CONSOLIDATED STATEMENTS OF TATA CONSULTAN

LIABILITIES
Particulars
SHAREHOLDER'S CAPITAL
EQUITY SHARE CAPITAL
PREFERENCE SHARE CAPITAL
RESERVES AND SURPLUS
Share Application Money Pending Allotment
NET DEFERRED TAX LIABILITY

CONSOLIDATED BALANCE SHEET

2009
Amount in Rs.
Schedule No.
Crores.
1
2

197.86
0.00
15502.15

68.51

MINORITY INTEREST

277.16

DEBT
LONG TERM
SHORT TERM

4
12.95
550.26

TOTAL

16608.89

ASSETS
Particulars
INTANGIBLES(NET)
PATENTS/TRADEMARK/COPYRIGHT
GOODWILL On Consolidation

Schedule No.

2009
Amount in Rs.
Crores.

335.77
3261.4

NET FIXED ASSETS

CAPITAL WIP
Intangible Asset under development
INVESTMENTS
Operating
NON-Operating

3,148.37
705.49
0

7
8

8.68
1,605.73

NET WORKING CAPITAL

7,543.45

10

LONG TERM WORKING CAPITAL

TOTAL

16608.89

PROFIT AND LOSS STATEMENT FOR THE YEAR ENDED.

Particulars

2009
Schedule No.

Amount in Rs.
Crores

Gross Sales
Less: Excise Duties
Net Sales
Add: Other Operating Incomes
Total Opearting Income
Cost Of Goods Sold
Gross Profit
Less: Selling, General & Administrative Expenses
EBIDTA
Less: Depreciation & Amoritization
EBIT
Less: Interest Expense
Add: Non-Operating Income
Less: Non-Operating Expense
PBT
Less: Tax Expense
PAT
Add: Income from associates
Less: Minority Interest
Profit for the year
Profit And Loss Appropriation
Particulars
Profit for the year
Add: Retained Earnings b/f
Transferred on amalgamation
Adjustment For Post Acquisition Profit
Less: Interim Dividend on Eq. Shares.
Less: Special Dividend on Eq. Shares.
Less: Proposed Dividend (Rs. 6 per share)
Less: Dividend distribution tax
Less: Statutory Reserve
Less: Dividend on Redeemable Prefrence Shares
Less: Capital Redemption Reserve
Less: Transfer to General Reserve
Retained Earnings

10

11
12
13
14
15
16
17
18
19

27814.96
2.08
27812.88
-712.92
27099.96
14601.46
12498.50
5379.39
7119.11
564.08
6555.03
28.66
285.93
662.23
6150.07
838.95
5311.12
-0.7
54.00
5256.42
2009
Amount in Rs
Crores
5256.42
8688.21
0.00
0.00
880.74
0.00
489.31
235.99
0.00
7.00
0.00
496.56
11835.03

MENTS OF TATA CONSULTANCY SERVICES.

CONSOLIDATED BALANCE SHEET
2010
Amount in Rs.
Crores.

2011
Amount in Rs.
Crores.

2012
2013
Amount in Rs. Amount in Rs.
Crores.
Crores.

2014
Amount in Rs.
Crores.

295.72
0.00
18171.00

295.72
0.00
24209.09

295.72
0.00
29283.51

295.72
0.00
38350.01

195.87
0.00
48998.89

-99.18

-50.69

-82.59

-74.74

-111.26

361.71

458.17

558.77

695.31

707.99

13.73
89.52

37.70
31.57

115.37
0.89

130.98
80.02

127.26
127.09

18832.50

24981.56

30171.67

39477.30

50045.84

2010
Amount in Rs.
Crores.

2011
Amount in Rs.
Crores.

2012
2013
Amount in Rs. Amount in Rs.
Crores.
Crores.

2014
Amount in Rs.
Crores.

268.65
3215.99

311.76
3232

297.87
3543.46

254.8
3581.5

240.74
2268.78

3,253.39
1,017.37
0

3,935.33
1193.89
0

4,820.73
1446.37
0

5,991.71
1895.36
0

7,034.81
3168.48
0

6.67
3,675.41

25.33
1,737.34

26.03
1,324.30

28.29
1,869.05

53.81
3,379.93

7,395.02

9,137.96

12,038.29

18,884.73

26,196.00

5407.95

6674.62

6971.86

7703.29

18832.50

24981.56

30171.67

39477.30

50045.84

2010

2011

Amount in Rs.
Crores

Amount in Rs.
Crores

2012

2013

Amount in Rs. Amount in Rs.

Crores
Crores

2014
Amount in Rs.
Crores

CAGR

30029.31
0.39
30028.92
-99.54
29929.38
15253.43
14675.95
5565.44
9110.51
660.89
8449.62
16.10
375.51
519.40
8289.63
1196.97
7092.66
-1.03
90.99
7000.64
2010
Amount in Rs
Crores
7000.64
11835.03
0.00
0.00
1174.32
0.00
2740.11
663.18
0.00
17.00
0.00
636.22
13604.84

37324.78
0.27
37324.51
10.7
37335.21
19000.11
18335.10
6589.00
11746.10
735.26
11010.84
26.48
595.12
558.86
11020.62
1830.83
9189.79
-0.3
121.45
9068.04

48894.08
0.25
48893.83
-374.87
48518.96
25142.20
23376.76
8676.36
14700.40
917.94
13782.46
22.23
803.39
640.31
13923.31
3399.86
10523.45
0
109.96
10413.49

62990.3
0.82
62989.48
90.43
63079.91
32898.23
30181.68
10982.45
19199.23
1079.92
18119.31
48.49
1088.02
1069.11
18089.73
4014.04
14075.69
0
158.38
13917.31

81812.51
3.15
81809.36
109.85
81919.21
41571.09
40348.12
13718.11
26630.01
1349.15
25280.86
38.52
1526.89
1367.37
25401.86
6069.99
19331.87
0
168.00
19163.87

2011
2012
2013
Amount in Rs
Amount in Rs Amount in Rs
Crores
Crores
Crores
9068.04
10413.49
13917.31
13604.84
18635.05
22160.54
0.00
0.00
103.00
0.00
0.00
23.22
1174.32
1761.49
1761.49
0.00
0.00
19.00
1565.78
3131.55
2544.39
459.15
806.86
727.34
0.00
0.00
16.65
11.00
22.00
0.00
0.00
0.00
0.00
827.58
1166.10
1352.79
18635.05
22160.54
29529.97

2014
Amount in Rs
Crores
19163.87
29529.97
0.00
0.00
2349.87
0.00
3917.46
795.68
57.03
28.76
157.12
1883.41
39504.51

24.08%
24.76%
26.41%
30.19%
30.99%
6.09%
39.80%
15.60%
32.80%
48.56%
29.48%

29.53%

Common Size Statement

Particulars

2009

2010

2011

Gross Sales(Growth)
Less: Excise Duties
Net Sales(Growth)
Add: Other Operating Incomes
Total Opearting Income
Cost Of Goods Sold
Gross Profit
Less: Selling, General & Administrative Expenses
EBIDTA
Less: Depreciation
EBIT
Less: Interest Expense
Add: Non-Operating Income
Less: Non-Operating Expense
PBT
Less: Tax Expense
PAT
Add: Income from associates
Less: Minority Interest
Profit for the year

