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					                                                                                            Regd off: 9th Flr., Nirmal Bldg., Nariman Point, Mumbai-400 021
TCS LIMITED + $                                                                             E-Mail:    investor.relations@tcs.com
                                                                                            Web site: www.tcs.com
                                                                                            Telephone: (022) 6778 9595 Fax: (022) 6778 9660
SOFTWARE                                                                            TATA    Tr agent: TSR Darashaw, H. Moosa Patrawala Ind. Est., E.Moses Rd., Mumbai - 11
Chairman: Ratan N. Tata                                                        SEC: Suprakash Mukhopadhyay                            AUD: Deloitte Haskins & Sells
Yr of Inc   B. Code       BL. Code     F.V.         Price       % ch 1-m       % ch 12-m      P/E       P/CF           Yield         Mkt cap                Vol.             ISIN
 1960   532540             TCS:IN       1           527.0          9.8            29.4        19.6          17.7        2.7         1,031,454.9            508.9         INE467B01029
SHAREHOLDING                                                      FX Transaction (FY09)                            ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           : 75.2%                Exports (fob)          Rs m     2,027              (Rs)
Foreign collaborators      :   1.1%               Imports (cif)          Rs m     3,029
Indian inst/Mut Fund       :   7.9%               Fx inflow              Rs m 208,367         700
FIIs/GDR                   : 10.0%                Fx outflow             Rs m 83,270                                                                         DAILY
Free float                 :   5.9%               Net fx                 Rs m 125,097
Shareholders               : 727,133
                                                                                              600                                                            100 DMA

                           No. of months                   12            12           12
                             Year ending             31/03/07      31/03/08     31/03/09      500
EQUITY SHARE DATA
High                                   Rs              1,399          1,330        1,054
Low                                    Rs                728            730          418      400
Sales per share                        Rs              190.9          231.1        284.2
Earnings per share                     Rs               43.0           51.4         53.7
Cash flow per share                    Rs               47.5           57.1         59.5
                                                                                              300
Dividends per share                    Rs              11.50          14.00        14.00
Dividend yield (eoy)                   %                 1.1             1.4          1.9
                                                                                              200
Book value per share                   Rs               90.4          124.7        159.4
Shares outstanding (eoy)               m              978.61         978.61       978.61       Aug-06              Jun-07            Feb-08                Nov-08            Aug-09
Bonus/Rights/Conversions                                B1:1               -            -
Price / Sales ratio                    x                  5.6            4.5          2.6                               No. of months                12             12             12
Avg P/E ratio                          x                24.7           20.1         13.7                                  Year ending          31/03/07       31/03/08       31/03/09
                                                                                             CASH FLOW
P/CF ratio (eoy)                       x                22.4           18.0         12.4
Price / Book Value ratio               x                11.8             8.3          4.6    From Operations                         Rs   m       34,719            38,949     53,538
Dividend payout                        %                26.7           27.3         26.1     From Investments                        Rs   m      -18,136           -25,193    -34,329
Avg Mkt Cap                            Rs m        1,040,752      1,007,968      720,257     From Financial Activity                 Rs   m       -6,868           -14,417    -16,555
No. of employees                       `000               89            111          144     Net Cashflow                            Rs   m        9,714              -661      2,654
Total wages/salary                     Rs m           80,029         78,006       99,016
Avg. sales/employee                    Rs Th         2,089.6        2,030.3      1,934.7                                       INTERIM RESULTS
Avg. wages/employee                    Rs Th           895.0          700.2        688.8                                           2QFY09  3QFY09              4QFY09         1QFY10
Avg. net profit/employee               Rs Th           470.7          451.1        365.6     Net sales                   Rs    m    69,534  72,770              71,718         72,070
                                                                                             Gross profit                Rs    m    18,060  19,316              19,030         19,474
INCOME DATA                                                                                  Gross profit margin         %            26.0     26.5               26.5           27.0
Net Sales                              Rs     m      186,852        226,195      278,129     Net profit                  Rs    m    12,710  13,620              13,327         15,340
Other income                           Rs     m        1,622          7,283       -4,270     Net profit margin           %            18.3     18.7               18.6           21.3
