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Annual Report 2008-09FINANCIAL PERFORMANCEOVERVIEW - EXECUTIVE SUMMARYThe financial performance of Tata Consultancy ServicesLimited (TCS Limited) as per Indian GAAP is discussedhereunder in two parts:(i) Tata Consultancy Services Limited (Unconsolidated)which excludes the performance of subsidiaries ofTCS Limited.(ii) Tata Consultancy Services Limited (Consolidated)which includes performance of subsidiaries of TCSLimited. The Consolidated Financial Statementsbring out comprehensively the performance of theTCS group of companies and are more relevant forunderstanding the overall performance of the TCSgroup.The financial statements are prepared in compliance withthe Companies Act, 1956 and generally acceptedaccounting principles in India.Financial performance summary (unconsolidated)The total revenues of TCS Limited aggregatedRs.22,404.00 crore in fiscal 2009 as compared toRs.18,289.85 crore in fiscal 2008, registering a growth of22.49%.In fiscal 2009, the Company's profit before taxesaggregated Rs.5,139.69 crore (Rs.5,003.86 crore in fiscal2008).In fiscal 2009, the Company's profit after taxesaggregated Rs.4,696.21 crore (Rs.4,508.76 crore in fiscal2008).In fiscal 2009, the Company's earnings per share wereRs.47.91 (Rs.46.07 in fiscal 2008).Financial performance summary (consolidated)In fiscal 2009, the total consolidated revenues of TCSLimited aggregated Rs.27,812.88 crore as compared toRs.22,619.52 crore in fiscal 2008, registering a growth of22.96%.The consolidated profit before taxes aggregatedRs.6,150.07 crore in fiscal 2009 (Rs.5,845.95 crore in fiscal2008).In fiscal 2009, the Company's consolidated profit aftertaxes aggregated Rs.5,256.42 crore (Rs.5,026.02 crore infiscal 2008).In fiscal 2009, the Company's consolidated earnings pershare were Rs.53.63 (Rs.51.36 in fiscal 2008).Dividends declared and proposed bonus issueFor fiscal 2009 the Company declared three interimdividends of Rs.3 each on the equity shares. A finaldividend of Rs.5 per equity share has been recommended.On approval of the final dividend, total dividend for fiscal2009 would be Rs.14 per equity share. The total outflowon dividend would stand at 34.13% of the profits of theCompany. Complete details of the dividend paid areavailable in the director’s report. On preference shares adividend of 7% has been proposed.The Directors have recommended issue of bonus sharesin the ratio of 1:1 subject to the approval of theshareholders.64
TCS LIMITED (UNCONSOLIDATED)RESULTS OF OPERATIONS - TCS LIMITED (UNCONSOLIDATED)The Management’s Discussion and Analysis given below relates to the audited financial statements of TCS Limited(Unconsolidated). The discussion should be read in conjunction with the financial statements and related notes for theyear ended March 31, 2009.The following table gives an overview of the financial results of TCS Limited (unconsolidated):Amount in Rs. croreFor the year ended For the year endedParticulars March 31, 2009 March 31, 2008 % Increase/Revenue from operations Rs. crore % of Rs. crore % of(decrease)revenuesrevenuesInformation technology and consultancy services 21,535.75 96.12 17,446.51 95.39 23.44Sale of equipment and software licences 868.25 3.88 843.34 4.61 2.95Total revenues 22,404.00 100.00 18,289.85 100.00 22.49Expenditure:Employee costs 7,370.09 32.90 5,961.17 32.59 23.63Overseas business expenses (employeeallowance paid overseas) 4,306.25 19.22 3,451.88 18.87 24.75Total employee costs 11,676.34 52.12 9,413.05 51.47 24.04Overseas business expenses (other thanemployee allowance paid overseas) 421.63 1.88 417.19 2.28 1.06Services rendered by business associates andothers 1,019.67 4.55 689.25 3.77 47.94Other operating expenses 3,265.53 14.58 2,994.12 16.37 9.06Total expenditure 16,383.17 73.13 13,513.61 73.89 21.23Other income (net) (456.24) (2.04) 689.82 3.77 -Profit before interest, depreciation andtaxes 5,564.59 24.84 5,466.06 29.89 1.80Interest 7.44 0.03 3.42 0.02 117.54Depreciation 417.46 1.86 458.78 2.51 (9.01)Profit before taxes 5,139.69 22.94 5,003.86 27.36 2.71Provision for taxes:Income tax expense (including deferred taxbenefit and MAT credit entitlement) 420.48 1.88 470.45 2.57 (10.62)Fringe benefit tax 23.00 0.10 24.65 0.13 (6.69)Net profit for the year 4,696.21 20.96 4,508.76 24.65 4.1665
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Annual Report 2008 - 09agilityina D
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ContentsBoard of Directors 2Our Lea
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Laura M ChaIndependentDirectorDr. R
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N ChandrasekaranChief Operating Off
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Your Company remained focused on he
