TVS Motor Co Ltd (TVSL IN) - Standardized

In Millions of INR except Per Share FY 2009 FY 2010 FY 2011 FY 2012

12 Months Ending 03/31/2009 03/31/2010 03/31/2011 03/31/2012
Cash From Operating Activities
Net Income -632.0 335.2 1,279.4 1,323.3
Depreciation & Amortization 1,331.5 1,367.3 1,336.3 1,624.6
Product/Brand Segments — — — —
Automotive Vehicles — — — —
Automotive Components — — — —
Financial Services — — — —
Others — — — —
Other Non-Cash Adjustments -349.1 -770.6 -742.9 -136.4
Changes in Non-Cash Capital -397.5 843.8 89.6 1,334.4
Cash From Operations -47.1 1,775.7 1,962.4 4,145.9

Cash From Investing Activities

Disposal of Fixed Assets 79.6 956.4 430.1 261.1
Capital Expenditures -667.0 -1,042.5 -2,904.0 -4,670.5
Product/Brand Segments -2,730.3 -2,716.8 — -4,272.5
Reconciliation — — — —
Others — — — -2,208.5
Automotive Components -21.5 -245.1 — -298.5
Automotive Vehicles -2,708.8 -2,471.7 — -1,765.5
Increase in Investments 0.0 0.0 0.0 0.0
Decrease in Investments 0.0 0.0 0.0 0.0
Other Investing Activities -820.9 -1,818.1 1,205.6 -772.0
Cash From Investing Activities -1,408.3 -1,904.2 -1,268.3 -5,181.4

Cash from Financing Activities

Dividends Paid -194.6 -389.2 -415.6 -662.6
Change in Short-Term Borrowings 0.0 0.0 97.7 231.9
Increase in Long-Term Borrowings 2,005.4 3,417.4 — 498.8
Decrease In Long-Term Borrowings -451.7 -1,344.0 -3,119.4 —
Increase in Capital Stocks 0.0 0.0 67.5 0.3
Decrease in Capital Stocks 0.0 0.0 0.0 0.0
Other Financing Activities 0.0 0.0 1,036.6 408.5
Cash from Financing Activities 1,359.1 1,684.2 -2,333.2 476.9
Net Changes in Cash -96.3 1,555.7 -1,639.1 -558.6

Reference Items
EBITDA 1,200.0 2,277.0 3,570.8 4,871.9
Trailing 12M EBITDA Margin 3.20 5.01 5.55 6.68
Cash Paid for Taxes 69.0 237.3 832.2 739.0
Cash Paid for Interest 786.3 893.1 848.4 832.3
Interest Received 41.6 65.3 156.0 108.1
Net Cash Paid for Acquisitions — — — —
Free Cash Flow -714.1 733.2 -941.6 -524.6
Free Cash Flow to Firm — — -333.3 -39.3
Free Cash Flow to Equity 919.2 3,763.0 -3,533.2 467.2
Free Cash Flow per Basic Share -1.50 1.54 -1.98 -1.10
Price to Free Cash Flow — 26.70 — —
Cash Flow to Net Income — 5.30 1.53 3.13

Direct Method Cashflow

Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018

1,975.4 1,863.0 3,282.6 4,291.5 5,112.4 6,523.5

1,756.0 1,489.6 1,785.9 2,621.9 3,168.2 3,736.0
— — 1,785.9 2,162.9 3,168.2 3,736.0
— — 1,668.6 2,029.1 3,013.1 3,497.5
— — 117.3 133.8 155.1 174.0
— — — — — 64.5
— — 0.0 0.0 0.0 0.0
418.2 -293.8 -993.1 768.0 -212.1 439.1
-271.6 1,388.3 -3,493.3 2,043.1 -683.6 -7,123.1
3,878.0 4,447.1 582.1 9,724.5 7,384.9 3,575.5

536.9 106.9 323.5 343.7 82.8 245.0

-1,623.8 -2,844.1 -3,757.3 -5,465.6 -6,064.1 -9,929.5
-2,298.3 -2,766.3 -11,130.0 -5,007.9 — —
— — 111.5 0.0 — —
-387.2 -6.6 — — — —
-520.4 -194.2 -807.5 -304.1 — —
-1,390.7 -2,565.5 -10,434.0 -4,703.8 — —
0.0 0.0 0.0 0.0 0.0 -8.1
0.0 0.0 0.0 0.0 0.0 0.0
-289.1 169.4 -924.3 -1,288.7 -1,599.7 -1,290.5
-1,376.0 -2,567.8 -4,358.1 -6,410.6 -7,581.0 -10,983.1

-717.8 -694.8 -844.4 -2,087.3 -1,429.6 -1,886.9

-1,989.5 362.6 3,566.5 -857.2 2,737.8 6,939.9
— — 366.1 457.8 — 4,470.4
-1,338.6 -1,295.1 — — -1,309.4 —
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
959.7 -58.8 -23.2 -703.3 -588.1 -558.0
-3,086.2 -1,686.1 3,065.0 -3,190.0 -589.3 8,965.4
-584.2 193.2 -711.0 123.9 -785.4 1,557.8

4,455.9 5,234.5 6,052.5 8,203.2 8,696.9 8,270.0

6.02 6.33 6.01 7.30 6.98 5.38
648.4 1,343.2 1,593.4 1,596.6 1,370.1 3,255.3
 936.0 473.5 455.3 — — —
163.3 214.7 205.8 356.2 484.3 482.9
— — — — — 16.2
2,254.2 1,603.0 -3,175.2 4,258.9 1,320.8 -6,354.0
2,891.2 1,896.1 -2,842.3 4,744.3 1,774.3 -4,061.1
-537.0 777.4 1,080.9 4,203.2 2,832.0 5,301.3
4.74 3.37 -6.68 8.96 2.78 -13.37
6.81 28.78 — 36.01 154.96 —
1.96 2.39 0.18 2.27 1.44 0.55
TVS Motor Co Ltd (TVSL IN) - Balance Sheet
In Millions of INR except Per Share FY 2011 FY 2012 FY 2013 FY 2014
12 Months Ending 03/31/2011 03/31/2012 03/31/2013 03/31/2014
Assets
Cash & Near Cash Items 423.6 1,354.9 796.0 964.4
Short-Term Investments 117.5 0.0 0.0 0.0
Accounts & Notes Receivable 2,860.8 2,232.9 3,187.3 3,529.2
Inventories 6,025.3 6,813.8 6,357.9 6,660.5
Other Current Assets 2,789.3 2,713.3 3,304.4 4,680.4
Total Current Assets 12,216.5 13,114.9 13,645.6 15,834.5
LT Investments & LT Receivables 2,087.5 3,179.0 3,477.1 4,386.5
Net Fixed Assets 13,490.8 16,519.9 16,242.5 15,454.7
Gross Fixed Assets 24,903.9 29,248.2 30,446.1 29,963.0
Accumulated Depreciation 11,413.1 12,728.3 14,203.6 14,508.3
Other Long-Term Assets 451.6 351.8 444.1 640.1
Total Long-Term Assets 16,029.9 20,050.7 20,163.7 20,481.3
Total Assets 28,246.4 33,165.6 33,809.3 36,315.8
Product/Brand Segments 28,246.4 33,459.0 33,809.3 36,315.8
Financial Services — — — —
Automotive Vehicles 24,366.4 26,528.1 27,885.9 33,456.1
Automotive Components 1,848.6 2,127.5 1,717.2 2,568.6
Others 2,001.5 4,803.4 4,206.2 291.1
Reconciliation 29.9 — — —

