Final Model TCS
Final Model TCS
Final Model TCS
0.22%
3.55%
-12.31%
33.15%
3433
VAR% INR VAR
-4.64% -159.34
-8.11% -278.30
-9.44% -324.06
cmp debt ev rs
EV/EBITDA
19.24
14.17
12.06
11.75
21.08
12.98
16.27
21.17
11032 19.4
12173 14.35
14724 12.67
9188 11.97
2932 21.96
4254.7 14.21
689.9 22.22
TCS TCS 3369.6 7688 1232954 0.09
2 Infosys 1330.4 8483 552141.6 0.11
3 HCL Techno 1116.75 4786 303048.5 0.07
4 Wipro 404.55 17466.6 222071.7 0.22
5 LTIMindtre 4922.75 354 145662.3 0.02
COMPANY NAME TATA CONSULTANCY SERVICES LTD
LATEST VERSION 2.10
CURRENT VERSION 2.10
META
Number of shares 365.91
Face Value 1.00
Current Price 3,357.55 3,438.00 cmp
Market Capitalization 1,228,544.83
Quarters
Report Date Mar-21 Jun-21 Sep-21
Sales 43,705.00 45,411.00 46,867.00
Expenses 30,904.00 32,748.00 33,751.00
Other Income 931.00 721.00 1,111.00
Depreciation 1,067.00 1,075.00 1,116.00
Interest 138.00 146.00 142.00
Profit before tax 12,527.00 12,163.00 12,969.00
Tax 3,245.00 3,132.00 3,316.00
Net profit 9,246.00 9,008.00 9,624.00
Operating Profit 12,801.00 12,663.00 13,116.00
BALANCE SHEET
Report Date Mar-14 Mar-15 Mar-16
Equity Share Capital 195.87 195.87 197.00
Reserves 48,998.89 50,438.89 70,875.00
Borrowings 296.87 357.70 245.00
Other Liabilities 17,337.35 22,325.46 16,974.00
Total 66,828.98 73,317.92 88,291.00
Net Block 9,544.33 11,638.17 11,774.00
Capital Work in Progress 3,168.48 2,766.37 1,670.00
Investments 3,433.74 1,661.78 22,822.00
Other Assets 50,682.43 57,251.60 52,025.00
Total 66,828.98 73,317.92 88,291.00
Receivables 18,230.40 20,437.94 24,073.00
Inventory 15.21 16.07 16.00
Cash & Bank 14,441.84 18,556.04 6,788.00
No. of Equity Shares 1,958,727,979.00 ### ###
New Bonus Shares
Face value 1.00 1.00 1.00
Total Assets
102,333.00 105,126.00 113,901.00 120,120.00
129,120.00 137,256.00 154,105.00 160,323.00
231,453.00 242,382.00 268,006.00 280,443.00
Other Asset 20,324.00 23,737.00 31,114.00
CASH FLOW:
Report Date Mar-14 Mar-15 Mar-16
Cash from Operating Activity 14,751.41 19,368.78 19,109.00
Cash from Investing Activity -9,451.67 -1,807.14 -5,010.00
Cash from Financing Activity -5,673.24 -17,167.61 -9,666.00
Net Cash Flow -373.50 394.03 4,433.00
DERIVED:
Adjusted Equity Shares in Cr 391.75 391.75 394.09
cash flow
Cash from Operating Activity - 7,127 11,615 14,751
Profit from operations 14,228 18,203 25,246
Receivables -3,343 -2,623 -4,016
Inventory 5 -3 6
Payables 1,340 2,310 1,667
Loans Advances -561 -557 -296
Other WC items -623 -893 -812
Working capital changes -3,182 -1,767 -3,451
Direct taxes -4,068 -4,822 -7,044
Exceptional CF items 150 0 0
Cash from Investing Activity - -2,727 -6,038 -9,452
