TCS - NSE Valuation File

CONSOLIDATED STATEMENTS OF TATA CONSULTANCY SERVICES.CONSOLIDATED BALANCE SHEET

LIABILITIES 2009

Particulars Schedule No.

SHAREHOLDER'S CAPITALEQUITY SHARE CAPITAL 1 197.86PREFERENCE SHARE CAPITAL - 0.00RESERVES AND SURPLUS 2 15502.15Share Application Money Pending AllotmentNET DEFERRED TAX LIABILITY 3 68.51

MINORITY INTEREST 277.16

4LONG TERM 12.95SHORT TERM 550.26

TOTAL 16608.89

ASSETS 2009


INTANGIBLES(NET)PATENTS/TRADEMARK/COPYRIGHT 5 335.77GOODWILL On Consolidation 3261.4

NET FIXED ASSETS 6 3,148.37CAPITAL WIP 705.49Intangible Asset under development 0INVESTMENTSOperating 7 8.68NON-Operating 8 1,605.73

NET WORKING CAPITAL 9 7,543.45

LONG TERM WORKING CAPITAL 10 0

TOTAL 16608.89

PROFIT AND LOSS STATEMENT FOR THE YEAR ENDED. 2009

Amount in Rs. Crores.

DEBT



Gross Sales 10 27814.96Less: Excise Duties 2.08Net Sales 27812.88Add: Other Operating Incomes 11 -712.92Total Opearting Income 27099.96Cost Of Goods Sold 12 14601.46Gross Profit 12498.50Less: Selling, General & Administrative Expenses 13 5379.39EBIDTA 7119.11Less: Depreciation & Amoritization 14 564.08EBIT 6555.03Less: Interest Expense 15 28.66Add: Non-Operating Income 16 285.93Less: Non-Operating Expense 17 662.23PBT 6150.07Less: Tax Expense 18 838.95PAT 5311.12Add: Income from associates 19 -0.7Less: Minority Interest 54.00Profit for the year 5256.42

Profit And Loss Appropriation 2009

Particulars

Profit for the year 5256.42Add: Retained Earnings b/f 8688.21Transferred on amalgamation 0.00Adjustment For Post Acquisition Profit 0.00Less: Interim Dividend on Eq. Shares. 880.74Less: Special Dividend on Eq. Shares. 0.00Less: Proposed Dividend (Rs. 6 per share) 489.31Less: Dividend distribution tax 235.99Less: Statutory Reserve 0.00Less: Dividend on Redeemable Prefrence Shares 7.00Less: Capital Redemption Reserve 0.00Less: Transfer to General Reserve 496.56Retained Earnings 11835.03

Amount in Rs. Crores

Amount in Rs Crores

CONSOLIDATED STATEMENTS OF TATA CONSULTANCY SERVICES.CONSOLIDATED BALANCE SHEET

2010 2011 2012 2013 2014

295.72 295.72 295.72 295.72 195.870.00 0.00 0.00 0.00 0.00

18171.00 24209.09 29283.51 38350.01 48998.89

-99.18 -50.69 -82.59 -74.74 -111.26

361.71 458.17 558.77 695.31 707.99

13.73 37.70 115.37 130.98 127.2689.52 31.57 0.89 80.02 127.09

18832.50 24981.56 30171.67 39477.30 50045.84

2010 2011 2012 2013 2014

268.65 311.76 297.87 254.8 240.743215.99 3232 3543.46 3581.5 2268.78

3,253.39 3,935.33 4,820.73 5,991.71 7,034.811,017.37 1193.89 1446.37 1895.36 3168.48

0 0 0 0 0

6.67 25.33 26.03 28.29 53.813,675.41 1,737.34 1,324.30 1,869.05 3,379.93

7,395.02 9,137.96 12,038.29 18,884.73 26,196.00

0 5407.95 6674.62 6971.86 7703.29

18832.50 24981.56 30171.67 39477.30 50045.84

2010 2011 2012 2013 2014











CAGR30029.31 37324.78 48894.08 62990.3 81812.51

0.39 0.27 0.25 0.82 3.1530028.92 37324.51 48893.83 62989.48 81809.36 24.08%

-99.54 10.7 -374.87 90.43 109.8529929.38 37335.21 48518.96 63079.91 81919.21 24.76%15253.43 19000.11 25142.20 32898.23 41571.0914675.95 18335.10 23376.76 30181.68 40348.12 26.41%

5565.44 6589.00 8676.36 10982.45 13718.119110.51 11746.10 14700.40 19199.23 26630.01 30.19%

660.89 735.26 917.94 1079.92 1349.158449.62 11010.84 13782.46 18119.31 25280.86 30.99%

16.10 26.48 22.23 48.49 38.52 6.09%375.51 595.12 803.39 1088.02 1526.89 39.80%519.40 558.86 640.31 1069.11 1367.37 15.60%

8289.63 11020.62 13923.31 18089.73 25401.86 32.80%1196.97 1830.83 3399.86 4014.04 6069.99 48.56%7092.66 9189.79 10523.45 14075.69 19331.87 29.48%

-1.03 -0.3 0 0 090.99 121.45 109.96 158.38 168.00

7000.64 9068.04 10413.49 13917.31 19163.87 29.53%

2010 2011 2012 2013 2014

7000.64 9068.04 10413.49 13917.31 19163.8711835.03 13604.84 18635.05 22160.54 29529.97

0.00 0.00 0.00 103.00 0.000.00 0.00 0.00 23.22 0.00

1174.32 1174.32 1761.49 1761.49 2349.870.00 0.00 0.00 19.00 0.00

2740.11 1565.78 3131.55 2544.39 3917.46663.18 459.15 806.86 727.34 795.68

0.00 0.00 0.00 16.65 57.0317.00 11.00 22.00 0.00 28.76

0.00 0.00 0.00 0.00 157.12636.22 827.58 1166.10 1352.79 1883.41

13604.84 18635.05 22160.54 29529.97 39504.51






Amount in Rs Crores

Amount in Rs Crores

Amount in Rs Crores

Amount in Rs Crores

Amount in Rs Crores

Common Size Statement

Particulars 2009 2010 2011

Gross Sales(Growth) 7.96% 24.29%Less: Excise DutiesNet Sales(Growth) 7.97% 24.30%Add: Other Operating IncomesTotal Opearting Income 1 1 1Cost Of Goods Sold 53.88% 50.96% 50.89%Gross Profit 46.12% 49.04% 49.11%Less: Selling, General & Administrative Expenses 19.85% 18.60% 17.65%EBIDTA 26.27% 30.44% 31.46%Less: Depreciation 2.08% 2.21% 1.97%EBIT 24.19% 28.23% 29.49%Less: Interest Expense 0.11% 0.05% 0.07%Add: Non-Operating Income 1.06% 1.25% 1.59%Less: Non-Operating Expense 2.44% 1.74% 1.50%PBT 22.69% 27.70% 29.52%Less: Tax Expense 3.10% 4.00% 4.90%PAT 19.60% 23.70% 24.61%Add: Income from associates 0.00% 0.00% 0.00%Less: Minority Interest 0.20% 0.30% 0.33%Profit for the year 19.40% 23.39% 24.29%

