10 June 2014
Update | Sector: Technology
Tata Consultancy Services
BSE Sensex
25,580
S&P CNX
7,655
CMP: INR2,115
TP: INR2,200
Neutral
Digital-Ready
Scaling through strong execution in new services and geographies
Digital is transforming demand and TCS is readying to capitalize
Stock Info
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
M.Cap. (INR b)
M.Cap. (USD b)
TCS IN
1,958.7
2,384/1,382
-13/-19/-7
4,143.2
70.1
Adoption of digital technologies is a top priority among all enterprises, across
industries and geographies. From an industry perspective, the impact of the
Digital Five Forces will be of a higher magnitude than the previous technology
cycles. TCS has significantly invested in digital capabilities and strengths in these
areas should be a major driver of revenue and profitability in the future.
Adopting Digital internally to manage a huge workforce
TCS has started to re-imagine its HR processes, use digital technologies namely,
mobile, social, cloud and analytics in an integrated manner to make the internal
processes simple and more efficient. TCS remained highest recruiter in the
industry with a gross addition of 61,200 employees, which includes 1,263
employees in-sourced from customer organizations globally. TCS visited 371
campuses in India and also colleges outside India especially in Latin America,
USA, Canada, China and Hungary.
Financial Snapshot (INR Billion)
Y/E March
2014 2015E 2016E
Sales
818
936 1,074
EBITDA
PAT
EPS (INR)
EPS Gr. (%)
BV/Sh. (INR)
RoE (%)
P/E (x)
EV/EBITDA (x)
Div. Yield (%)
251.3 270.7 305.4
191.2 207.4 235.6
97.6 105.9 120.3
37.0
39.7
21.7
15.8
1.5
8.5
34.8
20.0
14.4
1.7
13.6
33.2
17.6
12.5
2.0
Scaling through focus on new growth regions, services
TCS continued its strategy to focus on Asia-Pacific, Latin America and Middle
East & Africa; and contribution of these new growth markets to the total
revenue almost doubled in the last decade from 6% to 11.6%. Similarly,
revenues from new services have grown 37 fold since FY06, and now contribute
32.35% to revenues, v/s 7.3% in FY06.
282.5 326.9 398.0
Shareholding pattern (% )
As on
Mar-14 Dec-13 Mar-13
Promoter
Foreign
Others
73.9
16.1
4.6
73.9
5.3
16.3
4.5
74.0
5.4
16.1
4.5
Domestic Inst 5.4
Cash conversion comparable to Infosys
While there are some differences in any given year, the aggregate cash
generation performance is comparable to INFO. Over the last seven years, 14%
of TCS’ cash has been free cash generation, same as INFO’s. During this period,
operating cash flow as a percentage of sales is 18%, compared to 20% at INFO.
Stock Performance (1-year)
Earnings cut on revised currency assumption, Maintain Neutral
We have revised our currency assumptions to INR58/USD for FY15 and
INR57/USD for FY16 v/s our earlier assumption of INR60/USD. Consequently,
our EBIT margin estimates are down by 122bp/87bp for FY15/16 and EPS
estimates are lower by 5% for the two years. Over the past four years, TCS has
led the incremental revenues as well as operating profits not just domestically,
but also in the global arena (compared to peers multiple times its size); and its
market cap is second only to IBM. At 16.6% USD revenue CAGR over FY14-16E,
we expect TCS to continue leading the industry growth with excellent
execution. We remain
Neutral
on valuations. We would treat any corrections as
an entry opportunity.
Ashish Chopra
(Ashish.Chopra@MotilalOswal.com); +91 22 3982 5424
Siddharth Vora
(Siddharth.Vora@MotilalOswal.com); +91 22 3982 5585
Investors are advised to refer through disclosures made at the end of the Research Report.

