Excel Sheet Made by Amol

TATA CONSULTANCY SERVICES LTD All figures in Rs crores

PROFIT & LOSS STATEMENT
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 TTM COMMON SIZE P&L STATEMENT
y-o-y Sales Growth % 17% 8% 5% 27% 7% 4% 18% 19% 6% 5% Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 TTM
Sales 73,578 85,864 92,693 97,356 123,170 131,306 135,963 160,341 190,354 202,359 212,205
Raw Material Cost 65 - 94 86 40 18 14 29 37 42 - 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Power and Fuel 493 - - - - - - - - - 1% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Other Mfr. Exp 20,458 1,731 1,664 1,920 1,963 1,578 1,216 981 1,379 3,305 28% 2% 2% 2% 2% 1% 1% 1% 1% 2%
Gross Profit 52,562 84,133 90,935 95,350 121,167 129,710 134,733 159,331 188,938 199,012 Gross Margin 71% 98% 98% 98% 98% 99% 99% 99% 99% 98%

Employee Cost 27,368 42,420 48,116 51,499 59,377 64,906 69,046 81,097 96,218 103,139 37% 49% 52% 53% 48% 49% 51% 51% 51% 51%
Selling and admin 3,074 11,240 12,246 12,395 19,101 19,658 18,423 23,724 31,422 28,935 4% 13% 13% 13% 16% 15% 14% 15% 17% 14%
Other Expenses 1,092 3,419 3,484 3,651 7,725 7,793 6,954 8,265 10,301 11,091 1% 4% 4% 4% 6% 6% 5% 5% 5% 5% Chart of Op.EBIT Margin
Depreciation 1,394 1,459 1,575 1,647 1,716 2,701 3,053 3,522 3,940 3,887 4,077 2% 2% 2% 2% 1% 2% 2% 2% 2% 2%
Operating Profit (Op. EBIT) 19,634 25,595 25,514 26,158 33,248 34,652 37,257 42,723 47,057 51,960 54,329 Op.EBIT Margin 27% 30% 28% 27% 27% 26% 27% 27% 25% 26% 26%

Other Income 4,995 3,757 4,568 5,803 7,627 8,082 4,182 7,486 5,328 6,315 9,526 7% 4% 5% 6% 6% 6% 3% 5% 3% 3%
Interest 80 13 16 30 170 743 537 486 695 673 699 0% 0% 0% 0% 0% 1% 0% 0% 0% 0%
Profit before tax 24,550 29,339 30,066 31,931 40,705 41,991 40,902 49,723 51,690 57,602 63,156 Chart of PAT Margin
Tax 5,293 6,264 6,413 6,690 10,640 8,731 9,942 11,536 12,584 14,043 14,822
PROFIT AFTER TAX (PAT) 19,257 23,075 23,653 25,241 30,065 33,260 30,960 38,187 39,106 43,559 48,334 PAT Margin 26% 27% 26% 26% 24% 25% 23% 24% 21% 22% 23%
Effective Income Tax Rate 22% 21% 21% 21% 26% 21% 24% 23% 24% 24%

Marginal Income Tax Rate 34.61% 34.61% 34.61% 35.00% 30.00% 25.17% 25.17% 25.17% 25.17% #N/A
MARGINAL INCOME TAX DATA
GROWTH ANALYSIS Source KPMG for the years from 2011 until 2019
SALES Op. EBIT PAT from FY20 onwards, it is assumed that domestic companies will take advantage of Section 115BAA
9 Year CAGR 12% 11% 9% Mar-11 32.44%
7 Year CAGR 12% 11% 9% Mar-12 32.45%
5 Year CAGR 10% 9% 8% Mar-13 33.99%
3 Year CAGR 14% 12% 12% Mar-14 33.99%
TTM CAGR 5% 5% 11% Mar-15 34.61%
Mar-16 34.61%
Mar-17 34.61%
DEBT & SOLVENCY RATIOS Mar-18 35.00%
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-19 30.00%
Debt 273 178 250 225 39 5,262 5,912 5,855 5,659 6,145 Mar-20 25.17%
Equity 45,416 65,013 78,022 75,866 78,898 74,368 74,794 77,173 74,538 72,120 Mar-21 25.17%
Mar-22 25.17%
Debt Coverage Ratios (Lower is Better) Mar-23 25.17%
Debt/Equity Ratio 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1
Debt/EBITDA 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1