Fixed assets purchased -2,007 -2,638 -3,126
Fixed assets sold 20 5 14
Investments purchased -16,938 -28,738 -82,613
Investments sold 17,385 28,218 81,327
Interest received 419 799 1,368
Dividends received 6 6 9
Acquisition of companies 0 -163 -452
Inter corporate deposits -683 -2,751 875
Other investing items -930 -776 -6,852
Cash from Financing Activity - -3,955 -5,729 -5,673
Proceeds from shares 10 0 0
Proceeds from borrowings 0 82 8
Repayment of borrowings -34 -3 -1
Interest paid fin -22 -48 -38
Dividends paid -3,897 -5,737 -5,520
Financial liabilities 0 0 0
Other financing items -11 -23 -122
Net Cash Flow 445 -152 -374
balance sheet
1,844.00
127,522.00
28,913.00
7,883.00
3,449.00
5,022.00
779.00
56,907.00
14,604.00
42,147.00
42,090.00
47,948.00
Jun-23
59,381.00
44,383.00
1,397.00
1,243.00
163.00
14,989.00
3,869.00
11,074.00
14,998.00
Mar-23
366.00
90,058.00
7,688.00
44,747.00
142,859.00
20,515.00
1,234.00
37,163.00
83,947.00
142,859.00
49,954.00
28.00
11,032.00
###
1.00
Mar-23
41,965.00
548.00
-47,878.00
-5,365.00
3,205.90
365.91
38,802 39,949 41,965
47,031 54,204 59,148
1,059 -5,144 -7,683
-3 -12 -8
-93 186 2,036
-17 -116 261
-83 2,317 1,177
863 -2,769 -4,217
-9,092 -11,486 -12,966
0 0 0
-7,956 -738 548
-3,176 -2,995 -3,100
37 31 37
-54,462 -75,374 -129,745
51,630 73,852 122,687
2,730 2,700 3,080
8 4 13
0 0 0
-3,058 4,879 5,361
-1,665 -3,835 2,215
-32,634 -33,581 -47,878
0 0 0
0 0 0
0 0 0
-634 -698 -779
-10,907 -13,375 -41,410
-1,336 -1,417 -1,515
-19,757 -18,091 -4,174
-1,788 5,630 -5,365
Narration Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Cash from Operating Activity 14,751.41 19,368.78 19,109.00 25,223.00 25,067.00 28,593.00 32,369.00 38,802.00 39,949.00 41,965.00
Cash from Investing Activity -9,451.67 -1,807.14 -5,010.00 -16,895.00 3,104.00 1,645.00 8,968.00 -7,956.00 -738.00 548.00
Cash from Financing Activity -5,673.24 -17,167.61 -9,666.00 -11,026.00 -26,885.00 -27,897.00 -39,915.00 -32,634.00 -33,581.00 -47,878.00
Net Cash Flow -373.50 394.03 4,433.00 -2,698.00 1,286.00 2,341.00 1,422.00 -1,788.00 5,630.00 -5,365.00
Historical Financial Statement - TATA CONSULTANCY SERVICES LTD
Years Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 LTM
# Income Statement
Sales ₹ 117,966.0 ₹ 123,104.0 ₹ 146,463.0 ₹ 156,949.0 ₹ 164,177.0 ₹ 191,754.0 ₹ 225,458.0 ₹ 232,081.0
Sales Growth 0 4.36% 18.98% 7.16% 4.61% 16.80% 17.58% 2.94%
Gross Profit ₹ 53,537.00 ₹ 54,008.00 ₹ 65,947.00 ₹ 69,092.00 ₹ 70,901.00 ₹ 83,037.00 ₹ 96,055.00 ₹ 60,841.00
Gross Margin 45.38% 43.87% 45.03% 44.02% 43.19% 43.30% 42.60% 26.22%
Selling &General Expenses ₹ 21,226.00 ₹ 21,492.00 ₹ 26,441.00 ₹ 26,983.00 ₹ 24,355.00 ₹ 29,980.00 ₹ 36,796.00 ₹ 0.00