Tata Consultancy Services
Bet is on Digital for coming several years
TCS has built capabilities to ensure relevance, growth
“Digital Five forces” is rapidly changing the world around us; accelerating the growth
of global IT spend.
Combination of the digital forces has the power to change the enterprise, its
magnitude is higher than the previous technological cycles.
TCS has invested heavily in this areas and is confident of it being a major driver of
revenue and profitability in the future.
Digital is driving global spending
The recent key technology trends have tremendous transformative impact on
society, business and communities. The clutch of new technologies - Mobility, Big
Data, Social Media, Cloud Computing and Robotics – what TCS refers to as the
“Digital Five Forces”, is rapidly changing the world around us.
Global spending growing
At a macro level, global IT spending continues to grow year-on-year and the Digital
Five Forces are going to accelerate this trend, as IT usage increases across
industries. The on-going investment in these recent trends, will enable TCS to play
an impactful role, in this technology revolution.
Digital is gaining priority among Enterprises
Adoption of digital technologies is a top priority among all enterprises, across
industries and geographies. While individually all of these technologies are
influencing the way business operates and interacts with consumers, but their real
power lies in the combination of digital forces. A real time analysis of consumer
behavior, delivered on a mobile device through cloud services has the biggest
potential towards supporting the business in taking right decision in real-time.
Bigger impact than previous demand trends
From an industry perspective, the impact of the Digital Five Forces will be of a higher
magnitude than the technology cycles, like e-business and enterprise systems that
have driven business in previous decades. Those technologies helped digitally
enabled global corporations to connect their supply chains and promoted efficiency
through better information flow across organizations. What the Digital Five Forces
are doing, is to complete the entire transaction loop, by bringing in the most
important element of business, namely, the individual consumer.
An apt illustration in Healthcare
Healthcare will no longer remain a reactive exercise, as it is today. For long, we have
been used to seeing a doctor, only when we fall ill. Sometimes we notice the
problem only once it impacts our lifestyle. Looking after our health will become an
on-going planned activity. However, Digital makes the future look something like
this:
10 June 2014
2

Tata Consultancy Services
Wearable devices, that collect information from the human body and monitor
health 24/7, are becoming accessible to consumers in a form that can be easily
adopted.
This data will be collected and transmitted through smart phones; stored in the
cloud; analyzed and compared with other patients using big data techniques and
smart analytics.
If something of concern crops up in these continuous diagnostics, the family
doctor or a clinic will be notified.
They will be able to access the patient’s data online and make the diagnosis
while viewing all the relevant patient information, including family medical
history, in just a few clicks.
The doctor will then send a direct message to the patient, through private
channel on social media platform or SMS, suggesting immediate corrective
action, or even a personal visit.
Hence, the healing can start before the onset of harm. This is how the Digital Five is
helping us re-imagine healthcare. Similar transformations are simultaneously being
witnessed in multiple industries.
Confident of readiness to tap the opportunity
TCS has significantly invested in digital technologies – mobile, cloud, big data
analytics and social media. TCS’ ‘Customer Collaboration Center’ in Silicon Valley is a
digital innovation lab, where customers from retail, telecom, banking,
manufacturing and other industries are collaborating to shape the digital future of
their business. Company’s digital innovation lab has built several digital applications
and solutions for multiple industries, which are being implemented by customers. By
investing early, TCS has built up significant scale in capabilities across the Digital Five
Forces, and it continues to build our Intellectual Property in these areas as well. TCS
has increased patent filings significantly; so far 1,746 patent applications have been
filed, of which, 114 have been granted. The capabilities built in this area will ensure
that TCS continues to remain relevant to the customers. Strengths in these areas
should be a major driver of revenue and profitability in the future.
10 June 2014
3