Liabilities & Shareholders' Equity

Accounts Payable 7,091.9 7,622.9 8,526.0 10,333.8
Short-Term Borrowings 2,683.8 4,299.6 2,224.4 2,099.4
Other Short-Term Liabilities 3,123.2 4,131.4 4,170.1 5,137.7
Total Current Liabilities 12,898.9 16,053.9 14,920.5 17,570.9
Long-Term Borrowings 7,723.4 8,744.6 8,456.8 5,177.6
Other Long-Term Liabilities 740.8 1,085.1 1,380.3 1,959.0
Total Long-Term Liabilities 8,464.2 9,829.7 9,837.1 7,136.6
Total Liabilities 21,363.1 25,883.6 24,757.6 24,707.5
Product/Brand Segments 21,363.1 26,146.6 24,757.6 24,707.5
Financial Services — — — —
Automotive Vehicles 18,248.4 20,648.4 20,337.6 23,202.8
Automotive Components 1,364.1 1,302.9 1,039.4 1,214.3
Others 1,444.7 4,195.3 3,380.6 290.4
Reconciliation 305.9 — — —
Total Preferred Equity 0.0 0.0 0.0 0.0
Minority Interest 56.4 59.6 68.9 —
Share Capital & APIC 475.1 475.1 475.1 475.1
Retained Earnings & Other Equity 6,351.8 6,747.3 8,507.7 11,133.2
Total Equity 6,883.3 7,282.0 9,051.7 11,608.3
Total Liabilities & Equity 28,246.4 33,165.6 33,809.3 36,315.8

Reference Items
Accounting Standard IN GAAP IN GAAP IN GAAP IN GAAP
Shares Outstanding 475.1 475.1 475.1 475.1
Number of Treasury Shares 0.0 0.0 0.0 0.0
Amount of Treasury Shares 0.0 0.0 0.0 0.0
Pension Obligations 0.0 0.0 0.0 0.0
Operating Leases 0.0 0.0 0.0 0.0
Capital Leases - Short Term 0.0 0.0 0.0 0.0
Capital Leases - Long Term 0.0 0.0 0.0 0.0
Capital Leases - Total 0.0 0.0 0.0 0.0
Percent Of Foreign Ownership 5.12 3.03 2.23 0.50
Number Of Shareholders 126,258.00 144,852.00 137,809.00 105,196.00
Options Granted During Period 0.0 0.0 0.0 0.0
Options Outstanding at Period End 0.0 0.0 0.0 0.0
Net Debt 9,866.1 11,689.3 9,885.2 6,312.6
Net Debt to Equity 143.33 160.52 109.21 54.38
Tangible Common Equity Ratio 24.11 21.64 26.46 31.59
Current Ratio 0.95 0.82 0.91 0.90
Cash Conversion Cycle -0.90 7.16 2.74 -2.99
Inventory - Raw Materials 2,348.2 2,662.5 2,159.4 2,316.5
Inventory - Work in Progress 958.9 1,035.6 419.5 1,230.4
Inventory - Finished Goods 2,101.8 2,451.6 2,212.5 2,228.7
Other Inventory/Allowances 616.4 664.1 1,566.5 884.9
Pure Retained Earnings -1,607.0 -1,282.7 -108.3 -34.2
Goodwill 0.0 0.0 0.0 0.0
Investments in Associated Companies 3.0 5.3 — —
Number of Employees 4,589.00 4,405.00 4,556.00 4,684.00
Source: Bloomberg
 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Est FY 2020 Est
03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019 03/31/2020

253.5 491.7 471.2 1,685.2

0.0 0.0 0.0 0.0
4,147.5 4,908.4 7,018.1 10,708.8
10,171.9 8,826.0 11,618.6 10,561.5
7,412.1 6,294.0 5,234.8 40,773.4
21,985.0 20,520.1 24,342.7 63,728.9
5,393.4 8,891.8 11,877.5 5,594.2
16,979.5 20,358.8 23,375.8 29,824.6
33,142.7 39,142.8 44,201.1 53,204.2
16,163.2 18,784.0 20,825.3 23,379.6
1,340.0 1,689.8 1,683.6 32,987.6
23,712.9 30,940.4 36,936.9 68,406.4
45,697.9 51,460.5 61,279.6 132,135.3
45,693.4 49,215.8 61,279.6 132,135.3
— — — 68,192.6
42,155.5 45,448.9 56,572.0 57,414.9
3,358.3 3,679.7 4,655.0 6,483.5
179.6 87.2 52.6 44.3
— — — —

15,242.5 16,265.2 19,536.9 26,828.7

5,587.9 5,827.5 7,408.5 31,924.6
3,883.8 4,152.9 5,140.8 19,777.5
24,714.2 26,245.6 32,086.2 78,530.8
5,602.9 5,087.2 5,012.3 23,609.3
2,134.5 1,948.0 1,932.9 1,412.4
7,737.4 7,035.2 6,945.2 25,021.7
32,451.6 33,280.8 39,031.4 103,552.5
32,447.1 33,387.0 39,031.4 103,552.5
— — — 56,050.1
30,973.9 32,023.6 36,956.9 44,940.5
1,297.0 1,281.6 2,029.9 2,526.1
176.2 81.8 44.6 35.8
— — — —
0.0 0.0 0.0 0.0
0.0 -5.1 87.8 1,810.8
475.1 475.1 475.1 475.1
12,771.2 17,709.7 21,685.3 26,296.9
 13,246.3 18,179.7 22,248.2 28,582.8
45,697.9 51,460.5 61,279.6 132,135.3

IN GAAP IN GAAP IN GAAP IN GAAP

475.1 475.1 475.1 475.1
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
14.60 — 18.74 20.44
115,043.00 — 106,342.00 125,922.00
0.0 0.0 0.0 —
0.0 0.0 0.0 —
10,937.3 10,423.0 11,949.6 53,848.7 7,532.5 3,924.0
82.57 57.33 53.71 188.40
28.49 34.71 35.58 18.50
0.89 0.78 0.76 0.81
-4.74 -14.72 -11.40 -18.89
3,379.9 3,685.6 5,691.6 5,410.5
1,735.7 2,229.2 972.8 740.5
3,853.7 2,531.6 4,545.8 4,020.5
1,202.6 379.6 408.4 390.0
3,252.9 8,524.1 12,342.9 16,924.2
0.0 22.0 22.0 1,883.1
— 533.3 — —
— 5,240.00 5,267.00 5,184.00
TVS Motor Co Ltd (TVSL IN) - Income Statement
In Millions of INR except Per Share FY 2011 FY 2012 FY 2013 FY 2014
12 Months Ending 03/31/2011 03/31/2012 03/31/2013 03/31/2014
Revenue 64,319.1 72,977.5 74,055.0 82,692.6
Product/Brand Segments 65,429.8 74,198.4 75,104.7 83,835.9
Automotive Vehicles 62,670.2 72,525.4 71,683.6 82,183.5
Financial Services — — — —
Automotive Components 1,634.6 1,504.8 1,937.2 1,251.1
Others 27.9 168.2 1,483.9 355.5
Inter Segment 1,097.1 — — —
Reconciliation — — — 45.8
Geographic Segments 65,429.8 74,198.4 75,104.7 83,835.9
Domestic 55,750.2 62,408.7 63,009.2 65,954.0
Automotive Vehicles 55,750.2 60,776.3 59,632.9 64,347.4
Automotive Components — 1,464.2 1,892.4 1,251.1
Others — 168.2 1,483.9 355.5
Exports 8,582.5 11,789.7 12,095.5 17,836.1
Automotive Vehicles 8,582.5 11,749.1 44.8 0.0
Automotive Components — 40.6 12,050.7 17,836.1
Financial Services — — — —
Reconciliation — — — 45.8
Reconciliation 1,097.1 — — —
Gross Profit — — — —
Other Operating Income 1,110.7 1,374.1 1,049.7 1,143.3
Operating Expenses 63,195.3 71,104.3 72,404.8 80,091.0
Operating Income or Losses 2,234.5 3,247.3 2,699.9 3,744.9
Product/Brand Segments 2,574.4 3,152.2 3,931.2 3,871.8
Automotive Vehicles 2,406.2 2,970.9 3,277.5 3,414.1
Financial Services — — — —
Automotive Components 173.3 123.5 281.3 226.1
Others -5.1 57.8 372.4 231.6
Geographic Segments — — — —
India — — — —
Interest Expense 848.4 832.3 931.3 481.7
Foreign Exchange Losses (Gains) 0.0 239.1 211.2 298.6
Net Non-Operating Losses (Gains) -398.4 -93.7 -1,339.7 -106.3
Pretax Income 1,784.5 2,269.6 2,897.1 3,070.9
Product/Brand Segments — — — —
Automotive Vehicles — — — —
Financial Services — — — —
Automotive Components — — — —
Others — — — —
Reconciliation — — — —
 Income Tax Expense (Benefit) 505.1 946.3 915.4 1,202.1
(Income) Loss from Affiliates 0.0 — -3.3 -5.9
Income Before XO Items 1,279.4 1,323.3 1,985.0 1,874.7
Extraordinary Loss Net of Tax 0.0 0.0 0.0 0.0
Minority/Non Controlling Interests (Credits) — — 9.6 11.7
Net Income/Net Profit (Losses) 1,279.4 1,323.3 1,975.4 1,863.0
Product/Brand Segments — — — —
Automotive Vehicles — — — —
Financial Services — — — —
Automotive Components — — — —
Others — — — —
Reconciliation — — — —
Total Cash Preferred Dividends 0.0 0.0 0.0 0.0
Other Adjustments 0.0 0.0 0.0 0.0
Net Inc Avail to Common Shareholders 1,279.4 1,323.3 1,975.4 1,863.0

