703.218
Total operating expenses 3.881.698.657 3.970.138.887
Operating income 584.477.143 733.279.471
Finance and other income 13 (a) 82.600.253 24.569.569
Other gains / (losses), net 13 (c ) (46.323.959) (29.906.124)
Finance costs 13 (b) (23.356.310) (19.015.114)
Other INCOME / (EXPENSES) (net) 12.919.984 (24.351.669)
Profit before taxes 597.397.127 708.927.802
Income tax 14 211.584.227 194.240.877
Profit for the year 385.812.900 514.686.925
Other comprehensive income (OCI):
Items that will be reclassified subsequently to profit or loss:
Translation adjustment 263.287.648 (385.994.471)
Total comprehensive income for the year 649.100.548 128.692.454
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Equity share Legal reserves Other equity Retained Total equity

capital earnings
Balance as at December 31, 2021 359.244.073 71.848.815 50.385.211 1.547.883.600 2.029.361.699
Total comprehensive income / (losses) - - (385.994.471) 514.686.925 128.692.454
Dividend (Note 5) - - - (720.220.100) (720.220.100)
Balance as at December 31, 2022 359.244.073 71.848.815 (335.609.260) 1.342.350.425 1.437.834.053
Total comprehensive income / (losses) - - 263.287.648 385.812.900 649.100.548
Dividend (Note 5) - - - (490.760.363) (490.760.363)
Balance as at December 31, 2023 359.244.073 71.848.815 (72.321.612) 1.237.402.962 1.596.174.238
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Profit for the year 385.812.900 514.686.925
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortisation expense 9 &10 &11 224.619.805 269.366.621
Income tax expense 14 211.584.227 194.240.877
Unrealised foreign exchange (gain) / loss 10.046.446 43.785.839
Loss on disposal of property, plant and equipment 13(c) 230.151 52.206
Net gain / loss on lease modification - (1.351.325)
Bad debts and advances written off, allowance for (485 823) (172 421)
doubtful trade receivables
Lease concession - (539.334)
Net change in:
Trade receivables
Billed 75.724.453 (95.754.012)
Unbilled 3.522.160 19.283.456
Other financial assets (249.980) 2.046.465
Other assets (12.796.390) 55.818.355
Trade and other payables (3.617.664) 3.011.524
Other financial liabilities 10.321.923 (11.379.452)
Unearned and deferred revenues 9.944.838 (80.749.453)
Employee benefit obligations 20.289.521 10.579.374
Other liabilities 12.664.221 4.151.207
Provisions (5.820.162) (1.480.236)
Cash generated from operations 941.790.627 925.596.617
Taxes paid (net of refunds) (199.025.084) (151.527.765)
Net cash provided by operating activities 742.765.543 774.068.852
Purchase of property and equipment 10(a) (189.238.568) (85.075.393)
Proceeds from sale of property and equipment 10(a) 66.429 314.506
Loan given to fellow subsidiary - (42.322.000)
Loan recovered 32.056.800 7.989.200
Net cash used in investing activities (157.115.339) (119.093.687)
Repayment of lease liabilities (63.262.438) (83.669.451)
Dividends paid 5 (490.760.363) (720.220.100)
Net cash used in financing activities (554.022.801) (803.889.551)
Net change in cash 31.627.403 (148.914.386)
Exchange difference on translation of foreign currency 111.119.778 (199.188.448)
cash and cash equivalents
Cash and cash equivalents, beginning of the year 585.122.375 933.225.209
Cash and cash equivalents, end of the year 8(a) 727.869.556 585.122.375
Interest paid 23.356.310 19.015.114
Interest received 65.084.134 22.308.132
Dividend received 19.195.523 -
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TCS Solution Center S.A. (the Company) is a private company whose headquarter is located on Monte Caseros 2600, in
Montevideo, Uruguay.
The Company has a branch office offshore, TCS Solution Center (Colombia Branch) in Bogotá D.C., incorporated on August
15, 2006 in accordance with Colombian law.
These financial statements have been consolidated with such branch.
The Company’s main activities are the development of software, provision of IT services and process outsourcing services
aimed at both local and foreign markets.
The financial statements have been approved by the Entity´s Board of Directors for their issuance on February 28, 2024
and will be submitted to the shareholders meeting for approval.
These financial statements have been prepared in accordance with International Financial Reporting Standards
(hereinafter “IFRS”) adopted by the International Accounting Standards Board (IASB), translated into Spanish, and
interpretations prepared by the Interpretations Committee of the International Financial Reporting Standards or the
previous Interpretations Committee, in accordance with the Appropriate Accounting Standards in Uruguay pursuant to
Decrees 291/014, 292/014 and 124/011.
date. All assets and liabilities have been classified as current and non¬current as per the Company’s normal operating
The Statement of Cash flow have been prepared using the indirect method, whereby profit or loss is adjusted for the effects
financing activities of the company are segregated. The company considers all highly liquid investments that are readily
The functional currency of the Company is the Uruguayan peso. Foreign currency transactions are recorded at exchange
arising on settlement and restatement are recognised in profit or loss. Non¬monetary assets and liabilities that are
notes.

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b. Useful lives of property, plant and equipment and intangibles
The Company reviews the useful life of property, plant and equipment and intangibles at the end of each reporting
period. This reassessment may result in change in depreciation expense in future periods.
f. Provisions and contingent liabilities
g. Leases
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Legal reserve
The legal reserve is a reserve fund created in compliance with article 93 of Law 16.060 for commercial companies, which
establishes that no less than 5 percent of the net profit for the year should be used to increase the mentioned reserve,
until it reaches 20 percent of the paid-in capital.
Retained earnings
On September 22, 2023 it was determined to distribute dividends in advanced for a total of $ 112.418.212 Uruguayan Pesos
On June 21, 2023 it was determined to distribute dividends in advanced for a total of $ 177.807.280 Uruguayan Pesos in
On December 01, 2023 it was determined to distribute dividends in advanced for a total of $ 200.534.871 Uruguayan Pesos
On November 30, 2022 it was determined to distribute dividends in advanced for a total of $ 187.112.000 Uruguayan Pesos
On May 12, 2022 it was determined to distribute dividends in advanced for a total of $ 321.498.100 Uruguayan Pesos in
On March 23, 2022 it was determined to distribute dividends in advanced for a total of $ 211.610.000 Uruguayan Pesos in
Other equity
The balance of the account corresponds to the difference of exchange rate in the Colombia branch with functional currency
Colombian Pesos, within an equity account as set forth in IAS 21.
6. Registration of Financial Statements

they do not comply with the obligation to register, within the established terms, the financial statements to the Auditoría
Interna de la Nación (AIN), institution that regulates the commercial companies.
December 31, 2023 the Company has time to comply until June 30, 2024.


1

2
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The company reviewed its income tax treatments in order to determine whether IFRIC 23 interpretation could have an
impact on the financial statements. In that respect, the Company observed that there are no continuous instances of any
uncertain tax treatment in the past and on that basis, it is reasonable to conclude that all the tax treatments are accepted
by the tax officer and hence IFRIC-23 is not applicable.

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The Company derecognises a financial asset only when the contractual rights to the cash flows from the asset expire,
entity. The Company derecognises financial liabilities when, and only when, the Company´s obligations are discharged,
cancelled or have expired.
outstanding.
Equity instruments
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As at As at
Cash in hand 70.407 67.927
Current account balances with banks 727.799.149 585.054.448
Total 727.869.556 585.122.375
b. Investments
As at As at
Investments carried at Cost
i. Tata Consultancy Services De México S.A. De C.V 906 906
ii. TCS do Brazil Ltda. 8 8
Total Investments - Non current 914 914
c. Trade receivables - Billed

Trade receivables – Billed consist of the following:
Trade receivables – Billed – Current
As at As at
Trade receivables - Billed 887.786.567 875.223.717
Less: Allowance for doubtful trade receivables - Billed - (35.466.345)
Less: Provision for volume discount (6.503.697) (8.090.235)
Total 881.282.870 831.667.137
Trade receivables – Billed include balances with related parties amounting to UYU 315.453.122 and UYU 419.347.803
for the period ended on December 31, 2023 and December 31, 2022 respectively. (Refer Note 17)
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Other financial assets – Current
As at As at
Employee advances (*) 11.595.333 12.068.274
Loan to fellow subsidiary - 8.014.200
Deposits for premises - 2.816.406
Accrued Interest 5.171.022 1.725.958
Others 4.996 4.467
Total 16.771.351 24.629.305
(*) Include recoverable advances to foreign employees deputed in Uruguay and Colombia.
Other financial assets – Non-current
As at As at
Deposits for premises 2.148.589 -
Loan to fellow subsidiary - 24.042.600
Total 2.148.589 24.042.600
e. Trade payables
As at As at
Trade payables 68.915.065 55.953.116
Accrued expenses 21.579.220 25.774.697
Total 90.494.285 81.727.813

As at As at
Accrued payroll 134.188.609 100.285.968
Capital creditors - 1.641.166
Total 134.788.609 102.609.134
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value
Financial assets
Trade receivables
Billed 881.282.870 881.282.870
Unbilled 162.650.651 162.650.651
Total 1.790.723.017 1.790.723.017
Trade payables 90.494.285 90.494.285
Other financial liabilities 134.788.609 134.788.609
Total 428.680.461 428.680.461
value
Financial assets
Trade receivables
Billed 831.667.137 831.667.137
Unbilled 143.775.647 143.775.647
Total 1.609.237.064 1.609.237.064
Trade payables 81.727.813 81.727.813
Other financial liabilities 102.609.134 102.609.134
Total 341.574.625 341.574.625
Carrying amounts of cash and cash equivalents, trade receivables and trade payables as at December 31, 2023 and
December 31, 2022 approximate at the fair value due to their nature. Carrying amounts of other financial assets,
other financial liabilities and borrowings which are subsequently measured at amortized cost also approximates
the fair value due to their nature in each of the periods presented. Fair value measurement of lease liabilities is not
required.
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Market risk
currency exchange rates, interest rates, credit, liquidity and other market changes. The Company´s exposure to
market risk is primarily on account of foreign currency exchange rate risk.
to risks arising from fluctuations in exchange rates in those countries.
rate risks.
a simultaneous parallel foreign exchange rates shift of all the currencies by 10 percent against the respective
functional currency of the Company.
The following analysis has been worked out based on the net exposures for Company as at the date of statement
of financial position which could affect the statement of profit or loss and other comprehensive income and
equity.
2023 and December 31,2022:
December 31, 2023 USD GBP CAD COP MXN ARS AUD EUR DKK BRL UDF CLP
Net financial assets 409.683.400 (1.653.927) - 1.327.130.378 10.617.075 118.592 (1.499.661) 11.702.417 3.625.818 385.269 - 706.327
Net financial 98.653.182 - (4.185) 314.257.944 111.571 - 2.060 (128) (1.133) - - -
liabilities
December 31, 2022 USD GBP CAD COP MXN ARS AUD EUR DKK BRL UDF CLP
Net financial assets 596.968.556 (377.422) 1.092.022 944.985.391 4.403.560 556.180 606.840 39.162.557 7.218.380 458.388 158.204 666.566
Net financial 54.135.757 - (32) 174.199.691 186.518 - - (127) (3.033) - - -
liabilities
10 percent appreciation / depreciation of the respective foreign currencies with respect to functional currency
of the Company would result in decrease / increase in the Company’s profit before taxes by approximately UYU
135.913.244 for the period ended December 31, 2023 and UYU 134.779.638 for the year ended December 31, 2022
respectively.
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Credit risk
Financial instruments that are subject to concentrations of credit risk principally consist of trade receivables, cash and
cash equivalents and other financial assets. Cash and cash equivalents include an amount of 66.799.477 Uruguayan
Pesos held with a bank in Uruguay and 652.152.134 Uruguayan Pesos held with banks in Colombia having high quality
credit rating which are individually in excess of 10 percent or more of the Company’s total cash and cash equivalents
as at December 31, 2023 (an amount of 101.561.610 Uruguayan Pesos held with a bank in Uruguay and 388.423.186
Uruguayan Pesos held with banks in Colombia as at December 31, 2022). None of the other financial instruments of
the Company result in material concentration of credit risk.
maximum exposure to credit risk was UYU 1.802.059.081 and UYU 1.620.730.054 as at December 31, 2023 and
December 31, 2022, respectively, being the total of the carrying amount of balances with banks, trade receivables,
contract assets and other financial assets.
Company’s exposure to customers is diversified, and single customer which contributes individually to more than
10 percent of outstanding trade receivable and contract assets as at December 31, 2023 and December 31, 2022,
respectively are as follows:
Trade Percentage Trade Percentage
Contract Assets Contract Assets
Customer A 269.318.548 31 206.312.275 21
Customer B 330.255.974 26 434.700.422 44
Customer C 125.462.106 12 80.630.276 8
Geographic concentration of trade receivables (net of allowances) and contract assets is as follows:
As at As at
Net % Net %
America 94 91
Europe 4 5
Others 2 4
Geographical concentration of trade receivables and contract assets is allocated based on the location of the
customers.
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The allowance for lifetime expected credit loss on trade receivables for the period ended December 31, 2023 and
December 31, 2022 was UYU NIL and UYU 35.466.345, respectively. The reconciliation of allowance for doubtful
trade receivables is as follows:
Balance at the beginning of the Year 35.466.345 70.284.111
Changes during the year - -
Bad Debts written off (37.472.228) (19.179.005)
Provision written back (476.761) (181.449)
Translation exchnage difference 2.482.644 (15.457.312)
Balance at the End of the Year - 35.466.345
Liquidity risk
Company consistently generated sufficient cash flows from operations to meet its financial obligations including
Trade payables 90.494.285 - - - 90.494.285
Lease liabilities (*) 72.918.165 67.432.414 100.901.135 - 241.251.714
Other financial liabilities 134.788.609 - - - 134.788.609
Total 298.201.059 67.432.414 100.901.135 - 466.534.608