Common Size Statement

2012 2013 2014

31.00% 28.83% 29.88% YOY

31.00% 28.83% 29.88% YOY

1 1 151.82% 52.15% 50.75%48.18% 47.85% 49.25%17.88% 17.41% 16.75%30.30% 30.44% 32.51%

1.89% 1.71% 1.65%28.41% 28.72% 30.86%

0.05% 0.08% 0.05%1.66% 1.72% 1.86%1.32% 1.69% 1.67%

28.70% 28.68% 31.01%7.01% 6.36% 7.41%

21.69% 22.31% 23.60%0.00% 0.00% 0.00%0.23% 0.25% 0.21%

21.46% 22.06% 23.39%

Particulars 2009 2010

RatiosTAX RATE 13.64% 14.44%TOI 27099.96 29929.38NOPAT=EBIT*(1-Tax rate)(A) 5660.84 7229.55NOPAT MARGIN=NOPAT/TOI 20.89% 24.16%

Increase in DTL(B) NA -167.69Impairment of Goodwill (C) 0.00 21.43Adjusted NOPAT(A+B+C) NA 7,083.29

Adjusted NOPAT Margin= Adjusted NOPAT/TOI NA 23.67%TOI/Capital Employed (Beg) 218.53%TOI/Capital Employed (Avg.) 233.50%ROC(Beg) 51.72%ROC(Avg) 55.26%

Interest(1-Tax) 24.75 13.78Op PAT=Adj. NOPAT + Interest(1-Tax) NA 7,097.06Op PAT Adj./TOI NA 23.71%CE(Beg)/Core Equity(Beg) 1.0653715115345CE(Avg.)/Core Equity(Avg.) 1.0536504306568ROE(Beg) 55.21%ROE(Avg) 58.34%

COGS (% of TOI) 53.88% 50.96%Sales/Intangible assets other than Goodwill(Beg) NA 190.82Sales/Goodwill(Beg) NA 8.70Sales/Net Fixed Asset(Beg) NA 9.51Sales/operating Working Capital(Beg) NA 4.80Sales/Receivables(Beg) NA 4.97Sales/Inventories(Beg) NA 817.74Sales/long term Working Capital(Beg) NASales/Capital WIP(Beg) NA 2.19Debt/Equity 0.04 0.01

No of shares equity shares of ` 1 each 978,610,498 1,957,220,996

redeemable preference shares of ` 1 each 1,000,000,000 1,000,000,000Total Shares 1,978,610,498 2,957,220,996

Book Value Per Share 159.41 93.84

2011 2012 2013 2014

Ratios16.61% 24.42% 22.19% 23.90%

37335.21 48518.96 63079.91 81919.219181.63 10416.99 14098.71 19239.7824.59% 21.47% 22.35% 23.49%

48.49 -31.90 7.85 -36.520.00 21.18 0.00 0.00

9,230.12 10,406.27 14,106.56 19,203.26

24.72% 21.45% 22.36% 23.44%312.69% 237.73% 249.44% 241.02%230.82% 212.35% 212.83% 233.05%

77.30% 50.99% 55.78% 56.50%57.06% 45.54% 47.60% 54.63%

22.08 16.80 37.73 29.329,252.21 10,423.08 14,144.29 19,232.58

24.78% 21.48% 22.42% 23.48%1.0405194394137 1.02652831077596 1.02742512496617 1.02739565447991.0316482929415 1.02702439877528 1.02740822685832 1.027305690999

80.63% 52.42% 57.47% 58.14%59.01% 46.85% 49.03% 56.21%

50.89% 51.82% 52.15% 50.75% Sales = TOI310.95 277.66 383.05 574.03

11.10 14.40 17.16 22.1811.48 12.33 13.09 13.67

8.94 7.70 7.44 5.376.38 5.92 5.48 5.82

2098.66 2126.16 3549.80 3873.25 * Check IT11.65 9.44 9.03 8.18

3.13 2.38 2.49 2.410.00 0.00 0.01 0.01 All Correct Till here

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

1,957,220,996 1,957,220,996 1,957,220,996 1,958,727,9791,000,000,000 1,000,000,000 1,000,000,000 02,957,220,996 2,957,220,996 2,957,220,996 1,958,727,979

124.69 150.62 196.94 251.16

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

YEARS 2010 2011 2012 2013

CASH FLOW STATEMENTSCASH FROM OPERATING

Particulars Rs.(In Crores) Rs.(In Crores) Rs.(In Crores) Rs.(In Crores)NOPAT 7229.55 9181.63 10416.99 14098.71DEPRICIATION 660.89 735.26 917.94 1079.92INC IN DTL -167.69 48.49 -31.90 7.85INC IN NCWC -2,168.88 7,168.63 2,864.38 6,377.99INCOME FROM ASSOCIATES -1.03 -0.30 0.00 0.00INC IN MINORITY -6.44 -24.99 -9.36 -21.84TOTAL 9884.16 2771.46 8429.29 8786.65

CASH FROM INVESTINGParticulars Rs.(In Crores) Rs.(In Crores) Rs.(In Crores) Rs.(In Crores)

FIXED ASSETS 706.82 1,368.15 1,746.29 2,187.24CAPITAL WORK IN PROGRESS 311.88 176.52 252.48 448.99INTANGIBLE ASSETS -53.44 108.17 354.62 58.63CORE INVESTMENT 2067.67 -1919.41 -412.34 547.01NON OPERATING EXPENSE POST TAX 444.40 466.02 483.96 831.88NON OPERATING INCOME POST TAX 321.29 496.25 607.21 846.59TOTAL 3156.04 -296.81 1817.79 3227.16

CASH FROM FINANCINGParticulars Rs.(In Crores) Rs.(In Crores) Rs.(In Crores) Rs.(In Crores)