1
53.88%
46.12%
19.85%
26.27%
2.08%
24.19%
0.11%
1.06%
2.44%
22.69%
3.10%
19.60%
0.00%
0.20%
19.40%

7.96%

24.29%

7.97%

24.30%

1
50.96%
49.04%
18.60%
30.44%
2.21%
28.23%
0.05%
1.25%
1.74%
27.70%
4.00%
23.70%
0.00%
0.30%
23.39%

1
50.89%
49.11%
17.65%
31.46%
1.97%
29.49%
0.07%
1.59%
1.50%
29.52%
4.90%
24.61%
0.00%
0.33%
24.29%

ement
2012

2013

2014

31.00% 28.83% 29.88% YOY

31.00% 28.83% 29.88% YOY
1
51.82%
48.18%
17.88%
30.30%
1.89%
28.41%
0.05%
1.66%
1.32%
28.70%
7.01%
21.69%
0.00%
0.23%
21.46%

1
52.15%
47.85%
17.41%
30.44%
1.71%
28.72%
0.08%
1.72%
1.69%
28.68%
6.36%
22.31%
0.00%
0.25%
22.06%

1
50.75%
49.25%
16.75%
32.51%
1.65%
30.86%
0.05%
1.86%
1.67%
31.01%
7.41%
23.60%
0.00%
0.21%
23.39%

Particulars

2009

2010

Ratios
TAX RATE
TOI
NOPAT=EBIT*(1-Tax rate)(A)
NOPAT MARGIN=NOPAT/TOI
Increase in DTL(B)
Impairment of Goodwill (C)
Adjusted NOPAT(A+B+C)

NA

Adjusted NOPAT Margin= Adjusted NOPAT/TOI

TOI/Capital Employed (Beg)
TOI/Capital Employed (Avg.)
ROC(Beg)
ROC(Avg)

NA

Interest(1-Tax)
Op PAT=Adj. NOPAT + Interest(1-Tax)
Op PAT Adj./TOI
CE(Beg)/Core Equity(Beg)
CE(Avg.)/Core Equity(Avg.)
ROE(Beg)
ROE(Avg)

COGS (% of TOI)
Sales/Intangible assets other than Goodwill(Beg)
Sales/Goodwill(Beg)
Sales/Net Fixed Asset(Beg)
Sales/operating Working Capital(Beg)
Sales/Receivables(Beg)
Sales/Inventories(Beg)
Sales/long term Working Capital(Beg)
Sales/Capital WIP(Beg)
Debt/Equity

13.64%
27099.96
5660.84
20.89%

14.44%
29929.38
7229.55
24.16%

0.00

-167.69
21.43
7,083.29

NA

23.67%
218.53%
233.50%
51.72%
55.26%
24.75

13.78
7,097.06
23.71%
1.065371512
1.053650431
55.21%
58.34%

53.88%

50.96%
190.82
8.70
9.51
4.80
4.97
817.74

NA
NA

NA
NA
NA
NA
NA
NA
NA
NA
0.04

2.19
0.01

978,610,498
1,000,000,000
1,978,610,498
159.41

1,957,220,996
1,000,000,000
2,957,220,996
93.84

No of shares
equity shares of ` 1 each
redeemable preference shares of ` 1 each
Total Shares
Book Value Per Share

2011

2012

2013

2014

16.61%
37335.21
9181.63
24.59%

24.42%
48518.96
10416.99
21.47%

22.19%
63079.91
14098.71
22.35%

23.90%
81919.21
19239.78
23.49%

48.49
0.00
9,230.12

-31.90
21.18
10,406.27

7.85
0.00
14,106.56

-36.52
0.00
19,203.26

24.72%
312.69%
230.82%
77.30%
57.06%

21.45%
237.73%
212.35%
50.99%
45.54%

22.36%
249.44%
212.83%
55.78%
47.60%

23.44%
241.02%
233.05%
56.50%
54.63%

22.08
9,252.21
24.78%
1.040519439
1.031648293
80.63%
59.01%

16.80
10,423.08
21.48%
1.026528311
1.027024399
52.42%
46.85%

37.73
14,144.29
22.42%
1.027425125
1.027408227
57.47%
49.03%

29.32
19,232.58
23.48%
1.027395654
1.027305691
58.14%
56.21%

50.89%
310.95
11.10
11.48
8.94
6.38
2098.66
11.65
3.13
0.00

51.82%
277.66
14.40
12.33
7.70
5.92
2126.16
9.44
2.38
0.00

52.15%
383.05
17.16
13.09
7.44
5.48
3549.80
9.03
2.49
0.01

atios

50.75%
Sales = TOI
574.03
22.18
13.67
5.37
5.82
3873.25 * Check IT
8.18
2.41
0.01
All Correct Till here

Check whether to be calculated on

1,957,220,996
1,000,000,000
2,957,220,996
124.69

1,957,220,996
1,000,000,000
2,957,220,996
150.62

1,957,220,996
1,000,000,000
2,957,220,996
196.94

1,958,727,979
0
1,958,727,979
251.16

All Correct Till here

heck whether to be calculated on beginning listen Lec1 Corp. Valuation

YEARS

2010

2011

2012

2013

CASH FLOW STATEMENTS

Particulars
NOPAT
DEPRICIATION
INC IN DTL
INC IN NCWC
INCOME FROM ASSOCIATES
INC IN MINORITY
TOTAL

Particulars
FIXED ASSETS
CAPITAL WORK IN PROGRESS
INTANGIBLE ASSETS
CORE INVESTMENT
NON OPERATING EXPENSE POST TAX
NON OPERATING INCOME POST TAX
TOTAL

Particulars
INTEREST (1-TAX RATE)
INCREASE IN DEBT
TOTAL
DIVIDEND
INCREASE IN EQUITY
TOTAL
TOTAL

CASH FROM OPERATING

CASH FROM FINANCING
CASH FROM INVESTING

CASH FROM OPERATING

Rs.(In Crores)
Rs.(In Crores) Rs.(In Crores) Rs.(In Crores)
7229.55
9181.63
10416.99
14098.71
660.89
735.26
917.94
1079.92
-167.69
48.49
-31.90
7.85
-2,168.88
7,168.63
2,864.38
6,377.99
-1.03
-0.30
0.00
0.00
-6.44
-24.99
-9.36
-21.84
9884.16
2771.46
8429.29
8786.65

CASH FROM INVESTING

Rs.(In Crores)
Rs.(In Crores) Rs.(In Crores) Rs.(In Crores)
706.82
311.88
-53.44
2067.67
444.40
321.29
3156.04

1,368.15
176.52
108.17
-1919.41
466.02
496.25
-296.81

1,746.29
252.48
354.62
-412.34
483.96
607.21
1817.79

2,187.24
448.99
58.63
547.01
831.88
846.59
3227.16

CASH FROM FINANCING

Rs.(In Crores)
Rs.(In Crores) Rs.(In Crores) Rs.(In Crores)
CASH FROM BOND HOLDERS
13.78
22.08
16.80
37.73
-459.96
-33.98
46.99
94.74
-473.74
-56.06
30.19
57.01
CASH FROM EQUITY
5,230.83
4,037.83
6,888.00
6,421.66
996.90
1007.88
1548.93
1570.85
4233.93
3029.95
5339.07
4850.81
-4707.67
-3086.01
-5308.88
-4793.80