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"TCS is a valued customer, supplier
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“Nielsen is moving quickly to tra
Page 19 and 20: Board of DirectorsR N Tata (Chairma
Page 21 and 22: Management TeamFunctionNameIndustry
Page 23 and 24: 3. DividendBased on the Company's p
Page 25 and 26: The Company has also been rated by
Page 27 and 28: 11. Corporate SustainabilityIn keep
Page 29 and 30: 13. Corporate Governance Report and
Page 31 and 32: Annexure to the Directors’ Report
Page 33 and 34: Expenditure on R&D(Rs. in crore)Yea
Page 35 and 36: Sr. Name Age Designation Gross Net
Page 49 and 50: DECLARATION REGARDING COMPLIANCE BY
Page 51 and 52: Chart 3: IT Services spends by indu
Page 53 and 54: B. FOCUS AREAS OF THE COMPANY1. Vis
Page 55 and 56: 2.6 Organisation: From April 2008,
Page 57 and 58: Company also offers PerformanceMana
Page 59 and 60: 4. R&D and Innovation Labs: TCS est
Page 61 and 62: Chart 24: Diversity: Global work fo
Page 63 and 64: The Company’s ability to bid for
Page 65: Corporate Governance practices and
Page 69 and 70: eduction in cost of software licens
Page 71 and 72: FINANCIAL POSITION - TCS LIMITED(UN
Page 73 and 74: Deferred tax assets (net)Details of
Page 75 and 76: Cash flow from investing activities
Page 77 and 78: RevenuesRevenues from operationsThe
Page 79 and 80: The primary reasons for the decreas
Page 81 and 82: obligations under finance lease was
Page 83 and 84: Rs.137.03 crore as at March 31, 200
Page 85 and 86: COMPANY'S CONSOLIDATED PERFORMANCE
Page 87 and 88: INTERNAL CONTROL SYSTEMS AND THEIR
Page 89 and 90: Name of Category Number of Board Wh
Page 91 and 92: (v)The composition of the Audit Com
Page 93 and 94: (ix)Group Health Insurance as separ
Page 95 and 96: Capital and revenue budgets and cap
Page 97 and 98: (vi)Market Price Data:High, Low (ba
Page 99 and 100: (xi) Shareholding as on March 31, 2
Page 101 and 102: COMPLIANCE CERTIFICATETO THE MEMBER
Page 103 and 104: ANNEXURE TO THE AUDITORS' REPORT(Re
Page 105 and 106: trading in shares, securities, debe
Page 107 and 108: INCOMEProfit and Loss Account for t
Page 109 and 110: Schedules forming part of the Balan
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Schedules forming part of the Balan
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Schedules forming part of the Profi
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SCHEDULE ‘Q’ - NOTES TO ACCOUNT
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services are rendered. Revenue from
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3) The Company has given undertakin
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The estimate of future salary incre
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Particulars Geographic Segment (Rs.
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ii) TCS Financial Solutions Austral
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(Rs. in crores)Particulars Holding
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(Rs. in crores)2009 2008Remuneratio
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19) Micro and Small Enterprises(Rs.
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Number of Number of Gross AmountNon
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No. of Shares* Tata Consultancy Ser
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AUDITORS’ REPORT ON CONSOLIDATED
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Consolidated Profit and Loss Accoun
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Schedules forming part of the Conso
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SCHEDULE ‘D’UNSECURED LOANSSche
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e) DepreciationDepreciation other t
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Dividends are recorded when the rig
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Name of the Company Country of Perc
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3) Acquisitions / Divestmenta) On M
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Funded retirement benefits Indian F
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7) Unbilled revenue as at March 31,
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Particulars Geographic Segment (Rs.
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B) Transactions with related partie
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2009 2008(Rs. in crores)(Rs. in cro
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Net loss on derivative instruments
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Rs. in croresSr. Name of the Subsid
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Awards and RecognitionsWall Street
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