CASH FROM BOND HOLDERSINTEREST (1-TAX RATE) 13.78 22.08 16.80 37.73INCREASE IN DEBT -459.96 -33.98 46.99 94.74TOTAL -473.74 -56.06 30.19 57.01

CASH FROM EQUITYDIVIDEND 5,230.83 4,037.83 6,888.00 6,421.66INCREASE IN EQUITY 996.90 1007.88 1548.93 1570.85TOTAL 4233.93 3029.95 5339.07 4850.81TOTAL -4707.67 -3086.01 -5308.88 -4793.80

CASH FROM OPERATING 9884.16 2771.46 8429.29 8786.65CASH FROM FINANCING -4707.67 -3086.01 -5308.88 -4793.80CASH FROM INVESTING 3156.04 -296.81 1817.79 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 9884.16 2771.46 8429.29 8786.65Cash flow from Investing(LESS) 3156.04 -296.81 1817.79 3227.16Non Operating Income Post tax(LESS) 321.29 496.25 607.21 846.59FCFF 6406.83 2572.02 6004.29 4712.90CFBH(ADD) -473.74 -56.06 30.19 57.01FCFE 5933.09 2515.96 6034.48 4769.91CFEH(LESS) 4233.93 3029.95 5339.07 4850.81NOI(Post Tax Add) 321.29 496.25 607.21 846.59CHANGE IN CASH BALANCE 2020.45 -17.74 1302.62 765.69

Net Fixed Assets 755.21 1,408.59 1,928.77 2,468.66

INC in NCWC -2,168.88 7,168.63 2,864.38 6,377.99INC in Core Investment 2067.67 -1919.41 -412.34 547.01

Reinvestment 654.00 6,657.81 4,380.81 9,393.66Adjusted Nopat 7083.29 9230.12 10406.27 14106.56Reinvestment Ratio 0.1 0.72 0.42 0.67

FCFF 6406.83 2572.02 6004.29 4712.90Reinvestment Ratio 0.1 0.72 0.42 0.67

2014

CASH FLOW STATEMENTSCASH FROM OPERATING

Rs.(In Crores)19239.78

1349.15-36.52370.02

0.00-155.32

20027.07

CASH FROM INVESTINGRs.(In Crores)

2,327.081,273.12-1261.611536.401040.631162.033753.59

CASH FROM FINANCINGRs.(In Crores)

29.3243.3514.03

9,189.33574.49

8614.84-8600.81

20027.07-8600.813753.59

7672.68

7,672.68

20027.073753.591162.03

15111.4614.03

15125.498614.841162.037672.68

2,185.39

370.021536.40

4,091.8119203.26

0.21

15111.460.21

Assumption 1: Income From Associates is taken as part of operating cash flows but not taken into consideration in reinvestment ratioAssumption 2 : Non Operating Expense Post Tax Is Considered in Investing but not considered for Reinvestment Ratio

Assumption 1: Income From Associates is taken as part of operating cash flows but not taken into consideration in reinvestment ratioAssumption 2 : Non Operating Expense Post Tax Is Considered in Investing but not considered for Reinvestment Ratio

Years 2009 2010 2011

Balance Sheet SchedulesSchedule 1Particulars Rs. (in crores) Rs. (in crores) Rs. (in crores)

Gross Sales(Growth) 0.079610037189 0.242944976092Issued, subscribed and fully paid up Equity Shares 97.86 195.72 195.72Issued, subscribed and fully paid up Prefrence Shares 100 100.00 100.00TOTAL 197.86 295.72 295.72

Schedule 2Particulars Rs. (in crores) Rs. (in crores) Rs. (in crores)

Reserves & Surplus:Capital Reserve 5.02 5.02 24.5Securities Premium Account 2016.33 1918.47 1918.47Capital Redemption Reserve 0.4 0.4 0.4Statutory Reserve 0 0 0Foreign Currency Translation Reserve 471.94 108.75 200.77General Reserve 1903.37 2539.59 3367.17Hedging Reserve -729.94 -6.07 62.73Surplus in Statement of Profit & Loss 11835.03 13604.84 18635.05TOTAL 15502.15 18171 24209.09


Net Deferred Tax LiabilityDeferred Tax Liabilities [A] 128.55 68.68 109.49Deferred Tax Assets [B] 60.04 167.86 160.18TOTAL [A-B] 68.51 -99.18 -50.69

Schedule 4Particulars Rs. (in Crores) Rs. (in Crores) Rs. (in Crores)

DebtLong TermSecured Loans 0.00 0.00 33.70Unsecured Loans 12.95 13.73 4.00Total 12.95 13.73 37.70Short TermSecured Loans 37.89 31.21 0.46Unsecured Loans 512.37 58.31 31.11Total 550.26 89.52 31.57

TOTAL 563.21 103.25 69.27

Schedule 5Particulars

Intangible Assets

Goodwill Acquisition 178.92 148.58 137.02Acquired Contract Rights 137.39 114.46 105.55Intellectual Property Rights 0.00 0.00 1.86Software Licences 19.46 5.61 10.50Rights Under Licencing Agreement 0.00 0.00 56.83Total 31st March 2013 335.77 268.65 311.76

Schedule 6Particulars

Fixed Assets

Land:Freehold 331.42 329.65 329.55lease hold 61.28 59.83 86.17Freehold Buildings 1140.91 1244.75 1430.59Factory Buildings 0.00 0.44 0.68LeaseholdBuildings 22.02 33.93 49.58Leasehold Improvements 239.68 239.91 306.48Plant and Machinery 1.05 0.12 4.87Furniture and Fixtures 102.75 70.19 106.29Vehicles 16.24 15.12 12.42Office equipments 349.40 370.16 439.68Computer Equipment 617.65 616.31 848.31Electrical Installations 265.97 272.98 320.71Total 3148.37 3253.39 3935.33


Operating InvestmentsExegenix Research Inc. (49.9% voting interest) 0.56 0 0National Power Exchange Limited 2.5 1.7 1.4Philippine Dealing System Holdings Corporation 4.57 4.04 4.01Firstech Solutions Co. Limited 1.05 0.93 0.92

As on 31st March 2009






Taj Air Limited 0 0 19RuralShores Business Services Private Limited 0 0 0Yodlee, Inc. 0 0 0ALMC HF 0 0 0Kooh Sports Private Limited 0 0 0Total 8.68 6.67 25.33