S&G Exp%Saleas 17.99% 17.46% 18.05% 17.19% 14.83% 15.63% 16.32% 0.00%
Earnings Before tax ₹ 33,475.00 ₹ 31,247.00 ₹ 38,078.00 ₹ 39,948.00 ₹ 44,640.00 ₹ 50,987.00 ₹ 57,237.00 ₹ 55,063.00
EBT Margin 28.38% 25.38% 26.00% 25.45% 27.19% 26.59% 25.39% 23.73%
Net Profit ₹ 25,319.00 ₹ 23,035.00 ₹ 28,077.00 ₹ 30,147.00 ₹ 33,442.00 ₹ 37,749.00 ₹ 42,633.00 ₹ 43,478.00
Net Margins 21.46% 18.71% 19.17% 19.21% 20.37% 19.69% 18.91% 18.73%
No Of Equity Share Holder ₹ 394.09 ₹ 382.86 ₹ 375.24 ₹ 375.24 ₹ 369.91 ₹ 365.91 ₹ 365.91 ₹ 365.91
Earning Per Share ₹ 64.25 ₹ 60.17 ₹ 74.82 ₹ 80.34 ₹ 90.41 ₹ 103.16 ₹ 116.51 ₹ 118.82
Eps Growth% -6.35% 24.36% 7.37% 12.53% 14.11% 12.94% 1.98%
Dividend Per Share 23.5 24.9 30.0 73.0 38.0 43.0 115.0 0.0
Dividend Payout Ratio 36.57% 41.46% 40.07% 90.81% 42.04% 41.69% 98.73% 0.00%
Retanied Earning 63.43% 58.54% 59.93% 9.19% 57.96% 58.31% 1.27% 100.00%
# Balance Sheet
Equity Share Capital ₹ 197.00 ₹ 191.00 ₹ 375.00 ₹ 375.00 ₹ 370.00 ₹ 366.00 ₹ 366.00
Reserves ₹ 86,017.00 ₹ 84,937.00 ₹ 89,071.00 ₹ 83,751.00 ₹ 86,063.00 ₹ 88,773.00 ₹ 90,058.00
Borrowings ₹ 289.00 ₹ 247.00 ₹ 62.00 ₹ 8,174.00 ₹ 7,795.00 ₹ 7,818.00 ₹ 7,688.00
Other Liabilities ₹ 10,925.00 ₹ 14,846.00 ₹ 19,488.00 ₹ 22,915.00 ₹ 30,859.00 ₹ 39,062.00 ₹ 39,842.00
Payable ₹ 4,905.00 ₹ 4,905.00 ₹ 4,905.00 ₹ 4,905.00 ₹ 4,905.00 ₹ 4,905.00 ₹ 4,905.00
Total Liabilities ₹ 102,333.00 ₹ 105,126.00 ₹ 113,901.00 ₹ 120,120.00 ₹ 129,992.00 ₹ 140,924.00 ₹ 142,859.00
Fixed Assets Net Block ₹ 11,701.00 ₹ 11,973.00 ₹ 12,290.00 ₹ 20,928.00 ₹ 21,021.00 ₹ 21,298.00 ₹ 20,515.00
Capital Work in Progress ₹ 1,541.00 ₹ 1,278.00 ₹ 963.00 ₹ 906.00 ₹ 926.00 ₹ 1,205.00 ₹ 1,234.00
Investments ₹ 41,980.00 ₹ 36,008.00 ₹ 29,330.00 ₹ 26,356.00 ₹ 29,373.00 ₹ 30,485.00 ₹ 37,163.00
Other Assets ₹ 20,324.00 ₹ 23,737.00 ₹ 31,114.00 ₹ 31,727.00 ₹ 39,256.00 ₹ 27,885.00 ₹ 22,933.00
Total Non -Current Asets ₹ 75,546.00 ₹ 72,996.00 ₹ 73,697.00 ₹ 79,917.00 ₹ 90,576.00 ₹ 80,873.00 ₹ 81,845.00
Investing Activities
Fixed assets purchased ₹ (1,989.0) ₹ (1,862.0) ₹ (2,231.0) ₹ (2,730.0) ₹ (3,176.0) ₹ (2,995.0) ₹ (3,100.0)
Fixed assets sold ₹ 36.0 ₹ 58.0 ₹ 99.0 ₹ 161.0 ₹ 37.0 ₹ 31.0 ₹ 37.0
Investments purchased ₹ (121,423.0) ₹ (97,473.0) ₹ (96,751.0) ₹ (80,002.0) ₹ (54,462.0) ₹ (75,374.0) ₹ (129,745.0)
Investments sold ₹ 102,798.0 ₹ 103,482.0 ₹ 104,133.0 ₹ 84,089.0 ₹ 51,630.0 ₹ 73,852.0 ₹ 122,687.0
Interest received ₹ 1,788.0 ₹ 2,623.0 ₹ 2,619.0 ₹ 3,729.0 ₹ 2,730.0 ₹ 2,700.0 ₹ 3,080.0
Dividends received ₹ 1.0 ₹ 9.0 ₹ 18.0 ₹ 8.0 ₹ 8.0 ₹ 4.0 ₹ 13.0
Acquisition of companies ₹ 0.0 ₹ 0.0 ₹ (50.0) ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0
