Tata Consultancy Services Ltd

About

Tata Consultancy Services Limited (the Company) and its subsidiaries (collectively together with the employee welfare trusts referred to as the Group) provide IT services, consulting and business solutions and have been partnering with many of the worlds largest businesses in their transformation journeys for the last fifty years. The Group offers a consulting-led, cognitive powered, integrated portfolio of IT, business and engineering services and solutions. This is delivered through its unique Location-Independent Agile delivery model recognised as a benchmark of excellence in software development.

  • Market Cap 1,005,508 Cr.
  • Current Price 2,680
  • High / Low 2,885 / 1,504
  • Stock P/E 31.8
  • Book Value 254
  • Dividend Yield 1.23 %
  • ROCE 47.8 %
  • ROE 37.3 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 34.50%
  • Company has been maintaining a healthy dividend payout of 52.46%

Cons

  • Stock is trading at 10.57 times its book value
  • The company has delivered a poor growth of 10.64% over past five years.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
30,904 32,075 34,261 36,854 37,338 38,010 38,172 38,977 39,854 39,946 38,322 40,135
22,617 23,423 25,190 26,576 27,255 27,936 28,135 28,752 28,983 28,971 28,298 28,622
Operating Profit 8,287 8,652 9,071 10,278 10,083 10,074 10,037 10,225 10,871 10,975 10,024 11,513
OPM % 27% 27% 26% 28% 27% 26% 26% 26% 27% 27% 26% 29%
Other Income 870 994 1,225 730 1,163 1,193 1,675 1,361 818 738 598 -304
Interest 6 12 17 137 16 28 257 193 223 251 142 174
Depreciation 506 505 493 507 519 537 817 864 897 950 976 998
Profit before tax 8,645 9,129 9,786 10,364 10,711 10,702 10,638 10,529 10,569 10,512 9,504 10,037
Tax % 24% 24% 25% 24% 24% 24% 23% 23% 23% 23% 26% 25%
Net Profit 6,531 6,904 7,340 7,901 8,105 8,126 8,131 8,042 8,118 8,049 7,008 7,475
EPS in Rs 17.06 18.03 19.17 21.06 21.60 21.66 21.67 21.43 21.63 21.45 18.68 19.92
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
27,813 30,029 37,325 48,894 62,989 81,809 94,648 108,646 117,966 123,104 146,463 156,949 158,257
21,424 21,334 26,146 34,459 44,950 56,657 70,167 77,969 85,655 90,588 106,957 114,840 114,874
Operating Profit 6,388 8,695 11,178 14,435 18,040 25,153 24,482 30,677 32,311 32,516 39,506 42,109 43,383
OPM % 23% 29% 30% 30% 29% 31% 26% 28% 27% 26% 27% 27% 27%
Other Income 354 272 604 428 1,178 1,637 3,720 3,084 4,221 3,642 4,311 4,592 1,850
Interest 29 16 26 22 48 39 104 33 32 52 198 924 790
Depreciation 564 661 735 918 1,080 1,349 1,799 1,888 1,987 2,014 2,056 3,529 3,821
Profit before tax 6,150 8,290 11,021 13,923 18,090 25,402 26,298 31,840 34,513 34,092 41,563 42,248 40,622
Tax % 14% 14% 17% 24% 22% 24% 24% 24% 24% 24% 24% 23%
Net Profit 5,256 7,001 9,068 10,413 13,917 19,164 19,852 24,270 26,289 25,826 31,472 32,340 30,650
EPS in Rs 13.43 17.88 23.17 26.60 35.55 48.92 50.68 61.58 66.71 67.46 83.87 86.19 81.68
Dividend Payout % 26% 56% 30% 47% 31% 33% 78% 35% 35% 37% 36% 85%
Compounded Sales Growth
10 Years:18%
5 Years:11%
3 Years:10%
TTM:4%
Compounded Profit Growth
10 Years:17%
5 Years:11%
3 Years:7%
TTM:-3%
Stock Price CAGR
10 Years:17%
5 Years:18%
3 Years:27%
1 Year:33%
Return on Equity
10 Years:37%
5 Years:35%
3 Years:35%
Last Year:37%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
198 296 296 296 296 196 196 197 197 191 375 375 375
Reserves 15,502 18,171 24,209 29,284 38,350 48,999 50,439 70,875 86,017 84,937 89,071 83,751 94,762
Borrowings 564 103 75 127 232 297 358 245 289 247 62 6,906 7,882
6,413 8,856 8,092 11,551 13,154 17,337 22,325 16,974 15,830 19,751 24,393 29,088 30,379
Total Liabilities 22,577 27,326 32,572 41,157 51,932 66,829 73,318 88,291 102,333 105,126 113,901 120,120 133,398
6,746 6,738 7,479 8,662 9,828 9,544 11,638 11,774 11,701 11,973 12,290 20,928 20,583
CWIP 705 1,017 1,194 1,446 1,895 3,168 2,766 1,670 1,541 1,278 963 906 1,035
Investments 1,614 3,682 1,763 1,350 1,897 3,434 1,662 22,822 41,980 36,008 29,330 26,356 36,617
13,512 15,888 22,136 29,698 38,312 50,682 57,252 52,025 47,111 55,867 71,318 71,930 75,163
Total Assets 22,577 27,326 32,572 41,157 51,932 66,829 73,318 88,291 102,333 105,126 113,901 120,120 133,398

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
5,498 7,359 6,614 7,127 11,615 14,751 19,369 19,109 25,223 25,067 28,593 32,369
-3,435 -5,413 -1,431 -2,727 -6,038 -9,452 -1,807 -5,010 -16,895 3,104 1,645 8,968
-1,672 -2,381 -4,659 -3,955 -5,729 -5,673 -17,168 -9,666 -11,026 -26,885 -27,897 -39,915
Net Cash Flow 392 -435 524 445 -152 -374 394 4,433 -2,698 1,286 2,341 1,422

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 42% 47% 51% 51% 53% 57% 51% 51% 44% 39% 48% 48%
Debtor Days 80 71 80 86 82 81 79 81 70 74 68 71
Inventory Turnover 4.97 9.21 14.88 18.05 24.45 28.99 36.69 0.00 5.03 3.66 2.22 2.40

Shareholding Pattern

Numbers in percentages

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
73.57 71.92 71.92 72.05 72.05 72.05 72.05 72.05 72.05 72.05 72.05 72.05
16.26 16.88 16.59 16.05 15.80 15.80 15.88 15.52 15.90 15.74 15.85 16.00
6.07 6.93 6.87 7.44 7.68 7.78 7.87 8.21 8.04 8.00 8.02 7.85
0.05 0.05 0.05 0.05 0.05 0.05 0.06 0.06 0.06 0.06 0.07 0.07
4.05 4.22 4.58 4.42 4.42 4.32 4.15 4.17 3.95 4.14 4.01 4.03

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