Non-Operating InvestmentsDebentures and bonds (unquoted)* 0 1200 1049.39Government securities (unquoted) 0 0 0Mutual funds and other funds (unquoted) 0 0 0Fully paid preference shares (unquoted) 9.31 5 5Fully paid equity shares (quoted) 0 0 0Investment in mutual funds (unquoted) 1584.43 2459.44 343.24Investment in bonds (quoted) 11.99 10.97 7.17Investment in debentures and bonds (unquoted) 0 0 333.58Less:Provision for dimunition in value of Investments 0 0 1.04Total 1605.73 3675.41 1737.34


Net Working CapitalCurrent AssetsInventories 36.6 17.79 22.82Trade Recivables 6022.88 5855.41 8194.97Unbilled Revenue 1481.38 1201.14 1348.85Cash and Bank Balances 2698.14 4718.59 4700.85Short Term Loans and Advances 3283.79 3969.77 1966.64Other Current Assets 0.81 26.18 118.29[A] 13523.6 15788.88 16352.42Current LiabilitiesTrade Payables 2114.37 2977.73 2572.33Other Current Liabilities 2139.21 1116.06 1923.2Short Term Provisions 1726.57 4300.07 2718.93[B] 5980.15 8393.86 7214.46TOTAL [A-B] 7543.45 7395.02 9137.96


Long Term Working Capital

Non Current AssetsLong Term Loans and Advances 0 0 2953.44Other Non Current Assets 0 0 2779.35[A] 0 0 5732.79Non Current LiabilitesOther Long Term Liabilities 0 0 185.61Long Term Provisions 0 0 139.23[B] 0 0 324.84TOTAL [A-B] 0 0 5407.95

P&L SchedulesSchedule 11Particulars Rs. (in Crores) Rs. (in Crores) Rs. (in Crores)

Revenue from OperationsInformation technology and consultancy services 26781.86 29085.21 36046.13Sale of equipment and software licences 1033.1 944.1 1278.65TOTAL 27814.96 30029.31 37324.78


Other Operating Income 0 0 0Miscellaneous Income 62.47 84.08 42.39Rent Income 5.97 7.26 4.54Exchange Gain/Loss -781.36 -190.88 -36.23Other Incomes 0 0 0TOTAL -712.92 -99.54 10.7


Cost of Goods SoldMaterials Consumed 0 0 0Direct Labor 6,916.42 7,646.89 9,624.18Services Rendered by associates and others 1,108.71 1,261.97 1,836.55Manufacturing Expenses(A) 6576.324 6344.574 7539.382TOTAL 14601.458 15253.432 19000.108

Schedule 11(A)Particulars Rs. (in Crores) Rs. (in Crores) Rs. (in Crores)

Manufacturing OverheadsContribution to Provident and other funds 232.06 264.68 320.01Expense on Employee stock Compensation 0.00 0.00 0.00

Repairs to Office & Computers 77.89 90.95 118.10Rates and taxes 79.23 64.95 79.98Cost of Software Licenses 423.51 464.24 524.10Insurance 50.60 45.31 30.98Hire Charges 0.00 0.00 0.00Software Hardware & Project Expense 1,031.22 987.79 1,100.99Gratuity 68.34 65.48 94.93Superannuation Scheme 97.66 77.21 99.82Overseas Employee Allowances 3,657.82 3,348.94 3,989.35Impairment of Goodwill 0.00 21.43 0.00Social Security for Overseas Employees 263.94 213.76 261.33Staff welfare expenses 594.05 699.83 919.79TOTAL 6576.324 6344.574 7539.382


Selling, General & Administrative ExpensesRent 595.89 720.53 734.77Other Repair Expenses 14.24 11.97 12.47Repairs (Buildings) 84.4 109.85 126.12Salaries 1729.106 1911.722 2406.044Provision for doubtful receivables and bad debts 63.09 169.67 -102.3Provision for doubtful Advances 10.7 4.36 4.05Bad debts written off 34.47 24.65 24.94Advances written off 0 0 0.41Entertainment 15.24 16.78 25.14Other Overseas Expenses 156.2 158.57 223.32Overseas Travel 303.87 225.32 319.2Travelling and motor car expenses 408.64 341.9 473.73Printing and stationery 54.39 51.49 45.87Legal & Professional charges 256.63 206 222.43Commission and brokerage 30.52 6.59 20.37Miscellaneous Expenses 0 0 0Electricity Expenses 196.23 233.72 302.08Communication expense 390.33 422.87 542.34Recruitment & Training expense 120.99 112.21 210.68Overseas Employee Allowances 914.46 837.24 997.34Subcontract charges 0 0 0General Office Expenses 0 0 0TOTAL 5379.392 5565.438 6589.002

Schedule 14

Particulars Rs. (in Crores) Rs. (in Crores) Rs. (in Crores)Depreciation & AmortizationDepreciation on tangible assets 497.91 601.8 686.21Amortization on intangible assets 66.17 59.09 49.05Depreciation on investment property 0 0 0Share of JV 0 0 0TOTAL 564.08 660.89 735.26


Interest expenseInterest expense on term borrowings 0 0 0Interest expense on corporate deposit 0 0 0Short Term Loans 0 0 0Others 28.66 16.1 26.48TOTAL 28.66 16.1 26.48

Schedule 16Rs. (in Crores) Rs. (in Crores) Rs. (in Crores)

Non-Operating IncomeIntrest Income 102.32 205.11 497.23Sale of Investments 50.41 157.02 81.85Dividend Received on Current Investment 125.89 13.38 16.04Profit on sale of fixed assets 7.31 0 0Profit on redemption of mutual funds and sale of other cu 0 0 0Diminution in value of Investments 0 0 0TOTAL 285.93 375.51 595.12


Non-Operating Expense 0 0 0Other Expenses 662.23 515.5 555.96Foreign Exchange loss 0 0 0Donations 0 0 0Diminution in Value of Investments 0 1.08Loss on sale of Fixed Assets 3.9 1.82TOTAL 662.23 519.4 558.86


Tax ExpenseCurrent tax 1197.53 1709.83 2065.95

Fringe benefit tax 26.44 -4.57 -0.03MAT credit entitlement -423.73 -320.58 -252.24Deferred tax 38.71 187.71 17.15TOTAL 838.95 1196.97 1830.83


Share in Income From AssociatesShare on loss of Associates -0.7 -1.03 -0.3Exceptional ItemsTOTAL -0.7 -1.03 -0.3

2012 2013 2014

Balance Sheet Schedules

Rs. (in crores) Rs. (in crores) Rs. (in crores)0.309962979018 0.288301160386 0.298811245541

195.72 195.72 195.87100.00 100.00 0.00295.72 295.72 195.87

Rs. (in crores) Rs. (in crores) Rs. (in crores)