9884.16
-4707.67
3156.04

2771.46
-3086.01
-296.81

8429.29
-5308.88
1817.79

8786.65
-4793.80
3227.16

CHANGE IN CASH BALANCE

2020.45

-17.74

1302.62

765.69

CHANGE IN CASH BALANCE(From BS)

2,020.45

-17.74

1,302.62

765.69

Cash flow from Operations

Cash flow from Investing(LESS)
Non Operating Income Post tax(LESS)
FCFF
CFBH(ADD)
FCFE
CFEH(LESS)
NOI(Post Tax Add)
CHANGE IN CASH BALANCE

9884.16
3156.04
321.29
6406.83
-473.74
5933.09
4233.93
321.29
2020.45

2771.46
-296.81
496.25
2572.02
-56.06
2515.96
3029.95
496.25
-17.74

8429.29
1817.79
607.21
6004.29
30.19
6034.48
5339.07
607.21
1302.62

8786.65
3227.16
846.59
4712.90
57.01
4769.91
4850.81
846.59
765.69

755.21

1,408.59

1,928.77

2,468.66

-2,168.88
2067.67

7,168.63
-1919.41

2,864.38
-412.34

6,377.99
547.01

Reinvestment
Adjusted Nopat
Reinvestment Ratio

654.00
7083.29
0.1

6,657.81
9230.12
0.72

4,380.81
10406.27
0.42

9,393.66
14106.56
0.67

FCFF
Reinvestment Ratio

6406.83
0.1

2572.02
0.72

6004.29
0.42

4712.90
0.67

Net Fixed Assets

INC in NCWC
INC in Core Investment

2014

Rs.(In Crores)
19239.78
1349.15
-36.52
370.02
0.00
-155.32
20027.07

Rs.(In Crores)
2,327.08
1,273.12
-1261.61
1536.40
1040.63
1162.03
3753.59

Rs.(In Crores)
29.32
43.35
14.03
9,189.33
574.49
8614.84
-8600.81

20027.07
-8600.81
3753.59
7672.68
7,672.68

20027.07
3753.59
1162.03
15111.46
14.03
15125.49
8614.84
1162.03
7672.68

2,185.39
370.02
1536.40
4,091.81
19203.26
0.21
15111.46
0.21

Assumption 1: Income From Associates is taken as part of operating cash flows but n
Assumption 2 : Non Operating Expense Post Tax Is Considered in Investing but not co

cash flows but not taken into consideration in reinvestment ratio

esting but not considered for Reinvestment Ratio

Years

2009

2010

Balance Sheet Schedules

Schedule 1
Particulars
Gross Sales(Growth)
Issued, subscribed and fully paid up Equity Shares
Issued, subscribed and fully paid up Prefrence Shares
TOTAL

Schedule 2
Particulars
Reserves & Surplus:
Capital Reserve
Securities Premium Account
Capital Redemption Reserve
Statutory Reserve
Foreign Currency Translation Reserve
General Reserve
Hedging Reserve
Surplus in Statement of Profit & Loss
TOTAL

Schedule 3
Particulars
Net Deferred Tax Liability
Deferred Tax Liabilities [A]
Deferred Tax Assets [B]
TOTAL [A-B]

Schedule 4
Particulars
Debt
Long Term
Secured Loans
Unsecured Loans
Total
Short Term
Secured Loans
Unsecured Loans
Total
TOTAL

Rs. (in crores)

97.86
100
197.86

Rs. (in crores)

5.02
2016.33
0.4
0
471.94
1903.37
-729.94
11835.03
15502.15

Rs. (in crores)

128.55
60.04
68.51

Rs. (in Crores)

Rs. (in crores)

0.079610037
195.72
100.00
295.72

Rs. (in crores)

5.02
1918.47
0.4
0
108.75
2539.59
-6.07
13604.84
18171

Rs. (in crores)

68.68
167.86
-99.18

Rs. (in Crores)

0.00
12.95
12.95

0.00
13.73
13.73

37.89
512.37
550.26
563.21

31.21
58.31
89.52
103.25

Schedule 5
Particulars
Intangible Assets
As on 31st
March 2009
Goodwill Acquisition
Acquired Contract Rights
Intellectual Property Rights
Software Licences
Rights Under Licencing Agreement
Total 31st March 2013

178.92
137.39
0.00
19.46
0.00
335.77

As on 31st
March 2010
148.58
114.46
0.00
5.61
0.00
268.65

Schedule 6
Particulars
Fixed Assets
As on 31st
March 2009
Land:
Freehold
lease hold
Freehold Buildings
Factory Buildings
LeaseholdBuildings
Leasehold Improvements
Plant and Machinery
Furniture and Fixtures
Vehicles
Office equipments
Computer Equipment
Electrical Installations
Total

Schedule 7
Particulars
Operating Investments
Exegenix Research Inc. (49.9% voting interest)
National Power Exchange Limited
Philippine Dealing System Holdings Corporation
Firstech Solutions Co. Limited
Taj Air Limited
RuralShores Business Services Private Limited
Yodlee, Inc.
ALMC HF

331.42
61.28
1140.91
0.00
22.02
239.68
1.05
102.75
16.24
349.40
617.65
265.97
3148.37

Rs. (in crores)

0.56
2.5
4.57
1.05
0
0
0
0

As on 31st
March 2010
329.65
59.83
1244.75
0.44
33.93
239.91
0.12
70.19
15.12
370.16
616.31
272.98
3253.39

Rs. (in crores)

0
1.7
4.04
0.93
0
0
0
0

Kooh Sports Private Limited

Total

Schedule 8
Particulars
Non-Operating Investments
Debentures and bonds (unquoted)*
Government securities (unquoted)
Mutual funds and other funds (unquoted)
Fully paid preference shares (unquoted)
Fully paid equity shares (quoted)
Investment in mutual funds (unquoted)
Investment in bonds (quoted)
Investment in debentures and bonds (unquoted)
Less:Provision for dimunition in value of Investments
Total

Schedule 9
Particulars
Net Working Capital
Current Assets
Inventories
Trade Recivables
Unbilled Revenue
Cash and Bank Balances
Short Term Loans and Advances
Other Current Assets
[A]
Current Liabilities
Trade Payables
Other Current Liabilities
Short Term Provisions
[B]
TOTAL [A-B]

Schedule 10
Particulars
Long Term Working Capital
Non Current Assets
Long Term Loans and Advances
Other Non Current Assets
[A]
Non Current Liabilites
Other Long Term Liabilities

0
8.68

Rs. (in crores)

0
6.67

Rs. (in crores)

0
0
0
9.31
0
1584.43
11.99
0
0
1605.73

Rs. (in crores)

1200
0
0
5
0
2459.44
10.97
0
0
3675.41

Rs. (in crores)