Trade payables 81.727.813 - - - 81.727.813
Lease liabilities (*) 52.386.749 37.574.312 88.604.925 17.064.466 195.630.452
Other financial liabilities 102.609.134 - - - 102.609.134
Total 236.723.696 37.574.312 88.604.925 17.064.466 379.967.399
(*) Amounts are presented at nominal value and not book value.
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The authorised, issued, subscribed and fully paid up share capital consists of the following:
As at As at
Authorised
Equity shares of uruguayan pesos 1 each ( 500.000.000 shares) 500.000.000 500.000.000
Total 500.000.000 500.000.000
Outstanding balance of equity shares of uruguayan pesos 1 each 359.244.073 359.244.073
(359.244.073 shares)
Total 359.244.073 359.244.073
Details of shares held by shareholders in the Company equity shares

As at As at
TCS Iberoamerica S.A. (Holding Company) 359.244.073 359.244.073
Fully paid equity shares, which have a par value of 359.244.073 Uruguayan pesos (UYU 1 each) carry one vote per
share and have a right to dividend. In the event of liquidation of the Company, the holders of shares are eligible to
receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their
shareholding
9. Leases
Company as a lessee
alone price of the lease component and the aggregate stand-alone price of the non¬lease components.
Right- of-use assets are tested for impairment whenever there is any indication that their carrying amounts may not be
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with reasonably similar characteristics, the Company, on a lease-by- lease basis, may adopt either the incremental
loss.
ROU Leasehold Building 79.859.404 171.403.292
ROU Leasehold office equipment - 65.335
ROU Leasehold improvements - 34.498.381
Total 79.859.404 205.967.008

ROU Leasehold office equipment 769.202 381.001
ROU Leasehold improvements - 34.509.036
Total 140.590.248 157.124.256

ROU Leasehold office equipment 356.878 322.726
ROU Leasehold improvements 6.715.255 7.243.507
Total 62.933.713 76.739.708
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Interest on lease liabilities is UYU 17.746.431 for the period ended on December 31, 2023 (UYU 19.015.114 for the year
ended on December 31, 2022).
The Company incurred UYU 12.516.904 for the period ended December 31, 2023 (UYU 12.418.234 for the year ended
December 31, 2022) towards expenses relating to short-term leases and leases of low-value assets.
The total cash outflow is UYU 93.525.773 for the period ended December 31, 2023 for long term and short term leases
(UYU 115.075.940 for the year ended December 31, 2022).
contract.


Furniture, fixtures, office equipment and other assets 4-10 years
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Gross block as at December
100.297.002 1.187.784.539 12.126.176 19.685.360 18.221.127 1.338.114.204
31, 2022
Purchases - 183.458.485 499.356 4.132.025 1.148.702 189.238.568
Disposals - (9.962.886) (122.916) (33.653) - (10.119.455)
Effect of foreign currency
13.606.311 265.779.488 1.222.806 3.218.083 3.782.449 287.609.137
translations
113.903.313 1.627.059.626 13.725.422 27.001.815 23.152.278 1.804.842.454
31, 2023
100.296.990 955.152.162 10.770.244 14.964.321 13.999.616 1.095.183.333
December 31, 2022
Disposals - (9.666.306) (122.916) (33.653) - (9.822.875)
Depreciation for the year - 155.177.073 666.030 2.959.322 2.140.878 160.943.303
13.606.311 213.833.025 1.162.412 2.271.492 3.177.344 234.050.584
translations
113.903.301 1.314.495.954 12.475.770 20.161.482 19.317.838 1.480.354.345
December 31, 2023
12 312.563.672 1.249.652 6.840.333 3.834.440 324.488.109
December 31, 2023
Capital work-in-progress * - - - - - -
Total 324.488.109

121.863.713 1.462.888.221 15.486.829 22.438.536 23.694.845 1.646.372.144
31, 2021
Purchases - 83.656.879 - 1.424.467 - 85.081.346
Disposals (1.024.856) (725.053) (1.409.850) (216.399) - (3.376.158)
(20.541.855) (358.035.508) (1.950.803) (3.961.244) (5.473.718) (389.963.128)
translations
100.297.002 1.187.784.539 12.126.176 19.685.360 18.221.127 1.338.114.204
31, 2022
118.902.623 1.046.353.535 13.337.712 15.380.031 16.060.032 1.210.033.933
December 31, 2021
Disposals (1.024.856) (358.342) (1.409.850) (216.399) - (3.009.447)
Depreciation for the year 2.858.963 183.615.594 738.176 2.571.962 2.097.896 191.882.591
(20.439.740) (274.458.625) (1.895.794) (2.771.273) (4.158.312) (303.723.744)
translations
100.296.990 955.152.162 10.770.244 14.964.321 13.999.616 1.095.183.333
December 31, 2022
12 232.632.377 1.355.932 4.721.039 4.221.511 242.930.871
December 31, 2022
Capital work-in-progress * - - - - - -
Total 242.930.871

Intangible assets consist of rights under licensing agreement and software licences.
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Rights under licensing agreement and software licenses Lower of license period and 2-5 years
Intangible assets

Software Licences
Gross block as at December 31, 2022 2.977.286
Purchases -
Disposals -
Effect of foreign currency translations -
Accumulated depreciation as at December 31, 2022 1.973.792

Disposals -
Net carrying amount as at December 31, 2023 260.705

Software Licences
Purchases -
Disposals -

Disposals -
Net carrying amount as at December 31, 2022 1.003.494
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The estimated amortisation for the years subsequent to December 31, 2023 is as follows:
Intangible assets
2024 185.064
2025 75.641
Total 260.705
c. Other assets
As at As at
Prepaid expenses 8.133.934 6.165.209
Indirect tax recoverable 2.303.462 -
Other current assets - 22.254
Contract assets 9.731.609 11.457.051
Contract fulfillment costs (*) 26.188.805 13.516.711
Total 46.845.318 31.260.575
Other assets – Non-current

As at As at
Prepaid expenses 832.620 1.372.845
Contract assets 1.604.457 35.939
Contract fulfillment costs (*) 9.586.377 5.108.313
Total 12.023.454 6.517.097
(*) Contract fulfillment costs of UYU 20.282.893 and UYU 25.341.694 for the period ended December 31, 2023 and
December 31, 2022, respectively, have been amortised in the profit or loss.
Refer note 11 for changes in contract assets.
Other liabilities consist of the following
As at As at
Advance received from customers 2.789.899 231.442
Indirect tax payable and other statutory liabilities 156.659.331 123.866.499
Others - 22.859
Total 159.449.230 124.120.800
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performance.
POC method .
to the customer.
The Company´s contracts with customers could include promises to transfer multiple products and services to a customer.
Such costs are amortised over the contractual period or useful life of the licence, whichever is less. The assessment of
this criteria requires the application of judgement, in particular when considering if costs generate or enhance resources
to be used to satisfy future performance obligations and whether costs are expected to be recovered.
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The billing schedules agreed with customers could include periodic performance based payments and/or milestone based
The Company disaggregates revenue from contracts with customers by nature of services, industry verticals, and
geography.
Consultancy services 4.425.704.834 4.668.677.855
Sale of equipment and software licences 40.470.966 34.740.503
Total 4.466.175.800 4.703.418.358

Banking, Financial and Insurance 2.753.295.083 2.833.596.161
Manufacturing 52.376.705 31.531.956
Retail and Consumer Products 543.884.709 592.892.240
Communication, Media and Technology 356.214.660 395.150.416
Others 760.404.643 850.247.585
Total 4.466.175.800 4.703.418.358

America 4.186.071.396 4.328.820.387

Others 280.104.404 374.597.971
Total 4.466.175.800 4.703.418.358

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obligations is 1.623.767.295 Uruguayan Pesos out of which 55.68 percent is expected to be recognized as revenue within
mentioned above.
December 31,2023 December 31, 2022
Balance at the beginning of the year 11.492.990 65.105.041
Increase due to revenue recognized during the year, excluding amounts 5.629.856 10.929.736
Invoice raised that was included in the contract asset balance at the (6.697.025) (50.056.482)
beginning of the period
Translation exchange difference 910.245 (14.485.305)
Balance at the end of the year 11.336.066 11.492.990
Changes in unearned and deferred revenue (contract liabilities) are as follows:

December 31,2023 December 31, 2022
Balance at the beginning of the year 27.658.836 125.537.055
Revenue recognised that was included in the unearned and deferred (28.479.020) (23.468.552)
Increase due to invoicing during the year, excluding amounts recognised 43.335.638 (48.459.708)
Translation exchange difference 941.510 (25.949.959)
Balance at the end of the year 43.456.964 27.658.836
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12. Operating expenses recognition
The costs of the Company are broadly categorized into employee benefits expenses, depreciation and amortisation and
other Operating Expenses. Employee benefit expenses include employee compensation, allowances paid, contribution to
various Funds and staff welfare expenses. Other operating expenses mainly include fees to external consultants, facility
expenses, travel costs, cost of equipment and software licenses, communication expenses and other expenses.
Other operating expense

Fees to external consultants 98.243.250 119.778.104
Facility running expenses 45.171.830 63.538.708
Travel expenses 34.012.272 45.390.700
Communication 22.482.054 26.092.433
Cost of equipment and software licenses 32.672.539 28.600.126
Other expenses 262.863.791 288.303.147
Total 495.445.736 571.703.218
Cost of revenue 3.062.460.816 3.065.854.928
Selling and administrative expenses 819.237.841 904.283.959
Total 3.881.698.657 3.970.138.887
13. Other income

Dividends received - subsidiaries (Refer note 17) 19.195.523 -
Interest revenue - bank deposits and Other deposits 62.780.301 23.161.494
Interest revenue - subsidiary 624.428 1.408.075
Total 82.600.253 24.569.569
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b. Finance costs
Other interest expenses 5.609.879 -
Lease interest 17.746.431 19.015.114
Total 23.356.310 19.015.114
c. Other gains / (losses), net