Interest Expense / Debt 29% 7% 6% 13% 436% 14% 9% 8% 12% 11%

Interest Coverage Ratios (Higher is better)

Op. EBIT/Interest 246.8 1,968.8 1,594.6 871.9 195.6 46.6 69.4 87.9 67.7 77.2
EBITDA/Interest 264.3 2,081.1 1,693.1 926.8 205.7 50.3 75.1 95.2 73.4 83.0

NET DEBT (as at) Mar-24

Outstanding Debt 6,145
- Investments - Investments of 32245 NOT deducted from debt. Deduct it, only if it is liquid. Check from Annual Report
- Cash & Bank 6,599
Net Outstanding Debt -454 This is a GOOD thing. It means that the company has no net debt as its cash reserves exceeds debt

FREE CASH FLOW

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
CASH FROM OPERATIONS 17,986 23,132 21,587 23,998 26,603 33,822 36,127 37,029 39,142
- CAPEX -1,476 -1,563 -1,617 -1,533 -9,109 -3,070 -4,272 -3,063 -3,497 Chart of FCFF
- Tax Benefit from Interest (Int x Tax) -4 -6 -11 -51 -187 -135 -122 -175 #N/A
FREE CASH FLOW TO FIRM (FCFF) 16,506 21,563 19,960 22,414 17,307 30,617 31,733 33,791 #N/A

- Interest -13 -16 -30 -170 -743 -537 -486 -695 -673
+ Tax Benefit from Interest (Int x Tax) 4 6 11 51 187 135 122 175 #N/A
- Debt Repayment -95 - -25 -186 - - -57 -196 -
+ New Debt - 72 - - 5,223 650 - - 486
FREE CASH FLOW TO EQUITY (FCFE) 16,402 21,625 19,915 22,109 21,974 30,865 31,312 33,075 #N/A

FREE CASH FLOW OVER 9 YEARS FROM Mar-16 UNTIL Mar-24

Total CFO - Int Tax Shield #N/A (Cum CFO - Interest)/Cum PAT 92% (ideally, should be more than 75%. Higher the better)
- Total Capex -29,200
TOTAL FCFF #N/A Cum FCFF/Cum EBIAT #N/A
(Payout Ratio)
- Total Interest + Int Tax Benefit #N/A
Total FCFE through operations #N/A

+ INCREASE in Debt 5,872

TOTAL FCFE #N/A
#N/A
Total Dividends in 9 yrs 164,318 #N/A

CASH FLOW STATEMENT

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 TOTAL
Cash from Operating Activity 16,320 17,986 23,132 21,587 23,998 26,603 33,822 36,127 37,029 39,142 275,746
Cash from Investing Activity 586 -4,478 -15,834 5,728 5,876 12,967 -4,539 3,755 3,460 10,833 18,354
Cash from Financing Activity -16,914 -9,586 -10,891 -26,827 -27,825 -39,045 -32,023 -32,797 -47,224 -47,793 -290,925
Net Cash Flow -9 3,922 -3,593 488 2,049 525 -2,740 7,085 -6,735 2,182 3,174

VALUATION MULTIPLES
Based on Equity Value
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 2.3.25
No. of shares (in crores) 392 394 394 383 375 375 370 366 366 362 362
EPS 49 59 60 66 80 89 84 104 107 120 134
Stock Price 1,277 1,260 1,216 1,425 2,002 1,826 3,178 3,740 3,206 3,876 3,786 1/(P/E) Current Bond Yield
P / ETTM 26.0 21.5 20.3 21.6 25.0 20.6 38.0 35.8 30.0 32.2 28.3 4% 10% no margin of safety

Book Value / Share 115.9 165.0 198.0 198.2 210.3 198.2 202.2 210.9 203.7 199.3 199.3
P/B 11.0 7.6 6.1 7.2 9.5 9.2 15.7 17.7 15.7 19.4 19.0