Tata Consultancy Services
Diversifying workforce…
…and using Digital Technologies internally to manage 300k+ employees
Digital practices adopted internally for higher efficiencies
TCS has started to re-imagine its HR processes, use digital technologies namely,
mobile, social, cloud and analytics in an integrated manner to make the internal
processes simple, efficient and user friendly. The Company has been using social
networking sites to attract lateral talent.
Remains the largest recruiter, diversifying workforce
TCS’ 300,464 employees as on FY14 represent 118 nationalities deployed across 55
countries. TCS saw market leading
retention rates
of 88.7% in FY14. TCS remained
highest recruiter in the industry with a
gross addition
of 61,200 employees, out of
which 46,880 were in India and the remaining 14,320 were outside India.
Net
addition
was 24,268 employees. The gross addition includes 1,263 employees
in-
sourced
from customer organizations globally. TCS visited 371
campuses
in India.
The Company also continued its effort to recruit from colleges
outside India
especially in Latin America, USA, Canada, China and Hungary.
Women
constitute
32.7% of the Company’s workforce as on March 31, 2014.
Generation Y
employees
constitute 80% of the workforce compared to 73% in FY13. The average age of TCS
employee is 29 years.
Continues to be the largest recruiter
Growth opportunities keeping attrition rates low
Source: Company, MOSL
Source: Company, MOSL
Split of gross additions (‘000)
Split of gross additions
Source: Company, MOSL
Source: Company, MOSL
10 June 2014
4

Tata Consultancy Services
Scaling swiftly in new growth areas…
...while aggressively managing costs, prudently allocating cash
Strategic focus on geographic diversity, new services
TCS continued its strategy to focus on Asia-Pacific, Latin America and Middle
East & Africa in order to de-risk geographical concentration and create a
significant presence in these growth markets. Contribution of these new growth
markets to the total revenue almost doubled in the last decade from 6% to
11.6%.
Similarly, revenues from new services have grown 37 fold since FY06, and now
contribute 32.35% to revenues, v/s 7.3% in FY06.
Penetrating swiftly in new growth markets
Services mix broadening towards newer service offerings
Source: Company, MOSL
Source: Company, MOSL
Cost and cash management too make for an impressive reading
Over the last 10 years, employee costs as a % of revenues increased by 600bp to
55.5%, up from 49.5%. However, aggressive cost management and benefits of
scale drove non-employee costs down by ~800bp to 13.7%.
TCS has disbursed ~46% of its total available funds as dividends, while retaining
25% of the funds till date. Acquisitions have seen 6% of cash deployment.
~46% of cash returned to shareholders over last 10 years
Cost aggression has helped sustain margins (ex-currency)
Source: Company, MOSL
Source: Company, MOSL
10 June 2014
5

Tata Consultancy Services
Cash conversion comparable to Infosys
Return rations inch up marginally
DSO stable, return ratios marginally higher
DSO (including unbilled revenues) has maintained a tight band, and stood at 94
days in FY14. The split between billed receivables and unbilled receivables too
remained constant.
Return ratios continued to inch up in FY14, primarily on the back of better profit
margins in FY14 (PAT margin was 23.4% v/s 22.1% in FY13).
Services mix broadening towards newer service offerings
Penetrating swiftly in new growth markets
Source: Company, MOSL
Source: Company, MOSL
Cash conversion comparable to Infosys
We look at the percentage of revenues at both Infosys and TCS which get converted
to Free Cash flow (calculated as Operating cash flow less capital expenditure). While
there are some differences in any given year, the aggregate performance is similar
for the two companies. Over the last seven years, 14% of TCS’ cash has been free
cash generation, same as INFO’s. During this period, operating cash flow as a
percentage of sales is 18%, compared to 20% at INFO.
Cost aggression has helped sustain margins (ex-currency)
~46% of cash returned to shareholders over last 10 years
Source: Company, MOSL
Source: Company, MOSL
10 June 2014
6

