India Equity Research | Information Technology

April 16, 2020

Result Update
TCS
Refer to important disclosures at the end of this report

Revenue misses expectations

CMP: Rs 1,716 TP: Rs 1,520 () Rating: SELL () Upside: (11.4) %
as of (April 17, 2020) 12 months

Change in Estimates
 TCS reported weak Mar’20 quarter results, with -1.2% QoQ/+3% YoY cc revenue growth
EPS Chg FY21E/FY22E (%) (4)/(3)
(vs. Street/Emkay estimates of 0.3%/0.5% QoQ cc growth). However, EBIT margins were
Target Price change (%) (2.6)
better, supported by a significant reduction in other costs (down 60bps QoQ) that led to an
Target Period (Months) 12
improvement in gross margins as well.
Previous Reco Sell
 Order booking was solid at US$8.9bn, aided by large deal bookings in the earlier part of Emkay vs Consensus
the quarter although management indicated about demand-supply side challenges due to EPS Estimates
Covid-19 in the recent weeks. FY21E FY22E
 The company continues to aspire for 26-28% EBIT margins for the medium term although Emkay 82.7 94.7
Covid-19-related challenges will mean that EBIT margins will likely remain significantly Consensus 90.5 99.0
below the guided range for the 5th year in a row in FY21. Mean Consensus TP (12M) Rs 1,926
Stock Details
 We reduce FY21/22E EPS by 4%/3%, driven by changes in revenue growth assumptions.
Bloomberg Code TCS IN
We maintain Sell (UW in sector EAP) and cut TP to Rs1,520 from Rs1,560 earlier, on an
Face Value (Rs) 1
unchanged target P/E of 16x, given punchy valuations and overall sector
Shares outstanding (mn) 3,752
growth/profitability issues.
52 Week H/L 2,286 / 1,504
M Cap (Rs bn/USD bn) 6,438 / 83.83
What we liked? Strong order booking at US$8.9bn, led by the closure of large deals with Daily Avg Volume (nos.) 40,11,500
Walgreens and Standard Life. Margins holding up well despite revenue growth pressure. Daily Avg Turnover (US$ mn) 100.6
What we did not like? 1.2% sequential revenue decline in the Mar’20 quarter itself. Shareholding Pattern Dec '19
Management expects further pressure in the near term.
Promoters 72.1%
FIIs 15.9%
Cut FY21/22E EPS by 4%/3%; Sell remains, TP lowered to Rs1,520
DIIs 8.0%
We cut FY21/22E EPS by 4%/3% to Rs83/95, driven by a slight reduction in revenue
Public and Others 4.0%
estimates. We also introduce FY23E EPS at Rs103.3. Overall recessionary pressures are
likely to result in a significant hit to TCS as well, notwithstanding its strong execution and Price Performance
relative positioning with clients. Valuations remain punchy in the backdrop of sector-wide (%) 1M 3M 6M 12M
challenges at ~21x/18x FY21/22E EPS. We retain Sell (UW in sector EAP) with a revised TP Absolute 1 (23) (14) (18)
of Rs1,520 (vs. Rs1,560 earlier) based on an unchanged 16x Mar’22E EPS. Rel. to Nifty 3 5 9 8

Please see our sector model portfolio (Emkay Alpha Portfolio): Information Technology (page 10)
Relative price chart
2300 Rs % 30

2160 22

2020 14

1880 6

1740 -2
Financial Snapshot (Consolidated)
1600 -10
(Rs mn) FY19 FY20 FY21E FY22E FY23E Apr-19 Jun-19Aug-19 Oct-19Dec-19Feb-20 Apr-20

Revenue 14,64,641 15,69,490 15,76,581 17,27,784 18,82,586 TCS (LHS) Rel to Nifty (RHS)

EBITDA 3,95,061 4,21,100 4,10,348 4,62,804 4,98,707 Source: Bloomberg

This report is solely produced by Emkay Global. The
EBITDA Margin (%) 27.0 26.8 26.0 26.8 26.5 following person(s) are responsible for the
production of the recommendation:
APAT 3,14,731 3,23,400 3,10,292 3,55,543 3,87,555
EPS (Rs) 83.0 86.2 82.7 94.7 103.3 Manik Taneja
EPS (% chg) 23.1 3.8 (4.1) 14.6 9.0 manik.taneja@emkayglobal.com
+91 22 66121253
ROE (%) 36.1 37.3 33.8 32.8 30.5
P/E (x) 20.7 19.9 20.8 18.1 16.6 Monit Vyas
monit.vyas@emkayglobal.com
EV/EBITDA (x) 15.4 14.6 14.6 12.7 11.5
+91 22 6624 2434
P/BV (x) 7.3 7.7 6.5 5.5 4.7
Source: Company, Emkay Research