36.6
6022.88
1481.38
2698.14
3283.79
0.81
13523.6

17.79
5855.41
1201.14
4718.59
3969.77
26.18
15788.88

2114.37
2139.21
1726.57
5980.15
7543.45

2977.73
1116.06
4300.07
8393.86
7395.02

Rs. (in crores)

Rs. (in crores)

0
0
0

0
0
0

Long Term Provisions

[B]
TOTAL [A-B]

0
0
0

P&L Schedules
Schedule 11
Particulars
Revenue from Operations
Information technology and consultancy services
Sale of equipment and software licences
TOTAL

Schedule 11
Particulars
Other Operating Income
Miscellaneous Income
Rent Income
Exchange Gain/Loss
Other Incomes
TOTAL

Schedule 12
Particulars
Cost of Goods Sold
Materials Consumed
Direct Labor
Services Rendered by associates and others
Manufacturing Expenses(A)
TOTAL
Schedule 11(A)
Particulars
Manufacturing Overheads
Contribution to Provident and other funds
Expense on Employee stock Compensation
Repairs to Office & Computers
Rates and taxes
Cost of Software Licenses
Insurance
Hire Charges
Software Hardware & Project Expense
Gratuity
Superannuation Scheme

Rs. (in Crores)

26781.86
1033.1
27814.96

Rs. (in Crores)

0
62.47
5.97
-781.36
0
-712.92

Rs. (in Crores)

0
6,916.42
1,108.71
6576.324
14601.458

Rs. (in Crores)

232.06
0.00
77.89
79.23
423.51
50.60
0.00
1,031.22
68.34
97.66

0
0
0

Rs. (in Crores)

29085.21
944.1
30029.31

Rs. (in Crores)

0
84.08
7.26
-190.88
0
-99.54

Rs. (in Crores)

0
7,646.89
1,261.97
6344.574
15253.432

Rs. (in Crores)

264.68
0.00
90.95
64.95
464.24
45.31
0.00
987.79
65.48
77.21

Overseas Employee Allowances

Impairment of Goodwill
Social Security for Overseas Employees
Staff welfare expenses
TOTAL

Schedule 13
Particulars
Selling, General & Administrative Expenses
Rent
Other Repair Expenses
Repairs (Buildings)
Salaries
Provision for doubtful receivables and bad debts
Provision for doubtful Advances
Bad debts written off
Advances written off
Entertainment
Other Overseas Expenses
Overseas Travel
Travelling and motor car expenses
Printing and stationery
Legal & Professional charges
Commission and brokerage
Miscellaneous Expenses
Electricity Expenses
Communication expense
Recruitment & Training expense
Overseas Employee Allowances
Subcontract charges
General Office Expenses
TOTAL

Schedule 14
Particulars
Depreciation & Amortization
Depreciation on tangible assets
Amortization on intangible assets
Depreciation on investment property
Share of JV
TOTAL

Schedule 15

3,657.82
0.00
263.94
594.05
6576.324

Rs. (in Crores)

595.89
14.24
84.4
1729.106
63.09
10.7
34.47
0
15.24
156.2
303.87
408.64
54.39
256.63
30.52
0
196.23
390.33
120.99
914.46
0
0
5379.392

Rs. (in Crores)

497.91
66.17
0
0
564.08

3,348.94
21.43
213.76
699.83
6344.574

Rs. (in Crores)

720.53
11.97
109.85
1911.722
169.67
4.36
24.65
0
16.78
158.57
225.32
341.9
51.49
206
6.59
0
233.72
422.87
112.21
837.24
0
0
5565.438

Rs. (in Crores)

601.8
59.09
0
0
660.89

Particulars
Interest expense
Interest expense on term borrowings
Interest expense on corporate deposit
Short Term Loans
Others
TOTAL

Rs. (in Crores)

0
0
0
28.66
28.66

Rs. (in Crores)

0
0
0
16.1
16.1

Schedule 16
Rs. (in Crores)
Non-Operating Income
Intrest Income
102.32
Sale of Investments
50.41
Dividend Received on Current Investment
125.89
Profit on sale of fixed assets
7.31
Profit on redemption of mutual funds and sale of other current investments0
Diminution in value of Investments
0
TOTAL
285.93

Schedule 17
Particulars
Non-Operating Expense
Other Expenses
Foreign Exchange loss
Donations
Diminution in Value of Investments
Loss on sale of Fixed Assets
TOTAL
Schedule 18
Particulars
Tax Expense
Current tax
Fringe benefit tax
MAT credit entitlement
Deferred tax
TOTAL

Schedule 19
Particulars
Share in Income From Associates
Share on loss of Associates
Exceptional Items
TOTAL

Rs. (in Crores)

0
662.23
0
0

662.23

Rs. (in Crores)

1197.53
26.44
-423.73
38.71
838.95

Rs. (in Crores)

Rs. (in Crores)

205.11
157.02
13.38
0
0
0
375.51

Rs. (in Crores)

0
515.5
0
0
0
3.9
519.4

Rs. (in Crores)

1709.83
-4.57
-320.58
187.71
1196.97

Rs. (in Crores)

-0.7

-1.03

-0.7

-1.03

2011

2012

2013

2014

Rs. (in crores)

0.242944976
195.72
100.00
295.72

Rs. (in crores)

0.309962979
195.72
100.00
295.72

Rs. (in crores)

0.28830116
195.72
100.00
295.72

Rs. (in crores)

0.298811246
195.87
0.00
195.87

Rs. (in crores)

Rs. (in crores)

Rs. (in crores)

Rs. (in crores)

eet Schedules

24.5
1918.47
0.4
0
200.77
3367.17
62.73
18635.05
24209.09

Rs. (in crores)

109.49
160.18
-50.69

Rs. (in Crores)

24.5
1918.47
0.4
0
779.42
4533.27
-133.09
22160.54
29283.51

Rs. (in crores)

173.45
256.04
-82.59

Rs. (in Crores)

24.5
1918.47
0.4
16.65
972.11
5841.8
46.11
29529.97
38350.01

Rs. (in crores)

235.48
310.22
-74.74

Rs. (in Crores)

24.5
1918.87
157.52
73.68
1547.78
5742.39
29.64
39504.51
48998.89

Rs. (in crores)

308.8
420.06
-111.26

Rs. (in Crores)

33.70
4.00
37.70

112.61
2.76
115.37

129.46
1.52
130.98

126.21
1.05
127.26

0.46
31.11
31.57
69.27

0.00
0.89
0.89
116.26

80.02
0.00
80.02
211.00

33.58
93.51
127.09
254.35

As on 31st
March 2011
137.02
105.55
1.86
10.50
56.83
311.76

As on 31st
March 2011
329.55
86.17
1430.59
0.68
49.58
306.48
4.87
106.29
12.42
439.68
848.31
320.71
3935.33

Rs. (in crores)

0
1.4
4.01
0.92
19
0
0
0

As on 31st
March 2012
133.19
102.60
1.49
10.32
50.27
297.87

As on 31st
March 2012
331.48
86.41
1797.19
1.74
5.21
496.56
0.10
126.80
9.58
608.68
965.87
391.11
4820.73

Rs. (in crores)

