Tcs 0824

For the exclusive use of SAIBAL RAY of NL DALMIA INST OF MGMT STD & RSRC
TATA
CONSULTANCY
SERVICES LTD
TICKER: TCS IN
CURRENCY: INR
MARKET CAP: 11,911,493.00 (M)
ENTERPRISE VALUE: 11,574,922.89 (M)
GENERATED ON: 08/24/2022
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Bloomberg Public Information Book: TATA CONSULTANCY
TABLE OF CONTENTS
Company Profile 3
Management Information 7
Capital Structure 9
Credit Profile 11
Comparables Analysis 14
Earnings Estimates 16
Shareholders 18
Analyst Ratings 20
Financial Analysis 23
Company News 26
Company Research 34
Interim Report 70
Annual Reports 98
Other Filings 262
Company Profile
>>> Company Overview, Management & Board
>>> Market Activity Overview
>>> Key Financial Metrics & Comparables
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Tata Consultancy Services Ltd Currency: INR

Sector: Information Technology Industry: IT Services Primary Exchange: Natl India
Tata Consultancy Services, a division of Tata Sons Limited, is a global IT services organization that provides a comprehensive
range of IT services to its clients in diverse industries. The Company, caters to finance and banking, insurance, telecommunication,
transportation, retail, manufacturing, pharmaceutical, and utility industries.
Summary
Website www.tcs.com Revenue(M) 1,917,540.00 YTD Return -11.92

Address TCS House Raveline Current Price 3,255.35 52 Week Return -8.70
Street Fort Mumbai, 52 Week High 4,123.00 Next Earnings 10/10/22
400 001 India 52 Week Low 2,953.00 Announcement
No of Employees 606,331 Mkt Cap(M) 11,911,493.00 Prior Announcement 07/08/22
Key Insights One Year Daily Price and Volume
5% of analysts have changed price targets (1 up, 2 down, 45 unchanged,

30.00 3,968.00
3 dropped) over the past month
Revenues from Technology Consulting rose 20.1% YoY in the quarter 25.00 3,773.40
Price in INR
ending Jun 30, 2022 and now account for 50.9% of revenues vs 49.2% a 20.00 3,578.80
year before 15.00 3,384.20
Analyst consensus price target (INR 3458.23) is 6.2% above current price
10.00 3,189.60
Estimated blended forward operating margin is 24.6% vs 18.1% for comps
5.00 2,995.00
average 19 2 2 0 0 1 1 2 2 3 2
S E 4 O 8 N 2 J A 6 F E 3 M 7 AP 2 M 6 J U 1 J U 4 AU
LTM FCF is 20.0% of revenue vs 13.5% for comps average, as of June P 2 C T O V N 2 B2 AR R AY N L G
02 202 20 02 02 20 20 20 202 202 20
1 21 2 2 22 22 22 2 2 22
30, 2022 1
Volume(Millions) Price
Recent News
NASDAQ: Are Robust Financials Driving The Recent Rally In The Container Store Group, Inc.'s (NYSE:TCS) Stock? FM1 15-Aug
Eagle Asset Management Reports Container Store Exit BN 10-Aug
[Delayed] The Container Store: Beat and Lower: Remain Underweight JPM 8-Aug
[Delayed] The Container Store: Model Update: Expect Trends to Deteriorate Over the Coming Year; Remain Underweight JPM 4-Aug
Current Capitalization (INR Millions)
12000000
Market Cap 11,911,492.9
10000000
Cash Equivalents 356,250.0
8000000
Preferred Equity 0.0
Minority Interest 0.0
6000000 Total Debt 58,110.0
Enterprise Value 11,613,352.9
4000000
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Overview Key Executives

NAME TITLE AGE TENURE START
Executives Rajesh Gopinathan CEO/Managing 51 5 02/01/2017
Number of Executives 20 Director
Average Reported Compensation (MM) 2.91 Samir Seksaria Chief Financial - 1 05/01/2021
Average Age - Officer
Average Tenure 4.40 Natarajan COO/Executive 63 5 02/01/2017
Board Members Ganapathy Director
Number of Board Members 9 Subramaniam
Independent Directors 7 K Ananth Krishnan Chief Technology - 4 04/01/2018
Members Owning Shares 1 Officer
On Boards of Peers 9.00 Rajashree R Chief Marketing - 2 02/01/2020
On Boards of Other Companies 8.00 Officer
Average Age 61.44 Surya Kant Chairman:TCS North - 1 05/01/2021
Average Tenure (Years) 6.00 America
Milind Lakkad Exec VP/Global - 3 05/01/2019
Head:Human
Resources
Revenue % by Business Segments for 2022 Revenue % by Geographic Segments for 2022
Life Sciences & Healthcare (10.7)
Retail & Consumer Business (16.0) Europe (31.9)
Others (17.5)
Asia Pacific (8.8)

Banking, Financial Services & Insurance (39.2)
Communication Media & Technology (16.6)
Retail & Consumer Business (16.0)
Life Sciences & Healthcare (10.7)
Communication Media Others (17.5)
& Technology (16.6)
India (5.1)
Americas (52.2)
Others (2.0) Europe (31.9)
Banking, Financial Services & Insurance (39.2)
Asia Pacific (8.8)
India (5.1)
Others (2.0)
Americas (52.2)
Historical Analyst Recommendation and 12M Target Price Firm Analyst Consensus
Consensus Rating 3.41

120.00 4,179.00
Buys 23 46.00%
100.00 Holds 15 30.00%
3,774.20
Sells 11 22.00%
80.00
Sell-Hold-Buy
Price in INR
3,369.40
60.00
2,964.60
40.00
2,559.80
20.00
0.00 2,155.00 A U S E O N D J A F E M AP M J U J U AU SE O N D J A F E M AP M J U J U AU
G P 2 C T OV EC N 2 B2 AR R 2 AY N 2 L 2 G P2 C T OV EC N 2 B2 AR R 2 AY N 2 L 2 G
20 0 20 20 20 0 0 20 0 20 0 0 20 0 20 20 20 0 0 20 0 20 0 0 20
20 20 2 0 2 0 20 21 21 21 21 21 2 1 21 21 21 21 2 1 21 22 2 2 2 2 22 22 2 2 22 22
% Buy % Hold % Sell TargetPrice Price
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Fiscal Year Financial Performance and Estimates (INR Millions)

03/19 03/20 03/21 03/22E 03/23E 03/24E 03/25E
Revenue 1 2 2 2 2,197,915 2,424,533 2,671,076
Growth % 0.0 100.0 0.0 0.0 109895648.0 10.3 10.2
Gross Profit 613,050 N.A. 670,390 N.A. 882,309 985,548 1,079,916
Gross Margin % 41.9 N.A. 40.8 N.A. 40.1 40.6 40.4
EBITDA 395,060 421,090 453,280 530,570 585,297 658,915 727,289
EBITDA Margin % 27.0 26.8 27.6 27.7 26.6 27.2 27.2
Operating Profit 374,500 385,800 412,630 484,530 536,807 604,663 668,455
Operating Margin % 25.6 24.6 25.1 25.3 24.4 24.9 25.0
Net Income (Adj) 314,720 323,400 336,480 383,270 421,780 477,241 526,149
Profit Margin % 21.5 20.6 19.8 20.0 19.2 19.7 19.7
Return On Assets % 27.9 27.2 25.6 27.9 29.2 30.4 30.5
Return On Equity % 35.2 36.8 37.6 43.1 43.9 44.4 44.7
Equity Comparables (Top 6 Peers)

NAME MARKET CAP EV EV/EBITDA T12M EBITDA:2023 EBITDA:2024 P/E P/E:2023 P/E:2024 EPS
TATA CONSULTANCY 11,911.5 (B) 11,574.9 (B) 21.5 19.8 17.6 31.0 28.3 25.1 19.5
SVCS LTD
TECH MAHINDRA LTD 1,041.8 (B) 990.1 (B) 12.3 11.5 9.9 18.5 17.5 14.9 25.0
HCL TECHNOLOGIES 2,575.7 (B) 2,464.0 (B) 12.3 11.3 10.1 18.9 18.2 16.2 8.1
LTD
MINDTREE LTD 549.4 (B) 518.1 (B) 21.7 19.5 17.1 30.8 28.3 24.7 48.7
COGNIZANT TECH 34.2 (B) 33.4 (B) 9.5 9.1 8.4 15.2 14.5 13.3 57.4
SOLUTIONS-A
WIPRO LTD 2,282.4 (B) 2,171.3 (B) 13.3 12.5 11.0 19.7 19.1 16.5 17.0
Credit Ratings Credit Ratios

TCS TECHM HCLT MTCL CTSH TCS TECHM HCLT MTCL CTSH
Fitch Rating A - A- - - Secured Debt/ - - - - -
Moody's Rating Baa1 - - - - EBITDA
S&P Rating NR - A- - - Unsecured Debt/ - - - - -
EBITDA
Subordinated Debt/ - - - - -
EBITDA
Total Debt/EBITDA - - - - -
Net Debt / EBITDA -0.6 - -0.5 -1.3 -0.2
EBITDA / Tot Int Exp 67.4 46.7 80.2 53.9 301.3
Ownership: Top 5 by Country Ownership: Top 15 by % of Shares Outstanding Held
India 90.08% TATA SONS LTD 72.27%

United States 5.15% LIFE INSURANCE CORP 3.94%
Great Britain (UK) 1.22% VANGUARD GROUP 1.06%
Luxembourg 1.18% SBI FUNDS MANAGEMENT 0.92%
Ireland 0.91% BLACKROCK 0.89%
INVESCO LTD 0.87%
JPMORGAN CHASE & CO 0.63%
Ownership: Top 5 by Institution Type AXIS ASSET MANAGEMEN 0.52%
FIRST STATE INVESTME 0.39%
Holding Company 80.91% UTI ASSET MANAGEMENT 0.34%
Investment Advisor 13.20% SCHRODERS PLC 0.28%
Government 4.41% HDFC ASSET MANAGEMEN 0.28%
Pension Fund 0.44% STANDARD LIFE ABERDE 0.25%
Insurance Company 0.40% NORGES BANK 0.23%
ROYAL BANK OF CANADA 0.22%
Global Industry Classification Standard

Sector Code Sector Name Industry Group Name Industry Name Sub-Industry Name
45 Information Technology Software & Services IT Services IT Consulting & Other Services
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Management Information
>>> Overview
>>> Key Executives
>>> Board of Directors
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MANAGEMENT INFORMATION
Overview Key Executives
DATE OF
NAME AGE TITLE SINCE
Executives BIRTH
Number of Executives 20.0 Rajesh Gopinathan 01/01/1971 51 CEO/Managing Director 02/21/2017
Average Reported Compensation (MM) 2.9 Samir Seksaria Chief Financial Officer 05/01/2021
Average Age Natarajan Ganapathy 05/20/1959 63 COO/Executive Director 02/21/2017
Average Tenure 4.4 Subramaniam
Board Members K Ananth Krishnan Chief Technology Officer 04/19/2018
Number of Board Members 9.0 Rajashree R Chief Marketing Officer 02/01/2020
Independent Directors 7.0 Surya Kant Chairman:TCS North America 05/18/2021
Members Owning Shares 1.0 Milind Lakkad Exec VP/Global Head:Human 04/30/2019
On Boards of Peers 9.0 Resources
On Boards of Other Companies 8.0 Dr Ritu Anand 03/31/1959 63 Senior VP/Chief Leadership & 07/02/2010
Average Age 61.0 Diversity Officer
Average Tenure (Years) 6.0 Nidhi Srivastava VP/Global Head:Google Cloud 02/03/2021
Business
Pradeep M Gaitonde Secretary/Compliance Officer 11/01/2021
Madhav Anchan Gen Cnsl:Legal & Corporate 04/12/2021
Affairs
Amit Bajaj Head:North America & UK 01/31/2015
Kamal Bhadada Head:Communication & Media 03/04/2021
Debashis Ghosh Head:Life Sciences & 10/07/2019
Healthcare
K Krithivasan Head:Banking & Financial 12/08/2020
Svcs
Suresh Muthuswami Head:BFSI Platforms 09/17/2020
M Shankar Narayanan Head:Retail & Travel 09/23/2020
Krishnan Ramanujam 03/31/1953 69 Head:Business & Technology 07/13/2017
Service
Kedar Shirali Head:Global Investor Relations 10/19/2012
Susheel Vasudevan Head:Manufacturing & Utilities 09/03/2020
Board of Directors
NAME DATE OF BIRTH AGE TITLE ORGANIZATION
Natarajan Chandrasekaran 06/02/1963 59 Chairman Tata Sons Ltd
Chairman Tata Consultancy Services Ltd
Keki M Mistry 12/31/1954 67 Vice Chairman/CEO Housing Dev Finance Corp Ltd
Vice Chairman/CEO Hdfc Ltd
Board Member Tata Consultancy Services Ltd
Daniel Hughes Callahan "Don" 05/16/1956 66 Executive Partner Bridge Growth Partners LLC
Om Prakash Bhatt 03/07/1951 71 Board Member Tata Consultancy Services Ltd
Natarajan Ganapathy Subramaniam 05/20/1959 63 COO/Executive Director Tata Consultancy Services Ltd
Dr Pradeep Kumar Khosla 03/13/1957 65 Chancellor University of California San Diego
Managing Director Inetworks LLC
Co-Founder Biometricore Inc
President UC San Diego Foundation
Hanne Birgitte Breinbjerg Sorensen 09/18/1965 56 Board Member Tata Consultancy Services Ltd
Rajesh Gopinathan 01/01/1971 51 CEO/Managing Director Tata Consultancy Services Ltd
Aarthi Subramanian 06/26/1967 55 Chief Digital Officer Tata Sons Ltd
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Capital Structure
>>> Capital Structure Distribution
>>> Debt Distribution
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CAPITAL STRUCTURE
Millions (INR)
Market Cap - 11,911.5 (B)
0 2 4 6 8 10
DEBT DISTRIBUTION
Forcasts for up to 50 years. All values in INR
Debt Type: Bonds and Loans Loan Type: All
Payments: Principal Only Debt: To Maturity
AMOUNT
300000 YEAR
(MM)
2022 51,140
2023 253,760
250000 2024 267,942
2025 137,879
2026 39,527
Amount Outstanding (Mln)
200000 2027 36,852

2028 36,574
2029 47,837
150000 2030 19,405
2031 19,145
2032 22,268
100000 2034 7,710
2035 5,000
2037 13,900
50000 2038 25,000
2047 666
0
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2034
2035
2037
2047
Revolver (Total Outstanding) Bond
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Credit Profile
>>> Credit Ratings
>>> Credit Comparables
11 / 522
CREDIT PROFILE
Moody's
Outlook STABLE
Issuer Rating Baa1
Long Term Rating Baa1
Foreign Currency LT Debt Baa1
Standard & Poor's

LT Foreign Issuer Credit NR
LT Local Issuer Credit NR
Fitch
Outlook STABLE
LT Issuer Default Rating A
LT LC Issuer Default A
ICRA
Outlook STABLE
Long Term AAA
Short Term A1+
CARE
Short Term A1+
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CREDIT COMPARABLES
Credit Ratings
TCS IN Equity TECHM IN Equity HCLT IN Equity MTCL IN Equity CTSH US Equity
Fitch Rating A - A- - -
Moody's Rating Baa1 - - - -
S&P Rating NR - A- - -
Valuation Multiples
CDS / Leverage - - - - -
OAS / Leverage - - - - -
EV/EBITDA 21.5 12.3 12.3 21.7 9.5
Price to Book Ratio 13.0 - 4.4 8.3 2.9
Credit Ratios
Secured Debt/EBITDA - - - - -
Unsecured Debt/EBITDA - - - - -
Subordinated Debt/EBITDA - - - - -
Total Debt/EBITDA - - - - -
Net Debt / EBITDA -0.6 - -0.5 -1.3 -0.2
EBITDA / Tot Int Exp 67.4 46.7 80.2 53.9 301.3
Market Metrics
1-Yr Implied Volatility 23.7 33.1 33.4 37.0 29.7

5 Year Bid CDS Spread - - - - -
Bid OAS - - - - -
Dividend Yield 1.3 - 1.5 - 1.6
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Comparables Analysis
>>> Revenue Breakdown by Industry
>>> Equity Comparables
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COMPARABLES ANALYSIS
% Revenue by Industry Comparables Range
METRIC TCS LOW HIGH AVERAGE
P/E 31.0 15.2 44.7 26.7
EPS 1 Yr Gr 19.5 8.1 57.4 27.2
Whole Firm 25.7 (B) Rev 1 Yr Gr 16.8 8.4 32.1 19.3
ROE 42.1 17.9 34.2 22.7
Information Technology (IT) Services 23.0 (B)
Application Software 2.7 (B)
0 20 40 60 80 100
EV/EBITDA
NAME MARKET CAP EV EBITDA:2023 EBITDA:2024 P/E P/E:2023 P/E:2024
T12M
TATA CONSULTANCY SVCS LTD 11,911.5 (B) 11,574.9 (B) 21.5 19.8 17.6 31.0 28.3 25.1
TECH MAHINDRA LTD 1,041.8 (B) 990.1 (B) 12.3 11.5 9.9 18.5 17.5 14.9
HCL TECHNOLOGIES LTD 2,575.7 (B) 2,464.0 (B) 12.3 11.3 10.1 18.9 18.2 16.2
MINDTREE LTD 549.4 (B) 518.1 (B) 21.7 19.5 17.1 30.8 28.3 24.7
COGNIZANT TECH SOLUTIONS-A 34.2 (B) 33.4 (B) 9.5 9.1 8.4 15.2 14.5 13.3
WIPRO LTD 2,282.4 (B) 2,171.3 (B) 13.3 12.5 11.0 19.7 19.1 16.5
WNS HOLDINGS LTD-ADR 4.2 (B) 4.1 (B) 18.7 13.8 12.6 32.9 23.2 20.7
GENPACT LTD 8.7 (B) 10.1 (B) 15.8 13.2 11.5 27.8 17.4 15.5
EXLSERVICE HOLDINGS INC 5.8 (B) 5.9 (B) 23.9 20.3 18.0 44.7 30.6 27.3
INFOSYS LTD 6,469.4 (B) 6,312.7 (B) 19.8 18.2 15.8 29.0 26.6 22.8
MPHASIS LTD 417.7 (B) 406.4 (B) 18.9 15.9 13.7 29.1 24.1 20.4
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Earnings Estimates
>>> Earnings History
>>> Earnings Trend Chart
>>> Current Period Estimates
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EARNINGS & ESTIMATES

Earnings History
Next Announcement 10/10/2022
Prior Announcement 07/08/2022
Avg/Implied 1 Day Move * 2.89/1.90
* Average 1 Day Move: Average absolute percent change in price 1 day after earnings for the past 8 periods
Implied 1 Day Move: Absolute percent change in price around the next earnings date estimated from option volatilities
2023 Annual EPS Earnings Trend (EPS, INR per share)

3896.82 29.96 35
30
3699.972 29.534
25
2023 Annual EPS
3503.124 29.108
20
Price
15
3306.276 28.682
10
3109.428 28.256
5
2912.58 27.83 2/ 3 3 3 4 4 4 5 5 5 5 6 6 6 7 7 7 7 8 8 0
27 /8/ /17 /2 6 /4/ /13 /22 /1/ /10 /19 /28 /6/ /15 /24 /3/ /12 /21 /30 /8/ /1 7 20 20 20 20 20 20 20 20 20
/2 20 /2 /2 20 /2 /2 20 /2 /2 /2 20 /2 /2 20 /2 /2 /2 2 0 / 2 22 22 22 22 23 23 23 23 24
02 22 02 02 22 02 02 22 02 02 02 22 02 02 22 02 02 02 22 02 /Q /Q /Q /Q /Q /Q /Q /Q /Q
2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 2 3 4 1 2 3 4 1
Price 2023 Annual EPS Actuals Estimates
Current Period ( 2023 Q2) Overview

MEASURE PERIOD EST 4WK CHG YoY Gr GROWTH vs COMPS PAST SURPRISE
EPS Adj+ 28.139 0.08% Missed 6 of 8
EPS GAPP 28.064 0.00% Missed 6 of 8
Sales 546.739 (B) -0.01% Beat 6 of 8
Net Income Adjusted+ 103.808 (B) 0.07% Missed 5 of 8
Operating Profit 130.555 (B) 0.26%
EBITDA 142.926 (B) 0.32% Missed 5 of 8
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Shareholders
>>> Ownership by Fund Objective
>>> Ownership by Geography
>>> Top Institutional Holders
>>> Top Insider Holdings
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SHAREHOLDERS
Top Fund Objective Ownership (%) Top Geographic Ownership (%)
08/23/2022 08/23/2022
Emerging Market 30.12 India 90.07
ETF 20.98 United States 5.16
Blend 16.59 Great Britain (UK) 1.22
Regional Fund 9.69 Luxembourg 1.18
Asset Allocation 7.25 Ireland 0.91
Growth 6.67 Canada 0.28
Country Fund 2.88 Norway 0.27
Sector Fund 2.77 Japan 0.26
Unclassified 1.18 Australia 0.13
Fund Debt 1.17 Hong Kong 0.12
Value 0.46 Sweden 0.09
Market Neutral 0.23 Switzerland 0.07
Long Short 0.01 France 0.05
Taxable Mmkt 0.01 Singapore 0.05
Short Bias 0.00 Malaysia 0.04
Fund Of Funds 0.00 Finland 0.03
Denmark 0.02
Germany 0.01
Taiwan 0.01
Netherlands 0.01
South Korea 0.01
Unknown 0.01
Austria 0.01
Liechtenstein 0.01
South Africa 0.00
Belgium 0.00
Bermuda 0.00
Top 20 Holders by Position

HOLDER NAME POSITION % OUTSTANDING POSITION CHANGE % POSITION CHANGE FILING DATE
TATA SONS LTD 2,644,317,117 72.27 0 0.00 06/30/2022
LIFE INSURANCE CORP 144,185,519 3.94 9,040,839 6.69 06/30/2022
VANGUARD GROUP 38,842,608 1.06 5,452,209 16.33 07/31/2022
SBI FUNDS MANAGEMENT 33,699,088 0.92 253,481 0.76 07/31/2022
BLACKROCK 32,519,100 0.89 890,558 2.82 08/23/2022
INVESCO LTD 31,692,264 0.87 16,831 0.05 08/23/2022
JPMORGAN CHASE & CO 23,154,961 0.63 -868,706 -3.62 08/23/2022
AXIS ASSET MANAGEMEN 18,957,737 0.52 -865,655 -4.37 08/15/2022
FIRST STATE INVESTME 14,352,262 0.39 92,757 0.65 01/31/2022
UTI ASSET MANAGEMENT 12,608,410 0.34 340,946 2.78 07/31/2022
SCHRODERS PLC 10,355,158 0.28 -30,387 -0.29 06/30/2022
HDFC ASSET MANAGEMEN 10,292,440 0.28 1,781,211 20.93 08/15/2022
STANDARD LIFE ABERDE 9,011,934 0.25 -162,470 -1.77 07/31/2022
NORGES BANK 8,486,196 0.23 8,486,196 0.00 12/31/2021
ROYAL BANK OF CANADA 7,918,493 0.22 -363,352 -4.39 08/23/2022
ICICI PRUDENTIAL ASS 7,765,468 0.21 243,822 3.24 07/31/2022
FMR LLC 7,519,095 0.21 -233,121 -3.01 08/23/2022
KOTAK MAHINDRA ASSET 7,518,647 0.21 -749,517 -9.07 08/15/2022
MASSACHUSETTS FINANC 7,369,586 0.20 -238,775 -3.14 07/31/2022
CAPITAL GROUP COMPAN 6,652,021 0.18 -2,418 -0.04 06/30/2022
Top Insider Holders by Position

HOLDER NAME POSITION % OUTSTANDING POSITION CHANGE % POSITION CHANGE FILING DATE
None
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Analyst Ratings
>>> Analyst Company Consensus
>>> Analyst Recommendation Table
>>> Analyst Recommendation Chart
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ANALYST RATINGS
Firm Analyst Consensus Price
Consensus Rating 3.41 Curr INR

Buys 23 46.00% Tgt Px 3458.23
Holds 15 30.00% Last Price 3255.35
Sells 11 22.00% LTM Return -8.70%
Historical Analyst Recommendation and 12M Target Price
120.00 4,179.00
100.00
3,774.20
80.00
3,369.40
Price in INR
60.00
2,964.60
40.00
2,559.80
20.00
0.00 2,155.00
AU SE O N D JA FE M AP M JU JU AU SE O N D JA FE M AP M JU JU AU
G P2 C O EC N B2 AR R AY N L2 G P2 C O EC N B2 AR R AY N L2 G
20 T2 V2 20 20 20 20 20 20 T2 V2 20 20 20 20 20 20
02 02 02 02 20 02 02 02 02 02 20 02
20 0 20 21 1 21 21 21 21 1 21 1 21 22 2 22 22 22 22 2 22
0 0 1 1
% Buy % Hold % Sell TargetPrice Price
Analyst Recommendations
FIRM NAME ANALYST RECOMENDATION TGT PX DATE 1 YR RTN BARR RANK
Macquarie Ravi Menon outperform M 4150.00 08/23/22 - - -
JP Morgan Ankur Rudra underweight M 2800.00 08/22/22 8.12 5th 17th
Motilal Oswal Securities Ltd. Mukul Garg buy M 3730.00 08/22/22 -8.40 - 18th
BNP Paribas Asia Kumar Rakesh buy M 3615.00 08/18/22 -8.49 - -
YES Research Piyush Pandey buy M 3758.00 08/17/22 -8.49 - -
Ambit Capital Pvt Ltd. Ashwin Mehta sell M 2865.00 08/16/22 8.49 4th 2nd
Investec Nitin Padmanabhan sell M 2900.00 08/08/22 8.49 4th 8th
Bernstein Rahul Malhotra outperform M 3890.00 08/08/22 -8.49 - -
Nomura Abhishek Bhandari reduce M 2910.00 08/05/22 - - -
Edelweiss Capital Limited Sandip Kumar buy M 4106.00 08/02/22 -8.49 - -
(Institutional) Agarwal
Elara Capital Ruchi Burde Mukhija buy M 4050.00 08/02/22 - - -
Antique Stock Broking Ltd Vikas Ahuja buy M 3925.00 07/27/22 -8.49 - -
Prabhudas Lilladher Pvt. Aditi Patil accumulate M 3607.00 07/25/22 - - -
Citi Surendra Goyal sell M 3015.00 07/20/22 8.49 4th 10th
HSBC Yogesh Aggarwal hold M 3555.00 07/15/22 0.00 - 4th
Morgan Stanley Gaurav Rateria Equalwt/In-Line M 2890.00 07/14/22 0.24 - -
IIFL (Institutional) Rishi Jhunjhunwala add M 3450.00 07/14/22 -8.49 - -
Asian Markets Securities Pvt Ltd. Shradha Agrawal accumulate M 3324.00 07/12/22 -8.49 - -
Arihant Capital Markets Ltd. Abhishek Jain accumulate U 3720.00 07/11/22 7.09 - 5th
Credit Suisse Varun Ahuja neutral D 3275.00 07/11/22 -13.48 - -
Kotak Securities (Institutional Kawaljeet Saluja add M 3400.00 07/11/22 -8.49 - 6th
Equities)
KR Choksey Shares & Sec Pvt Ltd Saptarshi Mukherjee accumulate M 3739.00 07/11/22 -15.42 - -
"Saptarshi"
Spark Capital Advisors Soumitra Chatterjee reduce M 2980.00 07/11/22 8.49 4th 13th
21 / 522
FIRM NAME ANALYST RECOMENDATION TGT PX DATE 1 YR RTN BARR RANK

ICICIdirect.com (Retail) Sameer Pardikar buy M 3785.00 07/11/22 -11.79 - -
Choice Equity Broking Pvt Ltd Shweta Madnani outperform M 3993.00 07/11/22 - - -
Incred Research Services Pvt Ltd Abhishek Shindadkar hold D 3344.00 07/10/22 - - -
Goldman Sachs Sumeet Jain buy M 3678.00 07/09/22 -8.49 - 7th
Jefferies Akshat Agarwal hold M 3070.00 07/09/22 0.00 - -
Icici Securities (Institutional) Aniket Pande hold M 3140.00 07/09/22 - - -
IDBI Capital Market Services Ltd. Devang Mayur Bhatt hold M 3110.00 07/09/22 8.74 3rd -
Emkay Dipeshkumar Mehta hold M 3200.00 07/09/22 -5.42 - -
HDFC Research Apurva Prasad add M 3620.00 07/09/22 - - -
Reliance Securities Limited Mitul Shah sell D 3100.00 07/09/22 - - -
Equirus Securities Private Limited Sandeep R Shah reduce M 3250.00 07/09/22 8.49 4th 11th
Nirmal Bang Institutional Equities Girish Pai sell M 2469.00 07/09/22 11.73 2nd 3rd
JM Financial Institutional Manik Taneja hold M 3600.00 07/08/22 0.00 - 15th
Securities Limited
Batlivala & Karani Securities India Debashish Mazumdar buy M 3900.00 07/08/22 -15.42 - -
Pvt. Ltd.
Phillip Securities Vibhor Singhal buy M 4150.00 07/08/22 -8.49 -
DAM Capital Anmol Garg neutral M 3290.00 07/08/22 0.00 - -
Morningstar Julie Bhusal Sharma sell M 2700.00 07/08/22 0.57 - 1st
Dolat Capital Market Ltd. Rahul Jain reduce M 3330.00 07/08/22 23.62 1st 9th
Maybank Investment Banking Neerav Dalal hold M 4000.00 04/12/22 1.33 -
Group
ULJK Financial Service Team Coverage buy M 4616.00 04/12/22 -8.49 - 12th
BOB Capital Markets Ruchi Burde buy M 4660.00 04/12/22 -8.49 - -
Dalal & Broacha Stock Broking P. Mayank Babla hold M 3943.00 01/17/22 0.00 - -
Ltd
Haitong International Research LtdUrmil Shah neutral M 4196.00 01/13/22 0.00 - 20th
ISS-EVA Anthony Campagna buy M 0.00 11/16/21 -8.49 - 14th
Trust Financial Consultancy Naushil Shah hold M 0.00 04/13/21 0.00 - 19th
Centrum Broking Pvt. Ltd. Madhu Babu add M 2970.00 11/25/20 -8.49 - -
William O'Neil & Co Incorporated Cornelio Ash not rated M 0.00 09/23/19 - - -
Ashika Stock Broking Limited Team Coverage buy M 2490.00 05/02/19 -8.49 - -
22 / 522
Financial Analysis
>>> Highlights
>>> Enterprise Value
>>> Multiples
>>> Analytics-Profitability
23 / 522
Bloomberg Public Information Book: TCS
Financial Analysis
Key Stats-Highlights
Original:2019 A Original:2020 A Original:2021 A Original:2022 A Current/LTM
For the period ending 2019-3-31 2020-3-31 2021-3-31 2022-3-31 2022-6-30
Market Capitalization 7,510,960.85 6,852,229.71 11,755,030.41 13,684,669.18 11,911,492.89
- Cash and Marketable 370,070.00 303,250.00 312,810.00 427,590.00 356,250.00
Securities
+ Preferred & Other 0.00 0.00 0.00 0.00 0.00
+ Total Debt 4,440.00 61,120.00 59,120.00 58,550.00 58,110.00
Periodic Enterprise Value 7,145,330.85 6,610,099.71 11,501,340.41 13,315,629.18 11,613,352.89
Revenue 1,231,700.00 1,313,060.00 1,359,630.00 1,603,410.00 1,670,990.00

Growth %, YoY 26.52 6.61 3.55 17.93 17.62
EBITDA 349,640.00 373,530.00 403,100.00 462,450.00 468,810.00
Margin % 28.39 28.45 29.65 28.84 28.06
Net Income 300,650.00 332,600.00 309,600.00 381,870.00 384,940.00
Margin % 24.41 25.33 22.77 23.82 23.04
EPS, Adj 78.41 88.17 84.49 102.83 104.04
Growth %, YoY 22.58 12.45 -4.17 21.70 11.73
Cash from Operations 299,560.00 332,080.00 381,010.00 418,010.00 415,790.00

Capital Expenditures -15,560.00 -24,700.00 -21,720.00 -21,600.00 -23,660.00
Free Cash Flow 284,000.00 307,380.00 359,290.00 396,410.00 392,130.00
Key Stats-Enterprise Value

Original:2019 A Original:2020 A Original:2021 A Original:2022 A Current
Market Capitalization 7,510,960.85 6,852,229.71 11,755,030.41 13,684,669.18 11,911,492.89
- Cash & Equivalents 370,070.00 303,250.00 312,810.00 427,590.00 356,250.00
+ Preferred Equity 0.00 0.00 0.00 0.00 0.00
+ Minority Interest 0.00 0.00 0.00 0.00 0.00
+ Total Debt 4,440.00 61,120.00 59,120.00 58,550.00 58,110.00
Enterprise Value 7,145,330.85 6,610,099.71 11,501,340.41 13,315,629.18 11,613,352.89
Total Capital 793,420.00 804,800.00 807,060.00 830,280.00 830,370.00

Total Debt/Total Capital 0.56 7.59 7.33 7.05 7.00
Total Debt/EV 0.00 0.01 0.01 0.00 0.01
EV/Sales 5.80 5.03 8.46 8.30 6.95

EV/EBITDA 20.44 17.70 28.53 28.79 24.77
EV/EBIT 21.49 19.08 30.87 31.17 26.88
EV/Cash Flow to Firm 23.75 19.22 29.56 31.30 27.84
EV/Free Cash Flow to Firm 25.05 20.71 31.30 32.97 29.51
Diluted Market Cap 7,585,751.79 6,852,229.71 11,885,510.89 13,833,447.47 11,911,493.24

Diluted Enterprise Value 7,145,330.85 6,610,099.71 11,501,340.41 13,315,629.18 11,613,353.24
Periodic EV to Shares 1,904.21 1,761.57 3,109.27 3,639.09 3,185.62
Outstanding
Key Stats-Multiples
P/E 25.23 20.60 38.39 36.23 31.20
Average 29.09 26.75 28.48 42.32
High 34.40 28.71 38.39 48.55
Low 22.19 20.60 18.66 36.23
P/Book 9.52 9.21 15.72 17.73 15.42

Average 9.63 10.10 12.73 17.34
High 11.38 10.83 16.70 19.88
Low 7.34 7.78 8.35 15.01
P/Tangible Book 9.54 9.24 15.79 17.97 15.61

Average 9.63 10.12 12.77 17.42
High 11.38 10.85 16.75 19.97
Low 7.34 7.80 8.37 15.09
P/Sales 6.16 5.22 8.74 8.63 7.19

Average 7.54 6.53 7.21 9.64
High 9.00 7.07 9.56 11.34
Low 5.61 4.63 4.72 8.26
P/Cash Flow 25.32 20.63 31.19 33.09 28.89

Average 27.89 26.85 28.50 34.40
High 32.97 28.82 37.39 39.45
Low 21.27 20.63 18.69 29.80
P/Free Cash Flow 26.71 22.29 33.08 34.90 30.63

Average 29.70 28.32 30.78 36.48
High 35.12 30.40 40.39 41.84
Low 22.65 21.84 20.19 31.60
EV/Sales 5.80 5.03 8.46 8.30 6.95

Average 7.04 6.17 7.01 9.34
24 / 522

High 8.48 6.64 9.27 10.75
Low 5.33 4.69 4.54 8.07
EV/EBITDA 20.44 17.70 28.53 28.79 24.77

Average 24.64 21.74 24.65 31.52
High 29.69 23.40 32.59 36.25
Low 18.66 16.52 15.97 27.23
EV/EBIT 21.49 19.08 30.87 31.17 26.88

Average 26.19 22.86 26.57 34.10
High 31.56 24.61 35.13 39.22
Low 19.84 17.37 17.21 29.46
Price/Share 2,001.65 1,826.10 3,177.85 3,739.95 3,255.35

High 2,275.95 2,296.20 3,345.25 4,123.00 3,307.85
Low 1,420.00 1,504.40 1,650.00 3,004.00 3,250.25
Enterprise Value 7,145,330.85 6,610,099.71 11,501,340.41 13,315,629.18 11,613,352.89

Average 6,857,585.49 7,601,548.85 9,211,111.33 12,713,075.56
High 8,254,902.75 8,182,114.74 12,173,760.71 14,613,352.33
Low 5,189,266.89 5,774,584.71 5,965,064.78 10,975,335.87
Ratio Analysis-Profitability
Original:2020 A Original:2021 A Original:2022 A Current/LTM Estimate:2023 A
Returns
Return on Common Equity 43.40 41.51 50.26 49.79 51.80
Return on Assets 32.53 28.89 33.11 32.91
Return on Capital 43.09 39.42 47.56 46.68
Return on Invested Capital 33.48 33.10 36.38 36.14
Margins
EBITDA Margin 28.45 29.65 28.84 28.06
Operating Margin 26.39 27.40 26.65 25.86
Net Income Margin 25.33 22.77 23.82 23.04
Growth
Revenue, 1 YR Growth 6.61 3.55 17.93 17.92
EBITDA, 1 YR Growth 6.83 7.92 14.72 5.68
Operating Income, 1 YR 4.22 7.52 14.67 4.67
Growth
Net Income, 1 YR Growth 10.63 -6.92 23.34 3.71
Additional
Accounts Receivable 4.98 5.05 5.82 5.81
Turnover
Days Sales Outstanding 73.43 72.32 62.69 62.86
Inventory Turnover 2.40 2.33 2.23 1.47
Days Inventory Outstanding 152.50 156.43 163.62 248.20
Accounts Payable Turnover 0.00 0.00 0.00 0.00
Accounts Payable Turnover 231,227.54 190,438.75 80,317.80 96,963.65
Days
Cash Conversion Cycle -231,001.61 -190,210.00 -80,091.50 -96,652.59
Inventory to Cash Days 225.93 228.75 226.31 311.06
Effective Tax Rate 20.79 24.31 23.20 24.67

Dvd Payout Ratio 127.49 45.40 41.20 34.09
Free Cash Flow Yield 4.49 3.02 2.87 3.26
Sustainable Growth Rate -11.93 22.66 29.55 32.82
25 / 522
Company News
>>> High attrition rates caused alarm bells in the market
>>> Consumer momentum unlikely to derail as IT firms rationalise salary payouts
>>> TCS to pay full variable, iPhone 14 to be made in India; and Musk vs Dorsey in Twitter battle
26 / 522
High attrition rates caused alarm bells in the market

Mumbai: Tata Consultancy Services (TCS) will pay the variable costs such as
bonuses and dividends to its employees for the June quarter in August.
Reportedly, the scheduled time for the payment was July. But there has been a
delay in the payment.
It was also reported recently that IT major Wipro also went on to halt its
variable costs for a category of its employees. In a statement to ET NOW Wipro
said "There is no change to our earlier statement on salary increase, and
hikes for our employees will be effective from September 1, 2022. We have also
completed the first cycle of quarterly progressions effective July 1, 2022. We
have no further comments on the quantum of variable pay.”
Meanwhile, according to a TeamLease report, hiring intent rose to 61% for the
July-September quarter, from 54% in April-June 2022. However, the new hires
are likely to be for entry-level and junior roles, where the intent to hire is
highest. The hiring intent drops progressively for mid-level jobs, hitting the
lowest for senior positions, according to TeamLease’s Q2 Employment Outlook
Reports
While speaking to ET Now, TeamLease , Chief Financial Officer, Ramani Dathi

says we have started seeing a hiking trend getting tapered, the news around
holding hikes and variable pay is also supporting this argument. Meanwhile,
NIIT its commentary for last month said Hiring in IT companies is at a
multi-year high driven by growth in digital, transformational orders and an
uptick in attrition. Sapnesh Lalla, CEO and Executive Director, NIIT Ltd also
spoke to ET NOW today and said ‘It is going to become hard for the
organisation to pay high salaries given the uncertainty around the demand
side’
-0- Aug/24/2022 10:33 GMT
27 / 522
Consumer momentum unlikely to derail as IT firms rationalise salary

payouts
(Business Standard) -- Consumption-related stocks are unlikely to take a big
knock as companies, especially the ones in the information technology (IT)
sector, look to rationalise costs over the next few quarters, said analysts,
who believe the delay in variable pay payment and bonuses will largely be
restricted to the IT sector. ALSO READ: IT industry's 'people' conundrum may
delay its revenue growth targets "There has been a disproportionate rise in
the employee cost for IT companies that I have not seen in the last 20 years,"
said G Chokkalingam, founder and chief investment officer at Equinomics
Research. The industry, he said, will succeed in rationalising the rising
employee cost going ahead as it is a collective effort across large-and
mid-sized firms. ALSO READ: IT services companies' salary costs growing faster
than revenues “The revenue (in dollar terms) has grown just 3 - 4 per cent in
the last few quarters for IT firms, which is hugely disproportionate to the
employee salaries being paid by these companies. The IT sector is a part of a
larger services industry where human resource is a raw material. For other
companies within the services sector, such as telecom and BFSI, human
resources is not that big a component of the total cost structure. Hence, this
phenomenon of deferring variable pay will not be as percolate to other
sectors. Even if it does, the intensity may not be as severe," he said. ALSO
READ: Infosys cuts average variable payout to 70% for Q1 on margin pressure
Over the last few days, frontline information technology (IT) companies –
Infosys, Tata Consultancy Services (TCS) and Wipro – are delaying variable
payout to employees, reports suggest. C-suite Level at Wipro, according to
reports, will not get any portion of variable pay, while employee grades
between freshers to team leaders will get 70 per cent of the total variable
pay. A similar action was undertaken by TCS that has delayed the variable pay
for senior employees for the first quarter of fiscal 2022-23 (FY23). An
analysis of the quarterly numbers announced by India Inc suggests that the
employee cost rose to Rs 3.46 trillion in the recently concluded quarter, a
year-on-year (YoY) increase of 13.36 per cent. For IT firms, employee costs
grew at a faster clip – up 20.3 per cent YoY to Rs 1.02 trillion in the June
2022 quarter. ALSO READ: Wipro holds back employees' variable pay due to
pressure on margins More money in the hands of employees meant more spending.
The markets, on their part, took note of this development and most
consumption-related stocks did well in 2022. In the last six months, the Nifty
Consumption index has rallied 12 per cent as compared to the 3 per cent surge
in the Nifty50 index, data showed. Consumption-related sectors, according to A
K Prabhakar, head of research at IDBI Capital will continue to do well as the
employee cost rationalisation will be restricted to the IT sector only. The
delay in variable pay to IT sector employees, he believes, will not be
meaningful enough to dent the overall demand in the economy. “The only concern
in my view is that the rural demand is not picking up, which can dampen
sentiment a bit. But overall, the consumption story still remains strong in
India as the economy picks up. Among the lot, I like Jubilant FoodWorks,
Devyani International, Indian Hotels, Mahindra Holiday, Lemon Tree, Trent and
Titan Company. HUL, ITC, Britannia, Dabur, Marico should also do well as
commodity costs come off and the overall demand remains robust,” Prabhakar
said. -0- Aug/23/2022 06:04:00 GMT -0- Aug/23/2022 18:33 GMT
28 / 522
29 / 522
TCS to pay full variable, iPhone 14 to be made in India; and Musk vs

Dorsey in Twitter battle
TCS to pay full variable, iPhone 14 to be made in India; and Musk vs Dorsey in
Twitter battle
(Economic Times) -- India’s largest information technology (IT) firm TCS will
pay 100% variable pay to its 600,000 employees - a sort ofheadway after we
reported that the IT major had delayed its June variable compensation payout
by a month for some employees. We delve deep into this development and other
important tech stories that made the headlines during the day.
Credit: Giphy
Also in this letter:
Apple plans to make iPhone 14 in India
Musk seeks documents from Jack Dorsey amidst battle with Twitter
Netflix ramps up hiring for cloud gaming
------------------------------------------------------------------------------
^TCS to roll out 100% variable pay for employees

Days after reports surfaced that information technology (IT) firm Tata
Consultancy Services (TCS) has delayed the June variable compensation payout
by a month for some employees, the country’s largest IT firm, said on Tuesday
it will pay out 100% variable pay for its 600,000 plus employee base.
We reported on August 20 that the Tata Group company has delayed the variable
payout for C3A, C3B, C4, and equivalent grades by a month. These are employees
at the assistant consultant, associate consultant, and consultant levels. The
money due to be paid in July will be paid by August-end, according to an
internal email accessed by ET.
From the horse’s mouth: “Variable pay is either paid in month one or month two
as per the normal process and there is no delay in this process. 100% VA is
being paid for Q1,” TCS said in a statement. Previously, the company had said
its compensation and bonus cycle was running as planned.
Sources stated that over 90% of the employees have received their variable
payout.
Dipping margins: During the June quarter results, all Indian IT majors had
indicated a strong demand environment but reported severe margin contraction
due to high employee costs. According to analysts, some companies are taking
cautionary measures to curtail performance payout to conserve cash.
TCS’ decision comes at a time when its smaller peers Infosys and Wipro have
reduced or suspended variable pay rollout for employees owing to margin
pressure.
IT peers cut variable pay: We reported on Tuesday that Infosys has given out
70% variable pay on average to employees for the June quarter amid pressure on
30 / 522
the Bengaluru-based company’s operating margin.
Last week, Wipro, too, said in an email that employees belonging to C bands
and above (managers to C-suite level) will not receive any variable payouts,
while associates in A & B bands (freshers to team leader levels) will receive
70% of target variable pay.
------------------------------------------------------------------------------
Âpple's plan to make in India

Two months after the iPhone 14 is first made available in China, Apple Inc.
intends to begin producing the device in India, according to a Bloomberg
report on Tuesday.
Apple has long made most of its iPhones in China and has been seeking
alternatives amid the Chinese government's clashes with the US and other
factors including recent lockdowns to curb the spread of the virus
Tell me more: According to the report, which cited people with knowledge of
the situation, the company has been collaborating with suppliers to increase
production in India and reduce the time it takes to produce new iPhones from
the usual six to nine months for previous launches.
ET had reported earlier that Apple could be evaluating shipping its upcoming
iPhone 14 from India.
While in the short term, India's iPhone capacities/shipments still have a

considerable gap with China, it is an important milestone for Apple as it will
be building a non-Chinese iPhone production site.
The India blueprint: The US-based company has been gradually ramping up the
production of iPhones in India. Currently, its devices are manufactured in
India by three contract manufacturers — Foxconn (Hon Hai), Wistron and
Pegatron. The three Apple partners are part of the Indian government's
production-linked incentive scheme for mobile manufacturing. They need to make
products worth a minimum of Rs 8,000 crore each this year to get the
incentives.
The timeline: After the first release in September, the first iPhone 14s from
India will probably be finished in late October or November. An ambitious
target would be Diwali which begins on October 24, one person told the news
agency.
Back-to-work pangs: Apple employees have hit back at the tech giant's
return-to-office orders and launched a petition saying the firm risked
stifling diversity and staff wellbeing by restricting their ability to work
remotely.
The petition is in response to an all-employee memo from the CEO Tim Cook, who
last week said workers would have to come into the office for at least three
days a week from September, citing the Financial Times, the New York Post
reported.
31 / 522
------------------------------------------------------------------------------
Êlon Musk seeks documents from Jack Dorsey in battle with Twitter
Twitter Inc misled federal regulators about its security defenses and spam
accounts, CNN and the Washington Post reported on Tuesday, citing
whistleblower disclosures by the company's former security chief Peiter Zatko
last month with the Securities and Exchange Commission and the Department of
Justice, as well as the Federal Trade Commission
Citing Zatko, CNN reported Twitter executives don't have the resources to
fully understand the true number of bots on the platform, and were not
motivated to.
The allegations: Zatko accused Twitter, its chief executive Parag Agrawal and
other executives and directors of “extensive legal violations,” including
making misleading statements to users, misrepresentations to investors and
acting with “negligence and even complicity” toward efforts by foreign
governments to infiltrate the platform.
The India angle: The former security head’s complaint says he believed the
Indian government had forced Twitter to put one of its agents on the payroll,
with access to user data at a time of intense protests in the country.
The complaint said supporting information for that claim has gone to the
National Security Division of the Justice Department and the Senate Select
Committee on Intelligence. Another person familiar with the matter agreed that
the employee was probably an agent."
Earlier in the day, the Musk vs Twitter battle took a new turn when the Tesla
CEO - also the prospective buyer of Twitter - sought documents from Twitter
co-founder Jack Dorsey.
Driving the news: Musk is looking to secure documents about his April
agreement to buy Twitter and the number of spam accounts on the platform from
Dorsey, who resigned as Twitter’s chief executive in November. Musk and Dorsey
are long-time friends, and Dorsey has even supported Musk’s bid to buy Twitter
in the past.
------------------------------------------------------------------------------
^Facebook cofounder Eduardo Saverin’s B Capital to back sexual health startup

Mojocare
Indian healthtech startup Mojocare is close to raising $20 million in a series
A funding backed by B Capital Group, the venture capital company founded by
Facebook cofounder Eduardo Saverin and Raj Ganguly, according to a Bloomberg
report.
The round, which might be disclosed as soon as Tuesday, is likely to see

participation from existing investors Sequoia India, Chiratae Ventures, and
Better Capital, among others.
32 / 522
What does Mojocare do? Mojocare helps consumers address issues including
reproductive health and fertility, hair care, and weight loss through an
online platform that includes product sales, consultations with doctors, and
customized treatment plans.
The Bengaluru company intends to use the money to further diversify and widen
its product line.
A look at B Capital: Founded in 2015 by Saverin and Ganguly, B Capital helps

startups gain scale and transform their industries. It counts about $6.5
billion in assets under management and more than 125 portfolio companies.
[Tweet of the day]
------------------------------------------------------------------------------
^Netflix ramps up hiring for its cloud gaming ambitions

Streaming giant Netflix has intensified hiring plans for its cloud gaming
division as it looks to challenge cloud-gaming rivals such as Sony
PlayStation, Google Stadia, Apple Arcade and Amazon Luna.
Here are the details: According to Protocol, a technology-tracking website,

the company is looking for a security product manager with experience in
handling “cloud gaming challenges”, a rendering engineer who can support
Netflix's “cloud gaming service”, and other similar positions.
Netflix has been doubling down on the gaming space over the last few months.
In March, it acquired Boss Fight — its third gaming studio in the last six
months and has released a couple of mobile games, including two based on its
popular IP, Stranger Things. It plans to launch at least 50 more games by the
end of this year.
The company has over 221 million subscribers, of which less than 1% play its
mobile games.
Today’s ETtech Top 5 newsletter was curated by Gaurab Dasgupta and Ruchir Vyas
in New Delhi. Graphics and illustrations by Rahul Awasthi.
-0- Aug/23/2022 14:06 GMT
33 / 522
Company Research
>>> IT Services - Tata Consultancy Services - Modest quarter; performance in-line â Q1FY23 Update - 09 July 2022
>>> Tata Consultancy Services
>>> Tata Consultancy Services Ltd
34 / 522
India | IT Services 9 July 2022

Quarterly Update
Tata Consultancy Services

Modest quarter; performance in-line Rating: Buy
Growth and margin performance as expected Target Price: INR 4,050
Upside: 24%
Tata Consultancy Services’ (TCS IN) Q1 results validate the continuity of
CMP: INR 3,265 (as on 8 July 2022)
growth momentum even as investors seem concerned over medium-
Global Markets Research
term growth due to macro challenges. Slightly lower-than-consensus Key data*

operating performance seems on account of operating margin miss. CC Bloomberg /Reuters Code TCS IN/TCS.BO
revenue growth at 3.5% QoQ is in line with consensus, but better than Current /Dil. Shares O/S (mn) 3,659/3,659
our estimates. The growth composition is healthy, as reflected in broad- Mkt Cap (INR bn/USD mn) 11,948/150,778
Daily Volume (3M NSE Avg) 2,292,436
based growth in verticals/geographies (except India, which declined
Face Value (INR) 1
QoQ CC). EBIT margin at 23.1% was as estimated, down 190bps QoQ,
1 USD = INR 79.3
of which 150bps impact was from wage hikes. Travel expenses rose
Note: *as on 8 July 2022; Source: Bloomberg
30bps QoQ. As per TCS, margin has bottomed out and may improve
hereon. Price & Volume
5,000 15
No definitive signs of roll-back despite challenging macro
4,000
As per TCS, despite narratives on inflation/recession gaining currency, 10
3,000
TCS has not yet experienced any roll-back in pipeline. Rather, increased
2,000
accounts of pricing upgrades, strong demand pipeline from North 5
1,000
America and good retail vertical growth (despite perceived concerns)
0 0
are doing the rounds. TCS expects spiked spending on customer Jul-21 Nov-21 Mar-22 Jul-22
experience in Retail and core transformation projects to reign, at large. Vol. in mn (RHS) TCS (LHS)
Deal conversion cycle steady Source: Bloomberg
TCS’s Q1 TCV stood at USD8.2bn, flat YoY/down 27.4% QoQ, given the Shareholding (%) Q2FY22 Q3FY22 Q4FY22 Q1FY23
Promoter 72.2 72.2 72.3 72.3
presence of two large, lumpy +USD 1bn deals in Q4FY22. Book-to-bill
Institutional Investors 23.3 22.9 22.0 21.9
was 1.2x, above TCS’ average, signaling sturdy pipeline. Deal conversion
Other Investors 1.0 1.1 1.2 1.2
cycle is steady and TCV may be within USD 7-9bn, going forward. General Public 3.5 3.8 4.6 4.7
Valuation: Recommend Buy; TP INR 4,050 Source: BSE
We prefer TCS for its industry-leadership led by: 1) comprehensive Price performance (%) 3M 6M 12M
Nifty (8.8) (8.9) 3.1
services offerings, 2) systematic investments in services/capability
TCS (11.4) (15.3) 0.2
innovation and 3) robust TCVs. Given the current muted macro, TCS is
Infosys (16.5) (16.5) (3.0)
well poised for a resilient show, swiftly addressing shifting tech spend, Wipro (28.2) (41.1) (21.1)
led by its diversified service portfolio and excellent operational record. Source: Bloomberg
Expect FY22-25E USD sales/EBIT/APAT CAGRs of 9%/11.2%/11%.
Maintain BUY with a June 2023E TP of INR 4,050 on 30x earnings (1sd
+ five-year average). The key risk is acute recession in the West.
(INR mn) Q1FY23 Q1FY22 YoY (%) Q4FY22 QoQ (%) FY22 FY21 YoY (%)
Revenue (USD mn) 6,780 6,154 10.2 6,696 1.3 25,963 22,174 17.1
Revenue (INR mn) 527,580 454,110 16.2 505,910 4.3 1,956,270 1,641,770 19.2
Operating Expenditure 393,410 327,470 20.1 367,460 7.1 1,425,860 1,176,310 21.2
EBITDA 134,170 126,640 5.9 138,450 (3.1) 530,410 465,460 14.0
Depreciation 12,310 10,760 14.4 12,170 1.2 46,390 40,650 14.1
EBIT 121,860 115,880 5.2 126,280 (3.5) 484,020 424,810 13.9
PBT 127,760 121,630 5.0 133,640 (4.4) 512,720 449,780 14.0
Total Tax 32,570 31,320 4.0 34,050 (4.3) 131,100 111,980 17.1
Adjusted PAT 95,190 90,310 5.4 99,590 (4.4) 381,620 337,800 13.0
APAT after MI 94,780 90,080 5.2 99,260 (4.5) 380,360 336,480 13.0
Reported PAT 94,780 90,080 5.2 99,260 (4.5) 380,360 336,480 13.0
Reported EPS 25.9 24.4 6.4 26.8 (3.5) 103 90 14.9
Key Financials
YE Revenue YoY EBITDA EBITDA Adj PAT YoY Fully DEPS RoE RoCE P/E EV/EBITDA
March (INR bn) (%) (INR bn) Margin (%) (INR bn) (%) (INR) (%) (%) (x) (x)
FY22 1,918 16.8 531 27.7 384 13.9% 36.0 43.7 42.6 31.8 22.6
FY23E 2,227 16.2 601 26.9 431 12.1% 46.9 42.8 42.5 28.0 20.0
FY24E 2,466 10.7 676 27.3 484 12.4% 52.8 39.0 40.9 25.0 17.5
FY25E 2,660 7.9 729 27.3 529 9.3% 57.7 35.1 42.5 22.8 15.9
Note: Pricing as on 8 July 2022 ; Source: Company, Elara Securities Estimate
Ruchi Mukhija • ruchi.mukhija@elaracapital.com • +91 22 6164 8500
Vaibhav Chechani • vaibhav.chechani@elaracapital.com • +91 22 6164 8500
Seema Nayak • seema.nayak@elaracapital.com • +91 22 6164 8500
Elara Securities (India) Private Limited
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Consolidated Financials (YE March)

Income Statement (INR mn) FY22 FY23E FY24E FY25E Revenue & margin growth trend
Net Revenues 1,917,540 2,227,237 2,465,700 2,660,166 3,000 25.5
25.3
EBITDA 530,570 599,494 674,709 727,862 2,500 25.2 25.2
Less :- Depreciation & Amortization 46,040 49,220 53,756 58,718 25.2
(INR bn)
2,000
EBIT 484,530 550,273 620,953 669,143
(%)
1,500 24.7 24.9
Add:- Non operating Income 21,973 24,563 22,614 34,837
PBT 516,870 578,226 653,934 714,347 1,000
24.6
Less :- Taxes 132,380 147,439 170,023 185,730 500
Add/(Less): Associates/(Minorities) (1,220) (1,310) (1,200) (1,200) 0 24.3
Adjusted PAT 383,270 429,477 482,711 527,416 FY22 FY23E FY24E FY25E
Reported PAT 383,270 429,477 482,711 527,416 Net revenue EBIT margin
Balance Sheet (INR mn) FY22 FY23E FY24E FY25E

Source: Company, Elara Securities Estimate
Share Capital 3,660 3,660 3,660 3,660
Reserves 891,390 1,114,117 1,364,451 1,637,969 Adjusted profit growth trend
Other Liabilities 70,750 72,060 73,260 74,460 600 13.8 16
Total Liabilities 962,140 1,186,177 1,437,711 1,712,429 12.0 12.3
500
Net Block 196,150 191,474 187,032 181,517 12
9.2
(INR bn)
400
Investments 362,180 362,180 362,180 362,180
(%)
300 8
Cash & cash equivalents 124,880 78,401 282,111 519,722
Net Working Capital 201,570 474,795 518,568 554,264 200
4
Other Assets 77,360 79,326 87,819 94,746 100
Total Assets 962,140 1,186,177 1,437,711 1,712,429 0 0
Cash Flow Statement (INR mn) FY22 FY23E FY24E FY25E FY22 FY23E FY24E FY25E
Cash profit adjusted for non cash items 334,460 507,959 570,648 632,538 APAT APAT growth
Add/Less : Working Capital Changes (28,830) (275,191) (52,266) (42,622) Source: Company, Elara Securities Estimate
Operating Cash Flow 398,330 176,864 452,421 499,509
Less:- Capex (29,490) (44,545) (49,314) (53,203) Return ratios
Free Cash Flow to Firm 368,840 132,319 403,107 446,306 45 43.7 42.8
42.5
Financing Cash Flow (154,320) (206,750) (232,377) (253,898) 40.9
Investing Cash Flow (17,710) (16,593) (16,333) (8,000) 42.6 42.5
40
Net change in Cash 226,300 (46,479) 203,710 237,611
(%)
39.0
Ratio Analysis FY22 FY23E FY24E FY25E
Income Statement Ratios (%) 35
35.1
Revenue Growth 16.8 16.2 10.7 7.9
EBITDA Growth 14.0 13.0 12.5 7.9 30
PAT Growth 13.8 12.0 12.3 9.2 FY22E FY23E FY24E FY25E
EBITDA Margin 27.7 26.9 27.4 27.4 ROE (%) ROCE (%)
Net Margin 20.0 19.3 19.6 19.8 Source: Company, Elara Securities Estimate
Return & Liquidity Ratios
Net Debt/Equity (x) (0.1) (0.0) (0.2) (0.3)
ROE (%) 43.7 42.8 39.0 35.1
ROCE (%) 42.6 42.5 40.9 42.5
Per Share data & Valuation Ratios
Diluted EPS (INR/Share) 103.6 117.4 131.9 144.1
EPS Growth (%) 15.2 13.3 12.4 9.3
Book Value 241 304 373 448
DPS (INR/Share) 36.0 46.9 52.8 57.7
P/E Ratio (x) 31.5 27.8 24.7 22.7
EV/EBITDA (x) 22.6 20.1 17.5 15.9
Price/Book (x) 13.5 10.7 8.8 7.3
Dividend Yield (%) 1.1 1.4 1.6 1.8
Note: pricing as on 8 July 2022; Source: Company, Elara Securities Estimate
2 Elara Securities (India) Private Limited
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Conference Call – Highlights Healthy order book and client wins – Commentary
Commentary on growth ▪ Order book pipeline remained healthy, with deal

conversion continuing to be at previous pace – No
▪ Note that the demand is intact in the UK and
abnormality from subdued macro.
Continental Europe (up 3.2%/3.3% QoQ cc; currency
headwinds marred dollar numbers) despite perceived ▪ Q1 deal wins stood strong – Two large deals worth
vulnerability (due to Ukraine-Russia conflict). QoQ +USD 400mn materialized. North America TCV stood
USD/CC growth stood at 1.3%/3.5%. Demand was at USD 4.5bn.
driven by retail-CPG (+4.5% QoQ USD), followed by
▪ Client addition was robust in all the buckets, YoY. TCS
Telecom (+2.8%) and Technology (2.4%).
won its first client in Japan, in the Lifesciences vertical.
Supply side to ease in H2FY23
▪ Clients are consolidating vendors for a seamless
▪ Attrition stood at 19.7%, up 230bps QoQ, as Q1 is service delivery (two deals in such an area) Trends
IT Services
usually the quarter with higher churn, given pertaining to vendor consolidation and integrated
associates move for higher studies. TCS is confident of operations deals continue to strengthen. TCS’
the number moderating in H2FY23. The company contextual knowledge and assets such as Cognix™,
hired ~14k employees QoQ, slightly less given that MFDM™ and ignio™ are helping it gain share in this
Q1 is a slow quarter for hiring. TCS will adhere to its segment.
FY23 hiring target of ~40k, signaling strong demand.
Geography- and vertical-wise commentary
Wage hikes and margin pressure
▪ TCS has guided that North America may remain its
▪ Lower hiring as compared with the past few quarters strongest geography on growth (broad-based in all
was a result of seasonal weakness in fresher hirings, verticals), followed by the UK. Sequential volatility
which may escalate to previous levels in Q2-Q3FY23. persists for India, led by public, MSME and
The target of hiring ~40,000 freshers in FY23 may government contracts, but the geography may
chase a strong demand scenario. However, lateral perform well, long term.
hirings continue to remain at same levels.
▪ Vertical-wise, TCS guided for broad-based growth.
▪ Salary increase stood at 5-8% (much higher for top Retail/Lifescience may continue to be key growth
performers), effective 1 April 2022. Wage hikes drivers. Amid recession worries, retail is showing no
impacted operating margin 1.5%. Higher signs of slowdown, given clients investing on
subcontracting/travel expenses were negated by customer experience, with focus on same day
operation leverages. Subcontracting cost rose due to delivery, warehousing and supply chain tech.
supply disruption and higher attrition.
▪ TCS has no footprint in Russia and Ukraine (war
▪ Attrition is expected to rise further in Q2, post which affected regions).
it may decline.
▪ TCS has enough capacity in tier-II locations.
Demand and order book impact
Product and platform – Highlights
▪ Demand continues to be very strong, led by ongoing
▪ Ignio signed up 28 new customers, with five new go-
appetite for continuous investment. Amid worries of
lives. Six new wins precipitated in the cognitive space.
global recession, no sign of postponement/re-
Products and platforms continue to grow. Global
prioritizing of budgets/budget cuts are visible in the
Hotel has appointed ignio as a solution delivery, to
near term (i.e., FY23).
enhance customer experience.
▪ Horizon 1 cloud demand may continue to be the key
▪ The blockchain platform saw two go-lives in Q1.
demand driver, gleaning more volumes. Strong
relationship with hyperscaler helped TCS gain market ▪ Clients are seeking tech to leverage linear processes
share in cloud. However, horizon 2/3 gleaned less and to ensure smooth running of businesses.
volumes, but enough value for further growth.
▪ Pricing has varied from case to case. Newer contracts

are being uplifted, but the impact on renewals has
been meagre.
Elara Securities (India) Private Limited 3
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Exhibit 1: Deal wins stable YoY Exhibit 4: EBIT margin down on wage hike impact
12,000 28
Deal wins EBIT margin
10,000 27
26
(USD mn)
(%)
8,000
25
6,000
24
4,000
23
2,000 22
0 21
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Jun-19
Jun-20
Jun-21
Jun-22
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
Dec-20
Dec-21
Jun-18
Dec-18
Jun-19
Dec-19
Jun-20
Dec-20
Jun-21
Dec-21
Jun-22
Sep-18
Sep-19
Sep-20
Sep-21
Mar-19
Mar-20
Mar-21
Mar-22
Source: Company, Elara Securities Research
Source: Company, Elara Securities Research
Exhibit 2: Attrition up 230bps QoQ Exhibit 5: Vertical-wise QoQ cc growth heatmap
25 QoQ cc
Attrition Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23
growth (%)
20 BFSI 3.1 4.0 2.8 2.5 4.0
(%)
retail &
15 4.4 5.8 4.8 5.5 7.0
Distribution
Telecom 1.7 5.8 4.4 5.6 2.5
10
Manufacturing 4.8 4.4 4.1 4.5 2.5
5 Life Sciences &
7.3 1.6 2.8 3.9 3.2
Healthcare
Technology
0 5.0 5.5 3.3 3.1 3.6
and Services
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Jun-19
Jun-20
Jun-21
Jun-22
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
Dec-20
Dec-21
Regional
markets and (5.0) 2.6 6.1 0.5 0.3
Other
Source: Company, Elara Securities Research Source: Company, Elara Securities Research
Exhibit 3: CC and USD growth diverging due to cross-

currency impact Low High
25
20 Exhibit 6: Valuations
15 (INR)
(%)
10
Current trailing twelve months (TTM) EPS 105.2
5
Current Market Price (CMP) 3,265
0
(5) Target EPS 134.9
(10) Target EPS period Jun-2023 to Jun-2024

Jun-20
Apr-21
Jun-21
Apr-22
Jun-22
Aug-20
Dec-20
Dec-21
Aug-21
Oct-20
Feb-21
Oct-21
Feb-22
Target Multiple (x) 30

Target price (per share) 4,050
USD YoY growth CC YoY growth Upside (%) 24
Source: Company, Elara Securities Research Note: Pricing as on 8 July 2022; Source: Elara Securities Estimate
4 Elara Securities (India) Private Limited
38 / 522
Coverage History
4,300 AC AC
43
41
3,800 42
44
3,300 40
39
2,800
AC 38
2,300 34
28 31 37
27 29 30 32
1,800 33 36
26
25 35
23 24
IT Services
1,300 2 35 6 8 9 12 13 14 16 17 20 22
1 4 7 10 11 15 18 19 21
800
Apr-14
Apr-15
Apr-16
Apr-17
Apr-18
Apr-19
Apr-20
Apr-21
Apr-22
Jul-14
Jul-15
Jul-16
Jul-17
Jul-19
Jul-20
Jul-21
Jan-14
Oct-14
Jan-15
Oct-15
Jan-16
Oct-16
Jan-17
Oct-17
Jul-18
Jan-18
Oct-18
Jan-19
Oct-19
Jan-20
Oct-20
Jan-21
Oct-21
Jul-22
Jan-22
Not Covered Covered
*AC = Analyst change
Date Rating Target Price Closing Price

23 11-Jan-2018 Accumulate INR 3,100 INR 2,791
24 28-Mar-2018 Accumulate INR 3,180 INR 2,849
25 19-Apr-2018 Accumulate INR 3,470 INR 3,191
26 21-Jun-2018 Accumulate INR 2,050 INR 1,819
27 10-Jul-2018 Buy INR 2,330 INR 1,875
28 11-Oct-2018 Buy INR 2,560 INR 1,980
29 11-Oct-2018 Buy INR 2,360 INR 1,889
30 29-Mar-2019 Buy INR 2,400 INR 2,002
31 12-Apr-2019 Buy INR 2,410 INR 2,015
32 9-Jul-2019 Accumulate INR 2,320 INR 2,133
33 10-Oct-2019* Reduce INR 1,900 INR 2,004
34 17-Jan-2020 Reduce INR 2,090 INR 2,219
37 3-Jul-2020 Accumulate INR 2,400 INR 2,199
38 5-Oct-2020 Accumulate INR 2,809 INR 2,714
41 1-Oct-2021* Accumulate INR 4,155 INR 3,730
44 8-Jul-2022* Buy INR 4,050 INR 3,265
Guide to Research Rating

BUY Absolute Return >+20%
ACCUMULATE Absolute Return +5% to +20%
REDUCE Absolute Return -5% to +5%
SELL Absolute Return < -5%
Elara Securities (India) Private Limited 5
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Disclosures & Confidentiality for non U.S. Investors

The Note is based on our estimates and is being provided to you (herein referred to as the “Recipient”) only for information purposes. The sole purpose of this Note
is to provide preliminary information on the business activities of the company and the projected financial statements in order to assist the recipient in understanding
/ evaluating the Proposal. Nothing in this document should be construed as an advice to buy or sell or solicitation to buy or sell the securities of companies referred
to in this document. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment
in the securities of companies referred to in this document (including the merits and risks involved) and should consult its own advisors to determine the merits and
risks of such an investment. Nevertheless, Elara Securities (India) Private Limited or any of its affiliates is committed to provide independent and transparent
recommendation to its client and would be happy to provide any information in response to specific client queries. Elara Securities (India) Private Limited or any of
its affiliates have not independently verified all the information given in this Note and expressly disclaim all liability for any errors and/or omissions, representations
or warranties, expressed or implied as contained in this Note. The user assumes the entire risk of any use made of this information. Elara Securities (India) Private
Limited or any of its affiliates, their directors and the employees may from time to time, effect or have effected an own account transaction in or deal as principal or
agent in or for the securities mentioned in this document. They may perform or seek to perform investment banking or other services for or solicit investment banking
or other business from any company referred to in this Note. Each of these entities functions as a separate, distinct and independent of each other. This Note is
strictly confidential and is being furnished to you solely for your information. This Note should not be reproduced or redistributed or passed on directly or indirectly
in any form to any other person or published, copied, in whole or in part, for any purpose. This Note is not directed or intended for distribution to, or use by, any
person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use
would be contrary to law, regulation or which would subject Elara Securities (India) Private Limited or any of its affiliates to any registration or licensing requirements
within such jurisdiction. The distribution of this document in certain jurisdictions may be restricted by law, and persons in whose possession this document comes,
should inform themselves about and observe, any such restrictions. Upon request, the Recipient will promptly return all material received from the company and/or
the Advisors without retaining any copies thereof. The Information given in this document is as of the date of this report and there can be no assurance that future
results or events will be consistent with this information. This Information is subject to change without any prior notice. Elara Securities (India) Private Limited or any
of its affiliates reserves the right to make modifications and alterations to this statement as may be required from time to time. However, Elara Securities (India) Private
Limited is under no obligation to update or keep the information current. Neither Elara Securities (India) Private Limited nor any of its affiliates, group companies,
directors, employees, agents or representatives shall be liable for any damages whether direct, indirect, special or consequential including lost revenue or lost profits
that may arise from or in connection with the use of the information. This Note should not be deemed an indication of the state of affairs of the company nor shall
it constitute an indication that there has been no change in the business or state of affairs of the company since the date of publication of this Note. The disclosures
of interest statements incorporated in this document are provided solely to enhance the transparency and should not be treated as endorsement of the views
expressed in the report. Elara Securities (India) Private Limited generally prohibits its analysts, persons reporting to analysts and their family members from
maintaining a financial interest in the securities or derivatives of any companies that the analysts cover. The analyst for this report certifies that all of the views
expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her
compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report.
Any clarifications / queries on the proposal as well as any future communication regarding the proposal should be addressed to Elara Securities (India) Private
Limited. It is important to note that any dispute with respect to this research report, would not have access to stock exchange investor redressal forum or arbitration
mechanism.
Elara Securities (India) Private Limited was incorporated in July 2007 as a subsidiary of Elara Capital (India) Private Limited.
Elara Securities (India) Private Limited is a SEBI registered Stock Broker in the Capital Market and Futures & Options Segments of National Stock Exchange of India
Limited [NSE], in the Capital Market Segment of BSE Limited [BSE] and a Depository Participant registered with Central Depository Services (India) Limited [CDSL].
Elara Securities (India) Private Limited’s business, amongst other things, is to undertake all associated activities relating to its broking business.
The activities of Elara Securities (India) Private Limited were neither suspended nor has it defaulted with any stock exchange authority with whom it is registered in
last five years. However, during the routine course of inspection and based on observations, the exchanges have issued advise letters or levied minor penalties on
Elara Securities (India) Private Limited for minor operational deviations in certain cases. Elara Securities (India) Private Limited has not been debarred from doing
business by any Stock Exchange / SEBI or any other authorities; nor has the certificate of registration been cancelled by SEBI at any point of time.
Elara Securities (India) Private Limited offers research services primarily to institutional investors and their employees, directors, fund managers, advisors who are
registered or proposed to be registered.
Details of Associates of Elara Securities (India) Private Limited are available on group company website www.elaracapital.com
Elara Securities (India) Private Limited is maintaining arms-length relationship with its associate entities.
Research Analyst or his/her relative(s) may have financial interest in the subject company. Elara Securities (India) Private Limited does not have any financial interest
in the subject company, whereas its associate entities may have financial interest. Research Analyst or his/her relative does not have actual/beneficial ownership of
1% or more securities of the subject company at the end of the month immediately preceding the date of publication of Research Report. Elara Securities (India)
Private Limited does not have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date
of publication of Research Report. Associate entities of Elara Securities (India) Private Limited may have actual/beneficial ownership of 1% or more securities of the
subject company at the end of the month immediately preceding the date of publication of Research Report. Research Analyst or his/her relative or Elara Securities
(India) Private Limited or its associate entities does not have any other material conflict of interest at the time of publication of the Research Report.
Research Analyst or his/her relative(s) has not served as an officer, director or employee of the subject company.
Research analyst or Elara Securities (India) Private Limited have not received any compensation from the subject company in the past twelve months. Associate
entities of Elara Securities (India) Private Limited may have received compensation from the subject company in the past twelve months. Research analyst or Elara
Securities (India) Private Limited or its associate entities have not managed or co-managed public offering of securities for the subject company in the past twelve
months. Research analyst or Elara Securities (India) Private Limited or its associates have not received any compensation for investment banking or merchant banking
or brokerage services from the subject company in the past twelve months. Research analyst or Elara Securities (India) Private Limited or its associate entities may
have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company or
third party in connection with the Research Report in the past twelve months.
40 / 522
Disclaimer for non U.S. Investors
The information contained in this note is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we
endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will
continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the
particular situation.
Global Markets Research