Emkay Research is also available on www.emkayglobal.com and Bloomberg EMKAY<GO>. DBS Bank Ltd, DBS Vickers Securities (Singapore) Pte Ltd,its respective connected and associated corporations and affiliates are the distributors of the research reports, please refer to the last page of the
report on Restrictions on Distribution. In Singapore, this research report or research analyses may only be distributed to Institutional Investors,Expert Investors or Accredited Investors as defined in the Securities and Futures Act, Chapter 289 of Singapore
 TCS (TCS IN) India Equity Research | Result Update

Story in Charts
Exhibit 1: Overall yoy cc growth declined to 3% in Mar’20 quarter
12.1 12.7
14 11.5
10.6
12 9.3
10 8.4
7.1 7.2 6.8
8 6.3 6.2
6 3.1 3.7 3
4 2 1.7 2 1.8 2.4 2.3 1.6
1.3
2 0.3
-1.2
0

Mar'18

Mar'19

Mar'20
Dec'18
June'17

Sep'17

Dec'17

June'18

Sep'18

June'19

Sep'19

Dec'19
-2

Overall yoy cc growth Overall qoq cc growth

Source: Company, Emkay Research

Exhibit 2: BFSI yoy cc growth continued the declining trajectory

14
12
10 12.4 11.8 11.6
8 10.3 10.1
6 8.4 8.6 9.2
7.2 8.0
4 6.1
2 4.8 5.1 4.7 0.2 5.3 -1.3
2.9 4.1
0
-2
Mar'16

Mar'17

Mar'18

Mar'19

Mar'20
Jun'16
Dec'15

Dec'16

Jun'17

Dec'17

Jun'18

Dec'18

Jun'19

Dec'19
Sep'15

Sep'16

Sep'17

Sep'18

Sep'19
BFSI YoY CC growth (%)
Source: Company, Emkay Research

Exhibit 3: EBIT margin holds up despite the pressure on revenue

26.5
27.0 25.6
25.1 25.2 25.4 25.0 25.1 25.1
26.0 25.0
25.0 24.2 24.0
23.4
24.0
23.0
22.0
21.0
Mar'18

Mar'19

Mar'20
Jun'17

Sep'17

Dec'17

Jun'18

Jun'19
Sep'18

Dec'18

Sep'19

Dec'19

TCS (EBIT margin %)

Source: Company, Emkay Research

Exhibit 4: Moderation in North America yoy cc growth continued in Mar’20 quarter

12 9.9
10 8.1 8.2 7.7
7
8
4.9 5.3
6 4.1
4 2.8
2 0.2
0
Mar'18

Mar'19

Mar'20
Sep'18
Dec'17

Jun'18

Dec'18

Jun'19

Sep'19

Dec'19

North America yoy cc growth

Source: Company, Emkay Research

Emkay Research is also available on www.emkayglobal.com and Bloomberg EMKAY<GO>. DBS Bank Ltd, DBS Vickers Securities (Singapore) Pte Ltd,its respective connected and associated corporations and affiliates are the distributors of the research reports, please refer to the last page of the report
on Restrictions on Distribution. In Singapore, this research report or research analyses may only be distributed to Institutional Investors,Expert Investors or Accredited Investors as defined in the Securities and Futures Act, Chapter 289 of Singapore

April 16, 2020 | 2

 TCS (TCS IN) India Equity Research | Result Update

Exhibit 5: Actual vs. Estimates (Q4FY20)

Estimate % variation
(in Rs mn) Actual Comment
Emkay Consensus Emkay Consensus
Revenues were significantly lower than both
Revenues (in US$mn) 5,444 5,575 5,553 -2.4% -2.0%
Emkay/Consensus estimates
Sales 3,99,460 4,06,982 4,03,851 -1.8% -1.1%
EBIT 1,00,250 1,02,086 1,01,770 -1.8% -1.5% EBIT still held up well despite significant revenue pressure
EBIT, margin 25.1% 25.1% 25.2% 0 bps -10 bps INR depreciation helped margins
PAT 80,490 83,747 82,386 -3.9% -2.3% Lower margins drove net profit miss
Source: Company, Emkay Research