0
1.4
4.58
1.05
19
0
0
0

As on 31st
March 2013
112.09
86.34
1.11
11.27
43.99
254.80

As on 31st
March 2013
343.59
187.77
2420.08
1.54
3.15
507.18
0.07
186.87
10.43
702.88
1135.92
492.23
5991.71

Rs. (in crores)

0
1.4
4.89
0
19
0
0
0

As on 31st March
2014
108.67
83.70
1.08
5.97
41.32
240.74

As on 31st March
2014
346.13
200.30
2905.57
1.34
1.99
655.58
0.02
1271.37
10.02
840.80
566.21
235.48
7034.81

Rs. (in crores)

0
1.4
5.41
0
19
25
0
0

0
25.33

Rs. (in crores)

1049.39
0
0
5
0
343.24
7.17
333.58
1.04
1737.34

Rs. (in crores)

0
26.03

Rs. (in crores)

523.12
24.67
0
5
0
231.89
7.46
533.33
1.17
1324.3

Rs. (in crores)

3
28.29

Rs. (in crores)

910.22
24.65
5.26
0
0.01
586.93
6.96
335.14
0.12
1869.05

Rs. (in crores)

3
53.81

Rs. (in crores)

2190.22
25
6.36
0
0
423.63
6.97
727.87
0.12
3379.93

Rs. (in crores)

22.82
8194.97
1348.85
4700.85
1966.64
118.29
16352.42

17.77
11520.35
2247.76
6003.47
2255.19
457.87
22502.41

21.15
14076.56
3160.05
6769.16
5821.36
799.24
30647.52

15.21
18230.4
4005.61
14441.84
4310.8
735.36
41739.22

2572.33
1923.2
2718.93
7214.46
9137.96

3247.87
2422.2
4794.05
10464.12
12038.29

4447.81
3081.52
4233.46
11762.79
18884.73

5536.02
3621.24
6385.96
15543.22
26196

Rs. (in crores)

Rs. (in crores)

Rs. (in crores)

Rs. (in crores)

2953.44
2779.35
5732.79

4517.63
2659.65
7177.28

5234.13
2454.64
7688.77

7286.62
1545.33
8831.95

185.61

285.01

367.99

743.07

139.23
324.84
5407.95

Rs. (in Crores)

36046.13
1278.65
37324.78

Rs. (in Crores)

0
42.39
4.54
-36.23
0
10.7

Rs. (in Crores)

0
9,624.18
1,836.55
7539.382
19000.108

Rs. (in Crores)

320.01
0.00
118.10
79.98
524.10
30.98
0.00
1,100.99
94.93
99.82

217.65
502.66
6674.62

Rs. (in Crores)

47436.63
1457.45
48894.08

Rs. (in Crores)

0
34.21
16.94
-426.02
0
-374.87

Rs. (in Crores)

0
13,081.01
2,391.30
9669.888
25142.196

Rs. (in Crores)

412.72
0.00
159.58
108.24
683.11
32.76
0.00
1,538.71
108.37
120.81

348.92
716.91
6971.86

Rs. (in Crores)

61223
1767.3
62990.3

Rs. (in Crores)

0
24.75
16.41
49.27
0
90.43

Rs. (in Crores)

0
16,891.63
3,763.74
12242.86
32898.232

Rs. (in Crores)

533.11
0.00
213.37
101.50
0.00
44.55
0.00
2,652.50
149.46
168.96

385.59
1128.66
7703.29

Rs. (in Crores)

80139.84
1672.67
81812.51

Rs. (in Crores)

0
74.61
17.62
17.62
0
109.85

Rs. (in Crores)

0
20,918.98
4,938.37
15713.742
41571.088

Rs. (in Crores)

564.35
0.00
243.42
108.19
0.00
61.13
0.00
3,088.68
132.26
191.74

Inclusive of Tax

3,989.35
0.00
261.33
919.79
7539.382

Rs. (in Crores)

734.77
12.47
126.12
2406.044
-102.3
4.05
24.94
0.41
25.14
223.32
319.2
473.73
45.87
222.43
20.37
0
302.08
542.34
210.68
997.34
0
0
6589.002

Rs. (in Crores)

686.21
49.05
0
0
735.26

4,905.69
21.18
421.69
1157.03
9669.888

Rs. (in Crores)

968.22
4.51
161.57
3270.252
-25.69
7.42
44.19
-1.05
34.11
97.14
571.29
640.75
50.59
346.61
40.33
0
366.32
650.2
223.18
1,226.42
0
0
8676.364

Rs. (in Crores)

860.89
57.05
0
0
917.94

6,305.52
0.00
680.93
1392.96
12242.86

Rs. (in Crores)

1165.17
5.32
191.08
4222.908
6.24
4.29
42.53
2.82
47.61
2.48
817.56
816.65
74.22
460.53
54.86
0
475.76
766.91
249.13
1,576.38
0
0
10982.448

Rs. (in Crores)

1016.26
63.66
0
0
1079.92

8,501.03
0.00
1,125.52
1697.42
15713.742

Rs. (in Crores)

1421.27
5.61
250.08
5229.744
90.96
10.17
-5.71
-0.12
60.2
2.25
1007.88
1046.75
93.33
613.61
62.23
0
527.1
874.04
303.46
2,125.26
0
0
13718.112

Rs. (in Crores)

1283.98
65.17
0
0
1349.15

Kindly be careful when Eva

Kindly be careful when Eva

Rs. (in Crores)

0
0
0
26.48
26.48

Rs. (in Crores)

497.23
81.85
16.04
0
0
0
595.12

Rs. (in Crores)

0
555.96
0
0
1.08
1.82
558.86

Rs. (in Crores)

2065.95
-0.03
-252.24
17.15
1830.83

Rs. (in Crores)

Rs. (in Crores)

Rs. (in Crores)

0
0
0
22.23
22.23

Rs. (in Crores)

Rs. (in Crores)

0
0
0
48.49
48.49

Rs. (in Crores)

765.22
31.76
6.41
0
0
0
803.39

Rs. (in Crores)

Rs. (in Crores)

1039.74
41.36
6.47
0.23
0
0.22
1088.02

Rs. (in Crores)

0
639.96
0
0
0
0.35
640.31

Rs. (in Crores)

Rs. (in Crores)

1340
0
9.25
4.55
173.09
0
1526.89

Rs. (in Crores)

0
1069.11
0
0
0
0
1069.11

Rs. (in Crores)

3886.09
0.13
-455.06
31.30
3399.86

0
0
0
38.52
38.52

0
1367.37
0
0
0
0
1367.37

Rs. (in Crores)

4369.3
12.99
0.33
368.58
4014.04

Rs. (in Crores)

6148.26
0.13
-51.26
27.14
6069.99

Rs. (in Crores)

-0.3

-0.3

Inclusive of Tax

Kindly be careful when Evaluating from Balance Sheet

Kindly be careful when Evaluating

Operating Balance Sheet

LIABILITIES
Particulars
Total Equity
Less: Non operating Investments
Less: Excess Cash
Add: Deferred Tax Laibility
Core Equity
MINORITY INTEREST
DEBT
Long Term
Short Term
TOTAL
ASSETS
Particulars
INTANGIBLES(NET)(Goodwill not Included)
GOODWILL
NET FIXED ASSETS
Operating Investment
Operating Working Capital
Long Term Working Capital
Capital Work In Progress
TOTAL