Gains / (loss) on disposal of property, plant and equipment (230.151) (52.206)
Net foreign exchange gains / (losses) (47.361.510) (40.498.508)
Others 1.267.702 10.644.590
Total (46.323.959) (29.906.124)
14. Income taxes

year. Current and deferred taxes are recognised in profit or loss, except when they relate to items that are recognised in
TCS Solution Center S.A. is tax by a current Income tax at a 25%.
TCS Colombia branch is tax by a current Income tax at a 35%.
Current tax
of the reporting period.
advance tax paid and income tax provision arising in the same tax jurisdiction and where the relevant tax paying unit
intends to settle the asset and liability on a net basis
Deferred tax
provided for the temporary differences between the tax base of assets and liabilities and their reported amounts in the
in the years in which the temporary differences are expected to be received or settled. Deferred tax assets and liabilities
are offset when they relate to income taxes levied by the same taxation authority and the relevant entity intends to settle
its current tax assets and liabilities on a net basis.
utilised.
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Domestic 19.611.778 10.345.479
Overseas 192.064.148 155.109.903
211.675.926 165.455.382
Deferred income tax expense / (benefit)
Domestic (124.235) -
Overseas 32.536 28.785.495
(91.699) 28.785.495
Total income tax expense 211.584.227 194.240.877
The reconciliation of income tax expense and book net income is as follows:
Income before income taxes 597.397.127 708.927.802
Income tax rate Uruguay 25% 0%
Expected income tax expense 149.349.282 -
Tax on transfer of foreign subsidiary overseas branches 17.700.860 -
Income exempt from tax (371.252.086) -
Branch income tax 192.064.148 155.109.903
Deferred tax (91.699) 28.785.495
Fixed assets of SEZ/STP (685.130) -
Disallowable expenses:
Direct cost associated to income exempt of tax 182.315.720 -
Indirect Administrative cost associated to income exempt of 44.219.288 -
tax
Other permanent differences:
Wealth tax 333.877 -
Interest and other gain related leases (IFRS 16 accounting) (1.992.091) -
Indirect financial cost associated to income exempt of tax (377.942) -
WHT on dividend and payments - 10.345.479
Total income tax expense 211.584.227 194.240.877
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Year ended Recognised / Unrealized Year ended

December 31, 2022 reversed through translation December 31, 2023
profit or loss adjustment
Originated by:
Property, plant and equipment 42.340.916 1.549.821 9.349.564 53.240.301
Lease liabilities 39.698 (1.008.385) (107.379) (1.076.066)
Other 7.161.414 (449.737) 1.498.094 8.209.771
49.542.028 91.699 10.740.279 60.374.006
Year ended Recognised / Unrealized Year ended

December 31, 2021 reversed through translation December 31, 2022
profit or loss adjustment
Originated by:
Property, plant and equipment 53.670.052 2.164.774 (13.493.910) 42.340.916
Lease liabilities 2.063.731 (1.781.047) (242.986) 39.698
Other 42.428.273 (29.169.222) (6.097.637) 7.161.414
98.162.056 (28.785.495) (19.834.533) 49.542.028

The Company has contingent liability of UYU NIL as at December 31, 2023 and December 31, 2022, respectively, in respect
of tax demands which are being contested by the Company based on the management evaluation and advice of tax
consultants. The Company has evaluated and concluded that this tax demand by authorities will not succeed on ultimate
resolution.

The Company provides retirement benefits such as pension (other than Company managed fund) and foreign defined
contribution plans to its employees which are treated as defined contribution plans
All employee benefits payable wholly within twelve months of rendering the service are classified as short¬term employee
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Salaries, incentives and allowances 2.772.828.509 2.758.442.339
Contributions to provident and other funds 321.226.841 299.535.094
Staff welfare 67.577.766 71.091.615
3.161.633.116 3.129.069.048

Employee benefit obligations – Current
As at As at
Benefits to employees 168.509.169 135.070.893
Other employee benefit obligations 1.673.156 1.574.731
Total 170.182.325 136.645.624

Capital commitments
The Company has contractually committed (net of advances) UYU 5.487.740 and UYU 3.495.643 as at December 31, 2023
and December 31, 2022, respectively, for purchase of property, plant and equipment.
Contingencies
Refer to Note No.14
There is no contingency in relation to Indirect tax matters.
• Other claims
Claims aggregating UYU 8.155.133 and UYU 5.344 as at December 31, 2023 and December 31, 2022, respectively,
against the Company have not been acknowledged as debts.
17. Related party transactions and balances

Company’s principal related parties consist of its ultimate holding company Tata Consultancy Services Limited and its
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Tata Consultancy Services Limited 968.414.500 1.781.616.237
Tata America International Corporation - (42)
Tata Consultancy Services Asia Pacific Pte Ltd. 8.765 11.701.868
Tata Consultancy Services Belgium 27.144.243 52.040.538
Tata Consultancy Services Chile S.A. 2.609.835 3.907.887
Tata Consultancy Services De Mexico S.A.,De C.V. 4.713.000 35.063.009
Tata Consultancy Services France S.A. 50.021.794 89.808.200
Tata Consultancy Services Switzerland Ltd. 1.429.188 49.818.890
Tata Solution Center S.A. 6.055 2.560.682
Tata Consultancy Services Canada Inc. - 3.426.978
Tata Consultancy Services do Brasil Ltda 2.298.354 3.556.667
Tata Consultancy Services Sucursal del Peru 1.980 (488.218)
Total 1.057.388.796 2.033.775.211
Interest income
MGDC S.C. 624.428 1.408.075
Total 624.428 1.408.075
Dividend income
Tata Consultancy Services De Mexico S.A.,De C.V. 19.195.523 -
Total 19.195.523 -
Loan given
MGDC S.C. - 42.322.000
Total - 42.322.000
Loan recovered
MGDC S.C. 30.929.600 7.989.200
Total 30.929.600 7.989.200
Tata Consultancy Services Limited 76.861.214 269.273.326
MGDC S.C. 5 465.671
Tata America International Corporation (4.519) -
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Tata Consultancy Services Chile S.A. - 8.969.467
Tata Consultancy Services De Mexico S.A.,De C.V. 32.091 32.879.373
Tata Consultancy Services Do Brasil Ltda 3.824 2.558.111
TCS Inversiones Chile Limitada 5.052.950 24.109.053
TCS France S.A. 377 -
TCS Uruguay S. A. - 48.734
Tata Solution Center S.A. (49) (197.767)
Tata Consultancy Services Sucursal del Peru 2.029.006 2.617.973
Total 83.974.901 340.723.941
Tata Sons Private Limited 3.447.491 9.673.444
Total 3.447.491 9.673.444
Dividend paid
TCS Iberoamerica S.A. 490.760.363 720.220.100
Total 490.760.363 720.220.100

As at As at
Tata Consultancy Services Argentina S.A. 19.728 20.836.823
Tata Consultancy Services Asia Pacific Pte Ltd. 692 1.667.841
Tata Consultancy Services Belgium 2.399.658 4.501.770
Tata Consultancy Services Canada Inc. - 1.092.023
Tata Consultancy Services Chile S.A. 419.351 824.770
Tata Consultancy Services De Mexico S.A.,De C.V. 1.013.344 4.602.112
Tata Consultancy Services Switzerland Ltd. 2.842 2.550.905
Tata Solution Center S.A. 1.844 785.117
Tata Consultancy Services France S.A. 19.412.200 34.597.594
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As at As at
TCS Guatemala - 376.748
Tata Consultancy Services Sucursal del Peru - 3.125
Total 256.536.498 506.193.365
Loans, other financial assets and other assets
Tata Consultancy Services Limited 2.612 1.556.109
Tata Consultancy Services Sucursal del Peru 489 -
MGDC S.C. - 33.454.957
Total 3.101 35.011.067
Trade payables, unearned and deferred revenue, other financial
liabilities and other liabilities
MGDC S.C. - (158)
Tata Consultancy Services Chile S.A. - 43.734
Tata Consultancy Services De Mexico S.A.,De C.V. 5.912 4.431.222
Tata Consultancy Services Do Brasil Ltda 221 62.545
TCS Inversiones Chile Limitada 1.628.151 4.242.422
Tata Consultancy Services Switzerland Ltd. 222.024 -
Tata Consultancy Services Asia Pacific Pte Ltd. 144 79.385
Tata Consultancy Services France - 445.439
TCS Belgium S.A./N.V. 24.659 7
Tata Consultancy Services Sucursal del Peru 437.733 -
Total 23.377.696 62.504.497
Compensation to key management personnel (in Uruguayan Pesos)

Short-term benefits 33.702.789 30.815.062
Total 33.702.789 30.815.062

There were no subsequent events that meet disclosure.
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Translation from the original prepared in Spanish
for publication in Argentina
TATA CONSULTANCY SERVICES ARGENTINA S.A.

Letter to shareholders and financial statements
for regular fiscal period beginning
January 01, 2023 and ended December 31, 2023
Tata Consultancy Services Argentina S.A. 42.1

CONTENTS PAGE
Letter to shareholders 42.2
Regular financial period from January 01, 2023 to December 31, 2023 presented
in comparative with the prior year
Basic financial statements 42.6
Balance sheet
Statement of profit or loss
Statement of changes in shareholders’ equity
Statement of cash flows
Supplementary information 42.10
Notes 1 to 11
Exhibits I to IV
Supervisory auditors’ report 42.28

42.2 Tata Consultancy Services Argentina S.A.
LETTER TO SHAREHOLDERS
FOR THE REGULAR FISCAL PERIOD FROM JANUARY 01, 2023 TO DECEMBER 31, 2023
(INFORMATION NOT COVERED BY THE INDEPENDENT AUDITORS’ REPORT)
To the shareholders of
Tata Consultancy Services Argentina S.A.
In compliance with legal provisions in force and the bylaws, the Board of Directors is pleased to submit for your consideration
the following documentation for the regular fiscal period of 12 months ended December 31, 2023: the letter to shareholders,
balance sheet, statements of profit or loss, changes in shareholders’ equity and cash flows, notes 1 to 11 and exhibits I to IV,
the independent auditors’ report and supervisory auditor’s report.
1. MAIN CONTENTS OF BUSINESS POLICIES AND OBJECTIVES

a. Company’s business, background and structure
The Company’s main business is to sell and provide IT design services.
b. Financial position and business development
The amounts included in the Statement of changes in shareholders’ equity are stated in constant currency as at
December 31, 2023.
c. Decision taking and internal control
As it relates to decision taking, the Company is ruled by decisions adopted at meetings of directors and shareholders.
However, various systems have been implemented in relation to strategic planning, administrative procedures, IT
and communication, personnel assessment and management and quality control, contributing to a proper internal
control, to ensure that objectives are achieved efficiently and effectively, based on reliable financial information and in
compliance with laws and regulations in force.
2. COMPARATIVE FINANCIAL STATEMENT RATIOS
Description As at As at
1 Solvency (1) (0.01) 0.15
2 Current liquidity (2) 4.93 5.94
3 Non current assets (3) 0.07 0.04
4 Profitability (4) (15.79) 0.44
(1) Shareholders’ equity/total liabilities
(2) Current assets / Current liabilities
(3) Non current assets / Total assets
(4) Net income or loss/shareholders’ equity
According to my report of:

February 28, 2024
Pablo Gustavo Traini
Regular Supervisory Auditor
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3. RELATED COMPANIES (ART. 33 LAW 19550, AS AMENDED)

As described in note 6 to the financial statements, balances as at December 31 and December 31, 2023 with related
companies are as follows:
(Amount in ARS)
Receivables As at As at
For services
Tata Consultancy Services France 11.898.988 22.808.664
Tata Consultancy Services Deutschland GmbH 13.678.524 4.991.055
Tata America International Corporation 3.895.990 -
Tata Consultancy Services Chile S.A 568.751 -
Total 78.957.412 126.917.341
Other receivable
Tata Consultancy Services Limited 3.178.749 -
Tata Consultancy Services de México, S.A. de C.V. 2.279.161 -
Total 5.457.910 -
Payables
Trade
TCS Solution Center Sucursal Colombia 412.989.529 287.377.269
Tata Consultancy Services de México, S.A. de C.V. 518.352.256 387.719.183
TCS Uruguay S.A. 118.440.504 43.887.526
Tata Consultancy Services do Brasil Ltda. 132.835 -
Tata Consultancy Services France 13.486.184 -
Total 1.807.939.072 1.968.929.106
4. PROFIT OR LOSS STRUCTURE COMPARATIVE WITH THE PRIOR YEAR:

a. Comparative balance sheet structure
(Amount in ARS)
As at As at
Current assets 2.070.356.782 2.741.848.558
Non current assets 151.848.635 110.801.508
Total assets 2.222.205.418 2.852.650.066
Current liabilities 419.773.238 461.381.991

Non-current liabilities 1.828.158.883 2.010.700.593
Total liabilities 2.247.932.121 2.472.082.584
Shareholders’ equity (25.726.703) 380.567.482

Total liabilities + shareholders’ equity 2.222.205.418 2.852.650.066
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b. Comparative consolidated financial position