BASED ON ENTERPRISE VALUE Based on Enterprise Value

Debt - Cash -16,230 -4,628 -1,066 -3,262 -8,861 438 2,770 -7,837 1,116 -454 Put updated figures
Enterprise Value (EV) 484,300 491,985 478,108 542,153 742,238 685,664 1,178,288 ### 1,174,187 1,402,030 -
EBIT 24,630 29,352 30,082 31,961 40,875 42,734 41,439 50,209 52,385 58,275 63,855
EV / EBITTTM 19.7 16.8 15.9 17.0 18.2 16.0 28.4 27.1 22.4 24.1

EBITDA 26,023 30,811 31,657 33,608 42,591 45,435 44,492 53,731 56,325 62,162 67,932
EV / EBITDATTM 18.6 16.0 15.1 16.1 17.4 15.1 26.5 25.3 20.8 22.6

EV / Sales 6.6 5.7 5.2 5.6 6.0 5.2 8.7 8.5 6.2 6.9

DIVIDENDS
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 2.3.25
Dividends (Rs crores) 15,474 8,570 9,259 9,550 11,250 27,375 14,060 15,738 42,090 26,426

Dividends/Net Profit 80% 37% 39% 38% 37% 82% 45% 41% 108% 61%
Dividends/Share 39.5 21.7 23.5 24.9 30.0 73.0 38.0 43.0 115.0 73.0
Stock Dividend Yield 3% 2% 2% 2% 1% 4% 1% 1% 4% 2% 2%

% RETURN IF YOU PURCHASED THE STOCK IN THE PAST AND SOLD IT TODAY
INPUT Date of Purchase Mar/20

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 2.3.25
Stock Bought - - - - - -1,826 - - - -
Dividends - - - - - 73.0 38.0 43.0 115.0 73.0
Stock Sold 3,786
Total - - - - - -1,753 38 43 115 73 3,786

IRR 19.3%

NOTE: The IRR calculated above DOES NOT account for buybacks, if any, by a company

Free CF yield / Acquirer's multiple Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
FCFF - 16,506 21,563 19,960 22,414 17,307 30,617 31,733 33,791 #N/A
EV 484,300 491,985 478,108 542,153 742,238 685,664 1,178,288 ### 1,174,187 1,402,030
FCFF / EV 0% 3% 5% 4% 3% 3% 3% 2% 3% #N/A #N/A
Acquirer's multiple 24.67 19.22 18.74 20.73 22.32 19.79 31.63 31.85 24.95 26.98

Fragility Scorecard
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Total equity 45416.44 65013 78022 75866 78898 74368 74794 77173 74538 72120
Total liabilities 62793.84 77051 89444 90632 99161 104628 109016 121134 119637 120,994
Equity as % total liabilities 72% 84% 87% 84% 80% 71% 69% 64% 62% 60% [Higher the better]

Interest + Depreciation 1473.34 1472 1591 1677 1886 3444 3590 4008 4635 4560
Operating profit % 27% 30% 28% 27% 27% 26% 27% 27% 25% 26%
Break even sales 5521.1940922349 4938.1444813 5780.1427844 6241.532686 6986.8449 13050.26734388 13101.086238828 15042.17 18749.405827 17758.988
Actual sales 73,578 85,864 92,693 97,356 123,170 131,306 135,963 160,341 190,354 202,359
Break even sales as % of sales 8% 6% 6% 6% 6% 10% 10% 9% 10% 9% [Lower the better]

ROIC 0% 70% 71% 73% 77% 69% 65% 69% 63% 65% [Higher the better]

Cash from operating activities 16,320 17,986 23,132 21,587 23,998 26,603 33,822 36,127 37,029 39,142
Interest + Depreciation 1473.34 1472 1591 1677 1886 3444 3590 4008 4635 4560
20% of borrowings 54.57 35.6 50 45 7.8 1052.4 1182.4 1171 1131.8 1229
Yearly debt obligations as a % of cash flow from 10.68 11.93 14.10 12.54 12.67 5.92 7.09 6.98 6.42 6.76 [Higher the better]