Abnormal Losses (Gains) 95.3 -5.4 -3.6 -22.0

Tax Effect on Abnormal Items -30.9 1.8 1.2 7.5
Normalized Income 1,343.8 1,319.7 1,973.0 1,848.5

Basic EPS Before Abnormal Items 2.83 2.78 4.15 3.89

Basic EPS Before XO Items 2.70 2.79 4.16 3.92
Basic Earnings per Share 2.70 2.79 4.16 3.92
Basic Weighted Avg Shares 475.1 475.1 475.1 475.1
Diluted EPS Before Abnormal Items 2.83 2.78 4.15 3.89
Diluted EPS Before XO Items 2.70 2.79 4.16 3.92
Diluted EPS 2.70 2.79 4.16 3.92
Diluted Weighted Avg Shares 475.1 475.1 475.1 475.1

Reference Items
Accounting Standard IN GAAP IN GAAP IN GAAP IN GAAP
EBITDA 3,570.8 4,871.9 4,455.9 5,234.5
EBITDA Margin (T12M) 5.55 6.68 6.02 6.33
Operating Margin 3.47 4.45 3.65 4.53
Profit Margin 1.99 1.81 2.67 2.25
Sales per Employee ### ### ### ###
Dividends per Share 1.10 1.30 1.20 1.40
Total Cash Common Dividends 522.7 617.7 570.2 694.0
Interest Income 156.0 108.1 168.3 206.5
Research & Development Expense 999.2 1,204.0 1,271.5 1,317.5
Personnel Expenses 3,786.2 4,304.6 4,738.8 470.9
Export Sales — — — —
Depreciation Expense 1,320.1 1,550.7 1,698.8 1,404.8
Product/Brand Segments 1,336.3 1,547.2 1,720.3 1,489.6
Others 19.9 99.6 161.8 72.1
 Automotive Components 93.2 104.6 109.8 100.8
Automotive Vehicles 1,223.2 1,343.0 1,448.7 1,316.7
Rental Expense 156.4 226.0 257.2 205.8
Source: Bloomberg
 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Est FY 2020 Est
03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019 03/31/2020
100,710.4 112,359.5 124,626.2 153,826.8 190,111.6 216,143.4
103,116.8 115,163.4 124,626.2 153,826.8
101,469.6 113,087.6 132,781.4 156,822.5
— — — 7,466.7
1,533.2 1,903.8 5,854.3 6,019.4
114.0 172.0 70.0 13.9
— — -2,966.8 -3,762.5
— — -11,112.7 -12,733.2
103,116.8 115,163.4 135,738.9 153,826.8
79,603.9 89,658.4 113,099.5 128,212.1
77,956.7 87,582.6 110,142.0 125,941.3
1,533.2 1,903.8 2,887.5 2,256.9
114.0 172.0 70.0 13.9
23,512.9 25,505.0 22,639.4 30,881.2
23,512.9 25,505.0 22,639.4 30,881.2
0.0 0.0 0.0 0.0
— — — 7,466.7
— — — -12,733.2
— — — —
— — — — 48,478.5 54,684.3
1,847.5 1,411.1 0.0 2,421.2
98,291.3 108,189.3 119,097.5 151,714.0
4,266.6 5,581.3 5,528.7 4,534.0 14,064.0 15,427.0
5,062.7 5,799.3 7,173.8 12,684.6
4,643.8 5,379.0 6,900.6 8,976.9
— — — 3,450.5
412.4 412.9 269.5 256.5
6.5 7.4 3.7 0.7
— — — —
— — — —
461.8 656.9 585.9 3,210.5
0.0 229.4 69.5 375.4
-636.8 -1,105.9 -1,706.3 -8,360.0
4,441.6 5,800.9 6,579.6 9,308.1 11,044.2 14,170.6
4,522.0 5,173.0 6,577.6 9,308.1
4,074.8 4,741.2 6,338.4 8,234.8
— — — 851.5
360.3 375.6 235.5 215.4
6.5 7.4 3.7 6.4
80.4 48.8 — —
 1,239.4 1,514.5 1,486.7 2,660.3
-80.4 — — —
3,282.6 4,286.4 5,092.9 6,647.8 8,008.0 10,974.0
0.0 0.0 0.0 0.0
0.0 -5.1 -19.5 124.3
3,282.6 4,291.5 5,112.4 6,523.5 8,008.0 10,974.0
3,282.6 3,693.3 5,092.9 6,523.5
2,958.7 3,402.9 4,951.5 6,049.3
— — — 450.4
240.8 239.6 136.8 141.9
83.1 50.8 4.6 6.2
— — — -124.3
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
3,282.6 4,291.5 5,112.4 6,523.5 8,008.0 10,974.0

-2.2 -495.0 -794.0 264.0

0.8 171.3 238.2 -91.4
3,281.2 3,967.8 4,556.6 6,696.1

6.91 8.35 9.59 14.09 16.87 23.09

6.91 9.03 10.76 13.73 17.87 23.83
6.91 9.03 10.76 13.73 17.87 23.83
475.1 475.1 475.1 475.1
6.91 8.35 9.59 14.09 16.87 23.09
6.91 9.03 10.76 13.73 17.87 23.83
6.91 9.03 10.76 13.73 17.87 23.83
475.1 475.1 475.1 475.1

IN GAAP IN GAAP IN GAAP IN GAAP

6,052.5 8,203.2 8,696.9 8,270.0 17,346.4 20,722.2
6.01 7.30 6.98 5.38 9.12 9.59
4.24 4.97 4.44 2.95 7.40 7.14
3.26 3.82 4.10 4.24 4.10 4.76
— ### ### ###
1.90 2.50 2.50 3.30 3.87 4.63
972.0 1,187.7 1,187.8 1,567.8
191.7 356.2 484.3 7,179.9
1,958.4 2,263.8 2,447.2 —
6,658.9 7,311.9 8,280.5 11,497.9
— — — —
1,718.2 2,466.8 2,900.9 3,456.1
— — — —
— — — —
 — — — —
— — — —
217.9 262.9 305.6 441.8
Tata Consultancy Services Ltd (TCS IN) - Standardized
In Millions of INR except Per Share FY 2009 FY 2010 FY 2011 FY 2012
12 Months Ending 03/31/2009 03/31/2010 03/31/2011 03/31/2012
Cash from Operating Activities
Net Income 52,564.2 70,006.4 90,680.4 104,134.9
Depreciation & Amortization 5,640.8 6,608.9 7,352.6 9,179.4
Non-Cash Items -4,215.7 -6,452.7 -6,104.3 -4,925.5
Other Non-Cash Adj -4,215.7 -6,452.7 -6,104.3 -4,925.5
Chg in Non-Cash Work Cap 1,872.3 4,795.2 -21,902.0 -34,583.6
(Inc) Dec in Accts Receiv -5,317.7 1,105.8 -22,292.1 -33,428.3
(Inc) Dec in Inventories 58.3 188.1 -50.3 50.5
Inc (Dec) in Accts Payable — — — —
Inc (Dec) in Other 7,131.7 3,501.3 440.4 -1,205.8
Net Cash From Disc Ops 0.0 0.0 0.0 0.0
Cash from Operating Activities 55,861.6 74,957.8 70,026.7 73,805.2