Disclosures for U.S. Investors
The research analyst did not receive compensation from Tata Consultancy Services Limited.
Elara Capital Inc.’s affiliate did not manage an offering for Tata Consultancy Services Limited.
Elara Capital Inc.’s affiliate did not receive compensation from Tata Consultancy Services Limited in the last 12 months.
Elara Capital Inc.’s affiliate does not expect to receive compensation from Tata Consultancy Services Limited in the next 3 months.
Disclaimer for U.S. Investors
This material is based upon information that we consider to be reliable, but Elara Capital Inc. does not warrant its completeness, accuracy or adequacy and it
should not be relied upon as such.
This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments or
strategies mentioned herein may not be suitable for all investors. Any opinions expressed herein are given in good faith, are subject to change without notice,
and are only correct as of the stated date of their issue. Prices, values or income from any securities or investments mentioned in this report may fall against the
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decision. This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation of
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for your particular circumstances and, if necessary, seek professional advice.
Certain statements in this report, including any financial projections, may constitute “forward-looking statements.” These “forward-looking statements” are not
guarantees of future performance and are based on numerous current assumptions that are subject to significant uncertainties and contingencies. Actual future
performance could differ materially from these “forward-looking statements” and financial information.
41 / 522
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Harendra Kumar Managing Director harendra.kumar@elaracapital.com +91 22 6164 8571

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Quantitative, Alternatives, Sales Trading & Dealing
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42 / 522
Tata Consultancy Services (TCS)

CMP: | 3265 Target: | 3785 (16%) Target Period: 12 months BUY
July 11, 2022
Strong CC growth; weak margins
About the stock: Tata Consultancy Services (TCS) is one of the leading IT service Particulars
Result Update
providers with a presence in BFSI, communication, manufacturing, retail & hi tech. P articular Amount
Market Capitalization (| Crore) 11,94,990.0
 Consistent organic revenue growth and industry leading margins (>25%)
Total Debt (| Crore) 7,818.0
 Stable management, robust return ratios (>RoCE 40%) & payouts (~70%) Cash and equivalents (| Crore) 48,483.0
EV (| Crore) 11,64,296.0
52 week H/L 4045/ 3023
Q1FY23 Results: TCS reported weak margins. Equity capital (| Crore) 366
Face value |1
 CC growth of 3.5% QoQ, 15.5% YoY was better than expected
 EBIT margins declined ~185 bps QoQ to 23.1% for the quarter Shareholding pattern
Jun-21 Sep-21 Dec-21 Mar-22
 The company’s TCV was at US$8.2 billion (bn) at Q1FY23 Promoters 72.2 72.2 72.2 72.3
FII 15.4 15.4 15.0 14.2
DII 7.8 7.8 7.8 7.9
Others 4.6 4.7 5.1 5.7
What should investors do? TCS’ share price has grown by ~2.8x over the past
five years (from ~| 1,165 in July 2017 to ~| 3,265 levels in July 2022). Price Chart
 We maintain BUY rating on the stock
20,000 4,300
ICICI Securities – Retail Equity Research

Target Price and Valuation: We value TCS at | 3,785 i.e. 29x P/E on FY24E EPS 16,000 3,300
12,000
2,300
8,000
4,000 1,300
Key triggers for future price performance: 0 300
Nov-2021
Jul-2021
Apr-2019
Apr-2020
Aug-2019
Aug-2020
Dec-2019
Dec-2020
Mar-2021
Mar-2022
 New organisation structure, which is aimed at increasing customer
stickiness is expected to enhance market share gains
 Increase in outsourcing in Europe, vendor consolidation and deal pipeline Ni ft y ( L.H .S) Pr ic e (R. H.S )
leading to revenue CAGR of 12.2% over FY22-24E

 We expect margins to be under pressure till FY24, resulting in margin
Recent event & key risks
contraction of 30 bps in FY22-24E
 Reached US$25 bn revenue
 Double-digit return ratios, strong cash generation and healthy payout
mark in FY22
 Key Risk: i) Higher-than-

expected attrition ii)
Alternate Stock Idea: Besides TCS, in our IT coverage we also like Infosys.
Deteriorating TCV
 Key beneficiary of improved digital demand, industry leading revenue
Research Analyst
growth and healthy capital allocation prompt us to be positive
Sameer Pardikar
 BUY with a target price of | 1,745 sameer.pardikar@icicisecurities.com
Key Financial Summary

5 year CAGR 2 year CAGR
Financials FY20 FY21 FY22 FY23E FY24E
(FY17-22P ) (FY22-24E)
Net Sales 1,56,949 1,64,177 1,91,754 12.9 2,14,348 2,36,378 11.0
EBITDA 42,110 46,546 53,057 13.2 57,660 64,295 10.1
EBITDA Margins (%) 26.8 28.4 27.7 26.9 27.2
Net Profit 32,340 32,430 38,327 9.9 42,115 47,707 11.6
EPS (|) 86.2 86.7 104.7 9.9 115.1 130.4
P/E 37.8 37.2 31.2 28.4 25.0
RoNW (%) 38.4 37.5 43.0 41.9 41.0
RoCE (%) 44.4 45.9 51.4 49.2 48.7
s
Source: Company, ICICI Direct Research
43 / 522
Result Update | Tata Consultancy Services ICICI Direct Research
Key takeaways of recent quarter & conference call highlights

 TCS reported 1.3% QoQ growth to US$6,780 million (mn) while it grew
10.2% YoY. The company reported 15.5% YoY growth in CC terms for Q1.
 In terms of revenues by geographies (in CC terms), the North America
market (53% of mix), grew 19.1% YoY while UK and Continental Europe
reported relatively muted growth of +12.6% and 12.1% YoY, respectively.
Asia Pacific, India and MEA regions grew 6.2%, 20.8% and 3.2% YoY,
respectively
 Vertical wise in CC terms, BFSI, retail & grew 13.9% & 25.1% YoY
respectively while manufacturing, technology & services grew 16.4% each.
Life sciences & media & communication grew 11.9% and 19.6% YoY,
respectively
 As per the management, the demand environment continues to be strong
in US while in UK, client’s conversation are largely focuses on high inflation
there. As per the management, clients are seeing deeper impact of
recession, if it ever happens, in UK, but no moderation in tech spending is
visible yet from the region so far
 LTM attrition continued to inch up, which is at 19.7% (up from 17.4% in the
previous quarter). The management sounds cautious on attrition since their
commentary suggests that attrition would take few months to settle down
and it is expected to cool off only in H2FY23. The company added 14,136
associates in Q1, taking the total to 606331. The management indicated that
net adds in Q1 are seasonally low especially on fresher side as lot of fresh
graduates go for higher studies
 On a reported basis, the company’s TCV for the quarter was at US$8.2 bn,
which was down 27% QoQ while it was up 1.2% QoQ. However, on like to
like basis (adjusted for two large deals of US$1 bn each in Q4FY22 and two
large deals of US$400 mn for Q1FY23, TCV was down 20.4% QoQ/8.6% YoY
basis. The company indicated that steady state deal win number for the
quarter could be in the range of US$7-9 bn, going forward
 EBIT margin for the quarter was down 185 bps QoQ at 23.1%. There was
150 bps impact due to annual wage increase (The company has given 5-8%
wage hike for the employees, top performers got even bigger hikes, 4-5%
hike given for onsite employees) while rest was due to higher subcontractor
as well as travel costs. The company indicated that the margins are
expected to see revival in Q2FY23, the exit margins in Q4FY23 are likely to
be around 25%
 TCS indicated that it is planning to hire 40,000 freshers in FY23, which would
help in pyramid optimisation.
 TCS indicated that the current digital transformation opportunity has three
horizons where horizon 1 pertains to moving one’s onsite applications to
cloud, which is currently playing out. There are further opportunities, which
are termed as Horizon 2 (cloud native application development) and Horizon
3 (end to end ecosystem play for sectors like pharma, manufacturing, etc)
 The company has rolled out a new organisation structure, which is aligned
to a particular phase of their customer journey. Relationship Incubation
Group that will provide the high-touch, high engagement, delivery-focused
model that new clients require; the Enterprise Growth Group pulls together
capabilities from across the different service lines to stitch together
solutions that address their clients’ business needs when the relationship is
in its hyper growth phase; Business Transformation Group that will manage
its largest clients and help it accomplish its growth and transformation
objectives
ICICI Securities | Retail Research 2

44 / 522
Exhibit 1: Variance Analysis

Q1FY23 Q1FY23E Q1FY22 YoY (%) Q4FY22 QoQ (%) Comments
Revenue (US$ mn) 6,780 6,803 6,154 10.2 6,696 1.3
Revenue growth was broad based. Growth in
Revenue (| crore) 52,758 52,534 45,411 16.2 50,591 4.3 North America was strong while UK and
Continental Europe witnessed moderation
Employee expenses 31,553 30,942 26,240 20.2 29,364 7.5
Gross Margin 21,205 21,591 19,171 10.6 21,227 -0.1

Gross margin (%) 40.2 41.1 42.2 -202 bps 42.0 -177 bps
SG&A expenses 7,788 7,775 6,507 19.7 7,382 5.5
EBITDA 13,417 13,816 12,664 5.9 13,845 -3.1

EBITDA Margin (%) 25.4 26.3 27.9 -246 bps 27.4 -194 bps
Depreciation 1,231 1,261 1,076 14.4 1,217 1.2
EBIT 12,186 12,556 11,588 5.2 12,628 -3.5
EBIT margin was declined 186bps, due to annual

EBIT Margin (%) 23.1 23.9 25.5 -242 bps 25.0 -186 bps wage hike (150bps impact) as well as increase
in subcontracting and travel expenses
Other income (less interest) 590 700 575 2.6 736 -19.8
PBT 12,776 13,256 12,163 5.0 13,364 -4.4
Tax paid 3,257 3,380 3,132 4.0 3,405 -4.3
Reported PAT 9,478 9,842 9,008 5.2 9,926 -4.5
Adjusted PAT 9,478 9,842 9,008 5.2 9,926 -4.5
Exhibit 2: Change in estimates

FY23E FY24E Comments
(| Crore) old New % Change Old New % Change
Revenue 2,14,348 2,14,348 0.0 2,36,378 2,36,378 0.0
EBIT 53,158 52,515 -1.2 59,567 59,095 -0.8
We trim margins due to further increase in costs due to

EBIT Margin (%) 24.8 24.5 -30 bps 25.2 25.0 -20 bps
elevated attrition
PAT 43,075 42,115 -2.2 48,061 47,707 -0.7

EPS (|) 117.7 115.1 -2.2 131.3 130.4 -0.7

45 / 522
Quarterly highlights
Exhibit 3: Dollar growth hit by cross currency headwinds Exhibit 4: CC YoY revenue growth has been steady
25.0 1.2 16.4 20.0
15.5 15.4 14.3 15.5
20.0 21.6
1.0 15.0
15.0 16.8
14.4 0.8 10.0
10.0 11.8 10.2
10.0
0.6 5.0
5.0
2.1 0.4 (3.2) 5.9 -
-
0.2 0.4 (5.0)
(5.0) (7.8) (1.7)
(6.3)
(10.0) - (10.0)
Q1FY21
Q2FY21
Q3FY21
Q4FY21
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
Q1FY21
Q2FY21
Q3FY21
Q4FY21
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
Dollar revenue YoY growth (%) CC YoY revenue growth (%)
Source: Company, ICICI Direct Research Source: Company, ICICI Direct Research
Exhibit 5: Steady growth in North America market Exhibit 6: UK & continental Europe revenue moderates
25.0 25.0
20.0 20.0
15.0 17.4 18.0 18.7 19.1 15.0
15.8
10.0 10.0
11.7
19.7
16.3
13.5
15.6
17.5
12.7
10.1
13.0
12.1
12.6
2.7
3.7
3.6
1.0
5.0 5.9 5.0
- (0.2) -
(3.0)
(8.5)
(8.1)
(1.6)
(5.0) (5.0)
(6.1)
(10.0) (10.0)
Q1FY21
Q2FY21
Q3FY21
Q4FY21
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
Q1FY21
Q2FY21
Q3FY21
Q4FY21
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
North America CC YoY growth (%) CC YoY growth (%) - Continental Europe CC YoY growth (%) - UK
Exhibit 7: BFSI revenue has seen an uptick Exhibit 8: Retail revenues continue to strong
25.0 30.0
20.0 25.0 25.1
19.3 17.9 21.7 22.1
17.0 20.0 18.4 20.4
15.0 13.9 15.0
13.3 12.9
10.0 10.0
5.0 5.0
2.4 - (0.9)
- (1.1) (5.0) (5.7) (5.1)
(5.0) (4.9) (10.0)
(10.0) (15.0) (12.9)
Q1FY21
Q2FY21
Q3FY21
Q4FY21
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
Q1FY21
Q2FY21
Q3FY21
Q4FY21
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
BFSI revenue CC YoY growth (%) Retail & CPG revenue CC YoY growth (%)

46 / 522
Exhibit 9: Seasonal weakness in employee additions Exhibit 10: LTM attrition continues to inch up
40.0 25.0
35.0 19.7
30.0 20.0 17.4
25.0 15.3
20.0 15.0 11.9
15.0 11.1
10.0 8.9 8.6
15.7
19.4
20.4
19.7
28.2
35.2
14.1
10.0 7.6 7.2
9.9
5.0
- 5.0
(5.0)
Q1FY21 (5.0)
(10.0) -
Q2FY21
Q3FY21
Q4FY21
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
Q1FY21
Q2FY21
Q3FY21
Q4FY21
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
Employee addition ('000) LTM Attrition - IT Services(%)
Exhibit 11: Sub-contracting costs also rising Exhibit 12: So is travel cost, which has seen uptick
12.0 2.2
9.5 10.0 2.1 2.1
8.9 8.9 9.2 2.0
10.0 8.6
8.0 7.6 7.7 1.8 1.8
8.0 1.6
1.4
6.0
1.2
4.0 1.0 1.0 1.1
0.8 0.8 0.8
2.0 0.7 0.7 0.7
0.6 0.6 0.6
- 0.4
Q1FY21
Q2FY21
Q3FY21
Q4FY21
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
Q2FY20
Q3FY20
Q4FY20
Q1FY21
Q2FY21
Q3FY21
Q4FY21
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
sub contracting cost as % of Revenue Travel cost as % of Revenue
Exhibit 13: Which along with increasing employee costs Exhibit 14: Impacting EBIT margins
58.0 57.7 57.5 28.0
26.6 26.8
27.0 26.2
57.0 56.5 56.5 56.3
56.0 26.0 25.5 25.6
55.8 25.0 25.1 25.0 25.0
56.0 55.6 25.0
55.1 55.2 24.0
23.6
55.0 24.0 23.1
54.3 54.1 23.0
54.0
22.0
53.0 21.0
Q2FY20
Q3FY20
Q4FY20
Q1FY21
Q2FY21
Q3FY21
Q4FY21
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
Q2FY20
Q3FY20
Q4FY20
Q1FY21
Q2FY21
Q3FY21
Q4FY21
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
Employee cost as % of Revenue EBIT margin (%)

47 / 522
Exhibit 15: TCV on like to like basis also down QoQ Exhibit 16: TCV trend for BFSI
12.0 11.3 4.5 3.9
8.9 9.2 4.0
10.0 8.6 8.2 3.2
8.1 7.6 7.6 3.5 2.9
8.0 6.4 6.9 6.8 3.0 2.4 2.6 2.6
6.0 2.1 2.2 2.1
2.5
6.0 1.7
2.0
4.0 1.5
1.0
2.0
0.5
- -
Q2FY20
Q3FY20
Q4FY20
Q1FY21
Q2FY21
Q3FY21
Q4FY21
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
Q4FY20
Q1FY21
Q2FY21
Q3FY21
Q4FY21
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
TCV (US$bn) TCV (US$bn) -BFSI
Exhibit 17: TCV trend for retail Exhibit 18: TCV trend for North America
3.5 3.1 7.0 6.1
3.0 2.6 6.0 5.3
2.5 5.0 4.2 4.5 4.5
4.0 4.0 3.9
2.0 1.5 4.0 3.3 3.2
1.4
1.5 1.2 1.2 3.0
0.9 1.0 1.0 1.0
1.0 2.0
0.5 1.0
- -
Q4FY20
Q1FY21
Q2FY21
Q3FY21
Q4FY21
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
Q4FY20
Q1FY21
Q2FY21
Q3FY21
Q4FY21
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
TCV (US$bn) -Retail TCV (US$bn) -North America
Exhibit 19: Added nine clients in US$100 mn+ on YoY basis Exhibit 20: Client addition trend
300 1,400
250 1,200
1,000
200
800
150
600
100
400
1,118
1,138
1,175
1,182
1,196
50 200
241
105
247
114
255
118
268
120
272
124
586
405
609
417
619
426
638
439
650
446
50
54
58
58
59
- -
Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23
US$ 20M+ Clients US$ 50M+ Clients US$ 100M+ Clients US$ 1M+ Clients US$ 5M+ Clients US$ 10M+ Clients

48 / 522
Peer comparison
Exhibit 21: Peer Comparison
E P S (|) P /E Ro CE (x) Ro E (x)
Co mp a ny Na me CMP T P (|) Ra ti ng Mc a p (|) FY22 FY23E FY24E FY22 FY23E FY24E FY22 FY23E FY24E FY22 FY23E FY24E
HCL Tech (HCLTEC) 984 1,090 HOLD 2,66,957 49.8 50.8 54.6 19.7 19.3 18.0 24.2 24.9 25.7 21.8 21.1 21.7
Infosys (INFTEC) 1,514 1,745 BUY 6,37,034 52.1 58.2 67.1 29.1 26.0 22.6 36.0 35.2 37.7 29.2 29.2 31.2
TCS (TCS) 3,265 3,785 BUY 12,07,685 104.7 115.1 130.4 31.2 28.4 25.0 51.4 49.2 48.7 43.0 41.9 41.0
Tech M (TECMAH) 1,026 1,190 BUY 99,770 63.1 68.5 79.5 16.3 15.0 12.9 22.5 22.5 23.0 20.7 20.0 20.6
Wipro (WIPRO) 419 465 HOLD 2,29,775 22.3 24.5 27.4 18.8 17.1 15.3 18.1 19.8 21.2 18.6 19.6 21.1

49 / 522
Financial summary
Exhibit 22: Profit and loss statement | crore Exhibit 23: Cash flow statement | crore
(Yea r-end M a rch) FY21 FY22 FY23E FY24E (Ye a r-e nd M a rc h) FY21 FY22 FY23E FY24E
Tota l opera ting Income1, 64, 177 1, 91, 754 2, 14, 348 2, 36, 378 Profit before Tax 44,978 51,687 56,542 63,771
Growth (%) 4.6 16.8 11.8 10.3 Add: Depreciation 4,065 4,604 5,144 5,200
COGS (employee expenses) 94,053 1,11,053 1,26,680 1,38,754 (Inc)/dec in Current Assets -1,766 1,092 -1,394 -6,313
S,G&A expenses 23,578 27,644 30,009 33,329 Inc/(dec) in CL and Provisions 2,629 8,124 2,694 4,699
Total Operating Expenditure 1,17,631 1,38,697 1,56,689 1,72,084 Taxes paid -2,106 -13,238 -14,305 -15,943
EBITDA 46, 546 53, 057 57, 660 64, 295 C F f rom ope ra ting a c tiv itie s38, 802 49, 332 45, 118 47, 402
Growth (%) 10.5 14.0 8.7 11.5 (Inc)/dec in Investments -7,728 -1,100 47 -463
Depreciation 4,065 4,604 5,144 5,200 (Inc)/dec in Fixed Assets -3,139 -3,835 -4,287 -4,728
Other Income less interest 2,497 3,234 4,026 4,677 Others 2,738 2,937 3,563 4,014
PBT 44,978 51,687 56,542 63,771 C F f rom inv e s ting a c tiv itie s -8, 129 -1, 998 -677 -1, 176
Total Tax 11,198 13,238 14,305 15,943 Inc/(dec) in loan funds 0 0 0 0
Minority Interest 132 122 122 122 Dividend paid & dividend tax -30,576 -34,123 -30,623 -32,006
Others -722 -1,498 0 0
PAT 32,430 38,327 42,115 47,707 C F f rom f ina nc ing a c tiv itie-s32, 634 -35, 621 -30, 623 -32, 006
Growth (%) 0.3 18.2 9.9 13.3 Net Cash flow -1,961 11,713 13,818 14,220
EPS (|) 86.7 104.7 115.1 130.4 Exchange difference 0 0 0 0
P AT 32, 430 38, 327 42, 115 47, 707 Opening Cash 9,666 7,705 21,042 34,860
EPS - Reported (|) 86.7 104.7 115.1 130.4 C los ing c a s h a nd Ba nk 7, 705 21, 042 34, 860 49, 079
es eses
Exhibit 24: Balance sheet | crore Exhibit 25: Key ratios | crore
(Yea r-end M a rch) FY21 FY22 FY23E FY24E (Yea r-end M a rch) FY21 FY22 FY23E FY24E
L ia bilities P er s ha re da ta (|)
Equity Capital 370 366 366 366 Adjusted EPS (Diluted) 86.7 104.7 115.1 130.4
Reserve and Surplus 86,063 88,773 1,00,264 1,15,965 BV per share 233.6 243.5 274.9 317.8
Share Premium 0 0 0 0 DPS 21.0 93.3 83.7 0.0
Total Shareholders funds 86,433 89,139 1,00,630 1,16,331 Cash Per Share 25.2 49.8 95.2 134.1
Total debt 7,795 7,818 10,199 10,372 Opera ting Ra tios (%)
Other liabilities & Provisions 2,226 2,359 2,660 2,760 EBIT margins 25.9 25.3 24.5 25.0
Deferred tax liability(net) 767 590 590 590 PBT Margins 27.4 27.0 26.4 27.0
Minority Interest / Others 675 707 829 951 PAT Margin 19.8 20.0 19.6 20.2
Tota l L ia bilities 97, 896 1, 00, 613 1, 14, 908 1, 31, 005 Debtor days 67 65 67 67
Creditor days 17 15 17 17
As s ets Return Ra tios (%)
Net assets & CWIP 20,149 20,716 19,182 18,709 RoE 37.5 43.0 41.9 41.0
Goodwill 1,798 1,787 1,787 1,787 RoCE 45.9 51.4 49.2 48.7
Other non current assets 9,204 10,501 10,454 10,917 RoIC 71.5 92.9 105.5 114.4
Debtors 30,134 34,219 39,343 43,386 V a lua tion Ra tios (x )
Loans and Advances 11,491 6,456 10,717 11,819 P/E 37.2 31.1 28.3 25.0
Other Current Assets 19,494 19,352 11,360 12,528 EV / Net Sales 7.1 6.0 5.3 4.8
Current Investments 29,160 30,262 30,262 30,262 Market Cap / Sales 7.3 6.2 5.6 5.1
Cash 9,329 18,221 34,860 49,079 S olv ency Ra tios
Trade Payable 7,860 8,045 10,262 11,317 Debt / EBITDA 0.2 0.1 0.2 0.2
OCL & Provisions 25,003 32,856 32,795 36,166 Debt / Equity 0.1 0.1 0.1 0.1
Applica tion of Funds 97, 896 1, 00, 613 1, 14, 908 1, 31, 005 Current Ratio 1.9 1.5 1.4 1.4
Source: Company, ICICI Direct Research Quick Ratio 1.9 1.5 1.4 1.4 es

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Exhibit 26: ICICI Direct coverage universe (IT)

E P S (|) P /E Ro CE (x) Ro E (x)
Co mp a ny Na me CMP T P (|) Ra ti ng Mc a p (|) FY22 FY23E FY24E FY22 FY23E FY24E FY22 FY23E FY24E FY22 FY23E FY24E
HCL Tech (HCLTEC) 984 1,090 HOLD 2,66,957 49.8 50.8 54.6 19.7 19.3 18.0 24.2 24.9 25.7 21.8 21.1 21.7
Infosys (INFTEC) 1,514 1,745 BUY 6,37,034 52.1 58.2 67.1 29.1 26.0 22.6 36.0 35.2 37.7 29.2 29.2 31.2
TCS (TCS) 3,265 3,785 BUY 11,94,625 104.7 115.1 130.4 31.2 28.4 25.0 51.4 49.2 48.7 43.0 41.9 41.0
Tech M (TECMAH) 1,026 1,190 BUY 99,770 63.1 68.5 79.5 16.3 15.0 12.9 22.5 22.5 23.0 20.7 20.0 20.6
Wipro (WIPRO) 419 465 HOLD 2,29,775 22.3 24.5 27.4 18.8 17.1 15.3 18.1 19.8 21.2 18.6 19.6 21.1
LTI (LTINFC) 4,065 4,480 HOLD 71,225 130.8 140.3 165.9 31.1 29.0 24.5 32.3 29.0 29.6 26.1 24.1 24.4
Mindtree (MINCON) 2,892 3,195 HOLD 47,663 100.3 109.8 127.9 28.8 26.3 22.6 38.0 35.4 34.5 30.2 27.4 26.6
Coforge (NIITEC) 3,606 4,550 BUY 21,965 106.5 147.8 175.0 33.9 24.4 20.6 25.6 31.5 31.8 24.2 28.4 28.3
TeamLease (TEASER) 3,536 4,025 BUY 6,045 22.5 95.0 125.4 157.3 37.2 28.2 15.4 19.2 20.7 (4.7) 18.9 20.2
Infoedge (INFEDG) 3,977 4,575 BUY 49,978 35.8 41.6 45.5 111.1 95.5 87.4 4.2 5.0 5.3 3.2 3.8 4.0

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stocks according to their notional target price vs. current market price and then categorizes them as Buy, Hold,
Reduce and Sell. The performance horizon is two years unless specified and the notional target price is defined
as the analysts' valuation for a stock
Buy: >15%
Hold: -5% to 15%;
Reduce: -15% to -5%;
Sell: <-15%
Pankaj Pandey Head – Research pankaj.pandey@icicisecurities.com
ICICI Direct Research Desk,

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Road No 7, MIDC,
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Mumbai – 400 093
research@icicidirect.com

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TATA CONSULTANCY
SERVICES LTD
July 8, 2022
C o n t e n t s
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• The Industry
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TATA CONSULTANCY SERVICES LTD (NSE: TCS)
https://www.facebook.com/acquisdata/
LATEST FINANCIAL ANNOUNCEMENT
Tata Consultancy Services Ltd

NSE: TCS
FY 2023
8 July 2022
Senior Associate: Joseph Hang Ellision
TCS Announced First Quarter FY 2023 Results
TCS’ Q1 Performance Reflects Continued Growth Momentum
Revenue at $6,780 million | Growth of 10.2% YoY, +15.5% in CC
North America (+19.1% CC), Retail (+25.1% CC) lead among segments
Order Book at $8.2 billion | Book to Bill at 1.2
Stellar client metrics: 9 new clients added to the 100Mn+ band YoY; 19 clients added to the $50Mn+ band
Workforce crosses the 600K milestone: Headcount at 606,331
MUMBAI, July 8, 2022: Tata Consultancy Services (BSE: 532540, NSE: TCS) reported its consolidated financial
results according to Ind AS and IFRS, for the quarter ending June 30, 2022.
Highlights of the Quarter Ended June 30, 2022
Revenue at $6,780 million, +10.2% YoY
Constant Currency revenue growth: +15.5% YoY
Operating Margin at 23.1%; contraction of 2.4% YoY
Net Income at $1,218 million | Net Margin at 18%
Net Cash from Operations at $1,388 million ie 114.1% of Net Income
Net headcount addition of 14,136 |Workforce strength: 606,331
Diverse and inclusive workplace: Women in the workforce: 35.5% | 153 Nationalities
Building a G&T workforce: 12 million learning hours clocked | 1.7 million competencies acquired
LTM IT Services attrition rate at 19.7%
Dividend per share: ` 8.00 | Record date 16/07/2022 | Payment date 03/08/2022
Rajesh Gopinathan, Chief Executive Officer and Managing Director, said: “We are starting the new fiscal year on a
strong note, with all-round growth and strong deal wins across all our segments. Pipeline velocity and deal closures
continue to be strong, but we remain vigilant given the macro-level uncertainties. Our new organization structure has
settled in nicely, getting us closer to our clients and making us nimbler in a dynamic environment. Looking ahead, we
remain confident in the resilience of technology spending and the secular tailwinds driving our growth.”
COMPANY SNAPSHOTS 1
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N Ganapathy Subramaniam, Chief Operating Officer and Executive Director, said: “We are pleased with our
execution during the quarter wherein we successfully delivered several transformation programs. The investments we
made on people, upskilling efforts and select lateral hiring et al helped manage the talent turnover with minimum
impact on our operations. During the quarter, we have resumed in-person meetings, and hosted several clients at our
facilities. We are bringing in more of our associates back to our development centres, and it is steadily increasing at
all levels. On the sustainability front, we have signed our commitment to SBTi version 5 standards during the quarter
and are making steady progress towards our net zero journey with tremendous alignment to this initiative across our
associates.”
Samir Seksaria, Chief Financial Officer, said: “It has been a challenging quarter from a cost management
perspective. Our Q1 operating margin of 23.1% reflects the impact of our annual salary increase, the elevated cost of
managing the talent churn and gradually normalizing travel expenses. However, our longer-term cost structures and
relative competitiveness remain unchanged, and position us well to continue on our profitable growth trajectory.”
Milind Lakkad, Chief HR Officer, said: “Our investment in strategic talent development initiatives and the linking of
learning to career development have energized our workforce. Following our annual compensation review,
employees received salary increases of 5 to 8%, with top performers getting even bigger hikes. Our empowering,
performance-driven work culture is helping us attract local talent across all our key markets. Continued hiring
momentum resulted in a milestone quarter, with the employee strength crossing the 600,000 mark.”
Q1 Segment Highlights**
Industries: Growth was led by Retail and CPG (25.1%), Communications & Media (+19.6%), Manufacturing vertical
(+16.4%) and Technology & Services (+16.4%). BFSI grew +13.9% while Life Sciences and Healthcare grew +11.9%
Markets: Among major markets, North America led with +19.1% growth; Continental Europe grew +12.1% and UK
grew +12.6%. In emerging markets, India grew +20.8%, Asia Pacific grew +6.2%, Latin America grew +21.6%, and
Middle East & Africa grew 3.2%.
Services: There was strong, broad-based demand across the different services, led by Cloud, Consulting & Service
Integration, Cognitive Business Operations and Enterprise Application Services. Key themes driving G&T demand in
Q1 were customer experience, cloud transformation and sustainability.
Consulting & Services Integration: Saw strong growth led by finance and shared services, supply chain, next-gen
enterprise transformation and cloud strategy and transformation.
Cloud Platform Services: Continues to experience strong growth as clients actively invest in hybrid cloud strategies
and pursue multi-horizon cloud transformation initiatives. Infrastructure, application and data modernization, operating
model transformations and business transformations drove growth. Hyperscaler partnerships continue to strengthen
and expand from ongoing joint GTM initiatives.
Digital Transformation Services: Growth in Q1 was led by cloud ERP modernization using SAP S/4 HANA, Salesforce
and digital process management services. TCS’ industry solutions powered by TCS Crystallus™ continued to
resonate strongly with clients. TCS Interactive saw strong demand for design-led digital experience services across
B2B, B2C and D2C initiatives and digital marketing. In cybersecurity, demand was driven by managed services in
security support, upgrades and monitoring & operations, and areas like IAM modernization, Fraud Prevention &
Digital Forensics. Cyber Defense Suite continues to gain adoption.
Cognitive Business Operations: Saw strong demand in areas like datacenter and network services, customer
experience management, HR operations, supply chain, digital workplace and verticalized operations. Trends around
vendor consolidation and integrated operations deals continue to strengthen. TCS’ contextual knowledge and assets
like Cognix™, MFDM™ and ignio™ are helping it gain share in this segment.
** Year on Year Growth in Constant Currency terms
COMPANY SNAPSHOTS 2
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Research and Innovation

As on June 30, 2022, the company has applied for 6,752 patents, including 169 applied during the quarter, and has
been granted 2,400 patents.
Human Resources
TCS’ workforce stood at 606,331 as on June 30th, a net addition of 14,136 during the quarter. The workforce
continues to be very diverse, comprising 153 nationalities and with women making up 35.5% of the base.
TCS continues to invest in organic talent development as part of its expansion into the growth and transformation
opportunity. In Q1, TCSers clocked 12 million learning hours, resulting in the acquisition of 1.7 million competencies.
The company gradually accelerated its return to office program in Q1, with about 20% of the workforce now working
from office. IT services attrition was 19.7% on the last twelve months’ basis.
Awards and Recognition

Business Leadership:
Ranked #1 in customer satisfaction in the UK, for the seventh year by Whitelane Research, with an overall customer
satisfaction score of 82%.
Ranked #1 by revenue in the UK across the entire technology ecosystem for the second year, in the 2022
TechMarketView UK Software and IT Services Supplier Rankings.
Ranked #2, up one place over the prior year’s position, in CRN’s 2022 Solution Provider 500 rankings of the top
system integrators, service providers and IT consultants by revenue in North America.
Only brand from India in the Top 50 in the 2022 Kantar BrandZ Top 100 Most Valuable Global Brands; also ranked
among the Top 10 fastest growing brands globally.
Won the Supplier of the Year award in the Large Category (by spend) at the 2022 Microsoft Supplier Prestige
Awards.
Won a record of 3 awards at the India Risk Management Awards (IRMA) 2022 by ICICI Lombard and CNBC-TV18 for
'Masters of Risk in IT-ITes' under the Large Cap category and two specialized categories - Masters of Risk in
Regulatory Compliance and Masters of Risk in Cyber Security
Won 6 Gold and 2 Silver awards at the 14th Annual 2022 Golden Bridge (Globee) Business and Innovation Awards in
the following HR categories: Achievement of the Year in Learning and Development, Best Use of Reward and
Recognition, Most Effective Use of HR Technology, Most Effective Use of Internal Communications, Human
Resources Outstanding Performance of the Year and Human Resources Project or Initiative of the Year.
Innovation and IP
OmniStore™ won the Omnichannel Technology of the Year award from Retail Systems for delivering a seamless
customer experience.
Quartz™ for Markets recognized as Best New Post Trade Solution of the Year by Financial Technologies Forum.
The TCS Smart Store solution won the Best Customer Solution award at the IoT Solution Awards 2022 during the IoT
Solutions World Congress.
Won 5 Bronze awards for innovation and transformation at the Stevie American Business awards 2022 in the
following categories: Lead Generation (TCS Insights to steer marketing enabled sales), Business or Competitive
COMPANY SNAPSHOTS 3
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Intelligence (TCS Analytics Transformation), Personal Information (PI) Regulatory Compliance (TCS Privacy), Mobile
On-Demand Application (TCS Mobility Solution) and Artificial Intelligence/ Machine Learning (TCS Virtual Assistant)
TCS Marketing Data Hub won the Economic Times DATA CON Awards 2022 for Automated Data Management.
CS Design Toolkit was awarded a Bronze award at the Stevie Awards Asia Pacific 2022 for Innovative Achievement
in Customer Satisfaction.
Sustainability
TCS’ Technologies for Earth Regeneration & Rejuvenating the Atmosphere (TERRA) won the Excellence in Smart
Tech Award under the established IT and technology services companies’ category at the IMC Digital Technology
Awards 2021
TCS’ Food Digital Twin won the 2022 Vivekananda Sustainability Award for ‘Innovative Use of Technology for
Environmental Improvement’
Won first place at the Celonis Ecosystem Hackathon for Smart Metering for Utilities to Reduce CO2 Emissions under
the Use Case Ideation category
Named as one of the top 50 community-minded companies in the United States; recognized as the Information
Technology Sector Lead for the fourth year and honored with the Strategic Volunteer Award for aligning employee
volunteer time and talent with its strategic CSR programs.
Won the Gold award in the WASH Initiative category at the 6th CSR Health Impact Awards for TCS’ IoT-based smart
water management solution in support of the Government of India’s Jal Jeevan Mission.
Partner
Won three 2022 Microsoft Partner of the Year awards in the categories: SAP on Azure, Retail & Consumer Goods,
and Global SI & Advisory Digital Transformation.
Won two Google Cloud Partner of the Year 2021 awards in the categories:
Industry Solution Partner of the Year for Retail and Global Diversity & Inclusion Partner of the Year.
Won ANZ 2022 AWS Partners of the Year award in the category Global Systems Integrator.
TCS Interactive won the Digital Experience (DX) Partner of the Year 2022 award from Adobe.
Recognized as Global Partner of the Year 2022 by Beyond Trust.
Won Pega's Industry Excellence Award for Financial Services at the PegaWorldiNspire 2022.
Awarded Partner of the Year 2022 by Creatio for outstanding commitment to partnership and implementation of
solutions.
Named the 2021 IFS Solutions Partner Of The Year and Services Partner Of The Year.
Named Intel Global System Integrator Partner of the year 2022.
COMPANY SNAPSHOTS 4
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Won Qlik Global Transformation Awards 2022 for Partners Leveraging Active Intelligence for Transformation and
Impact.
Industry Analyst Assessments
TCS was ranked a Leader in 31 competitive assessments published by leading research firms in Q1. In 7 of these,
marked with an asterisk in the table below, TCS was positioned the foremost leader or ranked #1.
Firm Report type Title

IDC Market Share Worldwide Services Market Shares, 2021: Year of Recovery as the
Services Market Resumes Growth
TechMarketView Ranking UK SITS Ranking 2022*
TechMarketView Ranking Financial Services SITS Supplier Prospects 2022*
Avasant RADAR Banking Digital Services 2022–2023 RADARVIEW™
Avasant RADAR Banking Process Transformation 2022 RADARVIEW™
Everest PEAK Matrix Property and Casualty (P&C) Insurance BPS – Service Provider
Landscape with Services PEAK Matrix® Assessment 2022
Forrester Wave The Forrester Wave™: P&C Claims Management Systems, Q2 2022
ISG Lens ISG Provider Lens™ Retail Services - Managed Services – 2022*
Everest PEAK Matrix Life Sciences Operations PEAK Matrix® Assessment 2022*
Everest PEAK Matrix Healthcare Payer Digital Services PEAK Matrix® Assessment 2022
Avasant RADAR Travel and Hospitality Digital Services 2022–2023 RADARVIEW™
Everest PEAK Matrix Sustainability Enablement Technology Services PEAK Matrix®
Assessment 2022
Avasant RADAR Risk and Compliance Services 2022 RADARVIEW™
Gartner Magic Quadrant Magic Quadrant for Finance and Accounting Business Process
Outsourcing
ISG Lens ISG Provider Lens™ Microsoft Ecosystem Partners - Microsoft 365
Services – UK 2022*
Gartner Magic Quadrant Magic Quadrant for SAP S/4HANA Application Services, Worldwide
IDC MarketScape IDC MarketScape: Worldwide Adobe Experience Cloud Professional
Services 2022 Vendor Assessment
IDC MarketScape IDC MarketScape: Worldwide Cloud Professional Services 2022 Vendor
Assessment
Gartner Magic Quadrant Magic Quadrant for Oracle Cloud Application Services, Worldwide
HFS Top 10 HFS Top 10: Industry 4.0 Service Providers, 2022
IDC MarketScape IDC MarketScape: GCC Business and Industrial Internet of Things
Consulting and Systems Integration Services 2022 Vendor Assessment*
Forrester Wave The Forrester Wave™: IoT Consultancies in Asia Pacific, Q2 2022
Avasant RADAR Internet of Things Services 2022 RADARVIEW™
ISG Lens ISG Provider Lens™ Digital Engineering Services - Connected and
Intelligent Operations - Process Industries – 2022
Avasant RADAR Applied AI and Advanced Analytics Services 2022 RADARVIEW™
Forrester Wave The Forrester Wave™: Robotic Process Automation Services, Q2 2022
Gartner Market Share Market Share Analysis: Application Implementation and Managed
Services, Worldwide, 2021
IDC Top 10 Asia/Pacific (Excluding Japan) Application Management Services Market
COMPANY SNAPSHOTS 5
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Share, 2021: IDC's Top 10 Vendors

Avasant RADAR Cybersecurity Services 2022 RADARVIEW™
Gartner Magic Quadrant Magic Quadrant for Data Center Outsourcing and Hybrid Infrastructure
Managed Services, Worldwide*
ISG Lens Next-Gen Private/Hybrid Cloud - Data Center Solutions & Services 2022
IFRS Financial Statements
Consolidated Statements of Comprehensive Income
For the three-month periods ended June 30, 2021, and June 30, 2022
(In millions of $, except per share data)
Three-month periods ended Three-month periods ended

June 30, 2021 June 30, 2022
Revenue 6,154 6,780
Cost of revenue 3,670 4,175
Gross margin 2,484 2,605
SG & A expenses 914 1,039
Operating income 1,570 1,566
Other income (expense), net 78 76
Income before income taxes 1,648 1,642
Income taxes 424 419
Income after income taxes 1,224 1,223
Non-controlling interests 3 5
Net income 1,221 1,218
Earnings per share in $ 0.33 0.33
Consolidated Statements of Financial Position
As of March 31, 2022, and June 30, 2022
(In millions of $)
As of March 31, As of June 30,
2022 2022
Assets
Property and equipment 1,596 1,518
Right-of-use Assets 1,009 956
Intangible assets and Goodwill 665 617
Accounts Receivable 4,520 4,543
Unbilled Revenues 1,613 1,712
Investments 4,027 4,144
Cash and Cash equivalents 1,650 706
Other current assets 2,577 2,636
COMPANY SNAPSHOTS 6
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Other non-current assets 1,315 1,237

Total Assets 18,972 18,069
Liabilities and Shareholders' Equity
Shareholders' Funds 12,053 11,648
Other current liabilities 5,593 5,158
Other non-current liabilities 1,231 1,178
Total Liabilities 18,972 18,069
About Tata Consultancy Services

Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering
with many of the world’s largest businesses in their transformation journeys for over 50 years. TCS offers a
consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and
solutions. This is delivered through its unique Location Independent Agile™ delivery model, recognized as a
benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 606,000 of the world’s best-
trained consultants in 55 countries. The company generated consolidated revenues of US $25.7 billion in the fiscal
year ended March 31, 2022, and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National
Stock Exchange) in India. TCS' proactive stance on climate change and award-winning work with communities across
the world have earned it a place in leading sustainability indices such as the MSCI Global Sustainability Index and the
FTSE4Good Emerging Index. For more information, visit www.tcs.com
https://www.tcs.com/tcs-financial-results-q1-fy-2023
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COMPANY SNAPSHOTS 7
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COMPANY PROFILE
Tata Consultancy Services Ltd (NSE: TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results
to global business, ensuring a level of certainty no other firm can match. The comany offers a consulting-led,
integrated portfolio of IT, BPS,infrastructure, engineering and assurance services. This is delivered through its unique
Global Network Delivery Model™, recognized as the benchmark of excellence in software development.
http://www.tcs.com/about/Pages/default.aspx
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fastest growing industries www.acquisdata.com #
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COMPANY SNAPSHOTS 8
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COMPETITORS
Birlasoft Limited (NSE: BSOFT)
Birlasoft combines the power of domain, enterprise and digital technologies to reimagine business processes for
customers and their ecosystem. Its consultative and design thinking approach makes societies more productive by
helping customers run businesses. As part of the multibillion dollar diversified The CK Birla Group, Birlasoft with its
10,000 engineers, is committed to continuing our 157-year heritage of building sustainable communities.
https://www.birlasoft.com/about-us
Capgemini (EPA: CAP)

With more than 180,000 people in over 40 countries, Capgemini is a global leader in consulting, technology and
outsourcing services. Together with its clients, Capgemini creates and delivers business, technology and digital
solutions that fit their needs, enabling them to achieve innovation and competitiveness. A deeply multicultural
organization, Capgemini has developed its own way of working, the Collaborative Business ExperienceTM, and
draws on Rightshore®, its worldwide delivery model.
The company offers an array of integrated services that combine top-of-the-range technology with deep sector
expertise and a strong command of our four key businesses.
https://www.capgemini.com/about/group/company-profile-key-figures
Cognizant (NASDAQ: CTSH)
Headquartered in Teaneck, New Jersey (U.S.), Cognizant combines a passion for client satisfaction, technology
innovation, deep industry and business process expertise and a global, collaborative workforce that embodies the
future of work. With over 50 delivery centers worldwide and approximately 244,300 employees as of June 30, 2016,
Cognizant is a member of the NASDAQ-100, the S&P 500, the Forbes Global 2000 and the Fortune 500 and is
ranked among the top performing and fastest growing companies in the world.
https://www.cognizant.com/company-overview
Infosys Limited (NYSE: INFY)

Infosys is a global leader in technology services and consulting. The company enables clients in more than 50
countries to create and execute strategies for their digital transformation. From engineering to application
development, knowledge management and business process management, the company helps clients find the right
problems to solve, and to solve these effectively.
https://www.infosys.com/about/Pages/index.aspx
Kavveri Telecom (NSE: KAVVERITEL)

Kavveri Telecom is a leading telecom products manufacturer, providing world-class hardware and solutions for the
telecom industry. Founded in 1991, Kavveri Telecom designs, develops, tests and implements a diverse range of
products, from concept to deployment.
http://www.kavveritelecoms.com/
COMPANY SNAPSHOTS 9
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KPIT Technologies Limited (NSE: KPITTECH)
KPIT is a global technology company specializing in providing IT Consulting and Product Engineering solutions and
services to Automotive, Manufacturing, Energy & Utilities and Life Sciences companies. Together with its customers
and partners, it creates and delivers technologies to enable creating a cleaner, greener and more intelligent world
that is sustainable and efficient.
https://www.kpit.com/about/
Mindtree Limited (NSE: MINDTREE)
Mindtree delivers digital transformation and technology services from ideation to execution, enabling Global 2000
clients to outperform the competition. “Born digital,” Mindtree takes an agile, collaborative approach to creating
customized solutions across the digital value chain. At the same time, the company deep expertise in technology
services, infrastructure and applications management helps optimize your product engineering and transform your IT
into a strategic asset.
http://www.mindtree.com/about-us/company
NIIT Technologies (NSE: NIITTECH)
NIIT Technologies is a global IT solutions organization addressing the requirements of clients across the Americas,
Europe, Asia, and Australia. NIIT Technologies services clients in travel and transportation, banking and financial
services, insurance, manufacturing, and media verticals, offering a range of services, including Application
Development and Maintenance, Infrastructure Management, and Business Process Management. Focused on Digital
Services, the Company is helping businesses design agile, scalable, and digital operating models.
http://www.niit-tech.com/about-us
Sonata Software (NSE: SONATSOFTW)
Sonata Software, headquartered in Bangalore, India, is an IT consulting and software services company delivering IT
solutions through customer-specific centres of excellence. Sonata serves software product companies, and
enterprises in the travel, manufacturing, retail and distribution verticals across the globe. Its key service lines include
business intelligence and analytics, application development management, mobility, cloud, social media, testing,
enterprise services, and infrastructure management services. Sonata has strategic alliances with global technology
majors like Microsoft, SAP, IBM, Oracle, and HP to deliver innovative solutions.
http://www.sonata-software.com/web/sonata_en/company/factsheet.html
Take Solution (NSE: TAKE)
TAKE is a global technology solutions and service provider, with significant focus across two principal business areas
– Life Sciences and Supply Chain Management.
Started in the year 2000, the company has grown exponentially over the decade and is today represented by over
1500+ employees catering to more than 400+ marquee clients across 12 countries. With its global headquarters
COMPANY SNAPSHOTS 10
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located at Chennai, India and US headquarters at Princeton, NJ, the company makes its global presence felt through
its well-established offices across North America, European Union, Asia Pacific, Middle-East and South-East Asia.
https://www.takesolutions.com/index.php/about-us#aboutTAKE
Tech Mahindra Limited (NSE: TECHM, BSE: 532755)
Tech Mahindra represents the connected world, offering innovative and customer-centric information technology
experiences, enabling Enterprises, Associates and the Society to Rise™. The Company is a USD 4.9 billion company
with 131,500+ professionals across 90 countries, helping 946 global customers including Fortune 500 companies.
Tech Mahindra convergent, digital, design experiences, innovation platforms and reusable assets connect across a
number of technologies to deliver tangible business value and experiences to our stakeholders.
http://www.techmahindra.com/company/default.aspx
Virtusa Corporation (NASDAQ: VRTU)

Virtusa Corporation (NASDAQ GS: VRTU) is a global provider of digital business strategy, digital engineering, and
information technology (IT) services and solutions that help clients change, disrupt, and unlock new value through
innovation engineering. Virtusa serves Global 2000 companies in Banking, Financial Services, Insurance, Healthcare,
Communications, Media, Entertainment, Travel, Manufacturing, and Technology industries.
https://www.virtusa.com/about-virtusa/
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO)
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading global information technology, consulting and
business process services company. We harness the power of cognitive computing, hyper-automation, robotics,
cloud, analytics and emerging technologies to help our clients adapt to the digital world and make them successful. A
company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and
good corporate citizenship, Wipro have over 175,000 dedicated employees serving clients across six continents.
Together, we discover ideas and connect the dots to build a better and a bold new future.
https://www.wipro.com/about-us/
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THE INDUSTRY
NOVEMBER, 2021
Introduction
The global sourcing market in India continues to grow at a higher pace compared to the IT-BPM industry. India is the
leading sourcing destination across the world, accounting for approximately 55% market share of the US$ 200-250
billion global services sourcing business in 2019-20.
The IT industry accounted for 8% of India’s GDP in 2020. According to STPI (Software Technology Park of India),
software exports by the IT companies connected to it, stood at Rs. 1.20 lakh crore (US$ 16.29 billion) in the first
quarter of FY22.
Market Size
The IT & business service industry’s revenue was estimated at ~US$ 6.96 billion in the first half of 2021, an increase
of 6.4% YoY. The export revenue of the IT industry is estimated at US$ 150 billion in FY21. According to Gartner
estimates, IT spending in India is estimated to reach US$ 93 billion in 2021 (7.3% YoY growth) and further increase
to US$ 98.5 billion in 2022. The BPM sector in India currently employs >1.4 million people, while IT and BPM together
have >4.5 million workers, as of FY21.
India's software services exports (excluding exports through commercial presence) increased by 4% in FY21
compared with FY20 and are estimated at USD 133.7 billion during 2020-21.
Indian software product industry is expected to reach US$ 100 billion by 2025. Indian companies are focusing to
invest internationally to expand global footprint and enhance their global delivery centres. In line with this, in February
2021, Tata Consultancy Services announced to recruit ~1,500 technology employees across the UK over the next
year. The development would build capabilities for TCS to deliver efficiently to the UK customers.
As of FY21, the IT industry employed 4.5 million people.
The data annotation market in India stood at ~ US$ 250 million in FY20, of which the US market contributed ~ 60% to
the overall value. The market is expected to reach ~ US$ 7 billion by 2030 due to accelerated domestic demand for
AI.
Investments/ Developments
Indian IT's core competencies and strengths have attracted significant investment from major countries. The
computer software and hardware sector in India attracted cumulative foreign direct investment (FDI) inflows worth
US$ 74.12 billion between April 2000 and June 2021. The sector ranked 2nd in FDI inflows as per the data released
by Department for Promotion of Industry and Internal Trade (DPIIT). Japanese investments in the Indian IT sector
grew 4X between 2016 and 2020. Investments stood at US$ 9.2 billion in the review period.
Leading Indian IT firms like Infosys, Wipro, TCS and Tech Mahindra are diversifying their offerings and showcasing
leading ideas in blockchain and artificial intelligence to clients using innovation hubs and research and development
centres to create differentiated offerings.
Some of the major developments in the Indian IT and ITeS sector are as follows:
• In November 2021, Wipro partnered with TEOCO to build solutions for communication service providers (CSPs)
to improve network automation, efficiency, flexibility and reliability.
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• In August 2021, Tata Consultancy Services was adjudged a leader in the NelsonHall NEAT for CX Services in
Banking, Financial Services and Insurance (BFSI).
• In August 2021, SAP India and Microsoft announced the introduction of TechSaksham, a collaborative skilling
initiative aimed at enabling young women (from underprivileged regions) to pursue careers in technology.
62,000 women students will be trained in artificial intelligence (AI), cloud computing, web design and digital
marketing as a result of this collaboration.
• In August 2021, Startek, a business process management company, announced a plan to increase its minority
stake in CSS Corp to reach a wider market. It also announced a plan to recruit >2,000 employees in India, in
FY22.
• In July 2021, Wipro announced plans to invest US$ 1 billion over the next three years to expand its cloud
technology capabilities through acquisitions and collaborations.
• In July 2021, Infosys announced that it has set up an Automotive Digital Technology and Innovation Centre in
Stuttgart, Germany. Automotive IT infrastructure professionals stationed in Germany will transfer from Daimler
AG to the new Digital Technology and Innovation Centre as part of Infosys' relationship with Daimler.
• In July 2021, TCS expanded its strategic partnership with Royal London, the largest mutual life insurance,
pensions and investment company in the UK, to help the latter transform its pension platform estate and deliver
market-leading services to members and customers.
• In July 2021, Tata Technologies partnered with Stratasys, a 3D printing technology company, to provide
advanced additive manufacturing technologies to the Indian manufacturing ecosystem.
• In July 2021, Tech Mahindra Foundation and Wipro GE Healthcare have joined forced to offer skilling and
upskilling courses to students and healthcare technicians.
• In July 2021, HCL announced a multi-year agreement with Fiskars Group, consisting of a family of lifestyle
brands including Fiskars, Gerber, Iittala, Royal Copenhagen, Waterford and Wedgwood for digital
transformation.
• In July 2021, TCS launched Jile 5.0, a key release of its Enterprise Agile, on-the-cloud services, planning and
delivery tool that enables enterprises to meet the large-scale development needs of multiple distributed teams.
Government Initiatives
Some of the major initiatives taken by the Government to promote IT and ITeS sector in India are as follows:
• In November 2021, the government launched Internet Exchange in Uttarakhand to enhance the quality of
internet services in the state.
• The Karnataka government has signed three MoUs worth US$ 13.4 million (Rs. 100.52 crore) to help the state's
emerging technology sector.
• In August 2021, the Union Minister of State for Electronics and Information Technology, Mr. Rajeev
Chandrasekhar, announced that the IT export target is set at US$ 400 billion for March 2022. In addition, the
central government plans to focus in areas, such as cybersecurity, hyper-scale computing, artificial intelligence
and blockchain.
• In September 2021, the Indian government announced a plan to build a cyber lab for the ‘Online Capacity
Building Programme on Crime Investigation, Cyber Law and Digital Forensics’ to strengthen cyber security
capabilities.
• In September 2021, the Ministry of Electronics and Information Technology (MeitY) organised a workshop under
the theme of ‘Connecting all Indians’, to promote public and private stakeholders’ interest in the country and
expand internet access to remote areas.
• In September 2021, the Indian government launched the Meghalaya Enterprise Architecture Project (MeghEA),
to boost service delivery and governance in the state by leveraging digital technologies, to make Meghalaya a
high-income state by 2030.
• In September 2021, the Indian government launched Phase II of Visvesvaraya PhD Scheme to encourage
research in 42 emerging technologies in Information Technology (IT), Electronics System Design &
Manufacturing (ESDM) and Information Technology Enabled Services (ITES).
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• In September 2021, the Indian government inaugurated five National Institute of Electronics & Information
Technology (NIELIT) Centres, in three North Eastern states to boost availability of training centres and
employment opportunities.
• In August 2021, the India Internet Governance Forum (IIGF) – 2021 was launched at Electronics Niketan in New
Delhi by the National Internet Exchange of India (NIXI), the Ministry of Electronics and Information Technology
(MeitY) and the Chairman of the Coordination Committee of the IIGF-2021. The event will take place over three
days beginning October 20, 2021. The meeting's topic this year is Inclusive Internet for Digital India.
• On July 2, 2021, the Ministry of Heavy Industries and Public Enterprises launched six technology innovation
platforms to develop technologies for globally competitive manufacturing in India. The six technology platforms
have been developed by IIT Madras,Central Manufacturing Technology Institute (CMTI), International Centre for
Automotive Technology(iCAT), Automotive Research Association of India(ARAI), BHEL and HMT in association
with IIScBanglore.
• In Budget 2021, the government has allocated Rs. 53,108 crore (US$ 7.31 billion) to the IT and telecom sector.
• Department of Telecom, Government of India and Ministry of Communications, Government of Japan signed a
MoU to enhance cooperation in areas of 5G technologies, telecom security and submarine optical fibre cable
system.
Road Ahead
India is the topmost offshoring destination for IT companies across the world. Having proven its capabilities in
delivering both on-shore and off-shore services to global clients, emerging technologies now offer an entire new
gamut of opportunities for top IT firms in India. Indian IT & business services industry is expected to grow to US$
19.93 billion by 2025.
In November 2021, Mr. Piyush Goyal, Minister of Commerce and Industry, Consumer Affairs, Food and Public
Distribution and Textiles, lauded the Indian IT sector for excelling its competitive strength with zero government
interference. He further added that service exports from India has the potential to reach US$ 1 trillion by 2030.
Note: Conversion rate used for November 2021 is Rs. 1 = US$ 0.013
Notes: * - As per Gartner, ^ - Artificial Intelligence
References: Media Reports, Press Information Bureau (PIB), Department for Promotion of Industry and Internal
Trade (DPIIT), Department of Information and Technology, Union Budget 2021-22
Source: India Brand Equity Foundation

https://www.ibef.org/industry/information-technology-india.aspx
NASSCOM
Overview
NASSCOM, a not-for-profit industry association, is the apex body for the 180 billion dollar IT BPM industry in India, an
industry that had made a phenomenal contribution to India's GDP, exports, employment, infrastructure and global
visibility. In India, this industry provides the highest employment in the private sector.
Established in 1988 and ever since, NASSCOM’s relentless pursuit has been to constantly support the IT BPM
industry, in the latter’s continued journey towards seeking trust and respect from varied stakeholders, even as it
reorients itself time and again to remain innovative,without ever losing its humane and friendly touch.
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NASSCOM is focused on building the architecture integral to the development of the IT BPM sector through policy
advocacy, and help in setting up the strategic direction for the sector to unleash its potential and dominate newer
frontiers.
NASSCOM’s members, 2800+, constitute 90% of the industry’s revenue and have enabled the association to
spearhead initiatives at local, national and global levels. In turn, the IT BPM industry has gained recognition as a
global powerhouse.
https://www.nasscom.in/about-us
# Acquisdata: Up to date business intelligence reports covering developments in the world’s

fastest growing industries www.acquisdata.com #
# Reportal: a vast archive of corporate documents from listed companies around the world
www.reportaldata.com #
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Interim Report
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G
TATA
TCS/BM/65/SE/2022-23
July 8, 2022
National Stock Exchange of India Limited BSE Limited

Exchange Plaza, C-1, Block G, Bandra Kurla P. J. Towers,
Complex, Bandra (East) Dalal Street,
Mumbai - 400051 Mumbai - 400001
Symbol-TCS Scrip Code No. 532540
Dear Sirs,
Sub: Financial Results for the quarter ended June 30, 2022 and declaration of an interim
dividend
We enclose the audited standalone financial results of the Company and audited consolidated
financial results of the Company and its subsidiaries for the quarter ended June 30, 2022 under
Ind AS, which have been approved and taken on record at a meeting of the Board of Directors of the
Company held today.
We would like to inform you that at the Board Meeting held today, the Directors have declared an
interim dividend of ~8 per Equity Share of ~1 each of the Company.
The interim dividend shall be paid on Wednesday, August 3, 2022, to the equity shareholders of the
Company, whose names appear on the Register of Members of the Company or in the records of the
Depositories as beneficial owners of the shares as on Saturday, July 16, 2022, which is the Record
Date fixed for the purpose.
The above information is also available on the website of the Company: www.tcs.com
Thanking you,
Yours faithfully,
For Tata Consultancy Services Limited
~ ~j
Pradel p~ Gaitonde
Company Secretary
Encl: As above
cc:
1. National Securities Depository Limited
2. Central Depository Services (India) Limited
3. TSR Consultants Private Limited
TATA CONSULTANCY SERVICES

Tata Consultancy Services Limited
9th Floor Nirmal Building Nariman Point Mumbai 400 021
Tel 91 22 6778 9595 Fax 91 22 6778 9660 e-mail corporate .office@tcs.com website www.tcs.com
Registered Office 9th Floor Nirmal Building Nariman Point Mumbai 400 021.
Corporate Identification No . (CIN) : L22210MH199SPLC084781
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B S R & Co. LLP

Chartered Accountants
14th Floor, Central B Wing and North C Wing, Telephone: +91 22 6257 1000
Nesco IT Park 4, Nesco Center, Fax: +91 22 6257 1010
Western Express Highway, Goregaon (East),
Mumbai - 400 063, India
Independent Auditors’ Report

To the Board of Directors of Tata Consultancy Services Limited
Report on the audit of the Consolidated Financial Results
Opinion
We have audited the accompanying Statement of Consolidated Financial Results of Tata Consultancy
Services Limited (“Holding Company”) and its subsidiaries listed in Annexure - I (Holding Company and
its subsidiaries together referred to as “the Group”), for the quarter ended 30 June 2022, (“the Statement”),
being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the Securities
and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as
amended ("Listing Regulations").
In our opinion and to the best of our information and according to the explanations given to us, the
Statement:
a. includes the results of the entities mentioned in Annexure I;
b. is presented in accordance with the requirements of Regulation 33 of the Listing Regulations as
amended; and
c. gives a true and fair view in conformity with the applicable accounting standards, and other accounting
principles generally accepted in India, of consolidated net profit and other comprehensive loss and
other financial information of the Group for the quarter ended 30 June 2022.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (“SAs”) specified under section
143(10) of the Companies Act, 2013 (“the Act”). Our responsibilities under those SAs are further described
in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Results section of our report.
We are independent of the Group, in accordance with the Code of Ethics issued by the Institute of
Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the
financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our
other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe
that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our opinion
on the consolidated financial results.
Management’s and Board of Directors’ Responsibilities for the Consolidated Financial Results
These quarterly consolidated financial results have been prepared on the basis of the consolidated interim
financial statements.
The Holding Company’s Management and the Board of Directors are responsible for the preparation and
presentation of these consolidated financial results that give a true and fair view of the consolidated net
profit/ loss and other comprehensive income and other financial information of the Group in accordance
with the recognition and measurement principles laid down in Indian Accounting Standard 34, ‘Interim
Financial Reporting’ prescribed under Section 133 of the Act and other accounting principles generally
accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective
Management and Board of Directors of the entities included in the Group are responsible for maintenance
of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets
of each entity and for preventing and detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and
the design, implementation and maintenance of adequate internal financial controls, that were operating
effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation
and presentation of the consolidated financial results that give a true and fair view and are free from
Registered Office:
B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco
Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013 Center, Western Express Highway, Goregaon (East), Mumbai - 400063
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B S R & Co. LLP
Independent Auditor’s Report (Continued)

material misstatement, whether due to fraud or error, which have been used for the purpose of preparation
of the consolidated financial results by the Management and the Board of Directors of the Holding
Company, as aforesaid.
In preparing the consolidated financial results, the respective Management and the Board of Directors of
the entities included in the Group are responsible for assessing the ability of each entity to continue as a
going concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless the respective Board of Directors either intends to liquidate the entity or to
cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the entities included in the Group is responsible for overseeing the
financial reporting process of each entity.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Results
Our objectives are to obtain reasonable assurance about whether the consolidated financial results as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of
these consolidated financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
– Identify and assess the risks of material misstatement of the consolidated financial results, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
– Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group’s internal control.
– Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures in the consolidated financial results made by the Management and
Board of Directors.
– Conclude on the appropriateness of the Management and Board of Directors’ use of the going
concern basis of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the
appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related disclosures in the consolidated financial results
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future events or conditions may
cause the Group to cease to continue as a going concern.
– Evaluate the overall presentation, structure and content of the consolidated financial results, including
the disclosures, and whether the consolidated financial results represent the underlying transactions
and events in a manner that achieves fair presentation.
We communicate with those charged with governance of the Holding Company and such other entities
included in the consolidated financial results of which we are the independent auditors regarding, among
other matters, the planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
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B S R & Co. LLP

We also performed procedures in accordance with the circular issued by the Securities and Exchange
Board of India under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.
Other Matter(s)
a. Attention is drawn to the fact that the figures for the 3 months ended 31 March 2022 as reported in
these consolidated financial results are the balancing figures between audited figures in respect of
the full previous financial year and the published audited year to date figures up to the third quarter
of the previous financial year.
For B S R & Co. LLP

Firm’s Registration No.:101248W/W-100022
AM IT Digitally signed
by AMIT SOMANI
SOMAN I Date: 2022.07.08
15:57:43 +o5'30'
Amit Somani
Partner
Mumbai Membership No.: 060154
08 July 2022 UDIN:22060154AMMKTT8396
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B S R & Co. LLP

Annexure I
List of entities included in consolidated financial results.
1 APTOnline Limited 32 Tata Consultancy Services Argentina S.A.
2 C-Edge Technologies Limited 33 Tata Consultancy Services De Mexico S.A.,

De C.V.
3 Diligenta Limited 34 Tata Consultancy Services Do Brasil Ltda
4 MahaOnline Limited 35 TCS Inversiones Chile Limitada
5 MP Online Limited 36 Tata Consultancy Services France
6 Tata America International Corporation 37 TCS Uruguay S.A.
7 Tata Consultancy Services (Africa) (PTY) Ltd. 38 TCS Solution Center S.A.
8 Tata Consultancy Services Asia Pacific Pte 39 Tata Consultancy Services Danmark ApS
Ltd.
9 Tata Consultancy Services Belgium 40 Tata Consultancy Services De Espana S.A.
10 Tata Consultancy Services Canada Inc. 41 Tata Consultancy Services Luxembourg S.A.
11 Tata Consultancy Services Deutschland 42 Tata Consultancy Services Osterreich GmbH

GmbH
12 Tata Consultancy Services Netherlands BV 43 Tata Consultancy Services Saudi Arabia
13 Tata Consultancy Services Qatar L.L.C. 44 Tata Consultancy Services Switzerland Ltd.
14 Tata Consultancy Services Sverige AB 45 TCS Business Services GmbH
15 TCS e-Serve International Limited 46 Tata Consultancy Services Ireland Limited
16 TCS FNS Pty Limited 47 TCS Technology Solutions AG
17 TCS Iberoamerica SA 48 Saudi Desert Rose Holding B.V.
18 PT Tata Consultancy Services Indonesia 49 Tata Consultancy Services Bulgaria EOOD
19 Tata Consultancy Services (China) Co., Ltd. 50 Tata Consultancy Services Guatemala, S.A.
20 Tata Consultancy Services (Philippines) Inc. 51 Tata Consultancy Services UK Limited
21 Tata Consultancy Services (Thailand) Limited 52 TCS Foundation
22 Tata Consultancy Services Japan, Ltd. 53 Tata Sons & Consultancy Services
Employees’ Welfare Trust
23 Tata Consultancy Services Malaysia Sdn Bhd 54 TCS e-Serve International Limited –
Employees’ Welfare Benefit Trust
24 Tata Consultancy Services Italia s.r.l.
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B S R & Co. LLP

25 Tata Consultancy Services
(South Africa) (PTY) Ltd.
26 Tata Consultancy Services Chile S.A.
27 TATASOLUTION CENTER S.A.
28 Tata Consultancy Services (Portugal)

Unipessoal, Limitada
29 TCS Financial Solutions Australia Pty Limited
30 TCS Financial Solutions Beijing Co., Ltd.
31 MGDC S.C.
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TATA CONSULTANCY SERVICES LIMITED

Registered Office: 9 th Floor, Nirrnal Building, Nariman Point, Mumbai 400 021
CIN: U2210MH199SPLC084781
Tel: +91 22 6778 9595 e-mail: investor.relations@tcs.com Website: www.tcs.com
Audited Consolidated Interim Statement of Financial Results

(" crore)
Three month period ended Year ended
June 30, March 31, June 30, March 31,
2022 2022 2021 2022
Revenue from operations 52,758 50,591 45,411 1,91,754

Other income 789 981 721 4,018
TOTAL INCOME 53,547 51,572 46,132 1,95,772
Expenses
Employee benefit expenses 30,327 28,353 25,649 1,07,554
Cost of equipment and software Ii cences 217 260 258 1,163
Finance costs 199 245 146 784
Depreciation and amortisation expense 1,230 1,217 1,075 4,604
Other expenses 8,798 8,133 6,841 29,980
TOTAL EXPENSES 40,771 38,208 33,969 1,44,085
PROFIT BEFORE TAX 12,776 13,364 12,163 51,687
Tax expense
Current tax 3,287 3,590 3,138 13,654
Deferred tax (30) (185) (6) (416)
TOTAL TAX EXPENSE 3,257 3,405 3,132 13,238
PROFIT FOR THE PERIOD 9,519 9,959 9,031 38,449
OTHER COMPREHENSIVE INCOME (OCI)
Items that will not be reclassified subsequently to profit or loss
Remeasurement of defined employee benefit plans (87) 247 (145) 261
Net change in fair values of investments in equity shares - (4) - (4)
carried atfairvalue through OCI
Income tax on items that will not be reclassified subsequently to profit 20 12 23 19
or loss
Items that will be reclassified subsequently to profit or loss
Net change in fair values of investments other than equity (685) (268) (52) {516)
shares carried at fair value through OCI
Net change in intrinsic value of derivatives designated as cash 39 (209) (8) (37)
fl ow hedges
Net change in time value of derivatives designated as cash (3) 13 (7) (34)
fl ow hedges
Exchange differences on translation of financial statements of (241) 197 347 20
foreign operations
Income tax on items that will be reclassified subsequently to profit or 231 138 21 196
loss
TOTAL OTHER COMPREHENSIVE INCOME/ (LOSSES) (726) 126 179 (95)

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 8,793 10,085 9,210 38,354
Profit for the period attributable to:
Shareholders of the Company 9,478 9,926 9,008 38,327
Non-controlling interests 41 33 23 122
9,519 9,959 9,031 38,449
Other comprehensive income for the period attributable to:
Shareholders of the Company (693) 144 171 (63)
Non-controlling interests (33) (18) 8 (32)
(726) 126 179 (95)
Total comprehensive income for the period attributable to:
Non-controlling interests 8 15 31 90
8,793 10,085 9,210 38,354
Paid up equity share ca pita I (Face value: ~1 per share) 366 366 370 366
Total reserves (including Non-controlling interests) 89,480
Earnings perequityshare :-Basicand diluted(~) 25.90 26.85 24.35 103.62

Dividend per share (Par value "'1 each)
Interim dividend on equity shares (~) 8.00 - 7.00 21.00
Final dividend on equity shares("') - 22.00 - 22.00
Total dividend on equity shares(~) 8.00 22.00 7.00 43.00
Tota I equity dividend percentage 800 2,200 700 4,300
77 / 522

Audited Consolidated Interim Segment Information
(f crorel
2022 2022 2021 2022
SEGMENT REVENUE
Banking, Financial Services and Insurance 20,244 19,532 18,151 75,126
Manufacturing 5,088 4,951 4,399 18,610
Retail and Consumer Business 8,832 8,209 7,171 30,715
Communication, Media and Technology 8,848 8,475 7,412 31,874
Life Sciences and Healthcare 5,667 5,416 4,899 20,462
Others 4,079 4,008 3,379 14,967
Total 52,758 50,591 45,411 1,91,754
SEGMENT RESULT
Banking, Financial Services and Insurance 5,170 5,242 4,892 20,174
Manufacturing 1,404 1,491 1,336 5,602
Retail and Consumer Business 2,220 2,217 2,093 8,534
Communication, Media and Technology 2,370 2,499 2,247 9,518
Life Sciences and Healthcare 1,602 1,603 1,536 6,139
Others 650 793 559 3,090
Total 13,416 13,845 12,663 53,057
Unallocable expenses 1,429 1,462 1,221 5,388
Operating income 11,987 12,383 11,442 47,669
Other income 789 981 721 4,018
Note:The assets and liabilities of the Group are used interchangeably amongst segments.Allocation of such
assets and liabilities is not practicable and any forced allocation would not result in any meaningful segregation.
Hence, assets and liabilities have not been identified to any of the reportable segments.
78 / 522
Select explanatory notes to the Statement of Audited Consolidated Interim Financial Results for the three month period ended
June 30. 2022
1. These results have been prepared in accordance with the Indian Accounting Standard (referred to as "Ind AS") 34 - Interim Financial
Reporting prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules as
amended from time to time. These results have been reviewed by the Audit Committee and approved by the Board of Directors at its
meeting held on July 8, 2022. The statutory auditors have expressed an unmodified audit opinion on these results.
2. On July 1, 2022, the District Court passed an Order affirming the punitive damages at tl,105 crore (US $140 million). The Company, on
receipt of the judgement, will be filing an appeal in the Appeals Court to reduce the punitive damages awarded by the District Court
and accordingly, has not made any additional provision . On April 21, 2022, Epic invoked payment of tl,105 crore (US $140 million) out
oft3,474 crore (US $440 million) Letter of Credit provided as security towards, compensatory damages awarded by the District Court
and confirmed by the Appeals Court, already provided for in the earlier years. The value of Letter of Credit made available to Epic
stands reduced to t2,368 crore (US $300 million).
3. On May 18, 2022, Tata Consultancy Services Asia Pacific Pte Ltd. acquired additional 6.8% ownership interest in Tata Consultancy
Services (China) Co., Ltd. for a purchase consideration of t25 crore thereby making it a wholly owned subsidiary.
4. The Board of Directors at its meeting held on July 8, 2022, has declared an interim dividend of t8.00 per equity share.
5. The results for three month period ended June 30, 2022, are available on the BSE Limited website
(URL: www.bseindia.com ). the National Stock Exchange of India Limited website (URL: www.nseindia.com ) and on the Company's
website (URL: www.tcs.com/investors).
For and on behalf of the Board of Directors

Digitally signed by
RAJESH RAJESH GOPINATHAN
GOPINATHAN ~~~~~~.022•0708 1440:5 7

Mumbai Rajesh Gopinathan
July 8, 2022 CEO and Managing Director
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B S R & Co. LLP

14th Floor, Central B Wing and North C Wing, Telephone: +91 22 6257 1000
Nesco IT Park 4, Nesco Center, Fax: +91 22 6257 1010
Western Express Highway, Goregaon (East),
Mumbai - 400 063, India
Independent Auditors’ Report

To the Board of Directors of Tata Consultancy Services Limited
Report on the audit of the Standalone Financial Results
Opinion
We have audited the accompanying standalone quarterly financial results of Tata Consultancy Services
Limited (“the Company”) for the quarter ended 30 June 2022, attached herewith, being submitted by the
Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing
Regulations").
In our opinion and to the best of our information and according to the explanations given to us, these
standalone financial results:
a. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this
regard; and
b. give a true and fair view in conformity with the recognition and measurement principles laid down in
the applicable accounting standards, and other accounting principles generally accepted in India, of
the net profit and other comprehensive loss and other financial information for the quarter ended 30
June 2022.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (“SAs”) specified under section
143(10) of the Companies Act, 2013 (“the Act”). Our responsibilities under those SAs are further described
in the Auditor’s Responsibilities for the Audit of the Standalone Financial Results section of our report. We
are independent of the Company, in accordance with the Code of Ethics issued by the Institute of
Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the
financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our
other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe
that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our opinion.
Management’s and Board of Directors’ Responsibilities for the Standalone Financial Results
These quarterly financial results have been prepared on the basis of the interim financial statements.
The Company’s Management and the Board of Directors are responsible for the preparation of these
standalone financial results that give a true and fair view of the net profit/ loss and other comprehensive
income and other financial information in accordance with the recognition and measurement principles
laid down in Indian Accounting Standard 34, ‘Interim Financial Reporting’ prescribed under Section 133
of the Act and other accounting principles generally accepted in India and in compliance with Regulation
33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and the design,
implementation and maintenance of adequate internal financial controls, that were operating effectively
for ensuring accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the standalone financial results that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
In preparing the standalone financial results, the Management and the Board of Directors are responsible
for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless the Board of Directors
Registered Office:
B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco
Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013 Center, Western Express Highway, Goregaon (East), Mumbai - 400063
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B S R & Co. LLP

either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the standalone financial results as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of
these standalone financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
– Identify and assess the risks of material misstatement of the standalone financial results, whether due
to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
– Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the company’s internal control.
– Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures in the standalone financial results made by the Management and
Board of Directors.
– Conclude on the appropriateness of the Management and Board of Directors’ use of the going
concern basis of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the Company's
ability to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to the related disclosures in the standalone financial
results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions
may cause the Company to cease to continue as a going concern.
– Evaluate the overall presentation, structure and content of the standalone financial results, including
the disclosures, and whether the standalone financial results represent the underlying transactions
and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
Other Matter(s)
a. Attention is drawn to the fact that the figures for the 3 months ended 31 March 2022 as reported in
these standalone financial results are the balancing figures between audited figures in respect of the
full previous financial year and the published audited year to date figures up to the third quarter of the
81 / 522
B S R & Co. LLP

previous financial year.
For B S R & Co. LLP

Firm’s Registration No.:101248W/W-100022
AMIT Digitally signed

by AMIT SOMANI
SOMA Date: 2022.07.08
15:56:54 +05'30'
NI
Amit Somani
Partner
Mumbai Membership No.: 060154
08 July 2022 UDIN:22060154AMMKMX7420
82 / 522