(Amount in ARS)
Net sales 3.224.079.087 3.872.964.421
Cost of services (2.011.600.358) (2.294.363.755)
Gross Profit 1.212.478.729 1.578.600.666
Selling expenses (221.900.600) (256.090.109)
Administrative expenses (900.544.414) (1.037.428.992)
Other operating expenses (98.714.087) (229.995.369)
Other net income (1.639.504) 547.542
Financial gains/losses (including gain or loss on net monetary (401.880.041) 117.710.993
position - RECPAM)
Loss before income tax (412.199.884) 173.344.731
Income tax 5.905.732 (7.120.572)
Net loss/gain (406.294.185) 166.224.159
c. Cash flow structure

(Amount in ARS)
Cash at beginning of the year
Ordinary operating activities 752.876.284 846.049.445
Investing activities (440.506) (60.992.439)
Financing activities - -
RECPAM of cash (1.081.683.369) (766.198.132)
Cash at year-end 1.264.093.386 1.593.341.013
Net decrease (329.247.627) 18.858.875
5. INCOME/LOSS FOR THE REGULAR FISCAL PERIOD

During this regular fiscal period, the Company recorded a loss in the amount of $406.294.185.
6. DIRECTORS’ AND SUPERVISORY AUDITORS’ COMPENSATION

The members of the Board of Directors and the Supervisory Auditors have communicated, as in prior years, their decision
not to receive any compensation for their performance during the year under analysis, in each of their related positions,
with the exception of Alberto Arana, who has been assigned fees for his services to the Company during the year.
7. COMPANY’S PROSPECTS AND OBJECTIVES FOR NEXT FISCAL YEAR

Prospects for this year are encouraging, considering the substantial improvement in the results of each project.
Finally, we wish to express our gratitude to our customers, suppliers, advisors and financial entities that have supported
us and, particularly, to all our staff for the commitment and cooperation shown.
City of Buenos Aires, February 28, 2024
THE BOARD OF DIRECTORS
According to my report of:
February 28, 2024
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Financial statements for regular fiscal period January 01, 2023 and ended December 31, 2023 comparative with the prior year
Stated in constant currency -pesos (Note 2.1)
Legal address: Uspallata 3046, City of Buenos Aires
Main activity: Services in the information technology sector.
Date of registration with the Public Registry of Commerce: November 29, 2001
Registration date of the latest amendment to the bylaws: October 19, 2021
Registration with the Supervisory Board of Companies ( I.G.J.): 1702305
Expiration date of the Corporation: November 29, 2100
Parent Company’s information: (Note 5):
Name: TCS Iberoamérica S.A.
Legal address: Monte Caseros 2.600, Montevideo, Uruguay
Main activity: Holding Company
Ownership interest: 99.99 percent
Voting stock: 99.99 percent
Capital structure at nominal value (Note 5):
Shares
Quantity Type, nominal value and No. of votes per share Subscribed and paid-in Registered
47,127,769 Non-endorsable, registered, common shares with a $ 47,127,769 $ 42,127,769
nominal value of $1 each, one vote per share
According to our report of According to my report of

February 28, 2024 February 28, 2024
Adler, Hasenclever & Asociados S.R.L.

Public Accountants
C.P.C.E.C.A.B.A T° 1 – F° 68
Leonardo Fraga (Partner) Pablo Gustavo Traini

Public Accountant (U.B.A.) Regular Supervisory Auditor
C.P.C.E.C.A.B.A. T° 166 – F ° 183
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Balance sheet
As at December 31, 2023 comparative with the prior fiscal year (in pesos - constant currency) (Note 2.1)
(Amount in ARS)
Note As at As at
ASSETS
Current assets
Cash and banks 3.1 1.064.093.386 503.414.260
Short term investments 3.2 200.000.000 1.089.926.753
Accounts receivable 3.3 591.802.787 759.558.339
Other receivables 3.4.1 214.460.609 388.949.206
Total current assets 2.070.356.782 2.741.848.558
Non current assets
Investments subsidiary 1.640 5.107
Other receivables 3.4.2 93.063.347 12.214.180
Fixed assets (Exhibit I) 58.783.648 98.582.221
Total non current assets 151.848.635 110.801.508
TOTAL ASSETS 2.222.205.418 2.852.650.066
LIABILITIES
Current liabilities
Trade payables 3.5.1 59.647.548 119.370.101
Payroll and social security contributions 3.6 273.082.126 298.646.943
Taxes payables 3.7.1 85.055.009 43.364.947
Customer advances 1.431.268 -
Other liabilities 557.287 -
Non current liabilities
Trade payables 3.5.2 1.804.468.775 1.968.930.006
Taxes payable 3.7.2 18.294.392 24.683.263
Allowances (Exhibit II) 5.395.716 17.087.324
Total non-current liabilities 1.828.158.883 2.010.700.593
TOTAL LIABILITIES 2.247.932.121 2.472.082.584
SHAREHOLDERS’ EQUITY (as per related statement) (25.726.703) 380.567.482
Total liabilities and shareholders’ equity 2.222.205.418 2.852.650.066
The accompanying notes and exhibits are an integral part of these financial statements.

Public Accountants
C.P.C.E.C.A.B.A T° 1 – F° 68

C.P.C.E.C.A.B.A. T° 166 – F ° 183
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Statement of Profit or Loss

for the regular fiscal period of 12 months ended December 31, 2023, comparative with the prior year
(in pesos- constant currency (Note 2.1)
(Amount in ARS)

Revenue from sales of services and equipment 4.1 3.224.079.087 3.872.964.421
Cost of services (Exhibit IV) (2.011.600.358) (2.294.363.755)
GROSS PROFIT 1.212.478.729 1.578.600.666
Selling expenses (Exhibit IV) (221.900.600) (256.090.109)
Administrative expenses (Exhibit IV) (900.544.414) (1.037.428.992)
Other operating expenses (Exhibit IV) (98.714.087) (229.995.369)
Financial gains/losses, including gain or (loss) on net monetary (401.880.041) 117.710.993
position - RECPAM (*)
Other income and (expenses) - net 4.2 (1.639.504) 547.542
(LOSS)/ GAIN BEFORE INCOME TAX (412.199.884) 173.344.731
Income tax benefit 8 5.905.732 (7.120.572)
NET LOSS/GAIN (406.294.185) 166.224.159
* Net gain or loss on net monetary position


Public Accountants
C.P.C.E.C.A.B.A T° 1 – F° 68

C.P.C.E.C.A.B.A. T° 166 – F ° 183
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STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

for the regular fiscal period of 12 months ended December 31, 2023 comparative with the prior fiscal year
(in pesos - constant currency) (Note 2.1)
(Amount in ARS)
Shareholders’ contributions Total equity as at
Subscribed Capital Additional Retained December 31, December 31,
capital (1) adjustment paid-in capital earnings 2023 2022
Balances at beginning 47.127.769 3.977.283.831 5.956.074.460 (9.599.918.577) 380.567.482 214.343.323
of year
Net loss/gain - - - (406.294.185) (406.294.185) 166.224.159
Balances at year-end 47.127.769 3.977.283.831 5.956.074.460 (10.006.212.762) (25.726.703) 380.567.482
(1) For legal reasons, the Subscribed capital is presented at nominal value.


Public Accountants
C.P.C.E.C.A.B.A T° 1 – F° 68

C.P.C.E.C.A.B.A. T° 166 – F ° 183
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for the regular fiscal period of 12 months ended December 31, 2023, comparative with the prior year
(in pesos- constant currency (Note 2.1)
(Amount in ARS)
CHANGES IN CASH Note For year ended For year ended
Cash at beginning of year 1.593.341.012 1.574.482.138
Cash at year-end 2.3.13 1.264.093.385 1.593.341.012
Net (decrease)/increase in cash (329.247.627) 18.858.874
CAUSES OF CHANGES IN CASH

OPERATING ACTIVITIES
Net loss/gain (406.294.185) 166.224.159
Less: income tax accrued for the year (5.905.732) 7.120.572
Adjustments to achieve net cash flows provided by
Depreciation of fixed assets 40.242.547 44.960.270
Net decrease in allowances (11.691.608) (7.579.783)
RECPAM(*) of cash and non-operating activities 1.081.683.369 766.198.132
Changes in operating assets and liabilities:
Decrease in accounts receivable 167.755.552 368.636.101
Decrease (Increase) in other receivables 93.639.429 (59.622.979)
Decrease in trade payables (224.183.783) (372.680.224)
Decrease in payroll and social security contributions (25.564.818) (39.552.891)
Increase (Decrease) in taxes payable 41.206.921 (25.787.054)
Increase (Decrease) in customer advances 1.431.268 (1.866.858)
Increase in other liabilities 557.287 -
Net cash flows provided by operating activities 752.876.247 846.049.445
INVESTING ACTIVITIES
Acquisition of fixed assets (443.973) (60.997.281)
Investements in subsidiaries 3.467 4.842
Net cash flows used in investing activities (440.506) (60.992.439)
RECPAM(*) of cash (1.081.683.369) (766.198.132)
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES (1.081.683.369) (766.198.132)
Net decrease/ increase in cash (329.247.627) 18.858.874
*Gain or loss on net monetary position