Cash from Investing Activities

Change in Fixed & Intang -10,978.0 -10,314.9 -18,085.0 -19,873.6
Disp in Fixed & Intang 495.0 133.0 181.1 197.1
Disp of Fixed Prod Assets 495.0 133.0 181.1 197.1
Disp of Intangible Assets 0.0 0.0 0.0 0.0
Acq of Fixed & Intang -11,473.0 -10,447.9 -18,266.1 -20,070.7
Acq of Fixed Prod Assets -11,473.0 -10,447.9 -18,266.1 -20,070.7
Acq of Intangible Assets 0.0 0.0 0.0 0.0
Net Change in LT Investment — — — —
Dec in LT Investment — — — —
Inc in LT Investment — — — —
Net Cash From Acq & Div -24,431.4 -103.0 71.6 0.0
Cash from Divestitures 0.0 0.0 0.0 0.0
Cash for Acq of Subs -24,452.9 -128.7 71.6 0.0
Cash for JVs 21.5 25.7 0.0 0.0
Other Investing Activities -1,039.5 -44,776.2 -749.9 -11,658.1
Net Cash From Disc Ops 0.0 0.0 0.0 0.0
Cash from Investing Activities -36,448.9 -55,194.1 -18,763.3 -31,531.7

Cash from Financing Activities

Dividends Paid -16,059.9 -19,584.2 -45,843.8 -38,798.1
Cash From (Repayment) Debt -287.5 -4,005.7 -243.9 -341.5
Cash From (Repay) ST Debt — — -304.0 -329.0
Cash From LT Debt — — 102.9 —
Repayments of LT Debt — — -42.8 -12.5
Cash (Repurchase) of Equity 39.3 53.9 6.6 97.1
Increase in Capital Stock 39.3 53.9 6.6 97.1
 Decrease in Capital Stock 0.0 0.0 0.0 0.0
Other Financing Activities -81.1 -111.1 -242.9 -284.7
Net Cash From Disc Ops 0.0 0.0 0.0 0.0
Cash from Financing Activities -16,389.2 -23,647.1 -46,324.0 -39,327.2

Effect of Foreign Exchange Rates 897.9 -468.3 302.8 1,502.7

Net Changes in Cash 3,921.4 -4,351.7 5,242.2 4,449.0

Cash Paid for Taxes 12,119.2 19,073.1 22,635.2 40,684.0

Cash Paid for Interest 327.5 166.4 265.0 223.7

Reference Items
EBITDA 71,698.0 86,945.5 111,783.6 144,353.1
Trailing 12M EBITDA Margin 25.78 28.95 29.95 29.52
Interest Received 844.6 928.1 3,987.5 4,193.1
Net Cash Paid for Acquisitions 24,452.9 128.7 -71.6 —
Free Cash Flow 44,388.6 64,509.9 51,760.6 53,734.5
Free Cash Flow to Firm 44,636.1 64,647.7 51,981.4 53,902.5
Free Cash Flow to Equity 44,514.2 60,439.0 51,570.0 53,334.4
Free Cash Flow per Basic Share 11.34 16.48 13.22 13.73
Price to Free Cash Flow 11.87 23.68 44.77 42.57
Cash Flow to Net Income 1.06 1.07 0.77 0.71
Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018

139,173.1 191,168.2 196,484.0 242,700.0 262,890.0 258,260.0

10,799.2 13,242.3 18,698.8 18,880.0 19,870.0 20,140.0
-8,584.1 -14,608.1 -10,157.2 3,320.0 3,110.0 28,420.0
-8,584.1 -14,608.1 -10,157.2 3,320.0 3,110.0 28,420.0
-17,665.4 -30,585.9 7,029.4 -55,740.0 -9,800.0 -25,160.0
-26,227.0 -31,954.8 -29,109.9 -29,360.0 6,800.0 -18,330.0
-33.8 59.8 — — — —
— — — — -2,010.0 -3,460.0
8,595.4 1,309.1 36,139.3 -26,380.0 -14,590.0 -3,370.0
0.0 0.0 0.0 0.0 0.0 0.0
123,722.8 159,216.5 212,055.0 209,160.0 276,070.0 281,660.0

-26,325.8 -30,680.2 -28,804.1 -19,680.0 -19,530.0 -18,040.0

52.6 140.7 77.3 220.0 370.0 580.0
52.6 140.7 75.3 220.0 360.0 580.0
0.0 0.0 2.0 0.0 10.0 0.0
-26,378.4 -30,820.9 -28,881.4 -19,900.0 -19,900.0 -18,620.0
-26,378.4 -30,745.7 -28,861.7 -19,870.0 -19,890.0 -18,620.0
0.0 -75.2 -19.7 -30.0 -10.0 0.0
— — — — — —
— — — — — —
— — — — — —
-1,626.2 -4,524.1 -2,636.5 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
-1,626.2 -4,524.1 -2,636.5 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
-40,957.3 -73,525.1 -4,337.8 -50,090.0 -171,830.0 15,510.0
0.0 0.0 0.0 0.0 0.0 0.0
-68,909.3 -108,729.4 -35,778.4 -69,770.0 -191,360.0 -2,530.0

-57,031.6 -54,551.2 -169,868.0 -94,790.0 -109,730.0 -107,600.0

785.8 -454.2 -255.0 -1,330.0 210.0 -430.0
798.4 — — -730.0 870.0 -190.0
21.2 — — — 0.0 0.0
-33.8 — — -600.0 -660.0 -240.0
0.0 -1,000.0 0.0 0.0 0.0 -160,420.0
0.0 0.0 0.0 0.0 0.0 0.0
 0.0 -1,000.0 0.0 0.0 0.0 -160,420.0
-569.5 -379.1 -1,161.8 -340.0 -540.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
-56,815.3 -56,384.5 -171,284.8 -96,460.0 -110,060.0 -268,450.0