2009
Amount in Rs.
Crores.

2010
Amount in Rs.
Crores.

2011
Amount in Rs.
Crores.

15700.01
1605.73
1307.50
68.51
12855.29

18466.72
3675.41
3217.14
-99.18
11474.99

24504.81
1737.34
2834.62
-50.69
19882.16

277.16

361.71

458.17

12.95
550.26
13695.66

13.73
89.52
11939.95

37.70
31.57
20409.60

2009
Amount in Rs.
Crores.
156.85
3440.32
3,148.37
8.68
6235.95
0
705.49
13695.66

2010
Amount in Rs.
Crores.
120.07
3364.57
3,253.39
6.67
4177.88
0
1,017.37
11939.95

2011
Amount in Rs.
Crores.
174.74
3369.02
3,935.33
25.33
6303.34
5407.95
1,193.89
20409.60

et
2012
Amount in Rs.
Crores.

2013
Amount in Rs.
Crores.

2014
Amount in Rs.
Crores.

29579.23
1324.30
3558.78
-82.59
24613.56

38645.73
1869.05
3619.69
-74.74
33082.25

49194.76
3379.93
10351.37
-111.26
35352.20

558.77

695.31

707.99

115.37
0.89
25288.59

130.98
80.02
33988.56

127.26
127.09
36314.54

2012
Amount in Rs.
Crores.
164.68
3676.65
4,820.73
26.03
8479.51
6674.62
1,446.37
25288.59

2013
2014
Amount in Rs.
Amount in Rs.
Crores.
Crores.
142.71
132.07
3693.59
2377.45
5,991.71
7,034.81
28.29
53.81
15265.04
15844.63
6971.86
7703.29
1,895.36
3,168.48
33988.56
36314.54

Assumption
Excess cash = Total Cash - 5% Sales(TOI) as it is an IT company

Balancing Figure of Excess Cash

PE Multiple & PEG

YEARS
equity shares of ` 1 each(in Cr.)
Total PAT(in Cr.)
EPS
MPS(31st March)
P/E Ratio = MPS/EPS(trailing)
P/E Ratio = MPS/EPS(Current Year)
P/E Ratio = MPS/EPS(Forward)
Growth
PEG(Trailing)

2009
2010
2011
2012
97.861
195.722
195.722
195.722
5256.42
7000.64
9068.04
10413.49
26.85654819 35.76826538 46.33120132 53.20548891
538.55
780.65
1,183.90
1,168.80
29.07
33.10
25.23
21.83
25.55
21.97
16.85
22.25
16.44
29.53%
28.63%
28.33%
35.66%
0.984451209 1.156171635 0.890517392

EV/EBITDA Calculation
YEARS
Total Debt
EBITDA
no of shares
Market value of equity
Non-operating Investments
Excess Cash
Net Debt
EV
EV/EBITDA

2009
2010
2011
563.21
103.25
69.27
7119.11
9110.51
11746.1
97.86
195.72
195.72
52703.06837 152790.4571 231715.3937
1,605.73
3,675.41
1,737.34
1,307.50
3,217.14
2,834.62
-2,350.02
-6,789.30
-4,502.69
50,353.05
146,001.15
227,212.70
7.072942035 16.0255741 19.34367145

WACC
YEARS
Interest
Cost of Debt
Beta
Cost of Equity
Total Capital
Weight of Equity
Weight of Debt
Tax Rate
WACC

2013
48.49
29.63%
0.599
5.72%
308620.0984
0.999
0.001
22.19%
5.74%

2012
116.26
14700.4
195.72
228759.99
1,324.30
3,558.78
-4,766.82
223,993.17
15.2372161

2013
2014
195.722
195.873
13917.31
19163.87
71.1075041 97.83834307
1,575.75
2,133.15
29.62
30.00
22.16
21.80
16.11
37.70%
0.830579736 0.795768269

n
2013
2014
211
254.35
19199.23
26630.01
195.72
195.87
308409.0984 417826.0588
1,869.05
3,379.93
3,619.69
10,351.37
-5,277.74
-13,476.95
303,131.36
404,349.11
15.78872499 15.18396376

EPS Adj. For 1:1 Bonus

TCS Ltd.
Date
Closing Price Returns
Dividends
31-Dec-08
477.9
30-Jan-09
511.6
27-Feb-09
483.1
31-Mar-09
538.55
29-Apr-09
623.6
29-May-09
704.6
30-Jun-09
389.85
779.7
31-Jul-09
525.95
1051.9
31-Aug-09
527.05
1054.1
30-Sep-09
621
1242
30-Oct-09
628.3
1256.6
30-Nov-09
688.4
1376.8
31-Dec-09
750.25
1500.5
29-Jan-10
736.2
1472.4
26-Feb-10
761.8
1523.6
31-Mar-10
780.65
1561.3
30-Apr-10
765.4
1530.8
31-May-10
743.05
1486.1
30-Jun-10
751
1502
30-Jul-10
839.8
1679.6
31-Aug-10
843.75
1687.5
30-Sep-10
926.95
1853.9
29-Oct-10
1052.9
2105.8
30-Nov-10
1076
2152
31-Dec-10
1165.65
2331.3
31-Jan-11
1159.5
2319
28-Feb-11
1110.25
2220.5
31-Mar-11
1183.9
2367.8
29-Apr-11
1165.65
2331.3
31-May-11
1157.15
2314.3
30-Jun-11
1184.2
2368.4
29-Jul-11
1137
2274
30-Aug-11
1042.4
2084.8
30-Sep-11
1037.3
2074.6
31-Oct-11
1115.8
2231.6
30-Nov-11
1115.55
2231.1
30-Dec-11
1160.65
2321.3
31-Jan-12
1132.4
2264.8
29-Feb-12
1221.95
2443.9
30-Mar-12
1168.8
2337.6
30-Apr-12
1246.6
2493.2
31-May-12
1245.35
2490.7
29-Jun-12
1277.45
2554.9
31-Jul-12
1243.65
2487.3
31-Aug-12
1343.75
2687.5
28-Sep-12
1295.9
2591.8
31-Oct-12
1315.5
2631

Monthly Returns(X)
3

5
2

14
2

2
2

8
3

16
3

0.064239381
-0.055707584
0.114779549
0.157924055
0.129890956
0.099489072
0.346543542
0.002091454
0.178256332
0.010144928
0.095654942
0.08984602
-0.02005998
0.034773159
0.024744027
-0.019535003
-0.029200418
0.001278514
0.116910786
0.004703501
0.098607407
0.135875721
0.020989648
0.083317844
-0.006133917
-0.042475205
0.066336411
-0.015415153
-0.007292069
0.01991963
-0.04112481
-0.083201407
-0.004892556
0.074231177
-0.000224054
0.040428488
-0.025632189
0.07907983
-0.043496051
0.066563997
-0.001002727
0.019351989
-0.027633175
0.080488884
-0.035609302
0.013967127

30-Nov-12
31-Dec-12
31-Jan-13
28-Feb-13
28-Mar-13
30-Apr-13
31-May-13
28-Jun-13
31-Jul-13
30-Aug-13
30-Sep-13
31-Oct-13
29-Nov-13
31-Dec-13
31-Jan-14

1314
1255.85
1344.15
1517
1575.75
1378.4
1498.45
1518.15
1815.5
2033.2
1927.8
2112.05
2004.35
2172.05
2241.05

2628
2511.7
2688.3
3034
3151.5
2756.8
2996.9
3036.3
3631
4066.4
3855.6
4224.1
4008.7
4344.1
4482.1

13
4

Beta
Bloomberg Adj.

