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As at March 31, 2004

Crores

SOURCES OF FUNDS :

1.SHAREHOLDERS FUND

(a) Share Capital 36.44

(b) Reserves and Surplus 10.64

2.LOAN FUNDS

(a) Secured Loans Nil(b) Unsecured Loans 375

TOTAL Loans 375

3.DEFERRED TAX LIABILITY (NET) 0.98

4.TOTAL FUNDS EMPLOYED 423.06

APPLICATION OF FUNDS :

5.FIXED ASSETS

(a) Gross Block 226.5

(b) Less :- Accumulated Depreciation 0.95

(c) Net Block 225.55(d) Capital Work-in-Progress Nil

Total 225.55

6.INVESTMENTS 417.39

7.CURRENT ASSETS, LOANS AND ADVANCES

(a) Unbilled Revenues Nil

(b) Sundry Debtors 0.25

(c) Cash and Bank Balances 2.25

(d) Loans and Advances 9.7712.27

8.CURRENT LIABILITIES AND PROVISIONS

(a) Current Liabilities 227.22

(b) Provisions 4.93

232.15

9.NET CURRENT ASSETS [ (7) less (8) ] -219.88

10.TOTAL ASSETS (NET) 423.06

BALANCE SHEETS(TATA CONSULTANCY SERVI

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As at March 31, 2005 As at March 2006 As at March 2007

48.01 48.93 97.86

3273.04 5949.88 7961.13

111.01 26.52 41.769.73 8.98 8.98

120.74 35.5 50.74

64.32 38.88 60.61

3506.11 5683.71 8170.34

1041.09 1695.13 2315.36

132.93 525.35 854.75

908.16 1169.78 1460.61120.28 280 757.85

1028.44 1449.78 2218.46

1404.42 1963.52 3252.04

130.09 353.91 523.88

1463.45 2326.63 2799.8

120.74 171.17 557.14

600.83 1107.87 1313.392315.11 3982.85 5206.78

714.28 1171.9 1639.5

527.58 540.54 905.05

1241.86 1712.44 2544.55

1073.25 2270.41 2662.23

3506.11 5683.71 8170.34

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As at March 2008 As at March 2009

197.86 197.86

10806.95 13248.39

9.27 32.638.98 7.74

18.25 40

121.38 103.05

11144.44 13589.67

3240.64 4359.24

1300.11 1690.16

1940.53 2669.08889.74 685.13

2830.27 3354.21

4509.33 5936.03

870.18 817.06

3747.01 3717.73

527.52 1605.26

2166.6 3089.857329.57 9247.14

2404.18 3501.13

1187.44 1450.23

3591.62 4951.36

3737.95 4295.78

11144.44 13589.67

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2004

INCOME :

1. Consultancy services Nil

2. Software licences Nil

3. Other income 4.29

EXPENDITURE :

4. Employee costs Nil

5. Operation and Other expenses 0.03

PROFIT BEFORE ADDITIONAL INCENTIVE, INTEREST, 4.26

DEPRECIATION, TAXES AND EXCEPTIONAL ITEMS

6. Additional Performance Incentive Nil

7. Interest 0.2

8. Depreciation 0.84

PROFIT BEFORE TAXES AND EXCEPTIONAL ITEMS 3.22

9. PROVISION FOR TAXES

(a) Current tax -1.11

(b) Deferred tax -0.38

(c) Fringe benefit tax Nil

(d) MAT credit entitlement

PROFIT BEFORE EXCEPTIONAL ITEMS 1.73

10. Profit on sale of long-term investment 13.45

11. Tax on transfer of overseas branches Nil

12. Charge on account of Employee Stock Purchase Sch Nil

NET PROFIT FOR THE YEAR 15.18

Profit & Loss Accounts(TATA CONSULTANCY SERVIC

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2005 2006 2007 2008

7854.48 10673.22 14407.95 17690.38

173.1 541.64 532.02 843.34

75 67.95 216.55 445.95

1763.83 4000.6 6446.37 6015.19

3784.48 3945.99 4192.63 7498.42

2554.27 3336.22 4517.52 5466.06

102 Nil Nil Nil

10.4 4.49 3.43 3.42

133.22 257.38 343.41 458.78

2308.65 3074.35 4170.68 5003.86

-241 -322.41 -406.84 -792.05

-39.76 -14.82 11.2 -29.98

Nil -20.25 -17.75 -24.65

Nil Nil Nil 351.58

2027.89 2716.87 3757.29 4508.76

Nil Nil Nil Nil

-9.82 Nil Nil Nil

-186.65 Nil Nil Nil

1831.42 2716.87 3757.29 4508.76

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2009

21535.75

868.25

-456.24

7370.09

9013.08

5564.6

Nil

7.44

417.46

5139.69

-799.15

-44.89

-23

423.56

4696.21

Nil

Nil

Nil

4696.21

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(ALL figures in Rs. Crores)

Profitability Ratios

Profit Margin 2004 2005 2006 2007 2008

profit after tax 1.73 2027.89 2716.89 3757.29 4508.76

Sales 4.29 8102.58 ### ### ###Ratio 40.32% 25% 24% 24.80% 23.70%

Return on assets 2004 2005 2006 2007 2008

Average 1964.5 4594.91 6927.03 9657 12366

Total Assets

profit after tax 1.73 2027.89 2716.89 3757.29 4508.76

Ratio 0.09% 44.13% 39.22% 38.91% 36.46%

2004 2005 2006 2007 2008 2009

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

Seri

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Return on Investments 2004 2005 2006 2007 2008