Inter corporate deposits ₹ 1,619.0 ₹ (2,230.0) ₹ (2,927.0) ₹ (473.0) ₹ (3,058.0) ₹ 4,879.0 ₹ 5,361.0
Other investing items ₹ 275.0 ₹ (1,503.0) ₹ (3,265.0) ₹ 4,186.0 ₹ (1,665.0) ₹ (3,835.0) ₹ 2,215.0
Cash From Investing Activities ₹ (16,895.0) ₹ 3,104.0 ₹ 1,645.0 ₹ 8,968.0 ₹ (7,956.0) ₹ (738.0) ₹ 548.0
Financing Activities
Proceeds from shares ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0
Proceeds from borrowings ₹ 87.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0
Repayment of borrowings ₹ 0.0 ₹ (19.0) ₹ (181.0) ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0
Interest paid fin ₹ (20.0) ₹ (40.0) ₹ (186.0) ₹ (924.0) ₹ (634.0) ₹ (698.0) ₹ (779.0)
Dividends paid ₹ (10,973.0) ₹ (10,760.0) ₹ (11,472.0) ₹ (37,702.0) ₹ (10,907.0) ₹ (13,375.0) ₹ (41,410.0)
Financial liabilities ₹ (66.0) ₹ (24.0) ₹ (13.0) ₹ (1,062.0) ₹ (1,336.0) ₹ (1,417.0) ₹ (1,515.0)
Other financing items ₹ (54.0) ₹ (16,042.0) ₹ (16,045.0) ₹ (227.0) ₹ (19,757.0) ₹ (18,091.0) ₹ (4,174.0)
Cash From Financing Activities ₹ (11,026.0) ₹ (26,885.0) ₹ (27,897.0) ₹ (39,915.0) ₹ (32,634.0) ₹ (33,581.0) ₹ (47,878.0)
Net Cash Flow ₹ (2,698.0) ₹ 1,286.0 ₹ 2,341.0 ₹ 1,422.0 ₹ (1,788.0) ₹ 5,630.0 ₹ (5,365.0)
Ratio Analaysis - TATA CONSULTANCY SERVICES LTD
Years Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Trend Mean Median
Sales Growth 4.36% 18.98% 7.16% 4.61% 16.80% 17.58% 11.58% 11.98%
EBITDA Growth 0.63% 21.50% 6.59% 10.54% 13.99% 11.69% 10.82% 11.11%
EBITGrowth 0.59% 22.29% 6.78% 10.78% 14.34% 12.06% 11.14% 11.42%
Net Profit Growth -9.02% 21.89% 7.37% 10.93% 12.88% 12.94% 9.50% 11.90%
Dividend Growth 6.17% 20.19% 143.33% -47.90% 13.16% 167.44% 50.40% 16.68%
Gross Margin 45.38% 43.87% 45.03% 44.02% 43.19% 43.30% 42.60% 43.91% 43.87%
EBITDA Margin 27.39% 26.41% 26.97% 26.83% 28.35% 27.67% 26.28% 27.13% 26.97%
EBIT Margin 26.38% 25.42% 26.13% 26.04% 27.58% 27.00% 25.73% 26.33% 26.13%
EBT Margin 28.38% 25.38% 26.00% 25.45% 27.19% 26.59% 25.39% 26.34% 26.00%
Net Profit Margin 21.46% 18.71% 19.17% 19.21% 20.37% 19.69% 18.91% 19.65% 19.21%
Sales Expenses %Sales 54.62% 56.13% 54.97% 55.98% 56.81% 56.70% 57.40% 56.09% 56.13%
Deprication%Sales 1.01% 0.99% 0.84% 0.79% 0.77% 0.67% 0.55% 0.80% 0.79%
Operating Income%Sales 26.38% 25.42% 26.13% 26.04% 27.58% 27.00% 25.73% 26.33% 26.13%
Return On Capital Employed 35.97% 36.66% 42.76% 44.28% 48.05% 53.40% 59.13% 45.75% 44.28%
Retained Earning% 63.43% 58.54% 59.93% 9.19% 57.96% 58.31% 1.27% 44.09% 58.31%
Return On Equity 29.37% 27.06% 31.39% 35.84% 38.69% 42.35% 47.15% 35.98% 35.84%
Self Sustained Growth Rate 18.63% 15.84% 18.81% 3.30% 22.42% 24.69% 0.60% 14.90% 18.63%