Tata Consultancy Services
Leading charge on a global stage, not just local
Cutting estimates on revised currency estimates
A comparison with the global Services companies illustrates TCS’ charge in terms of
leading IT Services company not just in India, but globally. Whether one looks at
incremental revenues of operating profits added in the last four years, TCS has
outperformed peers in absolute terms, that are many times its size. Its market cap is
now only behind IBM, which, however, also has a large non-services arm (43% of
revenues). Given TCS’ confidence in Digital readiness to drive the next leg of growth,
concerns around rule of large number look immaterial for now.
TCS leads among global peers in terms of incremental
Company
TCS
Accenture
Cognizant
HCLT
INFY
WPRO
Cap Gemini
Fujitsu
CSC
HP (Services)
IBM (Services)
Last 4 years Incr.
revenues (USD b)
7.2
7.2
5.6
2.5
3.4
1.4
1.7
-2.9
-2.9
-1.6
0.5
Last 4 years Incr.
Operating Profits
(USD b)
2.3
1.3
1.1
0.6
0.5
0.3
0.3
0.0
-0.2
-2.9
-9.2
Market Cap
(USD b)
71.1
56.7
30.3
16.4
29.4
21.7
8.7
14.4
9.2
63.1
188.5
Source: MOSL, Company
5% earnings cut on revised currency assumptions
We have revised our currency assumptions to INR58/USD for FY15 and INR57/USD
for FY16 v/s our earlier assumption of INR60/USD. Consequently, our EBIT margin
estimates are down by 122bp/87bp for FY15/16 and EPS estimates are lower by 5%
for the two years.
Cutting EPS on revised currency estimates
Change in Estimates
INR/USD
USD Revenue (m)
USD revenue growth (%)
EBIT Margin (%)
EPS (INR)
Revised
FY15E
FY16E
58.0
57.0
16,130
18,839
20.0
16.8
27.3
26.8
105.9
120.3
Earlier
Change
FY15E
FY16E
FY15E
FY16E
60.0
60.0
-3.3%
-5.0%
15,755
18,284
2.4%
3.0%
17.2
16.1
279bp
74bp
28.5
27.7
-122bp
-87bp
111.3
126.6
-4.9%
-5.0%
Source: Company, MOSL
At 16.6% USD revenue CAGR over FY14-16E, we expect TCS to continue leading the
industry growth with excellent execution. However, at the same time, we see the
expectation of high growth factored in current valuations. Secondly, as EBIT margins
gradually return to 26-28% target band, earnings growth should trail revenue
growth. Our EPS CAGR over FY14-16E stands at 14%. Valuations keep us Neutral on
the stock. We would treat any corrections as an entry opportunity.
10 June 2014
7

Tata Consultancy Services
Story in charts
TCS continues to lead industry growth…
… but India headwinds cripple outperformance
Source: Company, MOSL
Source: Company, MOSL
Revenue growth finally getting delinked to headcount..
..as competitive intensity gradually pulls down pricing
Source: Company, MOSL
Source: Company, MOSL
Operating at peak efficiency, reflected in utilization..
..Expect margins to settle lower and EPS to lag rev. growth
Source: Company, MOSL
Source: Company, MOSL
10 June 2014
8