Registered Office: 9 th Floor, Nirmal Building, Nariman Point, Mumbai 400 021
CIN: L22210MH1995PLC084781
Tel: +91 22 6778 9595 e-mail: investor.relations@tcs.com Website: www.tcs.com
Audited Standalone Interim Statement of Financial Results

(" crore)
2022 2022 2021 2022
Revenue from operations 44,480 42,459 37,722 1,60,341

Other income 715 1,981 756 7,486
TOTAL INCOME 45,195 44,440 38,478 1,67,827
Expenses
Employee benefit expenses 22,971 21,343 19,212 81,097
Cost of equipment and software licences 119 204 224 1,010
Depreciation and amortisation expense 960 944 809 3,522
Other expenses 9,561 9,200 7,093 31,989
TOTAL EXPENSES 33,795 31,814 27,458 1,18,104
Tax Expense
Current tax 2,878 3,033 2,793 11,931
Deferred tax (66) (202) (54) (395)
TOTAL TAX EXPENSE 2,812 2,831 2,739 11,536
PROFIT FOR THE PERIOD 8,588 9,795 8,281 38,187
OTHER COMPREHENSIVE INCOME (OCI)
Items that will not be reclassified subsequently to profit or loss
Remeasurement of defined employee benefit plans (87) 181 (122) 180
Income tax on items that will not be reclassified subsequently to profit 20 (39) 27 (39)
or loss
Items that will be reclassified subsequently to profit or loss
Net change in fairvalues of investments other than equity (685) (268) (52) (516)
Net change in i ntri ns i c va I ue of derivatives designated as cash 39 (209) (8) (37)
flow hedges
Net change in time value of derivatives designated as cash (3) 13 (7) (34)
flow hedges
Income tax on items that will be reclassified subsequently to profit or 231 138 21 196
loss
TOTAL OTHER COMPREHENSIVE INCOME/ (LOSSES) (485) (184) (141) (250)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 8,103 9,611 8,140 37,937
Paid up equity sh a re capita I (Face va I u e: tl per sh a re) 366 366 370 366
Total reserves 76,807
Earnings per equity share:- Basic and di I uted (~) 23.47 26.48 22.39 103.24
Dividend per share (Par value ,1 each)
Interim dividend on equity shares(~) 8.00 - 7.00 21.00
Final dividend on equity shares(~) - 22.00 - 22.00
Total dividend on equity shares(~) 8 .00 22.00 7 .00 43.00
Total equity dividend percentage 800 2,200 700 4 , 300
83 / 522
Select explanatory notes to the Statement of Audited Standalone Interim Financial Results for the three month period ended
June 30, 2022
1. These results have been prepared in accordance with the Indian Accounting Standard (referred to as " Ind AS") 34 - Interim Financial
Reporting prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules as
amended from time to time. These results have been reviewed by the Audit Committee and approved by the Board of Directors at its
meeting held on July 8, 2022. The statutory auditors have expressed an unmodified audit opinion on these results.
2. On July 1, 2022, the District Court passed an Order affirming the punitive damages at tl,105 crore (US $140 million). The Company, on
receipt of the judgement, will be filing an appeal in the Appeals Court to reduce the punitive damages awarded by the District Court
and accordingly, has not made any additional provision. On April 21, 2022, Epic invoked payment of tl,105 crore (US $140 million) out
of t3,474 crore (US $440 million) Letter of Credit provided as security towards, compensatory damages awarded by the District Court
and confirmed by the Appeals Court, already provided for in the earlier years. The value of Letter of Credit made available to Epic
stands reduced to t2,368 crore (US $300 million).
3. The Board of Directors at its meeting held on July 8, 2022, has declared an interim dividend of t8.00 per equity share.
4. The results for three month period ended June 30, 2022, are available on the BSE Limited website
(URL: www.bseindia .com ), the National Stock Exchange of India Limited website (URL: www.nseindia.com ) and on the Company's
website (URL: www.tcs.com/investors).
For and on behalf of the Board of Directors

Digitally signed by
RAJESH RAJESH GOPINATHAN
GOPINATHAN ~:,:•;,~~2; 0°:3~~

Mumbai Rajesh Gopinathan
July 8, 2022 CEO and Managing Director
84 / 522
•
TATA
TCS/BM/66/SE/2022-23
July 8, 2022

Mumbai - 400051 Mumbai - 400001
Dear Sirs,
Sub: Press Release
Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015, we are enclosing herewith a copy of a Press Release which will be
disseminated shortly. The Press Release is self-explanatory.
The above information is also available on the website of the Company: www.tcs.com
Thanking you,
Yours faithfully,
~
~-~-
/ '
Pra cep Manohar Gaitonde
Company Secretary
Encl: As above

Tel 91 22 6778 9595 Fax 91 22 6778 9660 e-mail corporate .office@tcs.com website www.tcs.com
Corporate Identification No. (CIN) : L22210MH1995PLC084781
85 / 522
TATA
CONSULTANCY
SERVICES Building on belief
For 1rnrnerl1ate use Press Release

Ind-AS & IFRS `
TCS’ Q1 Performance Reflects Continued Growth Momentum
- Revenue at `52,758 crore | Growth of 16.2% YoY, +15.5% in CC
- North America (+19.1% CC), Retail (+25.1% CC) lead among segments
- Order Book at $8.2 billion | Book to Bill at 1.2
- Stellar client metrics: 9 new clients added to the 100Mn+ band YoY; 19 clients added to
the $50Mn+ band
- Workforce crosses the 600K milestone: Headcount at 606,331
MUMBAI, July 8, 2022: Tata Consultancy Services (BSE: 532540, NSE: TCS) reported its consolidated financial
results according to Ind AS and IFRS, for the quarter ending June 30, 2022.
Highlights of the Quarter Ended June 30, 2022

• Revenue at `52,758 crore, +16.2% YoY
• Constant Currency revenue growth: +15.5% YoY
• Operating Margin at 23.1%; contraction of 2.4% YoY
• Net Income at `9,478 crore, +5.2% YoY | Net Margin at 18%
• Net Cash from Operations at `10,810 crore ie 114.1% of Net Income
• Net headcount addition of 14,136 |Workforce strength: 606,331
• Diverse and inclusive workplace: Women in the workforce: 35.5% | 153 Nationalities
• Building a G&T workforce: 12 million learning hours clocked | 1.7 million competencies acquired
• LTM IT Services attrition rate at 19.7%
• Dividend per share: ` 8.00 | Record date 16/07/2022 | Payment date 03/08/2022
Rajesh Gopinathan, Chief Executive Officer and Managing Director, said: “We are starting the new fiscal
year on a strong note, with all-round growth and strong deal wins across all our segments. Pipeline velocity
and deal closures continue to be strong, but we remain vigilant given the macro-level uncertainties. Our new
organization structure has settled in nicely, getting us closer to our clients and making us nimbler in a dynamic
environment. Looking ahead, we remain confident in the resilience of technology spending and the secular
tailwinds driving our growth.”
N Ganapathy Subramaniam, Chief Operating Officer and Executive Director, said: “We are pleased with our
execution during the quarter wherein we successfully delivered several transformation programs. The
Page 1 of 11
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TATA
CONSULTANCY
For 1rnrr1erl1ate use Press Release
investments we made on people, upskilling efforts and select lateral hiring et al helped manage the talent
turnover with minimum impact on our operations. During the quarter, we have resumed in-person meetings,
and hosted several clients at our facilities. We are bringing in more of our associates back to our development
centres, and it is steadily increasing at all levels. On the sustainability front, we have signed our commitment
to SBTi version 5 standards during the quarter and are making steady progress towards our net zero journey
with tremendous alignment to this initiative across our associates.”
Samir Seksaria, Chief Financial Officer, said: “It has been a challenging quarter from a cost management
perspective. Our Q1 operating margin of 23.1% reflects the impact of our annual salary increase, the elevated
cost of managing the talent churn and gradually normalizing travel expenses. However, our longer-term cost
structures and relative competitiveness remain unchanged, and position us well to continue on our profitable
growth trajectory.”
Milind Lakkad, Chief HR Officer, said: “Our investment in strategic talent development initiatives and the
linking of learning to career development have energized our workforce. Following our annual compensation
review, employees received salary increases of 5 to 8%, with top performers getting even bigger hikes. Our
empowering, performance-driven work culture is helping us attract local talent across all our key markets.
Continued hiring momentum resulted in a milestone quarter, with the employee strength crossing the 600,000
mark.”
Q1 Segment Highlights**
Industries: Growth was led by Retail and CPG (25.1%), Communications & Media (+19.6%), Manufacturing
vertical (+16.4%) and Technology & Services (+16.4%). BFSI grew +13.9% while Life Sciences and Healthcare
grew +11.9%
Markets: Among major markets, North America led with +19.1% growth; Continental Europe grew +12.1%
and UK grew +12.6%. In emerging markets, India grew +20.8%, Asia Pacific grew +6.2%, Latin America grew
+21.6%, and Middle East & Africa grew 3.2%.
Services: There was strong, broad-based demand across the different services, led by Cloud, Consulting &
Service Integration, Cognitive Business Operations and Enterprise Application Services. Key themes driving
G&T demand in Q1 were customer experience, cloud transformation and sustainability.
• Consulting & Services Integration: Saw strong growth led by finance and shared services, supply chain,
next-gen enterprise transformation and cloud strategy and transformation.
• Cloud Platform Services: Continues to experience strong growth as clients actively invest in hybrid cloud
strategies and pursue multi-horizon cloud transformation initiatives. Infrastructure, application and data
modernization, operating model transformations and business transformations drove growth.
Hyperscaler partnerships continue to strengthen and expand from ongoing joint GTM initiatives.
• Digital Transformation Services: Growth in Q1 was led by cloud ERP modernization using SAP S/4 HANA,
Salesforce and digital process management services. TCS’ industry solutions powered by TCS Crystallus™
continued to resonate strongly with clients. TCS Interactive saw strong demand for design-led digital
experience services across B2B, B2C and D2C initiatives and digital marketing. In cybersecurity, demand
was driven by managed services in security support, upgrades and monitoring & operations, and areas
like IAM modernization, Fraud Prevention & Digital Forensics. Cyber Defense Suite continues to gain
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TATA
CONSULTANCY
adoption.
• Cognitive Business Operations: Saw strong demand in areas like datacenter and network services,
customer experience management, HR operations, supply chain, digital workplace and verticalized
operations. Trends around vendor consolidation and integrated operations deals continue to strengthen.
TCS’ contextual knowledge and assets like Cognix™, MFDM™ and ignio™ are helping it gain share in this
segment.
** Year on Year Growth in Constant Currency terms
Key Highlights
• Selected by a leading US based freight railroad operator, as a strategic partner to transform their
complete IT landscape & support their operations, locomotives, and assets to enhance employee
experience and productivity. TCS will leverage Ignio™, Cognix™ and MFDM™ as part of its "Right-fit
Automation" for Digital Operations.
• Selected by a global leader in HR services, to provide a consolidated cloud-based Infrastructure as a
Service for consumption across its Global and local operating companies. As part of this engagement,
TCS will be responsible for centralizing all Cloud consumption, standardize the operating processes and
bring efficiency in usage. TCS has been able to provide significant cost benefits with the new contract
structure and bring additional commitments from modernization and skills perspective.
• Selected by Outokumpu, a Finland based global leader in sustainable stainless steel, to transform its IT
landscape with an agile and secure cloud-based digital core to reduce its carbon footprint and support
its strategic aspirations.
• Selected by HellermannTyton, subsidiary of Aptiv PLC, a technology company focused on shaping the
future of mobility, as their strategic partner to Transform their IT Infrastructure Operations and
management, by bringing in business aligned, scalable, secure, digitally automated operations through
Technology Transformation and Consolidation.
• Selected by a leading American pharmaceuticals distributor as the strategic transformation partner with
a focus on patient care & experience, supply chain resilience, and agility in new product introduction.
TCS will establish a strong IT foundation and transform the IT operating model across the full stack of
application, data, infrastructure & security, and will also streamline operational processes. TCS will
leverage its assets and investments including Ignio™, Cognix™ powered by MFDM™, TCS' Cloud, TNaaS™,
and Cognitive Bots to address client priorities and improve speed to market.
• Selected by a Japanese multinational pharmaceutical company for their HR transformation initiative.
Leveraging TCS Crystallus™ for Experience Transformation, TCS will enable enhanced employee
engagement, retention, and recognition within the organization.
• Selected by Scottish Power Energy Retail Limited, part of the Iberdrola group, to help bring Customer
Experience Transformation. TCS will adopt a ‘Digital First’ approach leveraging Cognix™, MFDM™ and
deep contextual knowledge to help provide an omni-channel personalized customer experience.
• Selected by a North America Energy Infrastructure client as a strategic partner for the digital
transformation of Finance, Supply Chain and Asset Work Management functions. TCS will drive adoption
of the industry best practices to align ERP processes, data and systems across the enterprise to deliver
next-gen user experience leveraging a leading ERP Cloud platform along with asset management
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TATA
CONSULTANCY
platform.
• Selected by a Large Global Oil & Gas Industry client as the Global Digital Engineering partner. TCS will
bring its IoT and Digital Engineering solutions to modernize their Drilling, Well Construction and
Production Systems and provide innovation in Digital Transformation Initiatives. This will enable our
Client to offer innovative connected solution to their End customers-delivering improved productivity
and safety.
• A leading global payment provider has selected TCS for building a new extensible and scalable Benefits
platform for Central Europe, Middle East and Africa. The new platform will enable improved benefits
management, transform experience for card holders and Issuers, enable easy onboarding of new
partners, and scale to accommodate growth in the region. Additionally, it will have an API portal to
leverage services from partners for building an ecosystem.
• TCS has been selected as a strategic partner by Student Loans Company’s (SLC) Technology Group, to
enable the lender’s transformation through delivery of strategic technology capabilities. A key focus will
be on enabling the journey to the cloud through the delivery and support of SLC’s new Software-as-a-
Service (SaaS) technologies and expanding its enterprise integration platform.
Customer Speak
“We are delighted to be partnering with TCS to help support the transformation of our service. We share a
common desire to create digital channels that make a difference in serving all our customers, both businesses
and consumers, by increasing accessibility to our service and improving our response times. Working with a
world leader in technology services and digital delivery, whose values reflect our own, is a significant
milestone in our digital journey and we are looking forward to delivering on our ambitious plans.”
- Nicola Wadham
CIO, The Financial Ombudsman Service
“We are very pleased with the successful integration of the Erber Group into DSM, helping transform our
Animal Nutrition and Health business. TCS contributed greatly to this success, especially in re-designing the
enterprise model to drive integration synergies. TCS demonstrated a solid mix of strategic thinking, execution
skills, and people-savvy collaboration which made this engagement so impactful.”
- Luke Glennon
M&A Integration Leader, DSM
“TCS is truly a collaborative and strategic partner that helped develop our technology platform. Our vision is
"Powering the safest and most seamless customer experience of any global alliance". TCS brings
transformational ability driven by its technology and domain experience globally, which is essential for our
success”.
- Andy Lui
CIO, Sky Team
Research and Innovation
As on June 30, 2022, the company has applied for 6,752 patents, including 169 applied during the quarter,
and has been granted 2,400 patents.
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CONSULTANCY
Human Resources
TCS’ workforce stood at 606,331 as on June 30th, a net addition of 14,136 during the quarter. The workforce
continues to be very diverse, comprising 153 nationalities and with women making up 35.5% of the base.
TCS continues to invest in organic talent development as part of its expansion into the growth and
transformation opportunity. In Q1, TCSers clocked 12 million learning hours, resulting in the acquisition of
1.7 million competencies.
The company gradually accelerated its return to office program in Q1, with about 20% of the workforce now
working from office. IT services attrition was 19.7% on the last twelve months’ basis.
Awards and Recognition

Business Leadership:
• Ranked #1 in customer satisfaction in the UK, for the seventh year by Whitelane Research, with an
overall customer satisfaction score of 82%.
• Ranked #1 by revenue in the UK across the entire technology ecosystem for the second year, in the 2022
TechMarketView UK Software and IT Services Supplier Rankings.
• Ranked #2, up one place over the prior year’s position, in CRN’s 2022 Solution Provider 500 rankings of
the top system integrators, service providers and IT consultants by revenue in North America.
• Only brand from India in the Top 50 in the 2022 Kantar BrandZ Top 100 Most Valuable Global Brands;
also ranked among the Top 10 fastest growing brands globally.
• Won the Supplier of the Year award in the Large Category (by spend) at the 2022 Microsoft Supplier
Prestige Awards.
• Won a record of 3 awards at the India Risk Management Awards (IRMA) 2022 by ICICI Lombard and
CNBC-TV18 for 'Masters of Risk in IT-ITes' under the Large Cap category and two specialized categories
- Masters of Risk in Regulatory Compliance and Masters of Risk in Cyber Security
• Won 6 Gold and 2 Silver awards at the 14th Annual 2022 Golden Bridge (Globee) Business and
Innovation Awards in the following HR categories: Achievement of the Year in Learning and
Development, Best Use of Reward and Recognition, Most Effective Use of HR Technology, Most
Effective Use of Internal Communications, Human Resources Outstanding Performance of the Year and
Human Resources Project or Initiative of the Year.
Innovation and IP
• OmniStore™ won the Omnichannel Technology of the Year award from Retail Systems for delivering a
seamless customer experience.
• Quartz™ for Markets recognized as Best New Post Trade Solution of the Year by Financial Technologies
Forum.
• The TCS Smart Store solution won the Best Customer Solution award at the IoT Solution Awards 2022
during the IoT Solutions World Congress.
• Won 5 Bronze awards for innovation and transformation at the Stevie American Business awards 2022
in the following categories: Lead Generation (TCS Insights to steer marketing enabled sales), Business or
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TATA
CONSULTANCY
Competitive Intelligence (TCS Analytics Transformation), Personal Information (PI) Regulatory

Compliance (TCS Privacy), Mobile On-Demand Application (TCS Mobility Solution) and Artificial
Intelligence/ Machine Learning (TCS Virtual Assistant)
• TCS Marketing Data Hub won the Economic Times DATA CON Awards 2022 for Automated Data
Management.
• CS Design Toolkit was awarded a Bronze award at the Stevie Awards Asia Pacific 2022 for Innovative
Achievement in Customer Satisfaction.
Sustainability
• TCS’ Technologies for Earth Regeneration & Rejuvenating the Atmosphere (TERRA) won the Excellence
in Smart Tech Award under the established IT and technology services companies’ category at the IMC
Digital Technology Awards 2021
• TCS’ Food Digital Twin won the 2022 Vivekananda Sustainability Award for ‘Innovative Use of
Technology for Environmental Improvement’
• Won first place at the Celonis Ecosystem Hackathon for Smart Metering for Utilities to Reduce CO2
Emissions under the Use Case Ideation category
• Named as one of the top 50 community-minded companies in the United States; recognized as the
Information Technology Sector Lead for the fourth year and honored with the Strategic Volunteer
Award for aligning employee volunteer time and talent with its strategic CSR programs.
• Won the Gold award in the WASH Initiative category at the 6th CSR Health Impact Awards for TCS’ IoT-
based smart water management solution in support of the Government of India’s Jal Jeevan Mission.
Partner
• Won three 2022 Microsoft Partner of the Year awards in the categories: SAP on Azure, Retail &
Consumer Goods, and Global SI & Advisory Digital Transformation.
• Won two Google Cloud Partner of the Year 2021 awards in the categories: Industry Solution Partner of
the Year for Retail and Global Diversity & Inclusion Partner of the Year.
• Won ANZ 2022 AWS Partners of the Year award in the category Global Systems Integrator.
• TCS Interactive won the Digital Experience (DX) Partner of the Year 2022 award from Adobe.
• Recognized as Global Partner of the Year 2022 by Beyond Trust.
• Won Pega's Industry Excellence Award for Financial Services at the PegaWorldiNspire 2022.
• Awarded Partner of the Year 2022 by Creatio for outstanding commitment to partnership and
implementation of solutions.
• Named the 2021 IFS Solutions Partner Of The Year and Services Partner Of The Year.
• Named Intel Global System Integrator Partner of the year 2022.
• Won Qlik Global Transformation Awards 2022 for Partners Leveraging Active Intelligence for
Transformation and Impact
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CONSULTANCY
For1mmed1ateuse Press Release
Industry Analyst Assessments

TCS was ranked a Leader in 31 competitive assessments published by leading research firms in Q1. In 7 of
these, marked with an asterisk in the table below, TCS was positioned the foremost leader or ranked #1.
Firm Report type Title
IDC Market Share Worldwide Services Market Shares, 2021: Year of Recovery as the
Services Market Resumes Growth
TechMarketView Ranking UK SITS Ranking 2022*
TechMarketView Ranking Financial Services SITS Supplier Prospects 2022*
Avasant RADAR Banking Digital Services 2022–2023 RADARVIEW™
Avasant RADAR Banking Process Transformation 2022 RADARVIEW™
Everest PEAK Matrix Property and Casualty (P&C) Insurance BPS – Service Provider
Landscape with Services PEAK Matrix® Assessment 2022
Forrester Wave The Forrester Wave™: P&C Claims Management Systems, Q2
2022
ISG Lens ISG Provider Lens™ Retail Services - Managed Services – 2022*
Everest PEAK Matrix Life Sciences Operations PEAK Matrix® Assessment 2022*
Everest PEAK Matrix Healthcare Payer Digital Services PEAK Matrix® Assessment 2022
Avasant RADAR Travel and Hospitality Digital Services 2022–2023 RADARVIEW™
Everest PEAK Matrix Sustainability Enablement Technology Services PEAK Matrix®
Assessment 2022
Avasant RADAR Risk and Compliance Services 2022 RADARVIEW™
Gartner Magic Quadrant Magic Quadrant for Finance and Accounting Business Process
Outsourcing
ISG Lens ISG Provider Lens™ Microsoft Ecosystem Partners - Microsoft 365
Services – UK 2022*
Gartner Magic Quadrant Magic Quadrant for SAP S/4HANA Application Services,
Worldwide
IDC MarketScape IDC MarketScape: Worldwide Adobe Experience Cloud
Professional Services 2022 Vendor Assessment
IDC MarketScape IDC MarketScape: Worldwide Cloud Professional Services 2022
Vendor Assessment
Gartner Magic Quadrant Magic Quadrant for Oracle Cloud Application Services,
Worldwide
HFS Top 10 HFS Top 10: Industry 4.0 Service Providers, 2022
IDC MarketScape IDC MarketScape: GCC Business and Industrial Internet of Things
Consulting and Systems Integration Services 2022 Vendor
Assessment*
Forrester Wave The Forrester Wave™: IoT Consultancies in Asia Pacific, Q2 2022
Avasant RADAR Internet of Things Services 2022 RADARVIEW™
ISG Lens ISG Provider Lens™ Digital Engineering Services - Connected and
Intelligent Operations - Process Industries – 2022
Avasant RADAR Applied AI and Advanced Analytics Services 2022 RADARVIEW™
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TATA
CONSULTANCY
For1mmed1ateuse Press Release
Forrester Wave The Forrester Wave™: Robotic Process Automation Services, Q2

2022
Gartner Market Share Market Share Analysis: Application Implementation and Managed
Services, Worldwide, 2021
IDC Top 10 Asia/Pacific (Excluding Japan) Application Management Services
Market Share, 2021: IDC's Top 10 Vendors
Avasant RADAR Cybersecurity Services 2022 RADARVIEW™
Gartner Magic Quadrant Magic Quadrant for Data Center Outsourcing and Hybrid
Infrastructure Managed Services, Worldwide*
ISG Lens Next-Gen Private/Hybrid Cloud - Data Center Solutions & Services
2022
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TATA
CONSULTANCY
For immediate use Press Release
IFRS Financial Statements

Consolidated Statements of Comprehensive Income
For the three-month periods ended June 30, 2021, and June 30, 2022
(In millions of ₹, except per share data)
Three-month period Three-month period

ended June 30, 2021 ended June 30, 2022
Revenue 454,110 527,580
Cost of revenue 270,800 324,890
Gross margin 183,310 202,690
SG & A expenses 67,430 80,830
Operating income 115,880 121,860
Other income (expense), net 5,750 5,900
Income before income taxes 121,630 127,760
Income taxes 31,320 32,570
Income after income taxes 90,310 95,190
Net income 90,080 94,780
Earnings per share in ₹ 24.35 25.90
Consolidated Statements of Financial Position

As of March 31, 2022, and June 30, 2022
(In millions of ₹)
As of March 31, As of June 30,
2022 2022
Assets
Property and equipment 120,800 119,860
Right-of-use Assets 76,360 75,510
Intangible assets and Goodwill 50,360 48,720
Accounts Receivable 342,190 358,620
Unbilled Revenues 122,100 135,160
Cash and Cash equivalents 124,880 55,750
Other current assets 195,020 208,300
Other non-current assets 99,780 97,640
Total Assets 1,436,340 1,426,680
Liabilities and Shareholders' Equity
Other current liabilities 423,510 407,230
Other non-current liabilities 93,170 93,060
Non-controlling interests 7,070 6,570
Total Liabilities 1,436,340 1,426,680
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TATA
CONSULTANCY
For immediate use Press Release
Ind AS Financial Statements

Consolidated Statement of Profit and Loss
For the Quarter ended June 30, 2021, and June 30, 2022
(In ₹ crore, except per share data)
Quarter ended Quarter ended
June 30, 2021 June 30, 2022
Revenue 45,411 52,758
Expenditure
a) Employee Costs 25,649 30,327
b) Cost of equipment and software licences 258 217
c) Other Operating expenses 6,841 8,798
d) Depreciation 1,075 1,230
Total Expenditure 33,823 40,572
Profit Before Taxes & Other Income 11,588 12,186
Other income (expense), net 575 590
Profit Before Taxes 12,163 12,776
Provision For Taxes 3,132 3,257
Profit After Taxes & Before Non-controlling interests 9,031 9,519
Net Profit 9,008 9,478
Earnings per share in ₹ 24.35 25.90
Consolidated Balance Sheet

As at March 31, 2022 and June 30, 2022
(In crores of ₹)
As at March 31, As at June 30,
2022 2022
ASSETS
Property, plant and equipment 13,080 12,888
Right-of-use assets 7,636 7,551
Deferred tax assets (net) 3,708 3,498
Goodwill (on consolidation) 1,787 1,732
Cash and Bank Balance 18,221 10,642
Current Assets, Loans and Advances 59,827 64,845
Non-current assets, Loans and advances 6,770 6,684
Total Assets 141,514 140,552
EQUITY AND LIABILITIES
Deferred Tax Liabilities (net) 590 665
Current Liabilities and Provisions 42,351 40,723
Non-current liabilities and provisions 8,727 8,641
Total Liabilities 141,514 140,552
####
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About Tata Consultancy Services

Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with
many of the world’s largest businesses in their transformation journeys for over 50 years. TCS offers a consulting-led,
cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered
through its unique Location Independent Agile™ delivery model, recognized as a benchmark of excellence in software
development.
A part of the Tata group, India's largest multinational business group, TCS has over 606,000 of the world’s best-trained
consultants in 55 countries. The company generated consolidated revenues of US $25.7 billion in the fiscal year ended
March 31, 2022, and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in
India. TCS' proactive stance on climate change and award-winning work with communities across the world have earned
it a place in leading sustainability indices such as the MSCI Global Sustainability Index and the FTSE4Good Emerging
Index. For more information, visit www.tcs.com
TCS media contacts:
France Email: karine.mazurier@tcs.com | Phone: +33 624633512
Asia Pacific Email: wenjian.lin@tcs.com | Phone: +65 9695 9948
Australia and New Zealand Email: kelly.ryan@tcs.com | Phone: +61 422 989 682
Canada Email: tiffany.fisher@tcs.com | Phone: +1 416 456 7650
Europe Email: joost.galema@tcs.com | Phone: +31 615 903387
India Email: saxena.kritika@tcs.com| Phone: +91 22 6778 9999
Email: vanshika.sood@tcs.com | Phone: +91 22 67789098
Middle East & Africa Email: s.hasneen@tcs.com | Phone: +971567471988
Japan Email: douglas.foote@tcs.com | Phone: +81 80-2115-0989
Latin America Email: alma.leal@tcs.com | Phone: +521 55 2095 6098
UK Email: peter.devery@tcs.com | Phone: +44 20 3155 2421
USA Email: james.sciales@tcs.com | Phone: +1 917 981 7651
###
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G
TATA
TCS/BM/67/SE/2022-23
July 8, 2022

Mumbai- 400051 Mumbai- 400001
Dear Sirs,
Sub: FinanciaJ Results for the guarte1· ended June 30, 2022
The audited standalone financial results of the Company and the audited consolidated financial
results of the Company and its subsidiaries under Ind AS for the quarter ended June 30, 2022, have
been approved and taken on record at a meeting of the Board of Directors of the Company held
today at 11.30 a.m. and concluded at 4:10 p.m.
Thanking you,
Yours faithfully,
v-
Pradcep Manohar Gaitonde
Company Secretary

Tel 91 22 6778 9595 Fax 91 22 6778 9660 e-mail corporate.office@tcs.com website www.tcs.com
Corporate Identification No. (CIN) : L22210MH1995PLC084781
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Annual Reports
98 / 522
Innovating for
Greater Futures
Integrated
Annual
21
Report 22
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C ontent Q&A with Finance and HR.............................................................42

Helping RS Components Deepen Customer
S t andal o n e Fin an c ial S t atem ents
Independent Auditors’ Report............................................318
About TCS…………………………...........................................................03 Relationships and Drive Profitable Growth........................45
Boosting Colruyt’s Competitiveness with Standalone Balance Sheet......................................................331
Board of Directors………………………….........................................04
Algorithmic Pricing.............................................................................46
Management Team………………..............…........................………..05
Standalone Statement of Profit and Loss.................. 333
Transforming India’s Lending Sector with a New
Letter from the Chairman………………........................................06 Digital Platform.....................................................................................47 Standalone Statement of Changes in Equity.......... 334
Letter from the CEO……..……………………..................................09 S t atu tor y Sec tio n Standalone Statement of Cash Flows..........................337
The Year Gone By…………………………..........................................14 Notice..........................................................................................................48 Notes forming part of the Standalone Financial
Statements........................................................................................339
Integrated Re p or t ing Fra m e work Directors’ Report.................................................................................82
TCS Integrated Business Model……..........................................19 Management Discussion and Analysis................................ 107 Statement under section 129 of the Companies
Act, 2013 relating to Subsidiary Companies...........398
Financial Capital...............…………………………................................20 Corporate Governance Report............................................... 137
Gl ossar y ......................................................................................402
Human Capital......…………………………............................................22 Awards and Accolades.................................................................... 166
GR I A n n exures
Intellectual Capital...................................………........................……..24 Corporate Sustainability Report............................................. 174
Identification of Material Topics.........................................412
Relationship and Social Capital...........……........................…….28 Business Responsibility and Sustainability Report..... 186
GRI Content Index........................................................................416
Natural Capital.......................................................................................31 C on s oli d ated Fin anci al S t atements
Th em atic S e c t ion Independent Auditors’ Report......................……..............233
Partnering with Takeda to Innovate at Scale.....................33 Consolidated Balance Sheet.................................................243
Co-Innovating with Bovemij to Fulfill its Mission and
Drive Growth......................................................................................... 34 Consolidated Statement of Profit and Loss..............245
Innovating for Greater Futures: A Panel Consolidated Statement of Changes in Equity......247
Discussion................................................................................................ 35
Transforming Israel’s Banking Sector.................................... 40 Consolidated Statement of Cash Flows………............250
Enabling Swiss Re’s Risk Partnership Strategy for Notes forming part of the Consolidated Financial
Future Growth..................................................................................... 41 Statements………....................................................................….....252
| 1
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About Recent Annual Report Themes
TCS
Tata Consultancy Services is an IT services, Theme FY 2021
consulting and business solutions organization that Building on Belief
has been partnering with many of the world’s largest This year’s theme, 'Innovating for Greater Futures' refers
businesses in their transformation journeys for over to the accelerated innovation witnessed in enterprises across
50 years. TCS offers a consulting-led, cognitive the world, as they shift from improvising to cope with the
powered, integrated portfolio of business, technology challenges of the pandemic, to growth and transformation.
and engineering services and solutions. This is
delivered through its unique Location Independent Accelerated adoption of the cloud is opening up all kinds
AgileTM delivery model, recognized as a benchmark of of possibilities in product and business model innovation.
excellence in software development. Enterprises are seeking technology-led solutions to help FY 2020
realize their sustainability goals. The cloud is enabling Purpose-Driven. Resilient.Adaptable.
A part of the Tata group, India’s largest multinational boundaryless collaboration across industries, enabling
business group, TCS has over 592,000 of the world’s innovative new offerings. Technology is at the heart of all this
best-trained consultants in 55 countries. The company innovation, and clients are increasingly partnering with TCS
generated consolidated revenues of US $25.7 billion to drive innovation at scale.
in the fiscal year ended March 31, 2022, and is listed
on the BSE (formerly Bombay Stock Exchange) and TCS has been innovating for greater futures too. Its
the NSE (National Stock Exchange) in India. investments in research and innovation, intellectual property,
its worldwide network of Pace Port co-innovation hubs, FY 2019 FY 2018
TCS’ proactive stance on climate change and award- Growth and Transformation Dawn of
and in building newer capabilities and acquiring contextual
winning work with communities across the world with Business 4.0TM Business 4.0TM
knowledge are helping win transformational business.
have earned it a place in leading sustainability indices Delivery model innovations such as its AI-powered Machine
such as the MSCI Global Sustainability Index and the First approach, and platform-driven, outcome-based
FTSE4Good Emerging Index. For more information, business models are helping clients reimagine their
visit us at www.tcs.com. operations. All of these are helping the company
drive holistic growth and create immense value for its
stakeholders.
FY 2017
Reimagining the Enterprise
About Us | 3
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Board of Directors Average Age (years) Average Tenure on the Board (years)
61 06
51 71 03 15
Board Independence (%)
56% 44%
Independent Non-Independent
Average Tenure of Independent 05

Directors on the Board (years)
03 10
I Independent, Non-Executive Director Non-Independent,

N Non-Executive Director
NE Non-Independent, Executive Director
From left to right Board Committees C Chairman M Member
Keki M N G Subramaniam Hanne Sorensen Rajesh Gopinathan
Mistry
Audit Committee
COO CEO & MD
C C M I M M NE M M I M M M NE Nomination and Remuneration Committee
Stakeholders’ Relationship Committee
N Chandrasekaran Aarthi Dr Pradeep Kumar Don Callahan
Chairman Subramanian Khosla Corporate Social Responsibility Committee
C C M N M N C M I M M I
Executive Committee
O P Bhatt Risk Management Committee*
C M M I *Samir Seksaria (Chief Financial Officer) is also a member of the Committee
Board of Directors | 4
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Management Team
Corporate Business Heads
Rajesh Gopinathan Rajashree R Susheel Vasudevan Suresh Muthuswami
Chief Executive Officer Chief Marketing Relationship Incubation Chairman – TCS North
and Managing Director Officer Group America
N G Subramaniam K Ananth Krishnan Krishnan Ramanujam Amit Bajaj

Chief Operating Officer Chief Technology Enterprise Growth Group North America
and Executive Director Officer
Debashis Ghosh Sapthagiri Chapalapalli
Samir Seksaria Madhav Anchan Business Transformation Europe
Chief Financial Officer General Counsel Legal Group
Milind Lakkad Pradeep Manohar K Krithivasan Amit Kapur

Chief Human Resources Gaitonde Banking, Financial Services UK & Ireland
Officer Company Secretary and Insurance
Management Team | 5
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Letter from the

Chairman
The supply chain upheavals during the past couple of years
are driving a shift towards rebalancing and resilience. As
companies seek real-time data to transform their supply
chains, AI and predictive analytics help capture insights
and react to changing conditions. Your company is helping
companies reconfigure their supply chains to ensure that
they can serve their customers and stakeholders on time.
Letter from the Chairman | 6

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The change in technology consumption reflects and also of our ecosystem through our Co-Innovation
the prevailing trends in the economy. Recent events Network which includes leading academic institutions
have accelerated digital adoption, put the spotlight and start-ups working on cutting-edge technologies.
Dear Stakeholder, on supply chain resilience and added urgency to the Our insights and foresight are also crystallized in the
sustainability imperative. Each of these represents an form of AI-powered products and platforms that give
The past couple of years have been a period of opportunity that can contribute towards the growth customers actionable intelligence.
intense action and reflection. We have seen a of not just your company, but of the ecosystem as a
global pandemic, geopolitical tensions, supply chain whole. Another area that is a priority for me at the Tata group
disruptions, the rise of cryptocurrency and many other is sustainability and integrating that into business
public and private upheavals. As the dust settles, and a Digital transformation is now an integral part of the decision-making and business models. Your company
clearer picture of the world ahead emerges, I believe functioning of enterprises, governments and societies. is partnering with clients in taking up community
we are standing at the threshold of a period of great Your company continues to play a critical role in initiatives jointly, in sharing best practices around
opportunity and growth. this transformation, helping clients embrace new diversity and inclusion, and importantly, in helping
technologies, initially to cope with the crisis, and since them achieve their sustainability objectives using
In the face of widespread change, your company has then, to innovate at scale and grow their businesses. technology. In addition to reducing its own carbon
shown remarkable resilience and adaptability, coming footprint in its journey to be net zero by 2030, your
out stronger than ever, after catastrophic events like As a fitness enthusiast, I can tell you that the only company is helping the world’s largest corporations
the global financial crisis or the pandemic. way to transform in the long term is by strengthening in developing and executing their sustainability
one’s core. It is no different for organizations. We work roadmaps, deploying its portfolio of intellectual
In FY 2022, your company crossed a milestone of with large enterprises to simplify their technology property and services to help them track their
$25 billion in revenues, experiencing strong growth landscape and strengthen their core by building emissions, reduce their carbon footprint and get closer
of 15.9%, adding an all-time high incremental a cloud-based digital foundation and embedding to their net zero goals.
revenues of $3.5 billion. Even more satisfyingly, this intelligent automation into their operations so they
growth has come with an industry-leading operating can focus on building memorable experiences for their The supply chain upheavals during the past couple
margin of 25.3%. Since the start of the last decade, customers. of years are driving a shift towards rebalancing
the company has grown over four times, comfortably and resilience. As companies seek real-time data
outperforming its largest global competitors. This Artificial intelligence and data are key differentiators for to transform their supply chains, AI and predictive
growth is the source of our energy and vibrancy, enterprises today. TCS helps its customers stay ahead analytics help capture insights and react to changing
reflected in the 17.7% growth in market value to of the game by investing in research and innovation, conditions—from widescale disruptions to individual
`13,83,427 crore in the past year. tapping the intellectual capital within the organization customer complaints. Your company is helping

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companies reconfigure their supply chains in many We leverage four forms of capital - Intellectual, I look forward to sharing with you more milestones
ways, including rolling out connected logistics to Technological, Human, and Financial - to bridge in this journey in the coming years. On behalf of the
efficiently manage business disruption and ensure that the opportunity gap for people and communities. Board of Directors of Tata Consultancy Services,
they can serve their customers and stakeholders on Our primary focus areas are education, skilling, I want to thank you for your continued trust,
time. employment, and entrepreneurship. Additionally, we confidence, and support.
invest in basic health and wellness, water sanitation
I strongly believe that technology is at its most and hygiene, conservation, and disaster relief efforts.
transformational when combined with the strength
of human capital. In FY 2022, our employee strength Since 2015, your company has invested $634 million Warm regards,
grew to 592,195 with a record net addition of in its community initiatives and empowered millions
N Chandrasekaran
103,546 employees. You will be proud of the way of people globally, primarily underserved students,
your company supported its employees and their minorities, youth, women and elders, to be literate, Chairman
families in dealing with the pandemic, including healthy, educated, digitally skilled, become rural
organizing what was perhaps the largest vaccination entrepreneurs and gain employment.
drive in corporate India for employees and families of
not just TCS, but also of its extended ecosystem of As we look ahead to the future, we go back to a
partners and other group companies. key pillar of our strategy – customer centricity. Our
organization structure, our investments in new
In turn, our employees have shown remarkable capabilities and intellectual property, our delivery
resilience, loyalty and tenacity in ensuring that our models and contracting structures have all been
customers are not impacted, despite significant shaped by our clients’ needs. Our new organization
personal challenges. I salute their spirit. structure is designed to make every client continue
to feel deeply valued, and to leverage TCS’ rich set of
Our purpose is anchored in the well-being of all our capabilities and contextual knowledge to transform,
stakeholders, and the communities we operate in are grow and build better futures. With scale and by
very important stakeholders for us. Drawing from the steadily expanding its transformation capabilities, TCS
legacy of the Tata group, we work closely with our is moving from pursuing opportunities, to shaping
communities to create equitable, inclusive pathways those opportunities in the years ahead.
for all, especially women, youth and marginalized
groups.

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Letter from the

CEO
1 Our new purpose-designed organization structure,
along with continued investments in building
newer capabilities, next generation delivery models
and assets that help our clients innovate at scale,
and in building our brand, will help us deepen our
customer relationships, expand our addressable
market, gain market share and power growth in the
Dear Stakeholder,
years ahead.
With near normalcy all around, the pain and suffering
caused by the pandemic at the start of the year seem
so distant now. But the memories of TCSers and their
loved ones we lost during the year will forever remain
with us. My thoughts and prayers are with everyone
who endured the loss of friends and family members
Our cash conversion continues to be very strong,
to the pandemic.
with a cash conversion ratio of 104.2% and free
Given that context, I am grateful that on the business cash flow of `36,985 crore.
front we have much to feel happy about and celebrate.
The Board has recommended a final dividend of
It has been a highly satisfactory year of consistently
`22 for the year, bringing the total dividend for
strong, profitable growth. In rupee terms, our revenue
the year to `43 per share. Additionally, during the
was `191,754 crore, which is growth of 16.8%
year, we successfully completed our fourth buyback
(15.4% in constant currency).
in five years, to the tune of `18,000 crore,
Our profitability continues to be industry-leading, representing a total payout of `38,010 crore
with the operating margin at 25.3%, and net margin including buyback tax of `4,192 crore paid out in
at 20%. Our Earnings Per Share was at `103.62, April 2022. This amounts to over 102.8% of the
growing 16.1%* over the prior year. free cash flow.
1
GRI 2-22 Letter from the CEO | 9
*Excluding provision towards legal claim in prior year. 107 / 522
Beyond the headline numbers, we are pleased with cloud transformation journeys . However, the mindsets are engaging us to develop innovative technology-
the holistic nature of the growth, broad-based have changed. During the year, enterprises moved led solutions to reduce energy consumption, or to
across all our industry verticals and major markets, from thinking of technology-led innovation as a way measure and track green-house gas emissions across
and with a steadily expanding number of growth and of coping with pandemic challenges, to looking at it as their end-to-end supply chain, reduce their carbon
transformation engagements in the portfolio. a means of powering their growth and transformation footprint, reduce waste and promote recycling.
(G&T), especially in the case of clients who had already
Growth was led by Retail and Consumer Business moved their most critical workloads to the cloud. We are very proud of the steadily expanding number
which was impacted the most during the pandemic of G&T deals in our order book because each such
and which has bounced back strongly, growing While G&T initiatives tend to be business focused and win represents market share gain for TCS from legacy
20.0%. Manufacturing grew 16.7%, Banking, technology agnostic, immense possibilities for business consulting organizations which have traditionally
Financial Services and Insurance grew 14.5% and transformation open up once enterprises move some dominated this space. It is an outcome of our sustained
Communications, Media and Technology grew 17.7%. of their workloads to the hyperscaler cloud. This is investments in creating enabling capabilities within the
Life Sciences and Healthcare grew 20.6% and Others triggering a wave of business innovation in the form of organization, be it in cultivating contextual knowledge,
which makes up 7.8% of revenues grew 15.5%. Horizon Two or Horizon Three initiatives by our clients. or research and innovation, building intellectual
property, deepening digital expertise, cultivating
All our major markets grew in the mid-teens or above. In FY 2022, we won deals addressing a broad technology partnerships and building our brand.
North America grew 18.7%, Continental Europe gamut of G&T objectives such as M&A, newer ways
grew 15.2% and UK grew 18.5%. Among emerging of working, product innovation, business model The growing component of G&T revenue in our
markets, Latin America grew 18.6%, India grew 16%, innovation and innovations around improved customer portfolio is also evidence that our differentiated,
Middle East & Africa grew 16.3% while Asia Pacific experience. We have been providing examples of inside-out approach to transformation is resonating
grew 6.9%. these in our recent annual reports, including this well with our clients. Our collaborative ways, and
year’s report. focus on harnessing collective contextual knowledge
Innovating for Greater Futures results in better buy-in for the transformation from
A new trend this year was the growing volume of stakeholders across the organization, setting it up for
Our outstanding performance this year, and the sustainability-related innovation, a good indicator how success. Our brand statement, `Building on Belief’, has
strong demand for our services that drove it, can this has become a top priority item on most CEO also found strong resonance in the market, instilling
be traced back to the innovation that enterprises agendas. We have leveraged our deep expertise in hope into business and trust in the enterprise.
scrambled to adopt at the start of the pandemic, to IoT, advanced analytics, and machine learning to come
engage with customers digitally and to improve their up with a suite of offerings in this space, including All-time High Order Book
operational resilience. intellectual property such as Clever Energy™, IP2™
and TCS Envirozone™. Clients across industries such All this is not to say that Horizon One spending, the
The cloud adoption trends strengthened further in FY investments that enterprises make at the start of their
as retail, manufacturing, utilities and consumer goods
2022, with more clients embarking on multi-horizon cloud journeys, while migrating to a new cloud-based
Letter from the CEO | 10

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digital core, is coming to an end as a key demand contextual knowledge of our clients’ business and deals of all sizes. The total contract value of deals
driver. Far from it, we saw strong deal flow right technology landscapes, gained while executing signed in the first three quarters averaged between
through the year from Horizon One initiatives. Horizon One and other ADM programs, are critical $7-8 billion per quarter, capped by an all-time high
The sheer scale, depth of consulting expertise and for our ability to proactively pitch innovative ideas and order book of $11.3 billion in the fourth quarter. The
full-service capabilities of our dedicated business solutions for their growth and transformation. robustness of the deal flow at the close of the year
units on each of the three large hyperscalers, and the becomes evident when even after excluding the two
investments we have made in building a rich portfolio The other big demand driver was outsourcing of mega deals of roughly a billion dollars each won in
of accelerators and toolsets for automating application business and IT operations. There were three key Q4, the order book TCV in Q4 was $9.5 billion, which
and data estate modernization and cloud migration reasons why enterprises outsourced more in FY is also an all-time high. The full year order book was
give us a distinct edge in this opportunity. 2022: the need to free up people as well as financial $34.6 billion, our highest ever, representing a book
resources to execute their growth and transformation to bill ratio of 1.3.
Clients engaged us for some, or all, of the activities, initiatives; talent scarcity especially in digital
starting from cloud assessment, business case technologies, made worse by the Great Resignation; New Benchmarks in People Management
preparation, roadmap creation, ERP consolidation and the desire for leaner and more resilient IT and
and migration, application and data modernization business operations. During the year, we saw many Our purpose-driven approach to business and
and cloud migration. When core applications are instances where clients engaged TCS to transform our values have shaped TCS’ culture and work
re-engineered using cloud-native architectures, their operating models, and then manage those environment. We believe in investing in our people
or on-premise ERP is moved to SaaS, it is not just operations on their behalf. and giving them opportunities to realize their full
a technology transformation but also a business potential. We believe in decentralized decision-
transformation. Here too, our delivery model innovation, the Machine making, in empowering leaders on the front lines, and
First™ approach, helped us win many large deals and in providing them all the support they need in their
Such cloud transformation engagements are material, gain share over pure play outsourcing companies. journeys. We also believe in treating the organization
multi-year transformation engagements which when Our transformational approach embeds powerful as an extended family, and standing by each member
completed, result in resilient, future-ready digital technologies like machine vision, machine learning, in their hour of need. This was best demonstrated
technology stacks that enable leaner, more agile and our AI-powered intellectual property such as in our response to the brutal second wave of the
operations and very importantly, serve as a scalable ignio™ and Cognix™ into the core of our clients’ pandemic at the start of FY 2022. We scaled up
foundation for their innovation and growth. processes, transforming the human-machine interface our employee engagement, provided hospitalization
and delivering much leaner, faster and more resilient support and access to Covid care centers at our
Partnering with our clients in this initial phase is business and IT operations. facilities in 13 cities and undertook a massive –
important not only for the sheer volume of business possibly the largest of its kind, pan-India vaccination
involved, but also because it is a gateway to the Throughout the year, these three trends – increased drive, covering over a million individuals – employees
unbounded opportunity that the downstream spend on innovation and transformation, cloud and their dependents.
innovation and transformation represent. The granular migration and outsourcing – drove a strong flow of
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This philosophy, and our progressive policies and work organization crossed 50,000 this year, 24% of them organizations like the UNICEF and the European
culture have resulted in a very strong employer brand, women. Food Banks Federation which are helping support war
validated by several third-party assessments and refugees streaming into neighboring countries. We
accolades during the year. This played an critical role The year also witnessed a sharp rise in employee are also matching funds raised by employees, families,
in helping your company cope with the industry-wide turnover across the industry. TCS’ attrition in IT and their networks, up to 500,000 Euros, as donation
supply side challenges during the year. services (LTM) was 17.4% in FY 2022. Despite the to these two organizations.
increase, your company stood out with the lowest
To support the strong growth momentum in FY attrition in the industry and remained the benchmark On the environment front, we have good progress
2022, we flexed the strength of that employer brand for talent retention. to report in our journey to become net zero by
to set new benchmarks and cross new milestones 2030 . Our absolute carbon footprint across Scope
in attracting and managing talent at scale across the Community and planet 1 and Scope 2 emissions reduced by 66% over base
world. Our workforce crossed the half-million mark in year 2016 due to focused initiatives around energy
We continued to work with communities across the
the first half of the year, and we ended the year with a efficiency and transition to renewable energy. We
world, pursuing our long-standing commitment to
headcount of 592,195, an all-time high net addition made a big leap on the latter, with use of renewable
programs in the areas of health, STEM education,
of 103,546 employees. energy across TCS’ global operations growing to
skills development and the bridging of digital divides.
37.2% of the total (15.6% in FY 2021).
The workforce remains a highly diverse one, with These programs are scaling well in reach as well as
over 153 nationalities represented. We crossed depth of impact, touching the lives of over 1.7 million Looking Ahead
an important diversity milestone this year, with the beneficiaries – women, youth and marginalized people.
number of women in the workforce exceeding Our all-time high order book, continued deal flow and
To maximize the impact of our programs, we are now pipeline velocity give us confidence in the sustainability
200,000. We are also making progress, slowly but
partnering with our customers in these initiatives. We of our business momentum. We are in the midst of
steadily, in improving gender diversity in the senior
engaged with 850 business leaders and teams, across a multi-year technology upgrade cycle that provides
management ranks. Through focused leadership
146 customer organizations and connected with over strong, structural growth drivers for the next few
development programs, the number of women senior
50 government leaders on collaborative community years.
executives has grown 84% over the last 5 years,
efforts.
significantly higher than the male cohort.
The geo-political tensions in Europe and the resultant
TCSers have also been quick to respond to the impact on global economic growth are real threats.
Organic talent development continues to be a key
humanitarian tragedy in Ukraine, helping in rescue However, the pandemic has shown us that enterprise
focus area in our journey to be a G&T partner to
efforts, relief assistance, resilience support. To address spending on technology is far more resilient than
more of our clients. TCSers collectively logged
the urgent needs of children, women, and those facing most people credit it for. It is central to organizations’
60.3 million learning hours and acquired over
food insecurity, TCS is making a financial contribution ability to innovate and differentiate in good times,
3.5 million digital competencies in FY 2022. Very
of 1 million Euros to international humanitarian and to survive and adapt in tough times. While
importantly, the number of Contextual Masters in the
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evolving market dynamics may prompt reprioritizing of do, making them feel special, and investing in newer service lines to stitch together solutions that address
programs, we are confident that technology spending capabilities to create value in newer areas of their our clients’ business needs when the relationship
itself will continue to grow. That growth and our businesses, has paid us rich dividends. Regardless is in its hyper growth phase; and the Business
expanding market share give us confidence of being of how large we get, we want to make sure that Transformation Group that will manage our largest
able to sustain a certain base case growth, with room our customer focus never wavers, and every client clients and help them accomplish their growth and
to maximize in better years. continues to feel just as valued. transformation objectives.
At our current pace of growth, it is only a matter We have rolled out a new organization structure that As clients progress in their relationship journeys, the
of time before we double our revenues and hit the will help us achieve these two imperatives. It retains account ownership will seamlessly transition from
$50 billion mark. In our journey to that next logical the atomicity of our earlier architecture, and its three one group to the next, with all three groups working
milestone, we are focused on not only our velocity, dimensions – industry verticals, horizontal service in synchrony to make sure that every client gets a
but also on ensuring we get there fighting fit, so it lines and geography-based sales. We have now added curated experience and that we steadily progress
does not become a finish line to stumble across, but a a fourth dimension, the stage of the customer’s every client relationship to the highest level of
launchpad to achieve even greater heights. For this to relationship journey with TCS. maturity with TCS being their preferred growth and
happen we are focusing on two things. transformation partner.
That journey begins when a client first signs up for
One, we want to arrive at that milestone with a more some initial work. When we successfully deliver, they This new purpose-designed organization structure,
balanced portfolio, with a much larger proportion of give us more work and that is how the relationship along with continued investments in building newer
business transformation revenues, so we have two starts growing. As trust levels steadily go up, they start capabilities, next generation delivery models and
equally strong growth engines for the journey ahead. viewing TCS as a strategic partner and consolidate assets that help our clients innovate at scale, and in
For this, we want to build on our initial successes in more and more of their technology requirements with building our brand, will help us deepen our customer
the G&T opportunity, and put in place a structured us. That is how we have steadily grown and deepened relationships, expand our addressable market, gain
way to deepen existing innovation and transformation relationships with nearly 60 clients globally who spend market share and power growth in the years ahead.
engagements, while expanding the number of clients more than $100 million on us annually. We thank you for your continued support in this
for whom we provide such services. exciting journey ahead.
We have rearranged existing units into three business
Second, as we get larger, we shouldn’t lose sight groups, each aligned to a particular phase in the Warm regards,
of what has brought us thus far – our customer customer relationship journey: the Relationship
centricity. Our success stems from the fact that year Incubation Group that will provide the high-touch, Rajesh Gopinathan
after year, our clients reward us with more work, high engagement, delivery-focused model that Chief Executive Officer and Managing Director
and rank us #1 in customer satisfaction across all new clients require; the Enterprise Growth Group
the service providers they work with. Our approach which will do what today’s TCS does best, that is,
of putting the client at the center of everything we pull together capabilities from across the different
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The Year Gone By Announced a new organization structure designed

to provide a curated experience to each customer
depending on where they are in the customer
Q4
Won a very large contract from relationship lifecycle journey. Leveraging TCS’
a Fortune 100 US company, large and deep bench of leadership talent, the new
further expanding the long-standing structure further deepens the customer-centricity
partnership, to transform the that TCS was always known for, and is expected
technology at its global data centers With three decades of
to help make TCS the preferred growth and
into a future-ready, hybrid cloud stack for greater experience in delivering market
transformation partner to more of its clientele.
agility, flexibility, and improved operational resilience. infrastructure solutions, TCS
TCS will also deploy a new cognitive-powered will be a valuable partner in the Announced plans to grow operations in New Jersey
operating model to run that stack, to improve the delivery of the Real-Time Rail. by hiring nearly 1,000 more employees by the
availability of business applications and enhance user Testing and deployment is a end-2023 to meet the strong demand for digital
experience. critical step in the introduction transformation. This follows a similar announcement
of the new real-time payment earlier, to expand in Arizona by investing more
Selected by Payments Canada, the country’s largest than $300 million by 2026 and hiring over 220
system and we’re excited to
payment organization, to transform its payment employees by 2023. In both states, TCS will also
system operations and help implement the Real-
work with TCS to execute on
grow the reach of its STEM and computer science
Time Rail (RTR), the new real-time payments system this next step for the RTR as
education programs, expanding teacher training and
that will allow Canadians to initiate payments and we help shape the future of
student programs.
receive irrevocable funds in seconds, 24/7/365. TCS payments in Canada.
will leverage its deep knowledge of the payments Became the #2 most valuable brand in the IT
domain, and extensive experience in designing and John Cowan, services sector globally, according to Brand Finance,
implementing large payment systems for clients Chief Technology & Operations the world’s leading brand valuation firm. According
across the world to help Payments Canada create and Officer, Payments Canada to the Brand Finance 2022 Global 500 IT Services
execute an integration roadmap for the RTR. Ranking report, TCS grew its brand value by $1.8
billion (+12.5%) year on year, to $16.8 billion in
Completed the fourth successful share buyback 2021.
in five years, to the tune of ₹18,000 crore at
₹4,500 per share, through the tender offer route,
extinguishing 4 crore equity shares, representing
1.08% of the total paid-up equity share capital.
The Year Gone By | 14
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Tata Group Chairperson and TCS Chairman,

N Chandrasekaran, was conferred the
Padma Bhushan, the third highest civilian award in
India, for distinguished service of high order in the field
of trade and industry.
and reliability, the Passport Seva program became an

icon of Digital India and a source of national pride.
Recognized as a Superbrand in Singapore for the first

time, following recognition as a UK Superbrand for
Waterfront Marathon and Virtual Race through the seventh consecutive year. The latter acknowledges
November 2026. Additionally, TCS renewed its title the company’s exceptional business growth, its
and technology sponsorship of the TCS New York position as the top strategic IT player by revenue
City Marathon through 2029, and became the new in the UK, its number one ranking in customer
title and technology sponsor of the TCS London satisfaction, and its community initiatives.
Ranked #1 in Customer Satisfaction in the largest Marathon for six years starting 2022.
survey of European businesses by Whitelane Launched TCS’ Cyber Defense Suite—a
Research, for the ninth consecutive year, covering Selected by the Government of India to drive the comprehensive set of modular, quickly deployable
1,800 CxOs from top IT spending companies in second phase of the pathbreaking Passport Seva cyber security services offered on a platform.
Europe. TCS’ Overall Satisfaction Score was 84% with Program. TCS will refresh existing facilities and Augmenting the 10,000 cyber-specialists and
the lead over the nearest competitor expanding to 4 systems, develop new solutions to enable issuance global network of Threat Management Centers that
percentage points vs 1 percentage point in the prior of e-passports and further enhance the citizen TCS uses to secure its customers globally, the new
year. experience. In the first phase launched in 2008, TCS platform provides 360-degree visibility and predictive
transformed the citizen experience at its nationwide intelligence to proactively defend and respond against
Named the new title sponsor and official IT services network of Passport Seva centers. Setting global evolving threats.
and technology consulting partner of the Toronto benchmarks in service quality, timeliness, transparency,
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Q3
Celebrated a milestone with the number
of women in the workforce crossing
200,000 in December. Women-centric
leadership development initiatives have
resulted in the number of senior women
executives growing 84% over the last 5 years. The
company is part of the 2022 Bloomberg Gender-
Equality Index that tracks the performance of public
companies committed to transparency in gender-data
reporting.
Launched the TCS Assessment and Migration

Factory, a set of tools, accelerators, and services that
enable customers to shift their mainframe workloads
to the new AWS Mainframe Modernization
platform.
Q2
Gained further market share in the UK,
and was ranked #1 by revenue in the
UK Software and IT Services Rankings
2021 by TechMarketView. The company
Became title partner to Jaguar Racing ahead performed very well in the rankings
of the 2021/22 ABB FIA Formula E World by sub-category as well, topping the Applications
Operations category, and ranking #3 in Consulting
Championship. The team will now be known as
and Solutions.
Jaguar TCS Racing. TCS will leverage its leadership
in technology transformation and partnerships
across the EV value chain to help Jaguar TCS
Racing become a catalyst for electrification,
promote low carbon emissions and sustainable
mobility.
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Launched `Rebegin’, an initiative to enable Selected by the Multi-Commodity Exchange

experienced women professionals who had taken India Ltd (MCX) as its technology partner
a work sabbatical due to family commitments, to for Project Udaan. TCS will help MCX build a
reclaim their careers and pursue their professional new technology core, transforming its trading as
aspirations in TCS. Over 14,000 job applications well as post-trade functions, to support its future
were received under this initiative in FY 2022. growth and further strengthen its leadership
position in the commodity derivatives market in
Launched TCS Google Garages at the TCS India.
Pace Port™ co-innovation centers in Amsterdam,
New York and Tokyo. These Garages provide Entered into a new partnership with Dutch The investments in innovation and strong
an immersive experience for companies to Open, one of Europe’s most innovative and market traction demonstrated by TCS’ cloud
evaluate TCS’ cloud solutions, develop and sustainable golf events. TCS will leverage its units won several partner awards. TCS was
prototype applications, apply analytics and artificial expertise in digital technologies to help the named to the Microsoft Business Applications
intelligence (AI) capabilities using design thinking Dutch Open enrich participant and spectator 2021/2022 Inner Circle, and also awarded two
and agile development to rapidly address business experience. 2021 Microsoft Partner of the Year Awards.
opportunities and create value using Google Similarly, TCS was named the 2020 Google
Cloud. Cloud Breakthrough Partner of the Year
for outstanding results across sales, delivery,
Partnered with the Australian Energy Market competency development, expertise, specialization
Operator (AEMO) to implement the switch from badges, and growth of its customer base.
30-minute settlement to 5-minute settlement
in the national wholesale electricity spot market.
The shorter settlement window, enabled by a
cloud-based solution designed by TCS, is expected
to provide a better price signal for investment in
faster response technologies, such as batteries
and gas peaking generators.
Continued to be the preferred transformation

partner to market infrastructure institutions, with
TCS BaNCS for Market Infrastructure and
Custody solutions powering the operations of
over 50 market-critical institutions across 66
countries.
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Q1
Inaugurated TCS Pace Port™ Amsterdam, a Samir Seksaria took over as the company’s
co-innovation and advanced research center where Chief Financial Officer on May 1, 2021,
TCS teams will co-innovate with European customers, following the retirement of V Ramakrishnan
drawing on an ecosystem of partners from academia, (`Ramki’). He started his career in TCS in
government institutions, start-ups and technology 1999. He moved to Corporate Finance
providers. The center will enable ideation and rapid prototyping in 2004 and played a critical role in the
with a clear focus on finding and creating sustainable solutions. company’s IPO. Prior to becoming CFO, he
headed the financial analytics, planning and
business finance functions. On November 1,
2021, Pradeep Manohar Gaitonde stepped
in as the Company Secretary in place of
Rajendra Moholkar who retired.
The ninth season of TCS CodeVita attracted

136,054 participants from 34 countries,
winning it a Guinness World Records™ title
at the world’s largest computer programming
competition. College students from around
the world competed in solving complex
programming challenges over an intense
six-hour period, to win cash prizes and be
ranked among the top student programmers
globally. Launched a pan-India vaccination drive against
Covid-19, covering TCSers and their families,
across all TCS locations as well as smaller cities
that some employees were remote-working
from. The TCS Vaccination League benefited 1.2
million individuals and resulted in over 87% of
employees in India getting fully vaccinated and
95% receiving at least one dose.
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TCS’ Integrated
Business Model
for Value Creation using
the Five Capitals Intellectual Capital
Domain knowledge, contextual knowledge,
patents, products and platforms
Partners Contextual
Technology and COIN Knowledge
Human Capital
Skills, competencies, capabilities, knowledge OPERATIONS
and motivation of employees
Research & Innovation
Products & Platforms
FINANCIAL CAPITAL Services & Solutions
Sources of funds from
business operations, Natural Capital Talent Acquisition
VALUE
financing or investing Renewable & Non-renewable Resources
CUSTOMER
Talent Engagement ENGAGEMENT
activities
Talent Development
Customer
Goodwill/Brand
Value/CSR/Taxes
Social & Relationship Capital
Investors, Customers, Employees,Communities Goodwill
Stakeholder
Payout, Reserves
TCS' Integrated Business Model | 19

117 / 522
Financial Capital
The 25-fold revenue growth over the last 20 years is a testimony to the Outcomes
strength of our business model and our ability to reinvent ourselves in an • Best in class profitability and strong balance sheet provide greater ability to invest in
ever-evolving technology landscape to stay relevant to our customers while newer capabilities and to weather economic downturns, macro uncertainties
remaining focused on creating value for all our stakeholders. • Consistently high shareholder returns enhances social and relationship capital
Economic Value Generated and Distributed1

Economic Value Distributed
₹ 107,554 cr ₹ 35,747 cr ₹ 13,238 cr

+ 17.1% +19.6% + 15.5%*
Employee cost Other cost of operations Tax expense
₹ 191,754 cr
+ 16.8%
Economic value generated
₹ 855 cr ₹ 2,242 cr ₹ 38,010 cr
+ 16.0% + 17.0% + 12.2%
Community Investments R&D and innovation Shareholder payout
including innovation including unpaid final
center development dividend, Buyback and
taxes
1
GRI 201-1
Financial Capital | 20
* Excluding provision towards legal claim in prior year 118 / 522
Financial Highlights
Revenue Trend Operating Profit Trend Earnings per share ^

CAGR 10.2% 25.6% 25.9% 25.3% CAGR 9.2%
24.8% 24.6%
30,502
103.62
37,450
42,481
48,453
38,580
67.10
83.05
86.19
89.27
123,104
146,463
156,949
164,177
191,754
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2018 FY 2019 FY 2020 FY 2021* FY 2022 FY 2018 FY 2019 FY 2020 FY 2021* FY 2022
(` crore) (` crore) Operating Profit Operating Margin (Amount in `) ^ Earnings per share is adjusted for bonus issue
OCF and Cash Conversion Cash Usage# Shareholder Payouts

116.2% 106.0%
1.8%
104.2% 101.5%
100.1% 99.2%
97.1% 7.5% 92.6% 98.6%
90.9%
Shareholder Distribution 0.2%
Capex
15,818#
Acquisitions, etc.
16,000
16,000
17,840
19,726
22,192
11,377
13,148
14,055
14,147
Invested Funds
25,067
28,593
32,369
38,802
39,949
FY 2018 FY 2019 FY 2020 FY 2021* FY 2022

90.5% Dividend Special Buyback Shareholder Payout ratio
Dividend including (Including special dividend
FY 2018 FY 2019 FY 2020 FY 2021* FY 2022
tax and buyback, including tax)
(` crore) Operating Cash Flow (OCF) OCF to Net Profit Ratio # Cash usage for the period FY 2018 to FY 2022 (` crore) # includes proposed final dividend
* Excluding provision towards legal claim
Financial Capital | 21
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Human Capital TCS Employees by Region, Age and Gender2
Best in Class Talent Management1 India North America

M 1% M 15%
>50
>50
yrs
yrs
F 0.1% F 5%
17.4% M 6% M 21%
30-40 40-50
30-40 40-50
yrs
yrs
592,195 103,546 LTM F 1% F 6%

M M 20%
Employees Employees attrition in IT
23%
yrs
yrs
F 10% F 10%
services M 34% M 16%
< 30
< 30
yrs
yrs
F 25% F 7%
Workforce Net Addition Talent Retention

Globally distributed highly localized Highest ever Best in the Industry
United Kingdom Europe
M 15% M 19%
>50
>50
yrs
yrs
Talent Diversity and Inclusion2 Rebegin F 11% F 6%
New program for women 14,000 M 17% M 17%

30-40 40-50
30-40 40-50
yrs
yrs
11% 6%
seeking to rejoin work job applications F F
M 15% M 19%
after a career break received
yrs
yrs
F 10% F 11%
M 11% M 13%
153 3 Generations
< 30
< 30
yrs
yrs
Rising up the ranks F 10% F 9%

Nationalities 88% Millennials
% Women improved at mid- and senior
levels over last 5 years
210,000+ Women
43.2% Emerging Markets APAC
41.5% 31.1% M 5% M 6%
35.6% of workforce
>50
>50
yrs
yrs
F 2% F 3%
84%+ Increase in senior women 28.9% 13.3%
M 11% M 14%
30-40 40-50
30-40 40-50
yrs
yrs
executives over last 5 years 11.7% F 5% F 6%

678 Women patent holders M 26% M 24%
yrs
yrs
F 12% F 19%
Junior Middle Senior M 25% M 14%
< 30
< 30
yrs
yrs
F 14 % F 14 %
FY 2018 FY 2022
Human Capital | 22
1
GRI 401-1, 2 GRI 405-1
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Talent Development
TCS takes a purpose-centric approach to
learning and development that leverages 3.5
horizontal collaboration and the abundance million 171,000
of internal talent in an ecosystem where
the training is just-in-time, just-for-me
and just-enough. Digital competencies Employees deep
acquired skilled
Average Learning Hours per employee3 121 hrs
Senior 77
91
Male
Middle 53
50 Female
Junior 154
144
Fresher Training
TCS Elevate Contextual Masters Xplore foundational virtual training with certifications,
Linking learning to career growth Talent with potential to be tomorrow’s G&T leaders daily webinars, weekly assessments and gamified contests
13,000 50,000 CMs 100,000+

Employees identified as high +169% YoY trainees onboarded.
talent, with higher pay The highest ever
24% Women
Human Capital | 23
3
GRI 404-1
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Four dimensions of TCS’ Research and Innovation:
Innovation in the Technology-led
Intellectual Core Business: innovation
Use of emerging technologies to enable

Capital
Continuous creation of innovative new
solutions in the core business, delivering seamless human-machine collaboration and
incremental benefits using existing transform the client’s way of doing business.
capabilities in areas like cloud, code, data Eg: Algo Retail suite (TCS Optumera™, TCS
The company channelizes its research and innovation efforts
and cybersecurity. Also includes newer OptuniqueTM and TCS Omnistore™), TCS
and outcomes towards building better futures through two
functionality in existing products and ADD™, TCS TwinXTM, Sustainability solutions
external facing brands:
platforms, or their replatforming onto (TCS Clever EnergyTM and TCS EnvirozoneTM),
• TCS Research produces foundational inventions that
hyperscaler clouds. Eg: TCS MastercraftTM, QuartzTM
impact industry and society.
• TCS PaceTM brings the best of TCS’ intellectual content, JileTM 4.0, TCS BaNCS Marketplace
innovation assets, capabilities, and practices to clients.
Highlights:
Business and Blue Sky
6,500+ 2,287/6,583
Ecosystem-led Innovation Innovation
researchers, patents granted/ 240+ 40+
inventors, and filed (cumulative) publications Leverage of domain and contextual Long-term investments in futuristic areas of
innovators Research and research to address customers’ needs that are
Innovation knowledge, research outcomes and TCS
Centers COIN to connect ecosystems and transform not yet realized. Includes: cognitive robotics;
5 Pace Ports quantum computing; next-generation
industries. Eg: TCS Cognitive Plant Operations
New York | 2,600+ Adviser (CPOA), TCS’ DeXAM, TCS AvianaTM, communications technologies. Other
58 Amsterdam | start-up TCS HOBS ™ research topics include sensing, digital twins
academic Tokyo | Pittsburgh | partners for social systems, efficient and robust AI &
partners Toronto deep learning, metagenomics, immersive
technologies, sustainability, generative design
for materials, manufacturing & life sciences,
and personalized nutrition and medicine.
Intellectual Capital | 24
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TCS Suite of Products and Platforms
B NCS Digital Advantage for Life Sciences
• 22 new wins (50% of the new wins were on • Onboarded 700+ corporates to enable job • Comprehensive suite for digital transformation
TCS BaNCS Cloud) and 16 go lives in FY 2022 outcome linkage through TCS NQT of drug development and clinical trials
• Highlights: • Conducted ~45 million in-center and ~2.9 • Clients include 10 of the Top 12 global pharma
• Services more than 35% of the world’s million remote assessments at national and companies; total number of clients: 19
banking population regional scale • 700+ clinical trials supported by TCS ADD
• More than 100 million transactions run on • 110+ new wins in India and 15 in international Platforms till date, Implemented across
TCS BaNCS Cloud daily market 50,000+ sites across the world.
• Records 10 million new trades per day • Launched 250+ learning offerings (NQT • 3 new wins and 1 go live in FY 2022
(peak) across 100+ countries variants, Certifications/Courses, Games), in
• Offers ready market connectivity to 45+ latest tech. domains such as AI/ML, Big data,
local markets for settlements Data Mining/Analytics; banking & finance
domain and in manufacturing sector in • Plug and play SaaS based business platform to
• Services over 20 million life, annuity and
partnership with NTTF, ICA, and Tata Strive digitally transform business, network and
pension policies and 135 million property
• Highlights: revenue management domains of
and casualty policies across the globe
subscription-based businesses
• 268 million candidates assessed till date;
• 2 deal wins in FY 2022
largest in-center assessment with 18.9
million candidates
• 36.5 million remote assessments done TM
• World leading cognitive automation software • 10.4 million learners on the platform,
for IT and business operations 79,801 courses available, 909 clients • AI and ML powered merchandise optimization
• 100+ deals closed in FY 2022, 27 new • ERP on cloud: 896 clients in manufacturing platform that enables retailers to unlock
customers went live • 136 patents filed till date; 37 granted exponential value by optimizing their space, mix
• 11,500+ ignio trained professionals, 4,100+ and price in an integrated manner.
ignio certified professionals till date • 1 new win and 3 go-lives in FY 2022
• 35 patents granted to date
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MasterCraft
• AI powered system of actionable intelligence – • Digital platform to optimally automate and • Intelligent smart contract development toolkits,
powered by an enterprise digital twin (customer, manage IT processes Integration solutions and ‘Designed for DLT’
product, process) to help business leaders • FY 2022 Highlights: 46 billion records processed business solutions that provides foundational
simulate and optimise enterprise decisions, for data privacy, 8.2+ billion Records processed technology, tools and business components for
predict and proactively manage outcomes for data quality, 8.8+ million lines of code (mloc) creating distributed ledger solutions across
• 20 new wins and 9 go-lives in FY 2022 analyzed, thus helping clients get the right varied industries
• TwinX Business Highlights: insights from legacy code and automate • Built on the core principles of co-existence,
• Risk Free Experimentation Users: 5000+ the business rules extraction with an overall integration and interoperability. Quartz enables
• Number of End- Customer Orders Processed: productivity improvement of 20% - 30%, 3.4+ existing systems to coexist and integrate with
33 Mn mloc of high-quality Java and JavaScript codes blockchain platforms and other messaging
• Number of Digital Twin transactions: 10 Mn generated, resulting in 50% more productivity in networks
• New Product Ideations: 20 development • 7 new wins in FY 2022
• Safety Twin ensures zero harm workplace/ saves • 27 new wins in FY 2022
precious human lives in hazardous anufacturing
facilities
• Launched in Google Cloud in Oct 21
• SaaS-based, scalable Agile DevOps