Public Accountants
C.P.C.E.C.A.B.A T° 1 – F° 68

C.P.C.E.C.A.B.A. T° 166 – F ° 183
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1 - DESCRIPTION OF THE BUSINESS AND FINANCIAL POSITION
1.1 Description of the business
Tata Consultancy Services Argentina S.A. (hereinafter either “Tata Consultancy Services Argentina S.A.” or “the
Company”) was duly organized under the laws of the Republic of Argentina, and its formation is documented by deed
dated November 19, 2001.
The Company is mainly engaged in rendering IT and communications services.
Its registered office is located at Uspallata 3046, City of Buenos Aires, within the Technological District of the City of
Buenos Aires.
1.2 Financial situation of the Company
As at December 2023 the Company has negative equity but there is no risk of going concern.
The Company has losses this year.
2 - ACCOUNTING STANDARDS
The financial statements have been prepared in accordance with the professional accounting standards in force set
forth by the Technical Resolutions issued by the Argentine Federation of Professional Councils of Economic Sciences
(FACPCE) and approved by the Professional Council of Economic Sciences of the City of Buenos Aires (CPCECABA), and
considering the provisions of the Companies Law and the regulations of the Supervisory Board of Companies (I.G.J.). The
most significant accounting standards applied by the Company have been as follows:
2.1 Reporting currency
These financial statements have been prepared in constant currency (Argentine pesos purchasing power at the end of
the current reporting period) in accordance with I.G.J. General Resolution 10/2018, effective December 28, 2018, and
Resolution 107/2018 issued by the Steering Committee (CD) of the CPCECABA, as amended, which provided for the
need to restate the financial statements for fiscal years ended on or after July 1, 2018 in constant currency, in line with
Resolution 539/2018 issued on September 29, 2018 by the Governing Board (JG) of the FACPCE. Moreover, JG FACPCE
Resolution No. 539
a. identified the existence of an inflationary context as from July 1, 2018, as the accumulated inflation rate
estimated by the Internal Wholesale Price Index (IPIM) in the most recent three years had exceeded 100 percent;
a necessary condition to restate the financial statement amounts in accordance with the guidelines set by RT 39
of the FACPCE “Professional accounting standards: amendments to RT Nos. 6 and 17. Restatement in constant
currency”, and
b. approved the general and particular standards to be considered in terms of restatement of financial statements
in constant currency in accordance with the adjustment methods set forth by RT 6 “Financial statements in
constant currency”, including certain optional simplification.
Upon applying RT 6, the monetary restatement of accounting information (non-monetary assets and liabilities, equity
items, and revenues and expenses) must be retroactive as if the economy had always been hyperinflationary, using
indexation rates derived from a series of indexes resulting from the combination of the Consumer Price Index (IPC)
at a general level, published by the National Institute of Statistics and Censuses (INDEC), with base month December
2016 = 100, with the IPIM at a general level, published by the INDEC for prior periods.
In addition, prior fiscal year figures presented for comparative purposes shall be restated for inflation, which does not
imply changes in the decisions taken based on the financial information for such fiscal year.
2.2 Criteria for recognition, measurement and presentation of assets, liabilities, shareholders’ equity, revenue and
cash flows
These financial statements have been prepared in accordance with the presentation criteria set forth by the Technical
Resolutions of the FACPCE.
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For comparative purposes only, certain reclassifications were made to prior-year information in order to disclose
the figures on a consistent basis. The modification of the comparative information does not imply changes in the
decisions taken based thereon.
Using the simplification introduced by Resolution 11/2019 issued by the Steering Committee of the CPCECABA, the
Company opted not to present the reconciliation required up to that date by accounting standards in force between
the income tax charged to P&L and that resulting from applying the the prevailing tax rate to the income or loss for
accounting purposes.
2.3 Valuation criteria
The Company has consistently adopted the following recognition and measurement criteria in the preparation of the
2.3.1 Revenue recognition
Revenues from the provision of services are recognized as services are provided.
Income derived from the provision of services relating to a project is recognized in the statement of profit or loss in
proportion to the percentage of completion of the transaction at year-end. The percentage of completion is valued in
accordance with the progress achieved.
Sales of equipment are recognized in the income statement when the significant risks and benefits of ownership of
the goods are transferred to the buyer.
Revenue is shown net of discounts.
2.3.2 Short-term investments and investment in subsidiary.
Time deposits: at nominal value plus interest accrued at period-end.
2.3.3 Foreign currency (Exhibit III)
Transactions agreed in foreign currency are converted to Argentine pesos at the exchange rate prevailing to the date
of the transaction.
The assets and liabilities stated in foreign currency are converted into Argentine pesos by applying the exchange rates
prevailing at year-end.
Exchange gains/losses are recognized in Financial gains/losses (including RECPAM) of the Statement of profit or
loss.
2.3.4 Fixed assets
They have been valued at acquisition cost restated under Note 2.1, net of the related accumulated depreciation. The
acquisition cost includes all the necessary expenses required to bring the assets to a working condition for their
intended use.
Depreciation is calculated by applying the straight line method at annual rates sufficient to extinguish assets value by
the end of their estimated useful lives.
The net book value of fixed assets, taken as a homogenous group, does not exceed their estimated recoverable value
based on information available at the date of issuance of these financial statements.
2.3.5 Allowances
Deducted from assets:
• For bad debts: it has been set up to reduce the valuation of accounts receivable to their probable recoverable
value, based on the analysis of doubtful accounts.
Included in liabilities:
• For contingencies: it has been set up for contingent situations that might result in liabilities for the Company.
The related amounts and likelihood of occurrence have been estimated considering expectations of Company’s
Management and the opinion of legal advisors.
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2.3.6 Income tax
The income tax is recognized by applying the deferred tax method. Based on such method, besides the provision for
the tax payable for the year, the future tax effect of the tax loss carryforwards, if any, and of the deductible temporary
differences derived from the valuation of assets and liabilities for accounting purposes in constant currency and for
tax purposes are recognized as deferred tax assets, to the extent of the recoverability thereof through future taxed
earnings, and the future tax effects of the temporary differences between the valuation for accounting purposes in
constant currency and for tax purposes of assets and liabilities are recognized as deferred tax liabilities.
Deferred tax assets and liabilities are stated at nominal value (not discounted), derived from applying to the recognized
temporary differences the income tax rate effective at the date when reversal is expected, and presented in their net
amount as non-current assets or liabilities, as applicable.
The annual variation in net deferred tax assets or liabilities is recorded as an income tax expense or benefit, as
applicable.
Dated December 29, 2017, the National Executive Power put in force by Decree N° 1112/2017 Law N° 27,430 that
established different modifications to the tax system, including among others, the Income Tax, Value Added Tax and
Internal Taxes.
Among the most important modifications introduced by the Law are the following: (i) the progressive reduction of the
tax rate for Income Tax for certain companies, including the Limited Liabilities companies and Corporations from
35 percent to 30 percent for the fiscal years started on January 1, 2018 and, from 30 percent to 25 percent for fiscal
years started January 1st, 2020, (ii) the allocations of dividends and similar profits received by people and undivided
successions as profits taxable in Income Tax with a rate of 7 percent and 13 percent for fiscal years started on January
1, 2018 and January 1, 2020 respectively, (iii) the possibility that the people, undivided successions and subjects
included in article 49 of Income Tax Law, text ordered in 1997 and its modifications, residents in the country, revalue,
for tax purposes, certain goods located or economically used in the country and that are affected to the generation of
taxable profits in Income Tax.
Likewise, the mentioned Law 27,430 modified Art 95 of Income Tax Law by adding that the procedure for the inflation
tax adjustment would be applicable in the fiscal year in which the percentage of variation of the prices index of the
second paragraph of Art 89, accrued in the 36 months previous to the closing of the fiscal year, is over 100 percent
with a transition regime for the determination of the accrued indexes since January 1, 2018.
Law 27.430 was then amended by the current Law 27,468 that replaced the IPC (Consumers Price Index) for the IPIM
(Wholesale Domestic Prices Index) and modified the transition regime, which will be in force for the first, second and
third fiscal year started on January 1, 2018, when the variation of the index calculated from the beginning as of the
closing of each of those fiscal years is over 55 percent, 30 percent and 15 percent respectively.
In addition, on December 23, 2019, Executive Order No. 58/2019 partially passed Law No. 27541 on social solidarity,
which law modifies the application of inflation adjustment referred to in Chapter VI, Income Tax Act (restated text in
accordance with Executive-Order 824/2019), for the first and second fiscal periods commencing as from January 1,
2019, to be computed when the requirements set forth in the last two paragraphs of Section 106, of the aforementioned
Act are met; this amendments state that one sixth of the adjustment shall be applied to said fiscal period while the
remaining five sixths shall be equally applied to the five following fiscal periods; this goes without prejudice to any
outstanding third from previous periods, as stated in Section 194 of the aforementioned Act. Moreover, such Act
established the suspension of section 86 provisions, subsections d) and e) of Law No. 27430 until the fiscal periods
commencing on January 1, 2021 inclusive, establishing that for such suspension period the tax rate provided in
subsections a) and b) of section 73 of the Income Tax Act, restated text in 2019, shall be of 30 percent.
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On June 16, 2021, the Argentine Executive Branch passed and publish Law No. 27630, which abolished the generalized
reduction of tax rates previously explained and introduced a new scale tax rates system, which shall be valid for the
fiscal period commenced as from January 1, 2021, as follows:
Accumulated taxable net profit $ to be paid Plus % Over $ surplus

From $ To $
$0 $ 14.301.209,21 $0 25% $0
$ 14.301.209,21 $ 143.012.092,08 $ 3.575.302,3 30% $ 14.301.209,21
$ 143.012.092,08 En adelante $ 42.188.567,16 35% $ 143.012.092,08
The estimated amounts in this scale will be annually adjusted as from January 1, 2023, considering the annual
variation of CPI (consumer price index) provided by INDEC (Argentine Statistics Bureau) for October of the year
previous to the adjustment regarding the same month on the previous year. Amount determined that way shall be
applied for the fiscal period starting after each update.
Moreover, as ordered by Law No. 27630, the rate applicable to dividends over generated income in fiscal periods
commenced as from January 1, 2018 was unified in the 7 percent.
2.3.7 Use of estimates
The preparation of these financial statements requires that estimates and assessments be made about the assets
and liabilities recorded, the contingent assets and liabilities disclosed to the date of issuance of these financial
statements as well as income and expenses recorded during the year.
The Company’s management makes estimates to calculate, among others, depreciation of fixed assets, the
recoverable value of non-current assets, the income tax benefit and the allowances for contingencies and bad debts.
The actual value of future results may differ from the estimates and assessments made to the date of preparation of
these financial statements.
2.3.8 Profit and loss accounts
Original values have been restated in year-end currency, except for:
a) Depreciation
Depreciation and amortization expenses were calculated by applying the depreciation and amortization rates to
restated amounts determined as indicated in Note 2.3.4.
b) Financial gains/(losses) (including gain or loss on net monetary position - RECPAM).
It is determined based on the difference between the income/loss for the year and the subtotal of the Statement
of income accounts restated in constant currency. It includes:
• the gain or loss on net monetary position, and
• financial gains.
2.3.9 Lease agreements in force
The Company classifies its lease agreements into “financial” or “operating” leases in accordance with the provisions
of Technical Resolution 18 of FACPCE, and pursuant to the economic substance thereof.
As at December 31, 2023, the Company does not have any financial lease in force. Operating leases costs are accrued
over the term of the agreement.
2.3.10 Customer advance
Accounts receivable are stated according to their likelihood of recovery. When there is an intention and possibility of
an early negotiation, they are stated at net realization value.
Receivables with related parties that do not accrue any interest are stated at nominal value.
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Each time financial statements are prepared, the recoverability of accounts receivable is analyzed by estimating
future collections and considering the existence of guarantees with a high likelihood of foreclosure An allowance
for bad debts is recognized in the amount deemed non-recoverable; the changes in the allowance are recorded in
Financial and holding gains/losses (including gain or loss on net monetary position - RECPAM) of the Statement of
profit or loss.
2.3.11 Accounts receivables
Receivables are valued considering their probable destination. When there is the intention and feasibility of negotiating
them in advance, they are valued at their net realizable value.
2.3.12 Accounts payable
Payables are stated according to their likelihood of recovery. When there is an intention and possibility of an early
settlement, they are stated at settlement value.
The remaining payables are stated at their original value plus interest calculated by applying the effective rate
determined upon initial recognition, less payments made.
Payables with related parties that do not accrue any interest are stated at nominal value. Payables in foreign currency
are stated in Argentine Pesos at the exchange rate prevailing at year-end.
Loans with related parties that do not accrue interest are valued at their nominal value.
Each time financial statements are prepared, the recoverability of the recorded loan balances is analyzed by
estimating future collections and taking into account the existence of guarantees whose probability of execution is
high. A provision for bad debts is recognized for the amount that it considers not recoverable; the variation in the
forecast is recognized in the line Financial and holding results (including the result from exposure to changes in the
purchasing power of the RECPAM currency) of the Income Statement.
2.3.13 Statement of cash flows
The Company presents the statement of cash flows by applying the indirect method. Cash includes cash and banks
and cash equivalents. Cash equivalents include short-term and highly liquid investments that can be easily converted
into cash known beforehand, and are subject to insignificant exchange rate risks.
All the accounts of this statement are stated in constant currency at the end of the reporting period.
The monetary gain/loss provided by cash and cash equivalents is presented in the statement of cash flows segregated
from the cash flows provided by operating, investing and financing activities, as a specific item of the reconciliation
between cash and cash equivalents at the beginning and end of the fiscal year.
Balances included in Cash and cash equivalents are as follows:

(Amount in ARS)
As at As at
Cash and banks 1.064.093.386 503.414.260
Short-term investments 200.000.000 1.089.926.753
Total 1.264.093.386 1.593.341.013
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2.3.14 Shareholders’ equity
Shareholders’ equity balance adjusted at beginning of year have been adjusted at year-end by applying the indexation
rates described in Note 2.1.
The capital was restated in constant currency, as indicated in Note 2.1. The difference between the restated amount
and the nominal value is disclosed as “Capital adjustment”.
Retained earnings have been restated at year-end, under Note 2.1.
Income for the year was determined based on the difference between the algebraic sum of the equity at the beginning
plus the quantitative movements of the equity and the equity at the closing, measured in constant currency as at
December 31, 2023.
3 - BREAKDOWN OF THE MAIN BALANCE SHEET ACCOUNTS

3.1 Cash and banks
(Amount in ARS)
As at As at
Banks in local currency 395.912.018 159.473.209
Banks in foreign currency (Exhibit III) 668.181.368 343.941.051
Total 1.064.093.386 503.414.260
3.2 Short term investments

(Amount in ARS)
As at As at
Time deposit in local currency 200.000.000 1.089.926.753
Total 200.000.000 1.089.926.753
3.3 Accounts receivable