Tata Consultancy Services
Operating Metrics
1QFY13
Service Lines (%)
ADM
Engineering and Industrial Services
Infrastructure Services
Enterprise Solutions
Global Consulting
Asset Leverage Solutions
Assurance Services
BPO
Industry Verticals (%)
BFSI
Manufacturing
Telecom
Life Sciences & Healthcare
Retail & Distribution
Transportation
Energy and Utilities
Media & Entertainment
Hi-Tech
Others
Geographies (%)
America
UK
Rest of Europe
Europe
India
APAC
Latin America
MEA
Others
Revenue Mix (%)
Offshore
Onsite
GDC
Utilization (%)
Excluding Trainees
Including Trainees
43.4
4.6
10.6
15.2
2.8
2.8
7.6
13.0
2QFY13
43.1
4.6
11.4
14.9
3.0
2.7
7.7
12.6
3QFY13
42.4
4.7
11.7
15.1
3.2
2.8
7.7
12.4
4QFY13
42.4
4.6
12.1
15.5
3.1
2.5
7.8
12.0
1QFY14
42.3
4.7
11.9
15.1
3.5
2.5
8.1
11.9
2QFY14
41.7
4.7
11.8
15.4
3.3
2.7
8.5
11.9
3QFY14
41.4
4.6
12.0
15.7
3.4
2.3
8.5
12.1
4QFY14
41.0
4.8
12.0
15.7
3.4
2.6
8.4
12.1
43.0
7.9
10.3
5.3
13.2
3.7
3.6
2.2
6.0
4.8
42.8
8.2
10.3
5.2
13.4
3.6
3.6
2.2
5.9
4.8
43.0
8.5
9.5
5.2
13.4
3.6
3.8
2.1
5.8
5.1
43.5
8.5
9.3
5.1
13.4
3.4
3.8
2.1
5.7
5.2
43.0
8.4
9.6
5.5
14.0
3.4
3.7
2.1
5.5
4.8
43.1
8.4
9.3
5.7
13.9
3.4
3.8
2.2
5.4
4.8
42.7
8.8
9.6
5.9
13.8
3.5
3.8
2.3
5.3
4.3
42.9
8.6
9.3
6.1
13.5
3.5
3.8
2.6
5.3
4.4
53.5
17.0
9.6
26.6
7.1
7.4
3.3
2.1
12.8
52.8
17.1
9.5
26.6
7.5
7.6
3.4
2.1
13.1
52.6
17.5
9.1
26.6
7.6
7.5
3.6
2.1
13.2
53.2
16.8
9.4
26.2
8.8
7.3
2.4
2.1
11.8
54.1
17.0
9.9
26.9
7.6
6.9
2.4
2.1
11.4
53.2
17.3
11.2
28.5
6.9
7.1
2.3
2.0
11.4
52.7
17.5
11.6
29.1
6.3
7.4
2.3
2.2
11.9
52.2
17.8
12.1
29.9
6.2
7.4
2.2
2.1
11.7
50.5
44.7
4.8
49.1
45.8
5.1
49.4
45.6
5.0
48.3
46.5
5.2
48.5
46.3
5.2
48.1
46.5
5.4
47.8
46.8
5.4
47.4
47.0
5.6
81.3
72.3
81.6
72.8
81.7
72.1
82.0
72.2
82.7
72.5
83.4
75.0
84.3
83.8
77.5
77.9
Source: Company, MOSL
10 June 2014
9