Exhibit 6: Quarterly Snapshot

Rs mn Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20 YoY (%) QoQ (%) FY19 FY20 YoY (%)
Revenues (US$ Mn) 5,397 5,485 5,517 5,586 5,444 0.9 (2.5) 20,913 22,032 5.4
Revenue (INR Mn) 3,80,111 3,81,720 3,89,770 3,98,540 3,99,460 5.1 0.2 14,64,641 15,69,490 7.2
Operating Expenditure 2,79,370 2,81,350 2,87,510 2,89,830 2,89,700 3.7 (0.0) 10,69,580 11,48,390 7.4
Cost of revenues 2,17,090 2,21,020 2,24,100 2,26,820 2,24,410 3.4 (1.1) 8,35,090 8,96,350 7.3
as % of sales 57.1 57.9 57.5 56.9 56.2 57.0 57.1
SG&A expenses 62,280 60,330 63,410 63,010 65,290 4.8 3.6 2,34,490 2,52,040 7.5
as % of sales 16.4 15.8 16.3 15.8 16.3 16.0 16.1
EBITDA 1,00,741 1,00,370 1,02,260 1,08,710 1,09,760 9.0 1.0 3,95,061 4,21,100 6.6
Depreciation 5,360 8,170 8,650 8,970 9,510 20,550 35,300
EBIT 95,381 92,200 93,610 99,740 1,00,250 5.1 0.5 3,74,511 3,85,800 3.0
Other Income 11,650 14,180 11,680 5,950 4,870 41,130 36,680
PBT 1,07,031 1,06,380 1,05,290 1,05,690 1,05,120 (1.8) (0.5) 4,15,641 4,22,480 1.6
Total Tax 25,500 24,850 24,710 24,260 24,190 1,00,010 98,010
Adjusted PAT 81,531 81,530 80,580 81,430 80,930 (0.7) (0.6) 3,15,631 3,24,470 2.8
APAT after MI 81,271 81,310 80,420 81,180 80,490 (1.0) (0.8) 3,14,731 3,23,400 2.8
Reported EPS 21.7 21.7 21.4 21.6 21.4 (1.0) (0.8) 83 86 3.8

Margins (%) (bps) (bps) (bps)

EBIDTA 26.5 26.3 26.2 27.3 27.5 97 20 27.0 26.8 (14)
EBIT 25.1 24.2 24.0 25.0 25.1 0 7 25.6 24.6 (99)
EBT 28.2 27.9 27.0 26.5 26.3 (184) (20) 28.4 26.9 (146)
PAT 21.4 21.3 20.6 20.4 20.1 (123) (22) 16.5 20.6 413
Effective Tax rate 23.8 23.4 23.5 23.0 23.0 (81) 6 24.1 23.2 (86)
Source: Company, Emkay Research

TCS feels the pressure on revenue growth

TCS’s Mar’20 quarter revenue growth was weak with -1.2% QoQ/+3% YoY cc growth. Revenue
growth in US$ terms was -2.5% QoQ/0.9% YoY. Management noted that while the earlier part
of the quarter was strong, Covid-19-led delivery and supply issues impacted growth in the last
two weeks of the quarter. We note that while revenue performance was weak, TCS’s EBIT
margins were still steady during the quarter, aided by a sharp sequential reduction in other
expenses that helped gross margin improvement as well. Net profit missed estimates on account
of lower operating profits. Unlike Wipro, TCS had a net headcount addition during the quarter
and we believe that this may very well be the case across most of the sector, with potential
tightening to happen in H1FY21. Among verticals, revenue performance was weak in Financial
Services (down YoY in cc terms) with management highlighting that it had supply challenges due
to delays in implementing WFH due to regulatory and compliance concerns in some instances.

TCS expects pressure akin to GFC in the near term; qualitative outlook appears
too aggressive
While TCS expects a sharp sequential decline in revenues in the June’20 quarter (note that the
company does not provide a formal outlook) as clients increasingly revisit their spending priorities
due to significant pressure on their own businesses, it suggested that it was hopeful of getting to
flat YoY growth by Dec’20. While we are also building in some pick-up in growth in H2FY21 (after
declines in H1FY21), we believe that this remains an onerous task given tough arithmetics. In
addition, the company suggested that operating margins will see significant downside impact in
the near term; however, it would strive to get back to ~25% levels by Mar’21.