24.5 24.5 24.51918.47 1918.47 1918.87

0.4 0.4 157.520 16.65 73.68

779.42 972.11 1547.784533.27 5841.8 5742.39-133.09 46.11 29.64

22160.54 29529.97 39504.5129283.51 38350.01 48998.89


173.45 235.48 308.8256.04 310.22 420.06-82.59 -74.74 -111.26

Rs. (in Crores) Rs. (in Crores) Rs. (in Crores)

112.61 129.46 126.212.76 1.52 1.05

115.37 130.98 127.26

0.00 80.02 33.580.89 0.00 93.510.89 80.02 127.09

116.26 211.00 254.35

133.19 112.09 108.67102.60 86.34 83.70

1.49 1.11 1.0810.32 11.27 5.9750.27 43.99 41.32

297.87 254.80 240.74

331.48 343.59 346.1386.41 187.77 200.30

1797.19 2420.08 2905.571.74 1.54 1.345.21 3.15 1.99

496.56 507.18 655.580.10 0.07 0.02

126.80 186.87 1271.379.58 10.43 10.02

608.68 702.88 840.80965.87 1135.92 566.21391.11 492.23 235.48

4820.73 5991.71 7034.81


0 0 01.4 1.4 1.4

4.58 4.89 5.411.05 0 0







19 19 190 0 250 0 00 0 00 3 3

26.03 28.29 53.81


523.12 910.22 2190.2224.67 24.65 25

0 5.26 6.365 0 00 0.01 0

231.89 586.93 423.637.46 6.96 6.97

533.33 335.14 727.871.17 0.12 0.12

1324.3 1869.05 3379.93


17.77 21.15 15.2111520.35 14076.56 18230.4

2247.76 3160.05 4005.616003.47 6769.16 14441.842255.19 5821.36 4310.8

457.87 799.24 735.3622502.41 30647.52 41739.22

3247.87 4447.81 5536.022422.2 3081.52 3621.24

4794.05 4233.46 6385.9610464.12 11762.79 15543.2212038.29 18884.73 26196


4517.63 5234.13 7286.622659.65 2454.64 1545.337177.28 7688.77 8831.95

285.01 367.99 743.07217.65 348.92 385.59502.66 716.91 1128.66

6674.62 6971.86 7703.29


47436.63 61223 80139.841457.45 1767.3 1672.67 Inclusive of Tax

48894.08 62990.3 81812.51

Rs. (in Crores) Rs. (in Crores) Rs. (in Crores)0 0 0

34.21 24.75 74.6116.94 16.41 17.62

-426.02 49.27 17.620 0 0

-374.87 90.43 109.85


0 0 013,081.01 16,891.63 20,918.98

2,391.30 3,763.74 4,938.379669.888 12242.86 15713.742

25142.196 32898.232 41571.088


412.72 533.11 564.350.00 0.00 0.00

159.58 213.37 243.42108.24 101.50 108.19683.11 0.00 0.00

32.76 44.55 61.130.00 0.00 0.00

1,538.71 2,652.50 3,088.68108.37 149.46 132.26120.81 168.96 191.74

4,905.69 6,305.52 8,501.0321.18 0.00 0.00

421.69 680.93 1,125.521157.03 1392.96 1697.42

9669.888 12242.86 15713.742


968.22 1165.17 1421.274.51 5.32 5.61 Kindly be careful when Evaluating from Balance Sheet

161.57 191.08 250.083270.252 4222.908 5229.744

-25.69 6.24 90.967.42 4.29 10.17

44.19 42.53 -5.71-1.05 2.82 -0.1234.11 47.61 60.297.14 2.48 2.25 Kindly be careful when Evaluating

571.29 817.56 1007.88640.75 816.65 1046.75

50.59 74.22 93.33346.61 460.53 613.61

40.33 54.86 62.230 0 0

366.32 475.76 527.1650.2 766.91 874.04

223.18 249.13 303.461,226.42 1,576.38 2,125.26

0 0 00 0 0

8676.364 10982.448 13718.112


860.89 1016.26 1283.9857.05 63.66 65.17

0 0 00 0 0

917.94 1079.92 1349.15


0 0 00 0 00 0 0

22.23 48.49 38.5222.23 48.49 38.52


765.22 1039.74 134031.76 41.36 0

6.41 6.47 9.250 0.23 4.550 0 173.090 0.22 0

803.39 1088.02 1526.89

Rs. (in Crores) Rs. (in Crores) Rs. (in Crores)0 0 0

639.96 1069.11 1367.370 0 00 0 00 0 0

0.35 0 0640.31 1069.11 1367.37


3886.09 4369.3 6148.26

0.13 12.99 0.13-455.06 0.33 -51.26

31.30 368.58 27.143399.86 4014.04 6069.99


0 0 0

0 0 0

Kindly be careful when Evaluating from Balance Sheet

Kindly be careful when Evaluating

Operating Balance SheetLIABILITIES 2009 2010 2011

Particulars

Total Equity 15700.01 18466.72 24504.81Less: Non operating Investments 1605.73 3675.41 1737.34Less: Excess Cash 1307.50 3217.14 2834.62Add: Deferred Tax Laibility 68.51 -99.18 -50.69Core Equity 12855.29 11474.99 19882.16

MINORITY INTEREST 277.16 361.71 458.17

DEBTLong Term 12.95 13.73 37.70Short Term 550.26 89.52 31.57TOTAL 13695.66 11939.95 20409.60

ASSETS 2009 2010 2011

Particulars

INTANGIBLES(NET)(Goodwill not Included) 156.85 120.07 174.74GOODWILL 3440.32 3364.57 3369.02NET FIXED ASSETS 3,148.37 3,253.39 3,935.33Operating Investment 8.68 6.67 25.33Operating Working Capital 6235.95 4177.88 6303.34Long Term Working Capital 0 0 5407.95Capital Work In Progress 705.49 1,017.37 1,193.89TOTAL 13695.66 11939.95 20409.60