Tata Consultancy Services
Operating Metrics
1QFY13
QoQ growth (%)
Service Lines
ADM
Engineering and Industrial Services
Infrastructure Services
Enterprise Solutions
Global Consulting
Asset Leverage Solutions
Assurance Services
BPO
Industry Verticals
BFSI
Manufacturing
Telecom
Life Sciences & Healthcare
Retail & Distribution
Transportation
Energy and Utilities
Media & Entertainment
Hi-Tech
Others
Geographies
America
UK
Rest of Europe
Europe
India
APAC
Latin America
MEA
Others
Offshore
Onsite
GDC
Overall International business
Domestic Business
2QFY13
3QFY13
4QFY13
1QFY14
2QFY14
3QFY14
4QFY14
0.7
3.0
5.0
3.0
6.8
-26.0
7.3
16.5
3.8
4.6
12.5
2.5
12.0
0.8
5.9
1.3
1.7
5.6
6.1
4.7
10.2
7.2
3.3
1.7
3.1
0.9
6.7
5.9
-0.1
-7.9
4.5
-0.2
3.9
6.4
2.4
1.4
17.5
4.1
8.1
3.2
3.9
5.4
4.6
7.5
-0.6
13.9
10.7
5.4
2.3
0.8
4.8
5.0
6.1
-12.2
3.0
4.8
0.9
6.3
1.9
1.9
1.9
15.2
0.7
1.9
5.0
3.0
6.1
3.0
8.8
3.0
-2.4
3.0
3.0
-22.7
4.1
8.5
4.6
2.6
6.2
1.7
4.6
4.6
2.8
4.6
3.8
7.1
-4.7
3.3
3.3
3.3
9.1
-1.4
1.6
9.8
4.3
3.1
1.0
1.1
3.1
-2.6
3.1
3.1
1.3
5.1
2.9
2.9
7.5
12.3
8.8
4.1
1.4
4.1
0.4
-3.9
5.7
5.4
2.1
9.3
4.7
5.4
8.3
10.5
3.5
5.4
2.1
7.9
6.4
6.6
2.3
6.1
3.0
7.7
1.1
-7.7
2.4
-0.4
-1.3
5.3
-0.3
1.9
1.9
15.2
1.9
4.3
2.8
15.2
0.9
9.6
-13.9
-1.0
9.7
3.0
2.2
5.0
3.4
11.6
4.6
-13.9
3.2
5.2
3.5
4.6
10.5
7.4
7.7
4.6
7.0
1.2
6.7
10.6
4.1
10.5
2.9
5.8
-1.0
3.3
4.7
2.0
9.4
3.3
4.1
3.9
2.8
1.2
3.2
4.6
4.3
-1.0
6.5
1.6
19.4
0.4
-31.2
3.1
-7.8
-0.5
3.8
5.8
1.8
19.6
5.9
5.3
9.6
6.9
-10.1
-1.6
4.1
4.1
0.6
5.9
5.0
5.5
5.5
-10.1
3.7
7.3
19.3
11.7
-4.3
8.5
1.1
0.4
5.4
5.4
6.7
10.3
6.3
-4.4
2.1
4.2
6.7
5.2
-5.9
7.4
3.0
13.3
7.5
0.9
3.6
6.3
4.7
0.3
1.9
-2.5
-2.7
0.2
3.0
1.1
4.4
2.4
3.7
5.8
3.7
2.0
-5.8
0.4
Source: MOSL, Company
10 June 2014
10

Tata Consultancy Services
Financials and valuations
Income statement
Y/E March
Sales
Change (%)
Cost of Services
SG&A Expenses
EBITDA
% of Net Sales
Depreciation
Other Income
PBT
Tax
Rate (%)
Minority Interest
PAT
Change (%)
2011
373,245
24.3
198,505
62,848
111,892
30.0
7,990
5,247
109,149
21,203
19.4
1,116
86,827
26.3
2012
488,938
31.0
258,773
85,988
144,177
29.5
9,036
4,041
139,182
31,688
22.8
1,110
106,384
22.5
2013
629,895
28.8
332,545
116,480
180,870
28.7
10,792
11,174
181,252
40,344
22.3
1,494
139,413
31.0
2014
818,094
29.9
422,065
144,707
251,322
30.7
13,243
15,891
253,969
60,712
23.9
2,089
191,168
37.1
(INR Billion)
2015E
14.4
506,166
158,700
270,685
28.9
15,063
16,430
272,052
62,572
23.0
2,080
207,400
8.5
2016E
14.8
588,195
180,207
305,413
28.4
17,134
20,403
308,682
70,997
23.0
2,080
235,605
13.6
935,550 1,073,815
Balance sheet
Y/E March
Share Capital
Reserves
Net Worth
Preference shares
Minority Interest
Loans
Capital Employed
Gross Block
Less : Depreciation
Net Block
Other LT Assets
Investments
Curr. Assets
Debtors
Cash & Bank Balance
Other Current Assets
Current Liab. & Prov
Current Liabilities
Net Current Assets
Application of Funds
2011
1,957
250,432
252,389
1,000
4,663
10,718
268,771
86,156
33,816
52,340
89,929
18,390
171,948
95,479
47,401
29,068
63,837
63,837
108,111
268,771
2012
1,957
323,276
325,233
1,000
5,276
12,306
343,815
107,400
42,852
64,548
110,269
0
237,173
137,469
34,617
65,087
68,175
68,175
168,998
343,815
2013
1,957
407,524
409,481
1,000
6,561
10,894
427,936
135,587
53,644
81,944
88,815
33,765
315,022
172,366
79,035
63,621
91,609
91,609
223,413
427,936
2014
1,959
551,393
553,352
0
6,905
12,561
572,817
170,530
66,887
103,644
118,105
37,673
429,703
222,360
156,495
50,848
116,308
116,308
313,395
572,817
(INR Billion)
2015E
1,959
638,267
640,226
0
6,905
14,248
661,379
204,717
81,949
122,768
141,532
37,673
561,712
271,487
231,775
58,450
202,306
202,306
359,406
2016E
1,959
777,624
779,583
0
6,905
15,861
802,349
236,907
99,083
137,824
159,763
37,673
685,380
305,231
314,433
65,715
218,291
218,291
467,089
661,379 802,349
E: MOSL Estimates
10 June 2014
11