Emkay Research is also available on www.emkayglobal.com and Bloomberg EMKAY<GO>. DBS Bank Ltd, DBS Vickers Securities (Singapore) Pte Ltd,its respective connected and associated corporations and affiliates are the distributors of the research reports, please refer to the last page of the report
on Restrictions on Distribution. In Singapore, this research report or research analyses may only be distributed to Institutional Investors,Expert Investors or Accredited Investors as defined in the Securities and Futures Act, Chapter 289 of Singapore

April 16, 2020 | 3

 TCS (TCS IN) India Equity Research | Result Update

TCS’s aspirational EBIT margin band stays albeit FY21 likely to the 5th year when
margins will remain below those levels
While TCS management indicated that its aspirational EBIT margin outlook of 26-28% stays, it
expects significant pressure on margins in the near term due to overall growth pressure. The
company noted that it would look at all possible cost optimization levers to defend margins in the
back drop of worsening client demand. We note that TCS’s EBIT margins have been lower than
the aspirational range in the prior four years, with FY21 likely to the 5th year in a row on this
count.

The company suggested that while margins will be depressed in H1FY21, it would work toward
getting margins closer to ~25% levels by the Mar’21 quarter. We note that TCS has also deferred
annual increments and expects to implement limited promotions (unlike Wipro). While the
company aims to honor the campus offers, it has already frozen lateral hiring for the moment
and will reconsider this once demand situation improves.

Emkay Research is also available on www.emkayglobal.com and Bloomberg EMKAY<GO>. DBS Bank Ltd, DBS Vickers Securities (Singapore) Pte Ltd,its respective connected and associated corporations and affiliates are the distributors of the research reports, please refer to the last page of the report
on Restrictions on Distribution. In Singapore, this research report or research analyses may only be distributed to Institutional Investors,Expert Investors or Accredited Investors as defined in the Securities and Futures Act, Chapter 289 of Singapore

April 16, 2020 | 4

 TCS (TCS IN) India Equity Research | Result Update

Changes in estimates
We have cut FY21/22E EPS by 4%/3%, driven by a slight reduction in revenue estimates. We
continue to build in a YoY decline in FY21 on a full-year basis with some improvement in growth
prospects from H2FY21 onward. We also introduce FY23E earnings at ~Rs103.

Exhibit 7: Changes in estimates

FY20 FY21E FY22E FY23E
(All fig in Rs mn except EPS)
Actual Old New % change Old New % change New
Revenues(US$ mn) 22,032 21,991 21,305 -3.1% 24,097 23,348 -3.1% 25,440
YoY growth, % 5.4 -1.1 -3.3 9.6 9.6 9.0
Revenues 15,69,490 16,27,334 15,76,581 -3.1% 17,83,178 17,27,784 -3.1% 18,82,586
EBIT 3,85,800 3,82,423 3,72,335 -2.6% 4,36,879 4,23,636 -3.0% 4,58,756
EBIT Margins, % 24.6 23.5 23.6 24.5 24.5 24.4
Net profits 3,23,400 3,22,758 3,10,292 -3.9% 3,66,293 3,55,543 -2.9% 3,87,555
EPS 86.2 86.0 82.7 -3.9% 97.6 94.7 -2.9% 103.3
Source: Company, Emkay Research

Exhibit 8: Key assumptions

Key Assumptions FY20 FY21E FY22E FY23E
USD Revenues growth 5.4 -3.3 9.6 9.0
USD/INR 71.2 74.0 74.0 74.0
INR growth 7.2% 0.2% 9.5% 9.3%
EBIT Margins 24.6 23.6 24.5 24.4
EPS growth (%) 3.8% -4.1% 14.6% 9.0%
Source: Company, Emkay Research

Exhibit 9: TCS’ 1 year forward PE chart

3000
2500 30x
2000 24x
1500 18x
1000
12x
500
0
Jul-07

Jul-08

Jul-09

Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-15

Jul-16

Jul-17

Jul-18

Jul-19

Jul-20
Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Source: Company, Emkay Research