Fragility Scorecard (my assessment)

Equity as % of total liabilities 0

Breakeven sales as % of total sales 1
ROIC 1
Yearly debt obligations as % of CFO 1
Total score 3

Self Sustainable Growth Rate (SSGR) - Dr Vijay Malik

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
NFA 7996.29 9080 9231 9440 9,661 16,122 16,059 16,524 15,690 14,953
NFAT (Net fixed asset turnover) 10.06 10.12 10.43 12.90 10.19 8.45 9.84 11.82 13.21
Average NFAT over 3 years 10.20 11.15 11.17 10.51 9.49 10.04 11.62
NPM 26% 27% 26% 26% 24% 25% 23% 24% 21% 22%
Average NPM of 3 years 26% 25% 25% 24% 24% 22% 22%
Dividend Payout Ratio 80% 37% 39% 38% 37% 82% 45% 41% 108% 61%
Average DPR 38% 38% 53% 55% 56% 65% 70%
Depreciation as % of NFA 17% 16% 17% 17% 18% 17% 19% 21% 25% 26%
Average Dep 17% 17% 17% 18% 19% 22% 24%
SSGR 148% 157% 116% 96% 80% 57% 53%

Average SSGR 64%

Average Sales Growth 14%
SSGR > Sales Growth yes and it's an awesome thing
 Excel Sheet Made by Amol
TATA CONSULTANCY SERVICES LTD
(all figures in Rs crores) BALANCE SHEET COMMON SIZE BALANCE SHEET
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Equity Share Capital 196 197 197 191 375 375 370 366 366 362 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Reserves 45,221 64,816 77,825 75,675 78,523 73,993 74,424 76,807 74,172 71,758 72% 84% 87% 83% 79% 71% 68% 63% 62% 59%
Borrowings 273 178 250 225 39 5,262 5,912 5,855 5,659 6,145 0% 0% 0% 0% 0% 5% 5% 5% 5% 5%
Trade Payables (Manually copy 146 156 155 138 132 171 129 130 163 196 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Other Liabilities 16,959 11,704 11,017 14,403 20,092 24,827 28,181 37,976 39,277 42,533 27% 15% 12% 16% 20% 24% 26% 31% 33% 35%
TOTAL LIABILITIES 62,794 77,051 89,444 90,632 99,161 104,628 109,016 121,134 119,637 120,994 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Net Block 7,996 9,080 9,231 9,440 9,661 16,122 16,059 16,524 15,690 14,953 13% 12% 10% 10% 10% 15% 15% 14% 13% 12%
Capital Work in Progress 2,707 1,640 1,477 1,238 834 781 861 1,146 1,103 1,450 4% 2% 2% 1% 1% 1% 1% 1% 1% 1%
Cash & Bank 16,503 4,806 1,316 3,487 8,900 4,824 3,142 13,692 4,543 6,599 26% 6% 1% 4% 9% 5% 3% 11% 4% 5%
Investments 3,399 24,159 42,930 37,259 30,469 27,875 30,729 31,667 38,143 32,245 5% 31% 48% 41% 31% 27% 28% 26% 32% 27%
Inventory 12 9 21 25 10 5 7 19 27 27 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Receivables 17,037 19,058 16,582 18,882 24,029 28,660 25,222 36,102 42,798 46,068 27% 25% 19% 21% 24% 27% 23% 30% 36% 38%
Loans & Advances (Manually co 2 3 2 3 2 21 41 2 2 1 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Other Assets 15,138 18,296 17,885 20,298 25,256 26,340 32,955 21,982 17,331 19,651 24% 24% 20% 22% 25% 25% 30% 18% 14% 16%
TOTAL ASSETS 62,794 77,051 89,444 90,632 99,161 104,628 109,016 121,134 119,637 120,994 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

FUND FLOW ANALYSIS

5 YEAR 1 YEAR
Equity Share Capital -13 -4
Reserves -6,765 -2,414
Borrowings 6,106 486
Trade Payables 64 33
Other Liabilities 22,441 3,256
TOTAL CHANGE IN LIABILITIES 21,833 1,357