Tata Consultancy Services
Financials and valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
Book Value
DPS
Payout %
Valuation (x)
P/E
Cash P/E
EV/EBITDA
EV/Sales
Price/Book Value
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
Turnover Ratios
Debtors (Days)
Fixed Asset Turnover (x)
81
7.9
87
8.4
90
8.6
88
8.8
96
8.3
98
8.2
37.4
42.2
36.7
44.1
37.8
44.1
39.7
47.6
34.8
41.4
33.2
39.4
47.7
43.7
36.5
10.9
16.3
0.7
38.9
35.9
28.6
8.4
12.7
1.2
29.7
27.6
22.3
6.4
10.1
1.0
21.7
20.3
15.8
4.8
7.5
1.5
20.0
18.6
14.4
4.2
6.5
1.7
17.6
16.4
12.5
3.5
5.3
2.0
2011
44.4
48.4
129.5
14.0
31.6
2012
54.4
59.0
166.7
25.0
46.0
2013
71.2
76.7
209.7
22.0
30.9
2014
97.6
104.4
282.5
32.0
32.8
2015E
105.9
113.6
326.9
37.0
34.9
2016E
120.3
129.0
398.0
42.0
34.9
Cash flow statement
Y/E March
CF from Operations
Cash for Working Capital
Net Operating CF
Net Purchase of FA
Net Purchase of Invest.
Net Cash from Invest.
Proc. from equity issues
Proceeds from LTB/STB
Dividend Payments
Cash Flow from Fin.
Free Cash Flow
Net Cash Flow
Opening Cash Bal.
Add: Net Cash
Closing Cash Bal.
2011
94,817
18,165
112,982
-53,633
19,409
-34,224
-11,155
1,608
-32,058
-41,604
59,349
37,153
10,249
37,153
47,402
2012
115,419
-73,671
41,747
-41,584
18,390
-23,193
24,319
1,588
-57,246
-31,339
164
-12,785
47,402
-12,785
34,617
2013
150,205
-9,997
140,208
-6,733
-33,765
-40,498
-3,504
-1,412
-50,377
-55,292
133,475
44,418
34,617
44,418
79,035
2014
204,411
-12,522
191,890
-64,233
-3,909
-68,142
25,371
1,666
-73,325
-46,287
127,656
77,461
79,035
77,461
156,495
(INR Billion)
2015E
222,462
29,269
251,731
-57,614
0
-57,614
-35,736
1,688
-84,790
-118,838
194,117
75,279
156,495
75,279
2016E
252,739
-25,025
227,714
-50,421
0
-50,421
0
1,613
-96,248
-94,635
177,293
82,659
231,775
82,659
231,775 314,433
E: MOSL Estimates
10 June 2014
12

Tata Consultancy Services
NOTES
10 June 2014
13

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