(Amount in ARS)
As at As at
Ordinary in local currency 259.991.770 351.080.268
Ordinary in foreign currency (Exhibit III) 128.926.718 85.740.265
Other related parties in foreign currency (Note 6 and Exhibit III) 60.095.684 107.399.617
Services to be invoiced in local currency 123.926.943 191.159.712
Services to be invoiced in foreign currency (Exhibit III) - 17.599.209
Other related parties - services to be (Note 6 and Exhibit III) 18.861.672 6.579.268
invoiced in foreign currency
Total 591.802.787 759.558.339
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3.4 Other receivables
(Amount in ARS)
As at As at
3.4.1 Current
Other related parties in foreign currency (Notes 5, 6 and 21.784 36.618
Exhibit III)
Other related parties in local currency 3.671 -
Income tax credit balance 10.124.260 25.403.309
Turnover tax credit balance 5.917.115 6.258.229
Value added tax credit balance 14.822.976 2.626.091
Tax on bank debits and credits - credit 15.564.262 31.369.960
balance
Prepaid expenses 97.263 1.825.275
Prepaid expenses with other related parties (Note 6) 5.432.455 12.901.759
Security deposits in local currency 369.400 49.764.259
Advances to directors 13.842.014 18.929.991
Advance to suppliers 59.778.672 -
Accrued Interest 84.548.945 236.630.307
Bank accounts subject to attachment in 2.394.202 1.575.804
local currency
Sundry 1.543.590 1.627.603
Total 214.460.609 388.949.205
(Amount in ARS)
As at As at
3.4.2 Non current
Income tax credit balance - 1.411.078
Minimum presumed income tax credit 2.889.661 10.503.160
balance
Prepaid expenses - 299.942
Security deposits in foreign currency (Exhibit III) 90.173.686 -
Total 93.063.347 12.214.180
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3.5 Accounts payable
(Amount in ARS)
As at As at
3.5.1 Current
Suppliers in local currency 27.264.965 35.791.933
Suppliers in foreign currency (Exhibit III) 7.805.547 39.498.186
Provision for invoices to be received in 13.269.388 40.330.261
local currency
Other provisions 3.026.121 3.749.722
Other provisions in foreign currency (Exhibit III) 2.655.486 -
Other provisions related parties in foreign (Exhibit III) 3.470.297 -
currency
Provision for invoices to be received in (Exhibit III) 2.155.744 -
foreign currency
Total 59.647.548 119.370.102
(Amount in ARS)
As at As at
3.5.2 Non current
Other related parties in local currency (Note 6) 519.490.692 1.072.793.618
Other related parties in foreign currency (Note 6 and Exhibit III) 1.269.791.747 867.966.782
Other related parties-provision for (Note 6) 15.186.336 18.328.759
invoices to be received
Other related parties-provision for (Note 6 and Exhibit III) - 9.840.846
invoices to be received in foreign currency
Total 1.804.468.775 1.940.760.400
3.6 Payroll and social security liabilities

(Amount in ARS)
As at As at
Salaries and wages 101.532.666 109.969.343
Social security contributions 61.503.526 77.908.883
Provision for vacations 105.704.488 102.450.480
Provision for bonuses 4.341.446 8.318.237
Total 273.082.126 298.646.943
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3.7 Taxes payable
(Amount in ARS)
As at As at
3.7.1 Current
Withholdings to be deposited - Turnover tax 17.206.047 18.378.672
Withholdings to be deposited 67.237.917 8.586.209
Wealth tax 611.044 550.183
Value Added Tax - 15.849.883
Total 85.055.009 43.364.947
(Amount in ARS)
As at As at
3.7.2 Non current
Deferred tax liabilities (Note 8) 18.294.392 24.683.263
Total 18.294.392 24.683.263
4 - BREAKDOWN OF THE MAIN STATEMENT OF PROFIT OR LOSS ACCOUNTS

4.1 Revenue from sales of services and equipment
(Amount in ARS)

Consulting and advisory services 3.230.598.725 3.889.082.704
Volume discount (6.519.638) (16.118.282)
Total 3.224.079.087 3.872.964.422
4.2 Other income and (expenses) -net

(Amount in ARS)

Reversal of allowances Sundry (1.639.504) 547.542
Total (1.639.504) 547.542
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5 - CAPITAL STOCK
As at December 31, 2023, the capital stock of the Company amounted to $ 47,127,769, which was fully subscribed and
paid-in.
Ownership interests as at December 31, 2023, and December 31, 2022 were as follows:
(Amount in ARS)
As at As at
TCS Iberoamérica S.A. 99.99 99.99
TCS Uruguay S.A. 0.01 0.01
Total 100 100
6 -
TRANSACTIONS AND BALANCES WITH RELATED PARTIES: PARENT COMPANIES, SUBSIDIARIES AND RELATED
COMPANIES (ART. 33, LAW 19550)
Balances and transactions with the parent company and the related companies are as follows:
(Amount in ARS)
As at As at
BALANCES
Accounts receivable
Tata America International Corporation 3.895.990 -
Tata Consultancy services Chile S.A 568.751 -
Total 78.957.412 126.917.341
Other receivable
Tata Consultancy Services Limited 3.178.749 -
Tata Consultancy Services de México SA de CV 2.279.161 -
Total 5.457.910 -
Trade payables
TCS Solution Center Sucursal Colombia 412.989.529 287.377.269
Tata Consultancy Services de México SA de CV 518.352.256 387.719.183
TCS Uruguay S.A 118.440.504 43.887.526
Tata Consultancy Services do Brasil Ltda. 132.835 -
Total 1.807.939.072 1.968.929.106
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(Amount in ARS)
Revenue from sales and services
Total 288.156.739 461.719.681
Cost of sales and services
Tata America International Corporation (3.880.589) -
TCS Uruguay S.A. 14.190.589 40.568.534
Tata Consultancy Services do Brasil Ltda 57.541 208.151
Tata Consultancy Services de México SA de CV 4.735.974 9.301.883
Tata Consultancy Services Chile S.A (566.503) -
Total 250.363.481 478.414.177
Total 3.793.938 5.260.229
7 - TERMS, INTEREST RATES AND ADJUSTMENT CLAUSES OF RECEIVABLES AND PAYABLES

7.1 Receivables
(Amount in ARS)
As at As at
a) Total amount of receivables overdue 90.173.494 216.984.275
b) Total amount of receivables to become due
Up to 3 months 719.353.567 873.702.269
From 3 to 6 months 90.956.954 32.927.790
More than twelve months 2.985.979 12.214.180
Total receivables 903.469.994 1.135.828.514
Receivables do not accrue any interest nor do they have adjustment clauses as at December 31, 2023 and 2022.
7.2 Payables
(Amount in ARS)
As at As at
a) Total amount of payables to become due
Up to 3 months 423.258.124 988.887.796
More than twelve months 1.823.421.495 1.441.214.253
Total payables 2.246.679.619 2.430.102.049
Payables do not accrue any interest nor do they have adjustment clauses as at December 31, 2023 and 2022.
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8 - INCOME TAX AND DEFERRED TAX
Deferred tax assets and liabilities are broken down as follows:
(Amount in ARS)
Deferred tax liabilities As at As at
Fixed assets 16.540.669 15.577.143
Inflation adjustment for tax purposes 1.753.722 9.106.120
Total deferred tax liabilities (Note 3.6.2) 18.294.391 24.683.263
For reporting purposes, the breakdown of main deferred tax asset items is as follows:
(Amount in ARS)
Deferred tax assets As at As at
Tax loss carryforwards 175.176.320 157.250.344
Total deferred tax assets 175.176.320 157.250.344
Due to the uncertainty regarding the generation of taxable profits in the future before its statute of limitations, the Company
has not recognized the deferred tax asset as at December 31 2023.
The detail of historical accumulated tax loss carryforwards in the amount of $ 168.322.076 and the expiration of the
limitation period thereof are as follows:
(Amount in ARS)
Expiration Tax loss carryfoward Rate Computable total
2024 82.904.016 30% 24.871.205
2025 58.973.700 30% 17.692.110
2026 26.444.360 30% 7.933.308
2028 415.598.990 30% 124.679.697
589.921.066 175.176.320
The income tax benefit is as follows:

(Amount in ARS)
Due to variation in deferred tax 6.388.872 (7.120.572)
Due to expiration of IGMP credit (483.140) -
Total income tax 5.905.732 (7.120.572)
9 - RECENT EVOLUTION OF THE FINANCIAL-ECONOMIC CONTEXT IN WHICH THE COMPANY OPERATES

On December 10, 2023, Javier Milei took office as the new president of the Argentine Republic, whose government has
ordered a series of economic measures and changes that seek to begin a process of profound deregulation of the Argentine
economy. As part of its first measures, the National Executive Branch issued the Decree of Necessity and Urgency (DNU)
70/23 that declared a public emergency in economic, financial, fiscal, administrative, pension, tariff, health and social
matters until December 31, 2025 and seeks to repeal numerous laws of state intervention in the economy. Some of the
366 articles included in DNU 70/23 have been momentarily suspended by the Argentine Labor Justice. The overall impact
of the DNU measures on the Company’s business is uncertain.
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The Company’s management constantly controls the evolution of the variables that affect their business in order to define their action course and identify
the potential impact over their equity position. The Company’s financial statements should be read in consideration of these circumstances.
42.22
10 – LOSSES IN THIS YEAR AND NEGATIVE EQUITY

As at December 2023 the Company has incurred net losses of 406.294.185 and negative equity of 25.726.703. The Company´s management is evaluating
different measures to reverse the situation described and has obtained a letter of financial support from TCS Iberoamerica, which is the main shareholder
of TCS Argentina.
11 - SUBSEQUENT EVENTS
No events or transactions have occurred from year-end to the date of issuance of these financial statements that would have a material effect on the
financial position of the Company or the results of its operations at year-end.
EXHIBIT I
FIXED ASSETS
For the regular financial year of 12 months ended December 31, 2023 comparative with the prior fiscal year (in pesos - constant currency) (Note 2.1)
Original values Depreciation For the year Net

Main account At beginning Increases At year-end Accumulated Rate Amount Accumulated at December December 31,
year-end at beginning (Exhibit IV) year-end 31, 2023 2022
year-end
Leasehold improvements 714.572.063 - 714.572.063 714.572.063 10 - 714.572.063 - -
Furniture and fixtures 1.243.585 - 1.243.585 302.075 20 - 302.075 941.510 941.510
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Facilities 50.858.816 443.973 51.302.789 50.648.386 10 475.779 51.124.165 178.624 210.4300

Computers 504.603.554 - 504.603.554 407.173.273 25 39.766.768 446.940.041 57.663.513 97.430.281
Software 10.853.382 - 10.853.382 10.853.382 20 - 10.853.382 - --
Total as at December 31, 1.282.131.400 443.973 1.282.575.373 1.183.549.179 40.242.547 1.223.791.726 58.783.647 -
2023
Total as at December 31, 1.221.134.119 60.997.281 1.282.131.400 1.138.588.909 44.960.270 1.183.549.179 - 98.582.221
2022

EXHIBIT II
ALLOWANCES
For the regular financial year of 12 months ended December 31, 2023
comparative with the prior fiscal year (in pesos - constant currency) (Note 2.1)
(Amount in ARS)
Items Balances at Increases Uses (Gain)/loss due to changes in Balances
beginning of the year currency purchasing power at year-end
Included in liabilities:
Non current
Allowance for contingencies 17.087.324 - (91.408) (11.600.200) 5.395.716
Total as at December 31, 2023 17.087.324 - (91.408) (11.600.200) 5.395.716
Total as at December 31, 2022 24.667.107 4.424.094 - (12.003.877) 17.087.324
EXHIBIT III
ASSETS AND LIABILITIES IN FOREIGN CURRENCY
For the regular financial year of 12 months ended December 31, 2023 comparative with the prior year
(Amount in ARS)
As at December 31, 2023 As at December
31, 2022
Type and amount Prevailing Amount in local Amount in local
of foreign currency exchange rate currency currency
CURRENT ASSETS
Cash and banks
Banks USD 826.957 807.99 668.181.368 343.941.051
Accounts receivable
Ordinary USD 159.570 807.99 128.932.311 85.740.265
Other related parties EUR 21.932 894.94 19.628.019 24.557.277
Other related parties USD 50.084 807.99 40.467.690 82.842.340
Services to be invoiced USD 15.976 807.99 12.908.368 17.599.209
Services to be invoiced EUR 6.646 894.94 5.947.687 -
Services to be invoiced to other related parties USD - 807.99 - 3.336.826
Services to be invoiced to other related parties EUR - 894.94 - 3.242.442
Subtotal 207.884.075 217.318.359
Other receivable
Other related parties USD 27 807.99 21.784 36.618
Subtotal 21.794 36.618
Total current assets 876.087.227 611.060.287
NON CURRENT ASSETS
Security deposits USD 111.599 807.99 90.172.046 49.764.259
Total non current assets 90.172.046 49.764.259
Total assets 966.259.273 660.824.546
USD: United States Dollars