• AI powered unified commerce platform that platform to accelerate software
can flexibly orchestrate unified omnichannel development and delivery and integrate
customer journeys and help businesses roll out DevOps tools
new services and apps quickly without having • 13,000+ active users till date
to worry about channel constraints. It can serve
diverse lines of business – general merchandise,
discount, specialty, fashion, restaurant, post
office, telecom, and travel and hospitality
industries.
• 3 new wins and 5 go-lives in FY 2022
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Social Good
TCS Research collaborated with Prayas Help TCS’ inventors and innovators continued to A number of assistive technologies have emerged
Group to develop a digital twin of Pune city to mentor young social entrepreneurs as part of from TCS R&I, including Assisto (speech aid for
predict the spread of the pandemic and help TCS Foundation’s Digital Impact Square (DISQ). cerebral palsy); VHAB (Immersive Physio); Verbose
devise local strategies to control it. Over 30 start-ups are currently under various (Speech-to-text); School at Home assistance
phases of incubation and graduation under for disabled; Emotrain (Training for Autistic) and
DISQ. Prominent themes around which social Home Bound (COVID related remote medical
challenges are being addressed include AgriTech, assistance). These were especially useful during
Assistive Tech, Citizen Services Tech, EduTech, the pandemic, where much of the training and
HealthTech and Sustainability Tech. support for children with special needs had to be
virtual.
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Relationship and Outcomes

• Expanding participation across broad range of
Social Capital stakeholders across the enterprise including

business heads, CMOs, CROs, COOs, CFOs and
even CEOs
TCS’ business model and strategy have resulted in • Continual expansion of customer relationships in 2020/21 EUROPE
deep and enduring customer relationships, a vibrant terms of services consumed 2014 EUROPE
2019/20 EUROPE
Whitelane Research
and engaged workforce, a steady expansion of its
Whitelane Research
• Highly satisfied customers
Whitelane Research
addressable market, a strong reputation as a responsible

corporate citizen and a proven track record in delivering
longer term stakeholder value. All of this has significantly
enhanced the company’s brand value, which is a
quantifiable measure of its social and relationship capital
with stakeholders. Large Client Metrics Rev per US$ 1 Million+ Client ($ Mn)
Customers
268
Customer-centricity is at the core of TCS’ business
model, organization structure and investment decisions.
207 19.8 21.7
The philosophy has been to delight them by delivering 120
superior outcomes, and build strong, enduring 97
relationships. Additionally, the company seeks to expand
103.62
and deepen customer engagements by continually 58

38
looking for new areas in the customer’s business where
FY 2018 FY 2022 FY 2018 FY 2022
the company can add value, proactively investing in
building newer capabilities, and launching new services US$ 20Mn+ US$ 50Mn+ US$ 100Mn+ Growth 9.7%
and solutions.
Relationship and Social Capital | 28

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Investors Branding
TCS is seen as a benchmark in its outreach to investors, its TCS’ reputation for customer-centricity, domain depth and execution
transparency and disclosures, publicly communicating its longer- excellence have made it the preferred growth and transformation partner to
term strategy, qualitative aspects of the demand outlook, risks and leading corporations across the world. It is also recognized as a top employer
opportunities, reducing information asymmetries and enabling fair brand across the major markets it operates in, including North America,
valuation of the stock. For the last many years, it has been awarded Europe, UK, India, Latin America and Australia, among others.
the Best Investor Relations award by publications like Institutional
Investor, FinanceAsia and AsiaMoney based on polls of investors and Its tagline `Building on Belief’ along with marketing campaigns, sponsored
analysts in the region. events and advertising, along with the goodwill built up with investors, with
local communities, academia and other stakeholders have cumulatively
Investor and Analyst Interactions in FY2022 helped put TCS among the Top 2 brands in IT services by brand value
according to Brand Finance.
Particulars Q1 Q2 Q3 Q4 FY 2022
Total TCS Brand Valuation $16.8

interactions 152 275 243 186 856 $14.9
$12.8 $13.5
Total number of $10.4
45 53 42 34 174 $9.4 $9.1
hours spent $8.2 $8.7
$5.2
Analyst Relations
$2.3
Assessments in which TCS was ranked a Leader by Research Firms
FY FY FY FY FY FY FY FY FY FY FY
2010 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
($ billion)
86
92
Source: Brand Finance

FY 2021 FY 2022

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Awards & Recognition
TCS rose to be the second most

Valuable IT Services Brand
Brand Finance Awards
Jaguar TCS Racing TCS Toronto TCS Europe Summit

2022 Waterfront Marathon 2022
2022

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Natural Capital Achievements

TCS is in a unique position to combine its heritage of purpose
along with digital leadership and innovation to drive its own 64.4% 1.65 10.2 37.2%
PUE MW
journey to more sustainable outcomes, as well as partner with % Total office space Energy efficiency initiatives Rooftop solar Renewable electricity as % of
customers, civil society and governments to lead and shape (for India) as per IGBC at TCS data centers in capacity across total electricity consumed
solutions towards the achievement of the UN Sustainable standards Mumbai and Chennai campuses
Development Goals.
Energy Management and GHG Emissions Reduction Outcomes
Target: 70% reduction of Scope 1 + 2 emissions by 2025 (vs base Reduced Energy …Increased Use of … reduced TCS’ Carbon footprint.
year 2016) and Net Zero by 2030 Consumption and… Renewable Energy..
66% 46%
• Prioritized energy optimization and carbon footprint mitigation. 49% 6x
• 89% of emissions across Scope 1 and Scope 2 due to purchased
electricity for office blocks.
• Use of Clever Energy to optimize energy consumption and
greater use of renewable energy.
• 5 large campuses in India certified with ISO 50001: 2018
standards for Energy Management Systems (EnMS).
7
592
300
112
471
158
668
358
11
18.6
AFFORDABLE
AND CLEAN
ENERGY
SUSTAINABLE
CITIES AND
COMMUNITIES
9 INDUSTRY
INNOVATION AND
INFRASTRUCTURE FY 2016 FY 2022 FY 2016 FY 2022 FY 2016 FY 2022 FY 2016 FY 2022
Total Energy Renewable Energy Total Scope 1 + 2 Value chain emissions
Consumed in GWh Consumed in GWh emissions in ‘000 tCO2e in '000 tCO2e
Scope 3 emissions
12 RESPONSIBLE
CONSUMPTION
AND
13 CLIMATE
ACTION
Employee commutes and business travel cause ~50% of these value chain emissions. Remote
PRODUCTION working and reduced business travel resulted in a sharp reduction.
Natural Capital | 31
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Water Conservation Waste Reduction & Reuse
Target: 3% YoY reduction in freshwater consumption across owned campuses Target: Reduction in waste 12
12
RESPONSIBLE
RESPONSIBLE
CONSUMPTION
CONSUMPTION
AND
AND PRODUCTION
13 CLIMATE
ACTION
generation, maximizing PRODUCTION
6 CLEAN WATER
AND
SANITATION
12 RESPONSIBLE
CONSUMPTION
AND
13 CLIMATE
ACTION recycling/ reuse to divert waste
sent to landfill
PRODUCTION
Recycling of regulated wastes, e-waste, printer

Initiatives include conservation, sewage treatment & reuse, rainwater harvesting (RWH)
100% cartridges, paper, packaging and plastics.
and employee awareness. All new campuses have been designed for 50% higher water
efficiency, 100% treatment and recycling of sewage, and rainwater harvesting.
Biodiversity conservation and
1.44 Bn 5.2% 84%

enhancement initiatives within
TCS campuses.
14 LIFE BELOW
WATER 15 LIFE ON
LAND
Liters of fresh Water from RWH; 86.4 % Recycling of sewage

water consumed from third party sources; generated (for India)
in FY 2022 8.4% from ground water
Natural Capital | 32
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Partnering with Takeda to Innovate at Scale

Takeda, the global biopharmaceutical giant, is on at scale, TCS helped Takeda envisage an innovation • TCS helped build a drug substance optimization
a digital transformation journey to innovatively factory delivery model called Enhanced Digital Global solution that uses machine learning to help supply
use technology to create better experiences and Experience (EDGE). planners optimally allocate the raw materials for drug
outcomes for patients, providers and payers. This production, leading to a 40x drop in raw material
means innovating continuously on not only in core Departing from the traditional business analysis and scrappage and an additional 200k doses produced
drug development but also in behind-the-scenes design-build-test linear project life cycle, EDGE annually.
areas such as manufacturing, procurement, shipping embraces co-creation, cross-functional collaboration,
and distribution, to make sure that Takeda’s life-saving and continuous business-driven iterative innovation. • A mobile track-and-trace app was built to provide
therapies reach more patients, faster. Leveraging cloud technologies, design thinking, and real-time visibility of product consignments for a
location independent agile software development newly launched product with a 72-hour shelf life.
Takeda partnered with TCS to develop an agile model to provide an end-to-end product development
that would enable the creation of new digital assets capability, TCS is helping Takeda transform the way • A transportation modeler was developed to help
in a rapid and repeatable fashion. Leveraging TCS it launches digital products and services across its decision makers evaluate various transportation and
Pace™, a philosophy and framework for innovation operations. A few examples: shipping scenarios to optimize on time and cost of
shipments while reducing Scope 3 carbon emissions.
• A controlled substance control tower was built to

provide a single view of permits and visualization
We have developed a deep partnership with
of risks associated with the global movement of
TCS to set up and run an innovation factory
controlled substance drug products.
that’s developing digital products and services
across Takeda. This model centralizes domain By partnering with TCS to scale up its innovation efforts
expertise, design thinking and lean agile product using BizDevOps, Takeda has accomplished much in
development as part of an end-to-end capability the short time since EDGE was implemented. The new
that is driving digital transformation across our innovation factory has released 12 products across
global supply chain. TCS is helping us embrace over 40 design sprints at the peak of the pandemic,
innovation at scale, and use the power of emerging evaluated over 40 potential use cases and reduced the
technologies to transform our business. time-to-market for new products and services by 50%
- a benchmark for organizations looking to embrace
Hansjoerg Magalhaes
innovation at scale.
Global Product Manager
ERP Commercial and Supply, Takeda
Customer Stories | 33
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Co-Innovating with Bovemij to Fulfill its Mission and Drive Growth

For the last 60 years, Bovemij has been providing a TCS also set up a digital innovation factory, for
variety of insurance services such as auto, fire, legal repeatable agile innovation at scale, to take each of
assistance, financing and other business services to the business propositions and deliver them to market
mobility companies – vehicle dealerships, fleet owners, at speed. A minimum viable product was put together
and service centers – in the Netherlands to help them in six weeks, with relevant user stories to demonstrate
compete successfully in the marketplace. outcomes and gain acceptance of internal and external
stakeholders.
To keep fulfilling its mission of helping this ecosystem
stay competitive in a digital world, Bovemij partnered In addition to providing access to its full set of
with TCS to realize its digital strategy to expand the offerings to its regular B2B partners, Bovemij’s new
ecosystem and bring in a richer set of offerings that cloud-based Digital Mobility Platform is also enabling
ecosystem participants could use to connect better new B2C propositions – offered on a subscription
with digital native consumers. basis – for its partners, to sell better to consumers
while embedding its insurance and other offerings into
TCS leveraged its Pace Innovation Architecture and those transactions. Other propositions seek to benefit
Pace sprints to jointly ideate and create unique, viable the ecosystem as a whole. For example, consumers
and feasible business propositions for the ecosystem can sell their used cars on its portal, which mobility
which would be offered companies can bid for. Data from these consumer
through a new Digital interactions are being harvested for further actionable
Mobility Platform that would insights for use by Bovemij’s various business lines and
Bovemij is committed to help the mobility ecosystem thrive in the other ecosystem partners.
connect Bovemij’s mobility
digital world. We selected TCS as our partner to help us realize our partners with consumers in
digital strategy because of the co-innovation architecture and agile a B2B2C model across the Co-innovating with TCS is enabling Bovemij leverage
practices that they already had in place. Using that, we could jointly Netherlands. the power of the ecosystem to offer innovative
visualize the platform and the various business propositions, and propositions to its partners and their consumers, carve
rapidly build out each such proposition. Their expertise, creative out a new brand identity for itself in the market, create
new revenue streams and drive growth.
ideas and agile ways helped us get our platform up and running
much faster than we had anticipated.
Marcel van de Lustgraaf

Member of the Executive Board
Bovemij Customer Stories | 34
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business context of every enterprise. The next trigger often struggle to innovate at that pace on their own,
INNOVATING FOR GREATER was the adaptation required to compete in many for lack of processes, toolsets and also sufficient
FUTURES: contexts created by digital business models. Finally, as dedicated bandwidth
A PANEL DISCUSSION enterprises are moving into a post-pandemic world
of new risks, challenges and opportunities, a more Partnering with TCS can help them overcome all
strategic, purpose driven strategy is driving innovation. these issues. We help them create a strategic agenda
Why are enterprises accelerating their using our tools and methods, especially our ‘Clay Map’,
investments in innovation? How does These factors are driving enterprises to develop a wide named so in honor of the late Clayton Christensen
TCS help enterprises innovate for greater and deep innovation capability, which can scale. This is who greatly influenced our thinking on innovation.
futures? not easy. Most have found it difficult to measure up on We also offer the TCS’ Agile Innovation Cloud, a
both scale and speed. Smaller competitors may offer framework for operationalizing innovation at scale,
Ananth: The initial trigger for this acceleration was a non-stop stream of innovations. Large enterprises which ensures that innovation does not happen by
the need to build resilience into the technology and chance but by design. It brings together the best
of TCS’ innovation, global capabilities, ecosystem
partnerships, and talent to help our clients define their
strategy, create an innovation portfolio and scale the
execution of innovation.
Our clients tap into our contextual knowledge of their

business and technology landscapes, when they jointly
ideate with our teams. They work with our start-up
and academic partners at our Pace Ports™ to harvest
many more innovation candidates than on their own.
We then jointly design and build 'minimum viable
products’ of the most promising ideas in Agile ‘Pace
Sprints’. At a larger level, we help clients create a
Featuring
K Ananth Krishnan N G Subramaniam Krishnan Ramanujam

Chief Technology Chief Operating Global Head – Enterprise
Officer Officer Growth Group
Panel Discussion | 35
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repeatable process which can significantly scale up and and our differentiated inside-out approach to What we have observed is that as
speed up their innovation. transformation to help bring their G&T visions to
fruition.
soon as enterprises simplify their IT
A good example of this is the innovation factory landscapes and build a new, cloud-based
we have set up for Takeda1 . Using cloud, design Underpinning our work in G&T are our key innovation digital core, supporting micro services in
thinking, and location independent agile methods, pillars – our Pace Ports™, the TCS Co-innovation
a cloud native environment, their ability
our combined teams are taking up innovative ideas Network (TCS COIN™), research collaborations with
across procurement, logistics and finance, and building leading academic institutions, `Future of Business’ to realize innovative ideas and deploy
innovative digital assets at twice the velocity. frameworks, W12 design studios, and our products them in production shoots up.
and platforms like TCS BaNCS™, Optumera™,
Krishnan: The three broad themes around which we Optunique™, ADD, ignio™, Bringing Life to Things™,
saw our clients innovate the most were growth and Cloudonomy™, and Cognix™ among others.
transformation (G&T), resilience, and sustainability. We
have been making significant investments in creating The second big theme is resilience, which is the
capabilities strategically relevant to each of these ability to weather foreseen as well as unforeseen
themes, some of which we have described in our prior emergencies. In these last two years, many of our Aren’t large enterprises also constrained by
years’ annual reports as well. largest deal wins were around transforming clients’ IT their legacy technology stacks? How do they
and business operating models, and their supply chain overcome that challenge?
G&T is most often about expanding organically or management processes, using ignio or TCS Cognix to
inorganically into adjacencies, be it of products and embed intelligent automation for greater resilience NGS: I call them heritage. They have been around
services, or customers and markets, and occasionally, and agility. Much of the rush to embrace the cloud in and doing a good job of running their businesses in a
moonshots. Good examples are our transformational the early months of the pandemic was also driven by way that encapsulates their organization’s processes,
engagements with clients like Swiss Re, Bovemij and this need. checks and balances. Most organizations have worked
RS Components described in our FY 2022 annual to build APIs or middleware that enable their digital
report2, or the work we have done for Bayer, Damen Lastly, we saw clients focus heavily on sustainability strategies, though they are suboptimal.
Shipyards and Toyo Tires described in prior years’ in FY 2022, particularly around carbon footprint
annual reports. reduction. Our investments in innovative digital What we have observed is that as soon as enterprises
solutions such as Envirozone™, Clever EnergyTM and simplify their IT landscapes and build a new, cloud-
We have been leveraging our deep contextual IP2™, and our expertise in cloud, data and analytics, based digital core, supporting micro services in a cloud
knowledge of our clients’ businesses, extensive AI and ML are helping us win more and more of such native environment, their ability to realize innovative
industry knowledge and experience, our rich portfolio engagements, helping us amplify our contribution ideas and deploy them in production shoots up. They
of intellectual property, digital engineering expertise to the worldwide collective effort to mitigate climate are able to anchor or participate in ecosystems at will,
change and build greater futures. which drives growth and innovation.
1
Page 33, 2 Pages 41, 34 and 45 respectively 134 / 522
You may recall the scalable, customer-centric digital How do you see clients’ transition from Is that why smaller companies are growing
operating model we built for the Phoenix Group, using Horizon One to Horizon Two spending affect faster? Also, is that why you adopted a new
TCS BaNCS3 . Our platform is extensible, supporting the your growth? Will there be a slump and organization structure?
required APIs and microservices for them to leverage subsequent recovery?
fintechs and our TCS COIN partners to enable the NGS: Our order book has had a good mix of small
differentiation in the front. Krishnan: The term multi-horizon may suggest clearly and medium projects, as well as large outsourcing and
delineated, sequential phases but in reality, clients don’t transformation deals in FY 2022. This mix is important
Krishnan: We see this same dynamic with the broader wait to complete Horizon One, that is, migration of all for our short and long term business growth. Projects
set of clients who undertake Horizon One cloud their workloads to the cloud before commencing their are increasingly executed using Agile methods. The
transformations. Besides enhanced ability to integrate Horizon Two initiatives. These progress concurrently. focus here is to deliver 'speed to value' by structuring the
innovative new solutions into the core, their appetite for
program over multiple monthly sprints. Here clients are
innovation itself goes up. The richness of the technology Even as existing workloads are migrated to the cloud,
more comfortable structuring the contracts with short
capabilities built into today’s hyperscaler clouds triggers newer cloud-native systems are built to enhance
tenures. The rise in the number of short tenure deals is
more innovative thinking and the desire to experiment customer experience or to drive product or business
linked to the growing share of such work in our order
with those powerful technologies to reimagine different model innovation. That is how we have been able to give
book.
aspects of the business. examples of G&T engagements being executed as part
of Horizon Two investments in our quarterly earnings On the outsourcing front too, average deal tenures
Another challenge that large enterprises face is the need calls, even though we are still in the middle of the have come down on the heritage stacks. That is because
to invest for the longer-term growth of their businesses, Horizon One opportunity. enterprises are in the midst of a technology transition.
without disrupting near-term financials. TCS helps them
As clients migrate to the cloud, their legacy
square this circle by providing a line of sight for funding We expect the transition to be a seamless one. Horizon
the innovation pipeline or the transformation by helping One is a bounded opportunity and will plateau at some
optimize operations. point when most of the workloads are migrated. By
that time, the other two horizons, which are boundless We expect the transition to be a seamless
We work closely with the client to reimagine parts of opportunities would have scaled up and will support
their IT and business operations, or perhaps their IT our future growth. All our investments into building one. Horizon One is a bounded opportunity
infrastructure, using our Machine First™ approach. The our G&T capabilities, our branding and the new and will plateau at some point when most
resultant operating models are leaner, more agile and organization structure are geared to help us maximize of the workloads are migrated. By that time,
more responsive. This frees up inhouse talent to take our participation at that point. the other two horizons, which are boundless
up the more exciting innovation and transformation
initiatives. One large US client of ours for whom we are In the last couple of years, the industry has opportunities would have scaled up and will
building a new, cloud-native digital platform to support seen deal sizes reducing. What is driving that? support our future growth.
their business forays into adjacencies, calls it their `save
to invest’ strategy.
3
Integrated AR FY 2021, Page 22 135 / 522
infrastructure, application and data estates will outsourcing demand. Also, smaller players are enjoying The industry didn’t see too many billion-
eventually be replaced, re-engineered, re-platformed strong demand from clients in the small and medium dollar deals in FY 2022. How important are
or retired. Given the desire to get this transformation enterprise category, with little competition from larger they for longer-term growth?
done rapidly, they are outsourcing the run and change providers.
of the existing portfolio for relatively shorter tenures NGS: All deals are important to us. Billion-dollar deals
and hence lower TCVs. We adopted the new organization for a very different are especially important because they boost medium-
reason, so we reach our next revenue milestone, term visibility and provide us opportunities to bring the
Krishnan: The impression about smaller companies fighting fit. The new structure is designed to ensure whole of TCS’ offerings to play. We are very pleased
growing faster is more due to sampling bias, based on that our clients receive curated experiences which at winning two such deals during the year. Having
a handful of highly visible outperformers. That is not make them feel just as valued, no matter how large said that, the perceived importance of such deals for
true if you look at the global cohort. Even though the we grow. It is also designed to help us replicate best longer term growth need not be exaggerated versus
bottom quartile by revenue size had its best growth practices across our client base and expand the smaller deals of say, $100million+ TCV.
in a decade in 2021, it still underperformed the top number of clients who bank on us as their trusted
quartile by a significant margin. growth and transformation partner. For sustained longer term growth, what matters is
that the base order book size, excluding the occasional
Overall, the current demand environment is a rising The large scale vendor consolidation mega deal, keeps growing year after year, and that
tide that has lifted all boats. Horizon One is a very anticipated two years ago doesn’t seem to the quality of revenue keeps improving with higher
democratic opportunity, largely technology-centric. have materialized. How come? value engagements. Our average order book size
Having enough people with the requisite certifications which used to be in the $6-7 billion range in FY
and skills is sufficient to participate in this opportunity. Krishnan: Vendor consolidation is typically done to 2021 moved to the $7-8 billion range in FY 2022,
The severe talent scarcity is also driving a broad find an alternative strategic provider with a richer set and ended with an all-time high order book of
of capabilities and a superior execution track record. $11.3 billion in Q4. We are very pleased with that
However, the sharp recovery and subsequent growth progression.
in demand, coinciding with the great resignation and
talent scarcity, have resulted in enterprises focusing How will the tensions in Europe, rising
All deals are important to us. Billion-
more on pursuing their immediate technology inflation and the looming threat of a
dollar deals are especially important priorities. recession affect spending on innovation, on
because they boost medium-term
That said, we still won several large deals during the technology and on your growth outlook?
visibility and provide us opportunities
year where we displaced incumbents. If you look at Ananth: Let me address the innovation part. It is
to bring the whole of TCS’ offerings to the global market, the industry grew 6% whereas all a misconception that innovation is a nice-to-have
play. We are very pleased at winning the top tier players grew double digits, indicating that activity apt for only good times. In fact, it is essential at
two such deals during the year. the longer-term consolidation trends are very much all times, good or bad. In good times, enterprises
intact.
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Partnering with TCS to innovate So even in an economic slowdown, innovation doesn’t So conventional wisdom on technology spending,
at scale will enable them to try out stop. They may reprioritize one program over another based on historic behaviors during prior slowdowns,
based on shifting objectives, but the spending will may not be as reliable. In the post-pandemic world,
more ideas, and experiment more we expect technology spending to hold up well even
continue. Partnering with TCS to innovate at scale will
extensively with the same budget, enable them to try out more ideas, and experiment in a downturn.
and improve the yield on their more extensively with the same budget, and improve
We can’t predict the future, but based simply on the
innovation investment. the yield on their innovation investment.
deal signing momentum, our pipeline, and our on the
NGS: We have been through multiple disruptive ground observations of clients planning multi-horizon
macroeconomic events in the last decade and a investments for their growth and transformation,
half – the GFC, taper tantrums, Eurozone crisis, we remain confident that we are on a good growth
Brexit, the pandemic and now the war and the trajectory for the next three to five years.
resulting humanitarian crisis. We always take a view
may fund more product innovation or customer
that business is about growing in a constrained
experience transformation, targeting business growth
environment and over these events, we have survived,
or increased customer intimacy.
continued to grow and have ensured that we stay
In tough times, they find new ways of working to ahead of the technology curve. This speaks to the
boost their resilience and adaptability – for example, resilience of our business model, and of the essential
re-designing the value chain at a strategic level. nature of the services we offer to businesses across
The sheer volume of innovation we saw over the the world.
last two years, even in the face of bleak business
Today, technology is central to any enterprise.
outlook, is testament to that. We designed and rolled
Businesses are rooted in technology, to the
out AI-powered digitized underwriting and claims
extent that every company is aspiring to become
processing for insurers, omnichannel experiences with
a technology company. Insurers are launching
in-aisle checkouts for retailers, or remote monitoring
technology platforms for their ecosystem partners,
and pre-emptive maintenance of equipment for
and generating new revenue streams from that. The
manufacturers and utilities. None of these are `nice to
world’s largest banks are incubating fintechs within the
have’ capabilities. These were necessary to simply stay
enterprise, and betting on those to drive their future
in business, to stay relevant in the face of changing
growth. Retailers are depending heavily on online
consumer behavior, and to cope with the operational
sales. These are all recent structural changes.
challenges posed by the pandemic.
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Transforming Israel’s Banking Sector

The Government of Israel’s Ministry of Finance was various regulatory authorities and market data
looking to encourage the entry of new digital-only providers.
banks that would boost competition, spark greater
innovation and rejuvenate the banking sector. It The first bank to commence operations using BSB is
selected TCS to play a leading role in this initiative, for One Zero Digital Bank, Israel’s first completely digital
its deep domain knowledge in the banking industry bank, and the first to receive a banking license in the
and experience in working with the largest financial country in over 40 years. Currently running as a pilot,
institutions in the world. the bank will be open for all customers in the coming
months.
TCS built the Banking Service Bureau (BSB), a shared,
end-to-end digital banking operations platform Besides start-up banks, incumbent banks can also
powered by TCS BaNCS™, that start-up banks can take advantage of the BSB’s modular architecture and
easily plug into, to launch their operations quickly consume only specific best-in-class capabilities to gain
and securely. It connects to the entire banking and competitive differentiation and drive growth.
securities ecosystem in Israel, including local and
international payment gateways, stock exchanges, One of the modules in the BSB is its Digital Bank
Guarantee platform, powered by TCS’ Quartz®
blockchain solution. It digitally transforms the end-
As the first digital start-up bank in to-end lifecycle of guarantees, enables seamless data
sharing with various beneficiaries, faster execution,
Israel, our motto is to provide differentiated
reduced errors, and enhanced transparency, security
banking services and use technology to its fullest and data privacy. Bank Hapoalim, Israel’s largest bank,
potential to deliver an innovative alternate to traditional banks. with a 30% share of all bank guarantees in the country,
While we have started with Israel, we are keen to grow in other markets has signed up for this platform.
too. As part of this journey, TCS' Banking Service Bureau powered by the TCS BaNCS
product suite has helped us gain an early lead by making available a full digital core for
banking, including the necessary infrastructure and operational processes. This has given us
the space to focus on our core offerings and launch banking services in rapid time.
Gal Bar Dea

CEO, One Zero Bank
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Enabling Swiss Re’s Risk Partnership Strategy for Future Growth

Swiss Re, one of the world’s leading providers the underwriting quality, speed, and throughput. This The partnership with TCS will equip Swiss Re with
of reinsurance, insurance, and other forms will enable Swiss Re to provide a superior customer a platform to power future growth by expanding its
of insurance-based risk transfer, conducts its business experience, offer a broader range of products, and underwriting capacity to take on new business, while
with a clear vision: to make the world more resilient. take on more business. creating an additional revenue stream from the ceded
The company supports its clients with its deep risk distributed to other reinsurers.
knowledge of risk and its capital strength, and helps The platform is being architected so that it can be
the world rebuild, renew, and move forward. opened up to other insurers or reinsurers, giving them
access to new attractive risk pools through Swiss Re’s
A distinctive aspect of Swiss Re’s business strategy is extensive network of banks and other lenders.
leveraging ecosystems across its different businesses
to go beyond conventional reinsurance into new
products, services, and even entirely new models for
risk business. It is creating new collaborative business
models where it partners with corporates to create Our clients and partners are at the heart of
new solutions with embedded insurance, or with Swiss Re's strategy, and together we make the
other insurers, reinsurers and even governments to world more resilient. We offer tech-enabled
leverage shared knowledge, expertise, and capabilities risk knowledge and data-driven insight to
– protecting more customers, in newer ways. address inefficiencies in the market and
TCS is helping Swiss Re realise this ecosystem vision in support data-driven business decisions.
its credit and surety reinsurance business by building TCS has been a collaborative technology
a cloud-native, microservices-based end-to-end partner in our drive for digital transformation.
underwriting platform, including the front-end digital We are moving into a modern cloud-based
channels and a digital marketplace that offers instant landscape which will realise our vision, power
quotes. our future growth, and solve business and
The new platform will leverage cloud-native
global challenges.
capabilities to help Swiss Re transform its underwriting
processes, using larger and richer datasets, deep Florian Maurer
analytics, and automation to significantly enhance Global Head of Applications
Swiss Re
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How did you cope with supplyside More importantly, we addressed the structural Milind: There are two reasons. One, there was
challenges due to the Great Resignation problem of industry-wide talent scarcity by training significant offshore shift during the pandemic due to
and onboarding 118,000 fresh engineers in FY 2022. greater acceptance of remote working, local talent
this year? Is the worst behind us?
This massive infusion of fresh talent by us, as well as by scarcity, and the flow of work to where the talent
Milind: Yes, it has been a challenging year for others in the industry, should start easing the problem resides. That was deflationary in nature. Second,
employers all over the world. In our industry, it wasn’t in FY 2023. There are some early signs of this. Our we have been hiring additional numbers ahead
as much due to the Great Resignation, as a churn attrition is plateauing on a quarterly annualized basis. of demand, in anticipation of continued growth
within the industry. Peers who had not anticipated LTM attrition will likely rise further in the first half of momentum and to have a ready bench to back-fill
the sharp demand recovery scrambled to fulfill it FY 2023 and after that, it should start tapering. attrition.
by poaching at scale from other companies. That
triggered a cycle of hiring and counter-hiring of each Over the last 3 years, your net addition
other’s employees, sending attrition rates shooting has significantly outstripped your revenue
across the industry. growth. Where is the disconnect?
Our attrition went up as well. But our commitment
to people, investing in them and empowering them
to realize their potential, along with closer employee
engagement, have helped us remain a benchmark
in talent retention. We also expanded our hiring
program, flexing the strength of our employer brand
to attract experienced and fresh talent at scale. We
undertook several other tactical measures to cope
with the supply side challenges, including generous
promotions, retention bonuses and increased use of
sub-contractors.
Q&A with Finance and HR
Samir Seksaria, Milind Lakkad Dr Ritu Anand

Chief Financial Chief Human Head – Leadership
Officer Resources Officer & Diversity
Q&A | 42
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We have kept our margins in the same

Despite the strong growth during the year, tight band for over a decade now. During accountable for growth as well as profitability, while
the operating margin stayed flat. How should this period, we have outgrown our largest giving them autonomy to shape the commercials of
individual engagements. This has given us a class of
we look at margins for the next year? and far more acquisitive local and global empowered, entrepreneurial leaders who win deals
Samir: During the year, our annual salary increase peers, and delivered better margins.. going head-to-head with our most aggressive peers
and the tactical interventions that Milind referred to, on prices, if need be, while making up for the impact
resulted in a 330 bps margin headwind. Operating elsewhere, and delivering the committed margin at a
leverage, improved realizations and some currency You have had industry-leading margins portfolio level.
support helped us mitigate to the extent of 270 bps, for several years. Is that constraining your
resulting in an industry-leading operating margin of growth versus peers? Of course, we continue to invest heavily in building
25.3%. capabilities to pursue the large organic growth
Samir: We don’t think so. We truly believe that opportunity. We are also open to acquiring assets which
Looking ahead, I expect the supplyside headwinds it is possible to pursue profitable growth without add to our capabilities or IP assets, but the decision is
to persist for most of the year. Additionally, as things compromising on either. The data bears us out. We based more on valuations and ease of integration.
normalize, travel and facilities expenses should also have kept our margins in the same tight band for over a
inch up. That will be mitigated by the full year benefit decade now. During this period, we have outgrown our Switching gears, only 13% of the senior
of large numbers of fresh engineers onboarded in largest and far more acquisitive local and global peers, management are women. What are you doing
FY 2022, leverage from continued revenue growth, and delivered better margins.. to increase diversity at senior levels?
improved realizations and hopefully, some currency Ritu: We recognize the need to have a more diverse
The underlying premise of the question is that with
support. Overall, we want to keep our margins stable in workforce, and have been running a structured program
similar costs, higher margins must mean higher prices
the medium term. to drive diversity and inclusion within the organization.
versus competition, and therefore lower sales. The flaw
You used to guide to a 26-28% range? Is that lies in that assumption on costs. While raw costs may be For us, diversity is not just gender diversity. We take
similar, our cost of delivery is lower because of higher a broader and more inclusive view, including gender,
no longer viable?
level of industrialization in our delivery model, better nationality, education, ethnicity, orientation, accessiblity
Samir: We don’t provide revenue or margin training and better employer practices, resulting in better and so on. By that measure, diversity in senior
guidance. However, 26-28% remains our longer term retention. So we are able to compete very effectively, management is over 30%.
aspirational band for the operating margin. Setting and are winning all time high order books without
aside short term headwinds, we don’t see any change We currently have over 153 nationalities in our
compromising on profitability.
to our longer term cost structures or our relative workforce. TCS is one of the largest employers of
competitiveness. Just five quarters ago, we were in Let me also explain briefly how we manage margins women in the world, with over 210,000 women in the
that band, so there is no reason why we can’t get on the ground. We have devolved decision-making to workforce. This diversity is an aggregate outcome of
there again. managers on the frontlines, closest to customers and deliberate efforts around hiring in every market, talent
best positioned to assess the tradeoffs. We hold them
Q&A | 43
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development, promotion and retention, and policies would certainly give us an opportunity to trumpet is demoralizing to existing employees, men and women,
specifically designed to encourage talented individuals, our leadership in gender diversity. But I see this as whose own growth aspirations get derailed. One of
regardless of demographic profile, to plan longer term unsustainable. the biggest contributors to our industry-leading talent
careers in TCS. retention is our long-standing policy of preferring internal
Women’s overall participation in the labor force here candidates for new leadership positions. Hence our organic
Women make up 13% of our senior management. But is under 20%, perhaps 15% if you take the urban approach. This may take time to show on the outside, but it
that figure doesn’t tell the full story. Within that cohort, workforce. The percentage at senior management levels is fairer to our employees and more sustainable in the long
women fulfill 30% of our business development and is much smaller, and the available hiring pool is a fraction run.
delivery management roles. That is the pool from which of that. Given this lack of availability at an industry level,
tomorrow’s business heads and top leaders will emerge, companies would simply end up hiring and re-hiring As you look at doubling your revenue, what will
so I find that extremely encouraging. each others' senior executives, driving up industry-level TCS’ workforce look like? Will you have a million
executive churn. employees?
Also, that percentage translates into nearly 4,000
senior women executives, making ours one of the Instead, the industry should address this at a systemic Milind: We believe our workforce will be more diverse,
largest such teams in the world. Our policy of grooming level, and collectively do more of what we are currently demographically and geographically. With a larger
and promoting leadership from within, personalized doing at TCS. Run school-level programs to encourage business transformation component in our revenue mix,
assessments, leadership development programs, girls to pursue STEM education and careers, support I expect that we will also have more diverse capabilities
promotions and the collective efforts of the entire mentoring programs, provide opportunities to women within the workforce – more researchers and innovators,
leadership team have helped us grow the number of returning after career breaks, invest in leadership more business consultants across industry verticals and
women in that cohort by 84% over the last five years. development and increase the number of women at all technology horizontals, more product and IP owners, more
levels. That will expand the industry’s female leadership solution architects, and more specialists in softer areas like
With continued push and with new leadership positions pool and give everyone an opportunity to avail the empathetic design and organizational change management.
opening up faster, and in larger numbers because benefits of diversity.
of the high growth environment we are in, we are It is harder to predict how the headcount will grow. With a
confident that we will make more progress over the Milind: Also, parachuting external candidates into larger component of G&T revenues with higher realizations,
next five years, than we did in the last five. But there leadership positions just to achieve a diversity quota IP-linked revenues and the mainstreaming of technologies
are no shortcuts to this. like low code/no code which are less effort intensive, we
One of the biggest contributors to our should be able to double revenues without needing a
Why not? You could just announce a target million employees. But even if it comes to that, we are no
to have 50% women in senior management industry-leading talent retention is our longer intimidated by large numbers. Our model has proved
and hire accordingly? long-standing policy of preferring internal its scalability, and we are confident we will continue to
candidates for new leadership positions. Hence remain a benchmark in talent management.
Ritu: Yes, we could. Hiring only women senior
managers from outside for all new leadership roles our organic approach. This may take time to
show on the outside, but it is fairer to our
employees and more sustainable in the long run. Q&A | 44
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Helping RS Components Deepen Customer Relationships and Drive Profitable Growth

RS Components, the world’s largest distributor of generated by the system have helped cut fresh water in other industry segments. Partnering with TCS
electronics and maintenance products, is a trading consumption, and also reduce the effort and cost of for its growth and transformation has helped RS
brand of UK-based Electrocomponents plc. The managing the wastewater treatment. Components embrace a new business model that
company supplies industrial products, electronic makes it a valued and trusted business partner to
and electrical components, test and measurement The system is also being used to help reduce the its customers, creates new revenue streams, boosts
equipment, engineering tools and consumables site’s energy consumption by monitoring usage at profitability and reinforces its position as an innovation
via e-commerce, telephone and RS Local stores. It a production line level, highlighting specific areas of pioneer in the industrial component ecosystem.
operates in 32 countries serving over 1.2 million energy loss in the production process. In the near
customers with 500,000 stocked products from over future, the customer is using the modularity of RS
2,500 leading suppliers. Industria to rapidly expand the system to enable
condition monitoring of critical assets.
RS Components partnered with TCS to create
a new business model that would enable new RS Components and TCS are now working together
value-added services in industrial maintenance, to replicate this success for other end-customers
foster closer relationships with customers, and
drive further demand for its products. TCS used its Partnering with TCS in launching RS
Bringing Things to Life™ IoT framework, and its deep Industria brought a number of strengths to
domain knowledge in digital manufacturing, remote us – their IIoT expertise, their knowledge
diagnostics and predictive services to help build a new around remote diagnostics and predictive
AWS IoT based reporting and condition monitoring services, their understanding of the Amazon
system that has been branded RS Industria.
Web platform and how to build really
This scalable, secure new platform allows customers to advanced solutions in that space and lastly
connect their manufacturing assets quickly and easily, their collaborative way of working. All of
for real time monitoring that provides insights into the these helped us realize our vision around
causes of production losses and component failure. this new offering much faster.
RS Components’ first client for this solution, a food Richard Jeffers

manufacturing site in the UK, has a number of high Director, Industrial Design Solutions
value assets such as industrial motors, production line
RS Components
equipment and a treatment plant connected to the
platform. The real-time monitoring and insights
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Boosting Colruyt’s Competitiveness with Algorithmic Pricing harness the power of automation and other digital
technologies to transform its pricing platform.
Colruyt and TCS collaborated successfully to

Colruyt is a leading retailer in Europe with online monitoring competitors’ online and in-store prices and implement the Next-Gen Pricing Engine, an
shops and over 1,000 physical outlets across Belgium, promotions, and responding to changes with updated algorithmic, near real-time, intelligent system that
Luxembourg and France. It has ten business formats prices for those items, as well as for hierarchically automates the deployment of the pricing strategy
and diversified business lines. linked items, across all stores and business formats. across products, linked items, stores, channels and
brands. To improve the instore price recording from
Colruyt’s business success has been built on keeping Over time, Colruyt’s pricing processes were competitor locations, a real time mobile app was
costs down and investing resources in guaranteeing finding it difficult to cope with the sheer volumes launched to boost the productivity and accuracy. The
the lowest price for every product at any time. and complexity. Colruyt started the successful system uses in-parallel memory processing for large
But this is no easy feat. Staying on top means collaboration with TCS as the strategic partner to volumes of data to generate price recommendations
at near real time speed.
Very importantly, the engine caters to the varied

pricing strategies relevant to Colruyt’s different
At Colruyt, we continuously focus on business lines – regular everyday low prices, high-low,
technology innovation to help our promotions and markdown, enabling the competitive
businesses respond quickly to changes in benefits to accrue across the enterprise.
the market, and to grow. The Next-Gen
Pricing Engine is one such innovative, Partnering with TCS for the innovative use of
mission-critical platform that we have built technology is helping Colruyt respond to competitors
in partnership with TCS. Their deep retail 24 x 7 with speed and agility, capturing over 100,000
competitor prices, and processing up to 50 million
industry knowledge, digital expertise and reaction prices per day. This has helped the retailer
collaborative ways of working helped us strengthen its competitive differentiation, live up to its
accomplish our vision to harness the power brand promise and drive growth.
of AI, automation and digital technologies
to help elevate our brand and strengthen
our competitive edge.
Peter Vanbellingen
CIO, Colruyt IT
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Transforming India’s Lending Sector with a New Digital Platform

Non-Banking Financial Companies (NBFCs) are a NBFCs subscribing to the platform benefit Aadhar Housing Finance Limited, a housing finance
key component of India’s financial ecosystem, helping from enhanced customer experience, improved company with a pan-India presence implemented
make credit and other financial services accessible liquidity, more resilient and agile operations, and TCS’ lending and securitization solution in FY 2022
to the small-scale and unorganized sectors, and to improved regulatory compliance across lending and and has been able to transform its operations, end to
the large unbanked population. However, with low securitization. Impressed with the rich functionality, end.
technology intensity and largely manual processes, flexibility and scalability of the solution, some of India’s
these firms have struggled to meet consumer largest private sector banks are also adopting it for At the back end, TCS’ solution has helped strengthen
expectations around digital experience and speed their personal lending business. controls, ease regulatory compliance, enhance data
of service on the one hand, and with regulatory security and drive operational efficiency. On the front
compliance and lack of easy access to capital on the end, it has enabled easier and more efficient customer
other hand. This has held back the sector’s growth experience. The solution’s robust lead management
relative to the market’s potential. processes, with lead tracking and reporting have
helped drive Aadhar’s growth and expand its market
Recognizing that the industry’s fragmented structure presence.
and common attributes lent itself to a cloud-based
SaaS platform, TCS built a first-of-its-kind, cloud-
based lending and securitization solution, bringing
together the power of two of its highly successful
products – TCS BaNCS™ and TCS iON™, and the
DigiGOV™ governance framework, to completely
digitize and reimagine the core processes for the
sector.
Our partnership with TCS is helping us to realise
The new platform is a collaborative, connected our strategy of investing in technology enabled
system that transforms the end-to-end lending and solutions to improve customer experience.
securitization value chain, offering secure and timely We hope to reap the full benefit of this
flow of data among stakeholders within the ecosystem. transformation to expand our market reach.
It leverages AI and ML to enhance end-customer and
internal-stakeholder experience, and improve speed Deo Shankar Tripathi
and accuracy in decision-making.
MD and CEO
Aadhar Housing Finance Limited
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Notice Notice is hereby given that the twenty-seventh

Annual General Meeting of Tata Consultancy
“RESOLVED that pursuant to the provisions
of Sections 139, 142 and other applicable
Services Limited will be held on Thursday, provisions, if any, of the Companies Act, 2013,
June 9, 2022 at 3:30 p.m. (IST) through Video and the Companies (Audit and Auditors) Rules,
Conferencing (“VC”)/Other Audio Visual Means 2014, as amended from time to time,
(“OAVM”) to transact the following business: B S R & Co. LLP, Chartered Accountants
1. To receive, consider and adopt: (Firm Registration No. 101248W/W–100022)
be and is hereby re-appointed as Statutory
a. the Audited Standalone Financial Auditors of the Company to hold office from
Statements of the Company for the the conclusion of this Annual General Meeting
financial year ended March 31, 2022, (“AGM”) till the conclusion of the
together with the Reports of the Board of thirty-second AGM to be held in the year 2027,
Directors and the Auditors thereon; and at such remuneration, as may be mutually
b. the Audited Consolidated Financial agreed between the Board of Directors of the
Statements of the Company for the Company and the Statutory Auditors.”
financial year ended March 31, 2022,
together with the Report of the Auditors 5. To approve existing as well as new material
thereon. related party transactions with Tata Sons
Private Limited and/or its subsidiaries,
2. To confirm the payment of Interim Dividends on Tata Motors Limited, Jaguar Land Rover
Equity Shares and to declare a Final Dividend on Limited and/or its subsidiaries and the
Equity Shares for the financial year 2021-22. subsidiaries of the Company (other than
3. To appoint a Director in place of N Ganapathy wholly owned subsidiaries)
Subramaniam (DIN 07006215) who retires by
rotation and, being eligible, offers himself for To consider and if thought fit, to pass the
re-appointment. following resolution as an Ordinary Resolution:
4. Appointment of Statutory Auditors of the “RESOLVED that pursuant to the provisions

Company of Regulation 23(4) of the Securities and
Exchange Board of India (Listing Obligations and
To consider and, if thought fit, to pass the
Disclosure Requirements) Regulations, 2015, as
following resolution as an Ordinary Resolution:
Integrated Annual Report 2021-22 Notice | 48
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amended from time to time, services; (c) purchase/sale/exchange/transfer/ this resolution) be and is hereby authorised to
(“SEBI Listing Regulations”), the applicable lease of business asset(s) and/or equipments to do all such acts, deeds, matters and things as it
provisions of the Companies Act, 2013 (“Act”) meet its business objectives/requirements; may deem fit at its absolute discretion and to
read with Rules made thereunder, other (d) transfer of any resources, services or take all such steps as may be required in this
applicable laws/statutory provisions, if any, obligations to meet its business objectives/ connection including finalizing and executing
(including any statutory modification(s) or requirements (“Related Party Transactions”) on necessary documents, contract(s), scheme(s),
amendment(s) or re-enactment(s) thereof, for such material terms and conditions as detailed agreement(s) and such other documents as may
the time being in force), the Company’s Policy in the explanatory statement to this Resolution be required, seeking all necessary approvals to
on Related Party Transactions, and subject and as may be mutually agreed between give effect to this resolution, for and on behalf
to such approval(s), consent(s), permission(s) related parties and the Company, for each of the Company and settling all such issues,
as may be necessary from time to time and of the financial years (FY) from FY 2022-23 questions, difficulties or doubts whatsoever
basis the approval and recommendation of the to FY 2026-27 i.e. five financial years, such that may arise and to take all such decisions
Audit Committee and the Board of Directors that the maximum value of the Related Party from powers herein conferred to, without being
of the Company, the approval of the Members Transactions with such parties, in aggregate, required to seek further consent or approval
of the Company be and is hereby accorded does not exceed value as specified under each of the Members and that the Members shall be
to the Company to enter/continue to enter category for each financial year, provided deemed to have given their approval thereto
into Material Related Party Transaction(s)/ that the said contract(s)/arrangement(s)/ expressly by the authority of this resolution.”
Contract(s)/Arrangement(s)/Agreement(s) transaction(s) shall be carried out in the ordinary “RESOLVED FURTHER that all actions taken
(whether by way of an individual transaction course of business of the Company and in by the Board in connection with any matter
or transactions taken together or series of respect of transactions with related parties referred to or contemplated in this resolution,
transactions or otherwise) with entities falling under Section 2(76) of the Act, are at arm’s be and are hereby approved, ratified and
within the definition of ‘Related Party’ under length basis.’ confirmed in all respects.”
Section 2(76) of the Act and Regulation 2(1)(zb)
of the SEBI Listing Regulations, in the course “RESOLVED FURTHER that the Board of 6. Place of keeping and inspection of the
of (a) availing and rendering of IT services/ Directors of the Company (hereinafter referred Registers and Annual Returns of the Company
ITeS/consulting service(s) (b) reimbursement of to as ‘Board’ which term shall be deemed to
To consider and, if thought fit, to pass, the
expenses including towards availing/providing include the Audit Committee of the Company
following resolution as a Special Resolution:
for sharing/usage of each other’s resources viz. and any duly constituted/to be constituted
employees, office space, infrastructure including Committee of Directors thereof to exercise “RESOLVED that in supersession of all
IT assets, taxes and related owned/third-party its powers including powers conferred under Resolutions passed earlier in this regard and
147 / 522
pursuant to the provisions of Section 94 Notes: hereto. Further, the relevant details with respect
and other applicable provisions, if any, of the to Item No. 3 pursuant to Regulation 36(3) of
Companies Act, 2013 (“the Act”) and the rules 1. In view of the continuing COVID-19 pandemic, the SEBI (Listing Obligations and Disclosure
made thereunder (including any statutory the Ministry of Corporate Affairs (“MCA”) has Requirements) Regulations, 2015
modification(s) or re-enactment(s) thereof vide its General Circular nos. 14/2020 and (“SEBI Listing Regulations”) and Secretarial
for the time being in force), approval of the 17/2020 dated April 8, 2020 and April 13, Standard on General Meetings issued by the
Members of the Company be and is hereby 2020 respectively, in relation to “Clarification Institute of Company Secretaries of India, in
accorded to keep the Registers as prescribed on passing of ordinary and special resolutions respect of Director seeking re-appointment at
under Section 88 of the Act and copies of by companies under the Companies Act, 2013 this AGM are also annexed.
Annual Returns under Section 92 of the Act, and the rules made thereunder on account
together with the copies of certificates and of the threat posed by COVID-19”, General 3. Pursuant to the provisions of the Act, a Member
documents required to be annexed thereto or Circular no. 20/2020 dated May 5, 2020, entitled to attend and vote at the AGM is
any other documents as may be required, at General Circular nos. 02/2021 and 21/2021 entitled to appoint a proxy to attend and vote
the Registered Office of the Company and/or dated January 13, 2021 and December 14, on his/her behalf and the proxy need not be
at the office of TSR Consultants Private Limited 2021 respectively in relation to “Clarification a Member of the Company. Since this AGM
(formerly TSR Darashaw Consultants Private on holding of annual general meeting (AGM) is being held pursuant to the MCA Circulars
Limited), Registrar and Transfer Agent of the through video conferencing (VC) or other audio through VC/OAVM, physical attendance of
Company at C-101, 1st Floor, 247 Park, Lal visual means (OAVM)”, (collectively referred to Members has been dispensed with.
Bahadur Shastri Marg, Vikhroli (West), Mumbai as “MCA Circulars”) permitted the holding of the Accordingly, the facility for appointment of
400083, Maharashtra, India and/or such other Annual General Meeting (“AGM”) through proxies by the Members will not be available
place where the office of the Registrar and VC/OAVM, without the physical presence of the for the AGM and hence the Proxy Form,
Transfer Agent of the Company is situated Members at a common venue. In compliance Attendance Slip and route map of AGM are not
within Mumbai, from time to time.” with the MCA Circulars, the AGM of the annexed to this Notice.
Company is being held through VC/OAVM.
“RESOLVED FURTHER that the Board of The registered office of the Company shall be 4. Institutional shareholders/corporate
Directors or any Committee thereof of the deemed to be the venue for the AGM. shareholders (i.e. other than individuals, HUF’s,
Company be and are hereby authorized to do NRI’s, etc.) are required to send a scanned copy
all such things and take all such actions as may 2. The Explanatory Statement pursuant to Section (PDF/JPG Format) of their respective Board
be required from time to time for giving effect 102 of the Companies Act, 2013 (“Act”) setting or governing body Resolution/Authorization
to the above resolution and matters related out material facts concerning the business etc., authorizing their representative to attend
thereto.” under Item Nos. 4 to 6 of the Notice, is annexed the AGM through VC/OAVM on their behalf
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and to vote through remote e-voting. The said ii. To all Members in respect of shares held 8. Members may please note that SEBI vide
Resolution/Authorization shall be sent to the in physical form after giving effect to valid its Circular No. SEBI/HO/MIRSD/MIRSD_
Scrutinizer by e-mail on its registered e-mail transmission or transposition requests RTAMB/P/CIR/2022/8 dated January 25,
address to tcs.scrutinizer@gmail.com lodged with the Company as of the close of 2022 has mandated the listed companies
with a copy marked to evoting@nsdl.co.in. business hours on Thursday, May 26, 2022. to issue securities in dematerialized form
Institutional shareholders (i.e. other than only while processing service requests viz.
individuals, HUF’s, NRI’s etc.) can also upload 7. Members are requested to intimate changes, Issue of duplicate securities certificate; claim
their Board Resolution/Power of Attorney/ if any, pertaining to their name, postal address, from unclaimed suspense account; renewal/
Authority Letter etc. by clicking on “Upload e-mail address, telephone/mobile numbers, exchange of securities certificate; endorsement;
Board Resolution/Authority Letter” displayed Permanent Account Number (PAN), mandates, sub-division/splitting of securities certificate;
under “e-Voting” tab in their login.
nominations, power of attorney, bank details consolidation of securities certificates/folios;
5. The Company has fixed Thursday, May 26, such as, name of the bank and branch details, transmission and transposition. Accordingly,
2022 as the “Record Date” for determining bank account number, MICR code, IFSC code, Members are requested to make service
entitlement of Members to final dividend for etc.,: requests by submitting a duly filled and signed
the financial year ended March 31, 2022, if Form ISR – 4, the format of which is available
approved at the AGM. a. For shares held in electronic form: to on the Company’s website at
their Depository Participants (DPs) https://on.tcs.com/IR-FAQ and on the website
6. If the final dividend, as recommended by the of the Company’s Registrar and Transfer Agents,
Board of Directors, is approved at the AGM, b. For shares held in physical form: to the TSR Consultants Private Limited (“TCPL”) at
payment of such dividend subject to deduction Company/Registrar and Transfer Agent in https://www.tcplindia.co.in/. It may be noted that
of tax at source will be made on Monday, prescribed Form ISR-1 and other forms any service request can be processed only after
June 13, 2022 as under: pursuant to SEBI Circular No. SEBI/HO/ the folio is KYC Compliant.
MIRSD/MIRSD_RTAMB/P/CIR/2021/655
i. To all Beneficial Owners in respect of
shares held in dematerialized form as per dated November 3, 2021. The Company 9. SEBI vide its notification dated January 24,
the data as may be made available by the has sent letters along with Business 2022 has mandated that all requests for
National Securities Depository Limited Reply Envelopes (BRE) for furnishing the transfer of securities including transmission and
(“NSDL”) and the Central Depository required details. Members may also refer transposition requests shall be processed only in
Services (India) Limited (“CDSL”), to Frequently Asked Questions (“FAQs”) on dematerialized form. In view of the same and to
collectively “Depositories”, as of end of day Company’s website eliminate all risks associated with physical shares
on Thursday, May 26, 2022; https://on.tcs.com/IR-FAQ. and avail various benefits of dematerialisation,
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Members are advised to dematerialise the shares dematerialized form and to TCPL in case the application to the IEPF Authority in web Form
held by them in physical form. Members can shares are held in physical form. No. IEPF-5 available on www.iepf.gov.in.
contact the Company or TCPL, for assistance in For details, please refer to Corporate
this regard. 12. In case of joint holders, the Member whose Governance Report which is a part of this
name appears as the first holder in the order report and FAQ of investor page on Company’s
10. Members holding shares in physical form, in of names as per the Register of Members of website https://on.tcs.com/IR-FAQ.
identical order of names, in more than one the Company will be entitled to vote during the
folio are requested to send to the Company or AGM. 15. Notice of the AGM along with the Integrated
TCPL, the details of such folios together with Annual Report 2021-22 is being sent by
the share certificates along with the requisite 13. Members seeking any information with regard electronic mode to those Members whose
KYC Documents for consolidating their holdings to the financial statements or any matter to be e-mail addresses are registered with the
in one folio. Requests for consolidation of share placed at the AGM, are requested to write to the Company/Depositories, unless any Member
certificates shall be processed in dematerialized Company on or before June 8, 2022 through has requested for a physical copy of the same.
form. email on investor.relations@tcs.com. The same In furtherance of the Green Initiative, physical
will be replied by the Company suitably. copy of the Notice of the AGM along with the
11. As per the provisions of Section 72 of the Abridged Integrated Annual Report 2021-22
Act and SEBI Circular, the facility for making 14. Members are requested to note that, dividends is being sent by the permitted modes to those
nomination is available for the Members if not encashed for a period of 7 years from the Members whose e-mail addresses are not
in respect of the shares held by them. date of transfer to Unpaid Dividend Account registered. Members may note that the Notice
Members who have not yet registered their of the Company, are liable to be transferred to and Integrated Annual Report 2021-22 will also
nomination are requested to register the the Investor Education and Protection Fund be available on the Company’s website
same by submitting Form No. SH-13. If a (“IEPF”). Further, all the shares in respect of www.tcs.com, websites of the Stock Exchanges
Member desires to opt out or cancel the earlier which dividend has remained unclaimed for 7 i.e. BSE Limited and National Stock Exchange of
nomination and record a fresh nomination, he/ consecutive years or more from the date of India Limited at www.bseindia.com and
she may submit the same in Form ISR-3 or transfer to unpaid dividend account shall also www.nseindia.com respectively and on the
SH-14 as the case may be. The said forms can be transferred to IEPF Authority. In view of this, website of NSDL https://www.evoting.nsdl.com
be downloaded from the Company’s website Members are requested to claim their dividends
https://on.tcs.com/IR-FAQ. Members are from the Company, within the stipulated 16. Members attending the meeting through
requested to submit the said details to their timeline. The Members, whose unclaimed VC/OAVM shall be counted for the purpose of
DP in case the shares are held by them in dividends/shares have been transferred to determining the quorum under Section 103 of
IEPF, may claim the same by making an online the Act.
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17. Pursuant to the Finance Act, 2020, dividend Investors (FPIs)] can avail beneficial rates under 2020 in relation to “e-voting Facility
income will be taxable in the hands of tax treaty between India and their country of Provided by Listed Entities”, the Members
shareholders w.e.f. April 1, 2020 and the tax residence, subject to providing necessary are provided with the facility to cast their
Company is required to deduct tax at source documents i.e. No Permanent Establishment and vote electronically, through the e-voting
from dividend paid to shareholders at the Beneficial Ownership Declaration, Tax Residency services provided by NSDL, on all the
prescribed rates. For the prescribed rates for Certificate, Form 10F, any other document resolutions set forth in this Notice.
various categories, please refer to the Finance which may be required to avail the tax treaty The instructions for e-voting are given
Act, 2020 and the amendments thereof. benefits. For this purpose the shareholder may
herein below.
The shareholders are requested to update submit the above documents (PDF/JPG Format)
their valid PAN with the DPs (if shares held in by e-mail to TCS-Exemptforms2223@tcplindia.
ii. The remote e-voting period commences on
dematerialized form) and the Company/TCPL co.in. The aforesaid declarations and documents
Monday, June 6, 2022 (9:00 a.m. IST) and
(if shares are held in physical form). need to be submitted by the shareholders by
ends on Wednesday, June 8, 2022
11:59 p.m. IST on Tuesday, May 24, 2022.
For further details please refer to FAQs on (5:00 p.m. IST). During this period,
A Resident individual shareholder with PAN and
Taxation of Dividend Distribution at Members holding shares either in physical
who is not liable to pay income tax can submit
https://on.tcs.com/IR-FAQ. form or in dematerialized form, as on
a yearly declaration in Form No. 15G/15H, to
Thursday, June 2, 2022 i.e. cut-off date,
avail the benefit of non-deduction of tax at
18. Instructions for e-voting and joining the AGM may cast their vote electronically.
source by e-mail to TCS-Exemptforms2223@
are as follows:
tcplindia.co.in by 11:59 p.m. IST on Tuesday,
The e-voting module shall be disabled
May 24, 2022. Shareholders are requested to A. VOTING THROUGH ELECTRONIC by NSDL for voting thereafter. Members
note that in case their PAN is not registered, MEANS have the option to cast their vote on
or having invalid PAN or Specified Person as
any of the resolutions using the remote
defined under section 206AB of the i. In compliance with the provisions of
Section 108 of the Act, read with Rule e-voting facility, either during the period
Income-tax Act (“the Act”), the tax will be
20 of the Companies (Management and commencing June 6, 2022 to June
deducted at a higher rate prescribed under
section 206AA or 206AB of the Act, as Administration) Rules, 2014, as amended 8, 2022 or e-voting during the AGM.
applicable. from time to time, Regulation 44 of the Members who have voted on some of the
SEBI Listing Regulations and in terms of resolutions during the said voting period
Non-resident shareholders [including Foreign SEBI Circular no. SEBI/HO/CFD/CMD/ are also eligible to vote on the remaining
Institutional Investors (FIIs)/Foreign Portfolio CIR/P/2020/242 dated December 9, resolutions during the AGM.
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iii. The Members who have cast their vote by if he/she is already registered with Details on Step 1 are mentioned below:
remote e-voting prior to the AGM may also NSDL for remote e-voting then he/
attend/participate in the AGM through she can use his/her existing User ID and I) Login method for remote e-voting
VC/OAVM but shall not be entitled to cast Password for casting the vote. In case of and joining the virtual meeting and
their vote on such resolution again. individual shareholders holding securities joining the virtual meeting for individual
in dematerialized mode and who acquires shareholders holding securities in
iv. The Board of Directors has appointed shares of the Company and becomes a dematerialized mode
P N Parikh (Membership No. FCS 327) Member of the Company after sending of
and failing him, Jigyasa Ved (Membership the Notice and holding shares as of the Pursuant to SEBI Circular no.
No. FCS 6488) of Parikh & Associates, cut-off date may follow steps mentioned SEBI/HO/CFD/CMD/CIR/P/2020/242
Company Secretaries as the Scrutinizer to below under “Login method for remote dated December 9, 2020 on “e-voting
scrutinize the e-voting process in a fair and e-voting and joining virtual meeting for facility provided by Listed Companies”,
transparent manner. individual shareholders holding securities e-voting process has been enabled to all
in dematerialized mode.” the individual demat account holders, by
v. The voting rights of Members shall be in way of single login credential, through their
proportion to their shares in the paid-up vii. The details of the process and manner demat accounts/websites of Depositories/
equity share capital of the Company as on for remote e-voting are explained herein DPs to increase the efficiency of the voting
the cut-off date. below: process. Individual demat account holders
would be able to cast their vote without
vi. Any person holding shares in physical The way to vote electronically on NSDL having to register again with the e-voting
form and non-individual shareholders, e-voting system consists of “Two Steps” service provider (“ESP”) thereby not only
who acquires shares of the Company which are mentioned below: facilitating seamless authentication but also
and becomes a Member of the Company ease and convenience of participating in
after sending of the Notice and holding Step 1: Access to NSDL e-voting system e-voting process. Shareholders are advised
shares as of the cut-off date, may obtain to update their mobile number and e-mail
the User ID and Password by sending a Step 2: Cast your vote electronically on ID with their DPs to access e-voting facility.
request at evoting@nsdl.co.in. However, NSDL e-voting system.
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Login method for individual shareholders holding securities in dematerialized mode is given below:
Type of Login Method

shareholders
Individual A. NSDL IDeAS facility
shareholders If you are already registered, follow the below steps:
holding securities
in dematerialized 1. Visit the e-Services website of NSDL. Open web browser and type the following URL: https://eservices.nsdl.com/ either on a
mode with NSDL. Personal Computer or on a mobile.
2. Once the home page of e-Services is launched, click on the “Beneficial Owner” icon under “Login” which is available under
“IDeAS” section.
3. A new screen will open. You will need to enter your User ID and Password. After successful authentication, you will be able to see
e-voting services.
4. Click on “Access to e-voting” appearing on the left-hand side under e-voting services and you will be able to see e-voting page.
5. Click on options available against Company name or e-voting service provider-NSDL and you will be re-directed to NSDL
e-voting website for casting your vote during the remote e-voting period or joining virtual meeting and e-voting during the
meeting.
If you are not registered, follow the below steps:
a. Option to register is available at https://eservices.nsdl.com.
b. Select “Register Online for IDeAS” Portal or click at https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp
c. Please follow steps given in points 1-5.
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shareholders
B. e-voting website of NSDL
1. Open web browser and type the following URL: https://www.evoting.nsdl.com/ either on a personal computer or on a mobile
phone.
2. Once the home page of e-voting system is launched, click on the icon “Login” which is available under ‘Shareholder/Member’
section.
3. A new screen will open. You will need to enter your User ID (i.e. your sixteen digit demat account number held with NSDL),
Password/OTP and a Verification Code as shown on the screen.
4. After successful authentication, you will be redirected to NSDL website wherein you can see e-voting page. Click on options
available against Company name or e-voting service provider-NSDL and you will be redirected to e-voting website of NSDL for
casting your vote during the remote e-voting period or joining virtual meeting and e-voting during the meeting.
C. Shareholders/Members can also download NSDL mobile app “NSDL Speede” facility by scanning the QR code mentioned below for
seamless voting experience.