Interest Coverage Ratio 972.34x 601.90x 193.31x 44.23x 71.08x 66.03x 74.47x 28905.46% 7447.50%
Debtor Turnover Ratio 5.22x 4.94x 5.36x 5.14x 5.46x 4.59x 4.51x 502.93% 514.05%
Creditor Turnover Ratio 24.05x 25.10x 29.86x 32.00x 33.47x 39.09x 45.96x 3279.08% 3199.78%
Inventory Turnover 3068.05x 2657.54x 8051.60x 17571.40x 11659.50x 5435.85x 4621.54x 758078.17% 543585.00%
Fixed Asset Turnover 10.08x 10.28x 11.92x 7.50x 7.81x 9.00x 10.99x 965.48% 1008.17%
Capital Turnover Ratio 1.37x 1.45x 1.64x 1.87x 1.90x 2.15x 2.49x 183.74% 186.56%
Debtor Days 70 days 74 days 68 days 71 days 67 days 80 days 81 days 73 days 7100.51%
Payable Days 15 days 15 days 12 days 11 days 11 days 9 days 8 days 12 days 1140.70%
Inventory Days 0 days 0 days 0 days 0 days 0 days 0 days 0 days 0 days 6.71%
Cash Convrsion Cycle 55 days 60 days 56 days 60 days 56 days 70 days 73 days 61 days 5954.95%
CFO/Sales 21.38% 20.36% 19.52% 20.62% 23.63% 20.83% 18.61% 20.71% 20.62%
CFO/Total Assets 24.65% 23.84% 25.10% 26.95% 29.85% 28.35% 29.38% 26.87% 26.95%
CFO/Total Debt 8727.68% 10148.58% 46117.74% 396.00% 497.78% 510.99% 545.85% 9563.52% 545.85%
TATA CONSULTANCY SERVICES LTD - SalesForecasting TATA CONSULTANCY SERVICES LTD - EBITDAForecasting TATA CONSULTANCY SERVICES LTD - Earning Per Share Forecasting
Year Weig Year Sales Sales Growth Year Weig Year Sales Sales Growth Year Weig Year Sales Sales Growth
1 2017A 117966 1 2017A 32311.0 1 2017A 64.2
2 2018A 123104 4.36% 2 2018A 32516.0 0.63% 2 2018A 60.2 -6.35%
3 2019A 146463 18.98% 3 2019A 39506.0 21.50% 3 2019A 74.8 24.36%
4 2020A 156949 7.16% 4 2020A 42109.0 6.59% 4 2020A 80.3 7.37%
5 2021A 164177 4.61% 5 2021A 46546.0 10.54% 5 2021A 90.4 12.53%
6 2022A 191754 16.80% 6 2022A 53057.0 13.99% 6 2022A 103.2 14.11%
7 2023A 225458 17.58% 7 2023A 59259.0 11.69% 7 2023A 116.5 12.94%
8 2024E 229,051.6 1.59% 8 2024E 57,432.6 -3.08% 8 2024E 121.1 3.98%
9 2025E 246,104.8 7.45% 9 2025E 66,644.5 16.04% 9 2025E 130.4 7.62%
10 2026E 263,158.0 6.93% 10 2026E 71,250.4 6.91% 10 2026E 139.6 7.08%
11 2027E 280,211.2 6.48% 11 2027E 75,856.4 6.46% 11 2027E 148.8 6.61%
12 2028E 297,264.4 6.09% 12 2028E 80,462.3 6.07% 12 2028E 158.1 6.20%
Comman Size Income statement -TATA CONSULTANCY SERVICES LTD
-
Regression Beta: 5-Years Weekly
Year Annual Rm
2000 -15% Average return 15%
2001 -16% Dividend Yield 1.36% 1
2002 3% Total Market Return 15%
2003 72%
2004 11%
2005 36%
2006 40%
2007 55%
2008 -52%
2009 76%
2010 18%
2011 -25%
2012 28%
2013 7%
2014 31%
2015 -4%
2016 3%
2017 29%
2018 3%
2019 12%
2020 14%
2021 24%
2022 4%
Weighted Average Cost Of Capital
WACC 15.88%