-0.001140251
-0.044254186
0.069116535
0.128594279
0.038727752
-0.125241948
0.087093732
0.008809103
0.194545993
0.11991187
-0.051839465
0.094537815
-0.050993111
0.083668022
0.030846435
0.038832266

0.447097475
0.631398317

Reg
Res
Tot

Inte
XV

CNX Nifty
31-Dec-08
30-Jan-09
27-Feb-09
31-Mar-09
29-Apr-09
29-May-09
30-Jun-09
31-Jul-09
31-Aug-09
30-Sep-09
30-Oct-09
30-Nov-09
31-Dec-09
29-Jan-10
26-Feb-10
31-Mar-10
30-Apr-10
31-May-10
30-Jun-10
30-Jul-10
31-Aug-10
30-Sep-10
29-Oct-10
30-Nov-10
31-Dec-10
31-Jan-11
28-Feb-11
31-Mar-11
29-Apr-11
31-May-11
30-Jun-11
29-Jul-11
30-Aug-11
30-Sep-11
31-Oct-11
30-Nov-11
30-Dec-11
31-Jan-12
29-Feb-12
30-Mar-12
30-Apr-12
31-May-12
29-Jun-12
31-Jul-12
31-Aug-12
28-Sep-12
31-Oct-12

Closing Price Monthly Returns(Y)

2959.15
2874.8
-0.028504807
2763.65
-0.038663559
3020.95
0.093101514
3473.95
0.149952829
4448.95
0.280660343
4291.1
-0.035480282
4636.45
0.080480529
4662.1
0.00553225
5083.95
0.090484975
4711.7
-0.073220626
5032.7
0.068128276
5201.05
0.033451229
4882.05
-0.061333769
4922.3
0.008244487
5249.1
0.066391727
5278
0.005505706
5086.3
-0.036320576
5312.5
0.044472406
5367.6
0.010371765
5402.4
0.006483345
6029.95
0.116161336
6017.7
-0.002031526
5862.7
-0.025757349
6134.5
0.046360892
5505.9
-0.102469639
5333.25
-0.031357271
5833.75
0.093845216
5749.5
-0.014441826
5560.15
-0.032933299
5647.4
0.015692023
5482
-0.029287814
5001
-0.0877417
4943.25
-0.01154769
5326.6
0.077550195
4832.05
-0.092845342
4624.3
-0.042994174
5199.25
0.124332331
5385.2
0.035764774
5295.55
-0.016647478
5248.15
-0.008950912
4924.25
-0.061716986
5278.9
0.07202112
5229
-0.009452727
5258.5
0.005641614
5703.3
0.084586859
5619.7
-0.01465818

10 Yr Bond Yeild
Rfr (Yearly)

Rfr (Monthly)
6.0041
6.5711
7.0414
6.2923
6.7528
6.9536
6.9926
7.4969
7.3377
7.5877
7.458
7.7366
7.5814
7.857
7.825
7.7766
7.5206
7.5758
7.8286
7.9863
7.8963
8.1179
8.0498
7.9534
8.1505
8.0983
8.0223
8.1267
8.4123
8.3518
8.4792
8.3543
8.3975
8.8849
8.7594
8.5459
8.2878
8.2
8.5607
8.6523
8.4599
8.2269
8.2631
8.3135
8.1388
8.201

0.005003417
0.005475917
0.005867833
0.005243583
0.005627333
0.005794667
0.005827167
0.006247417
0.00611475
0.006323083
0.006215
0.006447167
0.006317833
0.0065475
0.006520833
0.0064805
0.006267167
0.006313167
0.006523833
0.00665525
0.00658025
0.006764917
0.006708167
0.006627833
0.006792083
0.006748583
0.00668525
0.00677225
0.00701025
0.006959833
0.007066
0.006961917
0.006997917
0.007404083
0.0072995
0.007121583
0.0069065
0.006833333
0.007133917
0.00721025
0.007049917
0.00685575
0.006885917
0.006927917
0.006782333
0.006834167

30-Nov-12
31-Dec-12
31-Jan-13
28-Feb-13
28-Mar-13
30-Apr-13
31-May-13
28-Jun-13
31-Jul-13
30-Aug-13
30-Sep-13
31-Oct-13
29-Nov-13
31-Dec-13
31-Jan-14

5879.85
5905.1
6034.75
5693.05
5682.55
5930.2
5985.95
5842.2
5742
5471.8
5735.3
6299.15
6176.1
6304
6089.5

0.046292507
0.004294327
0.021955598
-0.056622064
-0.001844354
0.043580787
0.009401032
-0.024014567
-0.017151073
-0.047056775
0.048156
0.098312207
-0.019534382
0.020708862
-0.034026015
0.014630285
0.004392191

8.19812
8.20034
7.94172
7.92412
8.0102
7.7879
7.4803
7.4604
8.27273
8.783
8.7629
8.7086
8.7178
8.7689
8.8698

0.006831767
0.006833617
0.0066181
0.006603433
0.006675167
0.006489917
0.006233583
0.006217
0.006893942
0.007319167
0.007302417
0.007257167
0.007264833
0.007307417
0.0073915

1
59
60

SS
0.052407616
0.316717639
0.369125255

MS
0.052407616
0.005368096

Coefficients
0.02935311
0.44709748

Standard Error
0.009438644
0.143091927

t Stat
3.109886005
3.124547163

Avg Annual

SUMMARY OUTPUT
Regression Statistics
Multiple R
0.37679951
R Square
0.14197787
Adjusted R Square
0.12743512
Standard Error
0.07326729
Observations
61
ANOVA
df
Regression
Residual
Total

Intercept
X Variable 1

Ri-rfr

Rm-rfr

0.059236
-0.06118
0.108912
0.15268
0.124264
0.093694
0.340716
-0.00416
0.172142
0.003822
0.08944
0.083399
-0.02638
0.028226
0.018223
-0.02602
-0.03547
-0.00503
0.110387
-0.00195
0.092027
0.129111
0.014281
0.07669
-0.01293
-0.04922
0.059651
-0.02219
-0.0143
0.01296
-0.04819
-0.09016
-0.01189
0.066827
-0.00752
0.033307
-0.03254
0.072246
-0.05063
0.059354
-0.00805
0.012496
-0.03452
0.073561
-0.04239
0.007133