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shareholders
Shareholders 1. Existing users who have opted for Easi/Easiest, they can login through their User ID and Password. Option will be made available
holding securities in to reach e-voting page without any further authentication. The URL for users to login to Easi/Easiest are https://web.cdslindia.com/
dematerialized mode myeasi/home/login or www.cdslindia.com and click on New System Myeasi.
with CDSL 2. After successful login of Easi/Easiest the user will be also able to see the e-voting menu. The menu will have links of e-voting service
provider i.e. NSDL. Click on NSDL to cast your vote.
3. If the user is not registered for Easi/Easiest, option to register is available at https://web.cdslindia.com/myeasi/Registration/
EasiRegistration
4. Alternatively, the user can directly access e-voting page by providing demat account number and PAN from a link in www.cdslindia.com
home page. The system will authenticate the user by sending OTP on registered Mobile and e-mail as recorded in the demat Account.
After successful authentication, user will be provided links for the respective ESP i.e. NSDL where the e-voting is in progress.
Individual 1. You can also login using the login credentials of your demat account through your DP registered with NSDL/CDSL for e-voting facility.
shareholders 2. Once logged-in, you will be able to see the e-voting option. Once you click on e-voting option, you will be redirected to NSDL/CDSL
(holding securities Depository site after successful authentication, wherein you can see e-voting feature.
in dematerialized
mode) login through 3. Click on options available against Company name or e-voting service provider-NSDL and you will be redirected to e-voting website of
their DPs NSDL for casting your vote during the remote e-voting period or joining virtual meeting and e-voting during the meeting.
Important note: Members who are unable to retrieve User ID/Password are advised to use Forgot User details/Password option available at respective websites.
Helpdesk for individual shareholders holding securities in dematerialized mode for any technical issues related to login through Depository i.e. NSDL and CDSL.
Login type Helpdesk details

Securities held with NSDL Please contact NSDL helpdesk by sending a request at evoting@nsdl.co.in or call at
toll free no.: 1800 1020 990 and 1800 22 44 30
Securities held with CDSL Please contact CDSL helpdesk by sending a request at helpdesk.evoting@cdslindia.com or contact
at 022-23058738 or 022-23058542/43
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II) Login method for e-voting and joining virtual meeting for shareholders other than individual shareholders holding securities in dematerialized mode and
shareholders holding securities in physical mode.
How to Log-in to NSDL e-voting website?
1. Visit the e-voting website of NSDL. Open web browser by clicking the URL: https://www.evoting.nsdl.com/ either on a Personal Computer or on a mobile.
2. Once the home page of e-voting system is launched, click on the icon “Login” which is available under ‘Shareholder/Member’ section.
3. A new screen will open. You will have to enter your User ID, Password/OTP and a verification code as shown on the screen.
4. Alternatively, if you are registered for NSDL eservices i.e. IDeAS, you can login at https://eservices.nsdl.com/ with your existing IDeAS login. Once you login to
NSDL eservices after using your login credentials, click on e-voting and you can proceed to Step 2 i.e. Cast your vote electronically.
5. Your User ID details are given below:
Manner of holding shares i.e. Your User ID is:

Demat (NSDL or CDSL) or Physical
a) For Members who hold shares 8 Character DP ID followed by 8 Digit Client ID
in demat account with NSDL.
For example if your DP ID is IN300*** and Client ID is 12****** then your User ID is IN300***12******
b) For Members who hold shares 16 Digit Beneficiary ID
in demat account with CDSL.
For example if your Beneficiary ID is 12************** then your User ID is 12**************
c) For Members holding shares in EVEN Number followed by Folio Number registered with the Company
Physical Form.
For example if EVEN is 123456 and folio number is 001*** then User ID is 123456001***
6. Password details for shareholders other than Individual shareholders are given below:
a) If you are already registered for e-voting, then you can use your existing Password to login and cast your vote.
b) If you are using NSDL e-voting system for the first time, you will need to retrieve the ‘initial password’ which was communicated to you by NSDL. Once
you retrieve your ‘initial password’, you need to enter the ‘initial password’ and the system will force you to change your Password.
c) How to retrieve your ‘initial password’?
(i) If your e-mail ID is registered in your demat account or with the Company, your ‘initial password’ is communicated to you on your e-mail ID. Trace the
e-mail sent to you from NSDL in your mailbox from evoting@nsdl.com.Open the e-mail and open the attachment i.e. a .pdf file. Open the .pdf file.
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The password to open the c) If you are still unable to get period and casting your vote during
.pdf file is your 8 digit client the password by aforesaid two the General Meeting. For joining
ID for NSDL account, last 8 options, you can send a request virtual meeting, you need to click on
digits of client ID for CDSL at evoting@nsdl.co.in mentioning “VC/OAVM” link placed under “Join
account or folio number for your demat account number/ Meeting”.
folio number, PAN, name and
shares held in physical form. 3. Now you are ready for e-voting as the
registered address.
The .pdf file contains your voting page opens.
‘User ID’ and your ‘initial d) Members can also use the OTP
based login for casting the votes 4. Cast your vote by selecting appropriate
password’. options i.e. assent or dissent, verify or
on the e-voting system of NSDL.
modify the number of shares for which
(ii) In case you have not 8. After entering your password, tick on you wish to cast your vote and click
registered your e-mail Agree to “Terms and Conditions” by on “Submit” and also “Confirm” when
address with the Company/ selecting on the check box. prompted.
Depository, please follow 9. Now, you will have to click on “Login”
instructions mentioned in 5. Upon confirmation, the message
button. “Vote cast successfully” will be
this Notice.
10. After you click on the “Login” button, displayed and you will receive a
7. If you are unable to retrieve or have home page of e-voting will open. confirmation by way of a SMS on your
not received the “Initial password” or registered mobile number.
Details on Step 2 are given below:
have forgotten your password: 6. You can also take the printout of the
How to cast your vote electronically on votes cast by you by clicking on the
a) Click on “Forgot User Details/
NSDL e-voting system?
Password?” (If you are holding print option on the confirmation page.
shares in your demat account with 1. After successful login at Step 1, you 7. Once you confirm your vote on the
NSDL or CDSL) option available will be able to see all the companies resolution, you will not be allowed to
on www.evoting.nsdl.com. “EVEN” in which you are holding modify your vote.
shares and whose voting cycle and
b) “Physical User Reset Password?” general meeting is in active status. General guidelines for shareholders
(If you are holding shares in 1. It is strongly recommended not to
2. Select “EVEN” of Company, which is
physical mode) option available on share your password with any other
119798 for which you wish to cast
www.evoting.nsdl.com. person and take utmost care to keep
your vote during the remote e-voting
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your password confidential. Login to by providing demat account number/ Members who do not have the User
the e-voting website will be disabled folio number, client master or copy ID and Password for e-voting or have
upon five unsuccessful attempts to of Consolidated Account statement, forgotten the User ID and Password
key in the correct password. In such PAN (self-attested scanned copy of may retrieve the same by following
an event, you will need to go through PAN card), AADHAAR (self-attested the remote e-voting instructions
the “Forgot User Details/Password?” scanned copy of Aadhaar Card). If you mentioned in the Notice. Further
or “Physical User Reset Password?” are an Individual shareholder holding Members can also use the OTP based
option available on securities in dematerialized mode, you login for logging into the e-voting
https://www.evoting.nsdl.com are requested to refer to the login system of NSDL.
to reset the Password. method explained above.
2. Facility of joining the AGM through
2. In case of any queries related 4. The instructions for members for VC/OAVM shall open 30 minutes
to e-voting, you may refer the e-voting on the day of the AGM are before the time scheduled for the
Frequently Asked Questions (“FAQs”) mentioned in point number 18(A). AGM.
for Shareholders and e-voting user
manual for Shareholders available at the B. INSTRUCTIONS FOR MEMBERS FOR 3. Members who need assistance before
download section of ATTENDING THE AGM THROUGH VC/ or during the meeting, can contact
https://www.evoting.nsdl.com. For any OAVM ARE AS UNDER: NSDL on evoting@nsdl.co.in/1800
grievances connected with facility for 1020 990 and 1800 224 430 or
1. Members will be able to attend the contact Amit Vishal, Assistant Vice
e-voting, please contact
AGM through VC/OAVM or view President – NSDL at
Ms. Pallavi Mhatre, Manager, NSDL,
the live webcast of AGM provided by amitv@nsdl.co.in/or Sanjeev Yadav,
4th Floor, ‘A’ Wing, Trade World, NSDL at https://www.evoting.nsdl.com Assistant Manager-NSDL at
Kamala Mills Compound, Senapati following the steps mentioned above sanjeevy@nsdl.co.in.
Bapat Marg, Lower Parel, for login to NSDL e-voting system.
Mumbai 400 013, After successful login, you can see VC/ 4. Members who would like to express
e-mail: evoting@nsdl.co.in, toll free no: OAVM link placed under Join meeting their views or ask questions during
1800 1020 990/1800 224 430. menu against company name. You are the AGM may register themselves as
3. Members may send a request to requested to click on VC/OAVM link a speaker by sending their request
evoting@nsdl.co.in for procuring placed under “Join Meeting” menu. from their registered e-mail address
User ID and Password for e-voting mentioning their name, DP ID and
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Client ID/Folio number, PAN, mobile the AGM and votes cast through to National Stock Exchange of India
number at tcsagm.speakers@tcs. remote e-voting) and will submit a Limited and BSE Limited, where the
com from June 3, 2022 (9:00 a.m. consolidated Scrutinizer’s Report shares of the Company are listed.
IST) to June 5, 2022 (5:00 p.m. IST). of the total votes cast in favour or
By Order of the Board of Directors
Those Members who have registered against, if any, to the Chairman or a
themselves as a speaker will only person authorised by him in writing, Pradeep Manohar Gaitonde
be allowed to express their views/ who shall countersign the same. The Company Secretary
ask questions during the AGM. The results will be announced within the Membership No. ACS 7016
Company reserves the right to restrict time stipulated under the applicable
the number of speakers depending on Mumbai, April 11, 2022
laws.
the availability of time for the AGM.
2. The result declared along with the Registered Office:
Other instructions Scrutinizer’s Report shall be placed on 9th Floor, Nirmal Building, Nariman Point,
1. The Scrutinizer shall, immediately the Company’s website www.tcs.com Mumbai 400 021, India
after the conclusion of voting at the and on the website of NSDL CIN: L22210MH1995PLC084781
AGM, unblock the votes cast through https://www.evoting.nsdl.com Tel: +91 22 6778 9595
remote e-voting (votes cast during immediately. The Company shall E-mail: investor.relations@tcs.com
simultaneously forward the results Website: www.tcs.com
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Explanatory Statement 11, 2022, proposed the re-appointment of BSR,

Chartered Accountants (Firm Registration No.:
Item No. 5
101248W/W-100022), as the Statutory Auditors The Securities and Exchange Board of India (“SEBI”),
As required by Section 102 of the Companies
of the Company, for a term of five consecutive years vide its notification dated November 9, 2021, has
Act, 2013 (“Act”), the following explanatory
from the conclusion of twenty-seventh AGM till the notified SEBI (Listing Obligations and Disclosure
statement sets out all material facts relating to the
conclusion of thirty-second AGM of the Company to Requirements) (Sixth Amendment) Regulations,
business mentioned under Item Nos. 4 to 6 of the
be held in the year 2027, at a remuneration as may 2021 (“Amendments”) introducing amendments
accompanying Notice:
be mutually agreed between the Board of Directors to the provisions pertaining to the Related Party
and Statutory Auditors. Transactions under the SEBI (Listing Obligations and
Item No. 4
Disclosure Requirements) Regulations, 2015
BSR have consented to their appointment as (“SEBI Listing Regulations”). The aforesaid
This explanatory statement is in terms of Regulation
Statutory Auditors and have confirmed that if amendments inter-alia included replacing of
36(5) of the SEBI (Listing Obligations and Disclosure
appointed, their appointment will be in accordance current threshold i.e. 10% (ten percent) of the listed
Requirements) Regulations, 2015 (“SEBI Listing
with Section 139 read with Section 141 of the Act. entity’s consolidated turnover, for determination
Regulations”), however, the same is strictly not
of material Related Party Transactions requiring
required as per Section 102 of the Act.
BSR is a member entity of B S R & Affiliates, a prior Shareholders’ approval with the threshold of
network registered with the Institute of Chartered lower of `1,000 crore (Rupees One thousand crore)
The Members at the twenty-second Annual General
Accountants of India. BSR is registered in Mumbai, or 10% (ten percent) of the annual consolidated
Meeting (“AGM”) of the Company held on
Gurugram, Bengaluru, Kolkata, Hyderabad, Pune, turnover of the listed entity as per the last audited
June 16, 2017, had approved the appointment of
Chennai, Chandigarh, Ahmedabad, Vadodara, Noida, financial statements of the listed entity. Accordingly,
B S R & Co. LLP (“BSR”), Chartered Accountants
Jaipur, Kochi and Vijayawada. BSR audits various the threshold for determination of material Related
(Firm Registration No.: 101248W/W-100022), as
companies listed on stock exchanges in India. Party Transactions under Regulation 23(1) of the
Statutory Auditors of the Company, to hold office till
SEBI Listing Regulations has been reduced with
the conclusion of the twenty-seventh AGM.
The Board recommends the Ordinary Resolution set effect from April 1, 2022.
out at Item No. 4 of the Notice for approval by the
After evaluating and considering various factors
Members. Tata Consultancy Services Limited (“the Company”
such as industry experience, competency of
or “TCS”), being a globally recognised provider of IT
the audit team, efficiency in conduct of audit,
None of the Directors and Key Managerial Personnel services, participates in the digitisation initiatives of
independence, etc., the Board of Directors of the
of the Company or their relatives is, in any way, entities within Tata group and partners in respective
Company has, based on the recommendation of
concerned or interested in the Resolution set out at entities’ growth and transformation journeys. During
the Audit Committee, at its meeting held on April
Item No. 4 of the Notice. the course of rendering such services, the Company
160 / 522
also leverages niche skills, capabilities and resources of entities within the “Tata Group”. The transactions that the Company has had with its related parties for the last three
years is given below:
Year ended March 31, 2022 (` crore)

Transactions Tata Sons Subsidiaries of the Subsidiaries of Tata Sons Associates/joint ventures of Tata Sons Total
Private Limited Company Private Limited Private Limited and their subsidiaries
IT/ITE services rendered 40 1,164 854 2,149 4,207
Other income - 1 - - 1
Procurement of goods and services - 345 549 306 1,200
Brand equity contribution 100 - - - 100
Non IT/ITE services availed 1 - 19 45 65
Lease rental - - 86 11 97

Transactions Tata Sons Subsidiaries of the Subsidiaries of Tata Sons Associates/joint ventures of Tata Sons Total
Private Limited Company Private Limited Private Limited and their subsidiaries
Other income - 1 - - 1
Procurement of goods and services 1 268 668 222 1,159
Non IT/ITE services availed - - 17 42 59
Lease rental 1 - 49 32 82
161 / 522

Transactions Tata Sons Subsidiaries of the Subsidiaries of Tata Sons Private Associates/joint ventures of Tata Sons Total
Private Limited Company Limited Private Limited and their Subsidiaries
Procurement of goods and services 1 222 923 404 1,550
Non IT/ITE services availed - - 2 1 3
Lease rental 2 - 90 4 96
In view of the changes in the threshold for determining the related party transactions that require prior shareholder approval and considering the fact that the list of related
parties will change dynamically with no action on the part of the Company and to facilitate seamless contracting and rendering/availing of product and services between the
Company and “related parties”, the Company seeks the approval of the shareholders to approve entering into contracts/arrangements within the thresholds and conditions
mentioned in the resolution. All the contracts/arrangements and the transactions with “related parties” are reviewed and approved by the Audit Committee. Further, the
transactions that require testing of arm’s length pricing are certified by our Statutory Auditors for being at arm’s length.
162 / 522
The details of transactions that require approval are given below:
1. Tata Sons Private Limited and/or its Subsidiaries
Sr. No. Description Particulars

1. Name of the related party Tata Sons Private Limited and/or its subsidiaries (please refer to Annexure B for list of subsidiaries)
2. Nature of relationship Holding Company – Tata Sons Private limited and its subsidiaries which are covered under Section 2(76)
[including nature of its interest (financial or otherwise)] of the Act.
3. Type of the proposed transaction (a) Rendering of IT/ITE Services including IT, Infrastructure, Cloud, IOT and Digital Engineering, Digital
Transformation, Analytics, Cyber Security, and such related areas
(b) Supply of hardware and software,
(c) reimbursement of expenses relating to IT Infrastructure services
(d) Procurement of goods, services, sponsorship, etc.
(e) Leasing of property
(f) Any transfer of resources, services or obligations to meet its objectives/requirements
4. Nature, duration/tenure, material terms, monetary value Transactions in the normal course of business with terms and conditions that are generally prevalent in the
and particulars of contract/arrangement industry segments that the Company operates in. Monetary value of transactions with a single related party
subject to a maximum of 1.3 percent of the consolidated turnover of the Company per annum through
contracts/arrangements which are entered for a duration upto 5 years and a cumulative threshold of
5.2 percent of the consolidated turnover of the Company across all related parties per annum.
5. Particulars of the proposed transaction Same as 3
6. Tenure of the transaction Contracts/arrangements with a duration upto 5 years
7. Value of the proposed transaction 1.3 percent of the consolidated turnover of the Company per annum with a single related party subject to a
cumulative threshold of 5.2 percent of the consolidated turnover of the Company per annum across all related
parties in this category
8. Percentage of TCS’s annual consolidated turnover, for the 1.3 percent of the consolidated turnover of the Company with single related party
immediately preceding financial year, that is represented 5.2 percent of the consolidated turnover of the Company across all related parties
by the value of the proposed transaction
163 / 522

9. Benefits of the proposed transaction The Company, being a globally recognised provider of IT services participates in the digitisation initiatives of
entities within Tata group and partners in respective entities’ growth and transformation journeys. During the
course of rendering such services, the Company also leverages niche skills, capabilities and resources of entities
within the group. These transactions aim at providing enhanced level of user experience to the end-consumers
of Tata group and provide the entities within the group cutting edge technologies to sustain and grow their
business.
10. Details of the valuation report or external party report All contracts with related party defined as per Section 2(76) of the Act are reviewed for arm’s length testing
(if any) enclosed with the Notice internally and by Statutory Auditors.
11. Name of the Director or Key Managerial Personnel, who N Chandrasekaran, N Ganapathy Subramaniam and Aarthi Subramanian
is related
12. Following additional disclosures to be made in case loans, inter-corporate deposits, advances or investments made or given
A Source of funds NA
B In case any financial indebtedness is incurred to make NA
or give loans, intercorporate deposits, advances or
investment:
• Nature of indebtedness
• cost of funds and
• tenure of the indebtedness
C Terms of the loan, inter-corporate deposits, advances or NA
investment made or given
(including covenants, tenure, interest rate and repayment
schedule, whether secured or unsecured; if secured, the
nature of security)
164 / 522
2. Tata Motors Limited, Jaguar Land Rover Limited and/or its subsidiaries

1. Name of the related party Tata Motors Limited, Jaguar Land Rover Limited and/or its subsidiaries (please refer to Annexure B for list of
subsidiaries)
2. Nature of relationship Tata Motors Limited is an associate of Tata Sons Private Limited, Jaguar Land Rover Limited is a subsidiary
[including nature of its interest (financial or otherwise)] of Tata Motors Limited and hence related party as per SEBI Listing Regulations.
3. Type of the proposed transaction (a) Rendering of IT/ITE Services including IT, Infrastructure, Cloud, IOT and Digital Engineering, Digital
Transformation, Analytics, Cyber Security, and such related areas
(d) Procurement of goods, services, sponsorship, etc
(e) Any transfer of resources, services or obligations to meet its objectives/requirements
4. Nature, duration/tenure, material terms, monetary value and Transactions in the normal course of business with terms and conditions that are generally prevalent in the
particulars of contract/arrangement industry segments that the Company operates in. Monetary value of transactions with a single related party
subject to a maximum of 1.3 percent of the consolidated turnover of the Company per annum through
contracts/arrangements which are entered for a duration upto 5 years and a cumulative threshold of
2.6 percent of the consolidated turnover of the Company across all related parties per annum.
7. Value of the proposed transaction 1.3 percent of the consolidated turnover of the Company per annum with a single related party subject to
a cumulative threshold of 2.6 percent of the consolidated turnover of the Company per annum across all
related parties
8. Percentage of TCS’s annual consolidated turnover, for the 1.3 percent of the consolidated turnover of the Company with single related party
immediately preceding financial year, that is represented by 2.6 percent of the consolidated turnover of the Company across all related parties
the value of the proposed transaction.
165 / 522

9. Benefits of the proposed transaction The Company, being a globally recognised provider of IT services participates in the digitisation initiatives of
entities within Tata group and partners in respective entities’ growth and transformation journeys. During
the course of rendering such services, the Company also leverages niche skills, capabilities and resources of
entities within the group. These transactions aim at providing enhanced level of user experience to the
end-consumers of Tata group and provide the entities within the group cutting edge technologies to
sustain and grow their business.
10. Details of the valuation report or external party report (if any) Company’s governance policies with respect to negotiation with third parties are followed for all contracts/
enclosed with the Notice arrangements with related party as defined under SEBI Listing Regulations. These contracts/arrangements
are approved by the Audit Committee on quarterly basis
11. Name of the Director or Key Managerial Personnel, who is N Chandrasekaran, N Ganapathy Subramaniam, Hanne Sorensen and O P Bhatt
related
B In case any financial indebtedness is incurred to make or give NA
loans, intercorporate deposits, advances or investment:
C Terms of the loan, inter-corporate deposits, advances or NA
investment made or given
(including covenants, tenure, interest rate and repayment
schedule, whether secured or unsecured; if secured, the nature
of security)
166 / 522
3. Subsidiaries of the Company (other than wholly owned subsidiaries)

1. Name of the related party Subsidiaries of the Company (other than wholly owned subsidiaries) (please refer to Annexure B for list of subsidiaries)
2. Nature of relationship Subsidiaries of the Company which are covered under Section 2(76) of Companies Act, 2013
[including nature of its interest (financial or otherwise)]
3. Type of the proposed transaction (a) Rendering of IT/ITE Services including IT, Infrastructure, Cloud, IOT and Digital Engineering, Digital Transformation,
Analytics, Cyber Security, and such related areas
(d) Procurement of goods, services, sponsorship, etc
(e) Leasing of property
(f) Any transfer of resources, services or obligations to meet its objectives/requirements
4. Nature, duration/tenure, material terms, monetary Transactions in the normal course of business with terms and conditions that are generally prevalent in the industry
value and particulars of contract/arrangement segments that the Company operates in. Monetary value of transactions with a single related party subject to a
maximum of 1.3 percent of the consolidated turnover of the Company per annum through contracts/arrangements
which are entered for a duration upto 5 years and a cumulative threshold of 2.6 percent of the consolidated turnover
of the Company across all related parties per annum.
7. Value of the proposed transaction 1.3 percent of the consolidated turnover of the Company per annum with a single related party subject to a cumulative
threshold of 2.6 percent of the consolidated turnover of the Company per annum across all related parties
8. Percentage of TCS’s annual consolidated turnover, 2.6 percent of the annual consolidated turnover of the Company and upto 50 percent of respective subsidiary turnover
for the immediately preceding financial year,
that is represented by the value of the proposed
transaction.
(and for a related party transaction involving a
subsidiary, such percentage calculated on the basis of
the subsidiary’s annual turnover on a standalone basis
shall be additionally provided)
167 / 522

9. Benefits of the proposed transaction As per global network delivery model of TCS, the subsidiaries operating in respective countries enters into the
contracts from customers and outsource the service delivery to the parent company TCS. Solutions framework along
with trained domain experts of TCS ensure delivery of high quality and certainty to the end customers at respective
countries.
10. Details of the valuation report or external party All contracts with related party defined as per Section 2(76) of the Act are reviewed for arm’s length testing by
report (if any) enclosed with the Notice the Compliance team and Statutory Auditors
11. Name of the Director or Key Managerial Personnel, Person/s holding position of Chief Executive Officer and Managing Director and/or Executive Director and/or Chief
who is related Operating Officer
B In case any financial indebtedness is incurred NA
to make or give loans, intercorporate deposits,
advances or investment:
C Terms of the loan, inter-corporate deposits, NA
advances or investment made or given
(including covenants, tenure, interest rate and
repayment schedule, whether secured or unsecured; if
secured, the nature of security)
168 / 522
None of the Directors or Key Managerial Personnel Register and Index of Members, the Register and Industrial Estate, 20, Dr. E. Moses Road, Mahalaxmi,
of the Company or its respective relatives, other Index of Debentureholders, if any, copies of all Mumbai-400 011.
than as mentioned above, is concerned or interested, Annual Returns prepared under Section 92 of the
in the resolution. Act, together with the copies of the certificates and Owing to the shifting of the registered office of
documents required to be annexed thereto, to be TCPL, approval of the Members is sought by way
The said transaction(s)/contract(s)/arrangement(s) kept at a place other than the Company’s Registered of a Special Resolution for keeping the aforesaid
have been recommended by the Audit Committee Office, but within the same city, town or village documents at the Office of the Company’s Registrar
and Board of Directors of the Company for and Share Transfer Agents and/or at the other places
where the Registered Office of the Company is
consideration and approval by the Members. mentioned in the Resolution.
situated.
It is pertinent to note that no related party shall vote The Board recommends the resolution as set out
The Members of the Company at its twelfth
to approve this Resolution whether the entity is a at Item No. 6 of the accompanying Notice for the
Annual General Meeting held on June 29, 2007, approval of the Members of the Company by way of
related party to the particular transaction or not.
had approved the Register of Members and other a Special Resolution.
Item No. 6 returns/documents, etc. to be kept at the premises of
TSR Consultants Private Limited (“TCPL”) (formerly None of the Directors or Key Managerial Personnel
As per the provisions of Section 94 of the Act, known as TSR Darashaw Consultants Private of the Company or their relatives is, in any way,
approval of the Members by way of a special Limited), the Registrar and Transfer Agent (“RTA”) concerned or interested, in the Resolution set out at
resolution is required for the Company to have its of the Company at 6-10 Haji Moosa Patrawala Item No. 6 of the Notice.
169 / 522
Annexure A
Details of Directors seeking re-appointment at the Annual General Meeting
Particulars N Ganapathy Subramaniam

DIN 07006215
Date of Birth and Age May 20, 1959 (62 years)
Date of Appointment February 21, 2017
Qualifications Master’s Degree in Mathematics
Expertise in specific functional areas Wide experience in Information Technology
Directorships held in other companies Tata Elxsi Limited
TCS Foundation
Tata Communications Limited
Tejas Networks Limited
Memberships/Chairmanships of committees of other companies Tata Elxsi Limited
• Nomination and Remuneration Committee
• Executive Committee*
• Risk Management Committee
Number of Equity Shares held in the Company 197,760 Equity Shares
*Chairman
For other details such as number of meetings of the board attended during the year, remuneration drawn and relationship with other directors and key managerial
personnel, in respect of the above Director, please refer to the corporate governance report which is a part of this report.
170 / 522
Annexure B
List of subsidiaries of Tata Sons Private Limited as on March 31, 2022 (Excluding Tata Consultancy Services Limited and its Subsidiaries)
Sr. Name Sr. Name
No. No.
1 Ewart Investments Limited 21 TCE QSTP-LLC
2 Tata Limited 22 Tata Engineering Consultants Saudi Arabia Company
3 Tata AIA Life Insurance Company Limited 23 Tata International AG, Zug
4 Tata AIG General Insurance Company Limited 24 TRIF Investment Management Limited
5 Indian Rotorcraft Limited 25 Tata Advanced Systems Limited
6 Panatone Finvest Limited 26 Aurora Integrated Systems Private Limited
7 Akashastha Technologies Private Limited 27 Nova Integrated Systems Limited
8 Tejas Networks Limited 28 TASL Aerostructures Private Limited
9 Tejas Communication Pte Limited 29 Tata Capital Limited
10 Tejas Communications (Nigeria) Limited 30 Tata Capital Advisors Pte. Limited
11 TS Investments Limited 31 Tata Capital Financial Services Limited
12 Tata SIA Airlines Limited 32 Tata Capital General Partners LLP
13 Tata Incorporated 33 Tata Capital Growth Fund I
14 Tata Investment Corporation Limited 34 Tata Capital Healthcare General Partners LLP
15 Simto Investment Company Limited 35 Tata Capital Housing Finance Limited
16 Tata Asset Management Private Limited (formerly Tata Asset 36 Tata Capital Plc
Management Limited) 37 Tata Capital Pte. Limited
17 Tata Asset Management (Mauritius) Private Limited 38 Tata Cleantech Capital Limited
18 Tata Pension Management Limited 39 Tata Opportunities General Partners LLP
19 Tata Consulting Engineers Limited 40 Tata Securities Limited
20 Ecofirst Services Limited 41 Tata Capital Special Situation Fund
171 / 522
Sr. Name Sr. Name

No. No.
42 Tata Capital Healthcare Fund I 62 Tata Value Homes Limited (formerly Smart Value Homes Limited)
43 Tata Capital Innovations Fund 63 THDC Management Services Limited (formerly THDC Facility
44 Tata Capital Growth Fund II Management Limited)
45 TCL Employee Welfare Trust 64 World-One (Sri Lanka) Projects Pte. Limited
46 Tata Capital Growth II General Partners LLP 65 World-One Development Company Pte. Limited
47 Tata Capital Healthcare Fund II 66 Synergizers Sustainable Foundation
48 Tata Capital Healthcare II General Partners LLP 67 Smart Value Homes (New Project) LLP
49 Tata Housing Development Company Limited 68 One Bangalore Luxury Projects LLP
50 Apex Realty Private Limited 69 Ardent Properties Private Limited
51 Concept Developers & Leasing Limited (formerly Concept Marketing and 70 Princeton Infrastructure Private Limited
Advertising Limited) 71 Land kart Builders Private Limited
52 HL Promoters Private Limited 72 Tata Realty and Infrastructure Limited
53 HLT Residency Private Limited 73 Acme Living Solutions Private Limited
54 Kolkata-One Excelton Private Limited 74 Arrow Infraestate Private Limited
55 Kriday Realty Private Limited 75 Gurgaon Construct Well Private Limited
56 Sector 113 Gatevida Developers Private Limited (formerly Lemon Tree 76 Gurgaon Realtech Limited
Land & Developers Private Limited)
77 HV Farms Private Limited
57 One-Colombo Project (Private) Limited
78 TRIF Gurgaon Housing Projects Private Limited
58 Promont Hillside Private Limited
79 Wellkept Facility Mangement Services Private Limited (formerly TRIL
59 Promont Hilltop Private Limited Hospitality Private Limited)
60 Smart Value Homes (Boisar) Private Limited (formerly Niyati Sales Private 80 TRIL Roads Private Limited
Limited)
81 TRIL Urban Transport Private Limited
61 Smart Value Homes (Peenya Project) Private Limited (formerly Smart
Value Homes (Boisar Project) Private Limited) 82 TRIL Infopark Limited
172 / 522
Sr. Name Sr. Name

No. No.
83 Hampi Expressways Private Limited 102 Inshaallah Investments Limited
84 Dharamshala Ropeway Limited 103 Tata Industries Limited
85 International Infrabuild Private Limited 104 Qubit Investments Pte. Limited
86 Uchit Expressways Private Limited 105 Flisom-AG
87 Durg Shivnath Expressways Private Limited (formerly SMS Shivnath 106 915 Labs Inc (formerly 915 Labs LLC)
Infrastructure Private Limited) 107 Flisom Hungary Kft
88 Matheran Rope-Way Private Limited 108 Tata Autocomp Systems Limited
89 MIA Infrastructure Private Limited 109 Automotive Stampings and Assemblies Limited
90 TRIL Bengaluru Real Estate One Private Limited 110 Nanjing Tata Autocomp Systems Limited
91 TRIL Bengaluru Consultants Private Limited (formerly TRIL Bengaluru 111 TACO Engineering Services GmbH
Real Estate Two Private Limited)
112 Changshu Tata AutoComp Systems Limited
92 TRIL Bengaluru Real Estate Three Private Limited
113 Tata Toyo Radiator Limited
93 TRIL IT4 Private Limited (formerly Albrecht Builder Private Limited)
114 TACO Sasken Automotive Electronics Limited
94 Infopark Properties Limited
115 Ryhpez Holding (Sweden) AB
95 Tata Trustee Company Private Limited (formerly Tata Trustee Company
116 TitanX Holding AB
Limited)
117 TitanX Engine Cooling Inc.
96 Tata Play Limited (formerly Tata Sky Limited)
118 TitanX Engine Cooling Kunshan Co. Ltd.
97 Actve Digital Services Private Limited
119 TitanX Engine Cooling AB
98 Tata Sky Broadband Private Limited (formerly Quickest Broadband
Private Limited) 120 TitanX Refrigeracão de Motores LTDA
99 TSBB Voice Private Limited 121 TitanX Engine Cooling, Poland
100 Niskalp Infrastructure Services Limited (formerly Niskalp Energy Limited) 122 Tata AutoComp Gotion Green Energy Solutions Private Limited
101 India Emerging Companies Investment Limited 123 TitanX Engine Cooling SRL
173 / 522
Sr. Name Sr. Name

No. No.
124 Tata International Limited 144 Tata Uganda Limited
125 Blackwood Hodge Zimbabwe (Private) Limited 145 Tata West Asia FZE
126 Calsea Footwear Private Limited 146 Tata Zambia Limited
127 Monroa Portugal, Comércio E Serviços, Unipessoal LDA 147 Tata Zimbabwe (Private) Limited (dormant)
128 Move On Retail Spain, S.L. 148 TIL Leather Mauritius Limited
129 Pamodzi Hotels Plc 149 Tata International West Asia DMCC
130 Tata Africa (Cote D’Ivoire) SARL 150 Motor-Hub East Africa Limited
131 Tata Africa Holdings (Ghana) Limited 151 Tata International Vietnam Company Limited
132 TATA Africa Holdings (Kenya) Limited 152 Tata International Unitech (Senegal) SARL (formerly Tata Africa (Senegal)
133 Tata Africa Holdings (SA) (Proprietary) Limited S.A.R.L.)
134 Tata Africa Holdings (Tanzania) Limited 153 Tata International Canada Limited
135 Tata Africa Services (Nigeria) Limited 154 Newshelf 1369 Pty Ltd
136 Tata De Mocambique, Limitada 155 Alliance Finance Corporation Limited
137 Tata Holdings Mocambique Limitada 156 AFCL Ghana Limited
138 Tata International Metals (Americas) Limited (formerly Tata Steel 157 AFCL Premium Services Ltd.
International (North America) Limited) 158 AFCL Zambia Limited
139 Tata International Metals (Asia) Limited (formerly Tata Steel International 159 Alliance Leasing Limited
(Hongkong) Limited 160 Stryder Cycle Private Limited
140 Tata International Metals (Guangzhou) Limited 161 AFCL RSA (Pty) Limited
141 Tata International Metals (UK) Limited (formerly Tata Steel International 162 TISPL Trading Company Limited (formerly Tata International Myanmar
(UK) Limited) Limited)
142 Tata International Singapore Pte Limited 163 Société Financière Décentralisé Alliance Finance Corporation Senegal
143 Tata South East Asia (Cambodia) Limited 164 Tata International DLT Private Limited
174 / 522
Sr. Name Sr. Name

No. No.
165 Taj Air Limited 186 Tata Medical and Diagnostics Limited
166 Impetis Biosciences Limited 187 Talace Private Limited
167 Tata Teleservices Limited 188 Air India Limited
168 Tata Tele NXTGEN Solutions Limited (formerly MMP Mobi Wallet 189 Air India Express Limited
Payment Systems Limited) 190 Tata Electronics Private Limited (formerly TRIL Bengaluru Real Estate
169 NVS Technologies Limited Four Private Limited)
170 TTL Mobile Private Limited (formerly Virgin Mobile (India) Private 191 Vidiyal Residency Private Limited
Limited) 192 Tata Business Hub Limited
171 Tata Teleservices (Maharashtra) Limited 193 Tata Elxsi Limited
172 AirAsia (India) Limited 194 Tata Communications Limited
173 Tata Digital Private Limited (formerly Tata Digital Limited) 195 Tata Communications Transformation Services Limited
174 Tata Payments Limited 196 Tata Communications Collaboration Services Private Limited
175 Supermarket Grocery Supplies Private Limited 197 Tata Communications Payment Solutions Limited
176 Innovative Retail Concepts Private Limited 198 Tata Communications Lanka Limited
177 Savis Retail Private Limited 199 Tata Communications Services (International) Pte. Limited
178 Delyver Retail Network Private Limited 200 Tata Communications (Bermuda) Limited
179 Dailyninja Delivery Services Private Limited 201 Tata Communications (Netherlands) B.V.
180 Tata 1mg Technologies Private Limited 202 Tata Communications (Hong Kong) Limited
203 ITXC IP Holdings S.A.R.L.
181 Tata 1mg Healthcare Solutions Private Limited
204 Tata Communications (America) Inc.
182 LFS Healthcare Private Limited
205 Tata Communications (International) Pte Limited
183 Infiniti Retail Limited
206 Tata Communications (Canada) Limited
184 Tata Fintech Private Limited
207 TATA COMMUNICATIONS (BELGIUM) SRL
185 Protraviny Private Limited (formerly Tata Communications (Belgium) S.P.R.L.)
175 / 522
Sr. Name Sr. Name

No. No.
208 Tata Communications (Italy) SRL 229 Tata Communications (Malaysia) Sdn. Bhd.
209 Tata Communications (Portugal) Unipessoal LDA 230 Tata Communications Transformation Services South Africa (Pty) Ltd
210 Tata Communications (France) SAS 231 Tata Communications (Spain) S.L.
211 Tata Communications (Nordic) AS 232 Tata Communications (Beijing) Technology Limited
212 Tata Communications (Guam) L.L.C. 233 VSNL SNOSPV Pte. Limited
213 Tata Communications (Portugal) Instalacao E Manutencao De Redes LDA 234 Tata Communications (South Korea) Limited
214 Tata Communications (Australia) Pty Limited 235 Tata Communications Transformation Services (Hungary) Kft.
215 Tata Communications SVCS Pte Ltd (formerly Tata Communications 236 Tata Communications Transformation Services Pte Limited
Services (Bermuda) Limited 237 Tata Communications (Brazil) Participacoes Limitada
216 Tata Communications (Poland) SP.Z.O.O. 238 Tata Communications Transformation Services (US) Inc
217 Tata Communications (Japan) KK. 239 Tata Communications Comunicacoes E Multimídia (Brazil) Limitada
218 Tata Communications (UK) Limited 240 Nexus Connexion (SA) Pty Limited
219 Tata Communications Deutschland GMBH 241 SEPCO Communications (Pty) Limited
220 Tata Communications (Middle East) FZ-LLC 242 Tata Communications (New Zealand) Limited
221 Tata Communications (Hungary) KFT 243 Tata Communications MOVE B.V.(formerly Teleena Holding B.V.)
222 Tata Communications (Ireland) DAC 244 Tata Communications MOVE Nederland B.V. (formerly Teleena Nederland
223 Tata Communications (Russia) LLC B.V.)
224 Tata Communications (Switzerland) GmbH 245 MuCoso B.V. (formerly Tata Communications MuCoso B.V.)
225 Tata Communications (Sweden) AB 246 NetFoundry Inc.
226 TCPOP Communication GmbH 247 TCTS Senegal Limited
227 Tata Communications (Taiwan) Limited 248 OASIS Smart SIM Europe SAS
228 Tata Communications (Thailand) Limited 249 Oasis Smart E-Sim Pte Ltd
176 / 522
List of subsidiaries of Tata Motors Limited as on March 31, 2022
Sr. Name Sr. Name

No. No.
1 TML Business Services Limited (TMLBSL) 19 PT Tata Motors Indonesia
2 Tata Motors Insurance Broking and Advisory Services Limited 20 PT Tata Motors Distribusi Indonesia
3 Tata Hispano Motors Carrocera S.A. 21 Jaguar Land Rover Automotive plc
4 Tata Hispano Motors Carrocerries Maghreb SA 22 Tata Motors (Thailand) Limited
5 TMF Holdings Limited 23 Tata Motors (SA) (Proprietary) Limited
6 TML Holdings Pte. Limited 24 Jaguar Land Rover Holdings Limited
7 Brabo Robotics and Automation Limited 25 Limited Liability Company “Jaguar Land Rover” (Russia)
8 Tata Precision Industries Pte. Limited 26 Jaguar Land Rover (China) Investment Co. Ltd.
9 Tata Technologies Limited 27 Jaguar Land Rover Limited
10 Tata Marcopolo Motors Limited 28 In-Car Ventures Limited
11 JT Special Vehicles Pvt. Limited 29 Shanghai Jaguar Land Rover Automotive Services Company Limited
12 TML CV Mobility Solutions Limited 30 Jaguar Land Rover Austria GmbH
13 Tata Passenger Electric Mobility Ltd. 31 Jaguar Land Rover Japan Limited
14 Tata Motors Passenger Vehicles Limited (Name changed from TML 32 JLR Nominee Company Limited (dormant)
Business Analytics Services Limited with effect from September 17, 33 Jaguar Land Rover Deutschland GmbH
2021)
34 Jaguar Land Rover Classic Deutschland GmbH
15 Tata Motors European Technical Centre PLC
35 Jaguar Land Rover North America LLC
16 Trilix S.r.l.
36 Jaguar Land Rover Nederland BV
17 Tata Daewoo Commercial Vehicle Company Limited
37 Jaguar Land Rover Portugal-Veículos e Peças, Lda.
18 Tata Daewoo Commercial Vehicle Sales and Distribution Company
38 Jaguar Land Rover Australia Pty Limited
Limited
39 Jaguar Land Rover Italia Spa
177 / 522
Sr. Name Sr. Name

No. No.
40 Jaguar Land Rover Korea Company Limited 62 Jaguar Land Rover Servicios México, S.A. de C.V.
41 Jaguar Land Rover Canada ULC 63 Jaguar Land Rover México, S.A.P.I. de C.V.
42 Jaguar Land Rover France, SAS 64 Jaguar Land Rover Hungary KFT
43 Jaguar e Land Rover Brasil Indústria e Comércio de Veículos LTDA 65 Jaguar Land Rover Classic USA LLC (dormant)
44 Jaguar Land Rover India Limited 66 Jaguar Land Rover (South Africa) Holdings Limited
45 Jaguar Land Rover Espana SL 67 Jaguar Land Rover Ventures Limited
46 Jaguar Land Rover Belux NV 68 InMotion Ventures Limited
47 Jaguar Cars South Africa (Pty) Limited (dormant) 69 Spark44 (JV) Limited
48 Jaguar Cars Limited (dormant) 70 Bowler Motors Limited
49 Land Rover Exports Limited (dormant) 71 Jaguar Land Rover (Ningbo) Trading Co. Limited
50 Land Rover Ireland Limited (non-trading) 72 Jaguar Land Rover (South Africa) (Pty) Limited
51 The Daimler Motor Company Limited (dormant) 73 Spark44 Pty. Ltd. (Sydney, Australia)
52 Daimler Transport Vehicles Limited (dormant) 74 Spark44 GmbH (Frankfurt, Germany)
53 S.S. Cars Limited (dormant) 75 Spark44 LLC (NYC, USA)
54 The Lanchester Motor Company Limited (dormant) 76 Spark44 Shanghai Limited (Shanghai, China)
55 Jaguar Land Rover Pension Trustees Limited (dormant) 77 Spark44 DMCC (Dubai, UAE)
56 Jaguar Land Rover Slovakia s.r.o 78 Spark44 Demand Creation Partners Private Limited (Mumbai, India)
57 Jaguar Land Rover Singapore Pte. Ltd. 79 Spark44 Limited (London & Birmingham, UK)
58 Jaguar Racing Limited 80 Spark44 Singapore Pte. Ltd. (Singapore)
59 Jaguar Land Rover Colombia S.A.S 81 Spark44 Communications SL (Madrid, Spain)
60 Jaguar Land Rover Ireland (Services) Limited 82 Spark44 S.r.l. (Rome, Italy)
61 Jaguar Land Rover Taiwan Company Limited 83 Spark44 Seoul Limited (Korea)
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Sr. Name List of subsidiaries of the Company (other than wholly owned subsidiaries) as
No. on March 31, 2022
84 Spark44 Japan K.K. (Tokyo, Japan)
Sr Name of the Subsidiary
85 Spark44 Canada Inc (Toronto, Canada) No.
86 Spark44 Pty. Limited (South Africa) 1 APTOnline Limited
87 Spark44 Colombia S.A.S. (Colombia) 2 MP Online Limited
88 Spark44 Taiwan Limited (Taiwan)
3 C-Edge Technologies Limited
89 InMotion Ventures 2 Limited
4 MahaOnline Limited
90 InMotion Ventures 3 Limited
5 Tata Consultancy Services (China) Co., Ltd.
91 Tata Technologies Pte. Limited
6 Tata Consultancy Services Japan, Ltd.
92 Tata Technologies (Thailand) Limited
93 Tata Manufacturing Technologies (Shanghai) Co. Limited
94 INCAT International Plc.
95 Tata Technologies GmbH
96 Tata Technologies Europe Limited
97 Tata Technologies Nordics AB
98 Tata Technologies Inc.
99 Tata Technologies de Mexico, S.A. de C.V.
100 Cambric Limited
101 Tata Technologies SRL Romania
102 Tata Motors Finance Solutions Limited
103 Tata Motors Finance Limited
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Directors’ To the Members,

The Directors present this Integrated Annual Report of Tata Consultancy Services Limited (the Company or TCS)
Report along with the audited financial statements for the financial year ended March 31, 2022.
To support ‘Green initiative’, the Abridged Integrated Annual Report has been sent to the Members whose e-mail
ids are not registered with the Company / Depositories.
The consolidated performance of the Company and its subsidiaries has been referred to wherever required.
1. Financial results
(` crore)
Standalone Consolidated
Financial Year Financial Year Financial Year Financial Year
2021-22 2020-21 2021-22 2020-21
(FY 2022) (FY 2021) (FY 2022) (FY 2021)
Revenue from operations 1,60,341 1,35,963 1,91,754 1,64,177
Other income 7,486 5,400 4,018 3,134
Total income 1,67,827 1,41,363 1,95,772 1,67,311
Expenses
Operating expenditure 1,14,096 95,653 1,38,697 1,17,631
Depreciation and amortisation expense 3,522 3,053 4,604 4,065
Total expenses 1,17,618 98,706 1,43,301 1,21,696
Profit before finance costs, exceptional item and tax 50,209 42,657 52,471 45,615
Profit before exceptional item and tax 49,723 42,120 51,687 44,978
Exceptional item
Provision towards legal claim - 1,218 - 1,218
Profit before tax 49,723 40,902 51,687 43,760
Tax expense 11,536 9,942 13,238 11,198
Profit for the year 38,187 30,960 38,449 32,562
Attributable to:
Non-controlling interests NA NA 122 132
Opening balance of retained earnings 70,928 71,532 79,586 78,810
Closing balance of retained earnings 68,949 70,928 78,158 79,586
Integrated Annual Report 2021-22 Directors' Report | 82
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2. COVID-19 of `7,768 crore during the year. The Directors (excluding transaction costs, other incidental
have also recommended a final dividend of `22 and related expenses) aggregated to
The COVID-19 pandemic, continued to be a per equity share, the final dividend on equity `38,010 crore, resulting in a payout of
global challenge, creating disruption across the shares, if approved by the Members, would 99.5 percent of the standalone profits of
world. In the first three months of FY 2022, involve a cash outflow of `8,050 crore. The the Company.
the second wave of the pandemic overwhelmed total dividend for FY 2022 amounts to `43
India’s medical infrastructure. Through this per equity share and would involve a total cash For FY 2021, the Company paid a total dividend
trying period, hospitalization support was outflow of `15,818 crore, resulting in a dividend of `38 per equity share, which resulted in an
provided and Covid care centers were opened payout of 41.4 percent of the standalone profits outflow of `14,147 crore and a dividend payout
in TCS facilities in 13 cities to help affected of the Company. of 44.3 percent* of the standalone profits of
associates and their families. This was in
In addition to the above, the Company bought the Company. In addition to the above, the
addition to the medical helplines, self-help and
counseling services provided from the start of back 4,00,00,000 equity shares at a price Company bought back 5,33,33,333 equity
the pandemic. of `4,500 per equity share for an aggregate shares at a price of `3,000 per equity share for
consideration of `18,000 crore. The offer an aggregate consideration of `16,000 crore.
Amid the pandemic, the Company launched a size of the buyback was 21.03 percent and The offer size of the buyback was 19.96 percent
PAN-India vaccination drive for its employees 19.06 percent of the aggregate fully paid-up and 18.11 percent of the aggregate paid-up
and their families to ensure the safety and equity share capital and free reserves as per equity share capital and free reserves as per
well-being of the associates and their families audited condensed standalone interim financial audited condensed standalone interim financial
covering over a million individuals in all, across all statements and audited condensed consolidated statements and audited condensed consolidated
the TCS locations and smaller cities from where interim financial statements of the Company as interim financial statements of the Company as
some of the employees were remote-working. at December 31, 2021, respectively. at September 30, 2020, respectively.
The buyback represented 1.08 percent of the The buyback represented 1.42 percent of the
3. Return of surplus funds to Shareholders
total issued and paid-up equity share capital of total issued and paid-up equity share capital
In line with the practice of returning 80 to the Company as at December 31. 2021. of the Company. The buyback process was
100 percent free cash flow to shareholders The settlement of bids and payment of buyback completed and the shares were extinguished on
and based on the Company’s performance, the consideration was made on March 28, 2022 and January 6, 2021.
Directors have declared three interim dividends the shares were extinguished on
of `7 per equity share aggregating to March 29, 2022. The Dividend Distribution Policy, in terms
`21 per equity share involving a cash outflow of Regulation 43A of the Securities and
The shareholders’ payout with respect to Exchange Board of India (Listing Obligations
*Excluding provision towards legal claim. dividend and buyback including tax on buyback
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and Disclosure Requirements) Regulations, 6. Quality initiatives Controls for Cloud Services), ISO 27018:2019
2015 (“SEBI Listing Regulations”) is available on (Protection of PII in Public Clouds as PII
the Company’s website at https://on.tcs.com/ The Company continues to sustain its Processors) and ISO 27701:2019 (Privacy
Dividend. commitment to the highest levels of quality, Information Management Systems).
superior service management, robust
4. Transfer to reserves information security practices and mature During second wave of the pandemic, the
The closing balance of the retained earnings business continuity management. Company was actively monitoring all customer
of the Company for FY 2022, after all engagements across the globe to minimize
appropriations and adjustments was TCS’ integrated Quality Management System risks and ensure continuity of services. This was
`68,949 crore. (iQMS™) continues to enable outstanding value achieved through daily tracking, digitized
and experience to its customers. iQMS™ is multi-level dashboards and differentiated
5. Company’s performance continually enhanced for new service offerings, governance of critical engagements.
On a consolidated basis, the revenue for emerging delivery methodologies, industry best
FY 2022 was `1,91,754 crore, higher by practices and latest technologies. The customer-centricity, rigor in operations
16.8 percent over the previous year’s revenue and focus on delivery excellence have resulted
of `1,64,177 crore. The profit after tax (“PAT”) TCS successfully completed the annual ISO in sustained high customer satisfaction levels in
attributable to shareholders and non-controlling surveillance audit and has been recommended the periodic surveys conducted by the Company.
interests for FY 2022 and FY 2021 was for continuation of its enterprise-wide This is validated by top rankings in third party
`38,449 crore and `33,520 crore*, respectively. certification. This year, TCS has expanded surveys as well. In these surveys, TCS achieved
The PAT attributable to shareholders for the scope of enterprise certification to the top position in customer satisfaction for
FY 2022 was `38,327 crore* registering include conformance to Privacy Information the ninth consecutive year, with an overall
a growth of 14.8 percent over the PAT of Management Systems Standard satisfaction score of 84 percent compared to
`33,388 crore* in FY 2021. (ISO 27701:2019). TCS’s enterprise ISO the industry average of 75 percent.
certification scope includes conformance to
On a standalone basis, the revenue for FY 2022 the following globally recognized standards: TCS has also received multiple awards from
was `1,60,341 crore, higher by 17.9 percent ISO 9001:2015 (Quality Management), CII and National Institute for Quality and
over the previous year’s revenue of ISO 20000:2018 (IT Service Management), Reliability this year. TCS won the Data Security
`1,35,963 crore. The PAT attributable to ISO 22301:2019 (Business Continuity Council of India (DSCI) Excellence Award 2021
shareholders in FY 2022 was `38,187 crore Management), ISO 27001:2013 (Information in two categories - Best Privacy Practices in
registering a growth of 19.6 percent over the Security Management) and compliance to Organization and Best Security Practices in
PAT of `31,918 crore* in FY 2021. ISO 27017:2015 (Information Security IT-ITes/ BPM (Large).
*Excluding provision towards legal claim.
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7. Subsidiary companies • The name of Postbank Systems AG ii. they have selected such accounting
changed to TCS Technology Solutions AG policies and applied them consistently and
The Company has 52 subsidiaries as on w.e.f. December 27, 2021. made judgments and estimates that are
March 31, 2022. There are no associates or reasonable and prudent so as to give a true
joint venture companies within the meaning • TCS e-Serve America, Inc. was liquidated and fair view of the state of affairs of the
of Section 2(6) of the Companies Act, 2013 w.e.f. December 29, 2021. Company at the end of the financial year
(“Act”). There has been no material change in and of the profit of the Company for that
the nature of the business of the subsidiaries. Pursuant to the provisions of Section 129(3)
period;
of the Act, a statement containing the
• The name of W12 Studios Limited was salient features of financial statements of the iii. they have taken proper and sufficient
changed to Tata Consultancy Services UK Company’s subsidiaries in Form No. AOC-1 care for the maintenance of adequate
Limited w.e.f. May 24, 2021. is attached to the financial statements of the accounting records in accordance with the
Company. provisions of the Act for safeguarding the
• On May 26, 2021, Tata Consultancy assets of the Company and for preventing
Services Netherlands B.V., a 100 percent Further, pursuant to the provisions of Section
and detecting fraud and other irregularities;
subsidiary of the Company, increased 136 of the Act, the financial statements of the
its equity stake to 100 percent in Tata Company, consolidated financial statements along
iv. they have prepared the annual accounts on
Consultancy Services Saudi Arabia on with relevant documents and separate audited
a going concern basis;
acquisition of Saudi Desert Rose Holding financial statements in respect of subsidiaries, are
B.V. available on the Company’s website at v. they have laid down internal financial
https://www.tcs.com/investor-relations. controls to be followed by the Company
• Tata Consultancy Services Ireland Limited, and such internal financial controls are
8. Directors’ responsibility statement
a 100 percent subsidiary of the Company, adequate and operating effectively;
incorporated a wholly owned subsidiary, Pursuant to Section 134(5) of the Act, the
Tata Consultancy Services Bulgaria EOOD Board of Directors, to the best of its knowledge vi. they have devised proper systems to
in Bulgaria on August 31, 2021. and ability, confirm that: ensure compliance with the provisions of all
applicable laws and that such systems are
• TCS Iberoamerica SA, a 100 percent i. in the preparation of the annual accounts, adequate and operating effectively.
subsidiary of the Company, incorporated the applicable accounting standards have
a subsidiary, Tata Consultancy Services Based on the framework of internal financial
been followed and there are no material controls and compliance systems established
Guatemala, S.A. in Guatemala on departures; and maintained by the Company, the work
September 1, 2021.
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performed by the internal, statutory and submitted declarations that each of them meet Manohar Gaitonde is a member of the Institute
secretarial auditors and external consultants, the criteria of independence as provided in of Company Secretaries of India and the
including the audit of internal financial controls Section 149(6) of the Act along with Rules Institute of Chartered Accountants of India.
over financial reporting by the statutory auditors framed thereunder and Regulation 16(1)(b) of He has degrees in Commerce and General Law.
and the reviews performed by management and the SEBI Listing Regulations. There has been He joined TCS in 2006 and has over thirty
the relevant board committees, including the no change in the circumstances affecting their years of experience in finance, governance and
audit committee, the Board is of the opinion status as independent directors of the Company. secretarial functions.
that the Company’s internal financial controls
were adequate and effective during FY 2022. During the year under review, the non- The Board places on record its appreciation
9. Directors and key managerial personnel executive directors of the Company had no for V Ramakrishnan and Rajendra Moholkar
pecuniary relationship or transactions with the for their invaluable contribution and guidance
The Board of Directors at its meeting held on Company, other than sitting fees, commission during their tenure as Chief Financial Officer,
October 8, 2021, subject to approval of the and reimbursement of expenses, if any. and Company Secretary and Compliance Officer,
shareholders, approved the re-appointment respectively.
of Rajesh Gopinathan (DIN 06365813) as the Samir Seksaria took over as the Chief Financial
Chief Executive Officer and Managing Director Officer, with effect from May 1, 2021, in place of Pursuant to the provisions of Section 203 of
of the Company for a further period of five V Ramakrishnan, who retired from the services the Act, Rajesh Gopinathan, Chief Executive
years from February 21, 2022 and of the Company w.e.f. April 30, 2021. Samir Officer and Managing Director,
re-appointment of N Ganapathy Subramaniam Seksaria has been with TCS since 1999 and has N Ganapathy Subramaniam, Chief Operating
(DIN 07006215) as Chief Operating Officer and held various positions in business consulting and Officer and Executive Director, Samir Seksaria,
Executive Director from February 21, 2022 to finance. He is a commerce graduate from Narsee Chief Financial Officer and Pradeep Manohar
May 19, 2024, as per the retirement age policy
Monjee College, Mumbai and a member of the Gaitonde, Company Secretary are the Key
for the Directors of the Company.
Institute of Chartered Accountants of India. Managerial Personnel of the Company as on
N Ganapathy Subramaniam (DIN 07006215) March 31, 2022.
retires by rotation and being eligible, offers During the year under review, the Board at its
himself for re-appointment. A resolution meeting held on October 8, 2021 appointed 10. Number of meetings of the Board
seeking shareholders’ approval for his Pradeep Manohar Gaitonde as the Company
re-appointment along with other required Secretary and Compliance Officer of the Five meetings of the Board were held during
details forms part of the Notice. Company to take over from Rajendra Moholkar the year. For details of meetings of the Board,
as Company Secretary and Compliance Officer, please refer to the Corporate Governance
Pursuant to the provisions of Section 149 with effect from November 1, 2021. Pradeep Report, which is a part of this report.
of the Act, the independent directors have
184 / 522
11. Board evaluation performance of individual directors on the 13. Corporate social responsibility (CSR)
basis of criteria such as the contribution of the
The Board of Directors has carried out an individual director to the board and committee TCS’ CSR initiatives and activities are aligned to
annual evaluation of its own performance, board meetings like preparedness on the issues to the requirements of Section 135 of the Act.
committees, and individual directors pursuant be discussed, meaningful and constructive The brief outline of the CSR policy of the
to the provisions of the Act and SEBI Listing contribution and inputs in meetings, etc. Company and the initiatives undertaken by the
Regulations. Company on CSR activities during the year
At the board meeting that followed the meeting are set out in Annexure I of this report in the
The performance of the board was evaluated of the independent directors and meeting of format prescribed in the Companies (Corporate
by the Board after seeking inputs from all the Nomination and Remuneration Committee, Social Responsibility Policy) Rules, 2014.
directors on the basis of criteria such as the board the performance of the Board, its Committees,
composition and structure, effectiveness of board and individual directors was also discussed. For other details regarding the CSR Committee,
processes, information and functioning, etc. Performance evaluation of independent directors please refer to the Corporate Governance
was done by the entire Board, excluding the Report, which is a part of this report. This Policy
The performance of the committees was independent director being evaluated. is available on the Company’s website at
evaluated by the Board after seeking inputs https://on.tcs.com/Global-CSR-Policy
from the committee members on the basis of 12. Policy on directors’ appointment and
criteria such as the composition of committees, remuneration and other details 14. Internal financial control systems and their
effectiveness of committee meetings, etc. adequacy
The Company’s policy on appointment of
The above criteria are broadly based on the directors is available on the Company’s website The details in respect of internal financial
Guidance Note on Board Evaluation issued by at https://on.tcs.com/ApptDirectors. control and their adequacy are included in the
the Securities and Exchange Board of India Management Discussion and Analysis, which is a
on January 5, 2017. In a separate meeting of The policy on remuneration and other matters part of this report.
independent directors, performance of provided in Section 178(3) of the Act has been
non-independent directors, the Board as a disclosed in the Corporate Governance Report, 15. Audit committee
whole and Chairman of the Company was which is a part of this report and is also available
evaluated, taking into account the views of The details pertaining to the composition of the
on the Company’s website at
executive directors and non-executive directors. Audit Committee are included in the Corporate
https://on.tcs.com/remuneration-policy.
Governance Report, which is a part of this report.
The Board and the Nomination and
Remuneration Committee reviewed the
185 / 522
16. Auditors to frame, implement and monitor the risk 21. Transactions with related parties
management plan for the Company.
B S R & Co. LLP, Chartered Accountants None of the transactions with related parties
(Firm Registration No.101248W/W-100022) The Committee is responsible for monitoring fall under the scope of Section 188(1) of the
the statutory auditors of the Company, will hold and reviewing the risk management plan and Act. Accordingly, the disclosure of related party
office till the conclusion of the twenty-seventh ensuring its effectiveness. The Audit Committee transactions as required under Section
Annual General Meeting of the Company. has additional oversight in the area of financial 134(3)(h) of the Act in Form AOC-2 is not
The Board has recommended the risks and controls. The major risks identified by applicable to the Company for FY 2022 and
re-appointment of B S R & Co. LLP, Chartered the businesses and functions are systematically hence does not form part of this report.
Accountants as the statutory auditors of the addressed through mitigating actions on
Company, for a second term of five consecutive a continuing basis. The development and Pursuant to SEBI Listing Regulations, the
years, from the conclusion of the implementation of risk management policy has resolution for seeking approval of the
twenty-seventh Annual General Meeting been covered in the Management Discussion shareholders on material related party
scheduled to be held in the year 2022 till and Analysis, which forms part of this report. transactions is being placed at the AGM.
the conclusion of the thirty-second Annual 19. Vigil Mechanism
General Meeting to be held in the year 2027, 22. Annual Return
for approval of shareholders of the Company, The Company has a Whistle Blower Policy and
Pursuant to Section 92(3) read with Section
based on the recommendation of the Audit has established the necessary vigil mechanism
134(3)(a) of the Act, the Annual Return
Committee. for directors and employees in conformation
as on March 31, 2022 is available on the
with Section 177(9) of the Act and Regulation
17. Auditor’s report and Secretarial audit report Company’s website at https://on.tcs.com/annual-
22 of SEBI Listing Regulations, to report
return-21-22.
The statutory auditor’s report and the concerns about unethical behavior. This Policy is
secretarial auditor’s report do not contain any available on the Company’s website at 23. Particulars of employees
qualifications, reservations, or adverse remarks https://on.tcs.com/WhistleBP.
or disclaimer. Secretarial audit report is attached The information under Section 197 of the
20. Particulars of loans, guarantees and
to this report as Annexure II. Act read with Rule 5 of the Companies
investments
(Appointment and Remuneration of Managerial
18. Risk management The particulars of loans, guarantees and Personnel) Rules, 2014:
The Board of Directors of the Company investments as per Section 186 of the Act
a. The ratio of the remuneration of each
has formed a Risk Management Committee by the Company, have been disclosed in the
director to the median remuneration of the
financial statements.
186 / 522
employees of the Company and percentage increase in remuneration of each Director, Chief Executive ##
Appointed as Chief Financial Officer
Officer, Chief Financial Officer and Company Secretary in the financial year: w.e.f. May 1, 2021.
###
Relinquished the office of Chief
Name Ratio to median % increase in Financial Officer w.e.f. April 30, 2021.
remuneration remuneration in the
financial year
@
Appointed as Company Secretary and
Non-executive Directors:
Compliance Officer w.e.f. November 1,
2021.
N Chandrasekaran* - - @@
Relinquished the office of Company
O P Bhatt 38.49 8.70
Secretary and Compliance Officer w.e.f.
Aarthi Subramanian# - - October 31, 2021
Dr Pradeep Kumar Khosla 34.64 21.62
$ Since the remuneration is only for part
Hanne Sorensen 34.64 21.62
of the year, the percentage increase in
Keki Mistry 38.49 25.00 remuneration is not comparable and
Don Callahan 34.64 12.50 hence, not stated.
Executive Directors:
Rajesh Gopinathan 396.67 26.52 b. The percentage increase in the median
N Ganapathy Subramaniam 318.52 28.47 remuneration of employees in the financial
Chief Financial Officer year is 4.24 percent
Samir Seksaria## - $
c. The number of permanent employees on
V Ramakrishnan### - $
the rolls of Company are 5,92,195
Company Secretary
Pradeep Manohar Gaitonde@ - $ d. The average annual increase was in the
Rajendra Moholkar@@ - $ range of 5-8 percent in India. However,
during the course of the year, the total
* As a policy, N Chandrasekaran, Chairman, has abstained from receiving commission from the increase is approximately 10.5 percent,
Company and hence not stated. after accounting for promotions and other
#
In line with the internal guidelines of the Company, no payment is made towards commission to the event based compensation revisions.
Non-Executive Directors of the Company, who are in full time employment with any other Tata Employees outside India received a wage
Company and hence not stated. increase varying from 1.5 to 6 percent.
187 / 522
The increase in remuneration is in line 24. Integrated Report environmental, social and governance initiatives
with the market trends in the respective of the Company.
countries. In order to ensure that The Company, has voluntarily provided
remuneration reflects the Company’s Integrated Report, which encompasses both The Company has devised proper systems to
performance, the performance pay is also financial and non-financial information to ensure compliance with the provisions of all
linked to organization performance and enable the Members to take well informed applicable Secretarial Standards issued by the
individual utilization in addition to individual decisions and have a better understanding of Institute of Company Secretaries of India and
performance. the Company’s long term perspective. The that such systems are adequate and operating
Report also touches upon aspects such as effectively.
Increase in the managerial remuneration organisation’s strategy, governance framework,
for the year was 27.38 percent. performance and prospects of value creation 26. Deposits from public
e. The Company affirms that the based on the six forms of capital viz. financial
capital, manufactured capital, intellectual capital, The Company has not accepted any deposits
remuneration is as per the remuneration
human capital, social and relationship capital and from public and as such, no amount on account
policy of the Company.
natural capital. of principal or interest on deposits from public
f. The statement containing names of top was outstanding as on the date of the balance
ten employees in terms of remuneration 25. Disclosure requirements sheet.
drawn and the particulars of employees
as required under Section 197(12) of As per SEBI Listing Regulations, the Corporate 27. Conservation of energy, technology
the Act read with Rule 5(2) and 5(3) Governance Report with the Auditors’ absorption, foreign exchange earnings and
of the Companies (Appointment and Certificate thereon, and the integrated outgo
Remuneration of Managerial Personnel) Management Discussion and Analysis, the
Rules, 2014, is provided in a separate Business Responsibility and Sustainability Report Conservation of energy
annexure forming part of this report. (“BRSR”) form part of the Director’s Report. The Company is committed towards
Further, the report and the accounts are conservation of energy and climate action which
The Company has provided BRSR, in lieu of
being sent to the Members excluding the is reaffirmed in its Environmental Sustainability
the Business Responsibility Report which
aforesaid annexure. In terms of Section Policy (https://on.tcs.com/Environmental-
indicates the Company’s performance against
136 of the Act, the said annexure is open Sustainability).
the principles of the ‘National Guidelines on
for inspection and any Member interested Responsible Business Conduct’. This would
in obtaining a copy of the same may write enable the Members to have an insight into
to the Company Secretary.
188 / 522
Through the reporting year, initiatives were The Company has become carbon neutral Activities that strengthened both brands related
aligned towards achieving these targets. Having across Scope 1 and Scope 2 for its operations in to R&D are specified here. TCS Research as a
already switched over to LED lights across Asia Pacific (APAC), Europe and North America brand, highlights the Company’s ability to invent
all offices in 2020, this year the focus was on (NA) for this reporting year. These efforts with impact, and explore futuristic ideas with
cooling system and UPS efficiencies. Offices helped achieve a year-on-year reduction in the wider academic ecosystem. The TCS PaceTM
with old/inefficient air conditioners were absolute carbon footprint reduction (across brand stands for its innovation capability, by
upgraded to energy efficient and energy star Scope 1 and Scope 2) across TCS’ global which intellectual content is made tangible and
rated cooling systems. Initiatives to optimize operations by 25 percent. The electricity use experiential to customers.
the UPS load included UPS resizing and across India operations reduced by 6.54 percent
switch over to modular UPS. The data center y-o-y. For global operations, there is an increase TCS continues to expand its foundational
PUE of 1.65 was achieved for the corporate in total electricity use (y-o-y) by approx. research in computing and its intersection
data centers at Yantra Park and Siruseri. The 2.7 percent due to increased reporting with the sciences. New areas of research
Company is also incorporating next generation boundary to include operations in NA, APAC, include sensing, digital twins for social systems,
green data center practices with futuristic and Europe and Middle East and Africa (MEA) efficient and robust AI and deep learning,
modular technologies like modular UPS, cold regions. quantum computing and generative design
aisle containment, real time monitoring of for materials, manufacturing and life sciences.
temperature and energy consumption. Continued focus on the above initiatives will Work began with cross-functional teams on
enable steer the Company towards achieving strategic initiatives such as Future of Software
The Company continued to augment the roof its carbon target to reduce its absolute Development and Sustainability. Research on
top solar photo voltaic installations this year Scope 1 + Scope 2 carbon footprint by 70 other strategic initiatives continued.
as well taking the total installed capacity to percent by 2025 over the baseline on 2016 and
10.2 MWp contributing to 3.76 percent of also to become net zero by 2030. More of TCS’ IP based products and platforms
total electricity use in the reporting year. The were made available natively on hyperscaler
Company increased the renewable energy Technology absorption, adaption and cloud platforms. While TCS BaNCS™ suite in
procurement through third party power innovation financial services, TCS Optumera™ and TCS
purchase agreement (PPA) for solar energy at Omnistore™ in retail, TCS HOBS™ in telecom
Research & Development (R&D): Specific and TCS ADD™ in life sciences were made
TCS Siruseri campus and switch over to green
areas in which R&D was carried out by the available on AWS last year, TCS AvianaTM for
tariff for its operations in the states of Karnataka
Company travel customers followed suit this year. TCS’
and Maharashtra. This resulted in an increase in
the renewable energy use to 37.2 percent of Cognitive Plant Operations Adviser (CPOA),
FY 2022 marked the beginning of TCS’ fifth an amalgamation of IP-based solutions for
total electricity use. decade as a research-focused organization.
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manufacturing has also been developed innovation lab at the Letterkenny Global In line with the Company’s belief of building
using Microsoft Azure Cloud capabilities. Delivery Centre, Northern Ireland; Digital greater futures through innovation and
TCS MasterCraftTM is now on the Microsoft Garage Innovation Centre at Sydney; and the collective knowledge, R&I continued to
Azure Marketplace. TCS Clever EnergyTM, TCS All-women Innovation Lab at Riyadh. TCS’ Agile combine know-how and innovation mindset
EnvirozoneTM were launched on Microsoft’s Innovation Cloud (AIC) was adopted by multiple
across the organization by regularly organizing
Azure IoT platform to help organizations gain customers this year.
crowdsourcing initiatives. TCS Innovista
insights into energy usage and reduce waste
and emissions. Many of these products and TCS Co-Innovation Network (TCS COINTM) 2022, attracted 11,970 entries across the
platforms are available on Google Cloud as well. expanded its global footprint with more than 55 organization. TCS secured 4 wins at TATA
TCS also has a rich suite of cloud accelerators active academic partnerships and over 2,600 Innovista 2021. Innovation Champions
rendered on the Google Cloud Garages start-up partners in the network. continued to be active across several accounts
launched at TCS Pace Ports. facilitating TCS customers’ growth and
In keeping with the Company’s commitment transformation journeys. TCS Innovation Forum
The best of TCS’ innovation assets, capabilities, to social responsibility and sustainability,
2021 with sustainability as a theme was held in
and practices were brought to customers TCS Research its continued focus on energy,
seven geographies; many Innovation Days were
through experiential initiatives. The Company’s circularity, and development related projects.
Pace Ports, spaces that connect customers to all Several other initiatives were undertaken: held with customers across industries.
of TCS’ organizational capabilities in innovation, TCS and Glasgow University launched UK
technology and industry expertise, hosted Sustainathon 2021 to empower UK university The ninth season of TCS CodeVita, won the
several events and workshops. TCS Pace Ports students to tackle sustainability challenges Guinness World RecordsTM title for the world’s
are active across geographies. The Company using digital technologies, the winners of which largest computer programming competition
launched a Pace PortTM in Amsterdam formally showcased their idea at the TCS Innovation with 1,36,054 participants from 34 countries.
this year to bring TCS’ ecosystem of partners Forum 2021 in UK. The second edition of TCS
from academia, government institutions, Sustainathon ASEAN 2021 expanded beyond Intellectual property of TCS R&I grew with more
start-ups and technology providers to Singapore to Malaysia and Philippines. It focused than 240 publications presented in
co-innovate with European customers with a on ‘Reimagining Education.’ Sustainathon - The top-tier conferences or published in journals.
focus on sustainability. Balancing Act, a Europe-wide sustainathon in The Company continued to contribute to
alignment with Conference of Parties 26 (COP
‘Powered by Pace’ centres were launched across standards bodies especially in ISO SC7 and
26) and the European Green Deal was also
the globe to help customers leverage SC42 on Software and Systems Engineering
launched in FY 2022.
co-innovation and accelerate digital and Artificial Intelligence, respectively. As of
transformation. These include the digital March 31, 2022, 6,583 patents have been filed
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and 2,287 granted cumulatively by the Company. TCS won CII’s Industrial Expenditure incurred in the R&D centers and innovation centers of TCS
Intellectual Property Awards 2021 for the Best Patents Portfolio in the Large during FY 2022 and FY 2021 are given below:
Enterprises (Information and Communications Technology and Services) (` crore)
category, for the fifth consecutive year. TCS also won the ASSOCHAM IP Expenditure on R&D and Standalone Consolidated
Excellence Award 2021 for the best IP In-House Team of the Year. innovation FY 2022 FY 2021 FY 2022 FY 2021
a. Capital -* 1 -* 1
Future course of action: b. Recurring 337 298 341 302
c. Total R&D expenditure 337 299 341 303
TCS will continue to scale the Patents, Products and Platforms strategy (a+b)
across the organization, harnessing the collective knowledge and creativity of
d. Innovation center 1,841 1,546 1,901 1,614
internal teams and of partners to deliver innovative solutions in support of the expenditure
Company’s pursuit of growth and transformation opportunities and
e. Total R&D and innovation 2,178 1,845 2,242 1,917
longer-term sustainability goals. expenditure (c+d)
Expenditure on R&D: f. R&D and innovation 1.4% 1.4% 1.2% 1.2%
expenditure as a percentage
TCS research and innovation centres are located in India and other parts of total turnover
of the world. These research centres in India, as certified by Department *Represents value less than `0.50 crore.
of Scientific & Industrial Research (DSIR), function from Pune, Chennai,
Bengaluru, Delhi- NCR, Hyderabad, Kolkata and Mumbai. Foreign exchange earnings and outgo
Export revenue constituted 94.0 percent of the total standalone revenue in
FY 2022 (94.0 percent in FY 2021).
(` crore)
Foreign exchange earnings and outgo FY 2022 FY 2021
a. Foreign exchange earnings 1,55,240 1,30,720
b. CIF Value of imports 216 241
c. Expenditure in foreign currency 63,689 54,800
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28. Acknowledgements
The Directors thank the Company’s employees, customers, vendors, investors
and academic partners for their continuous support. The Directors also
thank the Government of India, Governments of various states in India,
Governments of various countries and concerned Government departments
and agencies for their co-operation.
The Directors regret the loss of lives due to COVID-19 pandemic and are
deeply grateful and have immense respect for every person who risked his life
and safety to fight this pandemic.
The Directors appreciate and value the contribution made by every member
of the TCS family.
On behalf of the Board of Directors
N Chandrasekaran
Chairman
DIN No. 00121863
Mumbai, April 11, 2022
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Annexure I
Annual Report on CSR Activities
1. Brief outline on CSR Policy of the Company
The Company believes that all are born with equal potential but not equal opportunity. TCS’ vision is to empower people and communities, building self-reliance through
purpose and technology while ensuring the values of fairness, equity and respect for human rights. The Company remains steadfast in its mission to connect people to
opportunities in the digital economy while building equitable, inclusive pathways for all – especially women, youth and marginalized groups.
TCS, through various CSR initiatives and programs across globe, continues to invest in addressing the most pressing needs of the community. The primary focus areas
are education, skilling, employment and entrepreneurship with a focus on bridging the opportunity gap for people and communities. The Company invests in basic health
and wellness, water sanitation and hygiene, conservation and disaster relief efforts to support the basic needs of communities across the globe.
By applying its resources towards communities that need it the most, TCS ensures equitable access. The Company’s CSR strategy incorporates an inclusive approach
into the design of every program. In India this is aligned to its support of the Government of India’s Affirmative Action Policy and the Tata Group’s Affirmative Action
Program.
With a view to grow the capacity of grassroot organizations and the knowledge base of community issues, TCS also invests in strategic partnerships, research and
insights and in providing pro-bono technology consulting.
To achieve transformational impact, TCS leverages the best of the Company’s capabilities – its intellectual, technology, human and financial capital. TCS aims to create
innovative solutions to societal challenges applying its contextual knowledge while harnessing the expertise of a diverse network of leaders; execute and scale programs
using its technology capabilities; engage its large employee base to volunteer their time, skills and expertise as last-mile connectors and make impact investments in
large scale, sustainable, multi-year programs that empower communities.
The projects undertaken are within the broad framework of Schedule VII to the Act. Details of the CSR policy and projects or programs undertaken by the Company are
available on links given below:
https://on.tcs.com/Global-CSR-Policy
https://www.tcs.com/corporate-social-responsibility
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2. Composition of the CSR committee:
Sr. Name of Director Designation / Nature of Directorship Number of meetings of CSR Number of meetings of CSR
No. Committee held during the year Committee attended during the year
1 N Chandrasekaran Chairman, Non-independent, Non-Executive Director 3 3
2 O P Bhatt Member, Independent, Non-Executive Director 3 3
3 N Ganapathy Subramaniam Member, Non-Independent, Executive Director 3 3
3. Provide the web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the Board are disclosed on the website of the Company
Composition of the CSR committee shared above and is available on the Company’s website at https://www.tcs.com/corporate-governance.
CSR policy - https://www.tcs.com/content/dam/tcs/pdf/CSR/TCS_CSR_Policy.pdf
CSR projects - https://www.tcs.com/corporate-social-responsibility
4. Provide the details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the Companies (Corporate Social Responsibility
Policy) Rules, 2014, if applicable (attach the report).
TCS has been conducting internal impact assessments to monitor and evaluate its strategic CSR programs. The Company takes cognizance of sub-rule (3) of rule 8 of
the Companies (Corporate Social Responsibility Policy) Rules, 2014 and has initiated impact assessment of one CSR project (Tata Translational Cancer Research Center)
through an independent agency. The report is available on the Company’s website at https://on.tcs.com/IAR.
5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social Responsibility Policy) Rules, 2014 and
amount required for set off for the financial year, if any
(` crore)
Sr. No. Financial Year Amount available for set off from preceding financial years Amount required to be set off for the financial year, if any
1 2020-21 11 NIL
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6. Average net profit of the Company as per Section 135(5) of the Act: `35,806 crore
7. (a) Two percent of average net profit of the Company as per Section 135(5) of the Act: `716 crore
(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years : NIL
(c) Amount required to be set off for the financial year, if any : NIL
(d) Total CSR obligation for the financial year (7a+7b-7c) : `716 crore
8. (a) CSR amount spent or unspent for the financial year:

(` crore)
Total Amount Spent for the Amount Unspent
Financial Year Total Amount transferred to Unspent CSR Account Amount transferred to any fund specified under Schedule VII as per second
as per Section 135(6) of the Act proviso to Section 135(5) of the Act
Amount Date of transfer Name of the Fund Amount Date of transfer
727 NIL - - NIL -
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(b) Details of CSR amount spent against ongoing projects for the financial year:
(` crore)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
Sr. Name of the Item from Local area Location of the project Project Amount Amount Amount transferred Mode of Mode of Implementation -
No. Project the list of (Yes/No) duration allocated for spent to Unspent CSR Implementation Through Implementing Agency
activities in State District the project in the Account for the - Direct Name CSR
Schedule current project as per (Yes/No) registration
VII to the financial Section 135(6) number
Act year of the Act
1 Tata Translational (i) Yes West Bengal Kolkata 6 years 54 7 - No Tata Medical CSR00002920
Cancer Research Center Trust
Center
2 BridgeIT - DF (ii) No Mizoram, Aizawl, 5 years 1 -* - No Development CSR00002377
(Project 1) Karnataka Raichur Focus
3 BridgeIT - DF (ii) Yes Karnataka, Raichur, 5 years 3 -* - No Development CSR00002377

(Project 2) Odisha Yadgir, Focus
Gajapati
and
Rayagada
4 BridgeIT – Humana (ii) No Jharkhand Lohardaga 5 years 1 -* - No Humana CSR00000929
and Latehar People to
People India
TOTAL 7
*Represents value less than `0.50 crore.
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(c) Details of CSR amount spent against other than ongoing projects for the financial year:
(1) (2) (3) (4) (5) (6) (7) (8)

Sr. Name of the Project Item from the Local area Location of the project Amount Mode of Mode of implementation - Through
No. list of activities (Yes/ No) spent for implementation implementing agency
in Schedule VII State / Union Territories District the project - Direct Name CSR registration
to the Act (` crore) (Yes/No) number
1 Contribution for Schedule VII (i), (ii), (iv), (v) Yes PAN India 680 No TCS CSR00002960
activities Foundation
2 Healthcare projects (i) No Maharashtra, Ahmedanagar, 15 Yes - -
Kerala, Trissur, Pathanamthitta,
Andhra Pradesh, Tirupati,
Uttar Pradesh Ayodhya
3 Education and skill building projects (ii) Yes PAN India 10 Yes - -
4 Employability training for rural (ii), (iii) Yes PAN India 4 Yes - -
youth
5 Hospital Management System at (i) Yes Tamil Nadu, West Bengal Chennai, Kolkata 2 Yes - -
Cancer Institute and Tata Medical
Centre
6 Adult Literacy Program support (ii) Yes Gujarat, Haryana, Jammu & Ahmedabad, Palwal, Kathua, Latehar, Lohardaga, Mumbai, 1 Yes - -
Kashmir, Jharkhand, Maharashtra, Hyderabad, Rangareddy, South 24 Parganas, Kolkata, West
Telangana, West Bengal Midnapore
7 Jal Jeevan Mission (i) Yes Himachal Pradesh, Uttarakhand, Shimla, Tehri Grehwal, Dehradun, Nashik, Sirohi, Hazaribag, 1 Yes# Tata Community CSR00002739
Maharashtra, Rajasthan, Jharkhand, Dahod, Kamrup rural and Kamrup urban, Dhalai, Tripura Initiatives Trust
Gujarat, Assam, Tripura, Ladakh, West, Leh, Yadgir, Lucknow, Krishna
Karnakata, Uttar Pradesh and
Andhra Pradesh
8 Community transformation projects (ii) (iii) Yes PAN India -* Yes - -

#Jal Jeevan Mission project is being jointly implemented with Tata Community Initiatives Trust, CSR reg. no. - CSR00002739
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(1) (2) (3) (4) (5) (6) (7) (8)

9 goIT - Student Digital Innovation (ii) Yes Andhra Pradesh, Gujarat, Jammu Vizianagaram, Srikakulam, Anantapur, Kadapa, Ahmedabad, -* Yes - -
Program & Kashmir, Karnataka, Kerala, Dahod, Bharuch, Surat, Jammu, Tumkur, Chikkaballapur,
Maharashtra, Odisha, Tamil Nadu, Kolar, Bangalore, Mandya , Shivamogga, Ramanagara
West Bengal, Ladakh ,Dakshina Kannada, Raichur, Ernakulum, Wayanad, Palakkad,
Kochi, Thane, Amravati, Nagpur, Solapur, Wardha, Akola,
Yavatmal, Sangli, Pune, Osmanabad, Chandrapur, Anugul,
Balasore, Bargarh, Bolangir, Boudh, Cuttack, Deogarh,
Dhenkanal, Gajapati, Ganjam, Jajapur, Jharsuguda,
Kalahandi, Kendrapada, Keunjhar, Khordha, Koraput,
Malkangiri, Mayurbhanj, Nabarangpur, Nayagarh, Nuapada,
Phulbani, Puri, Rayagada, Sambalpur, Sonepur, Sundargarh,
Kancheepuram, Kolkata,Purulia, Leh
10 Archaeometallurgical insights on (v) Yes Tamil Nadu Keeladi, Kodumanal, Adichanallur -* No National Institute CSR00007662
ancient excavations of Advanced
Studies
11 IMF - Computational Thining (ii) Yes Andhra Pradesh, Jammu & Kashmir, Chittoor, East Godavari, Guntur, Krishna, Kurnool, Nellore, -* Yes - -
Program Ladakh, Maharashtra, Punjab, Tamil Prakasam, Srikakulam, Vizianagaram, West Godavari,
Nadu, Uttarakhand, West Bengal, Anantapur, Kadapa, Visakhapatnam, Jammu, Poonch,
Karnataka, Madhya Pradesh, Goa, Kupwara, Leh, Thane, Amravati, Nagpur, Ahmadnagar,
Kerala Solapur, Wardha, Raigarh, Akola, Yavatmal, Sangli,
Amritsar, Chennai, Almora, Dehradun, Bankura, Mysore,
Tumkur, Chikkamagalore, Chikmagaluru, Chikkaballapur,
Kolar, Bangalore, Mandya, Ramnagar, Shivamogga, Kolar,
Ramanagara, Dakshina Kannada, Neemuch, North Goa,
South Goa, Ernakulum, Kottayam, Alappuzha
12 Infrastructure support to Hospital (i) Yes Maharashtra Mumbai -* No Society for CSR00003225
Rehabilitation of
Crippled Children
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(1) (2) (3) (4) (5) (6) (7) (8)