Emkay Research is also available on www.emkayglobal.com and Bloomberg EMKAY<GO>. DBS Bank Ltd, DBS Vickers Securities (Singapore) Pte Ltd,its respective connected and associated corporations and affiliates are the distributors of the research reports, please refer to the last page of the report
on Restrictions on Distribution. In Singapore, this research report or research analyses may only be distributed to Institutional Investors,Expert Investors or Accredited Investors as defined in the Securities and Futures Act, Chapter 289 of Singapore

April 16, 2020 | 5

 TCS (TCS IN) India Equity Research | Result Update

Other Takeaways
Covid -19
 Out of the total impact seen in Q4FY20 due to Covid-19, 2/3rd was due to supply issues
and 1/3rd was on account of demand and management believes that 80% of the total impact
in Q1FY21 would be on account of demand issues.
 Margins in Q4 were impacted by slower growth and lower utilization due to delayed
approval for Work From Home.
 Not a single fixed-price project has seen SLA slippage due to Covid-19.
 The company believes that the peak impact in Q1FY21 can be compared with the impact
during GFC.

Verticals and geography

 BFSI declined due to the supply-side impact on account of regulatory and security
concerns.
 Life science and communications verticals have seen relatively lesser impact on account
of Covid-19.
 Geography-wise, Europe continued to outperform.

New deals
 Highest TCV of deals announced in this quarter.
 Ramp-up timelines for some of the new deals are going on as normal and the actual impact
of Covid-19 deal ramp-ups will be known in this Q1FY21.

Employees
 TCS has put a complete freeze on new hiring except for the existing offers.
 More than 30,000 offers for campus trainee recruits are outstanding.
 Total headcount of employees is 448,464.
 LTM attrition in IT services was 12.1% in Q4FY20.

Other takeaways
 The company believes that post Covid-19, migration to cloud will be faster.
 Some of the clients might have an extreme impact but net impact will be lesser than
competitive landscape.
 The company is keeping an eye on M&A opportunities.
 Management believes that the next few quarters are going to be challenging due to the
disruption caused by Covid-19.

Emkay Research is also available on www.emkayglobal.com and Bloomberg EMKAY<GO>. DBS Bank Ltd, DBS Vickers Securities (Singapore) Pte Ltd,its respective connected and associated corporations and affiliates are the distributors of the research reports, please refer to the last page of the report
on Restrictions on Distribution. In Singapore, this research report or research analyses may only be distributed to Institutional Investors,Expert Investors or Accredited Investors as defined in the Securities and Futures Act, Chapter 289 of Singapore

April 16, 2020 | 6

 TCS (TCS IN) India Equity Research | Result Update

Key Financials (Consolidated)

Income Statement
Y/E Mar (Rs mn) FY19 FY20 FY21E FY22E FY23E
Revenue 14,64,641 15,69,490 15,76,581 17,27,784 18,82,586
Expenditure 10,69,580 11,48,390 11,66,233 12,64,981 13,83,878
EBITDA 3,95,061 4,21,100 4,10,348 4,62,804 4,98,707
Depreciation 20,550 35,300 38,013 39,168 39,951
EBIT 3,74,511 3,85,800 3,72,335 4,23,636 4,58,756
Other Income 41,130 36,680 32,200 45,500 52,500
Interest expenses 0 0 0 0 0
PBT 4,15,641 4,22,480 4,04,535 4,69,136 5,11,256
Tax 1,00,010 98,010 93,043 1,12,593 1,22,702
Extraordinary Items 0 0 0 0 0
Minority Int./Income from Assoc. 900 1,070 1,200 1,000 1,000
Reported Net Income 3,14,731 3,23,400 3,10,292 3,55,543 3,87,555
Adjusted PAT 3,14,731 3,23,400 3,10,292 3,55,543 3,87,555