480.5 2,154.1 -1,058.2 1,400.0 -1,630.0 2,180.0

-1,521.3 -3,743.3 3,933.6 44,330.0 -26,980.0 12,860.0

48,218.1 70,486.6 75,238.6 75,780.0 79,460.0 76,090.0

479.5 0.0 1,386.2 200.0 200.0 400.0

180,399.1 251,322.1 246,663.6 306,770.0 323,110.0 325,160.0

28.64 30.72 26.06 28.24 27.39 26.41
7,988.0 — — 18,160.0 — —
1,626.2 4,524.1 2,636.5 0.0 — —
97,344.4 128,470.8 183,193.3 189,290.0 256,180.0 263,040.0
97,721.7 129,020.1 184,062.3 189,542.2 256,424.4 263,434.7
97,960.5 127,157.3 183,013.6 188,180.0 256,750.0 263,190.0
24.87 32.79 46.76 48.03 65.01 68.34
31.68 32.52 27.31 26.24 18.70 20.85
0.89 0.83 1.08 0.86 1.05 1.09
Tata Consultancy Services Ltd (TCS IN) - Standardized
In Millions of INR except Per Share FY 2009 FY 2010 FY 2011 FY 2012
12 Months Ending 03/31/2009 03/31/2010 03/31/2011 03/31/2012
Total Assets
Cash, Cash Equivalents & STI 42,825.7 71,780.3 53,249.6 65,423.2
Cash & Cash Equivalents 26,981.4 47,185.9 46,409.7 57,665.5
ST Investments 15,844.3 24,594.4 6,839.9 7,757.7
Accounts & Notes Receiv 61,340.2 58,554.1 81,949.7 115,203.5
Accounts Receivable, Net 61,340.2 58,554.1 81,949.7 115,203.5
Notes Receivable, Net 0.0 0.0 0.0 0.0
Unbilled Revenues 14,813.8 12,011.4 13,488.5 22,477.6
Inventories 366.0 177.9 228.2 177.7
Raw Materials 152.2 51.5 48.6 134.9
Work In Process 0.0 0.0 0.0 0.0
Finished Goods 37.9 3.0 2.9 3.0
Other Inventory 175.9 123.4 176.7 39.8
Other ST Assets 31,617.2 39,959.5 21,448.1 27,335.4
Prepaid Expenses — — — —
Derivative & Hedging Assets — — — —
Taxes Receivable — — — —
Misc ST Assets 31,617.2 39,959.5 21,448.1 27,335.4
Total Current Assets 150,962.9 182,483.2 170,364.1 230,617.4
Property, Plant & Equip, Net 38,538.6 42,707.6 51,292.2 62,671.0
Property, Plant & Equip 60,233.1 69,458.7 83,926.4 102,903.2
Accumulated Depreciation 21,694.5 26,751.1 32,634.2 40,232.2
LT Investments & Receivables 269.2 12,209.4 10,786.8 5,745.6
LT Investments 269.2 12,209.4 10,786.8 5,745.6
LT Receivables — — — —
Other LT Assets 36,602.7 36,542.0 94,367.3 114,270.9
Total Intangible Assets 35,971.7 34,846.4 35,437.6 38,413.3
Goodwill 32,614.0 32,159.9 32,320.0 35,434.6
Other Intangible Assets 3,357.7 2,686.5 3,117.6 2,978.7
Prepaid Expense — — — —
Deferred Tax Assets 600.4 1,678.6 1,601.8 2,560.4
Investments in Affiliates 30.6 17.0 0.0 0.0
Misc LT Assets 0.0 0.0 57,327.9 73,297.2
Total Noncurrent Assets 75,410.5 91,459.0 156,446.3 182,687.5
Total Assets 226,373.4 273,942.2 326,810.4 413,304.9

Liabilities & Shareholders' Equity

Payables & Accruals 23,106.5 29,779.4 36,574.9 45,061.7
Accounts Payable 23,100.6 29,777.3 25,723.3 32,507.8
Accrued Taxes — — — —
 Interest & Dividends Payable 5.9 2.1 1.9 0.5
Other Payables & Accruals — — 10,849.7 12,553.4
ST Debt 5,130.4 583.1 371.0 111.8
ST Borrowings 5,130.4 583.1 328.2 21.3
ST Capital Leases — — 42.8 90.5
Other ST Liabilities 36,570.9 54,159.2 35,514.4 58,717.4
Deferred Revenue 0.0 0.0 0.0 0.0
Derivatives & Hedging 6,912.7 1,159.2 147.7 2,403.8
Deferred Tax Liabilities — — — —
Misc ST Liabilities 29,658.2 53,000.0 35,366.7 56,313.6
Total Current Liabilities 64,807.8 84,521.7 72,460.3 103,890.9
LT Debt 508.4 449.4 377.0 1,153.7
LT Borrowings 144.0 137.3 40.0 27.6
LT Capital Leases 364.4 312.1 337.0 1,126.1
Other LT Liabilities 1,285.5 686.8 4,343.3 6,880.3
Accrued Liabilities 0.0 0.0 0.0 0.0
Pension Liabilities — — — —
Deferred Compensation — — — —
Deferred Revenue 0.0 0.0 0.0 0.0
Deferred Tax Liabilities 1,285.5 686.8 1,094.9 1,734.5
Derivatives & Hedging — — 429.4 525.1
Misc LT Liabilities 0.0 0.0 2,819.0 4,620.7
Total Noncurrent Liabilities 1,793.9 1,136.2 4,720.3 8,034.0
Total Liabilities 66,601.7 85,657.9 77,180.6 111,924.9
Preferred Equity and Hybrid Capital 1,000.0 1,000.0 1,000.0 1,000.0
Share Capital & APIC 21,141.9 21,141.9 21,141.9 21,141.9
Common Stock 978.6 1,957.2 1,957.2 1,957.2
Additional Paid in Capital 20,163.3 19,184.7 19,184.7 19,184.7
Treasury Stock 0.0 0.0 0.0 0.0
Retained Earnings 118,350.3 136,048.4 186,350.5 221,605.4
Other Equity 16,507.90 26,476.90 36,555.70 52,045.00
Equity Before Minority Interest 157,000.1 184,667.2 245,048.1 295,792.3
Minority/Non Controlling Interest 2,771.6 3,617.1 4,581.7 5,587.7
Total Equity 159,771.7 188,284.3 249,629.8 301,380.0
Total Liabilities & Equity 226,373.4 273,942.2 326,810.4 413,304.9

Reference Items
Accounting Standard IN GAAP IN GAAP IAS/IFRS IN GAAP
Shares Outstanding 3,914.4 3,914.4 3,914.4 3,914.4
Number of Treasury Shares 0.0 0.0 0.0 0.0
Pension Obligations — — — —
Future Minimum Operating Lease Obligatio 16,615.4 28,536.5 28,550.4 28,027.2
Capital Leases - Total 364.4 312.1 379.8 1,216.6
Percent Of Foreign Ownership 10.12 12.54 12.75 14.12
Number Of Shareholders 727,136.00 690,186.00 665,659.00 656,328.00
Options Granted During Period — — 0.0 0.0
Options Outstanding at Period End — — 0.0 0.0
Net Debt -37,186.9 -70,747.8 -52,501.6 -64,157.7
Net Debt to Equity -23.28 -37.57 -21.03 -21.29
Tangible Common Equity Ratio 63.04 62.24 71.60 68.39
Current Ratio 2.33 2.16 2.35 2.22
Number of Employees 143,761.00 160,429.00 198,614.00 238,583.00
Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018

76,643.2 156,495.4 197,460.1 275,980.0 456,630.0 426,460.0

67,352.8 144,907.2 182,451.2 51,190.0 40,270.0 69,390.0
9,290.4 11,588.2 15,008.9 224,790.0 416,360.0 357,070.0
140,955.8 182,304.0 204,399.1 240,730.0 226,170.0 249,430.0
140,955.8 182,304.0 204,399.1 240,730.0 226,170.0 249,430.0
0.0 0.0 0.0 0.0 0.0 0.0
31,410.3 40,056.1 38,270.8 39,920.0 52,080.0 66,860.0
211.5 — — 160.0 — —
66.5 — — 90.0 — —
0.0 — — 0.0 — —
0.0 — — 0.0 — —
145.0 — — 70.0 — —
64,763.8 50,847.7 48,880.6 75,340.0 68,280.0 69,490.0
— — — 17,080.0 — —
— — — 5,370.0 — —
— 338.3 749.3 3,740.0 260.0 370.0
64,763.8 50,509.4 48,131.3 49,150.0 68,020.0 69,120.0
313,984.6 429,703.2 489,010.6 632,130.0 803,160.0 812,240.0
78,870.7 103,643.7 115,715.6 116,410.0 117,410.0 116,000.0
128,917.0 — — 209,780.0 — —
50,046.3 — — 93,370.0 — —
9,683.0 22,900.9 2,534.1 8,310.0 4,110.0 3,950.0
9,683.0 22,900.9 2,534.1 7,580.0 3,440.0 3,010.0
— — — 730.0 670.0 940.0
119,140.4 132,877.5 143,608.1 134,110.0 128,850.0 151,900.0
38,363.0 41,568.4 39,307.7 18,030.0 37,680.0 38,960.0
35,815.0 39,796.8 37,114.8 16,690.0 37,210.0 38,840.0
2,548.0 1,771.6 2,192.9 1,340.0 470.0 120.0
— — — 6,830.0 — —
3,102.2 23,060.0 26,149.7 29,080.0 28,050.0 34,230.0
0.0 0.0 0.0 0.0 0.0 0.0
77,675.2 68,249.1 78,150.7 80,170.0 63,120.0 78,710.0
207,694.1 259,422.1 261,857.8 258,830.0 250,370.0 271,850.0
521,678.7 689,125.3 750,868.4 890,960.0 1,053,530.0 1,084,090.0