Operating Balance Sheet2012 2013 2014

29579.23 38645.73 49194.761324.30 1869.05 3379.933558.78 3619.69 10351.37

-82.59 -74.74 -111.2624613.56 33082.25 35352.20

558.77 695.31 707.99

115.37 130.98 127.260.89 80.02 127.09

25288.59 33988.56 36314.54

2012 2013 2014

164.68 142.71 132.073676.65 3693.59 2377.45

4,820.73 5,991.71 7,034.8126.03 28.29 53.81

8479.51 15265.04 15844.636674.62 6971.86 7703.29

1,446.37 1,895.36 3,168.4825288.59 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 & PEGYEARS 2009 2010 2011 2012 equity shares of ` 1 each(in Cr.) 97.861 195.722 195.722 195.722Total PAT(in Cr.) 5256.42 7000.64 9068.04 10413.49EPS 26.856548191 35.768265384 46.331201323 53.205488911MPS(31st March) 538.55 780.65 1,183.90 1,168.80P/E Ratio = MPS/EPS(trailing) 29.07 33.10 25.23P/E Ratio = MPS/EPS(Current Year) 21.83 25.55 21.97P/E Ratio = MPS/EPS(Forward) 16.85 22.25 16.44Growth 29.53% 28.63% 28.33% 35.66%PEG(Trailing) 0.984451209 1.156171635 0.890517392

EV/EBITDA CalculationYEARS 2009 2010 2011 2012Total Debt 563.21 103.25 69.27 116.26EBITDA 7119.11 9110.51 11746.1 14700.4no of shares 97.86 195.72 195.72 195.72Market value of equity 52703.06837 152790.45705 231715.39372 228759.99001Non-operating Investments 1,605.73 3,675.41 1,737.34 1,324.30Excess Cash 1,307.50 3,217.14 2,834.62 3,558.78Net Debt -2,350.02 -6,789.30 -4,502.69 -4,766.82EV 50,353.05 146,001.15 227,212.70 223,993.17EV/EBITDA 7.072942035 16.0255741 19.34367145 15.2372161

WACCYEARS 2013Interest 48.49Cost of Debt 29.63%Beta 0.599Cost of Equity 5.72%Total Capital 308620.09844Weight of Equity 0.999Weight of Debt 0.001Tax Rate 22.19%WACC 5.74%

PE Multiple & PEG2013 2014

195.722 195.87313917.31 19163.87

71.107504101 97.838343075 EPS Adj. For 1:1 Bonus1,575.75 2,133.15

29.62 30.0022.16 21.8016.11

37.70%0.830579736 0.795768269

EV/EBITDA Calculation2013 2014

211 254.3519199.23 26630.01

195.72 195.87308409.09844 417826.05884

1,869.05 3,379.933,619.69 10,351.37

-5,277.74 -13,476.95303,131.36 404,349.11

15.78872499 15.18396376

WACC

TCS Ltd.Date Closing Price Returns Dividends Monthly Returns(X)

31-Dec-08 477.9 31-Dec-0830-Jan-09 511.6 3 0.0642393806235615 30-Jan-0927-Feb-09 483.1 -0.0557075840500391 27-Feb-0931-Mar-09 538.55 0.114779548747671 31-Mar-0929-Apr-09 623.6 0.157924055333767 29-Apr-09

29-May-09 704.6 0.12989095574086 29-May-0930-Jun-09 389.85 779.7 5 0.0994890718137951 30-Jun-0931-Jul-09 525.95 1051.9 2 0.346543542388098 31-Jul-09

31-Aug-09 527.05 1054.1 0.0020914535602242 31-Aug-0930-Sep-09 621 1242 0.178256332416279 30-Sep-0930-Oct-09 628.3 1256.6 2 0.0101449275362318 30-Oct-0930-Nov-09 688.4 1376.8 0.0956549419067325 30-Nov-0931-Dec-09 750.25 1500.5 0.0898460197559559 31-Dec-0929-Jan-10 736.2 1472.4 2 -0.0200599800066644 29-Jan-1026-Feb-10 761.8 1523.6 0.0347731594675359 26-Feb-1031-Mar-10 780.65 1561.3 0.0247440273037543 31-Mar-1030-Apr-10 765.4 1530.8 -0.0195350028822135 30-Apr-10

31-May-10 743.05 1486.1 -0.0292004180820486 31-May-1030-Jun-10 751 1502 14 0.0012785142318822 30-Jun-1030-Jul-10 839.8 1679.6 2 0.116910785619174 30-Jul-10

31-Aug-10 843.75 1687.5 0.0047035008335318 31-Aug-1030-Sep-10 926.95 1853.9 0.0986074074074075 30-Sep-1029-Oct-10 1052.9 2105.8 0.135875721452074 29-Oct-1030-Nov-10 1076 2152 2 0.0209896476398517 30-Nov-1031-Dec-10 1165.65 2331.3 0.0833178438661711 31-Dec-1031-Jan-11 1159.5 2319 2 -0.0061339166988376 31-Jan-1128-Feb-11 1110.25 2220.5 -0.042475204829668 28-Feb-1131-Mar-11 1183.9 2367.8 0.0663364107183068 31-Mar-1129-Apr-11 1165.65 2331.3 -0.0154151533068671 29-Apr-11

31-May-11 1157.15 2314.3 -0.0072920688028139 31-May-1130-Jun-11 1184.2 2368.4 8 0.0199196301257399 30-Jun-1129-Jul-11 1137 2274 3 -0.0411248099983111 29-Jul-11

30-Aug-11 1042.4 2084.8 -0.0832014072119612 30-Aug-1130-Sep-11 1037.3 2074.6 -0.004892555640829 30-Sep-1131-Oct-11 1115.8 2231.6 3 0.0742311770943796 31-Oct-1130-Nov-11 1115.55 2231.1 -0.000224054490052 30-Nov-1130-Dec-11 1160.65 2321.3 0.0404284881896823 30-Dec-1131-Jan-12 1132.4 2264.8 3 -0.0256321888596907 31-Jan-1229-Feb-12 1221.95 2443.9 0.0790798304486047 29-Feb-1230-Mar-12 1168.8 2337.6 -0.0434960513932649 30-Mar-1230-Apr-12 1246.6 2493.2 0.0665639972621492 30-Apr-12

31-May-12 1245.35 2490.7 -0.0010027274185785 31-May-1229-Jun-12 1277.45 2554.9 16 0.0193519894005702 29-Jun-1231-Jul-12 1243.65 2487.3 3 -0.0276331754667501 31-Jul-12

31-Aug-12 1343.75 2687.5 0.0804888835283238 31-Aug-12

28-Sep-12 1295.9 2591.8 -0.0356093023255813 28-Sep-1231-Oct-12 1315.5 2631 3 0.0139671270931398 31-Oct-1230-Nov-12 1314 2628 -0.0011402508551881 30-Nov-1231-Dec-12 1255.85 2511.7 -0.0442541856925419 31-Dec-1231-Jan-13 1344.15 2688.3 3 0.069116534617988 31-Jan-1328-Feb-13 1517 3034 0.128594278912324 28-Feb-1328-Mar-13 1575.75 3151.5 0.0387277521423863 28-Mar-1330-Apr-13 1378.4 2756.8 -0.125241948278597 30-Apr-13