Net Block + WIP 5,908 -390

Cash & Bank -2,301 2,056
Investments 1,776 -5,898
Inventory 17 -
Receivables 22,039 3,270
Loans & Advances -1 -1
Other Assets -5,605 2,320
TOTAL CHANGE IN ASSETS 21,833 1,357

FROM THE LIABILITY SIDE RETURN ON AVERAGE INVESTED CAPITAL (ROIC)

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Operating EBIT 19,634 25,595 25,514 26,158 33,248 34,652 37,257 42,723 47,057 51,960 Median Min Max
Effective Tax Rate 22% 21% 21% 21% 26% 21% 24% 23% 24% 24% 22% 21% 26%
Operating EBIAT 15,401 20,130 20,072 20,678 24,557 27,447 28,201 32,811 35,601 39,292

Invested Capital from the Liability Side of Balance Sheet = (Book Value of Equity + Book Value of Debt - Cash)
Invested Capital 29,187 60,385 76,956 72,604 70,037 74,806 77,564 69,336 75,654 71,666
Average Invested Capital 44,786 68,671 74,780 71,321 72,422 76,185 73,450 72,495 73,660
Median Min Max
ROIC (EBIAT / Average Invested Capital) 45% 29% 28% 34% 38% 37% 45% 49% 53% 38% 28% 53%
with DuPont breakup
EBIAT/Sales 23% 22% 21% 20% 21% 21% 20% 19% 19% 21% 19% 23%
Sales/Av Invested Capital 1.9 1.3 1.3 1.7 1.8 1.8 2.2 2.6 2.7 1.8 1.3 2.7

FROM THE ASSET SIDE RETURN ON AVERAGE INVESTED CAPITAL (ROIC)

The section below breaks down ROIC into various components and thus allows us to use just one ratio-ROIC to measure it ALL operational parameters!
However it is helpful if you read a short note on this before using this section. Click HERE to read this short note
Please Manually Input the Trade Payables Data in 'Row 8' above from Screener.in BEFORE using this section

DATA NEEDED TO CALCULATE ROIC FROM THE ASSET SIDE

Net Working Capital 16,903 18,911 16,448 18,769 23,907 28,494 25,100 35,991 42,662 45,899
Average Net Working Capital 17,907 17,680 17,609 21,338 26,201 26,797 30,546 39,327 44,281
Median Min Max
Av Working Capital/Sales 21% 19% 18% 17% 20% 20% 19% 21% 22% 20% 17% 22%
Av Working Capital Turnover 4.8 5.2 5.5 5.8 5.0 5.1 5.2 4.8 4.6 5.1 4.6 5.8

Fixed Asset 10,703 10,720 10,708 10,678 10,495 16,903 16,920 17,670 16,793 16,403
Average Fixed Assets 10,712 10,714 10,693 10,587 13,699 16,912 17,295 17,232 16,598

Av Fixed Assets/Sales 12% 12% 11% 9% 10% 12% 11% 9% 8% 11% 8% 12%
Av Fixed Asset Turnover 8.0 8.7 9.1 11.6 9.6 8.0 9.3 11.0 12.2 9.3 8.0 12.2

Average Invested Capital from the Asset Side of Balance Sheet = Average Net Block & CWIP + Average Net Working Capital
Average Invested Capital 28,619 28,394 28,302 31,925 39,900 43,709 47,841 56,558 60,879

RETURN ON AVERAGE INVESTED CAPITAL (ROIC) with DETAILED BREAK-UP

Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Median Min Max Chart of Op. EBIT Margin
Operating EBIT Margin 30% 28% 27% 27% 26% 27% 27% 25% 26% 27% 25% 30%
Gross Margin 98% 98% 98% 98% 99% 99% 99% 99% 98%
- SG&A & Others -66% -69% -69% -70% -70% -69% -71% -72% -71%
- Depreciation -2% -2% -2% -1% -2% -2% -2% -2% -2%
Chart of Sales/Av Invested Capital
Sales/Av Invested Capital 3.0 3.3 3.4 3.9 3.3 3.1 3.4 3.4 3.3 3.3 3.0 3.9
Sales/Av Invested Capital is further broken down into Fixed Asset Turnover and Working Capital Turnover as below:

Av Fixed Asset Turnover 8.0 8.7 9.1 11.6 9.6 8.0 9.3 11.0 12.2

Av Working Capital Turnover 4.8 5.2 5.5 5.8 5.0 5.1 5.2 4.8 4.6
Average Inventory Days 0 0 0 0 0 0 0 0 0 Note: Inventory Days and Payable Days are calculated using Sales & not COGS
Average Receivable Days 77 70 66 64 73 72 70 76 80
Average Payable Days 1 1 1 0 0 0 0 0 0
Average Working Capital Cycle Days 76 70 66 63 73 72 70 75 80
Median Min Max Chart of ROIC Pre-Tax
ROIC Pre-Tax 89% 90% 92% 104% 87% 85% 89% 83% 85% 89% 83% 104%

Effective Tax Rate 21% 21% 21% 26% 21% 24% 23% 24% 24%
ROIC 70% 71% 73% 77% 69% 65% 69% 63% 65% 69% 63% 77%

NOTES:
1) The formula used for breaking up ROIC into its components is given in the adjacent image

2) To correctly calculate ROIC you need to several adjustments such as Identifying operating assets,
Capitalizing Operating & Financial Expenses, removing one-time & extra-ordinary items, adjusting taxes, etc
These adjustments are ESSENTIAL to get a correct measurement of ROIC or any other return such as ROE, ROA,
ROCE, etc. However, to do the same we need more granular level data from the Annual Report
HENCE, ROIC calculated without adjustments are ROUGH ESTIMATES of the actual return
 Input ONLY in Cells denoted as:

ROIC ESTIMATOR
Calculate the impact of ROIC of a company using your estimates of margins, tax and capital efficiency ratios

Historical Data of 9 years

Operating EBIT MARGIN Median
Gross Margin 98% 98%
- SG&A & Others -70% Input % as a negative number -70%
- Depreciation -2% Input % as a negative number -2%
1 Operating EBIT Margin 26%

Sales/Av Invested Capital

Fixed Asset Turnover 9.59 9.6

Working Capital Turnover 5.1

Average Inventory Days 0 0
Average Receivable Days 72 72
Average Payable Days 0 0.402683
Average Working Capital Cycle Days 72
2 Sales/Av Invested Capital 3.32

ROIC Pre-Tax ( 1 x 2) 88%

Effective Tax Rate 25% 23%

ROIC (Post Tax) 66%

1) Refer to the historical ranges of these inputs so that you make more informed estimates.
It is very much possible that you can have estimates higher/lower than the historical ranges.
But you should have strong reasons for doing so
2) Remember that these historical numbers are without adjustments as stated in the previous tab

CONVERTING ROIC TO ROE

Historical Data of 9 years
Median
Debt / Equity 0.08 0.08
Interest / Book Value of Debt 0.12 12%
Tax Rate 25% 22%
ROE 70%

NOTES:
1) The adjacent formula is used to convert ROIC (calculated from above) into ROE
capital efficiency ratios

Historical Data of 9 years

Min Max
98% 99%
-72% -66%
-2% -1%

8.0 12.2

0 0
64 80
0.280911 0.641887

21% 26%

previous tab

Historical Data of 9 years

Min Max
0.00 0.09
8% 436%
21% 26%
TATA CONSULTANCY SERVICES LTD
QUARTER ANALYSIS

Latest Quarter Latest 6 Months Period Latest 9 Months Period

Dec-24 Dec-23 Growth Latest Year Ago Growth Latest Year Ago Growth
Sales 53,883 50,844 6% 107,873 101,009 7% 160,717 150,871 7%
Expenses 39,156 36,481 78,588 72,844 116,857 109,570
Depreciation 1,125 964 2,133 1,943 3,102 2,912
Operating Profit 13,602 13,399 2% 27,152 26,222 4% 40,758 38,389 6%