EUR: Euros
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EXHIBIT III
ASSETS AND LIABILITIES IN FOREIGN CURRENCY
For the regular financial year of 12 months ended December 31, 2023 comparative with the prior year
(Amount in ARS)
As at December 31, 2023 As at December
31, 2022
Type and amount of Prevailing Amount in local Amount in local
foreign currency exchange rate currency currency
CURRENT LIABILITIES
Trade payables
Suppliers USD 9.660 807.99 7.805.547 39.498.186
Provision customer INR 273.198 9.72 2.655.486 -
Provision customer related parties USD 4.295 807.99 3.470.297 -
Provision suplier USD 2.668 807.99 2.155.744 -
NON CURRENT LIABILITIES
Trade payables
Related parties USD 1.554.839 807.99 1.256.309.661 865.040.039
Related parties EUR 15.065 894.94 13.482.087 -
Total non current liabilities 1.269.791.747 865.040.039
Total liabilities 1.285.893.444 904.538.225
USD: United States Dollars

EUR: Euros
INR: Indian rupee
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EXHIBIT IV
INFORMATION REQUIRED BY ART. 64, CLAUSE b) OF LAW 19550
For the regular financial year of 12 months ended December 31, 2023 comparative with the prior fiscal year
(in pesos - constant currency) (Note 2.1)
(Amount in ARS)
Cost of Selling Administrative Other Total for the
services expenses expenses operating fiscal year ended
Items expenses December 31, December 31,
2023 2022
Salaries and wages 1.549.389.244 55.879.220 437.394.375 56.079.228 2.098.742.067 2.267.201.242
Project expenses 429.848.455 - - - 429.848.455 656.567.245
Rentals and common expenses - - 135.055.203 - 135.055.203 220.615.325
Turnover tax - 159.620.015 - - 159.620.015 180.270.718
Severance payments - - - 39.660.024 39.660.024 34.011.687
Fees and compensation - - 71.351.942 - 71.351.942 67.745.210
for services
Taxes, rates and contributions - - 24.871.072 - 24.871.072 25.883.338
Surveillance - - 74.029.514 - 74.029.514 73.433.152
Bank commissions and - - 25.461.363 - 25.461.363 30.899.831
expenses
Internet, communication and - - 32.915.375 - 32.915.375 36.049.169
mail expenses
Cleaning expenses - - 28.996.758 - 28.996.758 25.179.647
Fees to directors - - 23.656.901 - 23.656.901 24.758.938
Recruitment and training - - 2.505.247 - 2.505.247 9.379.598
Depreciation of fixed assets 20.239.244 - 19.858.966 - 40.098.210 44.960.270
(Exhibit I)
Travel expenses 1.149.925 - 2.952.707 - 4.102.632 4.588.831
Repair and maintenance - - 6.095.495 - 6.095.495 13.602.822
Insurance - - 8.381.993 - 8.381.993 8.966.796
Office expenses - - 2.615.417 - 2.615.417 3.328.225
Sundry 9.275.976 - 3.624.528 - 12.900.504 6.702.755
Marketing expenses - 6.401.365 - - 6.401.365 5.872.145
Labor lawsuits - - - 2.974.835 2.974.835 55.283.277
Labor lawsuits – Provision - - - - - 19.919.673
Mobility expenses 1.697.514 - 777.558 - 2.475.072 2.658.331
Total as at December 31, 2023 2.011.600.358 221.900.600 900.544.414 98.714.087 3.232.759.459 -
Total as at December 31, 2022 2.294.363.755 256.090.109 1.037.428.992 229.995.369 - 3.817.878.225
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To the President and Directors of
Legal address: Uspallata 3046
City of Buenos Aires
Taxpayer Identification Number: 30-70784821-5
Opinion
We have audited the financial statements of Tata Consultancy Services Argentina S.A., which comprise the balance sheet as
of December 31, 2023, the income statement, statement of changes in shareholders´ equity and cash flows for the year then
ended, and notes to the financial statements set out in notes 1 to 11, which includes a summary of the significant accounting
policies, and annexes I to IV.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of Tata
Consultancy Services Argentina S.A. as at December 31, 2023, as well as its results, the evolution of its equity and its cash
flow corresponding to the year ended on that date, in accordance with Argentine Professional Accounting Standards.
Basis for the opinion

We conducted our audit in accordance with the auditing standards established in Technical Resolution No. 37 of the Argentine
Federation of Professional Councils of Economic Sciences (FACPCE) adopted by Resolution C.D. No. 46/2021 of the Professional
Council of Economic Sciences of the Autonomous City of Buenos Aires (CPCECABA).
Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Statements section of this report.
We are independent of Tata Consultancy Services Argentina S.A. and we have fulfilled the other ethical responsibilities in
accordance with the requirements of the Code of Ethics of the Professional Council of Economic Sciences of the Autonomous
City of Buenos Aires and Technical Resolution No. 37 of the FACPCE adopted by Resolution C.D. No. 46/2021 of the CPCECABA.
Emphasis on certain matters disclosed in the financial statements.

Without modifying our opinion, we want to emphasize the information contained in:
As said in Notes 1.2 and 10: the company has losses of 406.294.152 and negative equity. The Company’s Management is
monitoring the evolution of the business to reverse it and obtained a letter of financial support from its shareholder in order
to avoid going concern issues.
Responsibilities of the management of Tata Consultancy Services Argentina S.A in relation to the financial statements
The management of Tata Consultancy Services Argentina S.A. is responsible for the preparation and fair presentation of the
accompanying financial statements in accordance with Argentine professional accounting standards, and for such internal
control that it considers necessary to enable the preparation of financial statements that are free of material misstatements
due to fraud or error.
In preparing the financial statements, management is responsible for evaluating the ability of Tata Consultancy Services
Argentina S.A. to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative
but to do so.
Auditor’s responsibilities in relation to the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free of material
misstatement and to issue an audit report that includes our opinion. Reasonable assurance is a high level of assurance, but
it is not a guarantee that an audit conducted in accordance with FACPCE Technical Resolution No. 37 adopted by Resolution
C.D. No. 46/2021 of the CPCECABA will always detect a material misstatement when it exists. Misstatements are considered
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As part of an audit in accordance with Technical Resolution No. 37 of the FACPCE adopted by Resolution C.D. No. 46/2021
of the CPCECABA, we apply our professional judgment and maintain an attitude of professional skepticism throughout the
audit. Also:
a) We identify and evaluate the risks of material misstatement of the financial statements and perform audit procedures to
respond to such risks and obtain sufficient and appropriate evidence to provide a basis for our opinion.
b) We obtain knowledge of the internal control relevant to the audit to design audit procedures that are appropriate in the
circumstances and not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.
c) We evaluate whether the accounting policies applied are appropriate, as well as the reasonableness of the accounting
estimates and the corresponding information revealed by the management of Tata Consultancy Services Argentina S.A.
d) We conclude on the appropriateness of the use by the management of Tata Consultancy Services Argentina S.A., of the
going concern accounting principle and, based on the elements of judgment obtained, we conclude on whether or not
there is a significant uncertainty related to facts or conditions that may cast doubts about the capacity of Tata Consultancy
Services Argentina S.A. to continue as a going concern. If we conclude that a significant uncertainty exists, we are required
to draw attention in our auditor’s report to the information set forth in the financial statements or, if such disclosure is
inappropriate, to express a modified opinion. Our conclusions are based on the elements of judgment obtained up to the
date of our audit report. However, future events or conditions may cause the Company to cease to be a going concern.
e) We evaluate the overall presentation, structure and content of the financial statements, including the information disclosed,
and whether the financial statements represent the underlying transactions and events in a manner that achieves a fair
presentation.
f) We communicate with the management of Tata Consultancy Services Argentina S.A. regarding, among other matters,
the overall audit strategy and significant audit findings, as well as any significant deficiencies in internal control identified
during the audit.
We also provide the management of Tata Consultancy Services Argentina S.A. with a statement that we have complied
with applicable ethical requirements related to my independence.

a) the accompanying financial statements arise from the Company´s accounting records, and their transcription into the
Journal and Inventory Book is pending;
b) As it appears from the entity’s accounting records, the liability accrued as at December 31, 2023 in favor of the Argentine
Integrated Pension System in respect of contributions and pension contributions amounted to $48.617.442 and was not
due on that date;
c) We have applied the procedures on prevention of money laundering of criminal origin and financing of terrorism for Tata
Consultancy Services Argentina S.A. provided for in Resolution J.G. 420/11 of the FACPCE, adopted by Resolution C.D.
No. 77/2011 of the Professional Council of Economic Sciences of the Autonomous City of Buenos Aires (CPCECABA)

Public Accountants
C.P.C.E.C.A.B.A T° 1 – F° 68
Leonardo Fraga (Partner)

Public Accountant (U.B.A.)
C.P.C.E.C.A.B.A. T° 166 – F ° 183
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SUPERVISORY AUDITOR’S REPORT

To the Shareholders of
TATA CONSULTANCY SERVICES ARGENTINA S.A.
Uspallata 3647,
City of Buenos Aires
Taxpayer Identification Number: 30-70784821-5
In my capacity as Regular Supervisory Auditor of TATA CONSULTANCY SERVICES ARGENTINA S.A., based on the provisions
of subsection 5, section 294 of the Companies Law, I have examined the documents described in paragraph 1. Based on the
documents referred to above, my responsibility is to report on such documentation, based on the work mentioned in paragraph 2.
1. DOCUMENTS UNDER EXAMINATION

a) Balance Sheet as at December 31, 2023
b) Statement of profit or loss for the regular fiscal period of 12 months ended December 31, 2023.
c) Statement of changes in shareholders’ equity for the regular fiscal period of 12 months ended December 31, 2023.
d) Statement of cash flows for the regular fiscal period of 12 months ended December 31, 2023.
e) Notes 1 to 11 and Exhibits I to IV.
2. SCOPE OF EXAMINATION
My examination was made in compliance with the supervisory auditors’ standards in force. Those standards require
that the financial statements be examined in conformity with the auditing standards in force, including the verification
of the consistency of the documents examined with the information on corporate decisions recorded in the minutes of
the Board of Directors’ meetings as well as the compliance of such decisions with the law and the bylaws in their formal
and documentary aspects. An audit requires that the auditor plans and performs the procedures to obtain reasonable
assurance about whether the financial statements are free of material misstatement.
An audit also includes examining, on a test basis, evidence supporting the disclosures in the financial statements, as
well as evaluating the accounting principles used, the significant estimates made by the Board of Directors, and the
overall presentation of the financial statements taken as a whole. As it is not the supervisory auditor’s responsibility to
exercise management control, I have not considered in my examination the business criteria and decisions adopted by the
Company to prepare my report.
In addition, I have verified that the Letter to Shareholders for the year ended December 31, 2023 contains the information
required by section 66 of the Companies Law and that its figures agree with the Company’s accounting records and other
relevant documentation.
3. OPINION
Based on the examination conducted, in my opinion, the financial statements described in paragraph 1 present fairly, in all
material respects, the financial position of TATA CONSULTANCY SERVICES ARGENTINA S.A. as of December 31, 2023, the
results of its operations, the changes in shareholders’ equity and cash flows for the year then ended, in conformity with
professional accounting principles in force.
With regard to the Board of Directors’ Letter to Shareholders, I have no comments to make as it relates to my area of
responsibility. The assertions on future events stated therein are the Board of Directors’ exclusive responsibility.
These accompanying financial statements and the related inventory arise from the accounting records which, in their
formal aspects, are kept pursuant to the legislation in force.