Calculation Of ROIC Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
CURRENT ASSETS
Inventories 27,346 30,532 30,079 41,810 49,954
Trade receivables 12,848 9,666 9,329 18,221 11,032
Short term loans 30,687 31,397 38,986 27,483 22,413
Other asset items 113,901 120,120 129,992 140,924 142,859
Total Current Assets 184,782 191,715 208,386 228,438 226,258
CURRENT LIABILITIES
Trade Payables 6,292 6,740 7,860 8,045 10,515
Advance from Customers 575 345 312 468 543
Other liability items 17,073 20,112 26,917 34,747 32,907
Total Current Liabilities 23,940 27,197 35,089 43,260 43,965
NON-CURRENT ASSETS
Land 9,832 18,645 18,524 17,007 17,099
Building 552 681 737 770 828
Plant Machinery 2,377 2,522 2,587 2,693 2,820
Equipments 7,687 8,824 10,873 12,301 13,656
Computers 3,690 3,925 3,943 3,968 4,130
Furniture n fittings 39 68 86 71 77
Vehicles 1,956 2,158 2,538 3,484 3,750
Intangible Assets 115 120 122 121 126
Other fixed assets 26,593 37,984 40,451 41,541 43,780
Gross Block 14,303 17,056 19,430 20,243 23,265
Accumulated Depreciation 963 906 926 1205 1234
# Net -Non Current Assets 15,266 17,962 20,356 21,448 24,499
Calculation Of PV Of FCFF Mar/23A Feb/24F Feb/25F Feb/26F Feb/27F Feb/28F Feb/29F Feb/30F
Tax Rate 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
Less: Reinvestment Rate 26.51% 31.77% 32.82% 34.40% 37.03% 42.29% 58.06% 58.06%
Free Cash Flow To Firm(FCFF) 22081.18 21810.24 22845.09 23732.97 24236.39 23630.96 18268.99 19435.36
Mid Year Convention 0.5 1.5 2.5 3.5 4.5 5.5 6.5
Discounting Factor 0.929 0.802 0.692 0.597 0.515 0.445 0.384
TCS 3,449.4 365.9 1,262,151.7 -3,344.0 1,258,807.7 232,081.0 41,824.5 43,904.0 5.4X 19.2X 28.7X
Infosys 1,372.0 415.0 569,407.4 -3,690.0 565,717.4 150,230.0 42,009.6 24,691.0 3.8X 14.2X 23.1X
HCL Technologies 1,171.4 271.4 317,869.2 -9,930.0 307,939.2 104,288.0 86,214.6 15,095.0 3.0X 12.1X 21.1X
Wipro 413.0 549.0 226,716.4 8,278.6 234,995.0 91,790.0 74,703.1 11,693.6 2.6X 11.8X 19.4X
LTIMindtree 5,105.0 29.6 151,057.0 -2,578.0 148,479.0 34,240.9 8,342.4 4,456.1 4.3X 21.1X 33.9X
Tech Mahindra 1,220.2 97.5 118,928.0 -1,514.5 117,413.5 53,741.3 21,016.2 4,413.1 2.2X 13.0X 26.9X
Mphasis 4,238.2 18.9 79,889.1 -855.0 79,034.2 13,639.3 3,533.2 1,632.1 5.8X 16.3X 48.9X
L&T Technology 4238.2 10.6 44,797.2 -235.7 44,561.5 8,715.7 6,685.1 1,241.7 5.1X 21.2X 36.1X
2,500.00
2,000.00
1,500.00
1,000.00
500.00
0.00
Comps DCF Bear DCF Base DCF Bull 52w H/L
TATA CONSULTANCY SERICES
Year Weig Year Sales Sales Growth
1 2012A 48,894.0
2 2013A 62,989.0 28.83%
3 2014A 81,809.0 29.88%
4 2015A 94,648.0 15.69%
5 2016A 108,646.0 14.79%
6 2017A 117,966.0 8.58%
7 2018A 123,104.0 4.36%