Average 910 1683 2607 3880 5222

Investments

profit after tax 1.73 2027.89 2716.89 3757.29 4508.76

Ratio 0.20% 120% 104% 97% 86%

2004 2005 2006 2007 2008 2009

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

Seri

2004 2005 2006 2007 2008 2009

0.00%20.00%40.00%

60.00%80.00%

100.00%120.00%140.00%

Seri

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Return On Equity 2004 2005 2006 2007 2008

profit after tax 1.73 2027.89 2716.89 3757.29 4508.76

Average Share 1683 4464 6833 9530 12224

holder Equity

Ratio 0% 45% 40% 39% 37%

2004 2005 2006 2007 2008 2009

0%

10%

20%

30%

40%

50%

Seri

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EPS 2004 2005 2006 2007 2008

EPS 0.33 21.55 27.76 38.39 46.07

Calculated in

Notebook

2004 2005 2006 2007 2008 2009

10

2030

40

50

60

Seri

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Operating Expenses ratio 2004 2005 2006 2007 2008

Sales 4.29 8102.58 ### ### ###

Operating 0.03 3784 3945 4192 7498

Expenses

Ratio 1% 47% 35% 28% 40%

Return on Capital 2004 2005 2006 2007 2008

Profit before 3.4 2318 3079 4517 4174

Interest, Tax

Total Capital 423 3506 5709 8170 11124Ratio 0.01 0.66 0.54 0.55 0.38

2004 2005 2006 2007 2008 2009

0%

10%

20%

30%

40%

50%

Seri

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Liquidity Ratios

Current Ratio 2004 2005 2006 2007 2008

Current Assets 12.27 2315.11 3982.85 5206.78 7329.57Current 227.22 714.28 1171.9 1639.5 2404.18

Liabilities

Ratio 0.05 3.24 3.4 3.18 3.05

2004 2005 2006 2007 2008 2009

1

1

Seri

2004 2005 2006 2007 2008 2009

1

2

3

4

Seri

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Quick Ratio 2004 2005 2006 2007 2008

Quick Assets 2.5 1589 2498 3359 4276

Current 227 714 1180 1689 2404

Liabilities

Ratio 0.01 2.23 2.12 1.99 1.78

ALR 2004 2005 2006 2007 2008

Absolutely 2.25 120.74 171 557 527

2004 2005 2006 2007 2008 2009

1

2

2

3

Seri

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Liquid Assets

Current 227 714 1180 1689 2404

Liabilities

Ratio 0.01 0.17 0.14 0.33 0.22

Solvency Ratios

Debt to Equity Ratio 2004 2005 2006 2007 2008

Total Loans 375 120 35 50 18

Shareholder's 47 3321 5608 8058 11004

EquityRatio >7 0.04 0.01 0.01 0

2004 2005 2006 2007 2008 2009

Seri

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Interest cover 2004 2005 2006 2007 2008

Profit before 3.4 2318 3079 4517 4174

Interest, Tax

Interest 0.2 10.4 4.5 3.43 3.42

Ratio 17 222.88 684.22 1316.91 1220.47

Liabilities to Equity Ratio 2004 2005 2006 2007 2008

Liabilities 423.06 3506.11 5683.71 8170.34 ###

Shareholder's 47 3321 5608 8058 11004

2004 2005 2006 2007 2008 2009

Seri

2004 2005 2006 2007 2008 2009

200

400

600

800

1000

1200

1400

Se

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Equity 12.8

Ratio >10 1.06 1.01 1.01 1.01

Capital Market Ratios

Price-Earnings Ratio 2004 2005 2006 2007 2008

EPS 0.33 21.55 27.76 38.39 46.07

Price 1 1 1 1 1

3

Ratio Very High 0.05 0.04 0.03 0.02

2004 2005 2006 2007 2008 2009

1

1

1

1

Seri

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Efficiency Ratios

Average turnover 2004 2005 2006 2007 2008

Average 1964.5 4594.91 6927 9657 12366

Total Assets

Sales 4.29 8102.58 ### ### ###

Ratio 0.22% 176.34% 163.04% 156.95% 153.48%

2004 2005 2006 2007 2008 2009

Seri

150.00%

200.00%

Seri

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50.00%

.

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2009

4696.21

###21.40%

2009

13589

4696.21

34.56%

es1

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2009

5936

4696.21

79%

es1

s1

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2009

4696.21

13567

35%

s1

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2009

47.91

s1

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2009

###

9013

41%

2009

5146

135890.38

s1

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2009

9247.143501.13

2.64

s1

s1

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2009

5323

3501

1.52

2009

1605

s1

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3501

0.46

2009

40

13446

0

s1

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2009

5146

7.44

691.67

2009

###

13446

s1

ries1

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1.01

2009

47.91

1

0.02

s1

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2009

13589

###

161.51%

s1

s1

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For the ratio analysis of TATA CONSULTANCY SERVICES LIMITED, the following points are

1. We can see from the profitability ratios, that from 2004 to 2009, the profitab

of competition offered by other players like Infosys, and due to the global reces

2. TATA CONSULTANCY SERVICES LIMITED was listed publicaly in the year 200

abnormal in nature (vastly different than following years.)

3. EPS (Earnings per share) has been increasing steadily, so TCS has been an i

4. The good thing is that debt-equity ratio has declined over the years, lendin

5. Interest coverage declined significantly in 2009, indicating after-shocks of th

6. Not many efficiency ratios can be calculated for TCS as it is a service compa

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orth mentioning:

ility is declining steadily, this may be because

ion.

, so we can see that the ratios for 2004 are

vestor friendly company.

a safer platform to TCS

e global meltdown.

ny, and the inventories are very insignificant.