13 Scholarship program (ii) Yes Madhya Chhindwara -* No NIIT CSR00000621
Pradesh Foundation
14 Digital Nerve Centre (i) Yes PAN India -* Yes - -
TOTAL 713
(d) Amount spent in Administrative Overheads: `7 crore
(e) Amount spent on Impact Assessment, if applicable: NIL
(f) Total amount spent for the Financial Year (8b+8c+8d+8e) : `727 crore
(g) Excess amount for set off, if any

(` crore)
Sr. No. Particulars Amount
(i) Two percent of average net profit of the Company as per Section 135(5) of the Act 716
(ii) Total amount spent for the Financial Year 727
(iii) Excess amount spent for the financial year [(ii)-(i)] 11
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous financial years, if any NIL
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] 11
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9. (a) Details of Unspent CSR amount for the preceding three financial years:
(` crore)
Sr. Preceding Amount transferred to Amount spent in the Amount transferred to any fund specified under Amount remaining to
No. Financial Year Unspent CSR Account under reporting Financial Schedule VII as per Section 135(6) of the Act, be spent in succeeding
Section 135 (6) of the Act Year if any financial years
Name of the Fund Amount Date of transfer
1 - NIL - - NIL - -
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):
(` crore)
(1) (2) (3) (4) (5) (6) (7) (8) (9)
Sr. Project ID Name of the Project Financial Year in Project Total amount Amount spent on the Cumulative amount Status of the project
No. which the project duration allocated for the project in the reporting spent at the end of - Completed /
was commenced project Financial Year reporting Financial Year Ongoing
1 TTCRC Tata Translational Cancer FY 2016 6 years 54 7 54 Completed
Research Centre
2 BridgeIT BridgeIT - DF (Project 1) FY 2018 5 years 1 -* 1 Ongoing
3 BridgeIT - DF (Project 2) FY 2020 5 years 3 -* 2 Ongoing
4 BridgeIT - Humana FY 2020 5 years 1 -* 1 Ongoing
5 BridgeIT - CADAM (Project 1) FY 2018 5 years 3 -* 2 Ongoing
6 BridgeIT - CADAM (Project 2) FY 2020 5 years 6 -* 2 Ongoing
7 IIIT Setting up of IIIT at Guwahati, FY 2014 Open 29 - 16 Ongoing
Vadodara, Srirangam, Ranchi ended
and Nagpur in PPP mode
TOTAL 7
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10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through CSR spent in the financial year (asset-
wise details)
(a) Date of creation or acquisition of the capital asset(s) : None
(b) Amount of CSR spent for creation or acquisition of capital asset : NIL
(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their address, etc. : Not Applicable
(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the capital asset) : Not Applicable
11. Specify the reason(s), if the Company has failed to spend two percent of the average net profit as per Section 135(5) of the Act: Not Applicable
Rajesh Gopinathan N Chandrasekaran

Chief Executive Officer and Managing Director Chairman, Corporate Social Responsibility Committee
DIN No. 06365813 DIN No. 00121863
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Annexure II
Form No. MR-3
Secretarial Audit Report
for the financial year ended March 31, 2022
[Pursuant to section 204 (1) of the Companies Act, 2013 and Rule No. 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To, Company has during the audit period covering the to the extent of Foreign Direct Investment,
The Members, financial year ended on March 31, 2022, generally Overseas Direct Investment and External
Tata Consultancy Services Limited complied with the statutory provisions listed Commercial Borrowings;
hereunder and also that the Company has proper
We have conducted the secretarial audit of the Board processes and compliance mechanism in place (v) The following Regulations and Guidelines
compliance of applicable statutory provisions and to the extent, in the manner and subject to the prescribed under the Securities and Exchange
the adherence to good corporate practices by Tata reporting made hereinafter: Board of India Act, 1992 (‘SEBI Act’):
Consultancy Services Limited (hereinafter called
“the Company”). Secretarial Audit was conducted We have examined the books, papers, minute books, (a) The Securities and Exchange Board of
in a manner that provided us a reasonable basis forms and returns filed and other records made India (Substantial Acquisition of Shares and
for evaluating the corporate conducts/statutory available to us and maintained by the Company Takeovers) Regulations, 2011;
compliances and expressing our opinion thereon. for the financial year ended on March 31, 2022
according to the applicable provisions of: (b) The Securities and Exchange Board of India
Based on our verification of the Company’s books, (Prohibition of Insider Trading) Regulations,
papers, minute books, forms and returns filed and (i) The Companies Act, 2013 (the Act) and the 2015;
other records maintained by the Company, to the rules made thereunder;
extent the information provided by the Company, its (c) The Securities and Exchange Board of
officers, agents and authorised representatives during (ii) The Securities Contract (Regulation) Act, 1956 India (Issue of Capital and Disclosure
the conduct of secretarial audit, the explanations (‘SCRA’) and the rules made thereunder; Requirements) Regulations, 2018 and
and clarifications given to us and the representations amendments from time to time;
made by the Management and considering the (iii) The Depositories Act, 1996 and the Regulations
relaxations granted by the Ministry of Corporate and Bye-laws framed thereunder; (d) The Securities and Exchange Board of
Affairs and Securities and Exchange Board of India India (Share Based Employee Benefits)
warranted due to the spread of the COVID-19 (iv) Foreign Exchange Management Act, 1999 and Regulations, 2014 and The Securities and
pandemic, we hereby report that in our opinion, the the rules and regulations made thereunder Exchange Board of India (Share Based
202 / 522
Employee Benefits and Sweat Equity) a) Information Technology Act, 2000 and the We further report that:
Regulations, 2021; (Not applicable to the rules made thereunder;
Company during the audit period) The Board of Directors of the Company is duly
b) Special Economic Zones Act, 2005 and the constituted with proper balance of Executive
(e) The Securities and Exchange Board of rules made thereunder; Directors, Non-Executive Directors and Independent
India (Issue and Listing of Debt Securities) Directors. There were no changes in the composition
c) Software Technology Parks of India rules of the Board of Directors that took place during
Regulations, 2008 and The Securities and
and regulations the period under review. The re-appointment of
Exchange Board of India (Issue and Listing
of Non-Convertible Securities) Regulations, Mr. Rajesh Gopinathan as Chief Executive Officer
d) The Indian Copyright Act, 1957
2021; (Not applicable to the Company & Managing Director and Mr. N. Ganapathy
during the audit period) e) The Patents Act, 1970 Subramaniam as Chief Operating Officer & Executive
Director was carried out in compliance with the
(f) The Securities and Exchange Board of India f) The Trade Marks Act, 1999 provisions of the Act.
(Registrars to an Issue and Share Transfer
We have also examined compliance with the Adequate notice was given to all directors to
Agents) Regulations, 1993 regarding the
applicable clauses of the following: schedule the Board Meetings, agenda and detailed
Companies Act and dealing with client;
notes on agenda were sent at least seven days in
(Not applicable to the Company during the (i) Secretarial Standards issued by The advance for meetings other than those held at
audit period) Institute of Company Secretaries of shorter notice, and a system exists for seeking and
India with respect to board and general obtaining further information and clarifications
(g) The Securities and Exchange Board of India
meetings. on the agenda items before the meeting and for
(Delisting of Equity Shares) Regulations,
2009 and The Securities and Exchange meaningful participation at the meeting.
(ii) The Listing Agreements entered into by the
Board of India (Delisting of Equity Shares) Company with National Stock Exchange of As per the minutes, decisions at the Board Meetings
Regulations, 2021; (Not applicable to the India Limited and BSE Limited read with the were taken unanimously.
Company during the audit period) and SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015. We further report that there are adequate systems
(h) The Securities and Exchange Board of India and processes in the Company commensurate with
(Buyback of Securities) Regulations, 2018; During the period under review, the Company has the size and operations of the Company to monitor
complied with the provisions of the Act, Rules, and ensure compliance with applicable laws, rules,
(vi) Other laws applicable specifically to the Regulations, Guidelines, standards etc. mentioned regulations and guidelines etc.
Company namely:- above.
203 / 522
We further report that during the audit period the ‘Annexure A’ 4. Where ever required, we have obtained
following events occurred which had bearing on the the Management Representation about the
Company’s affairs in pursuance of the above referred To, Compliance of laws, rules and regulations and
laws, rules, regulations, guidelines, standards etc. The Members happening of events etc.
The Company has completed buyback of 5. The Compliance of the provisions of Corporate
4,00,00,000 (four crores) fully paid-up equity Our report of even date is to be read along with this and other applicable laws, rules, regulations,
shares of face value of `1 (Rupee One) each (“Equity letter. standards is the responsibility of management.
Shares”), on a proportionate basis, through the Our examination was limited to the verification
Tender Offer route through the Stock Exchange 1. Maintenance of secretarial record is the of procedure on test basis.
mechanism as prescribed under the Securities and responsibility of the management of the
Exchange Board of India (Buy-back of Securities) Company. Our responsibility is to express an 6. The Secretarial Audit report is neither an
Regulations, 2018, at a price of `4,500 (Rupees four opinion on these secretarial records based on assurance as to the future viability of the
thousand five hundred only) per Equity Share. our audit. Company nor of the efficacy or effectiveness
with which the management has conducted the
For Parikh & Associates 2. We have followed the audit practices and affairs of the Company.
Company Secretaries process as were appropriate to obtain
reasonable assurance about the correctness For Parikh & Associates
of the contents of the secretarial records. The Company Secretaries
P. N. Parikh verification was done on test basis to ensure
Partner that correct facts are reflected in secretarial
FCS No: 327 CP No: 1228 records. We believe that the process and P. N. Parikh
Place: Mumbai UDIN: F000327D000062686 practices, we followed provide a reasonable basis Partner
Date: April 11, 2022 PR No.: 1129/2021 for our opinion. FCS No: 327 CP No: 1228
Place: Mumbai UDIN: F000327D000062686
This Report is to be read with our letter of even date 3. We have not verified the correctness and Date: April 11, 2022 PR No.: 1129/2021
which is annexed as Annexure A and Forms an integral appropriateness of financial records and Books
part of this report. of Accounts of the Company.
204 / 522
Management Overview of the Industry globally, with a market share of 2.3%, and has
Discussion and outperformed the market, growing significantly
Analysis The global economy recovered strongly in
CY 2021 even as new variants of the COVID-19
higher than market growth over the last decade.
virus fueled additional waves of the pandemic. Robust Global Market for IT and BPM Services $ Bn
policy support in advanced economies, availability USD Billion
1600
of vaccines and relaxation of pandemic restrictions 1.4x 1,110
800
helped economies bounce back, collectively 795
expanding world output by an estimated 6.1%1. 400
200
Global technology spending grew strongly in 100
2021 to $1.7 trillion2. The primary drivers were 50

accelerated investments in digital transformation and 25.7
10 2.5x
cloud adoption in response to changed consumer 10.2
behaviors and the need for greater operational 0
TCS Revenue $ Bn
resilience. Additionally, there was increased
outsourcing by enterprises looking to free up FY2012 FY2022
financial as well as human resources to execute their

transformation programs. A severe talent scarcity This may be attributed to market share gains
added to the outsourcing imperative. IT services resulting from TCS’ customer-centric strategy
grew 6.2% YoY, crossing $899 billion while BPM and organization structure, a very stable
grew nearly 5% to reach $211 billion. management team, focused investments in
building superior capabilities, better execution
The global IT services industry continues to be resulting greater customer satisfaction, and steadily
a highly fragmented one, with even the largest expanding participation in customers’ growth and
provider having a mid-single digit market share. transformation spends.
TCS is among the largest IT services providers
1
World Economic Outlook, IMF, April 2022
2
Nasscom Strategic Review Report 2022
Integrated Annual Report 2021-22 Management Discussion and Analysis | 107
205 / 522
TCS’ Business Communications, Media and Technology (CMT), to the needs of a broader set of stakeholders in
Manufacturing, Life Sciences and Healthcare and the client organization, and is helping drive a steady
An Overview
Others. The last category includes Energy, increase in the scope and scale of services consumed
TCS is an IT services, consulting and business Resources and Utilities, Public Services and others. year after year, and expand TCS’ share of wallet, as
solutions organization partnering many of the evidenced by the client metrics.
Strategy for Sustainable Growth3
world’s largest businesses in their transformational
journeys for the last 54 years. It has a global Customer-centricity is at the heart of TCS’ At an aggregate level, this strategy has resulted in
presence, deep domain expertise in multiple industry strategy, organization structure and investment deep and enduring customer relationships, a vibrant
verticals and a complete portfolio of offerings – decisions. TCS’ customer-centric worldview helps and engaged workforce, industry-leading profitability,
grouped under consulting and service integration, spot trends early, embrace business opportunities a steady expansion of the addressable market, and
application services, digital transformation services, by making the right investments and mitigating a proven track record in delivering longer term
cloud services, engineering services, cognitive risks while discharging its social and environmental stakeholder value.
business operations, and products and platforms – responsibilities.
Enabling Investments
targeting every C-suite stakeholder. TCS has been broadening and deepening customer
relationships by continually looking for new TCS pioneered4 the use of the word ‘digital’ to
The company leverages all these and its deep
opportunities and newer areas in their businesses describe the new family of technologies that
contextual knowledge of its customers’ businesses
to add value, proactively investing in building newer emerged in the last decade. Quick to recognize the
to craft unique, high quality, high impact solutions
capabilities, reskilling its workforce and launching potential of cloud, the company made investments
designed to deliver differentiated business outcomes.
newer services, solutions, products and platforms to ahead of time in launching new platform-based
These solutions are delivered using its Secure
address those opportunities. business models as far back as in 20095, reskilling
Borderless Workspaces™ (SBWS™) operating
the workforce, research and innovation, building
model which enables a highly distributed, Location In the last few years, the company has been using
collaborative workspaces and innovation centers,
Independent Agile™ delivery. its investments in research and innovation, its
intellectual property, and alliances and partnerships.
TCS geographic footprint covers North America, intellectual property and deep contextual knowledge
Those early investments have given TCS a head start
Latin America, the United Kingdom, Continental of the customer’s business and technology landscape
in participating in its customers’ G&T journeys.
Europe, Asia-Pacific, India, and Middle-East and to proactively pitch ideas and solutions designed
Africa. to improve the client’s topline and help drive Over the last 3 years, TCS has been investing in a
competitive differentiation. network of Pace Ports, co-innovation hubs in all
TCS considers industry verticals as its primary its major markets, to provide a physical space for
go-to-market business segments. The key vertical These growth and transformation (G&T)
clusters are: Banking, Financial Services and engagements are higher value engagements catering 4
Ref AR FY 2012, MD&A, Pages 25, 29
Insurance (BFSI), Retail and Consumer Business, 3
GRI 2-22 5
Ref AR FY 2010, Letter from CEO, Page 7
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TCS teams to engage with clients in ideation, rapid launched in FY 2021, offer customers the full relationship stage – to the existing three dimensions
prototyping and agile development of innovative range of transformational and operational services of TCS’ organization structure: geography, industry
ideas. These hubs also house researchers and on the respective hyperscaler stacks, spanning vertical and service line.
members of TCS’ extended innovation ecosystem advisory services, migration, application and data
of start-ups and academia. Adding to the Pace Ports modernization, including SaaS and enterprise Customer acquisition will continue to be done by
in Tokyo, New York, Pittsburgh and Toronto, the productivity suites, infrastructure, cyber-security and local sales teams in the various markets. Existing
company inaugurated the Pace Port at Amsterdam edge. customers in major markets will continue to be
in May 2021, and a Digital Garage in Sydney in serviced by the same client partners, but the
February 2022. These units have been steadily investing in training, governance layer on top has been realigned. Instead
certifications, credentials and in building solutions of being governed as vertical-wise business groups,
TCS continued to invest in intellectual property, and intellectual property on their respective customers have now been segmented by relationship
launching new variants within the ignio™ suite and hyperscaler stacks. In FY 2022, TCS added TCS stage, and vested with three business groups:
building newer functionality and features in the TCS Omnistore, TCS MasterCraft, 5G Edge Suite, TwinX
BaNCS™ suite, the Algo Retail suite, the TCS ADD and its suite of sustainability solutions – namely TCS  Relationship Incubation Group to manage
suite, HOBS, TwinX, MasterCraft and Jile. Across Clever Energy, TCS IP2 and TCS Envirozone – to the new relationships which require a higher level
each of the industry verticals, the relevant business list of its software products and solutions available on of hand holding and a differentiated, high touch
units launched new service offerings and solutions, the various hyperscaler platforms. TCS also launched delivery;
catering to the evolving needs of the market – Google Cloud Garages for co-innovation leveraging  Enterprise Growth Group to manage
such as the ESG Integration solution suite on all analytics and AI on the cloud, at its Pace Ports in relationships which are in the high growth
three hyperscaler platforms covering EU taxonomy, Amsterdam, New York and Tokyo. phase;
Sustainable IT, Green Mortgage, Carbon Bank and
Cal-C (Carbon Calculator). New Organization Structure  Business Transformation Group to manage
TCS rolled out a new, industry-first organization large and mature relationships.
The company launched Cyber Defense Suite – a
comprehensive suite of modular, quickly adoptable structure at the end of FY 2022 that further The company’s primary reporting segments will
cyber security services on a single platform – to enhances the company’s customer centricity. The continue to be industry verticals and geographic
provide enterprises with a unified 360-degree new model recognizes that customers’ needs vary markets. Existing verticalized governance structures,
visibility and predictive intelligence to proactively and evolve over time as they progress in their the Industry Solution Units (ISUs) and sub-ISUs,
defend and respond against evolving risks. relationship journey with TCS, and enables the will see their portfolios realigned and rationalized
delivery of a curated experience best suited for each under these three business groups. Customers in
TCS’ dedicated practice units around AWS, customer’s current stage in that journey. It does emerging markets will continue to be serviced by
Microsoft Azure and Google Cloud Platform, this by adding a fourth dimension – i.e. customer local country-based organizations.
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The sharper customer focus enabled by the new structure and the resultant curated customer experiences are expected to enhance customer intimacy, facilitate cross-
selling and up-selling, expand share of wallet and prepare the company for the journey ahead.
Strategic Responses to Opportunities and Threats
Opportunity / Threat TCS Approach Outcomes

Greater interest in using technology to drive • Focused on developing contextual knowledge and
•
Expansion of addressable market.
business growth applying that for inside-out transformations.
•
Growing share of G&T business adding to growth.
• Continued investments in research and innovation,

TCS Pace Ports, and intellectual property. •
Higher quality revenue, lending margin resilience.
• Dedicated practice with domain experts to bring

•
More deeply embedded in the clients’ business.
together TCS’ differentiated capabilities from across •
Engaging with a broader set of buyers in the client
the organization to stitch together comprehensive organization.
solutions.
•
Higher visibility within C-Suites.
• Proactive pitching of solutions to customers’ most

pressing business problems.
• New brand tagline ‘Building on Belief’ to strengthen

positioning as a growth and transformation partner.
Accelerated adoption of public cloud • Launched dedicated business units with end to end
•
Strong growth in cloud transformation revenues.
capabilities on each of the hyperscaler platforms.
•
Top tier partner to each of the hyperscalers.
• Continued investment by each of these units in skills,

certifications, credentials, IP and accelerators. • Preferred partner to clients seeking to use cloud

native capabilities to power their growth and
• Articulated the multi-horizon cloud transformation
transformation.
framework.
• Made available TCS products and solutions on public

clouds.
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Opportunity / Threat TCS Approach Outcomes

Greater acceptance of as-a-Service platforms • Strengthened alliances and launched new offerings
•
Stronger win-win partnerships.
around the popular and new SaaS products.
•
Expansion of addressable market.
• Helped ISV* clients upgrade their products to launch

•
Strong growth in SaaS sales.
new SaaS versions.
•
Platforms drive stickier relationships, with long term
• Partnering with product manufacturers to help

revenue visibility.
launch innovative as-a-Service offerings using TCS
Bring Things to Life IoT framework.
TCS IP:
• Launched SaaS versions of in-house product

portfolio; made available on hyperscaler platforms.
• Used IP portfolio to launch new platforms that

bundle IP and shared services on the cloud.
Operations optimization to fund transformation • Launched the Machine First™ Delivery Model,
•
Operations transformation order book of over $1Bn
embedding automation deep within the enterprise to from Cognix since its launch.
drive greater efficiencies.
•
Reputation as a partner who helps structure self-
• Launched the TCS Cognix™ hyper-automation
funding business transformation programs.
suite with pre-built solutions for business and
IT operations transformation.
Pandemic-forced remote working • Launched the Secure Borderless Workspaces™
•
Ensured business continuity on mission-critical
operating model. activities.
• Announced Vision 25x25, heralding a new hybrid
•
Faster ramp-up of new projects.
working model for the longer term.
•
More opportunities for employees, based on skills
• Implemented ‘talent clouds’, staffing projects using
rather than their location.
AI to match skills, regardless of location.
•
More flexible working arrangement, that is more
gender inclusive.
* Independent Software Vendor
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Talent Management •
TCS Vaccination League: A pioneering and one- future business growth. Its technology-enabled,
of-a-kind initiative to vaccinate employees and data-driven, 100% virtual hiring model has enabled
TCS aims to attract, develop, motivate and retain their families across 160 locations in India, in quicker decision making, enhanced agility and scaled
diverse talent, that is critical for its continued success. metros as well as Tier 2/3 cities. well globally, while retaining the local nuances
The company’s talent management strategy seeks required for building a diverse workforce.
to maximize the potential of every employee by Employee Health and Wellbeing
creating a purpose-driven, inclusive, stimulating, and The company remains the preferred employer at
rewarding work environment, delivering outstanding Putting employee safety and wellbeing as a leading engineering campuses in India. Its college
employee experience, while fueling business growth. paramount objective, TCS provided pandemic recruitment efforts in USA, Canada, Latin America,
assistance and outreach through an enhanced China and Hungary have been progressing well,
In FY 2022, TCS made the highest ever net addition hospitalization policy, home health care support with very encouraging outcomes. TCS was one
of 103,546 employees globally, taking the total and access to covid care centers set up at TCS of the largest job creators in IT services in several
employee base to 592,195, with 153 nationalities. facilities in 13 cities. TCS also introduced Emergency major markets, for both freshers and lateral hires.
The company crossed a key diversity milestone, with Medical Assistance, an interest free loan to support In the United States, TCS has hired nearly 32,000
women in the workforce exceeding 200,000 during hospitalization needs during COVID-19. Over employees over the last five years.
the year. Further, TCS was included in the 2022 260,000 wellbeing calls were made to over 48,000
Bloomberg Gender-Equality Index (GEI). associates and dependents, and nearly 100,000 In India, over 789,000 students from over 4,200
teleconsultations were provided to ensure proactive institutes appeared for TCS’ National Qualifier Tests
Industry-Leading Initiatives medical and emotional support. from the safety of their homes. TCS was also among
the biggest recruiters at top B-schools and national
•
SPEED Feedforward: A pioneering initiative that The TCS Vaccination League benefited 1.2 million institutes.
takes TCS’ continuous feedback performance individuals and resulted in over 87% of employees
appraisal system to the next level by providing in India getting fully vaccinated and 95% receiving at Key Achievements:
real time, objective performance data least one dose.
consolidated from various systems in employee’s •
TCS CareersNext – TCS’ interactive platform
goal sheets. Talent Acquisition to enrich the lateral talent pipeline connected
over 51,000 experienced professionals, enabling
•
ReBegin: An initiative for experienced women TCS’ talent acquisition strategy is to identify, engage them to choose from a wide palette of career
professionals to reinvent their career, received and hire the best talent with the right competencies opportunities that matches their passion and
over 14,000 applications. required by the business at the right time to promote skill set.
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•
Highly successful internal referral program TCS recognizes that a diverse and inclusive •
Allies of Diversity - A program where senior
accounted for 30% of total joiners in FY 2022. workforce is necessary to drive innovation, foster leadership from client organizations are invited
creativity, and guide business strategies. This year to share diversity best practices. 24 chapters
•
TCS CodeVita™ – Season 10 of TCS’ flagship TCS reached a significant milestone to become one across 52 different client organizations engaging
global coding contest saw 305K+ registrations of the few organizations in the world employing 58 senior leaders have been completed.
across 85 countries. more than 200,000 women. The company’s focus
has been to enable better representation of women •
The Workplace Coach: A 75-hour internal
•
HackQuest - Sixth edition of TCS’ ethical through sustained interventions at every level. Key coach certification program enabling
hacking contest saw over 5800 active programs include: individuals to become coaches. This supports
participants. individuals within the organization towards
•
iExcel: TCS’ flagship executive leadership ACC certification. So far, 2 cohorts have been
•
TCS Academic Interface Program – Engaged development program for women after which completed, bringing together 212 internal
196,474 students (20,687 outside India) from participants receive project-based mentorship coaches.
1,618 institutes (554 outside India) through from senior leaders and emerging leaders from
workshops and faculty development programs. •
Education and Sensitization: TCS has mandatory
different businesses, generations, and cultures. online DEI training designed to help associates
3,844 interns (414 outside India) on boarded in So far, TCS has had 20 editions of this program, understand the key concepts of DEI and
FY 2022. benefiting 1,290 women leaders. belonging, that 481,000 employees have
Diversity, Equity and Inclusion completed.
•
Project Synthesis: A large-scale initiative with
a multiculturistic approach to teams, clients, Talent Development
TCS is an equal opportunity employer and has
and strategy, to help managers build a deeper
a well-defined and progressive Diversity, Equity TCS is focused on building and developing enduring
understanding of inner diversity and engage
and Inclusion (DEI) policy embracing all diversity capabilities for a future-ready workforce.
with the collective community. 8,682 managers
parameters which includes gender, marital status,
across 37 nationalities have undergone this
religion, race/caste, colour, age, ancestry, nationality, Key initiatives include:
program.
language, ethnic origin, socio-economic status,
physical appearance, disability, sexual orientation, •
The Diversity Maturity Matrix: In-house diversity •
TCS Elevate: TCS’ pioneering program linking
gender identity and/or expression and any other measurement tool aims at identifying gaps learning to career growth and reward covered
category protected by applicable law. and, assesses an organization’s maturity in DEI over 322,000 employees. Over 13,000
provides insights on strategic planning and employees were identified as high talent and
action to increase DEI maturity. received increased compensation.
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•
Contextual Masters (CMs): With a learning Purpose-driven Workforce Policies and career goals in Xcelerate, and mechanisms are
intensity 15% higher than average, CMs are being developed to help them realize their ambitions.
The company’s progressive policies have been
groomed into potential G&T leaders. TCS now
instrumental in creating a vibrant, equitable and iConnect - Collaborative tool designed to help
has over 50,000 CMs, up 169% over the year.
inclusive workplace. In FY 2022, TCS introduced employees reach out to senior mentors for guidance
The community has strong gender diversity,
a Global Guideline on Remote Working to enable on career paths, and have face to face dialogues
with 24% women.
smooth transition into a hybrid work model aligned about their role and career.
•
India Freshers Training: Over 100,000 trainees with Vision 25x25.
Mentoring – TCS is promoting a culture of
were onboarded during the year, the highest TCS was one of the earliest globally to have a mentoring and coaching through systemic
number ever. In addition to the Virtual documented policy on vaccination and a guideline intervention programs, with over 37,000 mentors
Xplore foundational training program, fresher for quarantine leave. Thirty new HR policies including over 1,500 Gold and Silver certified
training was further intensified with 47 digital were created in the areas of health and safety, mentors. Over 10,000 leaders are part of the 360O
technology certifications, daily webinars, weekly compensation and benefits, mobility, leave, inclusive feedback process.
online assessments, and gamified hackathons. performance management, working hours and
Over 200 webinars and post-offer engagement Talent Review – TCS’ program to create and sustain
workplace conduct in response to statutory
sessions were conducted. a healthy leadership pipeline. It enables leaders
amendments, business environment and changing
to share their career aspirations and preferences
workforce needs.
Key Metrics: of mobility, followed by an assessment of their
Other policies of interest like the TCS Global Policy leadership attributes.
•
TCSers invested 121 hours of learning on
– Whistle Blower and Statement on Modern Slavery
average during the year. Exciting Opportunities – Internal platform to publish
Act were revisited, along with 118 other policies
niche and critical requirements to the leadership and
•
3.5 million digital competencies acquired; over to ensure that TCS upholds the highest standards
high potential communities, thereby facilitating talent
171,000 employees deep skilled. of transparency and accountability towards all
mobility. This embodies the company’s philosophy
stakeholders.
•
Every hour, TCS clocked 8,400 course of giving the first right of refusal for all leadership
completions; 3,000 competencies acquired. Talent Transformation positions to internal candidates, thereby enabling
•
One hands-on learning exercise completed better leadership development and building strong
TCS has multiple initiatives to help employees grow
every 8 seconds. organizational loyalty.
in their careers:
•
Over 160,000 G&T-ready and 20,000 G&T Competitive Compensation
Xcelerate - Integrated platform to capture associates’
leaders groomed across all the segments to take aspirations and map them to future opportunities. TCS’ business model depends on its ability to attract
up G&T opportunities. Over 60% of TCSers have shared their aspirations and retain talent in the highly competitive, global
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market for software engineers with graduate or Key Achievements: •

Purpose4life: Forum for volunteering for
post-graduate degrees in engineering and with community projects in the areas of education,
relevant technical skills. •
Radio Maitree: a unique, interactive radio health and environment; over 22,000
program to enhance employee connect saw volunteers contributed to 617,000 volunteering
Compensation levels are merit based, determined participation by over 23,000 employees globally. hours in community initiatives that supported
by qualification, experience levels, special skills if over 353,000 beneficiaries.
any, and individual performance. Compensation •
About 712,000 employee interactions enabled
through focused interventions such as Living my •
Maitree: Community of TCSers and their
structures are driven by prevailing practices in each
Values, Build My Career and Lifelong Learning. families who plan activities that help create a
country that TCS operates in. The merit based,
bond among employees and promote work-life
democratized, transparent talent framework –
•
Leadership Townhalls cumulatively resulted balance.
Elevate, is designed to establish a tighter linkage
between learning, skill development, career and in nearly 590,000 employee interactions •
TCS Cares: Program aimed at creating robust
reward. The company regularly benchmarks its with business leaders on TCS values and avenues to build an emotionally strong and
compensation plans and benefits with the market to organizational belonging. mentally resilient workforce.
ensure competitiveness.
•
Over 22,000 1x1 mentoring sessions and over •
PULSE: TCS’ annual employee engagement
15,000 1x1 HR career conversations. and satisfaction survey is the organization’s
At TCS, three months’ notice is required from either
formal listening forum. Our Annual Employee
side for termination6.
TCS’ various employee connect and collaboration Satisfaction Survey recorded an enthusiastic
Engagement with Purpose platforms are as below: participation from associates globally, with an
ASI of 80.6 and AEI of 81.0 - the highest over
TCS’ Engagement with Purpose model reimagines •
Knome, KnowMax, GEMS: Platforms for social the last 14 years.
employee engagement with a focus on health and collaboration within the organization, learning,
wellbeing, lifelong learning, career development, sharing and for rewards and recognition. Employee Retention
living TCS’ values, social collaboration, and
•
Safety First: Initiative focused on employee TCS has always had the best retention rate in the
community service. A key engagement platform has
safety and security. industry. Its values-driven culture, progressive
been the virtual #OneTCS Channel which hosts
HR policies, and philosophy of investing in people
educative and inspirational speakers to foster a sense •
Fit4life: Builds a fraternity of health and fitness and empowering them have made it an industry
of community. conscious employees and creates a culture of benchmark in talent retention practices. In FY 2022,
fitness’ around 42,000 active users contributed IT services attrition was 17.4% on an LTM basis, the
6
GRI 402-1 a total of 19 million kms on the portal. lowest among its peers.
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FINANCIAL PERFORMANCE OVERVIEW
The discussions in this section relate to the consolidated, Rupee-denominated financial results pertaining to the year that ended March 31, 2022. The financial statements
of Tata Consultancy Services Limited and its subsidiaries (collectively referred to as ‘TCS’ or ‘the Company’) are prepared in accordance with the Indian Accounting Standards
(referred to as ‘Ind AS’) prescribed under section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules, as amended from time to
time. Significant accounting policies used in the preparation of the financial statements are disclosed in the notes to the consolidated financial statements.
The following table gives an overview of the consolidated financial results of the company:
(` crore)
FY 2022 FY 2021 Adjusted* FY 2021 Reported
Revenue % of Revenue % Growth Revenue % of Revenue Revenue % of Revenue
Revenue from operations 191,754 100.0 16.8 164,177 100.0 164,177 100.0
Earnings before interest, tax, depreciation and amortization (EBITDA) (before other 53,057 27.7 14.0* 46,546 28.4 45,328 27.6
income)
Profit Before Tax (PBT) 51,687 27.0 14.9* 44,978 27.4 43,760 26.7
Profit after tax attributable to shareholders of the company 38,327 20.0 14.8* 33,388 20.3 32,430 19.8
Earnings per share (in `) 103.62 16.1* 89.27 86.71
* Excludes provision towards legal claim
Analysis of revenue growth
On a reported basis, TCS’ revenue grew 16.8% in FY 2022, compared to 4.6% in the prior year, due to accelerated spending on digital transformation initiatives, cloud
adoption and increased outsourcing.
Average currency exchange rates during FY 2022 for the three major currencies are given below:
Currency Weightage (%) FY 2022 FY 2021 % Change YoY
` `
USD 53.0 74.61 74.06 0.7
GBP 13.6 101.50 97.32 4.3
EUR 11.8 86.36 86.69 (0.4)
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Movements in currency exchange rates through the year resulted in a positive impact of 1.4% on the reported revenue. The constant currency revenue growth for the year,
which is the reported revenue growth stripped of the currency impact, was 15.4%.
Growth attributable to FY 2022 (%) FY 2021 (%)

Business growth 15.4 (0.8)
Impact of exchange rate 1.4 5.4
Total Growth 16.8 4.6
Segmental Performance
The revenue break-up by Industry Vertical and Geography is provided below:
Others
7.8% Others
Life Sciences
10.8%
and Healthcare
10.7% India
Banking, 5.1%
Financial Services
Manufacturing and Insurance
9.7% 39.2%
Americas
52.2%
Europe
31.9%
Communication,
Media and
Technology Retail and
16.6% Consumer
Business
16.0%
Revenue by Industry Vertical Revenue by Geography

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Segment revenues, year on year growth, a brief commentary and segment margins are provided below:
Industry Vertical Segment Revenue YoY Key Spending Areas Segment Margin
FY 2022 Revenue FY 2022
(FY 2021) Growth (FY 2021)
` crore % %
Banking, Financial Services and 75,126 14.5 •
Customer journey transformation, ecosystem strategies for new 26.9
Insurance (65,634) products and services, fintech adoption. (28.5)
•
Sustainability and climate change initiatives.
•
Regulatory: New credit risk and operational risk mandates, controls
management, consent order management and strategic framework
for risk and finance management.
•
Technology: Cloud adoption, cyber security, IT estate rationalization,
core platform simplification, agile and DevOps adoption.
Communication, Media and 31,874 17.7 • 5G and fiber rollout, network virtualization.
29.9
Technology (27,077) (29.6)
• Data and analytics, cloud enablement, product and platform

engineering.
• M&A, divestitures, business simplification.

• Operating model resilience, cost optimization.

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Industry Vertical Segment Revenue YoY Key Spending Areas Segment Margin
FY 2022 Revenue FY 2022
(FY 2021) Growth (FY 2021)
` crore % %
Retail and Consumer Business 30,715 20.0 •
Seamless and Unified Customer experience across channels, hyper 27.8
(25,589) personalization, last-mile delivery, marketplace, payments. (27.9)
•
Supply chain transformation for speed and visibility.
•
Employee experience, automation, application and data
modernization, cloud migration, cost optimization.
Manufacturing 18,610 16.7 •
IT infrastructure modernization, cloud enablement, cybersecurity. 30.1
(15,950) (28.1)
•
Plant safety, remote asset management, energy efficiency and
decarbonization.
•
Supply chain resilience, process resilience.
•
Utilities invested in connected ecosystems, smart grids and front-end
digital investments to enhance customer experience.
Life Sciences and Healthcare 20,462 20.6 •
COVID-19 initiatives, connected labs, clinical trials, connected 30.0
(16,968) instruments, digital surgery and health. (31.0)
Others 14,967 15.5 •
Digital marketing and analytics, mergers, acquisitions and divestitures, 20.6
(12,959) digital workplace transformation, ERP modernization, cloud (22.9)
transformation, intelligent automation, data democratization, analytics
and insights, cyber security.
• IT operating model transformation, Agile & DevOps, vendor

consolidation.
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Business Outlook  Sustainability: New products and services continue to challenge businesses in every possible
aligned to the sustainability / SDG agenda, way amplifying existing risks. Not only are the nature
Global growth is expected to moderate from 6.1% in new systems to measure, track and reduce of risks evolving, but the speed of risk is increasing
2021 to 3.6 percent in 20227, driven by withdrawal GHG emissions across the value chain with faster time to impact. Geo-political situations
of monetary accommodation in major economies, towards Net Zero goals. like the Russia Ukraine war have further forced
continued supply side shortages and economic global businesses to revisit their operations, delivery,
damage from the war in Ukraine. While enterprise  Others: Employee experience; B2B2C / supply chains and contractual aspects. Operating in
spending on technology is expected to go up, growth D2C; M&A; supply chain modernization an uncertain and ever-changing environment, TCS’
is expected to moderate year on year at an industry for better visibility, agility and resilience; global operations bring in considerable complexities
level, leaving space for outperformance through purpose-driven, collaborative ecosystems and TCS’ robust enterprise risk management
market share gains and strong deal wins. Key themes to launch new offerings and new business framework aids in ensuring the strategic
expected to drive client spending, and continued models; smart manufacturing with greater objectives are achieved. This framework enables
business momentum for the company in FY 2023, automation, digital twins and predictive risk identification, risk assessment, risk response
include: maintenance; industry transformation. planning and actions, risk monitoring and overall risk
governance. Key Risk Indicators are used to identify
 G&T Themes:  Technology: Cloud migration; digital workplace; and assess risks. The digital platform for integrated
data estate and application modernization; cyber risk management provides an enterprise-wide view
 Customer Experience: Continued focus security; ERP modernization; low-code, no-code of risks covering strategic, operational, compliance,
on strengthening and deepening customer adoption; 5G/Edge adoption. financial and catastrophic risks, providing a holistic
relationships through digital channels, approach towards informed decision making. Risks
reimagination of omnichannel journeys,  Operations: AI/ML-led transformation of IT / are assessed and managed at various levels with a
immersive device-agnostic experiences business operations for greater resilience and top-down and bottom-up approach covering the
using XR / Metaverse, and hyper- leaner operating models; managed services enterprise, the business units, the geographies, the
personalization. models. functions, the customer relationships and projects.
 Product Innovation: Accelerated spending Enterprise Risk Management
on servitization to provide a connected
experience and enable new business While the world and businesses are recovering
models. from the impact of the COVID-19 pandemic of
the last two years, new external and internal risks
7
World Economic Outlook, IMF, April 2022
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Listed below are some of the key risks, anticipated impact on the company and mitigation strategies.
Key Risks Impact on the Company Mitigation

Volatile global The company derives a material portion of its revenues • Broad-based business mix, well diversified across geographies and industry verticals.
political and from customers’ discretionary spending which is linked
economic scenario to their business outlook. • Monitor changing geopolitical scenarios, the potential business implications and
strengthen internal controls to further safeguard against secondary risks.
Geo-political disruptions such as the war in Ukraine
and resultant volatility in the global economy, or trade • Offerings and value propositions targeting all stakeholders (in addition to the CIO)
wars may adversely affect that outlook resulting in in the customer organization, covering discretionary as well as non-discretionary
reduced spending which could restrict revenue growth spends, and relevant at every point in the business cycle.
opportunities.
• Participate in the customer’s growth and transformation initiatives through services
This could also result in steep inflation globally which and offerings including advisory services, migration and modernization of applications
could impact client spending as well as increase TCS’ and workplace transformation using location independent agile, deep contextual
cost of doing business. knowledge and data-driven analytics and dashboards.
Additionally, there could be higher risk to service • Proactively investing in infrastructure and resourcing to satisfy anticipated customer
delivery, business continuity, cybersecurity, sanctions demand for flexible products and platforms based solution offerings and subscription-
compliance and human rights risks in geo-politically based services to gain market share and new clients and markets.
sensitive zones.
• More long-term contracting models.
• Leverage business ecosystem through collaboration with partners, start-ups and

alliances to participate in transformation initiatives of customers.
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Disruption and While presently the severity of the disease due • Encourage new employees to get vaccinated as per the country level internal
uncertainty in to COVID-19 has reduced because of increased vaccination policies, government guidelines and including facilitating booster doses as
business due to vaccination, as immunity may wane over a period of available.
the COVID-19 time, there is a risk of further waves and emergence of
pandemic highly transmissible and more virulent variants. • Employee well-being initiatives like 24*7 dedicated helpline for employees to
address COVID-19 related help, queries for emotional support, interactive sessions,
This may have an impact on the health and safety, counseling services (TCS Cares), medical hotline to doctors, fitness sessions for
emotional wellbeing and mobility of TCS’ workforce, employees and Covid Care Centres in TCS premises.
which in turn may impact service delivery and revenues.
If large numbers of employees are affected, it could • Enable employees to return to office while providing flexibility through the hybrid
result in business disruption and necessitate higher work model using Secure Borderless WorkSpaces (SBWSTM) for remote working,
spends for ensuring business resiliency. There could be while following safe protocols like masks and social distancing in offices.
hesitation to come back to office in the near future from
employees who have been working remotely from their • Leverage emerging technology based tools to anticipate and be resilient for any
hometowns. upcoming COVID-19 waves / variants.
• The COVID-19 Apex committee at Enterprise level continues to monitor the residual
risks and coordinate global efforts required, based on frequent risk assessments.
• Regular communication with customers about measures taken to maintain business

services and reporting of their operations status.
• Regular coordination with key suppliers for expeditious provisioning of assets critical
for business services.
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• SOP for operating TCS Offices including implementing Safe Operating Zones for
associates requiring to work from office, thermal screening, frequent sanitization
of premises, social distancing layout etc. AI-based Workplace resilience tool
implemented in Delivery Centres to aid in risk profiling and contact tracing.
• Revised Business Continuity plans which are benchmarked against ISO 22301 in
place, for hybrid mode of working and to address any future waves of the pandemic.
• Remote working practices for managers and employees integrated into the Location
Independent Agile delivery method, to ensure effectiveness and productivity.
• Monitor changes in regulations related to the impact due to pandemic and align
internal policies accordingly.
Talent risk due to The company’s ability to attract, develop, motivate, and • Commitment to organic talent development, best in class learning and development,
huge demand for retain talent is critical to business success. Increase linkage of career growth to learning, and preference to internal talent for new
talent globally and in attrition can impact TCS’ ability to deliver existing leadership positions, all incentivize planning of longer-term careers in TCS.
attrition business engagements and grow.
• Focused tactical initiatives to retain talent using proactive as well as reactive
Inability to attract experienced professionals with initiatives; increased employee engagement.
niche digital skills from the market, can also impact TCS’
ability to grow. • Leveraging top employer brand and social networking sites and talent sourcing
channels to tap into the passive pool.
• Reducing talent acquisition cycle time to improve joining rates through innovative
practices.
• Upskill or cross-skill employees to improve competencies.
• Engaging in various markets through investments in STEM/GoIT programs, building

local talent, building reputation locally to attract talent, campus engagements, etc.
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Restrictions on Distributed software development models require the • Ongoing monitoring of the global environment, working with advisors, partners and
global mobility, free movement of people across countries and any governments.
location strategies restrictions in key markets pose a threat to the global
mobility of skilled professionals. • Material reduction in dependency on work visas through increased hiring of local
talent including freshers, use of contractors, local mobility and training in all major
Restrictions on mobility due to the pandemic or geo- markets.
political developments, or due to legislations which limit
the availability of work visas or which apply onerous • Leveraging the SBWSTM model to source talent from anywhere and deliver from
eligibility criteria or costs leading to project delays and anywhere. Use of Location Independent Agile to promote systematic collaboration
increased expenses. and reduce the need for co-location.
• Active engagement in Science, Technology, Engineering and Math (STEM) initiatives

designed to structurally increase the availability of engineering talent in major
markets.
• Greater brand visibility through event sponsorships, community outreach, showcasing

of investments, innovation capabilities and employment generation.
• Increased outreach to government stakeholders, trade bodies, think tanks and

research institutes.
Business model Rapidly evolving technologies are changing technology • Investments in building scale and differentiated capabilities on emerging technologies
challenges consumption patterns, creating new classes of through large scale reskilling, external hiring, research and innovation, solution
buyers within the enterprise, giving rise to entirely development and IP asset creation leveraging deep contextual knowledge across
new business models and therefore new kinds of customer specific domain, technologies and processes.
competitors.
• Establishment of focused business service units providing end-to-end
transformational and operational solutions on leading cloud technology platforms
spanning advisory, migration and modernization and support of applications.
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The COVID-19 pandemic has resulted in a major • Staying relevant to customers by constantly launching new service practices and
acceleration of technology investments by customers technology solutions including a new AI-Powered business command solution to help
to make themselves future-proof and also to power firms assess risk profiles and protect employees returning to offices and modernizing
the revival of their business. This is resulting in existing offerings and solutions.
increased demands on the company’s agility to keep
pace with the rapidly changing customer expectations. • Develop capabilities in organization divestiture and integration planning to cater to
Failure to cope may result in loss of market share and Merger and Acquisition induced demand for advisory and business consolidation
impact business growth. related services.
There is also increased focus on vendor consolidation • Thought leadership by propagating the Business 4.0 framework leveraging the
and corporate restructuring and mergers and Machine First Delivery Model (MFDMTM). Develop industry-specific best practices and
acquisitions in some customer industries. Artificial Intelligence led products to enable customers derive greater business value
and discover opportunities to transform and grow their businesses.
• Implement Location Independent Agile methods to mitigate location constraints and

pricing and margin pressures.
• Constant scouring of the technology landscape through alliance partnerships, and
strong connections in academia and the start-up ecosystem to spot new trends and
technologies and launch offerings around them.
• Enhancing ability to craft and win large deals.

• Go to market solutions by working along with partners and alliances, to enable faster
transformation turnaround times for clients.
Currency volatility Volatility in currency exchange movements results in • TCS follows a currency hedging policy that is aligned with market best practices,
transaction and translation exposure. TCS’ functional to limit impact of exchange volatility on receivables, forecasted revenue and other
currency is the Indian Rupee. Appreciation of the current assets and liabilities.
Rupee against any major currency could impact the
reported revenue in Rupee terms, the profitability and • Hedging strategies are decided and monitored periodically by the Risk Management
also result in collection losses. Committee of the Board convened on a regular basis.
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Breach of data The focus on data privacy and protection of personal • Global privacy policy covering all geographies and areas of operations, which sets out
protection laws data has increased significantly over the last few the privacy principles and guidance for deployment.
years. Legislations like GDPR in Europe carry severe • Organization structure with the Global Privacy Office to strategise, monitor and guide
consequences for non-compliance or breach. Many deployment of data privacy framework across the enterprise. Data Protection Officers
other countries have enacted or are enacting their and other privacy officers have been appointed for TCS entities as required by local
Data Privacy regulations to ensure protection of privacy regulations to monitor and drive implementation of data protection principles.
personal data. Violation of data protection laws or Business Privacy Leaders are appointed to deploy compliance to the data privacy
security breaches can result in substantive liabilities, framework in all functions and business units.
fines or penalties and reputational impact.
• Privacy Information Management Systems (ISO 27701:2019) adopted and certified.
• Continuous monitoring and analysis of changes to regulatory and legal landscape and
enhancing the data privacy framework.
• Embedding privacy by design and privacy by default principles in development of
new or changed internal processes or services or products. Robust and continued
governance of personal data processing.
• Data protection controls and robust risk response mechanisms in place to protect
personal data in the TCS ecosystem and also in the customer engagements.
• Industry standard data masking and encryption technologies to protect personal data.
• Vendors and third parties contracted with privacy obligations and tracked for
compliance based on risk assessment.
• Mandatory trainings and workshops on data protection, Privacy by Design and global
privacy regulations. Continuous awareness campaigns through blog posts, email
broadcasts, gamification, roadshows and online events.
• Implementing and maintaining data transfer agreements, where required for the
transfer of data across jurisdictions.
• Periodic reviews and audits by independent audit firm to verify compliance to
obligations in addition to internal audits across the ecosystem.
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Cyber attacks Risks of cyber-attacks are forever a threat on account • Advanced tools based on AI/ML aiding prevention and detection requirements with
of the fast-evolving nature of the threat. There is also quarantine capabilities, including Perimeter security controls with advanced tools,
an increased risk due to various pandemic themed enhanced internal vulnerability detection, data leak prevention tools, defined and
cyber threats and attacks due to geo-political drivers. tested incident management and recovery process in compliance with industry best
practices.
In addition to impact on business operations, a security
breach could result in reputational damage, penalties • Continued reinforcement of stringent security policies and procedures including
and legal and financial liabilities. enhanced security measures and awareness building to combat pandemic-themed
threats like phishing, soliciting for fraudulent causes or charities, suspicious pleas and
Market Opportunity: communication through social media, text or calls.
Enterprises are increasing their investments in • Close collaboration with Computer Emergency Response Team (CERT) and other
building cyber resilience to be able to detect and foil private Cyber Intelligence agencies, and enhanced awareness of emerging cyber
intrusion attempts, and limit the impact. This presents threats.
an opportunity to expand customer relationships and
become the preferred cyber security partner. • Enterprise-wide training and awareness programs on Information Security including
the extensively used enterprise-wide communication and collaboration platforms
accessed through mobile or desktop channels.
• Strict access controls including non-persistent passwords (OTP) for secure access to
enterprise applications/network. Special handling of privileged administrator accounts.
Rigorous access management on all Cloud deployments.
• Encryption of data, data back-up and recovery mechanisms for ensuring business
continuity.
• Ability to isolate TCS enterprise network from client network and defined escalation
mechanisms to handle security incidents in client environment.
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• Periodic rigorous testing to validate effectiveness of controls through Vulnerability
Assessment and Penetration Testing.
• Internal and external audits, red teaming, breach and attack simulation.
Market opportunity
• Investments in building local threat management centers across the world, and the
launch of new services and solutions including the Cyber Defense Suite, are helping
TCS gain traction in this rapidly growing opportunity.
Non-compliance As a global organization, the company has to comply • Deployment of a comprehensive global compliance management framework that
to complex and with a complex regulatory landscape across multiple enables tracking of changes to applicable laws and regulations across various
changing global jurisdictions, covering areas such as Employment and jurisdictions, including new countries of operations and functional areas.
regulations Labour, Immigration, Taxation, Foreign Exchange and
Export Control, Sanctions, Environment, Health and • Operationalizing regulatory requirements through business policies and processes.
Safety, Anti-Bribery and Anti-Corruption, Data Privacy
and so on. • Clear accountability for compliance obligations and digitized tracking of such activities
with evidence and verification.
The laws and regulations are continuously evolving,
increasing in number and complexity. This has resulted • Periodic regulatory compliance certification, which is fully digitized enables
in greater compliance risk and cost of compliance for self-governance and covers compliance across all the locations of the company.
the company.
• Adequate and effective internal controls to comply with regulations and to keep a
The fast pace of changes in the regulatory check on unlawful and fraudulent activities and internal audits to provide assurance.
environment requires quick understanding of their
• Strong focus on fostering ethical and compliance culture; Awareness through
implications and adaptation in business operations.
web-based compliance training courses for all staff and regular notifications/alerts
Failure to comply could result in penalties, reputational
on regulatory changes communicated to stakeholders.
damage and criminal prosecution.
• Strong governance at board, executive and management level through compliance
committees and compliance working groups.
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Intellectual Property Risk of infringement of third-party IPs by TCS may lead • TCS has established an industry leading IP management framework (IP 4.0) and
(IP) infringement to potential liabilities, increased litigation and impact accordingly has institutionalized frameworks, processes and procedures that address
and leakage reputation. the risk of infringement of third-party IP while ensuring safeguarding of TCS’ own IP
assets. This strong focus on IP-led growth driven based on the 3P (Patents, Products
Inadequate protection of TCS’ IP may lead to loss of IP and Platforms) strategy is contributing significantly towards thinning the competition
leading to potential loss of ownership rights, revenue for TCS.
and value.
• TCS has established a centralized IP and Software Product Engineering group that
strives to build an IP thinking culture and hence covering the IP related awareness
aspects effectively.
• There is a well-defined (software) asset lifecycle governance framework that

incorporates policy guidance and risk mitigation guidelines on IP, Legal, software
product engineering and business-related risks.
• IP Governance program that ensures that there is right access and right use of TCS
IP, customer IP, partner IP, and third-party IP in service and partner engagements.
• Other key controls include employee confidentiality agreement, training and

awareness for IP protection and prevention of IP contamination and infringement.
Digitized system to enable strict controls around movement of people and
information across TCS’ product teams and customer account teams.
• Technology inventions are celebrated in TCS by running special programs such as

“Invent & Inspire” wherein top inventors and their invention stories are recognized for
their success and impact on business.
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Litigation risks Given the scale and geographic spread of the • Strengthening internal processes and controls to adequately ensure compliance with
company’s operations, litigation risks can arise from contractual obligations, information security and protection of intellectual property.
commercial disputes, perceived violation of intellectual
• Improved governance and controls over immigration process /increasing localization
property rights and employment related matters.
and sensitization of business managers.
TCS’ rising profile and scale also makes it a target to
litigations without any legal merit. This risk is inherent • Potential disputes are promptly brought to the attention of management and dealt
to doing business across the various countries and with appropriately.
commensurate with risk faced by other players similarly • Team of in-house counsels in all major geographies and a network of reputed global
placed in the industry. In addition to incurring legal law firms in countries it operates in.
costs and distracting management, litigations garner
negative media attention and pose reputation risk. • Robust mechanism to track and respond to notices as well as defend the company’s
Adverse rulings can result in substantive damages. position in all claims and litigation.
Sustainability Risks Growing scientific evidence indicates that extreme • An environmentally sustainable approach is adopted by creating green policies,
- Climate change weather conditions like intense winter storms, rainfall, processes, frameworks and infrastructure. All TCS Centers globally continue to be
and Environmental cyclones, droughts, are attributable to climate change. certified under the ISO14001:2015 Environment Management Standard.
aspects9 As a result of changing weather and seasonal patterns,
• Delivery centers designed to withstand extreme weather events. Business Continuity
there are also increasing cases of seasonal diseases,
plans tested periodically to ensure effectiveness.
epidemics and pandemics besides threat to human
safety and business disruption. • Green buildings, efficient operations, green IT, the use of renewable energy to reduce
carbon footprint; adoption of newer technologies and methods to manage waste in
With globally distributed operations, the company line with circular economy principles.
faces physical risks to life and property due to extreme
• Operational and engineering controls to minimize freshwater consumption,
weather events; transition risks resulting from
upgradation of water infrastructure and more water efficient systems.
disruptions in the market and emerging regulations;
disruptions to operations due to water scarcity; risks of • Water management through sewage treatment, recycling of treated water and
rainwater harvesting.
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inadvertent non-compliance to emerging regulatory • Supply Chain sustainability through responsible sourcing.
requirements around circular economy, e-waste and
solid waste regulations, impacting health and safety in • Year-round associate engagement on environmental awareness and sensitizing them
local communities, business disruption and reputational towards nature and conservation of resources.
damage.
• Initiatives like TCS Circle4Llife™ and sustainathons to come up with technology-led
Market dimension and opportunity: innovations to safeguard environment.
• There is also a commercial opportunity to Market dimension and opportunity:

participate in customers’ climate change mitigation
journey by leveraging TCS’ core competencies. • As enterprises look to reduce their own carbon footprint and cater to the growing
demand more environmentally friendly products and services, it opens up new
• As TCS moves towards its net-zero goal by business opportunities for TCS to provide technology-led solutions to help them
2030, being a socially responsible and purposeful realize their green plans.
organization brings opportunities to attract young
talent. • Key solution areas include designing sustainability strategy, sustainability innovation,
sustainable consumer analytics and sustainable dashboards.
• Additionally, TCS products and solutions such as TCS Clever Energy™, Envirozone™,
ESG integration Solution, help customers accelerate their sustainability journeys.
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Internal Financial Control Systems and their of power with authority limits for approving international practice, the conduct of internal audit is
Adequacy contracts as well as expenditure. Processes for oriented towards the review of internal controls and
formulating and reviewing annual and long-term risks in the company’s operations such as software
TCS has aligned its current systems of internal business plans have been laid down. TCS uses a delivery, accounting and finance, procurement,
financial control with the requirement of Companies state-of-the-art enterprise resource planning (ERP) employee engagement, travel, insurance, IT
Act 2013, on the lines of the globally accepted system that connects all parts of the organization, processes, including most of the subsidiaries and
risk-based framework issued by the Committee of to record data for accounting, consolidation and foreign branches.
Sponsoring Organizations (COSO) of the Treadway management information purposes. It has continued
Commission. The Internal Control – Integrated its efforts to align all its processes and controls with TCS also undergoes periodic audit by specialized
Framework (the 2013 framework) is intended global best practices. third party consultants and professionals for business
to increase transparency and accountability specific compliances such as quality management,
in an organization’s process of designing and TCS management assessed the effectiveness service management, information security, etc.
implementing a system of internal control. The of the company’s internal control over financial The audit committee reviews reports submitted by
framework requires a company to identify and reporting (as defined in Regulation 17 of SEBI LODR the management and audit reports submitted by
analyze risks and manage appropriate responses. The Regulations 2015) as of March 31, 2022. internal auditors and statutory auditors. Suggestions
company has successfully laid down the framework for improvement are considered and the audit
and ensured its effectiveness. B S R & Co. LLP, the statutory auditors of TCS have committee follows up on corrective action. The
audited the financial statements included in this audit committee also meets TCS’ statutory auditors
TCS’ internal controls are commensurate with its annual report and have issued an attestation report to ascertain, inter alia, their views on the adequacy
size and the nature of its operations. These have on the company’s internal control over financial of internal control systems and keeps the board
been designed to provide reasonable assurance reporting (as defined in section 143 of Companies of directors informed of its major observations
with regard to recording and providing reliable Act 2013). periodically.
financial and operational information, complying
with applicable statutes, safeguarding assets from TCS has appointed Ernst & Young LLP to oversee Based on its evaluation (as defined in section 177
unauthorized use, executing transactions with and carry out internal audit of its activities. The audit of Companies Act 2013 and Regulation 18 of SEBI
proper authorization and ensuring compliance with is based on an internal audit plan, which is reviewed LODR Regulations 2015), TCS’ audit committee
corporate policies. TCS has a well-defined delegation each year in consultation with the statutory auditors has concluded that, as of March 31, 2022, the
and approved by the audit committee. In line with company’s internal financial controls were adequate
and operating effectively.
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Performance Trend – 10 years

Amounts in ` Crore
Ind AS Indian GAAP
FY 2022 FY 2021* FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015#
FY 2015 FY 2014 FY 2013
Revenue from operations
Total revenue from operations 191,754 164,177 164,177 156,949 146,463 123,104 117,966 108,646 94,648 94,648 81,809 62,989
Revenue by geographic segments
Americas 100,072 84,278 84,278 82,000 77,562 66,145 66,091 60,011 51,053 51,053 45,259 35,247
Europe 61,142 52,346 52,346 48,037 43,456 34,155 30,038 29,092 26,730 26,730 23,433 16,813
India 9,805 8,449 8,449 8,964 8,393 7,921 7,415 6,729 6,108 6,108 5,488 4,890
Others 20,735 19,104 19,104 17,948 17,052 14,883 14,422 12,814 10,757 10,757 7,629 6,039
Cost
Employee cost 107,554 91,814 91,814 85,952 78,246 66,396 61,621 55,348 48,296 50,924 40,486 31,922
Other operating cost 31,143 25,817 27,035 28,888 28,711 24,192 24,034 22,621 19,242 19,242 16,170 13,027
Total cost (excluding interest & depreciation) 138,697 117,631 118,849 114,840 106,957 90,588 85,655 77,969 67,538 70,166 56,656 44,949
Profitability
EBITDA (before other income) 53,057 46,546 45,328 42,109 39,506 32,516 32,311 30,677 27,110 24,482 25,153 18,040
Profit before tax 51,687 44,978 43,760 42,248 41,563 34,092 34,513 31,840 28,437 25,809 25,402 18,090
Profit after tax attributable to shareholders of the 38,327 33,388 32,430 32,340 31,472 25,826 26,289 24,270 21,912 19,852 19,164 13,917
Company
Financial Position
Equity share capital 366 370 370 375 375 191 197 197 196 196 196 196
Reserves and surplus 88,773 87,014 86,063 83,751 89,071 84,937 86,017 70,875 52,499 50,439 48,999 38,350
Gross block of property, plant and equipment 30,300 28,658 28,658 26,444 24,522 22,720 20,891 19,308 16,624 16,624 13,162 10,996
Total investments 30,485 29,373 29,373 26,356 29,330 36,008 41,980 22,822 1,662 1,662 3,434 1,897
Net current assets 65,959 66,076 65,125 63,177 70,047 63,396 65,804 47,644 30,726 28,495 27,227 19,734
Earnings per share in `
EPS - as reported 103.62 89.27 86.71 86.19 83.05 134.19 133.41 123.18 111.87 101.35 97.67 70.99
EPS - adjusted for Bonus Issue 103.62 89.27 86.71 86.19 83.05 67.10 66.71 61.59 55.94 50.68 48.84 35.50
Headcount (number)
Headcount (including subsidiaries) as on March 31st 592,195 488,649 488,649 448,464 424,285 394,998 387,223 353,843 319,656 319,656 300,464 276,196
Note : The Company transitioned into Ind AS from April 1, 2015.
# Excluding the impact of one-time employee reward.
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Overview of Funds Invested

Funds invested exclude earmarked balances with banks and equity shares measured at fair value through other comprehensive income. (` crore)
FY 2022 FY 2021 FY 2022 FY 2021 FY 2022 FY 2021

Current Non-current Total funds invested
Investments in mutual funds, Government securities
30,262 29,160 187 175 30,449 29,335
and others
Deposits with banks 15,784 3,848 1,232 719 17,016 4,567
Inter-corporate deposits 6,074 11,229 303 27 6,377 11,256
Cash and bank balances 2,211 5,272 - - 2,211 5,272
Total 54,331 49,509 1,722 921 56,053 50,430
Total invested funds include `1,722 crore and `1,306 crore for FY 2022 and FY 2021, respectively, pertaining to trusts and TCS Foundation held for specified purposes.
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Ratio Analysis – 10 years
Ratio Analysis Ind AS Indian GAAP
Unit FY 2022 FY 2021* FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015# FY 2015 FY 2014 FY 2013
Ratios - Financial Performance
Employee Cost / Total Revenue % 56.1 55.9 55.9 54.8 53.4 53.9 52.2 50.9 51.0 53.8 49.5 50.7
Other Operating Cost / Total Revenue % 16.2 15.7 16.5 18.4 19.6 19.7 20.4 20.9 20.4 20.3 19.8 20.7
Total cost (excluding interest & depreciation) / % 72.3 71.6 72.4 73.2 73.0 73.6 72.6 71.8 71.4 74.1 69.3 71.4
Total Revenue
EBITDA (Before Other Income) / Total Revenue % 27.7 28.4 27.6 26.8 27.0 26.4 27.4 28.2 28.6 25.9 30.7 28.6
Profit Before Tax / Total Revenue % 27.0 27.4 26.7 26.9 28.4 27.7 29.3 29.3 30.0 27.3 31.1 28.7
Tax / Total Revenue % 6.9 7.0 6.8 6.2 6.8 6.7 6.9 6.9 7.2 6.6 7.4 6.4
Effective Tax Rate - Tax / PBT % 25.6 25.5 25.6 23.2 24.1 24.1 23.6 23.6 23.5 23.7 23.9 22.2
Profit After Tax / Total Revenue % 20.0 20.3 19.8 20.6 21.5 21.0 22.3 22.3 23.2 21.0 23.4 22.1
Ratios - Growth
Total Revenue % 16.8 4.6 4.6 7.2 19.0 4.4 8.6 14.8 15.7 15.7 29.9 28.8
EBITDA (Before Other Income) % 14.0 10.5 7.6 6.6 21.5 0.6 5.3 25.3 7.8 (2.7) 39.4 25.0
Profit After Tax % 14.8 3.2 0.3 2.8 21.9 (1.8) 8.3 22.3 14.3 3.6 37.7 33.6
Ratios - Balance Sheet
Debt (excluding lease liabilities) - Equity Ratio Times - - - - - 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Current Ratio Times 2.6 3.0 2.9 3.3 4.2 4.6 5.5 4.1 3.9 2.4 2.7 2.7
Days Sales Outstanding (DSO) in ` terms Days 65 67 67 71 68 74 70 81 79 79 81 82
Days Sales Outstanding (DSO) in $ terms Days 64 68 68 67 69 74 73 80 78 78 82 82

#Excluding the impact of one-time employee reward.
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Ratio Analysis Ind AS Indian GAAP
Unit FY 2022 FY 2021* FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015# FY 2015 FY 2014 FY 2013
Invested Funds / Capital Employed % 57.4 52.6 53.1 47.7 55.2 55.6 55.8 45.8 42.3 43.9 44.0 37.2
Capital Expenditure / Total Revenue % 1.5 1.9 1.9 2.0 1.5 1.5 1.7 1.8 3.1 3.1 3.8 4.2
Operating Cash Flows / Total Revenue % 20.8 23.6 23.6 20.6 19.5 20.4 21.4 17.6 20.5 20.5 18.0 18.4
Free Cash Flow / Operating Cash Flow Ratio % 92.6 91.9 91.9 90.5 92.5 92.8 92.3 89.7 84.8 84.8 78.9 77.3
Depreciation of Property, Plant and Equipment % 9.1 8.7 8.7 8.6 8.5 9.1 9.5 10.0 11.7 11.7 10.6 10.2
(PPE) / Average Gross Block of PPE
Ratios - Per Share
EPS - adjusted for Bonus ` 103.62 89.27 86.71 86.19 83.05 67.10 66.71 61.59 55.94 50.68 48.84 35.50
Price Earning Ratio, end of year Times 36.1 35.6 36.6 21.2 24.1 21.2 18.2 20.4 22.8 25.1 21.8 22.1
Dividend Per Share ` 43.00 38.00 38.00 73.00 30.00 50.00 47.00 43.50 79.00 79.00 32.00 22.00
Dividend Per Share - adjusted for Bonus ` 43.00 38.00 38.00 73.00 30.00 25.00 23.50 21.75 39.50 39.50 16.00 11.00
Market Capitalisation / Total Revenue Times 7.1 7.2 7.2 4.4 5.1 4.4 4.1 4.6 5.3 5.3 5.1 4.9

#Excluding the impact of one-time employee reward.
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Corporate I. Company’s Philosophy on Corporate In addition, the Company has adopted a Code of
Governance Governance Conduct for its non-executive directors which
Report Effective corporate governance practices
includes Code of Conduct for Independent
Directors that suitably incorporates the duties
constitute the strong foundation on which of independent directors as laid down in the
successful commercial enterprises are built to Companies Act, 2013 (“the Act”).
last. The Company’s philosophy on corporate
governance oversees business strategies and The Company’s corporate governance
ensures fiscal accountability, ethical corporate philosophy has been further strengthened
behaviour and fairness to all stakeholders through the Tata Business Excellence Model,
comprising regulators, employees, customers, the TCS Code of Conduct for Prevention of
vendors, investors and the society at large. Insider Trading and the Code of Corporate
Disclosure Practices (“Insider Trading Code”).
Strong leadership and effective corporate The Company has in place an Information
governance practices have been the Company’s Security Policy that ensures proper utilization of
hallmark inherited from the Tata culture and IT resources.
ethos. The Company is in compliance with the
requirements stipulated under Regulation 17
The Company follows the Tata Group philosophy
to 27 read with Schedule V and clauses (b) to (i)
of building sustainable businesses that are
and (t) of sub-regulation (2) of Regulation 46 of
rooted in the community and demonstrate care
Securities and Exchange Board of India (Listing
for the environment. Being a part of the
Obligations and Disclosure Requirements)
Tata Group, which epitomizes sustainability,
Regulations, 2015 (“SEBI Listing Regulations”),
TCS has inherited a strong legacy of fair and
as applicable, with regard to corporate
transparent ethical governance, as embodied in
governance.
the Tata Code of Conduct (TCoC).
The details of TCS’ board structure and
The Company has adopted a Code of Conduct the various committees that constitute the
for its employees including the Managing governance structure1 of the organization are
Director and the Executive Directors. covered in detail in this report.
1
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Integrated Annual Report 2021-22 Corporate Governance Report | 137
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The various material aspects of corporate governance and TCS’ approach to them Material Topic TCS’ Approach
are discussed in the table below: 2
Board effectiveness is further improved by ensuring that none of the
directors holds directorships in more than seven listed entities, and
Material Topic TCS’ Approach none of the executive directors serve as an independent director on
Board Board effectiveness is enhanced by setting a high bar in selecting the Boards of more than three listed entities.
effectiveness, the right mix of individuals to serve on the Board, with the right
TCS’ governance philosophy around minority shareholders’ interests
independence qualifications, expertise and experience, who can collectively
is guided by the TCoC which emphasizes fairness and transparency to
and protection serve the best interests of all stakeholders, maintain board and
all stakeholders. Further a qualified, diverse and independent Board
of minority management accountability and drive corporate ethics, values and
ensures that minority shareholders’ interests are protected.
shareholders’ sustainability. Profiles of Board members are available at
interests https://www.tcs.com/ir-corporate-governance TCS strives to reduce information asymmetry through transparency,
extensive disclosures and detailed commentary of the demand
For greater diversity of opinions and perspectives within the Board,
environment and the state of the business, and material
the Nomination and Remuneration Committee2 has fostered diversity
developments. The Company provides a variety of channels including
in terms of backgrounds, areas of expertise and:
a structured global investor outreach program, through which
• Gender: 2 of the 9 (22.2 percent) members are women. minority shareholders can interact with the management or the
Board.
• ationality: 3 nationalities represented – Indian, American and
N
Danish. Shareholders can communicate concerns and grievances to the
Company Secretary’s office through a well-publicized channel, where
• Industry: Technology, Banking, Energy, Transportation and complaints are tracked to closure. The Stakeholders’ Relationship
Academia. Committee oversees the redressal of these complaints.
TCS’ policy on Appointment of Directors and Board Diversity can be
found at https://on.tcs.com/appointment-BoD.
Board independence is ensured by having an independent majority,

with 5 independent directors out of 9 i.e., 55.6 percent. None of the
independent directors is related to each other, or to the
non-independent directors. Average tenure of independent directors
is 5 years.
2
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34 5 6
Material Topic TCS’ Approach Material Topic TCS’ Approach

Avoidance of Chairmanship4 of the Board is a non-executive position, and separate Customers are made aware of the TCoC principles in contract
conflict of interest3 from that of the Chief Executive Officer and Managing Director discussions, and through inclusion of specific clauses in proposals and
(CEO and MD). contracts.
TCoC5 for non-executive directors, and for independent directors, Employees can raise ethics concerns on Ultimatix – the intranet
carries explicit clauses covering avoidance of conflict of interest. portal of the Company, which are investigated and tracked to closure
Likewise, it explicitly prohibits any employee – including the by the HR department. Employees and other stakeholders can also
Managing Director and executive directors – from accepting any report any non-compliance to the TCoC or to the laws of the land by
position of responsibility, with or without remuneration, with any senior executives directly to the Chairman of the Audit Committee
other organization without TCS’ prior written approval. For executive under the Whistle blower Policy without fear of retaliation.
directors and the Managing Director, such approval must be obtained Information about these channels is communicated to employees as
from the Board. part of the mandatory training modules.
Values, Ethics and Over the last five decades, TCS has consistently demonstrated Compliance to laws of the countries in which we operate, as well as
compliance6 very principled conduct and has earned its reputation for trust and global legislation such as Foreign Corrupt Practices Act, Bribery Act,
integrity while building a highly successful global business. 2010 is monitored through formal compliance procedures led by
The Company’s core values are: Leading Change, Integrity, Respect the corporate compliance office. Changes to legislation are closely
for the Individual, Excellence, and Learning and Sharing. monitored, risks are evaluated and effectively managed across our
The TCoC serves as a moral guide and a governing framework for operations.
responsible corporate citizenship. It sets out guidelines on various
Governance, Risk and Compliance are overseen by the Chief
topics including respect for human rights, prohibition of bribery and
Compliance Officer, Chief Risk Officer and the Chief HR Officer who
corruption, recognition of employees’ freedom of association, and
report to the Chief Operating Officer and Executive Director
avoidance of conflicts of interest.
(COO and ED), and CEO and MD respectively. At the apex level,
Every employee is required to sign the TCoC at the time of joining the Audit Committee headed by an Independent Director oversees
the Company. Annual refresher courses are mandated to ensure compliance to the TCoC, Anti-Bribery and Anti-Corruption Policy
continued awareness of the Code. Further, frequent communications and Gift and Hospitality Policy. and to external regulations.
from the leadership reiterate the importance of the company values
and the TCoC.
3
GRI 2-15
4
GRI 2-11
5
https://www.tcs.com/tata-code-of-conduct
6
GRI 2-12
237 / 522
7 8
Material Topic TCS’ Approach Material Topic TCS’ Approach