61,541.1 55,365.4 88,318.2 113,830.0 63,170.0 65,150.0

42,697.1 — — — 49,050.0 50,940.0
— — — 21,860.0 14,120.0 14,210.0
 6.9 — — 210.0 — —
18,837.1 55,365.4 88,318.2 91,760.0 — —
1,012.9 1,696.1 2,434.2 1,620.0 2,180.0 1,930.0
812.6 1,696.1 2,434.2 1,130.0 2,180.0 1,930.0
200.3 0.0 0.0 490.0 0.0 0.0
54,093.1 53,690.1 55,963.3 40,240.0 79,770.0 111,200.0
0.0 10,507.3 10,623.1 13,590.0 13,980.0 20,320.0
721.0 — — 1,520.0 — —
— 6,701.8 5,455.5 — — —
53,372.1 36,481.0 39,884.7 25,130.0 65,790.0 90,880.0
116,647.1 110,751.6 146,715.7 155,690.0 145,120.0 178,280.0
1,309.8 1,272.6 1,142.8 830.0 710.0 540.0
15.2 1,272.6 1,142.8 0.0 710.0 540.0
1,294.6 0.0 0.0 830.0 0.0 0.0
10,311.4 16,844.5 19,107.3 20,170.0 20,890.0 28,840.0
0.0 0.0 0.0 0.0 — —
— 2,749.1 2,033.9 — 2,450.0 2,900.0
— — — 2,370.0 — —
0.0 0.0 0.0 0.0 0.0 5,030.0
2,354.8 5,556.4 5,473.6 8,050.0 9,190.0 11,700.0
— — — — — —
7,956.6 8,539.0 11,599.8 9,750.0 9,250.0 9,210.0
11,621.2 18,117.1 20,250.1 21,000.0 21,600.0 29,380.0
128,268.3 128,868.7 166,965.8 176,690.0 166,720.0 207,660.0
1,000.0 0.0 0.0 0.0 0.0 0.0
21,141.9 21,161.6 21,161.6 21,160.0 52,790.0 1,910.0
1,957.2 1,958.7 1,958.7 1,970.0 1,970.0 1,910.0
19,184.7 19,202.9 19,202.9 19,190.0 50,820.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
295,466.2 517,433.9 542,781.7 562,980.0 814,870.0 842,540.0
68,849.20 14,756.50 10,823.80 126,580.00 15,490.00 27,960.00
386,457.3 553,352.0 574,767.1 710,720.0 883,150.0 872,410.0
6,953.1 6,904.6 9,135.5 3,550.0 3,660.0 4,020.0
393,410.4 560,256.6 583,902.6 714,270.0 886,810.0 876,430.0
521,678.7 689,125.3 750,868.4 890,960.0 1,053,530.0 1,084,090.0

IN GAAP IAS/IFRS IAS/IFRS IN GAAP IAS/IFRS IAS/IFRS

3,914.4 3,917.5 3,917.5 3,940.9 3,940.9 3,828.6
0.0 0.0 0.0 0.0 0.0 0.0
— 2,749.1 2,033.9 — 2,450.0 2,900.0
35,420.7 0.0 0.0 41,350.0 0.0 0.0
1,494.9 0.0 0.0 1,320.0 0.0 0.0
16.24 — — 16.95 — —
600,465.00 — — 650,226.00 — —
 0.0 — — 0.0 — —
0.0 — — 0.0 — —
-74,320.5 -153,526.7 -193,883.1 -273,530.0 -453,740.0 -423,990.0
-18.89 -27.40 -33.20 -38.30 -51.17 -48.38
71.82 79.03 75.25 79.35 83.23 79.75
2.69 3.88 3.33 4.06 5.53 4.56
276,196.00 300,464.00 319,656.00 353,843.00 387,223.00 394,988.00
Tata Consultancy Services Ltd (TCS IN) - Adjusted
In Millions of INR except Per Share FY 2011 FY 2012 FY 2013 FY 2014
12 Months Ending 03/31/2011 03/31/2012 03/31/2013 03/31/2014
Revenue 373,245.1 488,938.3 629,894.8 818,093.6
Sales & Services Revenue 373,245.1 488,938.3 629,894.8 818,093.6
Cost of Revenue — — — 430,644.4
Cost of Goods & Services — — — 430,644.4
Gross Profit — — — 387,449.2
Other Operating Income 0.0 0.0 0.0 0.0
Operating Expenses 268,807.0 353,552.8 458,680.8 149,414.9
Selling, General & Admin — — — 149,369.4
Research & Development 1,061.3 1,437.0 1,618.4 —
Depreciation & Amortization 7,352.6 9,179.4 10,799.2 —
Prov For Doubtful Accts -982.5 -182.7 105.3 —
Other Operating Expense 261,375.6 343,119.1 446,157.9 45.5
Operating Income (Loss) 104,438.1 135,385.5 171,214.0 238,034.3
Non-Operating (Income) Loss -4,974.9 -3,745.3 -10,881.5 -14,154.6
Interest Expense, Net -4,707.5 — -9,912.5 —
Interest Expense 264.8 — 484.9 —
Interest Income 4,972.3 7,652.2 10,397.4 —
Other Investment (Inc) Loss -160.4 -64.1 -64.7 —
Foreign Exch (Gain) Loss 362.3 4,260.2 -492.7 0.0
(Income) Loss from Affiliates — 0.0 0.0 0.0
Other Non-Op (Income) Loss -469.3 -289.2 -411.6 -14,154.6
Pretax Income (Loss), Adjusted 109,413.0 139,130.8 182,095.5 252,188.9
Abnormal Losses (Gains) -793.2 -102.3 1,198.2 -1,781.5
Disposal of Assets 18.2 3.5 -2.3 -45.5
Impairment of Goodwill 7.1 211.8 — —
Legal Settlement — — 1,616.3 —
Sale of Investments -818.5 -317.6 -413.6 -1,732.6
Unrealized Investments — — -2.2 -3.4
Other Abnormal Items — — — —
Pretax Income (Loss), GAAP 110,206.2 139,233.1 180,897.3 253,970.4
Income Tax Expense (Benefit) 18,308.3 33,998.6 40,140.4 60,712.6
Current Income Tax 20,659.5 38,860.9 43,693.0 —
Deferred Income Tax 171.5 -313.0 129.9 —
Tax Allowance/Credit -2,522.7 -4,549.3 -3,682.5 —
(Income) Loss from Affiliates 3.0 — — —
Income (Loss) from Cont Ops 91,894.9 105,234.5 140,756.9 193,257.8
Net Extraordinary Losses (Gains) 0.0 0.0 0.0 0.0
Discontinued Operations 0.0 0.0 0.0 0.0
XO & Accounting Changes 0.0 0.0 0.0 0.0
Income (Loss) Incl. MI 91,894.9 105,234.5 140,756.9 193,257.8
 Minority Interest 1,214.5 1,099.6 1,583.8 2,089.6
Net Income, GAAP 90,680.4 104,134.9 139,173.1 191,168.2
Preferred Dividends 127.8 255.7 222.3 0.0
Other Adjustments 0.0 0.0 0.0 0.0
Net Income Avail to Common, GAAP 90,552.6 103,879.2 138,950.8 191,168.2

Net Income Avail to Common, Adj 90,019.0 103,878.8 139,741.7 189,992.2

Net Abnormal Losses (Gains) -533.6 -0.4 790.9 -1,176.0
Net Extraordinary Losses (Gains) 0.0 0.0 0.0 0.0