31-May-13 1498.45 2996.9 0.0870937318630296 31-May-1328-Jun-13 1518.15 3036.3 13 0.0088091027394975 28-Jun-1331-Jul-13 1815.5 3631 4 0.194545993478905 31-Jul-13

30-Aug-13 2033.2 4066.4 0.119911870008262 30-Aug-1330-Sep-13 1927.8 3855.6 -0.0518394648829432 30-Sep-1331-Oct-13 2112.05 4224.1 4 0.0945378151260505 31-Oct-1329-Nov-13 2004.35 4008.7 -0.0509931109585475 29-Nov-1331-Dec-13 2172.05 4344.1 0.083668022052037 31-Dec-1331-Jan-14 2241.05 4482.1 4 0.0308464353951336 31-Jan-14

0.0388322660847587

Beta 0.447097475429105Bloomberg Adj. 0.631398316952737

CNX Nifty 10 Yr Bond Yeild

Closing Price Monthly Returns(Y) Rfr (Yearly) Rfr (Monthly)2959.15

2874.8 -0.0285048071236672 6.0041 0.005003416666672763.65 -0.0386635592041186 6.5711 0.55%3020.95 0.0931015143017386 7.0414 0.59%3473.95 0.149952829407968 6.2923 0.52%4448.95 0.280660343413118 6.7528 0.56%

4291.1 -0.03548028186426 6.9536 0.58%4636.45 0.0804805294679685 6.9926 0.58%

4662.1 0.005532249889463 7.4969 0.62%5083.95 0.0904849745822697 7.3377 0.61%

4711.7 -0.0732206256945879 7.5877 0.63%5032.7 0.0681282764182779 7.458 0.62%

5201.05 0.0334512289625848 7.7366 0.64%4882.05 -0.0613337691427692 7.5814 0.63%

4922.3 0.0082444874591616 7.857 0.65%5249.1 0.0663917274444874 7.825 0.65%

5278 0.0055057057400316 7.7766 0.65%5086.3 -0.0363205759757484 7.5206 0.63%5312.5 0.0444724062678174 7.5758 0.63%5367.6 0.0103717647058824 7.8286 0.65%5402.4 0.0064833445115134 7.9863 0.67%

6029.95 0.116161335702651 7.8963 0.66%6017.7 -0.0020315259662186 8.1179 0.68%5862.7 -0.025757349153331 8.0498 0.67%6134.5 0.046360891739301 7.9534 0.66%5505.9 -0.102469638927378 8.1505 0.68%

5333.25 -0.0313572712907971 8.0983 0.67%5833.75 0.0938452163315052 8.0223 0.67%

5749.5 -0.0144418255838869 8.1267 0.68%5560.15 -0.0329332985476999 8.4123 0.70%

5647.4 0.0156920226972294 8.3518 0.70%5482 -0.0292878138612458 8.4792 0.71%5001 -0.0877417001094491 8.3543 0.70%

4943.25 -0.0115476904619076 8.3975 0.70%5326.6 0.0775501947099581 8.8849 0.74%

4832.05 -0.0928453422445838 8.7594 0.73%4624.3 -0.0429941743152492 8.5459 0.71%

5199.25 0.124332331379884 8.2878 0.69%5385.2 0.0357647737654469 8.2 0.68%

5295.55 -0.0166474782737874 8.5607 0.71%5248.15 -0.0089509116144689 8.6523 0.72%4924.25 -0.0617169859855377 8.4599 0.70%

5278.9 0.0720211199675077 8.2269 0.69%5229 -0.0094527268938604 8.2631 0.69%

5258.5 0.005641614075349 8.3135 0.69%

5703.3 0.084586859370543 8.1388 0.68%5619.7 -0.0146581803517263 8.201 0.68%

5879.85 0.0462925067174405 8.19812 0.68%5905.1 0.004294327236239 8.20034 0.68%

6034.75 0.0219555977036798 7.94172 0.66%5693.05 -0.0566220638800281 7.92412 0.66%5682.55 -0.001844354080853 8.0102 0.67%

5930.2 0.0435807867946608 7.7879 0.65%5985.95 0.0094010320056659 7.4803 0.62%

5842.2 -0.0240145674454347 7.4604 0.62%5742 -0.0171510732258396 8.27273 0.69%

5471.8 -0.0470567746429815 8.783 0.73%5735.3 0.0481559998537958 8.7629 0.73%

6299.15 0.0983122068592749 8.7086 0.73%6176.1 -0.0195343816229173 8.7178 0.73%

6304 0.0207088615793137 8.7689 0.73%6089.5 -0.0340260152284264 8.8698 0.74%

0.01463028509121060.0043921906255387 Avg Annual

SUMMARY OUTPUT

Regression StatisticsMultiple R 0.376799505R Square 0.141977867Adjusted R Square 0.127435119Standard Error 0.073267289Observations 61

ANOVAdf SS MS F

Regression 1 0.05240761644108 0.05240761644108 9.762795Residual 59 0.31671763863753 0.00536809557013Total 60 0.36912525507861

Coefficients Standard Error t Stat P-valueIntercept 0.029353106 0.00943864360781 3.10988600521208 0.002881X Variable 1 0.447097475 0.14309192729293 3.12454716270494 0.002761

Y X

Ri-rfr Rm-rfr

0.059236 -0.033508-0.061184 -4.41%0.108912 8.72%

0.15268 14.47%0.124264 27.50%0.093694 -4.13%0.340716 7.47%

-0.004156 -0.07%0.172142 8.44%0.003822 -7.95%

0.08944 6.19%0.083399 2.70%

-0.026378 -6.77%0.028226 0.17%0.018223 5.99%

-0.026016 -0.10%-0.035468 -4.26%-0.005035 3.82%0.110387 0.38%

-0.001952 -0.02%0.092027 10.96%0.129111 -0.88%0.014281 -3.25%

0.07669 3.97%-0.012926 -10.93%-0.049224 -3.81%0.059651 8.72%

-0.022187 -2.12%-0.014302 -3.99%

0.01296 0.87%-0.048191 -3.64%-0.090163 -9.47%

-0.01189 -1.85%0.066827 7.01%

-0.007524 -10.01%0.033307 -5.01%

-0.032539 11.74%0.072246 2.89%-0.05063 -2.38%0.059354 -1.62%

-0.008053 -6.88%0.012496 6.52%

-0.034519 -1.63%0.073561 -0.13%

-0.042392 7.78%0.007133 -2.15%

-0.007972 3.95%-0.051088 -0.25%0.062498 1.53%0.121991 -6.32%0.032053 -0.85%

-0.131732 3.71%0.08086 0.32%

0.002592 -3.02%0.187652 -2.40%0.112593 -5.44%

-0.059142 4.09%0.087281 9.11%

-0.058258 -2.68%0.076361 1.34%0.023455 -4.14%

0.09557Avg Annual

Significance F0.002761

Lower 95%Upper 95%Lower 95.0%Upper 95.0%0.010466 0.04824 0.010466 0.048240.160771 0.733424 0.160771 0.733424