Balance Sheet
Y/E Mar (Rs mn) FY19 FY20 FY21E FY22E FY23E
Equity share capital 3,750 3,750 3,750 3,750 3,750
Reserves & surplus 8,90,710 8,37,510 9,92,656 11,70,427 13,64,205
Net worth 8,94,460 8,41,260 9,96,406 11,74,177 13,67,955
Minority Interest 4,530 6,230 6,230 6,230 6,230
Loan Funds 440 81,740 81,740 81,740 81,740
Net deferred tax liability (26,560) (28,280) (28,280) (28,280) (28,280)
Total Liabilities 8,72,870 9,00,950 10,56,096 12,33,867 14,27,645
Net block 1,22,900 1,29,340 1,61,327 1,92,159 2,22,208
Investment 2,93,300 2,63,560 2,63,560 2,63,560 2,63,560
Current Assets 6,97,040 7,78,750 9,07,230 10,81,510 12,73,229
Cash & bank balance 1,28,480 96,660 2,80,867 3,95,080 5,25,303
Other Current Assets 2,38,570 3,15,420 2,59,164 2,84,019 3,09,466
Current liabilities & Provision 2,50,000 2,79,760 2,85,080 3,12,421 3,40,413
Net current assets 4,47,040 4,98,990 6,22,150 7,69,089 9,32,817
Misc. exp 0 0 0 0 0
Total Assets 8,72,870 9,00,950 10,56,096 12,33,867 14,27,645

Cash Flow
Y/E Mar (Rs mn) FY19 FY20 FY21E FY22E FY23E
PBT (Ex-Other income) (NI+Dep) 3,74,491 3,24,470 3,72,335 4,23,636 4,58,756
Other Non-Cash items 0 0 0 0 0
Chg in working cap (77,760) (46,670) 61,047 (32,726) (33,505)
Operating Cashflow 2,17,226 3,23,690 3,78,352 3,17,485 3,42,501
Capital expenditure (21,320) (30,880) (70,000) (70,000) (70,000)
Free Cash Flow 1,95,906 2,92,810 3,08,352 2,47,485 2,72,501
Investments 1,02,650 81,070 0 0 0
Other Investing Cash Flow 0 0 0 0 0
Investing Cashflow 1,22,460 85,650 (37,800) (24,500) (17,500)
Equity Capital Raised (1,60,019) 0 0 0 0
Loans Taken / (Repaid) 225 (10,620) 0 0 0
Dividend paid (incl tax) (1,16,838) (3,77,020) (1,55,146) (1,77,772) (1,93,777)
Other Financing Cash Flow (6,184) (42,010) (1,000) (1,000) (1,000)
Financing Cashflow (2,82,816) (4,41,160) (1,56,146) (1,78,772) (1,94,777)
Net chg in cash 56,870 (31,820) 1,84,407 1,14,214 1,30,223
Opening cash position 71,610 1,28,480 96,660 2,80,867 3,95,080
Closing cash position 1,28,480 96,660 2,81,067 3,95,081 5,25,303
Source: Company, Emkay Research

Emkay Research is also available on www.emkayglobal.com and Bloomberg EMKAY<GO>. DBS Bank Ltd, DBS Vickers Securities (Singapore) Pte Ltd,its respective connected and associated corporations and affiliates are the distributors of the research reports, please refer to the last page of the report
on Restrictions on Distribution. In Singapore, this research report or research analyses may only be distributed to Institutional Investors,Expert Investors or Accredited Investors as defined in the Securities and Futures Act, Chapter 289 of Singapore

April 16, 2020 | 7

 TCS (TCS IN) India Equity Research | Result Update

Key Ratios
Profitability (%) FY19 FY20 FY21E FY22E FY23E
EBITDA Margin 27.0 26.8 26.0 26.8 26.5
EBIT Margin 25.6 24.6 23.6 24.5 24.4
Effective Tax Rate 24.1 23.2 23.0 24.0 24.0
Net Margin 21.6 20.7 19.8 20.6 20.6
ROCE 49.0 47.6 41.3 41.0 38.4
ROE 36.1 37.3 33.8 32.8 30.5
RoIC 91.3 79.3 72.0 79.3 76.7

Per Share Data (Rs) FY19 FY20 FY21E FY22E FY23E

EPS 83.0 86.2 82.7 94.7 103.3
CEPS 88.4 95.6 92.8 105.2 113.9
BVPS 235.9 224.1 265.5 312.9 364.5
DPS 30.1 72.4 41.3 47.4 51.6

Valuations (x) FY19 FY20 FY21E FY22E FY23E

PER 20.7 19.9 20.8 18.1 16.6
P/CEPS 19.4 18.0 18.5 16.3 15.1
P/BV 7.3 7.7 6.5 5.5 4.7
EV / Sales 4.2 3.9 3.8 3.4 3.0
EV / EBITDA 15.4 14.6 14.6 12.7 11.5
Dividend Yield (%) 1.8 4.2 2.4 2.8 3.0