Other Income 2,118 851 5,303 2,606 7,720 4,509

Interest 211 204 357 338 502 476
Profit before tax 14,384 13,082 29,965 26,547 44,874 39,510
Tax 3,677 3,293 7,272 6,808 11,035 10,256
Net profit 10,707 9,789 9% 22,693 19,739 15% 33,839 29,254 16%

EBIT Margin 25% 26% 25% 26% 25% 25%

EBITDA Margin 27% 28% 27% 28% 27% 27%
PAT Margin 20% 19% 21% 20% 21% 19%

Dec-24 Dec-23 Dec-22 Sep-24 Sep-23 Sep-22 Jun-24 Jun-23 Mar-24 Mar-23
Sales 53,883 50,844 49,275 53,990 50,165 46,819 52,844 49,862 51,488 49,780
6% 3% 8% 7% 6% 3%

Operating Profit 13,602 13,399 12,520 13,550 12,823 11,806 13,606 12,167 13,571 11,862
2% 7% 6% 9% 12% 14%
COMPANY NAME TATA CONSULTANCY SERVICES LTD
LATEST VERSION 2.10 PLEAS
CURRENT VERSION 2.10

META
Number of shares 361.81
Face Value 1.00
Current Price 3,786.00
Market Capitalization 1,369,807.93

PROFIT & LOSS

Report Date Mar-15 Mar-16 Mar-17 Mar-18
Sales 73,578.06 85,864.00 92,693.00 97,356.00
Raw Material Cost 64.62 94.00 86.00
Change in Inventory -0.15
Power and Fuel 493.36
Other Mfr. Exp 20,457.97 1,731.00 1,664.00 1,920.00
Employee Cost 27,368.32 42,420.00 48,116.00 51,499.00
Selling and admin 3,073.56 11,240.00 12,246.00 12,395.00
Other Expenses 1,091.88 3,419.00 3,484.00 3,651.00
Other Income 4,995.11 3,757.00 4,568.00 5,803.00
Depreciation 1,393.77 1,459.00 1,575.00 1,647.00
Interest 79.57 13.00 16.00 30.00
Profit before tax 24,549.97 29,339.00 30,066.00 31,931.00
Tax 5,293.01 6,264.00 6,413.00 6,690.00
Net profit 19,256.96 23,075.00 23,653.00 25,241.00
Dividend Amount 15,473.73 8,569.50 9,259.00 9,550.00

Quarters
Report Date Sep-22 Dec-22 Mar-23 Jun-23
Sales 46,819.00 49,275.00 49,780.00 49,862.00
Expenses 34,037.00 35,759.00 36,910.00 36,726.00
Other Income 1,622.00 1,558.00 1,433.00 1,903.00
Depreciation 976.00 996.00 1,008.00 969.00
Interest 125.00 136.00 250.00 138.00
Profit before tax 13,303.00 13,942.00 13,045.00 13,932.00
Tax 3,244.00 3,283.00 3,245.00 3,448.00
Net profit 10,059.00 10,659.00 9,800.00 10,484.00
Operating Profit 12,782.00 13,516.00 12,870.00 13,136.00

BALANCE SHEET
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Equity Share Capital 195.87 197.00 197.00 191.00
Reserves 45,220.57 64,816.00 77,825.00 75,675.00
Borrowings 272.85 178.00 250.00 225.00
Other Liabilities 17,104.55 11,860.00 11,172.00 14,541.00
Total 62,793.84 77,051.00 89,444.00 90,632.00
Net Block 7,996.29 9,080.00 9,231.00 9,440.00
Capital Work in Progress 2,706.94 1,640.00 1,477.00 1,238.00
Investments 3,398.70 24,159.00 42,930.00 37,259.00
Other Assets 48,691.91 42,172.00 35,806.00 42,695.00
Total 62,793.84 77,051.00 89,444.00 90,632.00
Receivables 17,036.76 19,058.00 16,582.00 18,882.00
Inventory 12.34 9.00 21.00 25.00
Cash & Bank 16,502.50 4,806.00 1,316.00 3,487.00
No. of Equity Shares ### ### ### ###
New Bonus Shares
Face value 1.00 1.00 1.00 1.00