Tax Strategy7 TCS is committed to comply with the applicable laws and regulations, Board Oversight TCS’ approach to sustainable growth is built on the belief that it
and believes in reporting to the respective tax authority, relevant of Sustainability can expand its business by creating longer term value for all its
information that is complete and accurate, in a timely manner. Matters8 stakeholders, including employees, customers, suppliers and local
communities, while also valuing the environment. The various
TCS does not engage in aggressive and contrived tax planning or sustainability topics material to TCS are overseen by the relevant
tax structuring for the purpose of gaining tax advantages. TCS’s tax Board committees, as outlined below:
policy is to optimize the tax cost, avail tax incentives where available,
while achieving 100 percent compliance with the spirit as well as
Material Sustainability Topics Board Committee
the letter of the tax laws and regulations in all countries in which
it operates. Compliance is achieved through a robust compliance Financial reporting, robustness of internal Audit Committee
reporting and monitoring process, with a strong governance on controls, auditor remuneration, compliance to
minimizing the tax risk. TCS has zero tolerance towards tax evasion, policies around insider trading, whistle blower,
or the facilitation of tax evasion, by itself or by its employees or ethics and Tata Code of Conduct
vendors. Risk management policy and plan, Risk Management
TCS maintains open and collaborative relationships with governments management of foreign exchange risks, Committee
and tax authorities worldwide. Where appropriate, TCS seeks advance cyber security risks, data privacy risks and
clearance from tax authorities on the proposed tax treatment of intellectual property infringements risks
transactions, helping pre-empt future disputes. Recommend composition of Board and its Nomination and
committees, appointment/re-appointment of Remuneration
directors and KMP, evaluation of the performance Committee
of the Board, Committees and Directors
Health and safety at the workplace, Stakeholders’
shareholder grievances and other Relationship
sustainability initiatives Committee
Community initiatives and Corporate Social Corporate Social
Responsibility compliance Responsibility
Committee
7
GRI 207-1
8
GRI 2-12, GRI 2-14
238 / 522
Material Topic TCS’ Approach • who are the Executive Directors serves as independent directors in
more than three listed entities.
Succession TCS’ philosophy of empowering employees, its industry-leading
planning talent retention, and a decentralized organization structure that
Necessary disclosures regarding Committee positions in other public
devolves executive decision-making across over 150 business units
companies as on March 31, 2022 have been made by the Directors.
have resulted in a large and deep bench of leadership talent that
enables robust succession planning and continuity and consistency in None of the Directors is related to each other except N Ganapathy
strategy. Succession planning for the top two leadership positions in Subramaniam and N Chandrasekaran.
each business unit is reviewed by senior management.
Additionally, heads of business units carry out succession planning for iii. Independent Directors are non-executive directors as defined under
key functions within their units. Regulation 16(1)(b) of the SEBI Listing Regulations and Section 149(6)
of the Act along with rules framed thereunder. In terms of Regulation
Succession planning at senior management levels is reviewed by the
25(8) of SEBI Listing Regulations, they have confirmed that they are not
Board. Business or unit heads are invited to present on specific topics
at Board meetings from time to time, offering an opportunity to the
aware of any circumstance or situation which exists or may be reasonably
directors to assess their values, competencies, and capabilities. anticipated that could impair or impact their ability to discharge their
duties. Based on the declarations received from the Independent
II. Board of Directors Directors, the Board of Directors has confirmed that they meet the
criteria of independence as mentioned under Section 149(6) of the Act
i. As on March 31, 2022, the Company has nine Directors. Of the nine and Regulation 16(1)(b) of the SEBI Listing Regulations and that they are
Directors, seven (i.e. 77.8 percent) are Non-Executive Directors out of independent of the management. Further, the Independent Directors
which five (i.e. 55.6 percent) are Independent Directors including women have included their names in the data bank of Independent Directors
directors. The composition of the Board is in conformity with Regulation maintained with the Indian Institute of Corporate Affairs in terms of
17 of the SEBI Listing Regulations read with Section 149 and 152 of the Section 150 of the Act read with Rule 6 of the Companies (Appointment
Act. and Qualification of Directors) Rules, 2014.
ii. None of the Directors on the Board: iv. Five Board Meetings were held during the year under review and the gap
between two meetings did not exceed one hundred and twenty days.
• holds directorships in more than ten public companies; The said meetings were held on:
• serves as Director or as independent directors in more than seven April 12, 2021; July 8, 2021; October 8, 2021; January 12, 2022 and
listed entities; and March 10, 2022. The necessary quorum was present for all the meetings.
239 / 522
v. The names and categories of the directors on the Board, their attendance at Board Meetings held during the year under review and at the last Annual General
Meeting (“AGM”), name of other listed entities in which the Director is a director and the number of Directorships and Committee Chairmanships/Memberships
held by them in other public limited companies as on March 31, 2022 are given herein below. Other directorships do not include directorships of private limited
companies, foreign companies and companies registered under Section 8 of the Act. Further, none of them is a member of more than ten committees or
chairman of more than five committees across all the public limited companies in which he/she is a director. For the purpose of determination of limit of the Board
Committees, chairpersonship and membership of the Audit Committee and Stakeholders’ Relationship Committee has been considered as per Regulation 26(1)(b)
of SEBI Listing Regulations.
Name of the Director and Category Number of Whether Number of Directorships Number of Committee Directorship in other listed entity
DIN Board Meetings attended last in other Public positions held in other Public (Category of Directorship)
attended during AGM held on Companies Companies
the FY 2022 June 10, 2021 Chairman Member Chairman Member
N Chandrasekaran Non- 5 Yes 7 - - - 1. Tata Steel Limited @
(Chairman) Independent, 2. Tata Motors Limited@
DIN 00121863 Non-Executive 3. Tata Consumer Products Limited
(Formerly known as Tata Global
Beverages Limited) @
4. The Tata Power Company Limited @
5. The Indian Hotels Company Limited @
6. Tata Chemicals Limited @
Rajesh Gopinathan Non- 5 Yes - - - - -
(Chief Executive Officer and Independent,
Managing Director) Executive
DIN 06365813
N Ganapathy Subramaniam Non- 5 Yes 1 2 - - 1. Tata Elxsi Limited @
(Chief Operating Officer Independent, 2. Tata Communications Limited @
and Executive Director) Executive 3. Tejas Networks Limited @
DIN 07006215
240 / 522
Name of the Director and Category Number of Whether Number of Directorships Number of Committee Directorship in other listed entity
DIN Board Meetings attended last in other Public positions held in other Public (Category of Directorship)
attended during AGM held on Companies Companies
the FY 2022 June 10, 2021 Chairman Member Chairman Member
O P Bhatt Independent, 5 Yes - 4 2 5 1. Hindustan Unilever Limited #
DIN 00548091 Non-Executive 2. Tata Steel Limited #
3. Tata Motors Limited #
4. Aadhar Housing Finance Limited
(Debt Listed) #
Aarthi Subramanian Non- 5 Yes 2 5 1 3 Tata Capital Limited (Debt Listed) @
DIN 07121802 Independent,
Non-Executive
Dr Pradeep Kumar Khosla Independent, 5 Yes - - - - -
DIN 03611983 Non-Executive
Hanne Sorensen Independent, 5 Yes - 1 - 2 Tata Motors Limited #

Keki Mistry Independent, 5 Yes 1 4 1 5 1. ousing Development Finance
H
DIN 00008886 Non-Executive Corporation Limited $
2. Torrent Power Limited #
3. HDFC Life Insurance Company
Limited ^
4. HDFC Asset Management Company
Limited@
Don Callahan Independent, 5 Yes - - - - -
Category of directorship held:

@Non-Independent, Non-Executive # Independent, Non-Executive $ Executive Director ^ Nominee, Non-Executive
Due to the exceptional circumstances caused by the COVID-19 pandemic and consequent relaxations granted by MCA and SEBI, all Board meetings in FY 2022 were held
through video conferencing.
241 / 522
vi. During FY 2022, information as mentioned in Part A of Schedule II of x. The Board has identified the following skills/expertise/competencies
the SEBI Listing Regulations, has been placed before the Board for its fundamental for the effective functioning of the Company which are
consideration. currently available with the Board:
vii. During FY 2022, one meeting of the Independent Directors was held Global Business Understanding, of global business dynamics, across
on April 8, 2021. The Independent Directors, inter-alia, reviewed the various geographical markets, industry verticals and
performance of Non-Independent Directors, Board as a whole and regulatory jurisdictions.
Chairman of the Company, taking into account the views of Executive Strategy and Planning Appreciation of long-term trends, strategic choices and
Directors and Non-Executive Directors. experience in guiding and leading management teams
to make decisions in uncertain environments.
viii. The Board periodically reviews the compliance reports of all laws
Governance Experience in developing governance practices, serving
applicable to the Company.
the best interests of all stakeholders, maintaining
board and management accountability, building long-
ix. Details of equity shares of the Company held by the Directors as on
term effective stakeholder engagements and driving
March 31, 2022 are given below: corporate ethics and values.
Name Category Number of The eligibility of a person to be appointed as a Director of the Company
equity shares is dependent on whether the person possesses the requisite skill sets
N Chandrasekaran Non-Independent, Non-Executive 1,77,056 identified by the Board as above and whether the person is a proven
Aarthi Subramanian Non-Independent, Non-Executive 5,600
leader in running a business that is relevant to the Company’s business or
is a proven academician in the field relevant to the Company’s business.
Rajesh Gopinathan Non-Independent, Executive 2,760 Being an IT service provider, the Company’s business runs across different
N Ganapathy Subramaniam Non-Independent, Executive 1,97,760 industry verticals, geographical markets and is global in nature. The
Keki Mistry* Independent, Non-Executive 4,150 Directors so appointed are drawn from diverse backgrounds and possess
special skills with regard to the industries/fields from where they come.
*includes shares held jointly with relative
The Company has not issued any convertible instruments.
242 / 522
III. Committees of the Board
i. There are six Board Committees as on March 31, 2022, details of which are as follows:
Name of the Extract of terms of reference Category and composition Other details
Committee
Audit Committee Committee is constituted in line with the provisions of Name Category • our meetings of the Audit Committee were
F
Regulation 18 of SEBI Listing Regulations and held during the year under review and the gap
Keki Mistry (Chairman) Independent, Non-Executive
Section 177 of the Act. between two meetings did not exceed
O P Bhatt Independent, Non-Executive one hundred and twenty days.
• Oversight of financial reporting process. Aarthi Subramanian Non-Independent,
• ommittee invites such of the executives as it
C
Non- Executive
• eviewing with the management, the annual
R considers appropriate, representatives of the
financial statements and auditors’ report thereon Dr Pradeep Kumar Khosla Independent, Non-Executive statutory auditors and internal auditors, to be
before submission to the Board for approval. Hanne Sorensen Independent, Non-Executive present at its meetings.
Don Callahan Independent, Non-Executive • he Company Secretary acts as the Secretary

T
• valuation of internal financial controls and risk
E
management systems. to the Audit Committee.
• radeep Manohar Gaitonde, Company

P
• ecommendation for appointment, remuneration
R
Secretary is the Compliance Officer to ensure
and terms of appointment of auditors of the
compliance and effective implementation of the
Company.
Insider Trading Code.
• pprove policies in relation to the implementation
A • uarterly Reports are sent to the members
Q
of the Insider Trading Code and to supervise of the Committee on matters relating to the
implementation of the same. Insider Trading Code.
• o consider matters with respect to the TCoC,
T • he previous AGM of the Company was held
T
Anti-Bribery and Anti-Corruption Policy and on June 10, 2021 and was attended by
Gift and Hospitality Policy. Keki Mistry, Chairman of the Audit Committee.
243 / 522
Committee
Nomination and Committee is constituted in line with the provisions of Name Category • wo NRC meetings were held during the year
T
Remuneration Regulation 19 of SEBI Listing Regulations and under review.
O P Bhatt (Chairman) Independent,
Committee Section 178 of the Act.
Non-Executive
(“NRC”) • he Company does not have any Employee
T
• ecommend to the Board the setup and
R
N Chandrasekaran Non-Independent, Stock Option Scheme.
composition of the Board and its Committees.
Non-Executive
• ecommend to the Board the appointment/
R • etails of Performance Evaluation Criteria and
D
Hanne Sorensen Independent,
re-appointment of Directors and Key Managerial Remuneration Policy are provided at
Non-Executive
Personnel. serial no. III (iii) below.
Aarthi Subramanian* Non-Independent,
• upport the Board and Independent Directors in
S
Non-Executive • he previous AGM of the Company was held
T
evaluation of the performance of the Board,
its Committees and individual Directors. *Ceased to be a member of the Committee on June 10, 2021 and was attended by
w.e.f. October 8, 2021. O P Bhatt, Chairman of the NRC.
• ecommend to the Board the Remuneration
R
Policy for Directors, executive team or
Key Managerial Personnel as well as the rest of
employees.
• Oversee familiarization programs for Directors.
Stakeholders’ Committee is constituted in line with the provisions of Name Category • wo meetings of the SRC were held during the
T
Relationship Regulation 20 of SEBI Listing Regulations and year under review.
Dr Pradeep Kumar Khosla Independent,
Committee Section 178 of the Act.
(Chairman) Non-Executive
(“SRC”) • etails of Investor complaints and Compliance
D
• onsider and resolve the grievances of security
C
Rajesh Gopinathan Non-Independent, Officer are provided at serial no. III (ii) below.
holders.
Executive
• onsider and approve issue of share certificates,
C • he previous AGM of the Company was held
T
Keki Mistry Independent,
transfer and transmission of securities, etc. on June 10, 2021 and was attended by
Non-Executive
• eview activities with regard to the Health Safety
R Dr Pradeep Kumar Khosla, Chairman of the
and Sustainability initiatives of the Company. SRC.
244 / 522
Committee
Corporate Social Committee is constituted in line with the provisions of Name Category • hree meetings of the CSR Committee were
T
Responsibility Section 135 of the Act. held during the year under review.
N Chandrasekaran Non-Independent,
(“CSR”)
• ormulate and recommend to the Board, a CSR
F (Chairman) Non-Executive
Committee • hree Board meetings of TCS Foundation,
T
Policy indicating the activities to be undertaken by O P Bhatt Independent, a Section 8 company which was incorporated
the Company as specified in Schedule VII to the Non-Executive with sole objective of carrying on CSR activities
Act. of the Company were held during the year.
N Ganapathy Subramaniam Non-Independent,
• ecommend the amount of expenditure to be
R Executive
incurred on the activities mentioned in the CSR
Policy.
• Monitor the CSR Policy.

Risk Management Committee is constituted in line with the provisions of Name Category • ive meetings of the RMC were held during the
F
Committee Regulation 21 of SEBI Listing Regulations. year under review.
Keki Mistry Independent,
(“RMC”)
• ormulate, monitor and review risk management
F • ortnightly reports on management of foreign
F
policy and plan, inter-alia, covering investment of Don Callahan Independent, exchange risks are made available to the
surplus funds, management of foreign exchange Non-Executive members of the RMC.
risks, cyber security risks, data privacy risks and Rajesh Gopinathan Non-Independent,
intellectual property infringements risks. Executive
• pprove addition/deletion of banks from time to

A N Ganapathy Subramaniam Non-Independent,
time for carrying out Treasury transactions and Executive
delegate the said power to such person as may V Ramakrishnan* Chief Financial Officer
deem fit.
Samir Seksaria** Chief Financial Officer
*Ceased to be a member of the Committee consequent
to his retirement w.e.f. April 30, 2021.
**Appointed as a member of this Committee

w.e.f. May 1, 2021.
245 / 522
Committee
Executive Detailed review of the following matters which form Name Category The said matters were discussed in various Board
Committee part of terms of Executive Committee, were presented meetings held during the year under review in the
N Chandrasekaran Non-Independent,
to the Board: presence of the Executive Committee Members with
the intent to avail expertise of all Board members.
• Business and strategy review; Rajesh Gopinathan Non-Independent,
• Long-term financial projections and cash flows; Executive
• apital and revenue budgets and capital

C
expenditure programmes;
• cquisitions, divestments and business
A
restructuring proposals;
• Senior management succession planning;
• Any other item as may be decided by the Board.
The terms of reference of these committees are available on the website (https://www.tcs.com/ir-corporate-governance)
ii. Stakeholders’ Relationship Committee-other details
a. Name, designation and address of Compliance Officer:

Pradeep Manohar Gaitonde, Company Secretary
Tata Consultancy Services Limited, 9th Floor, Nirmal Building, Nariman Point, Mumbai 400 021, India.
Telephone: +91 22 6778 9595
b. Details of investor complaints received and redressed during FY 2022 are as follows:
Opening balance Received during the year Resolved during the year Closing balance
- 87 87 -
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iii. Nomination and Remuneration The remuneration policy supports such the Act, based on the Board evaluation
Committee-other details mobility through pay models that are process considering the criteria such as
compliant to local regulations. In each the performance of the Company as well
Performance Evaluation Criteria for country where the Company operates, as that of the Managing Director and each
Independent Directors: the remuneration structure is tailored to Executive Director.
the regulations, practices and benchmarks
The performance evaluation criteria for prevalent in the IT industry. The Company pays sitting fees of ` 30,000
independent directors is determined per meeting to its Non-Executive Directors
by the Nomination and Remuneration The Company pays remuneration by way of for attending meetings of the Board and
Committee. An indicative list of factors on salary, benefits, perquisites and allowances meetings of committees of the Board.
which evaluation was carried out includes (fixed component) and commission (variable The Company also pays commission to
participation and contribution by a director, component) to its Managing Director and the Non-Executive Directors within the
commitment, effective deployment the Executive Directors. Annual increments ceiling of 1 percent of the net profits of the
of knowledge and expertise, integrity are recommended by the Nomination and Company as computed under the applicable
and maintenance of confidentiality and Remuneration Committee within the salary provisions of the Act, with the approval
independence of behaviour and judgement. scale approved by the Board and Members of the Members. The said commission
and are effective April 1, each year. is decided each year by the Board of
Remuneration Policy9: Directors, on the recommendation of the
The Board of Directors, on the Nomination and Remuneration Committee
Remuneration policy of the Company is recommendation of the Nomination and and distributed amongst the
designed to create a high-performance Remuneration Committee, decides the Non-Executive Directors based on the
culture. It enables the Company to attract, commission payable to the Managing Board evaluation process, considering
retain and motivate employees to achieve Director and the Executive Directors criteria such as their attendance and
results. Our business model promotes out of the profits for the financial year contribution at the Board and Committee
customer centricity and requires employee and within the ceilings prescribed under meetings, as well as the time spent
mobility to address project needs.
9
GRI 2-19
247 / 522
on operational matters other than at meetings. The Company also b) Managing Director and Executive Director
reimburses the out-of-pocket expenses incurred by the Directors for (` lakh)
attending the meetings. The Remuneration policy is available on Name of Director Salary Benefits, Commission ESPS*
https://on.tcs.com/remuneration-policy. Perquisites
and Allowances
iv. Details of the Remuneration for the year ended March 31, 2022:
Rajesh Gopinathan 151.5 225.1 2,200.0 -
Chief Executive Officer and
a) Non-Executive Directors:
Managing Director
(` lakh) (appointed for a period of 5 years
Name Commission Sitting Fees w.e.f. February 21, 2017 to February
20, 2022 and re-appointed for a
N Chandrasekaran, Chairman@ - 3.0
further period of five years w.e.f.
O P Bhatt 250.0 4.5 February 21, 2022 to February 20,
Aarthi Subramanian@@ - 3.3 2027)
Dr Pradeep Kumar Khosla 225.0 3.6 N Ganapathy Subramaniam 144.3 224.6 1,700.0 -
Chief Operating Officer and
Hanne Sorensen 225.0 3.6 Executive Director
Keki Mistry 250.0 5.1 (appointed for a period of 5 years
w.e.f. February 21, 2017 to February
Don Callahan 225.0 4.5
20, 2022 and re-appointed for a
Total 1,175.0 27.6 further period from February 21,
2022 to May 19, 2024)
@ As a policy, N Chandrasekaran, Chairman, has abstained from
receiving commission from the Company. *Employee Stock Purchase Scheme
The above figures do not include provisions for encashable leave, gratuity and
@@ In line with the internal guidelines of the Company, no payment
premium paid for group health insurance, as separate actuarial valuation/premium
is made towards commission to the Non-Executive Directors of
paid are not available.
the Company, who are in full time employment with any other
Tata Company. Services of the Managing Director and Executive Director may be terminated by
either party, giving the other party six months’ notice or the Company paying
six months’ salary in lieu thereof. There is no separate provision for payment of
severance pay.
248 / 522
v. Number of committee meetings held and attendance records

Name of the Committee Audit Committee Nomination and Stakeholders’ Corporate Social Risk Management
Remuneration Committee Relationship Committee Responsibility Committee Committee
No. of meetings held 4 2 2 3 5
Date of meetings April 12, 2021; April 12, 2021 and July 22, 2021 and April 9, 2021; April 6, 2021;
July 8, 2021; October 8, 2021 January 28, 2022 August 19, 2021 and July 2, 2021;
October 8, 2021 and October 21, 2021@ October 6, 2021;
January 12, 2022 January 3, 2022 and
March 25, 2022
No. of Meetings Attended
Name of Member
N Chandrasekaran - 2 - 3 -
Rajesh Gopinathan - - 2 - 5
O P Bhatt 4 2 - 3 -
N Ganapathy Subramaniam - - - 3 5
Aarthi Subramanian* 4 2 - - -
Dr Pradeep Kumar Khosla 4 - 2 - -
Hanne Sorensen 4 2 - - -
Keki Mistry 4 - 2 - 5
Don Callahan 4 - - - 5
V Ramakrishnan** - - - - 1
Samir Seksaria*** - - - - 4
Whether quorum was present for all the meetings The necessary quorum was present for all the above committee meetings
@ TCS Foundation, a Section 8 company incorporated in 2015 with sole objective of carrying on CSR activities of the Company, has held three meetings during the
FY 2022
* Aarthi Subramanian ceased to be a member of the NRC w.e.f. October 8, 2021
** V Ramakrishnan ceased to be a member of the RMC w.e.f. April 30, 2021
*** Samir Seksaria was appointed as member of the RMC w.e.f. May 1, 2021
Due to the exceptional circumstances caused by the COVID-19 pandemic all committee meetings in FY 2022 were held through video conferencing.
249 / 522
IV. General Body Meetings ii. Details of special resolution passed through
postal ballot, the persons who conducted
i. General Meeting the postal ballot exercise, details of the
voting pattern and procedure of postal
a. Annual General Meeting (“AGM”): ballot:
Financial Year Date Time Venue The Company had sought the approval
2019 June 13, 2019 Birla Matushri Sabhagar 19, Sir Vithaldas Thackersey of the shareholders by way of a Special
Marg, New Marine Lines, Mumbai – 400 020 Resolution through notice of postal ballot
3.30 p.m. dated January 12, 2022 for buyback of
2020 June 11, 2020 Meeting conducted through Video Conferencing (“VC”)/
its equity shares, which was duly passed
Other Audio Video Means (“OAVM”) pursuant to the
2021 June 10, 2021 and the results of which were
MCA Circular
announced on February 12, 2022.
b. Extraordinary General Meeting: P N Parikh (Membership No. FCS 327) of
Parikh & Associates, Practising Company
No extraordinary general meeting of the members was held during FY 2022. Secretaries, was appointed as the
Scrutinizer to scrutinize the postal ballot
c. Special resolution: process by voting through electronic
means only (remote e-voting) in a fair and
Special resolution for re-appointment of O P Bhatt as an Independent Director was passed at the transparent manner.
AGM held in 2019 and no special resolution was passed in the previous AGMs held in 2020 and
2021.
250 / 522
Description of the Votes in favour of the resolution Votes against the resolution Invalid votes
Resolution
Number of Number of Percentage of Number of Number of Percentage of Total number of Total number
members voted valid votes cast total number of members valid votes cast total number of members whose of invalid votes
(Shares) valid votes cast voted (Shares) valid votes cast votes were cast (Shares)
declared invalid
Approval for Buyback 13,474 3,42,48,03,887 99.67 823 1,12,58,517 0.33 0 0
of Equity Shares
Procedure for postal ballot: The postal ballot was carried out as per the provisions of Sections 108 and 110 and other applicable provisions of the Act,
read with the Rules framed thereunder and read with the General Circular nos. 14/2020, 17/2020, 02/2021 and 21/2021 dated April 8, 2020, April 13, 2020,
January 13, 2021 and December 14, 2021 respectively issued by the Ministry of Corporate Affairs.
iii. Details of special resolution proposed to be conducted through postal ballot:
None of the businesses proposed to be transacted at the ensuing AGM requires passing of a special resolution through postal ballot.
V. A certificate has been received from Parikh & Associates, Practising Company Statutory Auditors of the Company. The particulars of payment of Statutory
Secretaries, that none of the Directors on the Board of the Company has Auditors’ fees, on consolidated basis for FY 2022 is given below:
been debarred or disqualified from being appointed or continuing as directors (` lakh)
of companies by the Securities and Exchange Board of India, Ministry of Particulars Amount
Corporate Affairs or any such statutory authority.
Services as statutory auditors (including quarterly audits) 910.1
VI. B S R & Co. LLP, Chartered Accountants Tax audit 66.9
(Firm Registration No. 101248W/W–100022) has been appointed as the Services for tax matters 21.5
Other matters 371.0
Reimbursement of out-of-pocket expenses 70.8
Total 1,440.3
251 / 522
VII. Other Disclosures
Particulars Statutes Details Website link for details/policy

Related party transactions Regulation 23 of SEBI Listing There are no material related party transactions during the year under review https://on.tcs.com/RPT
Regulations and as defined that have conflict with the interest of the Company. Transactions entered into
under the Act with related parties during FY 2022 were in the ordinary course of business and
at arms’ length basis and were approved by the members of Audit Committee
including Independent Directors.
The Board’s approved policy for related party transactions is uploaded on the
website of the Company.
Details of non-compliance by the Schedule V (C) 10(b) to the NIL
Company, penalty, strictures imposed on SEBI Listing Regulations
the Company by the stock exchange, or
Securities and Exchange Board of India
or any statutory authority on any matter
related to capital markets during the last
three financial years.
Whistle Blower Policy and Regulation 22 of SEBI Listing The Company has this Policy and has established the necessary vigil mechanism https://on.tcs.com/WhistleBP
Vigil Mechanism Regulations for directors and employees to report concerns about unethical behaviour.
No person has been denied access to the Chairman of the Audit Committee.
The said policy has been uploaded on the website of the Company.
Discretionary requirements Schedule II Part E of the SEBI • message from the Chief Executive Officer and Managing Director on the
A
Listing Regulations half-yearly financial performance of the Company including a summary of
the significant events in the six month period ended September 30, 2021
was sent to every member.
• he auditors’ report on financial statements of the Company are

T
unmodified.
• Internal auditors of the Company make quarterly presentations to

the Audit Committee on their reports.
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Subsidiary Companies Regulation 24 of the SEBI The Audit Committee reviews the consolidated financial statements of the https://on.tcs.com/Subsidiary
Listing Regulations Company and the investments made by its unlisted subsidiary companies.
The minutes of the Board meetings along with a report on significant
developments of the unlisted subsidiary companies are periodically placed before
the Board of Directors of the Company.
The Company does not have any material unlisted subsidiary company.
The Company has a policy for determining ‘material subsidiaries’ which is

disclosed on its website.
Policy on Determination of Materiality Regulation 30 of The Company has adopted this policy. https://on.tcs.com/Material
for Disclosures SEBI Listing Regulations
Policy on Archival and Preservation of Regulation 9 of The Company has adopted this policy. https://on.tcs.com/Archival
Documents SEBI Listing Regulations
Reconciliation of Share Capital Audit Regulation 76 of the A practising Company Secretary carried out a share capital audit to reconcile https://www.tcs.com/ir-
Report Securities and Exchange the total admitted equity share capital with the National Securities Depository corporate-governance
Board of India (Depositories Limited (“NSDL”) and the Central Depository Services (India) Limited (“CDSL”)
and Participants) Regulations, and the total issued and listed equity share capital. The audit report confirms
2018 and SEBI Circular No. that the total issued/paid-up capital is in agreement with the total number of
D&CC/FITTC/Cir-16/2002 shares in physical form and the total number of dematerialized shares held with
dated December 31, 2002. NSDL and CDSL.
Code of Conduct Regulation 17 of the SEBI The members of the Board and Senior Management Personnel have affirmed https://www.tcs.com/tata-code-
Listing Regulations compliance with the Code of Conduct applicable to them during the year ended of-conduct
March 31, 2022. A certificate by the Chief Executive Officer and Managing
Director, on the compliance declarations received from the members of the
Board and Senior Management forms part of this report.
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Dividend Distribution Policy Regulation 43A of the SEBI A regular annual dividend generally consists of three interim dividends after each https://on.tcs.com/Dividend
Listing Regulations of the first three quarters of the fiscal year, topped up with a final dividend after
the fourth quarter.
In addition, every second or third year, the accumulated surplus cash has been
returned to shareholders through a special dividend.
Terms of Appointment of Independent Regulation 46 of SEBI Listing Terms and conditions of appointment/re-appointment of Independent Directors https://on.tcs.com/ApptID
Directors Regulations and Section 149 are available on the Company’s website.
read with Schedule IV to the
Act
Familiarization Program Regulations 25(7) and 46 of Details of familiarization program imparted to Independent Directors are https://on.tcs.com/familiarization-
SEBI Listing Regulations available on the Company’s website. programme
Disclosure under the Sexual Harassment Section 134 of the The details have been disclosed in the Business Responsibility and Sustainability
of Women at Workplace (Prevention, Companies Act, 2013 read Report forming part of the Integrated Annual Report.
Prohibition and Redressal) Act, 2018 with Rule 8 of the Companies
(Accounts) Rules, 2014
VIII. Means of Communication
The quarterly, half-yearly and annual financial results of the Company are published in leading newspapers in India which include The Indian Express, Financial Express,
Loksatta, Business Standard, The Hindu Business Line, Hindustan Times and Sandesh. The results are also displayed on the Company’s website www.tcs.com.
Statutory notices are published in The Free Press Journal, Business Standard and Navshakti. The Company also issues press releases from time to time. Financial Results,
Statutory Notices, Press Releases and Presentations made to the institutional investors/analysts after the declaration of the quarterly, half-yearly and annual results are
submitted to the National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) as well as uploaded on the Company’s website. Frequently Asked Questions
(FAQs) giving details about the Company and its shares is uploaded on the Company’s website https://www.tcs.com/investor-relations. The Management Discussion and
Analysis Report is a part of the Integrated Annual Report.
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IX. General shareholder information vi. Stock Codes/Symbol

i. Annual General Meeting for FY 2022 NSE : TCS
Date : June 9, 2022 BSE : 532540
Listing Fees as applicable have been paid.
Time : 3.30 p.m. (IST)
Venue : Meeting is being conducted through VC/OAVM pursuant to the vii. Corporate Identity Number (CIN) : L22210MH1995PLC084781
MCA Circular dated May 5, 2020 read with general circulars dated of the Company
April 8, 2020, April 13, 2020, January 13, 2021 and December viii. Market Price Data:
14, 2021 as such there is no requirement to have a venue for the
AGM. High, Low (based on daily closing prices) and number of equity shares
For details, please refer to the Notice of this AGM. traded during each month in FY 2022 on NSE and BSE:
As required under Regulation 36(3) of the SEBI Listing Regulations and Month NSE BSE
Secretarial Standard 2 on General Meetings, particulars of Directors High (`) Low (`) Total number of High (`) Low (`) Total number of
seeking re-appointment at this AGM are given in the Annexure to the equity shares equity shares
Notice of this AGM. traded traded
ii. Financial Calendar Apr-2021 3,322.25 3,035.65 6,13,28,558 3,322.20 3,038.40 33,77,869
May-2021 3,180.00 3,037.00 4,35,38,924 3,180.20 3,037.00 14,87,104
Year ending : March 31
Jun-2021 3,380.80 3,129.45 4,50,79,239 3,380.70 3,129.30 41,47,717
AGM in : June
Jul-2021 3,341.50 3,167.45 4,43,49,890 3,341.00 3,167.50 28,94,265
iii. Dividend Payment : The final dividend, if approved, shall be Aug-2021 3,786.45 3,219.40 5,66,78,047 3,786.55 3,217.90 23,77,544
paid/credited on Monday, June 13, 2022 Sep-2021 5,05,65,601 3,954.80 3,714.05 26,14,393
3,954.55 3,714.95
iv. Date of Book Closure/ : As mentioned in the Notice of this AGM Oct-2021 3,935.65 3,397.75 7,12,51,894 3,935.30 3,398.80 46,97,020
Record Date Nov-2021 4,32,67,875 3,555.15 3,443.55 17,32,795
3,556.40 3,443.30
v. Listing on Stock Exchanges : National Stock Exchange of India Limited Dec-2021 3,738.35 3,536.40 4,47,24,473 3,736.85 3,534.35 20,13,929
Exchange Plaza, C-1, Block G,
Jan-2022 4,019.15 3,649.25 6,63,32,036 4,019.10 3,650.10 40,59,762
Bandra Kurla Complex, Bandra (East),
Feb-2022 3,856.20 3,401.65 6,69,67,591 3,857.00 3,402.25 41,93,160
Mumbai 400 051
Mar-2022 3,749.85 3,484.90 5,05,59,459 3,750.00 3,485.30 22,34,459
BSE Limited
P. J. Towers, Dalal Street, Mumbai 400 001
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ix. Performance of the share price of the Company in comparison to the xi. Places for acceptance of documents:
BSE Sensex:
Documents will be accepted at the above address between 10.00 a.m. and
TCS Share price and BSE Sensex Movement 3.30 p.m. (Monday to Friday except bank holidays).
140.00
130.00 For the convenience of the shareholders, documents will also be accepted
120.00 at the following branches of TCPL:
110.00
100.00
Branches of TCPL:
90.00
80.00 Place Name and Address Phone/Fax/Email
70.00
Mumbai TSR Consultants Private Limited Tel: +91 7304874606
60.00
Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22
Building 17/19, Office no. 415
TCS Share Price BSE Sensex Rex Chambers, Ballard Estate,
Base 100 = Thursday, April 1, 2021 Walchand Hirachand Marg,

Fort, Mumbai-400 001.
x. Registrar and Transfer Agents Bengaluru TSR Consultants Private Limited Tel: +91 80 26509004
Name and Address : TSR Consultants Private Limited (TCPL) C/o. D. Nagendra Rao Email: tcplbang@tcplindia.co.in
(formerly known as TSR Darashaw Consultants “Vaghdevi” 543/A, 7th Main
Private Limited) 3rd Cross, Hanumanthnagar
C-101, 1st Floor, 247 Park, Bengaluru-560 019
Lal Bahadur Shastri Marg, Kolkata TSR Consultants Private Limited Tel: +91 33 40081986
Vikhroli West, Mumbai 400 083 C/o Link Intime India Private Limited Email: tcplcal@tcplindia.co.in
Telephone: +91 22 6656 8484 Vaishno Chamber, Flat No. 502 and
Extn: 411/412/413 503 5th Floor, 6, Brabourne Road
Fax: +91 22 6656 8494 Kolkata-700 001
E-mail: csg-unit@tcplindia.co.in
Website: https://www.tcplindia.co.in
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Place Name and Address Phone/Fax/Email form are effected through the depositories with no involvement of the
Company. Members holding shares in physical form are requested to
New Delhi TSR Consultants Private Limited Tel: +91 11 49411030 consider converting their holdings to dematerialized form. The Directors
C/o Link Intime India Private Limited Email: tcpldel@tcplindia.co.in and certain Company officials (including Chief Financial Officer and
Noble Heights, 1st Floor Company Secretary) are authorized by the Board severally to approve
Plot No NH-2, C-1 Block, LSC transfers, which are noted at subsequent Board.
Near Savitri Market, Janakpuri
New Delhi – 110 058 xiii. Shareholding as on March 31, 2022:
Jamshedpur TSR Consultants Private Limited Tel: +91 657 2426937
Bungalow No. 1, ‘E’ Road, Email: tcpljsr@tcplindia.co.in a) Distribution of equity shareholding as on March 31, 2022:
Northern Town Bistupur,
Jamshedpur-831 001 Number of Holding Percentage Number of Percentage to
shares to capital accounts total accounts
Ahmedabad TSR Consultants Private Limited Tel: +91 79 26465179
C/o Link Intime India Private Limited Email: csg-unit@tcplindia.co.in 1-100 4,94,29,417 1.4 22,98,580 88.9
Amarnath Business Centre-1 (ABC-1) 101-500 4,90,43,599 1.3 2,41,970 9.4
Beside Gala Business Centre 501-1000 1,80,30,724 0.5 25,233 1.0
Nr. St. Xavier’s College Corner
Off. C.G. Road, Ellisbridge 1001-5000 3,25,02,667 0.9 16,826 0.7
Ahmedabad-380 006 5001-10000 1,08,79,779 0.3 1,540 0.0
10001-20000 1,08,42,206 0.3 767 0.0
xii. Share Transfer System:
20001-30000 78,07,860 0.2 317 0.0
In terms of Regulation 40(1) of SEBI Listing Regulations, as amended 30001-40000 59,50,035 0.2 171 0.0
from time to time, securities can be transferred only in dematerialized
form with effect from April 1, 2019, except in case of request received for 40001- 50000 61,22,962 0.2 135 0.0
transmission or transposition of securities. Further, SEBI had fixed 50001 -100000 2,66,88,649 0.7 370 0.0
March 31, 2021 as the cut-off date for re-lodgement of transfer deeds 100001-above 344,17,53,475 94.0 853 0.0
and the shares that are re-lodged for transfer shall be issued only in
dematerialised mode. The requests for effecting transfer/transmission/ TOTAL 365,90,51,373 100.0 25,86,762 100.0
transposition of securities shall not be processed unless the securities are
held in the dematerialised form. Transfers of equity shares in electronic
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b) Categories of equity shareholding as on March 31, 2022: c) Top ten equity shareholders of the Company as on March 31, 2022:
Category Number of equity Percentage Sr. Name of the shareholders* Number of equity Percentage of
shares held of holding No. shares held holding
Promoter 264,43,17,117 72.3 1 Tata Sons Private Limited 264,43,17,117 72.3
2 Life Insurance Corporation of India 13,51,44,680 3.7
Other Entities of the Promoter Group 10,68,956 0.0
3 SBI Mutual Fund 3,11,90,218 0.9
Mutual Funds and UTI 11,79,36,971 3.2
4 Invesco Developing Markets Fund 3,10,72,921 0.9
Banks, Financial Institutions, State and Central 29,22,193 0.1 5 Axis Mutual Fund 2,35,05,274 0.6
Government
6 NPS Trust 1,44,43,818 0.4
Insurance Companies 16,38,02,109 4.5 7 Vanguard Emerging Markets Stock 1,41,43,562 0.4
Foreign Institutional Investors and Foreign 51,77,29,951 14.1 Index Fund, A Series of Vanguard
Portfolio Investors International Equity Index Funds
NRI’s, OCB’s, Foreign Nationals 70,93,699 0.2 8 Government of Singapore 1,36,41,333 0.4
Corporate Bodies, Trusts 2,85,33,267 0.8 9 Vanguard Total International Stock 1,30,13,618 0.4
Index Fund
Indian Public and Others 17,24,88,089 4.7
10 UTI Mutual Fund 1,16,88,173 0.3
Alternate Investment Fund 26,02,619 0.1
*Shareholding is consolidated based on Permanent Account Number
IEPF account 5,56,402 0.0 (PAN) of the shareholder.
TOTAL 365,90,51,373 100.0
xiv. Dematerialization of shares and liquidity:
The Company’s shares are compulsorily traded in dematerialized form on

NSE and BSE. Equity shares of the Company representing
99.97 percent of the Company’s equity share capital are dematerialized
as on March 31, 2022. Under the Depository System, the International
Securities Identification Number (ISIN) allotted to the Company’s shares
is INE467B01029.
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xv. Outstanding GDRs/ADRs/Warrants or any convertible instruments, The voting rights on the shares outstanding in the suspense account as
conversion date and likely impact on equity: on March 31, 2022 shall remain frozen till the rightful owner of such
The Company does not have any outstanding GDRs/ADRs/Warrants or shares claims the shares.
any convertible instruments as on March 31, 2022, as such instruments
have not been issued in the past. xviii. Transfer of unclaimed/unpaid amounts to the Investor Education and
xvi. Commodity price risk or foreign exchange risk and hedging activities: Protection Fund (IEPF):
The Company does not deal in commodities and hence the disclosure Pursuant to Sections 124 and 125 of the Act read with the Investor
pursuant to SEBI Circular dated November 15, 2018 is not required to Education and Protection Fund Authority (Accounting, Audit, Transfer and
be given. For a detailed discussion on foreign exchange risk and hedging Refund) Rules, 2016 (“IEPF Rules”), dividend, if not claimed for a period of
activities, please refer to Management Discussion and Analysis Report.
seven years from the date of transfer to Unpaid Dividend Account of the
xvii. Equity shares in the suspense account: Company, are liable to be transferred to IEPF.
In accordance with the requirement of Regulation 34(3) and Part F of
Schedule V to the SEBI Listing Regulations, details of equity shares in the Further, all the shares in respect of which dividend has remained
suspense account are as follows: unclaimed for seven consecutive years or more from the date of transfer
to unpaid dividend account shall also be transferred to IEPF Authority.
Particulars Number of Number of The said requirement does not apply to shares in respect of which there
shareholders equity shares is a specific order of Court, Tribunal or Statutory Authority, restraining
Aggregate number of shareholders and the outstanding 26 1,640 any transfer of the shares.
shares in the suspense account lying as on April 1, 2021
Shareholders who approached the Company for - - In the interest of the shareholders, the Company sends periodical
transfer of shares from suspense account during the reminders to the shareholders to claim their dividends in order to avoid
year transfer of dividends/shares to IEPF Authority. Notices in this regard are
also published in the newspapers and the details of unclaimed dividends
Shareholders to whom shares were transferred from - -
and shareholders whose shares are liable to be transferred to the IEPF
the suspense account during the year
Authority, are uploaded on the Company’s website
Shareholders whose shares are transferred to the - - https://on.tcs.com/unclaimed-dividend.
demat account of the IEPF Authority as per
Section 124 of the Act In light of the aforesaid provisions, the Company has during the year,
Aggregate number of shareholders and the outstanding 26 1,640 transferred to IEPF the unclaimed dividends, outstanding for seven years,
shares in the suspense account lying as on March 31, 2022 of the Company, erstwhile CMC Limited
(since amalgamated with the Company). Further, shares of the Company,
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in respect of which dividend has not been claimed for seven consecutive a. For shareholders of TCS:
years or more from the date of transfer to unpaid dividend account, have
also been transferred to the demat account of IEPF Authority. Financial Year Date of declaration Last date for
claiming unpaid
The details of unclaimed dividends and shares transferred to IEPF during dividend
FY 2022 are as follows:
2014-15 June 30, 2015 July 30, 2022
Financial year Amount of Number of shares 2015-16 July 9, 2015 August 9, 2022
unclaimed dividend transferred October 13, 2015 November 12, 2022
transferred
(` lakh) January 12, 2016 February 11, 2023
2013-14 183.46* 9,080 June 17, 2016 July 17, 2023

2014-15 444.92 16,481 2016-17 July 14, 2016 August 15, 2023
TOTAL 628.38 25,561 October 13, 2016 November 16, 2023
January 12, 2017 February 12, 2024
*Includes final dividend of erstwhile CMC Limited
June 16, 2017 July 16, 2024
The Members who have a claim on above dividends and shares may claim 2017-18 July 13, 2017 August 13, 2024
the same from IEPF Authority by submitting an online application in web
Form No. IEPF-5 available on the website www.iepf.gov.in and sending October 12, 2017 November 12, 2024
a physical copy of the same, duly signed to the Company, along with January 11, 2018 February 10, 2025
requisite documents enumerated in the web Form No. IEPF-5.
June 15, 2018 July 15, 2025
No claims shall lie against the Company in respect of the dividend/shares
so transferred. 2018-19 July 10, 2018 August 9, 2025
October 11, 2018 November 10, 2025
The following tables give information relating to various outstanding
dividends and the dates by which they can be claimed by the shareholders January 10, 2019 February 9, 2026
from the Company’s Registrar and Transfer Agent: June 13, 2019 July 13, 2026
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Financial Year Date of declaration Last date for b. For shareholders of erstwhile CMC Limited which has since
claiming unpaid amalgamated with the Company:
dividend
Financial Year Date of declaration Last date for
2019-20 July 9, 2019 August 8, 2026
claiming unpaid
October 10, 2019 November 9, 2026 dividend
January 17, 2020 February 16, 2027 2014-15 June 11, 2015 July 10, 2022
March 10, 2020 April 9, 2027 2015-16 July 16, 2015 August 18, 2022
June 11, 2020 July 11, 2027
xix. Plant locations:
2020-21 July 9, 2020 August 8, 2027
In view of the nature of the Company’s business viz. Information
October 7, 2020 November 6, 2027
Technology (IT) Services and IT Enabled Services, the Company
January 8, 2021 February 7, 2028 operates from various offices in India and abroad. The Company has
June 10, 2021 July 10, 2028 a manufacturing facility at 17-B, Tivim Industrial Estate, Karaswada,
Mapusa– Bardez, Goa.
2021-22 July 8, 2021 August 7, 2028
October 8, 2021 November 7, 2028 xx. Address for correspondence:
January 12, 2022 February 11, 2029 Tata Consultancy Services Limited
9th Floor, Nirmal Building, Nariman Point, Mumbai 400 021, India
Telephone: +91 22 6778 9595
Designated e-mail address for Investor Services: investor.relations@tcs.com
For queries on IEPF related matters: iepf.assist@tcs.com
Website: www.tcs.com
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DECLARATION REGARDING COMPLIANCE BY PRACTISING COMPANY SECRETARIES’ CERTIFICATE ON CORPORATE GOVERNANCE

BOARD MEMBERS AND SENIOR MANAGEMENT
PERSONNEL WITH THE COMPANY’S CODE OF To the Members of spread of the COVID-19 pandemic, we certify that
CONDUCT Tata Consultancy Services Limited the Company has complied with the conditions of
Corporate Governance as stipulated in the SEBI
This is to confirm that the Company has adopted We have examined the compliance of the conditions Listing Regulations for the year ended on March 31,
a Code of Conduct for its employees including the of Corporate Governance by Tata Consultancy 2022.
Managing Director and Executive Directors. Services Limited (‘the Company’) for the year ended
on March 31, 2022, as stipulated under Regulations We further state that such compliance is neither an
In addition, the Company has adopted a Code 17 to 27, clauses (b) to (i) and (t) of sub- regulation assurance as to the future viability of the Company
of Conduct for its Non-Executive Directors and (2) of Regulation 46 and para C, D and E of nor of the efficiency or effectiveness with which
Independent Directors. These Codes are available on Schedule V of the Securities and Exchange the management has conducted the affairs of the
the Company’s website. Board of India (Listing Obligations and Disclosure Company.
Requirements) Regulations, 2015 (“SEBI Listing
I confirm that the Company has in respect of the Regulations”). For Parikh & Associates
year ended March 31, 2022, received from the Practising Company Secretaries
Senior Management Team of the Company and the The compliance of the conditions of Corporate
Members of the Board a declaration of compliance Governance is the responsibility of the management P. N. Parikh
with the Code of Conduct as applicable to them. of the Company. Our examination was limited to the Partner
review of procedures and implementation thereof, FCS No: 327 CP No: 1228
For the purpose of this declaration, as adopted by the Company for ensuring compliance UDIN: F000327D000063214
Senior Management Team means the with conditions of Corporate Governance. It is PR No.: 1129/2021
Chief Financial Officer, Global Head-HR, Global neither an audit nor an expression of opinion on the
Business Unit Heads, Global Head-Legal and the financial statements of the Company. Mumbai, April 11, 2022
Company Secretary as on March 31, 2022.
In our opinion and to the best of our information
Rajesh Gopinathan and according to the explanations given to us, and
Chief Executive Officer and the representations made by the Directors and the
Managing Director Management and considering the relaxations granted
DIN: 06365813 by the Ministry of Corporate Affairs and Securities
and Exchange Board of India warranted due to the
262 / 522
CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS

(Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015)
To, been debarred or disqualified from being appointed Ensuring the eligibility for the appointment/
The Members or continuing as Directors of companies by the continuity of every Director on the Board is the
Tata Consultancy Services Limited Securities and Exchange Board of India, Ministry responsibility of the management of the Company.
9th Floor, Nirmal Building, of Corporate Affairs, or any such other Statutory Our responsibility is to express an opinion on these
Nariman Point, Mumbai 400 021 Authority. based on our verification. This certificate is neither an
assurance as to the future viability of the Company
We have examined the relevant registers, records, Sr. Name of Director DIN Date of nor of the efficiency or effectiveness with which
forms, returns and disclosures received from the No. Appointment in the management has conducted the affairs of the
Directors of Tata Consultancy Services Limited Company * Company.
having CIN L22210MH1995PLC084781 and
having registered office at 9th Floor, Nirmal Building, 1. N Chandrasekaran 00121863 September 6, 2007 For Parikh & Associates
Nariman Point, Mumbai 400 021 (hereinafter 2. Rajesh Gopinathan 06365813 February 21, 2017 Practising Company Secretaries
referred to as ‘the Company’), produced before
3. N Ganapathy 07006215 February 21, 2017
me/us by the Company for the purpose of issuing P. N. Parikh
Subramaniam
this Certificate, in accordance with Partner
Regulation 34(3) read with Schedule V Para-C 4. O P Bhatt 00548091 April 2, 2012 FCS No: 327 CP No: 1228
Sub clause 10(i) of the Securities Exchange 5. Aarthi Subramanian 07121802 March 12, 2015 UDIN: F000327D000063379
Board of India (Listing Obligations and Disclosure PR No.: 1129/2021
6. Dr. Pradeep Kumar 03611983 January 11, 2018
Requirements) Regulations, 2015.
Khosla Mumbai, April 11, 2022
In our opinion and to the best of our information and 7. Hanne Sorensen 08035439 December 18,
according to the verifications (including Directors 2018
Identification Number (DIN) status at the portal 8. Keki Mistry 00008886 December 18,
www.mca.gov.in) as considered necessary and 2018
explanations furnished to us by the Company & its
officers, we hereby certify that none of the Directors 9. Don Callahan 08326836 January 10, 2019
on the Board of the Company as stated below for *the date of appointment is as per the MCA Portal.
the Financial Year ending on March 31, 2022 have
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AWARDS AND Intellectual Capital • Won the Artificial Intelligence Breakthrough

Award in the category Best AI-based Solution
ACCOLADES • Recognized for Best Patents Portfolio in the
Large Enterprise category at the Confederation
– Retail for TCS Optunique™ for its ability to
deliver unified and contextualized experiences
of Indian Industry Industrial Intellectual across the omnichannel journey by evaluating
Property Awards 2021. customer intent in real time.
• Won the 2021 ASSOCHAM IP Excellence • TCS Optunique™, awarded the Best Theory of
Award for pioneering efforts in facilitating Mind Machine Learning Product at the 2021
innovations and creating a healthy intellectual AI Excellence Awards for its ability to drive
property (IP) ecosystem. unified personalized experiences across the
omnichannel journey.
• TCS CodeVita awarded a Guinness World
Records™ title as the world’s largest computer • TCS’ Data Marketplace Solution for COVID-19
programming competition with 136,054 awarded at the 19th Asian IT Leadership Awards
participants from 34 countries. 2021 under the Best Use of IT in Healthcare
category.
• Awarded Best Technical Implementation
for AI at the 5th Global Annual Achievement • Recognized as an ‘Innovator’ at NASSCOM AI
Awards for Artificial Intelligence for re-imagining Gamechangers 2021 in the Use of AI for Public
pharmacovigilance by applying machine vision, Services Category for its innovative AI-based
artificial intelligence, smart analytics and IoT to Sanitation Inspection system.
automate the intake, processing and analysis of
• Won 4 Stevie awards for innovation and IP at
safety cases.
the International Business Awards 2021:
• TCS Optumera™ won the Best Self Aware
o Gold Stevie for ‘Most Innovative Tech
Strategic Planning Product at the 2021 AI
Company’ in the ‘more than 2500
Excellence Awards for continuously monitoring
employees’ category.
thousands of customer-, market-, and vendor-
behaviors; model scenarios and customer o Gold Stevie for TCS TwinX™ in the
behavior to enable businesses in making AI- Business Technology Solution category –
enabled integrated decisions. AI/ML solution.
Integrated Annual Report 2021-22 Awards and Accolades | 166
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o Silver Stevie for TCS Omnistore™ in the • TCS’ PredictCX won ‘Most Innovative Best India. TCS topped the list in measures of ability
Business Technology Solution category – Practice’ Award under the customer experience to advance, skills growth, company stability,
Emerging Technology. category at the CII DX Awards 2021. external opportunity, company affinity, gender
diversity and spread of educational backgrounds.
o Bronze Stevie for TCS’ Data Exchange • TCS’ Risk Analytics Solution won Best Data
Platform in the Most Valuable Technical Science Solution Award at the A-Team Group’s • Recognized as 2022 Global Top Employer for
Innovation – COVID-19 Response Data Management Insight Awards 2021. the seventh year in a row by the Top Employers
category. • TCS’ Digital Platform for Next-Generation Institute.
Agriculture Services (DNA) won the award for
• Awarded the Enterprise Blockchain Award • Won 3 awards at the 2021 LinkedIn Talent
Excellence in IT Services for Large Enterprise
2021 by the Blockchain Research Institute. Awards India in the categories: Best Employer
at the IMC Digital Technology Awards, 2020
Brand on LinkedIn, Best Culture of Learning,
• Won two awards at the IoT Global Awards for seamlessly bringing together knowledge,
and Diversity Champion.
2021: for TCS DigiFleet™ in the Automotive, actionable insights, farm-input sources, and
Transport and Travel category and for TCS commerce centers to bridge demand-supply and
• Recognized at the Wequity Awards 2022 in
Smart Store in the Retail, Marketing and holistically address problems in the agricultural
“The Equalizer” category for empowering
Hospitality category. supply-chain ecosystem.
women technologists, creating a gender-neutral
• Won 6 Stevies® – 5 gold and 1 silver – at workplace and persistently driving diversity,
• TCS ADD Regulatory platform won the India the 2021 Asia-Pacific Stevie Awards for equity, and inclusion initiatives.
Pharma Awards 2021 in the category of driving innovation in finance, human resources,
Excellence in Ancillary Pharma Services. and technology, igniting organization-wide • Won the National HRD Network’s Gold Award
transformation, and quickly addressing the for Excellence in Performance Management
• Two TCS-built solutions featured in the 2021 Process and Technology.
requirements of operating during COVID-19.
ISG Digital Digital Case Study Awards: TCS’
Digital Twin Platform for Saipem won the Human Capital • Xcelerate won Gold in the HR Excellence
Energy and Utilities Standout Award as well as Awards for best HR Technology Strategy.
the Southern Europe regional standout award; • Won the award for ‘Role Model in HR
the TCS’ digital transformation work for Shell Excellence’ at the 12th CII National HR • Listed among the top 25 Best Big Companies
won the ANZ regional standout award. Excellence Awards. to Work For in the UK and among the Best
• Ranked #1 in the LinkedIn Top Companies Companies in the consultancy sector by the
• TCS TwinX won the 2022 AI Excellence Award Best Companies organization for prioritizing
list of the best workplaces for career growth in
under the Product category.
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the health and wellness of its employees and Relationship Capital • Won the 2021 Economic Times Best Brand of
investments in organic talent development. UAE award for brand reputation in the Middle
BRAND BUILDING East region.
• Won the ATD Best of Best Award for HR
and Talent Development Ecosystem and • Recognized by Brand Finance as the second CUSTOMER
Innovations. most valuable brand in IT services globally,
moving up one place in 2021. TCS’ new brand • Ranked #1 in customer satisfaction across
• Won a Gold Stevie for Best use of People articulation ‘Building on Belief’ has resonated Europe, for the ninth consecutive year, in the
Analytics and Talent Management and strongly with customers and helped the largest independent survey of 1,800 CxOs
Transformation. company expand its participation in their growth from top IT spending organizations in Europe
and transformation initiatives. by Whitelane Research. TCS was ranked #1 in
• Ranked #3 in BT-Taggd survey of the Best UK, France, Netherlands, BeLux, Switzerland,
Companies to Work For in India. • Named a UK Superbrand for the seventh Sweden, Norway and Finland.
consecutive year in recognition of TCS’
• Won 5 awards at the Economic Times Human exceptional business growth, its position as the • Won 3 awards in partnership with clients at
Capital Awards, in the categories: Excellence top strategic IT player by revenue in the UK, its the DevOps Excellence Awards 2022 in UK
in Communication Strategy, Excellence in number one ranking in customer satisfaction, for Best Automation Project (with Aviva),
Creating a Culture of Continuous Learning and and its community initiatives. Best Use of Compliance as Code (with
Upskilling, Excellence in Fostering Innovation Nationwide Building Society) and Best Use of
and Design Thinking, Excellence in HR Digital • Recognized as a Superbrand in Singapore for its Microservices/Containers (with Lloyds Banking
Transformation and Excellence in Recruitment strong market reputation, digital initiatives and Group).
of Professionals. business growth.
INVESTOR RELATIONS
• Won 14 Gold Medals, 3 Silvers and 3 • Awarded two Diamond awards at the 2021
Bronzes at the 2021 Brandon Hall Group ITSMA Marketing Excellence Awards in the • Ranked #2 Most Honored Company in Asia
Excellence in Learning Awards, across categories – Embedding ABM Programs and (ex-China) for bagging several top rankings in
Leadership Development (4 Golds), Learning Orchestrating Executive Engagement. the Technology / IT Services & Software sector
& Development (3 Golds, 2 Silvers), Diversity, in Institutional Investor’s 2021 All-Asia (ex-
Equity and Inclusion (3 Golds, 1 Silver), • Won 3 gold and 2 bronze Eventex Awards for Japan) Executive Team rankings based on a
Talent Acquisition (2 Golds, 1 Bronze), Talent its ThisRun campaign and the Virgin Money survey of 4,084 investment professionals at
Management (1 Gold, 1 Bronze), Workforce London Marathon Event App, as well as for 1,285 financial services firms across Asia. Top
Planning & Management (1 Gold) and Sales excellence across marketing and customer rankings included Best IR Professional (#1),
Training (1 Bronze). engagement. Best IR Program (#2), and Best ESG (#2).
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• Recognized by Institute of Chartered Accountants of India with a Gold Firm Report type Title
Shield Award for Excellence in Integrated Reporting in Service Sector at
Everest PEAK Matrix Digital Product Engineering Services PEAK Matrix®
the ICAI Sustainability Reporting Awards 2020-21.
Group Assessment 2022: Breaking the Chasm between the
Physical and Digital Worlds
INDUSTRY ANALYST
Everest PEAK Matrix Artificial Intelligence (AI) Services PEAK Matrix®
• Ranked the #1 Engineering Services PEAK Matrix Provider of the Year Group Assessment 2022
2022 by Everest Group for the highest consolidated score across five HFS Top 10 HFS Top 10: Insurance Services, 2022
engineering services PEAK Matrix evaluations published in 2021, in each of Everest PEAK Matrix Oracle Cloud Applications (OCA) Services PEAK
which TCS was ranked a Leader. Group Matrix® Assessment 2022 – Global
NelsonHall NEAT Quality Engineering 2022
• TCS was ranked a Leader in 92 competitive assessments published by
Everest PEAK Matrix Digital Interactive Experience (IX) Services PEAK
leading research firms in FY 2022 (86 in FY 2021):
Group Matrix® Assessment 2022
Firm Report type Title Gartner Magic Magic Quadrant for Outsourced Digital Workplace
Q4 Quadrant Services
Gartner Magic Magic Quadrant for Global Retail Core Banking
Everest PEAK Matrix Multi-Process Human Resources Outsourcing
Quadrant
Group (MPHRO) Services PEAK Matrix® Assessment 2022
NelsonHall NEAT Digital Banking 2022
HFS Top 10 HFS Energy Transition Services Top 10 Snapshot,
2022 Gartner Magic Magic Quadrant for Data and Analytics Service
Quadrant Providers
ISG Lens ISG Provider Lens™ Salesforce Ecosystem Partners
Everest PEAK Matrix Mortgage Operations PEAK Matrix® Assessment
IDC MarketScape IDC MarketScape: European Professional Services for Group 2022
Data-Driven Transportation 2022 Vendor Assessment
HFS Top 10 HFS Top 10: Retail and CPG Services, 2022
NelsonHall NEAT P&C Operations Transformation 2022
ISG Lens ISG Provider Lens™ Life Sciences Digital Services
Everest PEAK Matrix Intelligent Process Automation (IPA) – Solution
ISG Lens ISG Provider Lens™ Healthcare Digital Services
Group Provider Landscape with PEAK Matrix® Assessment
2022 ISG Lens ISG Provider Lens™ AWS - Ecosystem Partners
IDC MarketScape IDC MarketScape: Worldwide Life Science Sales and HFS Top 10 HFS OneOffice™ Services Top 10: Digital
Marketing IT Outsourcing Services 2022 Vendor transformation in action
Assessment HFS Top 10 Utilities Services Top 10, 2022
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Firm Report type Title Firm Report type Title

Q3 Zinnov Zones Zinnov Zones 2021 - IoT - Internet of Things
Everest PEAK Matrix Enterprise Blockchain Services PEAK Matrix® Technology Services (Overall)
Group Assessment 2022 Everest PEAK Matrix Mainframe Services PEAK Matrix® Assessment 2022
Everest PEAK Matrix Cloud Services PEAK Matrix® Assessment 2022 – Group
Group Europe Everest PEAK Matrix Healthcare Analytics Services PEAK Matrix®
Everest PEAK Matrix Cloud Services PEAK Matrix® Assessment 2022 – Group Assessment 2022
Group North America NelsonHall NEAT Life, Annuities & Pension: Operational Transformation
Everest PEAK Matrix Digital Workplace Services PEAK Matrix® Assessment 2021
Group 2022 HFS Top 10 HFS Pega Service Providers Top 10 2021
HFS Top 10 HFS Top 10: Enterprise Blockchain Services, 2021 HFS Top 10 HFS OneOffice™ Services Top 10: Data and Decisions
Everest PEAK Matrix Advanced Analytics and Insights (AA&I) Services PEAK IDC MarketScape IDC MarketScape: Worldwide Oil and Gas Upstream
Group Matrix® Assessment 2022 Asset Management Digital Services 2021 Vendor
Everest PEAK Matrix Supply Chain Management (SCM) BPS – Service Assessment
Group Provider Landscape with PEAK Matrix® Assessment Everest PEAK Matrix Enterprise Quality Assurance (QA) Services PEAK
2022 Group Matrix® Assessment 2022
HFS Top 10 HFS OneOffice Services Top 10: People and Process HFS Top 10 HFS OneOffice Services Top 10: Native Automation
Change Everest PEAK Matrix Banking Operations – Services PEAK Matrix®
Everest PEAK Matrix Life and Pensions (L&P) Insurance BPS/TPA – Service Group Assessment 2022
Group Provider Landscape with PEAK Matrix® Assessment IDC MarketScape IDC MarketScape: Worldwide Managed Multicloud
2022 Services 2021 Vendor Assessment
NelsonHall NEAT Advanced Digital Workplace Services 2021 - NEAT NelsonHall NEAT Digital Manufacturing Services 2021
HFS Top 10 HFS Top 10: Life Sciences service providers, 2021 Everest PEAK Matrix Software-Defined Wide Area Network (SD-WAN)
HFS Top 10 HFS Top 10: Internet of Things (IoT) Service Providers Group Services PEAK Matrix® Assessment 2021
2021 Q2
Everest PEAK Matrix Internet of Things (IoT) Supply Chain Solutions PEAK Everest PEAK Matrix Envisioning the Connected Future: 5G Engineering
Group Matrix® Assessment 2022 Group Services PEAK Matrix® Assessment 2021
HFS Top 10 HFS Energy Services Top 10, 2021 IDC MarketScape IDC MarketScape: Worldwide B2B Commerce
Zinnov Zones Zinnov Zones 2021 - Engineering R&D Services Services for Industrial Manufacturing 2021 Vendor
(Overall) Assessment
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Firm Report type Title Firm Report type Title

ISG Lens ISG Provider Lens™ Utilities Industry - Services and NelsonHall NEAT Procurement Transformation 2021
Solutions - Everest PEAK Matrix Network Transformation and Managed Services PEAK
NelsonHall NEAT Wealth & Asset Management Services 2021 Group Matrix® Assessment 2021
Everest PEAK Matrix Finance and Accounting Outsourcing (FAO) – Service Forrester Wave The Forrester Wave™: Application Modernization And
Group Provider Landscape with PEAK Matrix® Assessment Migration Services, Q3 2021
2021 Forrester Wave The Forrester Wave™: Continuous Automation And
IDC MarketScape IDC MarketScape: Worldwide Life Science R&D ITO Testing Services, Q3 2021
Services 2021 Vendor Assessment Everest PEAK Matrix Capital Markets Operations – Services PEAK Matrix®
IDC MarketScape IDC MarketScape: Worldwide Life Science R&D Group Assessment 2021
Strategic Consulting Services 2021 Vendor Everest PEAK Matrix Data and Analytics (D&A) Services PEAK Matrix®
Assessment Group Assessment 2021
Everest PEAK Matrix Procurement Outsourcing (PO) – Service Provider IDC MarketScape IDC MarketScape: European Smart Manufacturing
Group Landscape with Services PEAK Matrix® Assessment Service Providers 2021 Vendor Assessment
2021
HFS Top 10 Banking and Financial Services – The Best of the Best
Everest PEAK Matrix Exploring the Future of Mobility: Autonomous, Service Providers 2021
Group Connected, Electric, and Shared (ACES) Mobility
Automotive Engineering Services PEAK Matrix® Q1
Assessment 2021 Everest PEAK Matrix Application and Digital Services in Banking PEAK
IDC MarketScape IDC MarketScape: Worldwide Life Science R&D BPO Group Matrix® Assessment 2021: Global and Europe Focus
Services 2021 Vendor Assessment Everest PEAK Matrix Application Transformation Services PEAK Matrix®
Avasant RADAR Avasant Higher Education Digital Services 2021– Group Assessment 2021
2022 RADARVIEW™ Everest PEAK Matrix Life Sciences Operations – Services PEAK Matrix®
IDC MarketScape IDC MarketScape: Worldwide Artificial Intelligence IT Group Assessment 2021
Services 2021 Vendor Assessment HFS Top 10 HFS Top 10 Supply Chain Service Providers
IDC MarketScape IDC MarketScape: Asia/Pacific (Excluding Japan) Gartner Magic Magic Quadrant for SAP S/4HANA Application
Managed Cloud Services 2021 Vendor Assessment Quadrant Services, Worldwide
Gartner Magic Magic Quadrant for Data Center Outsourcing and IDC MarketScape IDC MarketScape: Asia/Pacific Cloud Security Services
Quadrant Hybrid Infrastructure Managed Services, Global 2021 Vendor Assessment Study
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Firm Report type Title o Two 2021 Microsoft Partner of the Year Awards – Azure Intelligent
Cloud in France and Dynamics 365 Field Service in the US, for
IDC MarketScape IDC MarketScape: Worldwide Artificial Intelligence
demonstrating excellence in innovation and providing outstanding
Business Services 2021 Vendor Assessment
solutions and services based on Microsoft technology.
Everest PEAK Matrix IT Managed Security Services PEAK Matrix®
Group Assessment 2021 o Named to the Microsoft Business Applications 2021/2022 Inner Circle,
NelsonHall NEAT CX Services in BFSI 2021 for the high standard of excellence in building innovative solutions that
IDC MarketScape IDC MarketScape: Worldwide Smart Manufacturing help customers achieve their growth and transformation objectives.
Service Providers 2021 Vendor Assessment
Chartis Market GRC Solutions: RiskTech Quadrant® for conduct and o Application Transformation and Migration Partner of the Year at the
Quadrants control solutions, 2021 AWS Partner Awards in Australia and New Zealand.
Chartis Market GRC Solutions: RiskTech Quadrant® for GRC analytics, o Consulting Winner along with customer Stellantis (formerly Fiat Chrysler
Quadrants 2021
Automobiles) for Marketing Cloud at Salesforce Partner Innovation
Chartis Market GRC Solutions: RiskTech Quadrant® for MRM Awards 2021.
Quadrants solutions, 2021
IDC MarketScape IDC MarketScape: Worldwide Artificial Intelligence o Solutions implemented by TCS for SAIL and Trent won the SAP ACE
Services 2021 Vendor Assessment Awards 2021 in the Manufacturing Transformation and Game Changer
IDC MarketScape IDC MarketScape. Asia/Pacific Intelligent Automation categories respectively.
Services 2021 Vendor Assessment
Everest PEAK Matrix S/4HANA Services PEAK Matrix® Assessment 2021
o Won SAP EMEA North Award for Service Partner Excellence 2022 for
Group Integrated Delivery Experience.
NelsonHall NEAT Cognitive & Self-Healing IT Infrastructure o Automation 360 Cloud Partner from Automation Anywhere in India,
Management Services 2021
Middle East & Africa.
HFS Top 10 HFS TMT (Telecom, Media, and Technology) Service
Providers Top 10 2021 o Won Automation Anywhere Partner of the Year 2022 awards in the
categories Migration Partner - India, Knowledge Partner - India and
PARTNER Americas and AARI Solutions Partner - EMEA at the company’s annual
• Won over 30 awards from technology alliance partners: Virtual Partner Summit.
o 2020 Google Cloud Breakthrough Partner of the Year for o LATAM 2021 Partner of the Year in the Product Sales Leadership
demonstrating innovative thinking, outstanding customer service, and category from Automation Anywhere.
best-in-class use of Google Cloud products and solutions.
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o Recognized as the 2022 Americas Premier o Celonis BPO Partner of the Year at the Social Capital
Partner of the Year by MuleSoft. Celonis Ecosystem Summit 2021.
• Won the World Leadership Congress Award
o Top Performing - GSI Partner and Game o IFS Solutions Partner of the Year and IFS for world-class operations at the All-Women
Changer - Enterprise Business category Services Partner of the Year (Enterprise Business Process Services and IT Center in
in India and South Asia at the Red Hat Category) at the 2021 IFS Partner of the Riyadh, Saudi Arabia.
Partner Awards. Year Awards.
• Won the Best Indian Investment Award from
o BMC Partner of the Year Award – the Indo-French Chamber of Commerce &
o Global Partner of the Year 2020 for
Cognitive Automation at the BMC Service Industry for TCS’ commitment to the French
Integration and API from Software AG.
Provider eXchange (SPeX). economy through sustained long-term
o Intel Partner of the Year 2021. o 2021 Partner of The Year Award by investments in talent development, innovation,
o HPE GreenLake Ecosystem Partner of Smart Message. and regional growth.
the Year 2021. o Strong Growth – Identity and Access • TCS’ Assisto, an innovative solution developed
Management Partner of the Year 2021 by by TCS Rapid Labs, was awarded Social Impact
o Creatio Partner of the Year FY2021
Award of Excellence. CyberRes, a Micro Focus line of business. Solution of the Year at the NASSCOM
Engineering R&D Awards, 2021 for the use of
o Named the Ivalua APAC Partner of the
o Zscaler’s Global Solutions Integrator the cognitive speech algorithms that generate
Year 2021.
Partner of the Year 2021. speech output in the tone, mother tongue and
o Named International Partner of the Year near-real sound of the child using it.
o MongoDB Global System Integrator 2021 by Ping Identity.
Partner of the Year Award for its bold, • Named in Points of Light’s Civic 50 List for the
innovative solutions that accelerate the o Recognized as GSI Partner of the Year Fifth Consecutive Year for TCS’ commitment
growth and transformation journeys for 2021 by GoTo Partner Network. to drive social impact of its community
businesses across industries. o Named Qlik’s North America System engagement programs.
Integrator of the Year.
o Cohesity GSI Innovation Partner of the • TCS Bringing Life to Things ™ IoT Lab awarded
Year FY21, for accelerating innovation and o System Integrator Partner Innovation CMO Corporate Social Responsibility Award at
increasing the ease of doing business. award from Qlik. CMO Vision and Innovation Awards 2021.
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Corporate Social Overview Through its unique engagement model, TCS

leverages its intellectual capability, technology
Responsibility TCS’ vision is to empower people and communities
to build self-reliance through technology while
expertise, large employee base volunteering their
time and skills and of course financial capacity to
promoting the values of fairness, equity and respect invest in programs that deliver longer term social
for human rights. Its mission is to connect people to impact across the globe.
opportunities in the digital economy while building
equitable, inclusive pathways for all – especially Its programs are holistic and comprehensive, and
women, youth, and marginalized groups. designed to be flexible and adaptable, meeting
the specific needs of communities and regions
TCS has been a signatory to the UN Global Compact around the world. To build capacity of grassroots
(UNGC) since 2006 and is aligned with its ten organizations working in local communities, TCS
principles. The Company supports the principles also invests in strategic partnerships, research,
contained in the Universal Declaration of Human and insights by providing pro-bono technology
Rights, the ILO Declaration on Fundamental consulting. This model of engagement allows TCS
Principles and Rights at Work, and the United to empower communities, create generational
Nations Guiding Principles on Business and Human improvements and build greater futures.
Rights. These principles guide TCS’ community
initiatives. In FY 2022, TCS estimates that its global
community initiatives reached more than
The company continues to invest in addressing the 1.7 million beneficiaries, made possible by over
most pressing needs of the community, focusing 58,900 employees contributing over 700,000
on education, skilling, employability, and digital hours of their volunteering time to support local
entrepreneurship with a focus on bridging the community initiatives.
opportunity gap for people and communities. It
invests in health and wellness, water sanitation and
hygiene, conservation, and disaster relief efforts to
support the basic needs of communities.
Integrated Annual Report 2021-22 Corporate Social Responsibility | 174
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Mapping of TCS’ CSR Programs with SDG Goals
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Adult Literacy Program - Creating access to The impact of this program has been
literacy on a path to livelihoods transformational and transgenerational. It is ‘Sampa’ stands out for her
promoting social inclusion, financial stability and perseverance and
Despite years of investments, illiteracy continues economic growth, empowering neo-literates with dedication, and for showing
to be a core impediment stopping individuals from better access to the financial system, government that self-will and
realizing their potential. TCS’ Adult Literacy Program, benefit programs and a greater say in family and
determination triumphs
through its digital literacy solution has been community decision-making.
against all odds. When she
addressing this over the past 2 decades in India and
first approached one of
West Africa. Women have been a key target group, Program outcomes include:
TCS’ partner organizations working with
with the program offering them a path to financial
independence and an opportunity to be role models • 81% of the learners have encouraged their own individuals with developmental disabilities, she
for their children, especially girls, in their families. children especially girls to go to school. was in her mid-twenties, illiterate and
Till date, over 1.08 million learners, over 80% of suffering from disorganized thoughts,
• 75% learners expressed that their self-esteem preoccupation, aggressive behavior and a
them women, have benefited from this program. The has increased because of this program.
program runs in over 162 districts across 20 states shattered sense of self.
and union territories across India, and also in Burkina • 67% learners feel that they have started
Introduced to TCS’s digital literacy solution
Faso, West Africa. participating more in the decision-making
ALP, she gradually started taking interest
process in their family.
TCS has further expanded the scope of this program in learning, drawn by the colourful and
in response to India’s new National Education Policy, Ignite My Future (IMF) - empowering educators and attractive content. She was seen observing
which emphasizes the need for digital literacy, creating skills of the future the letters and numbers on her own, and
financial, legal, and electoral literacy, disaster slowly started comprehending them. She
management and environmental literacy in addition As technology change accelerates, the workforce took everyone by surprise when the National
to functional literacy, to empower communities. New of tomorrow requires new age skills and capabilities Institute of Open Schooling results were
modules on the platform include financial literacy to be productive. Computational thinking is one announced, and she got an A grade.
skills (8-10 hours), digital literacy skills (5-7 hours), such futuristic skill that not only provides learners
citizen entitlement awareness (3-4 hours) and with a problem-solving mindset, but also enables It took 5 long years to bring her back to a life
disaster risk reduction awareness (8-10 hours). access to high skilled jobs, enabling communities of self-dignity. Sampa now works in a café
to benefit from the adoption of new technologies. run by the partner organization, and is able
In FY 2022, over 7,400 learners gained basic literacy However, there has been limited integration of this to handle the finances of the café business
skills. skill within classrooms across the globe. Educators and contribute meaningfully.
that play a key role in creating access are themselves
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not empowered to embed this within the learning learning demands, all aspects of the program were • $10K+ average savings to each district and
curriculum. restructured for online delivery, remaining inclusive educator from free training.
of communities with varying digital access and tools.
TCS’ IMF, implemented in North America, UK, goIT (go Innovate Together) – Digital Innovation
India, Latin America and APAC, has created global IMF launched its largest Global Innovations Teacher Program for Students
access for educators and students to hone this Project to-date with 24 teachers from 5 countries The jobs of tomorrow are changing rapidly.
skill set. Equity and inclusion are integrated in reaching over 500 students. Over 100 TCS Economies around the world are dealing with the
the program design, to specifically enable access employee volunteers supported the 6-week project. disparity between the needs of employers and the
for underserved students from marginalized skills that youth possess. According to the National
communities. In FY 2022, the program empowered nearly Science Foundation, it is predicted that 80% of the
435,000 students and educators. jobs created in the next decade will require some
Scenario-based lesson plans, teacher training and form of math and science skills. The lack of sufficient
resources, immersive and interactive engagements Program outcomes include:
numbers of students pursuing these streams, and
for families as well as a year-round network of insufficient focus on innovation, problem-solving
support for educators through the Learning Leaders • 81% educators were ready to use resources in
and creativity in school curricula, are seen as big
Program ensures that the program addresses the their classroom post-training.
challenges to the digital economy.
critical needs of every stakeholder in the learning
journey - creating long-term integration of a • 90% educators reported they have returned to
highly valued skill set. To meet virtual and hybrid in-person instruction.
Anne LeBlanc is a middle school teacher at Halifax Regional in Nova Scotia, Canada. Anne uses Ignite My Future resources to make
computational thinking come to life for her students, in all core subjects. She and her students have participated in two IMF Global
Collaborations through which she has had the opportunity to collaborate with teachers from around the world.
Through this project, that relies on students’ using computational thinking to solve a global problem, Anne has found that her
classroom gets bigger and the world gets smaller for her students. This project has also been beneficial to one of her French speaking
students as he is able to translate his videos and other students’ videos allowing collaboration to happen even across language barriers.
“My students have found that through connecting with other students outside of their community they are more alike, than they are
different.” Anne supports and collaborates with like-minded educators though IMF global network of Learning Leaders.
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TCS’ flagship digital innovation and career readiness