Total revenues                         Rs     m      188,474        233,478      273,859
Gross profit                           Rs     m       51,400         57,122       71,692                                          KEY DATA
Depreciation                           Rs     m        4,402          5,637        5,641     Parameters                          Unit              FY07              FY08       FY09
Interest                               Rs     m           95            300          287     Application Dev. & Maintenance      % of revenues      52.2              48.3       48.5
Profit before tax                      Rs     m       48,525         58,468       61,494     Enterprise Solutions                % of revenues      12.2              13.1       12.6
Minority Interest                      Rs     m         -428           -344         -540     Infrastructure services             % of revenues       6.0               6.5        8.0
Prior Period Items                     Rs     m            0              0            0     Business Process Outsourcing        % of revenues       5.8               6.2        6.9
Extraordinary Inc (Exp)                Rs     m          629              0            0     Others                              % of revenues      23.8              25.9       24.0
Tax                                    Rs     m        6,640          7,863        8,390
                                                                                                                                    NOTES
Profit after tax                       Rs     m       42,086         50,261       52,564
Gross profit margin                    %                27.5           25.3         25.8     TCS is the largest software company in Asia, having a wide range of offerings and
Effective tax rate                     %                13.7           13.4         13.6     catering to industries like banking and financial services, manufacturing, telecom,
                                                                                             and retail. The company was one of the pioneers of the much-acclaimed global
Net profit margin                      %                22.5           22.2         18.9
                                                                                             delivery model and has the largest employee base in the Indian software sector. It
BALANCE SHEET DATA                                                                           has grown revenues and profits from FY05 to FY09 at compounded rates of 30% and
                                                                                             27% respectively.
Current assets                         Rs m           78,266        100,305      135,236
Current liabilities                    Rs m           34,955         44,772       59,802     TCS grew its sales by 23% YoY during FY09, aided by an 18% YoY increase in
Net working cap to sales               %                23.2           24.6         27.1     volumes while billing rates came under pressure. Growth was registered in the retail,
Current ratio                          x                  2.2            2.2          2.3    healthcare and transport and utility segments, while 'banking and finance' segment
Inventory Turnover                     Days                 1              1            0    managed to remain flat. Manufacturing and hi-tech registered a decline. TCS'
Debtors Turnover                       Days               84             87           79     operating margins expanded by 0.6% YoY during the fiscal. A higher share of
Net fixed assets                       Rs m           29,116         35,765       41,896     revenues from offshore services, higher volume growth, cost containment and
Share capital                          Rs m              979            979          979     depreciation of rupee aided margins during the fiscal. TCS reported a 5% YoY growth
"Free" reserves                        Rs m           86,603        121,118      157,551     in net profits for FY09, which was subdued on the back of forex losses due to
                                                                                             currency volatility. The company added 163 new customers during the full year.
Net worth                              Rs m           88,501        122,001      156,000
Long term debt                         Rs m            4,463          4,233          481     Like its peers, TCS will feel the pinch of the uncertain external environment,
Total assets                           Rs m          130,634        174,781      225,890     especially considering the slow rate of recovery in its major markets i.e. the US and
Interest coverage                      x               511.8          195.9        215.3     European markets. TCS is betting big on the domestic market and aims to double
Debt to equity ratio                   x                  0.1            0.0          0.0    revenues from the domestic market in the next couple of years. Though the pricing
Sales to assets ratio                  x                  1.4            1.3          1.2    environment is expected to remain subdued in short term, the company based on
Return on assets                       %                45.4           40.1         33.8     strong fundamentals and distinct value proposition is expected to regain its growth
Return on equity                       %                47.6           41.2         33.7     momentum once the global recovery starts.
Return on capital                      %                52.5           46.3         39.1
Exports to sales                       %                  0.1            0.7          0.7
Imports to sales                       %                  2.0            1.2          1.1
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posted:11/6/2010
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