Basic Weighted Avg Shares 3,914.4 3,914.4 3,914.4 3,917.5

Basic EPS, GAAP 23.14 26.54 35.50 48.80
Basic EPS from Cont Ops 23.14 26.54 35.50 48.80
Basic EPS from Cont Ops, Adjusted 23.00 26.54 35.70 48.50

Diluted Weighted Avg Shares 3,914.4 3,914.4 3,914.4 3,917.5

Diluted EPS, GAAP 23.14 26.54 35.50 48.80
Diluted EPS from Cont Ops 23.14 26.54 35.50 48.80
Diluted EPS from Cont Ops, Adjusted 23.00 26.54 35.70 48.50

Reference Items
Accounting Standard IAS/IFRS IN GAAP IN GAAP IAS/IFRS
EBITDA 111,790.7 144,564.9 182,013.2 251,276.6
EBITDA Margin (T12M) 29.95 29.57 28.90 30.71
EBITA 104,928.6 135,956.0 171,850.6 —
EBIT 104,438.1 135,385.5 171,214.0 238,034.3
Gross Margin — — — 47.36
Operating Margin 27.98 27.69 27.18 29.10
Profit Margin 24.15 21.30 22.22 23.22
Sales per Employee 1,879,248.69 2,049,342.58 2,280,607.97 2,722,767.45
Dividends per Share 7.00 8.50 11.00 16.00
Total Cash Common Dividends 15,657.8 33,272.6 43,058.8 62,679.3
Personnel Expenses 138,505.4 185,512.4 240,399.6 —
Depreciation Expense 6,862.1 8,608.9 10,162.6 —
Rental Expense 7,347.7 9,682.2 11,651.7 —
Source: Bloomberg
 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Est FY 2020 Est
03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019 03/31/2020
946,484.1 1,086,460.0 1,179,660.0 1,231,040.0 1,463,710.3 1,628,572.2
946,484.1 1,086,460.0 1,179,660.0 1,231,040.0
544,992.6 — 668,870.0 712,880.0
544,992.6 — 668,870.0 712,880.0
401,491.5 — 510,790.0 518,160.0 622,355.0 694,569.8
0.0 0.0 0.0 0.0
147,274.2 798,570.0 207,580.0 213,140.0
173,526.7 — 207,550.0 213,140.0
— 2,340.0 — —
— 18,880.0 — —
— 1,350.0 — —
-26,252.5 776,000.0 30.0 0.0
254,217.3 287,890.0 303,210.0 305,020.0 379,630.4 421,405.0
-29,080.0 -25,810.0 -35,470.0 -35,900.0
— -17,120.0 — —
— 330.0 — —
— 17,450.0 — —
— -110.0 — —
0.0 -7,420.0 0.0 0.0
0.0 0.0 0.0 0.0
-29,080.0 -1,160.0 -35,470.0 -35,900.0
283,297.3 313,700.0 338,680.0 340,920.0 417,043.5 455,612.3
23,935.9 -4,700.0 -6,450.0 0.0
-26.5 -50.0 -30.0 —
— — — —
— — — —
-2,330.6 -560.0 -6,420.0 —
14.0 -4,090.0 — —
26,279.0 — — —
259,361.4 318,400.0 345,130.0 340,920.0 417,043.5 455,612.3
60,829.6 75,020.0 81,560.0 82,120.0
— 75,080.0 — —
— -60.0 — —
— — — —
— — — —
198,531.8 243,380.0 263,570.0 258,800.0 314,841.1 348,424.8
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
198,531.8 243,380.0 263,570.0 258,800.0
 2,047.8 680.0 680.0 540.0
196,484.0 242,700.0 262,890.0 258,260.0 314,841.1 348,424.8
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
196,484.0 242,700.0 262,890.0 258,260.0 314,841.1 348,424.8

212,135.7 239,626.7 258,375.0 258,260.0 314,883.7 348,100.9

15,651.7 -3,073.3 -4,515.0 0.0
0.0 0.0 0.0 0.0

3,917.5 3,940.9 3,940.9 3,849.2

50.16 61.59 66.71 67.10 83.30 92.63
50.16 61.59 66.71 67.10 83.30 92.63
54.15 60.81 65.56 67.10 83.26 92.69

3,917.5 3,940.9 3,940.9 3,849.2

50.16 61.59 66.71 67.10 83.30 92.63
50.16 61.59 66.71 67.10 83.30 92.63
54.15 60.81 65.56 67.10 83.26 92.69

IAS/IFRS IN GAAP IAS/IFRS IAS/IFRS

272,916.1 306,770.0 323,080.0 325,160.0 397,969.4 444,707.2
28.83 28.24 27.39 26.41 27.19 27.31
— 288,860.0 — —
254,217.3 287,890.0 303,210.0 305,020.0 379,630.4 421,405.0
42.42 — 43.30 42.09 42.52 42.65
26.86 26.50 25.70 24.78 25.94 25.88
22.41 22.06 21.90 20.98 21.51 21.37
2,960,945.83 3,070,457.80 3,046,461.60 3,116,651.65
19.50 21.75 23.50 25.00 34.52 46.05
154,739.5 85,713.6 92,610.1 95,714.4
— 553,480.0 — —
— 17,910.0 — —
— 16,970.0 — —
Tata Consultancy Services Ltd (TCS IN) - GAAP
In Millions of INR except Per Share FY 2011 FY 2012 FY 2013 FY 2014
12 Months Ending 03/31/2011 03/31/2012 03/31/2013 03/31/2014
Revenue 373,245.1 488,938.3 629,894.8 818,093.6
Product/Brand Segments 373,245.1 488,938.3 629,894.8 818,093.6
IT Solutions and Services 256,371.3 331,803.6 413,929.2 535,851.3
Application Development & Maintena 173,392.6 218,796.5 269,607.6 340,326.9
Enterprise Solutions 37,856.3 54,309.4 95,758.7 126,804.5
Assurance Services 25,300.3 36,435.1 48,562.9 68,719.9
Business Intelligence 19,822.1 22,262.6 — —
Infrastructure Services 35,148.0 49,192.0 72,295.2 97,353.1
Business Process Outsourcing 42,083.2 53,961.1 78,531.4 98,171.2
Engineering & Industrial Services 17,919.8 22,584.7 29,043.1 38,450.4
Asset Leverage Solutions 13,617.8 18,796.7 17,008.3 20,452.3
Global Consulting 8,105.0 12,600.2 19,087.6 27,815.2
Geographic Segments 373,245.1 488,938.3 629,894.8 818,093.6
Americas 214,575.1 275,698.1 353,275.1 452,594.3
North America 201,074.8 260,642.5 332,153.8 433,858.7
Latin America 13,500.3 15,055.6 21,121.3 18,735.6
Europe 92,506.7 123,815.3 167,343.6 234,327.0
UK 57,708.0 74,532.8 107,582.9 142,513.8
Continental Europe 34,798.7 49,282.5 59,760.7 91,813.2
Asia Pacific 24,543.1 36,978.9 46,986.7 59,101.2
India 34,350.6 42,022.9 48,902.4 54,878.0
Middle East and Africa 7,269.6 10,423.1 13,387.0 17,193.1
Sales & Services Revenue 373,245.1 488,938.3 629,894.8 818,093.6
Cost of Revenue — — — 430,644.4
Cost of Goods & Services — — — 430,644.4
Gross Profit — — — 387,449.2
Other Operating Income 0.0 0.0 0.0 0.0
Operating Expenses 268,814.1 353,764.6 460,294.9 149,369.4
Selling, General & Admin — — — 149,369.4
Research & Development 1,061.3 1,437.0 1,618.4 —
Depreciation & Amortization 7,352.6 9,179.4 10,799.2 —
Prov For Doubtful Accts -982.5 -182.7 105.3 —
Other Operating Expense 261,382.7 343,330.9 447,772.0 0.0
Operating Income (Loss) 104,431.0 135,173.7 169,599.9 238,079.8
Non-Operating (Income) Loss -5,775.2 -4,059.4 -11,297.4 -15,890.6
Interest Expense, Net -4,707.5 — -9,912.5 —
Interest Expense 264.8 — 484.9 —
Interest Income 4,972.3 7,652.2 10,397.4 —
Other Investment (Inc) Loss -160.4 -64.1 -64.7 —
Foreign Exch (Gain) Loss 362.3 4,260.2 -492.7 0.0
 (Income) Loss from Affiliates — 0.0 0.0 0.0
Other Non-Op (Income) Loss -1,269.6 -603.3 -827.5 -15,890.6
Pretax Income 110,206.2 139,233.1 180,897.3 253,970.4
Income Tax Expense (Benefit) 18,308.3 33,998.6 40,140.4 60,712.6
Current Income Tax 20,659.5 38,860.9 43,693.0 —
Deferred Income Tax 171.5 -313.0 129.9 —
Tax Allowance/Credit -2,522.7 -4,549.3 -3,682.5 —
(Income) Loss from Affiliates 3.0 — — —
Income (Loss) from Cont Ops 91,894.9 105,234.5 140,756.9 193,257.8
Net Extraordinary Losses (Gains) 0.0 0.0 0.0 0.0
Discontinued Operations 0.0 0.0 0.0 0.0
XO & Accounting Changes 0.0 0.0 0.0 0.0
Income (Loss) Incl. MI 91,894.9 105,234.5 140,756.9 193,257.8
Minority Interest 1,214.5 1,099.6 1,583.8 2,089.6
Net Income, GAAP 90,680.4 104,134.9 139,173.1 191,168.2
Preferred Dividends 127.8 255.7 222.3 0.0
Other Adjustments 0.0 0.0 0.0 0.0
Net Income Avail to Common, GAAP 90,552.6 103,879.2 138,950.8 191,168.2