Gearing Ratio (x) FY19 FY20 FY21E FY22E FY23E

Net Debt/ Equity (0.5) (0.3) (0.5) (0.5) (0.5)
Net Debt/EBIDTA (1.1) (0.7) (1.1) (1.2) (1.4)
Working Cap Cycle (days) 79.4 93.6 79.0 79.0 79.0

Growth (%) FY19 FY20 FY21E FY22E FY23E

Revenue 19.0 7.2 0.5 9.6 9.0
EBITDA 21.5 6.6 (2.6) 12.8 7.8
EBIT 22.8 3.0 (3.5) 13.8 8.3
PAT 21.9 2.8 (4.1) 14.6 9.0

Quarterly (Rs mn) Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20

Revenue 3,80,111 3,81,720 3,89,770 3,98,540 3,99,460
EBITDA 1,00,741 1,00,370 1,02,260 1,08,710 1,09,760
EBITDA Margin (%) 26.5 26.3 26.2 27.3 27.5
PAT 81,271 81,310 80,420 81,180 80,490
EPS (Rs) 21.7 21.7 21.4 21.6 21.4
Source: Company, Emkay Research

Shareholding Pattern (%) Dec-18 Mar-19 Jun-19 Sep-19 Dec-19

Promoters 72.1 72.1 72.1 72.1 72.1
FIIs 15.8 15.8 15.9 15.5 15.9
DIIs 7.7 7.8 7.9 8.2 8.0
Public and Others 4.5 4.4 4.2 4.2 4.0
Source: Capitaline

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April 16, 2020 | 8

 TCS (TCS IN) India Equity Research | Result Update

RECOMMENDATION HISTORY TABLE RECOMMENDATION HISTORY CHART

Closing Period
Date TP Rating Analyst BUY Hold Sell
Price (months) Accumulate Reduce Price
Target Price
20-Mar-20 1,797 1,600 12m Sell Manik Taneja 2300
03-Feb-20 2,103 1,980 12m Sell Manik Taneja
2066
17-Jan-20 2,219 1,980 12m Sell Manik Taneja
1832
08-Jan-20 2,255 1,980 12m Hold Manik Taneja
1598
01-Jan-20 2,168 1,980 12m Hold Manik Taneja
21-Nov-19 2,118 1,980 12m Hold Manik Taneja 1364

10-Oct-19 2,004 1,980 12m Hold Manik Taneja 1130

19-Apr-17

14-Apr-18

09-Apr-19

03-Apr-20
06-Oct-19
16-Oct-17

11-Oct-18
01-Oct-19 2,060 2,050 12m Hold Manik Taneja
09-Jul-19 2,133 2,000 12m Hold Manik Taneja
03-Jul-19 2,238 2,100 12m Hold Manik Taneja Source: Bloomberg, Company, Emkay Research
12-Apr-19 2,015 2,100 12m Hold Rahul Jain
08-Apr-19 2,071 2,100 12m Hold Rahul Jain
11-Jan-19 1,843 2,100 12m Accumulate Rahul Jain
09-Jan-19 1,887 2,100 12m Accumulate Rahul Jain
02-Jan-19 1,923 2,100 12m Hold Rahul Jain
11-Oct-18 1,980 2,070 12m Hold Rahul Jain
05-Oct-18 2,103 2,070 12m Hold Rahul Jain
10-Jul-18 1,875 2,000 12m Hold Rahul Jain
10-Jul-18 1,875 1,920 12m Hold Rahul Jain
06-Jul-18 1,913 1,920 12m Hold Rahul Jain
19-Apr-18 1,596 1,665 12m Accumulate Rahul Jain
05-Apr-18 1,479 1,450 12m Accumulate Rahul Jain
11-Jan-18 1,395 1,450 12m Accumulate Rahul Jain
11-Jan-18 1,395 1,450 12m Accumulate Rahul Jain
12-Oct-17 1,274 1,430 12m Accumulate Rahul Jain
04-Oct-17 1,221 1,425 12m Accumulate Rahul Jain
20-Sep-17 1,247 1,420 12m Accumulate Rahul Jain
13-Jul-17 1,223 1,160 12m Reduce Rahul Jain
10-Jul-17 1,217 1,185 12m Hold Rahul Jain
10-Jul-17 1,217 1,185 12m Hold Manik Taneja
18-Apr-17 1,154 1,185 12m Hold Manik Taneja
Source: Company, Emkay Research