CASH FLOW:
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Cash from Operating Activity 16,319.89 17,986.00 23,132.00 21,587.00
Cash from Investing Activity 585.72 -4,478.00 -15,834.00 5,728.00
Cash from Financing Activity -16,914.20 -9,586.00 -10,891.00 -26,827.00
Net Cash Flow -8.59 3,922.00 -3,593.00 488.00

PRICE: 1,276.98 1,260.15 1,215.90 1,424.58

DERIVED:
Adjusted Equity Shares in Cr 391.75 394.09 394.09 382.86
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

123,170.00 131,306.00 135,963.00 160,341.00 190,354.00 202,359.00
40.00 18.00 14.00 29.00 37.00 42.00

1,963.00 1,578.00 1,216.00 981.00 1,379.00 3,305.00

59,377.00 64,906.00 69,046.00 81,097.00 96,218.00 103,139.00
19,101.00 19,658.00 18,423.00 23,724.00 31,422.00 28,935.00
7,725.00 7,793.00 6,954.00 8,265.00 10,301.00 11,091.00
7,627.00 8,082.00 4,182.00 7,486.00 5,328.00 6,315.00
1,716.00 2,701.00 3,053.00 3,522.00 3,940.00 3,887.00
170.00 743.00 537.00 486.00 695.00 673.00
40,705.00 41,991.00 40,902.00 49,723.00 51,690.00 57,602.00
10,640.00 8,731.00 9,942.00 11,536.00 12,584.00 14,043.00
30,065.00 33,260.00 30,960.00 38,187.00 39,106.00 43,559.00
11,250.00 27,375.00 14,060.00 15,738.00 42,090.00 26,426.00

Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24

50,165.00 50,844.00 51,488.00 52,844.00 53,990.00 53,883.00
36,363.00 36,481.00 36,942.00 38,269.00 39,432.00 39,156.00
1,755.00 851.00 1,806.00 2,417.00 3,185.00 2,118.00
979.00 964.00 975.00 969.00 1,008.00 1,125.00
134.00 204.00 197.00 145.00 146.00 211.00
14,444.00 14,046.00 15,180.00 15,878.00 16,589.00 15,509.00
3,515.00 3,293.00 3,787.00 3,763.00 3,595.00 3,677.00
 10,929.00 10,753.00 11,393.00 12,115.00 12,994.00 11,832.00
13,802.00 14,363.00 14,546.00 14,575.00 14,558.00 14,727.00

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

375.00 375.00 370.00 366.00 366.00 362.00
78,523.00 73,993.00 74,424.00 76,807.00 74,172.00 71,758.00
39.00 5,262.00 5,912.00 5,855.00 5,659.00 6,145.00
20,224.00 24,998.00 28,310.00 38,106.00 39,440.00 42,729.00
99,161.00 104,628.00 109,016.00 121,134.00 119,637.00 120,994.00
9,661.00 16,122.00 16,059.00 16,524.00 15,690.00 14,953.00
834.00 781.00 861.00 1,146.00 1,103.00 1,450.00
30,469.00 27,875.00 30,729.00 31,667.00 38,143.00 32,245.00
58,197.00 59,850.00 61,367.00 71,797.00 64,701.00 72,346.00
99,161.00 104,628.00 109,016.00 121,134.00 119,637.00 120,994.00
24,029.00 28,660.00 25,222.00 36,102.00 42,798.00 46,068.00
10.00 5.00 7.00 19.00 27.00 27.00
8,900.00 4,824.00 3,142.00 13,692.00 4,543.00 6,599.00
### ### ### ### ### ###

1.00 1.00 1.00 1.00 1.00 1.00

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

23,998.00 26,603.00 33,822.00 36,127.00 37,029.00 39,142.00
5,876.00 12,967.00 -4,539.00 3,755.00 3,460.00 10,833.00
-27,825.00 -39,045.00 -32,023.00 -32,797.00 -47,224.00 -47,793.00
2,049.00 525.00 -2,740.00 7,085.00 -6,735.00 2,182.00

2,001.65 1,826.10 3,177.85 3,739.95 3,205.90 3,876.30

375.24 375.24 369.91 365.91 365.91 361.81