8 2019A 146,463.0 18.98%
9 2020A 156,949.0 7.16%
10 2021A 164,177.0 4.61%
11 2022A 191,754.0 16.80%
12 2023A 225,458.0 17.58%
13 2024E 220262.91 -2.30%
14 2025E 234625.70 6.52%
15 2026E 248988.50 6.12%
16 2027E 263351.29 5.77%
SUMMARY OUTPUT
Regression Statistics
Multiple R 0.987266
R Square 0.974695
Adjusted R Square 0.972164
Standard Error 8751.441
Observations 12
ANOVA
df SS MS F Significance F
Regression 1 29499447556.0857 29499447556.09 385.17203859 2.58107E-09
Residual 10 765877182.164336 76587718.21643
Total 11 30265324738.25
150,000.0
Sales
100,000.0 Linear (Sales)
50,000.0
0.0
2010A 2015A 2020A 2025A
Tata Consultancy Services (TCS) is an Indian multinational information technology (IT) services
and consulting company with its headquarters in Mumbai, Maharashtra.It is a part of the Tata Group and operates in 150
locations across 46 countries. In July 2022, it was reported that TCS had over 600,000 employees worldwide. TCS is the
second largest Indian company by market capitalization and is among the most valuable IT service brands worldwide, and
is the top Big Tech (India) company. In 2015, TCS was ranked 64th overall in the Forbes "World's Most Innovative
Companies" ranking, making it one of the highest-ranked IT services companies and a top Indian company. As on Jun
2023, it is the world's 2nd largest IT employer.
Recent Upadate
Revenues (Rs Cr.) Net Profit (Rs Cr.) Average Total Assets (Rs Cr.)
225,458
141891.5
191,754 42,147 135458
125056
146,463.0 38,327 117010.5
0 156,949 164,177 109513.5
31,472 32,340 32,430
25.93%
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Recent Update
Tata Consultancy Services (TCS) missed street's estimates for the fourth quarter of FY23. The IT giant garnered a
consolidated PAT of ₹11,392 crore in Q4FY23, registering a growth of 14.8% YoY. Meanwhile,
its revenue from operations stood jumped by 16.9% YoY to ₹59,162 crore.TCS also declared a final dividend of ₹24 per
equity share for the fiscal year. TCS' share price gained by 1% on Wednesday with Q4 earnings in focus. "TCS reported
subdued performance in 4QFY23 with EBIT margin coming in at 24.5%, 59bps below our estimate of 25.1% while its PAT is
slightly below our estimate by 1.1%. EBIT grew by 1% QoQ (up 15% YoY) to Rs145 billion while EBIT margin stood at 24.5%
(flat QoQ /down 47bps YoY), 59bps below our estimate of 25.1%. Revenue grew by 2% QoQ/8% YoY in USD terms to
US$7,195mn, vs. our estimate of US$7,221mn. Revenue growth in CC terms stood at 10.7% YoY. Its net income stood at
Rs114bn (up 5% QoQ/ up 15% YoY) on the back of higher non-operating income, which grew 20% YoY and 126% QoQ.