-0.03351
-0.04414
0.087234
0.144709
0.275033
-0.04127
0.074653
-0.00072
0.08437
-0.07954
0.061913
0.027004
-0.06765
0.001697
0.059871
-0.00097
-0.04259
0.038159
0.003848
-0.00017
0.109581
-0.0088
-0.03247
0.039733
-0.10926
-0.03811
0.08716
-0.02121
-0.03994
0.008732
-0.03635
-0.0947
-0.01855
0.070146
-0.10014
-0.05012
0.117426
0.028931
-0.02378
-0.01616
-0.06877
0.065165
-0.01634
-0.00129
0.077805
-0.02149

-0.00797
-0.05109
0.062498
0.121991
0.032053
-0.13173
0.08086
0.002592
0.187652
0.112593
-0.05914
0.087281
-0.05826
0.076361
0.023455

0.039461
-0.00254
0.015337
-0.06323
-0.00852
0.037091
0.003167
-0.03023
-0.02405
-0.05438
0.040854
0.091055
-0.0268
0.013401
-0.04142
0.09557
Avg Annual

F
Significance F
9.762795 0.002761

P-value Lower 95% Upper 95%Lower 95.0%Upper 95.0%

0.002881 0.010466 0.04824 0.010466 0.04824
0.002761 0.160771 0.733424 0.160771 0.733424

ALTAMAN'S Z SCORE
2009
WORKING CAP/ TOTAL ASSET
RETAINED EARNINGS/TOTAL ASSET
EBIT/TOTAL ASSET
MV OF SHARES/BV OF TOTAL LIABILITIES
SALES/TOTAL ASSET
ALTMAN'S Z SCORE

NET DEBT
MARKET VALUE OF EQUITY

ENTERPRISE VALUE

2010

2011

45.42%
52.31%
39.47%
317.32%
1.67

39.27%
62.84%
44.87%
811.31%
1.59

36.58%
54.46%
44.08%
927.55%
1.49

6.16

9.29

9.72

AMOUNT (millon) AMOUNT (millon) AMOUNT (millon)

-744.29
-3,113.89
-2,765.35
52703.07
152790.46
231715.39

51,958.78

149,676.56

228,950.04

CREDIT ANALYSIS
PARTICULARS
Total Debt/Capital
EBIT/Interest
EBIDTA/Interest
FCFF/Debt
ROC
Long Term Debt/ Total Capital

2008-2009
0.041
228.72
248.40
41.33%
0.001

2009-2010
0.009
524.82
565.87
11.38
60.55%
0.001

2010-2011
0.003
415.82
443.58
24.91
44.99%
0.002

2012

2013

Average

39.90%
61.76%
45.68%
758.19%
1.62

47.84%
56.13%
45.90%
781.23%
1.60

0.42
0.58
0.44
7.19
1.60

9.02

9.16

8.67

AMOUNT (millon) AMOUNT (millon)

-3,442.52
-3,408.69
228759.99
308409.10

225,317.47

2011-2012
0.005
619.99
661.29
86.68
41.19%
0.004

305,000.41

2012-2013
0.006
373.67
395.94
40.54
41.48%
0.003

Valuation
2009
Amount in Rs.
Crores
13.64%
27099.96
5660.84
20.89%

Particulars
TAX RATE
TOI
NOPAT=EBIT*(1-Tax rate)(A)
NOPAT MARGIN=NOPAT/TOI

NA

2010
2011
Amount in Rs.
Amount in Rs. Crores
Crores
14.44%
16.61%
29929.38
37335.21
7229.55
9181.63
24.16%
24.59%

NA

-167.69
21.43
7,083.29

48.49
0.00
9,230.12

Adjusted NOPAT Margin= Adjusted NOPAT/TOINA

TOI/Capital Employed (Beg)
TOI/Capital Employed (Avg.)
ROC(Beg)
ROC(Avg)

23.67%
218.53%
233.50%
51.72%
55.26%

24.72%
312.69%
230.82%
77.30%
57.06%

13.78
7,097.06
23.71%
1.065371512
1.053650431
55.21%
58.34%

22.08
9,252.21
24.78%
1.040519439
1.031648293
80.63%
59.01%

Increase in DTL(B)
Impairment of Goodwill (C)
Adjusted NOPAT(A+B+C)

0.00

24.75

Interest(1-Tax)
Op PAT=Adj. NOPAT + Interest(1-Tax)
Op PAT Adj./TOI
CE(Beg)/Core Equity(Beg)
CE(Avg.)/Core Equity(Avg.)
ROE(Beg)
ROE(Avg)

NA
NA

Bloomberg Adj. Beta

RFR
RP
Ke

0.631398317
8.75%
7.50%
13.49%

Time(in yrs)
0
1
2
3
4
5
6

2014
2015
2016
2017
2018
2019
2020

High Growth
G
ROE
RR

Op. PAT(Adj)
G
19,232.58
23463.74674
28625.77102
34923.44065
42606.59759
51980.04906
62227.54445

22.00%
22.00%
22.00%
22.00%
22.00%
19.71%

7
8
9
10
11
12
13

2021
2022
2023
2024
2025
2026
2027

73072.91648
84138.24383
94956.01804
104994.2257
113693.7472
120515.3721
127746.2944

17.43%
15.14%
12.86%
10.57%
8.29%
6.00%
6.00%
PV 12 YRS
Terminal Value
PV of TV
Total Core Value
Non Op. Investments
Excess Cash
Total Value of Firm
No. of Shares
Share Price
Current Share Price

2012
Amount in Rs.
Crores
24.42%
48518.96
10416.99
21.47%

2013
2014
Amount in Rs.
Amount in Rs. Crores
Crores
22.19%
23.90%
63079.91
81919.21
14098.71
19239.78
22.35%
23.49%

-31.90
21.18
10,406.27

7.85
0.00
14,106.56

-36.52
0.00
19,203.26

21.45%
237.73%
212.35%
50.99%
45.54%

22.36%
249.44%
212.83%
55.78%
47.60%

23.44%
241.02%
233.05%
56.50%
54.63%

16.80
10,423.08
21.48%
1.026528311
1.027024399
52.42%
46.85%

37.73
14,144.29
22.42%
1.027425125
1.027408227
57.47%
49.03%

29.32
19,232.58
23.48%
1.027395654
1.027305691
58.14%
56.21%

Terminal Assumptions
G
ROE
RR

22.00%
60.00%
36.67%

RR

Ke
36.67%
36.67%
36.67%
36.67%
36.67%
34.29%

DF
13.49%
13.49%
13.49%
13.49%
13.49%
13.49%

6.00%
30.00%
20.00%

FCFE
0.881169939
0.776460462
0.684193618
0.602890848
0.531249292
0.468120906

14860.3729
18129.655
22118.1791
26984.1785
32920.6977
40892.3864

31.90%
29.52%
27.14%
24.76%
22.38%
20.00%
20.00%
224809.9116
1365268.958
299181.1935
523991.105
3379.93
10351.37
537722.4070
195.873
2745.263318
2679 as on Oct 10

13.49%
13.49%
13.49%
13.49%
13.49%
13.49%
13.49%

0.412494071
0.363477375
0.320285336
0.28222581
0.2486889
0.219137183
0.193097098

49759.1765
59297.429
69182.2417
78995.6555
88248.0038
96412.2976
102197.035