ALTAMAN'S Z SCORE

2009 2010 2011

WORKING CAP/ TOTAL ASSET 45.42% 39.27% 36.58%RETAINED EARNINGS/TOTAL ASSET 52.31% 62.84% 54.46%EBIT/TOTAL ASSET 39.47% 44.87% 44.08%MV OF SHARES/BV OF TOTAL LIABILITIES 317.32% 811.31% 927.55%SALES/TOTAL ASSET 1.67 1.59 1.49

6.16 9.29 9.72

AMOUNT (millon) AMOUNT (millon) AMOUNT (millon)NET DEBT -744.29 -3,113.89 -2,765.35MARKET VALUE OF EQUITY 52703.07 152790.46 231715.39ENTERPRISE VALUE 51,958.78 149,676.56 228,950.04

CREDIT ANALYSIS

PARTICULARS 2008-2009 2009-2010 2010-2011Total Debt/Capital 0.041 0.009 0.003EBIT/Interest 228.72 524.82 415.82EBIDTA/Interest 248.40 565.87 443.58FCFF/Debt 11.38 24.91ROC 41.33% 60.55% 44.99%Long Term Debt/ Total Capital 0.001 0.001 0.002

ALTMAN'S Z SCORE

2012 2013 Average

39.90% 47.84% 0.4261.76% 56.13% 0.5845.68% 45.90% 0.44

758.19% 781.23% 7.191.62 1.60 1.60

9.02 9.16 8.67

AMOUNT (millon) AMOUNT (millon)-3,442.52 -3,408.69

228759.99 308409.10225,317.47 305,000.41

2011-2012 2012-20130.005 0.006

619.99 373.67661.29 395.94

86.68 40.5441.19% 41.48%

0.004 0.003

Valuation2009 2010

Particulars

TAX RATE 13.64% 14.44%TOI 27099.96 29929.38NOPAT=EBIT*(1-Tax rate)(A) 5660.84 7229.55NOPAT MARGIN=NOPAT/TOI 20.89% 24.16%

Increase in DTL(B) NA -167.69Impairment of Goodwill (C) 0.00 21.43Adjusted NOPAT(A+B+C) NA 7,083.29

Adjusted NOPAT Margin= Adjusted NOPAT/TONA 23.67%TOI/Capital Employed (Beg) 218.53%TOI/Capital Employed (Avg.) 233.50%ROC(Beg) 51.72%ROC(Avg) 55.26%

Interest(1-Tax) 24.75 13.78Op PAT=Adj. NOPAT + Interest(1-Tax) NA 7,097.06Op PAT Adj./TOI NA 23.71%CE(Beg)/Core Equity(Beg) 1.06537151153447CE(Avg.)/Core Equity(Avg.) 1.05365043065678ROE(Beg) 55.21%ROE(Avg) 58.34%

Bloomberg Adj. Beta 0.63139831695274RFR 8.75%RP 7.50%Ke 13.49%

Time(in yrs) Op. PAT(Adj)0 2014 19,232.581 2015 23463.74674100042 2016 28625.77102402053 2017 34923.4406493054 2018 42606.59759215215 2019 51980.04906242556 2020 62227.5444490187 2021 73072.91648156118 2022 84138.2438344832



9 2023 94956.018041773910 2024 104994.22566333311 2025 113693.74721829512 2026 120515.37205139213 2027 127746.294374476

Valuation2011 2012 2013 2014

Amount in Rs. Crores Amount in Rs. Crores

16.61% 24.42% 22.19% 23.90%37335.21 48518.96 63079.91 81919.21

9181.63 10416.99 14098.71 19239.7824.59% 21.47% 22.35% 23.49%

48.49 -31.90 7.85 -36.520.00 21.18 0.00 0.00

9,230.12 10,406.27 14,106.56 19,203.26

24.72% 21.45% 22.36% 23.44%312.69% 237.73% 249.44% 241.02%230.82% 212.35% 212.83% 233.05%

77.30% 50.99% 55.78% 56.50%57.06% 45.54% 47.60% 54.63%

22.08 16.80 37.73 29.329,252.21 10,423.08 14,144.29 19,232.58

24.78% 21.48% 22.42% 23.48%1.0405194394137 1.02652831077596 1.02742512496617 1.027395654479891.0316482929415 1.02702439877528 1.02740822685832 1.02730569099903

80.63% 52.42% 57.47% 58.14%59.01% 46.85% 49.03% 56.21%

High Growth Terminal AssumptionsG 22.00% G 6.00%ROE 60.00% ROE 30.00%RR 36.67% RR 20.00%

G RR Ke DF FCFE

22.00% 36.67% 13.49% 0.881169939092482 14860.3729422.00% 36.67% 13.49% 0.776460461560249 18129.6549822.00% 36.67% 13.49% 0.684193617620766 22118.1790822.00% 36.67% 13.49% 0.602890848366355 26984.1784822.00% 36.67% 13.49% 0.531249292134396 32920.6977419.71% 34.29% 13.49% 0.46812090639299 40892.3863517.43% 31.90% 13.49% 0.412494070574229 49759.1764615.14% 29.52% 13.49% 0.363477375043903 59297.42899



12.86% 27.14% 13.49% 0.320285336428932 69182.2417210.57% 24.76% 13.49% 0.282225810393297 78995.6555

8.29% 22.38% 13.49% 0.248688900154588 88248.003796.00% 20.00% 13.49% 0.219137183002195 96412.297646.00% 20.00% 13.49% 0.193097098198942 102197.0355

PV 12 YRS 224809.911588413Terminal Value 1365268.95779166PV of TV 299181.193450806Total Core Value 523991.105039219

Non Op. Investments 3379.93Excess Cash 10351.37

Total Value of Firm 537722.4070No. of Shares 195.873Share Price 2745.26331784848

Current Share Price 2679 as on Oct 10

Documents

TCS - NSE Valuation File