Adjusted margin came in at 19.3%, broadly in line with our estimate of 19.4%,"
Average Total Assets 95312 103729.5 109513.5 117010.5 125056 135458 141891.5
Average Shareholder Equity 35779 43326 42,783 48,998 46,146 47,309 48,597
Eqity Multiplier (C) 2.7 X 2.4 X 2.6 X 2.4 X 2.7 X 2.9 X 2.9 X
Return On equity (A*B*C) 73.48% 59.61% 73.56% 66.00% 70.28% 81.02% 86.73%
Retuen On Asset
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Net Profit 26289 25826 31,472 32,340 32,430 38,327 42,147
Average Total Assets 95312 103729.5 109513.5 117010.5 125056 135458 141891.5
Retuen On Asset 27.58% 24.90% 28.74% 27.64% 25.93% 28.29% 29.70%
Return On Asset (A*B)' 27.58% 24.90% 28.74% 27.64% 25.93% 28.29% 29.70%
Dupont Summary
ROE Of TCS Has Been DecreaseTo 73.6% March17 During Covid And Made A low Of 66.00% In FY2020 Which Now Rose To
Precovid LevelsAnd Currently At 86.73% 31 March 2023
ROE Has Been Increase Significantly In Past 7Years From 73.48% To 86.73% While The Asset Efficiency Of The Company Is
Constantly Maintained Throughout The Period ,The Reason For Fall In ROI Is Reduction Net Margin In The Company From
22.29% In 2017 To 18.69% In FY2023
ROA Of TCS Has Been Decrease To 27.58% March17 During Covid And Made A low Of 25.9% In FY2020 Which Now Rose To
Precovid LevelsAnd Currently At 29.70% 31 March 2023
Disclamer: This Report Is Made As Part Of Educational Assignment And Is Meant For Eduucational Purose Only.The Author
Of The Reeport Is Not Liable For Any Losses Due To Actions Taken Basis This Report. It Is Advisable To Consult SEBI
Registered Research Analyst Before Making Any Investment.
TATA CONSULTANCY SERVICES LTD
(TCS|BSE Code532540)
INR3438
52WEEK(High -INR3575& Low -2926)
Tata Consultancy Services (TCS) is an Indian multinational information technology (IT) services and consulting company with its
headquarters in Mumbai, Maharashtra.It is a part of the Tata Group and operates in 150 locations across 46 countries. In July 2022,
it was reported that TCS had over 600,000 employees worldwide. TCS is the second largest Indian company by market capitalization
and is among the most valuable IT service brands worldwide, and is the top Big Tech (India) company. In 2015, TCS was ranked
64th overall in the Forbes "World's Most Innovative Companies" ranking, making it one of the highest-ranked IT services companies
and a top Indian company. As on Jun 2023, it is the world's 2nd largest IT employer.
Recent Upadate
Revenues (Rs Cr.) Net Profit (Rs Cr.) Average Total Assets (Rs Cr.)
140,924 142,859
113,901.0 129,992 141891.5
135458
0 120,120 22,011 125056
117010.5
19,382 109513.5
16,827
2,772
543
2019 2020 2021 2022 2023
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
1.0 X
2.31% 2.37%
0.38% 0.38%
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Recent Update
Tata Consultancy Services (TCS) missed street's estimates for the fourth quarter of FY23. The IT giant garnered a
consolidated PAT of ₹11,392 crore in Q4FY23, registering a growth of 14.8% YoY. Meanwhile,
its revenue from operations stood jumped by 16.9% YoY to ₹59,162 crore.TCS also declared a final dividend of ₹24 per
equity share for the fiscal year. TCS' share price gained by 1% on Wednesday with Q4 earnings in focus. "TCS reported
subdued performance in 4QFY23 with EBIT margin coming in at 24.5%, 59bps below our estimate of 25.1% while its PAT is
slightly below our estimate by 1.1%. EBIT grew by 1% QoQ (up 15% YoY) to Rs145 billion while EBIT margin stood at 24.5%
(flat QoQ /down 47bps YoY), 59bps below our estimate of 25.1%. Revenue grew by 2% QoQ/8% YoY in USD terms to
US$7,195mn, vs. our estimate of US$7,221mn. Revenue growth in CC terms stood at 10.7% YoY. Its net income stood at
Rs114bn (up 5% QoQ/ up 15% YoY) on the back of higher non-operating income, which grew 20% YoY and 126% QoQ.
Adjusted margin came in at 19.3%, broadly in line with our estimate of 19.4%,"
Average Total Assets 95312 103729.5 109513.5 117010.5 125056 135458 141891.5
Total Assets 102333 105126 113,901 120,120 129,992 140,924 142,859
Eqity Multiplier (C) 0.9 X 1.0 X 1.0 X 1.0 X 1.0 X 1.0 X 1.0 X
Return On equity (A*B*C) 15.69% 12.83% 14.77% 2.31% 14.91% 15.62% 0.38%
Retuen On Asset
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Retained Earnings 16060 13485 16,827 2,772 19,382 22,011 543
Average Total Assets 95312 103729.5 109513.5 117010.5 125056 135458 141891.5
Retuen On Asset 16.85% 13.00% 15.37% 2.37% 15.50% 16.25% 0.38%