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do Brasil Ltda.
Tata Consultancy Services Do Brasil Ltda. 43.1
CONTENT PAGE
Independent auditors’ report in the financial statements 43.2
Statement of profit or loss and other comprehensive income 43.5

43.2 Tata Consultancy Services Do Brasil Ltda.
Independent Auditors’ Report on the Financial Statements
To
the Shareholders and Management of
Tata Consultancy Services do Brasil Ltda.
São Paulo – SP
Opinion
We have audited the accompanying financial statements of Tata Consultancy Services Do Brasil Ltda. (“Company”), which
comprise the balance sheet as of December 31, 2023, and the related statements of income statement, comprehensive income,
changes in shareholders’ equity and cash flows for the year then ended, and notes to the financial statements, including
material accounting policies and other explanatory information.
Services Do Brasil Ltda. as of December 31, 2023 and its operating performance and cash flows for the year then ended in
Basis for opinion

standards are further described in the “Auditor’s responsibilities for the audit of the financial statements” section of our report.
We are independent of the Company in accordance with the relevant ethical requirements set forth in the Code of Ethics for
Professional Accountants and the professional standards issued by the Federal Accounting Council and we have fulfilled our
other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion.
Responsibility of management and those charged with governance for the financial statements
The Company’s Management is responsible for the preparation and fair presentation of these financial statements in
accordance with International Financial Reporting Standards (IFRS), and for such internal control as Management determines
is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud
or error.
In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in
preparing the financial statements, unless Management either intends to liquidate the Company or to cease operations, or
has no realistic alternative to avoid doing so.
Those charged with governance are those individuals responsible for overseeing the Company’s financial reporting process.
Auditor’s responsibility for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements taken as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Brazilian and
International Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with Brazilian and International Standards on Auditing, we exercise professional judgment
and maintain professional skepticism throughout the audit. In addition, we:
provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve override of internal control, collusion, forgery, intentional omissions or
misrepresentations;
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• Obtain an understanding of the internal controls relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s
internal control;
disclosures made by Management;
• Conclude on the appropriateness of Management’s use of the going concern basis of accounting and based on the audit
report. However, future events or conditions may cause the Company to cease to continue as a going concern;
• Evaluate the overall presentation, structure, and content of the financial statements, including the disclosures, and whether
We communicate with those in-charge with governance regarding, among other matters, the planned scope and timing of the
We also provide those in-charge with governance with a statement that we have complied with relevant ethical requirements,
including those regarding independence, and communicate to them all relationships and other matters that may reasonably
be thought to bear on our independence and, where applicable, related safeguards.
São Paulo, February 28, 2024
Grant Thornton Auditores Independentes Ltda.
Ricardo Akira Matsunaga

Assurance partner
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(In thousands BRL Reais)
Note As at As at
ASSETS
Current assets
Cash and cash equivalents 6(a) 26,137 44,735
Trade receivables
Billed 6(b) 185,006 172,228
Unbilled 56,257 52,400
Other financial assets 6(c) 1,666 966
Income tax assets (net) 20,170 -
Other assets 8(d) 18,060 20,832
Non-current assets
Property, plant and equipment 8(a) 35,687 33,179
Goodwill 8(b) 33,106 33,106
Other intangible assets 8(c) - 2
Other assets 8(d) 3,739 1,944
TOTAL ASSETS 427,391 418,462
Liabilities
Current liabilities
Trade payables 6(d) 11,783 14,532
Lease liabilities 7 7,999 7,250
Unearned and deferred revenue 9 12,181 14,434
Employee benefit obligations 13 52,333 39,223
Provisions 8(f) 6,042 5,114
Income tax liabilities (net) - 3,744
Other liabilities 8(e) 43,300 33,587
Lease liabilities 7 29,749 37,696
Equity
Share capital 6(j) 175,802 175,802
Retained earnings 56,623 54,703
TOTAL EQUITY 232,425 230,505
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Revenue 9 1,024,713 868,120
Operating expenses
Employee benefits expenses 13 875,002 661,728
Depreciation and amortisation expense 7 and 8 22,742 18,129
Other operating expenses 10 100,216 97,289
Total operating expenses 997,960 777,146
Operating profit 26,753 90,974
Other (expense) / income
Finance and other income 11(a) 2,064 1,454
Finance costs 11(b) (4,423) (4,702)
Other (losses) (net) 11(c) (4,426) (563)
Other (expense) (net) (6,785) (3,811)
Profit before taxes 19,968 87,162
Other comprehensive income, net of taxes - -
Total comprehensive income for the year 9,420 54,703
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(In thousands BRL Reais, except share data)
Number of Share Retained Total

shares capital earnings equity
Balance as at January 1, 2022 175,802 175,802 7,669 183,471
Profit for the year - - 54,703 54,703
Total comprehensive income - - 54,703 54,703
Dividends - - (7,669) (7,669)
Balance as at December 31, 2022 175,802 175,802 54,703 230,505
Balance as at January 1, 2023 175,802 175,802 54,703 230,505

Profit for the period - - 9,420 9,420
Total comprehensive income - - 9,420 9,420
Dividends - - (7,500) (7,500)
Balance as at December 31, 2023 175,802 175,802 56,623 232,425
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Statemement of Cash Flows

Profit for the period/ year 9,420 54,703
Adjustment to reconcile profit or loss to net cash
provided by operating activities:
Depreciation and amortisation expense 7 and 8 22,742 18,129
Bad debts and advances writtned off, allowances for (19) 1,246
doubtful trade receivables and advances (net)
Net (gain) / loss on disposal of property, plant and equipment 11 17
Net change in
Trade receivables
Billed (12,759) (63,698)
Unbilled (3,857) (12,772)
Other financial assets (700) (418)
Other assets 978 (5,398)
Trade payables (2,749) 4,207
Unearned and deferred revenue (2,253) (6,948)
Other financial liabilities (798) 12,123
Employee Benefit Obligations, Other liabilities and provisions 23,751 21,220
Taxes paid (net of refunds) (31,577) (25,424)
Net cash provided by operating activities 12,738 29,447
Payment for purchase of property, plant and equipment (16,383) (18,162)
Proceeds from disposal of property, plant and - 8
equipment
Net cash provided by / (used in) investing activities (16,383) (18,154)
Dividend paid (including tax on dividend) (7,500) (7,669)
Net cash provided by / (used in) financing activities (14,953) (14,615)
Net change in cash and cash equivalents (18,598) (3,322)
Cash and cash equivalents at the beginning of the period / 44,735 48,057
year
Cash and cash equivalents at the end of the period / year 6(a) 26,137 44,735
Supplementry cash flow information
Interest paid 4,423 4,702
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Tata Consultancy Services Do Brasil Ltda. (“the Company”) is headquartered in the City of Barueri, State of São Paulo,
and is engaged mainly in the provision of information technology services, involving: (a) IT consulting services, such
as provision of computer program, software, computer system project and IT technical project development services,
information technology-related implementation services, including study, support, infrastructure, research, creation,
adaptation, design, preparation, data warehousing, training, data processing, systematization, automated management,
database, data retrieval, installation, technical maintenance and support; (b) business process outsourcing (BPO), such as
provision of labor in administrative, accounting, payroll, tax department routines, human resource management, financial
department routines, controllership and other administrative service and customer service areas; (c) sale of computer
programs, software, either materialized or not, recorded computer programs and the assignment and licensing and use
of systems.
To provide services to specific customers, the Company has branches in Aracaju/SE, Belo Horizonte/MG, Brasília/DF,
Campinas/SP, Corumbá/MS, Itabira/MG, Joinville/SC, Londrina/PR, Macaé/RJ, Mariana/MG, Nova Lima/MG, Parauapebas/
PA, Rio de Janeiro/RJ, Santos/SP, São Luis/MA, São Paulo/SP and Vitória/ES.
The Company is incorporated and domiciled in Brazil. The address of its corporate office is Alameda Madeira, 328 - 13°
andar - Alphaville Industrial, Barueri - SP, Postal Code 06454-010.
The Executive Committee authorized the issuance of these financial statements at the meeting held on February 28, 2024.
These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), as
issued by the International Accounting Standards Board (IASB).
These financial statements have been prepared on a historical cost basis except for certain financial instruments which
are measured at fair value or amortized cost at the end of each reporting period. Historical cost is generally based on
realization in cash and cash equivalents of the consideration for such services rendered, the Company has considered an
The Statement of Cash flow have been prepared using indirect method, whereby profit or loss is adjusted for the effects
of transactions of a non-cash nature, any deferrals, or accruals of past or future operating cash receipts or payments
The functional currency of the Company is the Brazilian Real (R$). Foreign currency transactions are recorded at
exchange rates prevailing on the date of the transaction. Foreign currency denominated monetary assets and liabilities
notes.

The preparation of financial statements in conformity with the recognition and measurement principles of with International
Financial Reporting Standards (IFRS) requires management to make estimates and judgment’s that affect the reported
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c. Impairment of goodwill
The Company estimates the value-in-use of the cash generating units (CGUs) based on the future cash flows
after considering current economic conditions and trends, estimated future operating results and growth rate
and anticipated future economic and regulatory conditions. The estimated cash flows are developed using internal
forecasts. The discount rates used for the CGUs represent the weighted average cost of capital based on the historical
market returns of comparable companies.
d. Fair value measurement of financial instruments
e. Impairment of financial assets (other than at fair value)
f. Provision for income tax and deferred tax assets
costs, allowances and disallowances which is exercised while determining the provision for income tax. The deferred
deductible temporary differences and tax losses can be utilized. Accordingly, the Company exercises its judgement to
g. Provisions and contingent liabilities
The Company uses significant judgement to disclose assess contingent liabilities. Contingent liabilities are disclosed
when there is a possible obligation arising from past events, the existence of which will be confirmed only by the
occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company
or a present obligation that arises from past events where it is either not probable that an outflow of resources will be
required to settle the obligation or a reliable estimate of the amount cannot be made. Contingent assets are neither
recognised nor disclosed in the financial statements.
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h. Leases
by an option to extend the lease if the company is reasonably certain to exercise that option; and periods covered by
an option to terminate the lease if the company is reasonably certain not to exercise that option. In assessing whether
lease, it considers all relevant facts and circumstances that create an economic incentive for the company to exercise

1
2
that clarify how a seller-lessee subsequently measures s

Tcs Subsidiary Financials 2023 24

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Subsidiary Financials | 2023-2024

Name of subsidiary Page

Subsidiaries (held directly)

C-Edge Technologies Limited 3

TCS e-Serve International Limited 5

Tata Consultancy Services (Africa) (PTY) Ltd. 7

Tata Consultancy Services Asia Pacific Pte Ltd. 8

TCS FNS Pty Limited 9

Tata Consultancy Services Belgium 10

Tata Consultancy Services Deutschland GmbH 11

Tata Consultancy Services Sverige AB 12

Tata Consultancy Services Netherlands BV 13

Tata Consultancy Services Qatar L.L.C. 15

Tata America International Corporation 17

Tata Consultancy Services Canada Inc. 18

Tata Consultancy Services UK Limited 19

Tata Consultancy Services Ireland Limited 20

Subsidiaries (held indirectly)

Tata Consultancy Services (South Africa) (PTY) Ltd. 21

TCS Financial Solutions Australia Pty Limited 22

TCS Financial Solutions Beijing Co., Ltd. 23

Tata Consultancy Services Malaysia Sdn Bhd 24

Tata Consultancy Services (China) Co., Ltd. 25

Tata Consultancy Services (Thailand) Limited 26

PT Tata Consultancy Services Indonesia 27

Tata Consultancy Services (Philippines) Inc. 28

Tata Consultancy Services Japan, Ltd. 29

Tata Consultancy Services Italia s.r.l. 30

Tata Consultancy Services Luxembourg S.A. 31

Tata Consultancy Services Osterreich GmbH 32

Tata Consultancy Services France 33

Tata Consultancy Services Switzerland Ltd. 34

Tata Consultancy Services De Espana S.A.U. 35

Tata Consultancy Services (Portugal) Unipessoal, Limitada 36

Tata Consultancy Services Saudi Arabia 37

TCS Business Services GmbH 38

TCS Technology Solutions GmbH 39

TCS Uruguay S.A. 40

TCS Solution Center S.A. 41

Tata Consultancy Services Argentina S.A. 42

Tata Consultancy Services Do Brasil Ltda 43

Tata Consultancy Services De Mexico S.A., De C.V. 44

TCS Inversiones Chile Limitada 46

Tata Consultancy Services Chile S.A. 47

TATASOLUTION CENTER S.A. 48

Tata Consultancy Services Bulgaria EOOD 49

Tata Consultancy Services Guatemala, S.A. 50

Diligenta (Europe) B.V. 51

FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2024

Independent Auditor’s Report 1.2

Balance Sheet 1.12

Statement of Profit and Loss 1.13

Statement of Changes in Equity 1.14

Statement of Cash Flow 1.15

Notes forming part of the Financial Statements 1.17

Subsidiary Financials 2023-24

Report on the standalone Financial Statements

Basis for opinion

Responsibility of Management’s and Board of Director’s for the Financial Statements

Subsidiary Financials 2023-24

Auditor’s Responsibility for the Audit of the Financial Statements

Report on Other Legal and Regulatory Requirements