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April 16, 2020 | 9

 TCS (TCS IN) India Equity Research | Result Update

Emkay Alpha Portfolio – Information Technology

EAP – Information Technology
BSE200 EAP OW/UW OW/UW EAP Weight
Company Name
Weight Weight (%) (bps) (Normalised)
Information Technology 11.73 11.73 0% 0 100.00
eClerx Services 0.00 0.00 NA 0 0.00
Firstsource Solutions 0.00 0.00 NA 0 0.00
HCL Tech 1.09 1.40 29% 31 11.95
Hexaware Technologies 0.00 0.45 NA 45 3.85
Infosys 5.02 5.01 0% -1 42.71
Intellect Design* 0.00 0.00 NA 0 0.00
L&T Infotech 0.13 0.00 -100% -13 0.00
Majesco* 0.00 0.00 NA 0 0.00
Mindtree 0.15 0.00 -100% -15 0.00
Mphasis 0.13 0.24 88% 11 2.02
MPS 0.00 0.00 NA 0 0.00

Analyst: Manik Taneja NIIT 0.00 0.00 NA 0 0.00

NIIT Tech 0.00 0.00 NA 0 0.00
Contact Details
Nucleus Software* 0.00 0.00 NA 0 0.00
manik.taneja@emkayglobal.com
Oracle Financial Services* 0.10 0.00 -100% -10 0.00
+91 22 6612 1253
Persistent Systems 0.00 0.43 NA 43 3.65
Sector
Ramco Systems* 0.00 0.00 NA 0 0.00
IT Services, ITeS and Software
TCS 3.83 2.68 -30% -115 22.85
Analyst bio
Tech Mahindra 0.70 0.95 36% 25 8.07
Manik is a seasoned Equities
Wipro 0.58 0.57 -1% -1 4.89
professional who has covered the
Cash 0.00 0.00 NA 0 0.00
offshore IT Services space since 2006.
Source: Emkay Research
He has rejoined Emkay Global recently
* Not under coverage: Equal Weight
after a 1.5-year stint in Business Finance
 High Conviction/Strong Over Weight  High Conviction/Strong Under Weight
and Financial strategy in the US. Manik
holds a PGDBA (Finance) from SIIB.
Sector portfolio NAV
Base Latest
1-Apr-19 15-Jul-19 17-Oct-19 15-Jan-20 16-Mar-20 15-Apr-20
EAP - Information Technology 100.0 101.0 100.9 103.5 81.9 84.9
BSE200 Neutral Weighted Portfolio (ETF) 100.0 100.7 99.3 104.2 79.2 82.8
*Performance measurement base date 1st April 2019
Source: Emkay Research

NAV chart
NAV
110

102

94

86

78

70
Apr-19 May-19 Jul-19 Aug-19 Oct-19 Nov-19 Jan-20 Feb-20 Apr-20

EAP - Information Technology BSE200 Neutral Weighted Portfolio (ETF)

Source: Emkay Research

Please see our model portfolio (Emkay Alpha Portfolio): SMID

Please see our model portfolio (Emkay Alpha Portfolio): Nifty
“Emkay Alpha Portfolio – SMID and Nifty are a supporting document to the Emkay Alpha
Portfolios Report and is updated on regular intervals”

Emkay Research is also available on www.emkayglobal.com and Bloomberg EMKAY<GO>. DBS Bank Ltd, DBS Vickers Securities (Singapore) Pte Ltd,its respective connected and associated corporations and affiliates are the distributors of the research reports, please refer to the last page of the report
on Restrictions on Distribution. In Singapore, this research report or research analyses may only be distributed to Institutional Investors,Expert Investors or Accredited Investors as defined in the Securities and Futures Act, Chapter 289 of Singapore

April 16, 2020| 10

 TCS (TCS IN) India Equity Research | Result Update

Emkay Rating Distribution

Ratings Expected Return within the next 12-18 months.
BUY Over 15%
HOLD Between -5% to 15%
SELL Below -5%

Completed Date: 17 Apr 2020 04:44:38 (SGT)

Dissemination Date: 17 Apr 2020 04:45:38 (SGT)

Sources for all charts and tables are Emkay Research unless otherwise specified.

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 TCS (TCS IN) India Equity Research | Result Update

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1
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 TCS (TCS IN) India Equity Research | Result Update

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