Net Income Avail to Common, Adj 90,019.0 103,878.8 139,741.7 189,992.2

Net Abnormal Losses (Gains) -533.6 -0.4 790.9 -1,176.0
Net Extraordinary Losses (Gains) 0.0 0.0 0.0 0.0

Basic Weighted Avg Shares 3,914.4 3,914.4 3,914.4 3,917.5

Basic EPS, GAAP 23.14 26.54 35.50 48.80
Basic EPS from Cont Ops 23.14 26.54 35.50 48.80
Basic EPS from Cont Ops, Adjusted 23.00 26.54 35.70 48.50

Diluted Weighted Avg Shares 3,914.4 3,914.4 3,914.4 3,917.5

Diluted EPS, GAAP 23.14 26.54 35.50 48.80
Diluted EPS from Cont Ops 23.14 26.54 35.50 48.80
Diluted EPS from Cont Ops, Adjusted 23.00 26.54 35.70 48.50

Reference Items
Accounting Standard IAS/IFRS IN GAAP IN GAAP IAS/IFRS
EBITDA 111,783.6 144,353.1 180,399.1 251,322.1
EBITDA Margin (T12M) 29.95 29.52 28.64 30.72
EBITA 104,921.5 135,744.2 170,236.5 —
EBIT 104,431.0 135,173.7 169,599.9 238,079.8
Gross Margin — — — 47.36
Operating Margin 27.98 27.65 26.93 29.10
Profit Margin 24.30 21.30 22.09 23.37
Sales per Employee 1,879,248.69 2,049,342.58 2,280,607.97 2,722,767.45
Dividends per Share 7.00 8.50 11.00 16.00
Total Cash Common Dividends 15,657.8 33,272.6 43,058.8 62,679.3
Personnel Expenses 138,505.4 185,512.4 240,399.6 —
Depreciation Expense 6,862.1 8,608.9 10,162.6 —
Rental Expense 7,347.7 9,682.2 11,651.7 —
Source: Bloomberg
 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Est FY 2020 Est
03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019 03/31/2020
946,484.1 1,086,460.0 1,179,660.0 1,231,040.0 1,463,710.3 1,628,572.2
946,484.1 1,086,462.1 1,179,660.0 —
608,589.3 715,978.5 759,701.0 —
380,486.6 432,411.9 447,091.1 —
147,651.5 190,130.9 206,440.5 —
80,451.2 93,435.7 106,169.4 —
— — — —
130,614.8 162,969.3 189,925.3 —
110,738.6 126,029.6 138,020.2 —
42,591.8 48,890.8 57,803.3 —
22,715.6 32,593.9 34,210.1 —
31,234.0 — — —
946,484.1 1,086,462.1 1,179,660.0 1,231,040.0
511,101.4 599,727.1 661,789.3 661,068.5
491,225.3 579,084.3 637,016.4 635,216.6
19,876.2 20,642.8 24,772.9 25,851.8
267,855.0 291,171.8 299,633.6 340,998.1
158,062.8 171,661.0 163,972.7 176,038.7
109,792.2 119,510.8 135,660.9 164,959.4
88,023.0 103,213.9 114,427.0 119,410.9
60,575.0 67,360.7 74,318.6 78,786.6
18,929.7 24,988.6 29,491.5 30,776.0
946,484.1 1,086,460.0 1,179,660.0 1,231,040.0
544,992.6 — 668,870.0 712,880.0
544,992.6 — 668,870.0 712,880.0
401,491.5 — 510,790.0 518,160.0 622,355.0 694,569.8
0.0 0.0 0.0 0.0
173,526.7 798,570.0 207,550.0 213,140.0
173,526.7 — 207,550.0 213,140.0
— 2,340.0 — —
— 18,880.0 — —
— 1,350.0 — —
0.0 776,000.0 0.0 0.0
227,964.8 287,890.0 303,240.0 305,020.0 379,630.4 421,405.0
-31,396.6 -30,510.0 -41,890.0 -35,900.0
— -17,120.0 — —
— 330.0 — —
— 17,450.0 — —
— -110.0 — —
0.0 -7,420.0 0.0 0.0
 0.0 0.0 0.0 0.0
-31,396.6 -5,860.0 -41,890.0 -35,900.0
259,361.4 318,400.0 345,130.0 340,920.0 417,043.5 455,612.3
60,829.6 75,020.0 81,560.0 82,120.0
— 75,080.0 — —
— -60.0 — —
— — — —
— — — —
198,531.8 243,380.0 263,570.0 258,800.0 314,841.1 348,424.8
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
198,531.8 243,380.0 263,570.0 258,800.0
2,047.8 680.0 680.0 540.0
196,484.0 242,700.0 262,890.0 258,260.0 314,841.1 348,424.8
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
196,484.0 242,700.0 262,890.0 258,260.0 314,841.1 348,424.8

212,135.7 239,626.7 258,375.0 258,260.0 314,883.7 348,100.9

15,651.7 -3,073.3 -4,515.0 0.0
0.0 0.0 0.0 0.0

3,917.5 3,940.9 3,940.9 3,849.2

50.16 61.59 66.71 67.10 83.30 92.63
50.16 61.59 66.71 67.10 83.30 92.63
54.15 60.81 65.56 67.10 83.26 92.69

3,917.5 3,940.9 3,940.9 3,849.2

50.16 61.59 66.71 67.10 83.30 92.63
50.16 61.59 66.71 67.10 83.30 92.63
54.15 60.81 65.56 67.10 83.26 92.69

IAS/IFRS IN GAAP IAS/IFRS IAS/IFRS

246,663.6 306,770.0 323,110.0 325,160.0 397,969.4 444,707.2
26.06 28.24 27.39 26.41 27.19 27.31
— 288,860.0 — —
227,964.8 287,890.0 303,240.0 305,020.0 379,630.4 421,405.0
42.42 — 43.30 42.09
24.09 26.50 25.71 24.78 25.94 25.88
20.76 22.34 22.29 20.98 21.51 21.37
2,960,945.83 3,070,457.80 3,046,461.60 3,116,651.65
19.50 21.75 23.50 25.00 34.52 46.05
154,739.5 85,713.6 92,610.1 95,714.4
— 553,480.0 — —
— 17,910.0 — —
— 16,970.0 — —