program, goIT (go Innovate Together), prepares
Four learners from Sinenjongo High School in Cape Town,
students with the skills and mindsets to pursue
careers of the future. Through engaging design celebrated their win in the goIT Tech-savvy Challenge,
workshops and custom mentorship experiences, hosted by TCS in partnership with Steam education
goIT benefits students by challenging stereotypes specialist Sakhikamva Foundation.
and inspiring future leaders to pursue the careers of
The event saw more than 455 participants from nine high
tomorrow, most of which will involve STEM and the
schools across the Western and Eastern Cape battle it out
computer sciences.
with their ideas for a winning app that could change their
goIT uses a four-pronged model of (1) volunteer local communities. Eventually, learners from Sinenjongo
driven engagements, in-person or virtually, (2) High and Goodwood College took the top three positions.
seamless year-round connects via goIT Online, (3)
SDG-focused monthly challenges and (4) Custom The founder of Sakhikamva Foundation, Fatima Jakoet said the foundation was impressed by all the
mentorship experiences designed to introduce participants of the competition but inspired by learners from Cape Town who worked hard to win the
student local experts and opportunities. Each prong, tech challenge.
layered with partnerships with school districts and
mentoring by industry professionals from TCS, makes “What we have seen in this year’s South African goIT Challenge is young people expressing their ability to be
goIT a unique program that helps students develop problem-solvers who can contribute to a better world,” said Jaconet.
core skills that enable them to be productive in the
jobs of tomorrow. Speaking about her team’s app idea, WO-MEN, Sinenjongo High School learner Lilitha Masizana said:
“We are so happy and excited to have won, and as a team we stand by what our app was designed to do – to
After over a decade of success and a footprint of promote gender equality and the acceptance of gender diversity, which includes a conversation platform to
40 countries, goIT has now benefited over 100,000 highlight the impacts of gender inequality.”
students who have designed more than 26,000
tech-for-good digital innovation prototypes.
In FY 2022, more than 30,000 students and
educators benefited from this program. • 96% students reported that they gained positive • 88% students demonstrated an understanding
Program outcomes include: insights from their TCS volunteer mentor. of how technology can be used to improve their
community.
• 87% students felt they could be computer • 80% showed an increased interest in STEM and
scientists after their goIT experience. Computer Science.
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Youth Employment Program - connecting India’s skills and competencies required to make them a
rural youth to careers in digital economy highly viable industry resource. Biki had dreams of attending college after she
graduated from high school, but the family could
TCS’ Youth Employment Program (YEP) focuses • Ensured continuous availability of highly skilled not afford it. Instead, she took up a hospitality
on one of the biggest challenges in India, which and cross-functional talent pool for the industry. management course and joined an airline as
is unemployment, underemployment, and lack • Increased diversity and gender parity within the ground staff in Kolkata. Unfortunately, the airline
of access to high paying jobs among youth. It is workforce while creating inclusion and access went out of business, forcing Biki to look for
estimated that 7 million people are annually added for marginalized groups across the country. other work. She ended up in a small town in the
to the workforce, but the education and skills profile Uttar Dinajpur district of West Bengal teaching
of the existing workforce is very poor - especially • Promoted sustained and inclusive economic English in a school for four years.
in rural and semi-urban locations. The pandemic growth, full and productive employment and
decent work. During that period, she continued her BA studies
has created an even bigger need to integrate digital
in IGNOU through distance learning and became
and technology related skills within the learning
In FY 2022, more than 19,700 students were a Graduate in English. On a trip to Siliguri, Biki
experience to ensure that youth can avail of the jobs
trained in India and LATAM, of whom more than learned about TCS’ Youth Employment Program
that are available in the market.
7,400 students gained employment in sectors such that was about to be launched in the city. She
YEP connects India’s youth to careers in the digital as IT and ITeS, Retail, Banking and others. Today, the enrolled herself for the training and travelled
economy through the development of competencies program runs in 35 States & Union territories across 30 km every day from her grandmother’s
in numerical ability, logical reasoning, communication, India. house to reach the training centre. Biki worked
programming and domain skills. The program also tirelessly, learning as much as she could during
provides career guidance and interview skills to help the program and earning recognition from her
youth navigate through opportunities available in instructors. Her efforts paid off when she was
Biki Minj is a young woman who
the market. Over the last two years, the program has offered a full-time position at TCS during a
had never seen her father’s
gone virtual. The program has: recruitment drive in Siliguri.
face. She was brought up by her
• Enhanced employability of rural underprivileged widowed mother, a tea garden Since she joined TCS, Biki has been able to
youth from socially, economically and labourer in Darjeeling and a experience a freedom she never thought
geographically disadvantaged communities. worker in the children’s hostel. possible. Earning a regular salary allowed her to
Biki began picking up English at the age of two, begin saving money to build a house for herself
• Provided youth, especially those from when she and her mother moved into the and her mother, a house that will one day be
historically marginalized and low-income children’s hostel. At Biki’s own school, only the testimony to a life of independence and self-
families, with industry-specific experiential local language was used during instruction. respect.
learning that improves exposure to the kind of
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Program outcomes include: connect for people in the villages, delivering essential in urban towns. Through this strategic approach, the
digital services in the areas of education, adult program has:
• 4X enhancement in income for individuals from literacy, unemployment, social discrimination. This • Upskilled young men and women from
marginalized communities in comparison to facilitates a ‘bridging’ of access and opportunities marginalized communities to be successful
elementary occupations. between youth in rural, underserved areas and those digital entrepreneurs.
• 80% indicated that better jobs led to a change
of role as earning member. Twenty-seven-year-old entrepreneur Bapi Raita is a member of the Saura
tribe which has some of the most severe problems with obtaining adequate
• 74% indicated an enhancement of status in the nutrition in India. Starvation deaths are common among the Saura. Despite
family and community. earning a diploma in Civil Engineering, Bapi was forced to do odd jobs to
make ends meet for his family.
Entrepreneurship and Self-Employment
Bapi married, moving to Bangalore with his wife and working in a garment
India has 30% youth unemployment (15-29 factory for nearly a year. When his wife fell ill, Bapi was had no choice but
years) compared to a 15% global average, and 325 to return to his village to help manage her care. Still needing to earn money
million Indians are from historically disadvantaged to support his family, Bapi learned about BridgeIT from a local NGO in
and marginalized communities. Lack of proper Odisha and registered for the training. Over the course of the program,
technology infrastructure, knowledge and resources Bapi learned how to do business in the digital space with the training and
in villages have prevented communities from mentoring provided by the BridgeIT facilitators, an opportunity which would
accessing opportunities presented by the digital have never been possible.
economy.
On completion of BridgeIT, and with equipment donated by TCS, Bapi was able to start his own online
Since 2014, the TCS’ BridgeIT program has business. As his business began growing, so did his earnings. Bapi is now earning nearly ` 1.30 lakhs from
addressed social inequalities by empowering just ` 4,000 before completing BridgeIT.
marginalized youth to become rural entrepreneurs
and civic leaders in their villages. Partnering with Bapi also wears BridgeIT Cluster Lead’s hat for the area where he operates in. With this comes the
local NGOs, TCS engages the cohort through a responsibility to mentor seven other digital entrepreneurs from nearby villages. He gets a great sense of
5-year period, offering them skills, mentoring, fulfilment when he carries out his role as a Leader.
technology, tools and resources. These digital Bapi proudly says, “BridgeIT has changed my life and has brought hope of a good future for me and my family.
entrepreneurs become serve as the last-mile- It has brought brightness to our lives and our community.”
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• Empowered them with digital technologies The program has received high appreciation The program focuses on convening experts from
- facilitating a platform for essential online from stakeholders in the government and social technology, business, non-profit, public policy, and
services within rural areas. organization such as Social Alpha, Tata Trusts and academia to ideate, collaborate, and create digitally
• Enabled them to educate students in Unltd India. There has been immense interest from driven solutions to social impact challenges. Since
Government schools and support literacy for various parts of the country in replicating the DISQ the inception of the program in 2018, Digital
adults through digital tools and resources. model. DISQ collaborated partners to identify Empowers has engaged with over 6,000 experts
potential opportunities for students. across India, South Africa, the UK, and Mexico to
Currently running in 30 districts across India, TCS’ expand collective knowledge and collaborate to
vision is to expand this program to all of India’s Ekatvam Innovations Program outcomes the come up with new solutions to the most pressing
aspirational districts. In FY 2022, BridgeIT has ‘Most Promising Solution’ globally by a panel community issues, with the potential to scale and be
enabled 321 entrepreneurs across 20 districts in 9 of water experts from Ramboll, Grundfos and applicable throughout the world.
States. the International Water Association in a global
competition. They were awarded scholarships to
Program outcomes include:
participate in the International Water Congress
• 1.5X earnings compared to other self- 2022 in Copenhagen.
employed individuals in rural areas.
Overall, the program has supported 12 solutions in
• 95% indicated increased income and improved reaching self-sufficiency.
standard of living.
• 92% women indicated higher self-esteem at Thought Leadership, Research and Insights
home.
Digital Empowers
Digital Impact Square (DISQ), a TCS Foundation
Initiative, is an open social innovation platform Digital Empowers, TCS’ global thought leadership
designed to enhance the lives of citizens. The program in CSR, explores the intersection of
platform encourages innovation using digital technology and social impact, spotlighting the
technologies, to address the needs of citizens by crucial role technology plays in finding solutions for
inviting individuals or teams who want to bring in intractable social issues. The purpose of the program
a change and create an impact in society through is to raise awareness of digital technologies and
digital innovations. social issues, explore the art of what’s possible, and
foster cross sector partnerships.
DISQ has nurtured over 55 changemakers from
around 590 innovators since 2016.
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TCS runs the Pitch for Purpose, a competition Health and Wellness online viewing directly by patients, without the need
for start-up social entrepreneurs, to showcase for physically visiting the hospital to collect reports.
mission-driven founders across the world whose Healthy communities can drive better economic
fledging businesses are solving issues by deploying development and a feeling of wellbeing. TCS Water Sanitation and Hygiene
emerging technology and cutting-edge innovation. recognizes the importance of health and wellness,
The competition grew in 2021, with over 200 and promotes it among its employees as well as in Jal Jeevan Mission, a project by the Ministry of Jal
entrepreneurs applying, and eight finalists pitching to local communities across the world. Its CSR initiatives Shakti, Government of India, has been supported by
a live panel of expert judges. Elliot Roth, Founder of seek to create new, systemic solutions that address the Tata Group, with TCS providing key expertise in
Spira Inc., won the first-place prize with his innovative society’s biggest health challenges. applying a ‘Bridgital model’ for monitoring rural water
solution that creates carbon negative materials from service delivery as well as enhanced stakeholder
genetically engineered algae. TCS has provided an integrated Hospital engagement via digitally enabled workflows.
Management System and IT infrastructure, which
In August 2021, Digital Empowers, in partnership includes a comprehensive and fully integrated, To address several issues in rural water supply, TCS
with the U.S. Chamber of Commerce Foundation, web-based solution, to The Cancer Institute (CI), created an IoT-based smart water management
published a culminating report, Technology as a Chennai and Tata Medical Center (TMC), Kolkata. solution for remote monitoring and control. This
Catalyst for Empowering Communities. With nine As a result of laboratory equipment integration, a innovative solution is end-to-end, from source to
different topics examined, the report captured the larger number of patients have benefited, with the tap, feature rich, uses advanced analytics and has
unique insights, best practices, and key learnings solution providing 100% coverage of patients via high fidelity with over 99.9% uptime and accuracy.
from dozens of experts across sectors and industries virtual engagements, including those that did not It can work in poor cellular network coverage areas
that are actively driving social change using digital show up or were not reachable. Patient care services (particularly in remote and rural villages) and is
tools and technologies. implemented this year improved patient satisfaction powered by solar power, best suited for off-grid
and reduced anxiety. environments.
A 15-bed COVID-19 care facility was setup and This solution has so far helped provide regular,
made operational at the Cancer Institute during the adequate, and clean drinking water to nearly 75,000
second COVID wave to facilitate care for COVID- beneficiaries across 14 villages spread across 8 states
affected patients. Patient Care Coordinators (PCCs) and union territories in India.
at TMC Kolkata continued to support patients by
managing virtual-consultation processes, pediatric It has helped identify distribution issues – such as
OPD appointments, patient crowd management and outages, leakages or low pressure, and led to timely
https://www.tcs.com/corporate-social-responsibility/ new patient management. Patients Investigation resolutions. It recently alerted both officials and the
digital-empowers/catalyst-report’ Reports were made available on the TMC website for
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local community of fast depleting groundwater levels, • The Resume Builder, an application created by backgroundsacross Italy kickstart their careers.
that led the villagers to build a source strengthening TCS’ Social Innovation Lab in close collaboration
structure to recharge their borewell. with TCS Research and Innovation group, helps “Thanks to the great support of TCS experts,
participants of the Youth Employment Program San Martino was able to design and implement
With TCS’ IoT-based smart water management generate standardized resumes, setting them a Career Guidance section on their website
solutions, communities are able to: up for success in the job market. The application specifically designed for international students,”
has been piloted with over 3,000 YEP explained Mario Porcelli, Managing Director for
• Ensure equitable and adequate water quantity, participants and slated to be expand further in San Martino Servizi.
quality and periodicity. the future.
• In North America, TCS continues to build
• Reduce water borne diseases through water pro-bono digital solutions for organizations
• In Australia, TCS provided pro bono technology
quality monitoring. like The Council for Responsible Sport,
empowerment to Meals on Wheels NSW,
International Medical Corps and so on. The
Food Ladder, Charitable Recycling Australia,
• Improve lives of rural households, especially Council for Responsible Sport helps sporting
The Indigenous Marathon Foundation and
women and girls. organizers assess the Environmental, Social,
Briometrix so they could continue to support
and Governance impact of events and has been
people who depended on their services even
Pro-Bono Technology Support to Social helping organizers of i.e., the Bank of America
during in the pandemic.
Organisations Chicago Marathon to track their resource usage
“Since TCS helped us develop the calculator, and impact for years.
As part of TCS’ pro-bono technology support
interventions or Tech4Good Programme, TCS we have been able to reach greater audiences
• TCS’ 2,000-hour pro bono commitment to the
continues to help community-based organizations both through our website and networks and also
‘Re-Score project’ helped envision the Council’s
and non-profits seeking to create social and through our members,” said Omer Soker, CEO,
drive to create a digital solution, leveraging
environmental impact across the globe. TCS has Charitable Recycling Australia.
cloud-based technology that would serve as a
been leveraging its abundant technology and first-of-its-kind in the field. Re-Score makes
• In Italy during the peak of the pandemic, TCS
Intellectual capital to create exponential impact credible guidance and performance tracking
supported San Martino, a social enterprise
across the globe by delivering pro-bono digital accessible to all organizations that host sporting
services to social organizations. The company’s focused in helping non-nationals living
events.
engagement strategy utilizes its contextual in Italy start their careers to create a fair
knowledge and the knowledge from a diverse ground for employment. TCS designed,
• For International Medical Corps, a global,
network of experts to develop innovative solutions developed and implemented a digital solution
non-profit, humanitarian aid organization
to unique problems within the community. so they can continue to help people from all
spread across 30 countries in Africa, Asia and
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Middle East with a focus on providing health

services support, clean water and hygiene Praveen Kumar a TD
education, women’s and children’s health and faculty from MBU, started Chai Eng Law an HR
emergency response and preparedness, TCS volunteering for goIT Specialist has been an active
helped reimagine their vendor prequalification program with training YEP volunteer for over six
system and digitized the processes for improved workshops for around 400 years. Once her session was
efficiency and operational resilience. students from a nearby scheduled over a weekend,
school in Kanchipuram. yet the students seemed
Employee Engagement incredibly happy to be at the
During sessions on
problem-solving and college. As she watched their faces filled with
TCS’ skill-based CSR initiatives offer volunteering
design thinking, he interacted with students enthusiasm, she knew volunteering for this
opportunities to employees, helping them give back
and was amused by how they related to the program would be worth her time and effort,
to the communities, imbuing them with a higher
concepts in their own unique ways. He says which later turned out to be 100% true. She
sense of purpose. Our people-centric investments
seeing students view the process of learning says, “I strongly believe that in learning, you will
go beyond the boundaries of our organization, into
communities across the world, where we support as a game transported him back to his school teach, and in teaching, you will learn. YEP, gives
initiatives to bridge the digital divide, and address days. He also believes that being around me the opportunity to practice this belief of
some of the most pressing issues in countries where students can help one forget about their mine.” Her weekends would pass by in a blink
we live and work. sorrows, anxieties, and stresses, hence of an eye, and the benefits from this program
boosting one's energy and spreading positivity. far outweighed the inconveniences she faced.
TCS’ Employee Volunteer Program (EVP) offers She felt overwhelmed when she saw her
His journey continues to shape many more
opportunities to employees for contributing their students gradually overcome their hesitation
subsequent generation’s students, preparing
time and effort towards societal well-being, while to converse in English and eventually became
them for 21st-century skills. He has also been
sensitizing them to the issues that are plaguing the more confident in spoken English. She recalls,
an active faculty member for weekly YEP
world. Volunteering fosters a sense of fraternity, one day as she was about to enter the lift in
workshops, conducted several business
bringing employees together and engaging them in her office building, she spotted a young
communication sessions for YEP colleges in
ways beyond work. associate stepping out of the lift. Her joy knew
Tamil Nadu. He urges other volunteers to
deliver the courses with enthusiasm, provide no bounds when she recognized this person as
During the devastating second wave of COVID-19
examples and share real-world references to a YEP trainee who had appeared at a mock
in India, EVP team has worked with various internal
enable students to relate to concepts and interview conducted by her.
TCS teams such as Safety First, Cares to create the
content for several community support initiatives. apply their learnings in everyday activities.
The content was then used to create awareness
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on the importance of vaccination to curb vaccine last 3 years, was launched in India, UK&I and • TCS volunteers helped cascade awareness
hesitancy, facilitating mental health awareness LATAM. The program harnesses the leadership, materials around infection prevention and
sessions for beneficiaries of the CSR initiatives and communication, and project management skills vaccination in remote communities, sourced
the community at large. EVP team has owned and needed to create a sustained commitment from authentic sources such as the Government
managed this entire process by liaising with internal to social impact within our industry and of India, MoHFW and WHO.
CSR teams and external TCS functions. communities.
• The TCS Cares program organized sessions to
More than 58,900 TCS associates volunteered Empowering Communities in the Fight Against provide mental health support.
nearly 700,000 hours towards various programs in COVID 19 • Basic provisions such as rice, cooking oil, sugar,
FY 2022 aligned to Sustainable Development Goals canned food were provided to underprivileged,
3, 4, 5, 8, 10, and 13. Initiatives to help communities deal with the poor and disabled families.
pandemic, launched in the prior year along with TATA
Program outcomes include: Group companies continued in FY 2022. With the • With all schooling going virtual, TCS donated
• Through Pro Engage, TCSers from 13 countries support of TCSers across the globe, the company laptops and mobile broadband connections
and 8 regions supported 204 pro bono projects, continued to help those that needed it the most. Key to students from low-income families, and
contributing 14,000+ hours to NGOs in India, highlights: volunteers held conducted sessions on internet
NA, and LATAM. literacy.
• TCS donated 1,170 oxygen concentrators and
• IMF kicked off a Global Teacher Collaboration 252 ventilators across 15 states in India and
with 29 teachers from 5 countries, engaging mobilized thousands of employees, customers
100+ volunteers from NA and LATAM over 6 and partners to support our COVID response
weeks. • Dependents of those who lost their lives to
• Celebrated the 7th annual Sadhana Month, the pandemic were enrolled in TCS’ Youth
through which over 16,000+ volunteers from Employment Program, where they were trained
India, NA, and LATAM donated 215,000 hours and groomed to improve their employability.
of service in their local communities. New livelihood avenues were made available for
1,600 COVID-affected families.
• Leaders with Purpose, a civic leadership program
designed to nurture and prepare TCS leaders • TCS’ BridgeIT entrepreneurs supported their
with the skill to lead societal change, which was local communities, helping out with vaccine
successfully running in North America for the registration, accessing online COVID reports
and online government initiatives.
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Business SECTION A: GENERAL DISCLOSURES 9. Financial year for which reporting is

Responsibility being done: Financial year 2021-22 (April
& Sustainability I. Details of the listed entity1 1, 2021 to March 31, 2022)
Report 1. Corporate Identity Number

(CIN) of the Listed Entity:
10. Name of the Stock Exchange(s) where
shares are listed: NSE (National Stock
L22210MH1995PLC084781 Exchange of India Limited) and BSE
(formerly Bombay Stock Exchange)
2. Name of the Listed Entity:
Tata Consultancy Services Limited 11. Paid-up Capital: ` 366 crores
3. Year of incorporation: 1995 12. Name and contact details (telephone,

email address) of the person who may be
4. Registered office address: 9 Floor, Nirmal
th
contacted in case of any queries on the
Building, Nariman Point, Mumbai - 400 021, BRSR report:
India
Name: Milind Lakkad
5. Corporate address: TCS House, Raveline
Street, Fort, Mumbai 400 001, India. Designation: Chief Human Resources
Officer
6. E-mail: corporate.sustainability@tcs.com
Telephone number: +91 22 6778 9999
7. Telephone: +91 22 6778 9595
E-mail id: corporate.sustainability@tcs.com
8. Website: www.tcs.com
1
GRI 2-1, GRI 2-3
Integrated Annual Report 2021-22 Business Responsibility & Sustainability Report | 186
284 / 522
13. Reporting boundary - Are the disclosures under this report made ISO and financial audit.
on a standalone basis (i.e. only for the entity) or on a consolidated
basis (i.e. for the entity and all the entities which form a part of its GRI Assurance4: Ernst & Young has assured the data presented under
consolidated financial statements, taken together).2 GRI Standards disclosures as specified in their Assurance Statement.
The scope and basis of assurance have been described in their assurance
Data Basis Exclusions letter. The Board was not involved in seeking this assurance.
Financial TCS’ consolidated global None II. Products/services5

operations
Human TCS’ global operations, including < 0.2% of the consolidated 14. Details of business activities (accounting for 90% of the turnover):
Resources wholly owned subsidiaries. headcount.
TCS provides IT services, consulting and business solutions to many of
Disclosures pertaining to Workforce outside India
employee benefits, performance
the world’s largest businesses in their transformational journeys. Further
appraisals and statutory topics details are provided in the Management Discussion and Analysis section
are specific to the workforce of this Integrated Annual Report.
based in India.
15. Products/Services sold by the entity (accounting for 90% of the
Environmental TCS’ Global operations (using Other TCS’ operations
entity’s Turnover):
operational control approach). accounting for < 4%
headcount
Application Development and Maintenance, Consulting and Service
Integration, Digital Transformation Services, Cognitive Business
The data measurement techniques used, and the basis of calculations
Operations and Products and Platforms.
and estimates have been mentioned in the relevant areas of this report.
TCS does not believe there is any substantial divergence from the GRI
Some of the services broadly map to NIC classes 6201, 6202, 6209 and
Indicator Protocols. The scope, boundaries, and methodology for data
6311.
analysis in this document remain the same as in the prior year and are
mentioned above. There has been no restatement3 of information or
changes in the material topics or boundaries since the prior year. The
data is sourced from Ultimatix, TCS’ core enterprise platform. Other
supporting data is reviewed by relevant third-party assurers as part of
2
GRI 2-2 4
GRI 2-5
3
GRI 2-4 5
GRI 2-6
285 / 522
III. Operations6 IV. Employees

16. Number of locations where plants and/or operations/offices of the 18. Details as at the end of Financial Year: FY 2021-22
entity are situated: a. Employees (including differently abled)7:
Location Number of Number of offices (Delivery Total S. Particulars Total (A) Male Female
plants offices) No. No. (B) % (B / A) No. (C) % (C / A)
National NA Delivery centers – 113, Offices - 9 122 1. Permanent (D) 590,662 379,942 64.3 210,720 35.7
International NA Delivery centers – 71, Offices - 107 178 2. Other than Permanent (E) 17,609 9,924 56.4 7,685 43.6
3. Total employees (D + E) 608,271 389,866 64.1 218,405 35.9
17. Markets served by the entity: Note:
a. Number of locations • TCS’ global headcount excludes employees of non-wholly owned subsidiaries.
• All of TCS’ workforce is categorized as ‘Employees’ and none as ‘Workers’.
Locations Number
Hence in all the sections, details sought of the ‘Workers’ category are Not
National (No. of States) 28 States and 8 Union Territories Applicable to TCS.
International (No. of Countries) 54 • Other than Permanent category includes contractors and interns.
b. What is the contribution of exports as a percentage of the total b. Differently abled Employees:
turnover of the entity?
S. Particulars Total (A) Male Female
The contribution of exports as a percentage of total turnover of TCS No No. (B) % (B / A) No. (C) % (C / A)
Standalone is 94.0%. DIFFERENTLY ABLED EMPLOYEES
1. Permanent (D) 921 706 76.7 215 23.3
c. A brief on types of customers
2. Other than Permanent (E) 11 8 72.7 3 27.3
TCS works with leading corporations across the world - typically 3. Total differently abled 932 714 76.6 218 23.4
Fortune 1000 or Global 2000 corporations and the public sector. employees (D + E)
In India, TCS works with departments of the Government of India,
Note:
various state governments, systemically important entities and the
private sector. • Differently abled type includes Hearing, Visual, Locomotor, Orthopedic and
Others
6
GRI 2-6 7
GRI 2-7
286 / 522
19. Participation/Inclusion/Representation of women8 V. Holding, Subsidiary and Associate Companies (including joint ventures)
Total (A) No. and percentage of Females 21. (a) Names of holding / subsidiary10
No. (B) % (B / A)
Board of Directors 9 2 22.2 S. Name of the holding / subsidiary/ (A) Indicate % of Does the entity
No. whether shares indicated at
Key Management Personnel 4 0 0.0 holding/ held by column A,
Senior Management 29,966 3,980 13.3 Subsidiary listed participate in
entity the Business
Responsibility
Note:
initiatives of the
• Key Management Personnel (KMP) are Chief Executive Officer and Managing listed entity?
Director (CEO&MD), Chief Operating Officer and Executive Director (COO), (Yes/No)
Chief Financial Officer (CFO) and Company Secretary (CS). 1. Tata Sons Private Limited Holding 72.3 Yes
• Senior Management excludes Directors and KMP. 2. APTOnline Limited Subsidiary 89 Yes
3. C-Edge Technologies Limited Subsidiary 51 Yes
20. Turnover rate for permanent employees9
4. MP Online Limited Subsidiary 89 Yes
FY 2021-22 FY 2020-21 FY 2019-20 5. TCS e-Serve International Limited Subsidiary 100 No

Male Female Total Male Female Total Male Female Total 6. Mahaonline Limited Subsidiary 74 Yes
Permanent 17.3% 17.8% 17.5% 7.5% 7.5% 7.5% 12.8% 14.2% 13.3% 7. TCS Foundation Subsidiary 100 Yes
Employees
8. Diligenta Limited Subsidiary 100 Yes
Note: 9. Tata Consultancy Services Canada Inc. Subsidiary 100 Yes

10. Tata America International Corporation Subsidiary 100 Yes
• Turnover rates mentioned above are for TCS’ global headcount (including IT
and business services), excluding non-wholly owned subsidiaries. 11. Tata Consultancy Services Asia Pacific Subsidiary 100 Yes
Pte Ltd.
8
GRI 405-1
9
GRI 401-1 10
GRI 2-2
287 / 522
S. Name of the holding / subsidiary/ (A) Indicate % of Does the entity S. Name of the holding / subsidiary/ (A) Indicate % of Does the entity
No. whether shares indicated at No. whether shares indicated at
holding/ held by column A, holding/ held by column A,
Subsidiary listed participate in Subsidiary listed participate in
entity the Business entity the Business
Responsibility Responsibility
initiatives of the initiatives of the
listed entity? listed entity?
(Yes/No) (Yes/No)
12. Tata Consultancy Services (China) Co., Subsidiary 93.2 Yes 23. Tata Consultancy Services Luxembourg Subsidiary 100 Yes
Ltd. S.A.
13. Tata Consultancy Services Japan, Ltd. Subsidiary 66 No 24. Tata Consultancy Services Switzerland Subsidiary 100 Yes
Ltd.
14. Tata Consultancy Services Malaysia Sdn Subsidiary 100 Yes
Bhd 25. Tata Consultancy Services Osterreich Subsidiary 100 No
GmbH
15. PT Tata Consultancy Services Indonesia Subsidiary 100 No
26 Tata Consultancy Services Danmark Aps Subsidiary 100 Yes
16. Tata Consultancy Services (Philippines) Subsidiary 100 Yes
Inc. 27. Tata Consultancy Services De Espana Subsidiary 100 Yes
S.A.
17. Tata Consultancy Services (Thailand) Subsidiary 100 No
Limited 28. Tata Consultancy Services (Portugal) Subsidiary 100 Yes
Unipessoal Limitada
18. Tata Consultancy Services Belgium Subsidiary 100 Yes
29. Tata Consultancy Services France Subsidiary 100 Yes
19. Tata Consultancy Services Deutschland Subsidiary 100 Yes
GmbH 30. Tata Consultancy Services Saudi Arabia Subsidiary 100 Yes
20. Tata Consultancy Services Sverige AB Subsidiary 100 Yes 31. Tata Consultancy Services (Africa) (PTY) Subsidiary 100 Yes
Ltd.
21. Tata Consultancy Services Netherlands Subsidiary 100 Yes
BV 32. Tata Consultancy Services (South Africa) Subsidiary 100 No
(PTY) Ltd.
22. Tata Consultancy Services Italia s.r.l Subsidiary 100 Yes
33. TCS FNS PTY Limited Subsidiary 100 Yes
288 / 522
S. Name of the holding / subsidiary/ (A) Indicate % of Does the entity S. Name of the holding / subsidiary/ (A) Indicate % of Does the entity
No. whether shares indicated at No. whether shares indicated at
holding/ held by column A, holding/ held by column A,
Subsidiary listed participate in Subsidiary listed participate in
entity the Business entity the Business
Responsibility Responsibility
initiatives of the initiatives of the
listed entity? listed entity?
(Yes/No) (Yes/No)
34. TCS Financial Solutions (Beijing) Co., Ltd. Subsidiary 100 Yes 47. Tata Consultancy Services UK Limited Subsidiary 100 Yes
(formerly W12 Studios Limited)
35. TCS Financial Solutions Australia Pty Subsidiary 100 Yes
Limited 48. TCS Business Services GmbH Subsidiary 100 Yes
36. TCS Iberoamerica SA Subsidiary 100 Yes 49. Tata Consultancy Services Ireland Subsidiary 100 Yes
Limited
37. TCS Solution Centre S.A. Subsidiary 100 Yes
50. TCS Technology Solutions AG (formerly Subsidiary 100 No
38. Tata Consultancy Services Argentina Subsidiary 100 Yes
Postbank Systems AG)
S.A.
51. Saudi Desert Rose Holding B.V. Subsidiary 100 Yes
39. Tata Consultancy Services Do Brasil Subsidiary 100 Yes
Ltda 52. Tata Consultancy Services Bulgaria Subsidiary 100 Yes
EOOD
40. Tata Consultancy Services De Mexico Subsidiary 100 Yes
S.A., De C.V. 53. Tata Consultancy Services Guatemala, Subsidiary 100 No
S.A.
41. Tata Consultancy Services Chile S.A. Subsidiary 100 Yes
42. TCS Inversiones Chile Limitada Subsidiary 100 Yes VI. CSR Details
43. TATASOLUTION CENTER S.A. Subsidiary 100 Yes
22. (i) Whether CSR is applicable as per section 135 of Companies Act,
44. TCS Uruguay S.A. Subsidiary 100 Yes 2013: (Yes/No) Yes
45. MGDC S.C. Subsidiary 100 Yes
(ii) Turnover (in `) ` 191,754 crore
46. Tata Consultancy Services Qatar L.L.C. Subsidiary 100 No
(iii) Net worth (in `) ` 89,139 crore
289 / 522
VII. Transparency and Disclosures Compliances
23. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible Business Conduct:
Stakeholder group Grievance Redressal Mechanism in FY 2021-22 FY 2020-21

from whom complaint Place (Yes/No)
is received
(If Yes, then provide web-link for Number of Number of complaints Remarks Number of complaints Number of complaints Remarks
grievance redress policy)11 complaints filed pending resolution at filed during the year pending resolution at
during the year close of the year close of the year
Communities Yes 0 0 - 0 0 -
Investors (other than NA NA NA NA NA NA NA
shareholders)
Shareholders Yes 87 - - 86 - -
As per SEBI Listing Regulations.
Employees Yes 190 14 287 33
Customers Yes. 65 9 59 4 -
Escalation mechanisms are defined
in individual client contracts and
addressed as per TCS Quality Policy.
Value Chain Partners https://on.tcs.com/WhistleBP 0 0 - 0 0 -
11
GRI 2-25
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24. Overview of the entity’s material responsible business conduct issues12
Please indicate material responsible business conduct and sustainability issues pertaining to environmental and social matters that present a risk or an opportunity
to your business, rationale for identifying the same, approach to adapt or mitigate the risk along-with its financial implications, as per the following format
S. No. Material issue identified Indicate Rationale for identifying the risk / opportunity In case of risk, approach to adapt Financial implications of
whether or mitigate13 the risk or opportunity
risk or (Indicate positive or
opportunity negative implications)
(R/O)
1 Talent management: Risk Risk of failure in any of the elements of talent management Kindly refer the Enterprise Negative
The company’s ability to attract, can impact the Company’s ability to fulfill demand and grow Risk Management section in
develop, motivate, and retain talent is its revenues. Management Discussion and
critical to business success. Analysis
2 Social responsibility: Health and Risk Has a direct impact on the health of TCS employees Kindly refer to the Employee Negative
Wellness of TCS employees and besides productivity impact. Health and Wellbeing section
associates of Management Discussion and
Analysis
3 Environmental Footprint: Risk Extreme weather events due to climate change pose a Kindly refer to the Enterprise Negative
Climate change physical risk of disruption to the company’s operations, Risk Management section in
and the safety and wellbeing of its employees. Additionally, Management Discussion and
economic disruptions due to transition risks can impact the Analysis.
company’s growth and profitability.
Opportunity As TCS’ customers respond to climate change actions, the Kindly refer the Enterprise Positive
company is seeing opportunities to provide technology-led Risk Management section in
solutions to help them achieve their sustainability goals. Management Discussion and
Analysis
12
GRI 3-2
13
GRI 3-3
291 / 522
S. No. Material issue identified Indicate Rationale for identifying the risk / opportunity In case of risk, approach to adapt Financial implications of
whether or mitigate the risk or opportunity
risk or (Indicate positive or
opportunity negative implications)
(R/O)
4 Environmental Footprint -Water Risk Water scarcity can impair the company’s operations and Employee education around Negative
management disrupt business. saving water, more efficient use
of water in campuses, Rain water
harvesting, recycling of waste
water.
5 Environmental Footprint -Waste Risk Inadvertent non-compliance to existing and emerging Reduction in waste generation, Negative
management regulations around recycling and the circular economy can maximization of recycling and
result in economic penalties and reputation damage. reuse.
6 Social Responsibility – Alignment with Risk The business must be rooted in community and be aligned Fostering local communities, Negative
Local Communities with the community’s larger interests. Any job creation, skill development,
adversarial relationship can hurt the company’s ability to supporting local relief efforts
create longer term value. where required in times of crisis
and paying taxes
Opportunity Structural interventions around generating greater interest Positive
in STEM education and STEM careers in the younger
generation, can address talent scarcity issues in the future
and help build TCS’ brand reputation for alignment with
local communities.
7 Corporate Governance – Board Risk Strong corporate governance is core to achieving the Kindly refer to “Material aspects Negative
oversight, Conflict of Interest, Ethics, organization’s mission and any risks can undermine and TCS’ approach to them” in
Risk and Compliance, Succession stakeholder trust, damage reputation and disrupt business. Corporate Governance Report
Planning
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SECTION B: MANAGEMENT AND PROCESS DISCLOSURES Disclosure Questions P P P P P P P P P

1 2 3 4 5 6 7 8 9
This section is aimed at helping businesses demonstrate the structures, policies and
Policy and management processes
processes put in place towards adopting the NGRBC Principles and Core Elements.
1. a. Whether your entity’s Y Y Y Y Y Y Y Y Y
The National Voluntary Guidelines on Social, Environmental and Economic policy/policies cover each
principle and its core
Responsibilities of Business (NVGs) released by the Ministry of Corporate Affairs
elements of the NGRBCs.
has adopted nine areas of Business Responsibility. These briefly are as follows:
(Yes/No)14
P1 Business should conduct and govern themselves with Ethics, Transparency and b. Has the policy been approved Y Y Y Y Y Y Y Y Y
by the Board? (Yes/No)14
Accountability
c. Web Link of the Policies, if P1 to P9: Tata Code of Conduct15 (TCoC)
P2 Businesses should provide goods and services that are safe and contribute to available14 P1: Whistleblower Policy16
P2 – Sustainable Supply chain Policy17 –
sustainability throughout their life cycle
P3 and P5 – Employees related Policies18
P4 and P8: CSR Policy19
P3 Businesses should promote the wellbeing of all employees
P6 – HSE Policy and ESG Policy20
P4 Businesses should respect the interests of, and be responsive towards all 2. Whether the entity has translated Y Y Y Y Y Y Y Y Y
the policy into procedures. (Yes /
stakeholders, especially those who are disadvantaged, vulnerable and marginalized
No)21
P5 Businesses should respect and promote human rights 3. Do the enlisted policies extend to Y Y Y Y Y Y Y Y Y
your value chain partners? (Yes/
P6 Business should respect, protect, and make efforts to restore the environment No)22
P7 Businesses, when engaged in influencing public and regulatory policy, should do 14

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so in a responsible manner 15
https://on.tcs.com/Tata-Code-Of-Conduct
16
https://on.tcs.com/WhistleBP
P8 Businesses should support inclusive growth and equitable development 17
https://www.tcs.com/sustainability-strategy
18
HR policies available to employees on Ultimatix, TCS Intranet
P9 Businesses should engage with and provide value to their customers and
19
20
https://on.tcs.com/Environmental-Policy
consumers in a responsible manner 21
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Disclosure Questions P P P P P P P P P Disclosure Questions

1 2 3 4 5 6 7 8 9
Governance, leadership and oversight
4. Name of the national and Y23 Y24 Y25 NA Y26 Y27 NA NA NA
international codes/certifications/ 7. Statement by director responsible for the business responsibility report,
labels/ standards (e.g. Forest highlighting ESG related challenges, targets and achievements (listed entity has
Stewardship Council, Fairtrade, flexibility regarding the placement of this disclosure)31
Rainforest Alliance, Trustea) TCS has set forth its new carbon reduction goal to reduce its absolute greenhouse
standards (e.g. SA 8000, OHSAS, gas emissions across Scope 1 and Scope 2 by 70% by 2025 (over 2016 base year),
ISO, BIS) adopted by your entity
and to achieve net zero emissions by 2030. The new goal is after having achieved
and mapped to each principle.
the previous target of reducing its specific carbon footprint by half by 2020 (versus
5. Specific commitments, goals and N N N N N Y29 N N N baseline year FY 2008), ahead of schedule.
targets set by the entity with
defined timelines, if any.28 N G Subramaniam, COO & Executive Director, TCS32: “Our net zero goal underlines
6. Performance of the entity against NA NA NA NA NA Y30 NA NA NA our renewed commitment to environmental stewardship. To curb emissions and
the specific commitments, goals limit global warming to well below 2, preferably to 1.5 degrees Celsius, compared to
and targets along-with reasons in pre-industrial levels, all organizations will have to reimagine existing business models
case the same are not met.30 and aim for sustainable growth. We are in a unique position to combine our purpose-
driven world view with digital innovation to not only drive our own sustainability, but
23
TATA Code of Conduct also partner with customers, civil society and governments to lead and shape solutions
24
iQMSTM, TCS’ Integrated Quality Management System, comprehensively integrates the for a sustainable future,”
requirements and best practices of the latest industry models, frameworks and standards At the core of TCS’ strategy to reduce its carbon footprint is improved energy
such as ISO 9001:2015, ISO 20000:2018, ISO 27001:2013, ISO 22301:2019, ISO
efficiency through the addition of more green buildings to the company’s real estate
27701:2019, ISO 20017:2015, ISO 27018:2019, CMMI® DEV v 2.0 and CMMI® SVC
v2.0; Health Safety and Environment Standards ISO 14001, ISO 45001; as well as portfolio, reduction of IT system power usage, and the use of TCS Clever Energy™,
industry domain specific standards such as AS9100 (Aerospace), TL9000 (Telecom) and which leverages IoT, machine learning and AI to optimize energy consumption across
ISO 13485 (Medical Devices). campuses. TCS’ Vision 25x25 is a strategic lever that delinks TCS’ business growth
25
ISO 45001:2018 from campus expansion, and brings down emissions related to employee commutes
26
TCS is aligned with international laws, principles, and norms, including those contained in and business travel. Other elements of the company’s net zero aspiration include
the Universal Declaration of Human Rights, ILO Declaration on Fundamental Principles greater use of renewable sources of energy and carbon removal offsets.
and Rights at Work, United Nations Guiding Principles on Business and Human Rights
and are a signatory to the UN Global Compact (UNGC) since 2006. Enivronmental targets and achievements are part of Natural Capital section, which is
27
ISO 14001:2015, ISO 50001:2018 on Page 31 of Integrated Annual Report.
28
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29
70% Reduction in absolute Scope 1 + Scope 2 emissions (vs base year 2016), Net zero
by 2030 31
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30
25% Reduction in absolute carbon emissions Y-o-Y; Renewable energy use at 37.2% 32
https://www.tcs.com/tcs-targets-net-zero-emissions-by-2030
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Disclosure Questions
8. Details of the highest authority responsible for implementation and oversight Name: Milind Lakkad
of the Business Responsibility policy (ies).33 Designation: Chief Human Resources Officer
Telephone number: 022 67789999
E-mail id: corporate.sustainability@tcs.com
9. Does the entity have a specified Committee of the Board/ Director responsible The Stakeholders’ Relationship Committee (SRC) of the Board of Directors is responsible for decision
for decision making on sustainability related issues? (Yes / No). If yes, provide making on sustainability related issues.
details.34 DIN Name Designation
03611983 Dr. Pradeep Kumar Khosla Chairman
00008886 Keki Mistry Member
06365813 Rajesh Gopinathan Member
10. Details of Review of NGRBCs by the Company:

Subject for Review Indicate whether review was undertaken by Director / Frequency:Annually (A) / Half yearly (H) / Quarterly
Committee of the Board/ Any other Committee (Q) / Any other – please specify
P1 P2 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P4 P5 P6 P7 P8 P9
Performance against above policies and follow up action Y Y Y Y Y Y Y Y Y Q H Q Q Q H H Q Q
Compliance with statutory requirements of relevance to the Statutory Compliance Certificate on applicable laws is Quarterly
principles, and, rectification of any non-compliances provided by the CEO to the Board of Directors.
P1 P2 P3 P4 P5 P6 P7 P8 P9
11. Has the entity carried out independent assessment/ evaluation N Y Y N N Y N N N Annual where applicable
of the working of its policies by an external agency? (Yes/No).
If yes, provide name of the agency.35
12. If answer to question (1) above is “No” i.e. not all Principles are covered by a policy, reasons to be stated: Not Applicable
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SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURE • Awareness programs covering the applicable principles were held and
attended by all respective committee members of the Board and/or the Board
This section is aimed at helping entities demonstrate their performance in of Directors.
integrating the Principles and Core Elements with key processes and decisions.
The information sought is categorized as “Essential” and “Leadership”. While the 2. Details of fines / penalties /punishment/ award/ compounding fees/
essential indicators are expected to be disclosed by every entity that is mandated settlement amount paid in proceedings (by the entity or by directors /
to file this report, the leadership indicators may be voluntarily disclosed by KMPs) with regulators/ law enforcement agencies/ judicial institutions,
entities which aspire to progress to a higher level in their quest to be socially, in the financial year, in the following format (Note: the entity shall make
environmentally and ethically responsible. disclosures on the basis of materiality as specified in Regulation 30 of SEBI
(Listing Obligations and Disclosure Obligations) Regulations, 2015 and as
PRINCIPLE 1 Businesses should conduct and govern themselves with integrity, disclosed on the entity’s website)37:
and in a manner that is Ethical, Transparent and Accountable.
Monetary
Essential Indicators
NGRBC Name of the Amount Brief of Has an
1. Percentage coverage by training and awareness programmes on any of the Principle regulatory/ (In INR) the Case appeal
Principles during the financial year36: enforcement been
agencies/ judicial preferred?
Segment Total number Topics / %age of persons institutions (Yes/No)
of training principles in respective Penalty/ Fine NIL NIL NIL NA NA
and awareness covered under category covered Settlement NIL NIL NIL NA NA
programmes the training by the awareness
Compounding fee NIL NIL NIL NA NA
held and its impact programmes
Board of Directors 10 All 100.0%
Non-Monetary
Key Managerial Personnel 10 All 100.0% NGRBC Name of the Brief Has an appeal been
Employees other than BoD and 17,969 All 98.5% Principle regulatory/ of the preferred? (Yes/No)
KMPs enforcement Case
agencies/ judicial
Note: institutions
• All the principles laid down in BRSR are covered by TCS mandatory trainings Imprisonment NIL NIL NA NA
and Tata Code of Conduct (TCoC), which is adhered to by all employees. Punishment NIL NIL NA NA

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3. Of the instances disclosed in Question 2 above, details of the Appeal/ 6. Details of complaints with regard to conflict of interest:
Revision preferred in cases where monetary or non-monetary action has
been appealed. FY 2021-22 FY 2020-21
Case Details Name of the regulatory / enforcement agencies / Number Remarks Number Remarks
judicial institutions Number of complaints received NIL NIL NIL NIL
NA NA in relation to issues of Conflict
of Interest of the Directors
4. Does the entity have an anti-corruption or anti-bribery policy? If yes,
Number of complaints received NIL NIL NIL NIL
provide details in brief and if available, provide a web-link to the policy.38 in relation to issues of Conflict
Yes. The TCoC contains guidelines on anti-bribery and anti-corruption. TCS of Interest of the KMPs
is committed to upholding the highest moral and ethical standards, and does
7. Provide details of any corrective action taken or underway on issues
not tolerate bribery or corruption in any form. The policy is available on the
related to fines / penalties / action taken by regulators/ law enforcement
company website at: https://on.tcs.com/Tata-Code-Of-Conduct agencies/ judicial institutions, on cases of corruption and conflicts of
5. Number of Directors/KMPs/employees against whom disciplinary action interest.
was taken by any law enforcement agency for the charges of bribery/
Not Applicable
corruption39:
FY 2021-22 FY 2020-21
Directors NIL NIL
KMPs NIL NIL
Employees 3 (Under fraud) 2 (under Fraud)
Note:
• Data specific to India. Cases pertain to employees in continued employment,
where investigation by law enforcement agencies is underway, pending
conclusion.
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PRINCIPLE 2 Businesses should provide goods and services in a manner that is sustainable and safe
1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the environmental and social impacts of product and
processes to total R&D and capex investments made by the entity, respectively.
Amount FY 2021-22 FY 2020-21 Details of improvements in environmental and social impacts
in ` crore
R&D 2,242 1,917 TCS’ investments in research and innovation have resulted in solutions like Envirozone™, Clever Energy and IP2™. TCS has been using Clever
Capex 2,964 3,139 Energy for the last few years to reduce its energy consumption, and is now commercially selling it and the other two solutions to clients to
help them achieve their sustainability goals. Additionally, TCS has been investing in building green campuses (IGBC certified). All of this, along
with greater use of renewable energy has helped TCS bring down its carbon footprint by 66% versus base year 2016.40
2. a. Does the entity have procedures in place for sustainable sourcing41? (Yes/No)
Yes. TCS’ Sustainable Supply Chain policy and Green Procurement policy outline its commitment to making its supply chain more responsible and sustainable. The
policies are available on our website:
TCS Policy Web link

Sustainable Supply Chain policy https://on.tcs.com/SSCP
Green Procurement policy https://on.tcs.com/GPP
b. If yes, what percentage of inputs were sourced sustainably?
100% of TCS’ suppliers are covered in the responsible sourcing program.
3. Describe the processes in place to safely reclaim your products for reusing, recycling and disposing at the end of life, for (a) Plastics (including packaging) (b)
E-waste (c) Hazardous waste and (d) other waste42.
TCS is an IT Consulting Services and Business Solutions company and does not manufacture any products hence this question is not applicable to the company’s
operations. TCS has defined processes in place for reuse, recycle and safe end-of-life disposal for the products used in its operations. TCS conducts audit on waste
recycling vendors for the safe disposal of e-waste, used lube oil, battery waste and other hazardous waste.
40
TCS Energy Management Solution – TCS AR FY 2016-17
41
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4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes / No). If yes, whether the waste collection plan is in line with the
Extended Producer Responsibility (EPR) plan submitted to Pollution Control Boards? If not, provide steps taken to address the same.
No. EPR is not applicable to TCS.

PRINCIPLE 3 Businesses should respect and promote the well-being of all employees, including those in their value chains
1. a. Details of measures for the well-being of employees43:
Category % of employees covered by

Total (A) Health Insurance Accident Insurance Maternity benefits Paternity benefits Day care facilities
Number (B) % (B/A) Number (C) % (C/A) Number (D) % (D/A) Number (E) % (E/A) Number (F) % (F/A)
Permanent Employees
Male 325,241 325,241 100 325,241 100 NA NA 57 0.02 NA NA
Female 182,945 182,945 100 182,945 100 182,945 100 0 0 NA NA
Total 508,186 508,186 100 508,186 100 182,945 36 57 0.01 NA NA
Other than Permanent Employees
Male
Female Vendors and Contractors are required to adhere with the statutory compliance as per the state rules.
Total
Note:
• Data specific to India.
• Paternity Leave benefit is applicable only to employees of the erstwhile eServe.
• There are no day-care facilities on TCS premises. TCS has location wise tie-ups with third-party run day care centers, which employees can avail of.
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2. Details of retirement benefits, for Current FY and Previous Financial Year44.
Benefits FY 2021-22 FY 2020-21

No. of employees covered as a % of Deducted and deposited with the No. of employees covered as a % of Deducted and deposited with the
total employees authority (Y/N/N.A.) total employees authority (Y/N/N.A.)
PF 100 Y 100 Y
Gratuity 100 Y 100 Y
ESI 6 Y 8 Y
SA 6 Y 7 Y
NPS 1 Y 1 Y
Note:
3. Accessibility of workplaces: Are the premises / offices of the entity accessible to differently abled employees and workers, as per the requirements of the Rights
of Persons with Disabilities Act, 2016? If not, whether any steps are being taken by the entity in this regard.
Yes
4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so, provide a web-link to the policy. –
Yes. The Tata Code of Conduct can be accessed at: https://www.tcs.com/tata-code-of-conduct. Additionally, there is a Disability Inclusion Policy governing TCS’ India
operations, available to employees on the company’s local intranet.
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5. Return to work and Retention rates of permanent employees that took 7. Membership of employees and worker in association(s) or Unions
parental leave45. recognised by the listed entity47:
Gender Permanent employees Category FY 2021-22 FY 2020-21

Return to work rate Retention rate Total No. of % (B / A) Total No. of % (D/
employees employees employees Employees C)
Male 89% 88%
in in respective in in respective
Female 89% 93% respective category, respective category,
category who are category who are
Total 89% 93%
(A) part of (C) part of
association(s) association(s)
Note: or Union (B) or Union (D)
• Data specific to India. Total 508,186 55 0.01 415,649 61 0.01

Permanent
Employees
6. Is there a mechanism available to receive and redress grievances46 for the
following categories of employees and worker? If yes, give details of the -Male 325,241 55 0.02 263,178 61 0.02
mechanism in brief. -Female 182,945 0 0.0 152,471 0 0.0
Yes/No Note:
(If Yes, then give details of the mechanism in brief)
Data specific to India.
Permanent Employees Yes, the employees can use the “Employee Concerns”
application to log their grievances in TCS internal portal, which
8. Details of training given to employees and workers48:
will be addressed by the respective stakeholders within the
stipulated timelines
Training and engagement are an important element for safety awareness.
Other than Permanent Non-Permanent employees can raise the grievances via Email Health and safety training is imparted to employees as a part of the
Employees to the concerned stakeholders. induction module at the time of joining to achieve minimum mandatory
health and safety (H&S) competence combined with an annual refresher web
based training. Further, TCS engages employees on H&S through various
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communication channels like webinars trainings, posters, events, emails, floor meetings, skits, videos, and blog/posts on TCS intranet. Several campaigns like the Road
Safety Awareness, Ergonomics Awareness, Fire Safety awareness, Incident reporting engage employees to make them more aware and safety conscious.
The number of employees who have completed the refresher training is given below:
Category FY 2021-22 FY 2020-21
Total (A) On Health and Safety Measures On Skill Upgradation Total (D) On Health and Safety Measures On Skill Upgradation
No. (B) % (B/A) No. (C) % (C/A) No. (E) % (E/D) No. (F) % (F/D)
Employees
Male 379,942 374,645 98.6 367,461 96.7 304,327 297,601 97.8 288,473 94.8
Female 210,720 205,656 97.6 201,314 95.5 171,367 164,608 96.1 160,297 93.5
Total 590,662 580,301 98.2 568,775 96.3 475,694 462,209 97.2 448,770 94.3
Note:
• The above data includes all Mandatory Policies related training including Health and Safety.
• The above data is based on Globally reported training and excludes employees on Leave Without Pay.
• Based on TCS’ global headcount of permanent employees. Excludes employees of non-wholly owned subsidiaries.
9. Details of performance and career development reviews of employees and worker49:
Total (A) No. (B) % (B/A) Total (C) No. (D) % (D/C)
Employees
Male 251,176 248,972 99.1 274,310 271,546 99.0
Female 131,896 130,857 99.2 153,413 151,473 98.7
Total 383,072 379,829 99.2 427,723 423,019 98.9
Note:
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10. Health and safety management system: Mitigation plan and controls are provided to eliminate the identified
hazards and risks.
a. Whether an occupational health and safety management system has
been implemented by the entity? (Yes/ No). If yes, the coverage such c. Whether you have processes for employees to report the work
system50? related hazards and to remove themselves from such risks. (Y/N)52
Yes. TCS is certified to ISO 45001:2018 Occupational Health and Safety Yes. TCS has a safety incident reporting and management process to
(OHS) Management System standard across 124 of its facilities worldwide ensure that all work-related incidents (which include accidents, near-
in FY 2022. These certified locations constitute 82% of office footprint misses, unsafe conditions and unsafe acts) are reported and closed after
and >96% of people footprint operating from these locations. taking necessary corrective actions. This is enabled through an online
safety incident reporting tool which is accessible to all TCS employees
TCS has a well-defined Occupational Health and Safety (OHS) policy to facilitate transparent reporting. The platform also supports incident
and supporting processes to ensure the safety and well-being of its investigation and corrective action with the perspective of eliminating
employees. Safety lead and lag indicators are measured across the hazards and preventing incidents.
organization and reported. The board-level Stakeholders’ Relationship
Committee reviews the company’s health and safety performance on d. Do the employees/ worker of the entity have access to non-
a half yearly basis. Over 96% of the workforce is represented in joint occupational medical and healthcare services? (Yes/ No)53
management-employee health and safety committees that monitor,
advise and drive occupational, health and safety initiatives. Yes. TCS recognizes that overall physical and mental wellbeing of its
employees is integral to its success and growth aspirations. TCS has a
b. What are the processes used to identify work-related hazards and people focus approach by involving consulting and training employees on
assess risks on a routine and non-routine basis by the entity51? physical health, mental health, and wellbeing.
As a part of ISO 45001:2018 Occupational Health and Safety TCS has taken a holistic approach to well-being and redefined them
Management System, TCS has a documented procedure to carry out to be relevant in these trying times of pandemic. These well-being
assessment of work-related hazards and risks for all routine and non- programs were reimagined to look at various aspects such as COVID-19
routine activities carried out at any location. Hazard and risk identification support, mental health, ergonomic health, physical health, and safety at
is carried out by the process owners in consultation with the safety home, delivered through digital channels, hospital insurance services,
experts. The process owners are responsible to ensure adequate controls occupational health services and through seamless integration of all
are identified and implemented to control the identified OHS risks. stakeholders. TCS Cares initiative has instituted programs for associates
50
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and their families to help cope with the mental stress and anxiety. TCS 11. Details of safety related incidents54, in the following format:
has been promoting health and wellbeing of employees through Yoga,
Typical to any service sector company operating out of office-based premises,
Fit4Life and similar initiatives.
most common injuries occur due to slips, trips and falls or being struck by
TCS has occupational health centers (OHC) at TCS facilities in India. stationary objects, road accidents in company provided transport. TCS ensures
The employees and contractors who are working at these facilities have capturing all types of incidents including accidents, near-misses and safety
access to non-occupational medical and healthcare services as well. observations and ensuring 100% closure of the reported incidents with
Beyond the OHCs, TCS provides comprehensive medical and healthcare appropriate corrective and preventive actions.
services to employees through the company provided medical insurance
The safety incident statistics is given below –
to employees and their dependents. In overseas geographies, non-
occupational medical and healthcare services are provided as per the Safety Incident/Number Category FY 2021-22 FY 2020-21
country regulations. To ensure physical fitness, TCS also has recreational Lost Time Injury Frequency Rate 0.0032 0.0044
facilities and gymnasiums at many of its facilities for the benefit of the (LTIFR) (per one million-person hours
employees. worked)
Total recordable work-related injuries Employees 4 5
TCS, through its TCS Cares initiative, instituted programs for employees
and their families to help cope with the mental stress and anxiety. Online No. of fatalities 0 0
counselling sessions and self-help resources saw an increase in usage. High consequence work-related injury 0 0
Interactive sessions for grief support as well as extending individual grief or ill-health (excluding fatalities)
counselling to employees through proactive HR connects and reach 12. Describe the measures taken by the entity to ensure a safe and healthy
outs were conducted to extend support to employees battling with work place55.
losses. Also, a special series of burnout support offerings were deployed
to increase awareness and create support strategies for burnout. HR TCS recognizes that occupational, health & safety (OHS) and overall physical
connects were strengthened through Emotional Wellbeing SOPs. Special and mental wellbeing of its employees is integral to its success and growth
sessions were organized for stress management for leadership teams for aspirations as spelled out in its OHS Policy. TCS is committed to provide safe
managing the new normal Peer counselling for HRs was done to equip workplaces focusing on preventing injuries, illnesses, and continuously strives
them to handle mental health cases coming from employees. A special to eliminate hazards and reduce OHS risks.
series of “Respond with Care“ offerings, highlighting hope and positive
psychology, providing basic emotional first aid skills is also being provided
to HRs, Managers and employees.
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Key occupational health related risks are associated with the key generic 13. Number of Complaints on the following made by employees56:
H&S risks identified typical to TCS’ nature of operations include workplace
ergonomics risks arising due to computer usage, indoor air quality, workplace FY 2021-22 FY 2020-21
illumination and noise and fire risk typical to an office building and general
Filed Pending Remarks Filed Pending Remarks
office risks including slips, trips, falls, electrical shock, etc. Hazard identification
during resolution during resolution
and risk assessment process is conducted to has helped identify each such the at the end the at the end
risk and ensure that proper mitigation measures are put in place to create a year of year year of year
healthy and safe work environment.
Working
Some of the mitigation measures to prevent or mitigate significant Conditions
40 0 44 0
occupational health & safety impacts include, Health &
Safety
• Provision and maintenance of fire detection, alarm and suppression
systems
14. Assessments for the year57:
• Regular site review, inspections and audits to assess safety preparedness
% of your plants and offices that were assessed (by entity or
• Regular mock drills for fire as well as medical emergencies
statutory authorities or third parties)
• Provision of ergonomically designed chairs and workstations to prevent Health and safety TCS has 124 locations globally certified with ISO 45001:2018,
musculoskeletal disorders (MSD’s) and low radiation computer monitors practices Occupational Health & Safety Standards. 100% of offices have
for better visual health been audited during FY 2022 by qualified internal auditors at TCS.
Every year, one third of TCS’ locations are identified to be sampled
• Digital monitoring of indoor air quality and periodic cleaning of the HVAC for external/ third party audits. In FY 2022 about 30% of TCS’
ducts to avoid sick building syndrome offices have undergone ISO 45001:2018 audits by External
Auditors / third parties. Hence, out of 124 locations globally,
• Regular training on occupational health & safety training to sensitize
TCS has 38 of them undergo external audits by TUV Nord for
employees on OHS aspects to inculcate a culture of safety occupational health & safety.
• Employee engagement campaigns on health & safety topics such as fire There were no statutory audits conducted on health and safety
safety, road safety, emergency evacuation, ergonomics among others practices in FY 2022 for any of the offices in India.
There are no major H&S risks associated with TCS services as the company
provides customized software solutions and IT services. 56
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% of your plants and offices that were assessed (by entity or PRINCIPLE 4: Businesses should respect the interests of and be responsive to
statutory authorities or third parties) all its stakeholders
Working TCS locations are subject to site safety inspections and reviews
Conditions periodically by internal health & safety team with the perspective Essential Indicators
of checking any health, hygiene and safety hazards and mitigating
them. 1. Describe the processes for identifying key stakeholder groups of the
As a part of ISO 45001:2018 audits, TCS locations undergo a entity59.
site review and assessment to check deployment of operational
controls. 100% of TCS’ sites get checked and inspected for health TCS engages with a broad spectrum of stakeholders, to deepen its insights
and safety aspects during each year. into their needs and expectations, and to develop sustainable strategies for the
short, medium and long term. Stakeholder engagement also helps to manage
15. Provide details of any corrective action taken or underway to address risks and opportunities in business operations. The key stakeholders identified
safety-related incidents (if any) and on significant risks / concerns arising in consultation with the company’s management are: customers, employees,
from assessments of health & safety practices and working conditions.58 shareholders, academic institutions, head-hunters, staffing firms, other
suppliers, partners and collaborators, industry bodies such as NASSCOM and CII,
There were a few road/transport, slip, trip and fall related incidents during governments, NGOs, local communities, regulators and society at large.
the year which have been investigated and closed with necessary corrective
and preventive actions. Defensive driving focus and behavioral based safety Some other stakeholders that TCS closely engages with – such as industry
practices have been emphasized as corrective measures. analysts, equity analysts, and the news media –are proxies for other named
stakeholders – i.e. customers, shareholders, and society at large, respectively.
Stakeholder interactions might be structured (e.g. surveys, account

statements) or unstructured (town halls, 1x1 meetings). Based on mutual
convenience and need, the engagement maybe scheduled as needed, or
pre-scheduled on a periodic basis (fortnightly/ monthly/ quarterly/ annual) or
continuous (e.g. website, social media).
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2. List stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder group60
Stakeholder Group Whether identified as Channels of Communication Frequency of Engagement (Annually/ Purpose and scope of engagement
Vulnerable & Marginalized (Email, SMS, Newspaper, Pamphlets, Half yearly/ Quarterly / others – including key topics and concerns
Group (Yes/No) please specify) raised during such engagement
Advertisement, Community Meetings,
Notice Board, Website), Other
Customers No As needed: Project-related calls and • Continuous: TCS website; • Understanding client, industry and
meetings; project management reviews; social media (LinkedIn, Twitter, business challenges
relationship meetings and reviews; Facebook, Instagram, YouTube)
• Identifying opportunities to
executive meetings and briefings;
• Half-yearly: Customer improve TCS’ service and products
customer visits; responses to RFIs/ satisfaction surveys for cross-selling
RFPs; sponsored events; mailers;
newsletters; brochures • Annual: Customer summits; • Deciding on investments and
Innovation days; Executive capabilities required to fulfil
customer surveys; Sponsored demand
Community events • Understanding client’s data privacy
and security requirements
Shareholders No As needed: Press releases and press • Quarterly: Financial statements • Educating the investor community
conferences; email advisories; facility in IndAS and IFRS; earnings call; about TCS integrated value
visits; in-person meetings; investor exchange notifications; press creation model and business
conferences; non-deal roadshows; conferences strategy for the long term
conference calls • Half Yearly: CEO message on • Helping investors voice their
half-yearly financial performance concerns regarding company
and summary of significant events policies, reporting, strategy, etc.
• Continuous: Investors page on • Understanding shareholder
the TCS website expectations
• Annual: Annual General Meeting;
Annual Report
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Employees No As needed: Town halls; roadshows; • Monthly: @TCS (in-house • Career Management and Growth
project or operations reviews; video magazine) Prospects
conferences; audio conference calls;
• Continuous: TCS website; • Learning opportunities
one-on-one counselling Ultimatix Notice Board; CEO • Compensation structure
Connect; CTO Blog; Corporate
Corner; Knome; dipstick surveys; • Building a safety culture and
grievance redressal system inculcating safe work practices
among employees
• Annual: PULSE (employee
feedback survey); long-service • Ongoing desire for more flexible
awards; sales meets; Blitz working hours
(business planning meet) • Improving Diversity and Inclusion
Partners and Collaborators No As needed: Meetings/calls; COINTM • Monthly: Conference calls • Stronger partnerships
meetings; visits; partner events • Quarterly: Business reviews • Demand Sustainability
• Annual: Partner events • Credit worthiness
• Ethical Behavior
• Fair Business Practices
• Governance
Academic Institutions No As needed: Academic Interface Continuous: TCS website;
• • Knowledge-exchange
Program; Co-Innovation Network academic portal collaboration
(COIN™) meetings • Annual: Sangam (high-level • Advancing the academic’s
academic conference); campus research program / curriculum
recruitment enhancement
• Job creation
• Internship opportunities
• Faculty development
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Head-hunters; staffing firms; No One-time: RFIs/RFPs; empanelment As needed: Transactional meetings; • Diversity hiring initiatives and what
other suppliers process periodic reviews; surveys are the biggest challenges
Industry bodies, Regulators No As needed (need basis / usually 1-2 Annual: Conferences; summits • Ensure 100% compliance to all
meetings in 3 months’ basis): local laws
• Conferences and seminars,
• working committee meetings,
• surveys,
• other meetings
Governments; NGOs; local No As needed: Governance RFIs/RFPs; Continuous: TCS website • Understand areas for sustainable
communities; media, industry presentations; project meetings; development
analysts, society at large reviews; calls and meetings; surveys; • Communicate TCS’ performance
consultative sessions; field visits;
and strategy;
due diligence; calls and meetings;
conferences and seminars; surveys; • Manage TCS’ brand and
press releases; press conferences; reputation;
media interviews and quotes; sponsored • Share and contribute to thought
events, Analyst Days leadership and insight into public
and business concerns;
• Discuss TCS’ response to
responsible business issues
• Work in partnership to develop
solutions to global challenges
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PRINCIPLE 5 Businesses should respect and promote human rights
1. Employees who have been provided training on human rights issues and policy(ies) of the entity, in the following format61:
Total (A) No. of employees covered (B) % (B / A) Total (C) No. of employees covered (D) % (D / C)
Employees
Permanent 590,662 580,335 98.3 475,694 462,172 97.2
Other than permanent 17,609 15,333 87.1 12,393 10,826 87.4
Total Employees 608,271 595,668 97.9 488,087 472,998 96.6
Note:
• Training details for TCS Global headcount.
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2. Details of minimum wages paid to employees in the following format62:

Total(A) Equal to MinimumWage More than MinimumWage Total(D) Equal to MinimumWage More than MinimumWage
No. (B) % (B / A) No. (C) % (C / A) No. (E) % (E / D) No. (F) % (F / D)
Employees
Permanent
Male 325,241 726 0.2 324,515 99.8 263,178 373 0.1 262,805 99.9
Female 182,945 557 0.3 182,388 99.7 152,471 282 0.2 152,189 99.8
Other than Permanent
Male 9.924 NA NA NA NA 7,231 NA NA NA NA
Female 7,685 NA NA NA NA 5,162 NA NA NA NA
Note:
• Data specific to India
• Other than Permanent category consists of contractors and interns. The professional fees / stipends paid to them are not comparable to the salaries paid to
employees.
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3. Details of remuneration/salary/wages, in the following format63:

Male Female
Number Median remuneration/ salary/wages of Number Median remuneration/salary/ wages of
respective category (₹ Lakh per annum) respective category (₹ Lakh per annum)
Board of Directors (BoD) Distribution provided below
(a) Executive Directors 2 2,322.8 - NA
(b) Non-Executive Non-Independent Directors 1 Nil 1 Nil
(c) Non-Executive Independent Directors 4 237.5 1 225.0
Key Managerial Personnel 4 - - NA
Employees other than BoD and KMP Distribution provided below
(a) Junior 161,708 3.6 112,476 3.7
(b) Middle 144,162 12.8 67,274 10.2
(c) Senior 19,234 34.3 3,195 32.4
Notes:
• At TCS, remuneration is the same for men and women working full-time, in the same grade, in the same role, and at the same location64. Gaps in median salary
between genders at middle and senior levels is due to a higher proportion of women at the junior ends of each cohort. TCS’ focused diversity and inclusion
programs are expected to narrow this gap over time.
• Data is specific to India.
• The median remuneration of Non-Executive Directors is Nil (refer serial no. III(iv)(a) of the Corporate Governance Report)
• Key Managerial Personnel includes CEO, COO, CFO, CS, erstwhile CFO and CS, who relinquished their offices with effect from April 30, 2021 and October 31,
2021 respectively. The median remuneration of the Executive Directors are covered as a part of BoD. Since the remuneration of CFO and CS is only for part of the
year, their median remuneration has not been stated
• Remuneration details of BoD and KMPs are as published in Integrated Annual Report FY 2022.
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4. Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or issues caused or contributed to by the business65? (Yes/
No) - Yes
5. Describe the internal mechanisms in place to redress grievances related to human rights issues66.
Reporting avenues have been provided for TCS’ employees, customers, suppliers and other stakeholders to raise concerns or make disclosures when they become aware
of any actual or potential violation of the Company Code, policies or law including human rights violation. Representations made in the reporting avenues are reviewed
and appropriate action is taken on substantiated violations.
6. Number of Complaints on the following made by employees and workers67:
FY 2021-22 FY 2020-21
Filed during the Pending resolution at Remarks Filed during the year Pending resolution at Remarks
year the end of year the end of year
Sexual Harassment 36 16 Review in progress 27 8 Closed
Discrimination at workplace 1 0 Closed 1 0 Closed
Child Labour 0 0 0 0 0 0
Forced Labour/Involuntary Labour 0 0 0 0 0 0
Wages 0 0 0 0 0 0
Other human rights relatedissues 0 0 0 0 0 0
Notes:
• Data specific to India
• The above data is as on March 31, 2022
65
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GRI 2-25
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7. Mechanisms to prevent adverse consequences to the complainant in PRINCIPLE 6: Businesses should respect and make efforts to protect and
discrimination and harassment cases68. restore the environment
Concerns on discrimination and harassment are dealt with confidentially. TCS Essential Indicators
does not tolerate any form of retaliation against anyone reporting good faith
concerns. Anyone involved in targeting such a person raising such complaints 1. Details of total energy consumption (in Joules or multiples) and energy
will be subject to disciplinary action. intensity, in the following format70:
8. Do human rights requirements form part of your business agreements and TCS uses multiple energy sources in its daily operations, electricity being the
contracts? (Yes/No)69 primary source. Majority of the electricity comes from conventional sources,
but TCS has increased the share of renewable electricity (RE) over the
Yes.
years through onsite rooftop solar generation, third party procurement and
9. Assessments for the year: purchase of Energy Attribute Certificate (EAC) (in select geographies). Other
sources of energy include natural gas (mainly used for space heating/cooling),
% of your plants and offices that were assessed (by district heating and cooling, fuel used in company owned vehicles, cooking gas
entity or statutory authorities or third parties) used in cafeteria and diesel used in diesel generators (mainly used as a back-
Child labour TCS internally monitors compliance for all relevant up source for power shortages). The RE consumption as a % of total electricity
laws and policies pertaining to these issues. There consumption has increased from 15.6% in FY 2021 to 37.2% in FY 2022 The
Forced/involuntary labour
have been no observations by local statutory / third electricity used across India operations reduced by 6.5% Y-o-Y. For global
Sexual harassment parties in India in FY 2022. operations, there is an increase in total electricity use by 2.7% Y-o-Y due to
Discrimination at workplace the increased reporting boundary in FY 2022 covering operations in North
Wages America (NA), Asia Pacific (APAC), Europe and Middle East.
Others – please specify
10. Provide details of any corrective actions taken or underway to address

significant risks / concerns arising from the assessments at Question 9
above.
Not Applicable
68
GRI 2-25
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Details of total energy consumption (in Mega Joules) and energy intensity are 2. Does the entity have any sites / facilities identified as designated
provided in the table below: consumers (DCs) under the Performance, Achieve and Trade (PAT) Scheme
of the Government of India? (Y/N) If yes, disclose whether targets set
Parameter FY 2021-22 FY 2020-21
under the PAT scheme have been achieved. In case targets have not been
From renewable sources achieved, provide the remedial action taken, if any.
Total electricity consumption 401,662,127 163,892,956
(A) Not Applicable
Total fuel consumption (B) 0 0 3. Provide details of the following disclosures related to water71, in the
Energy consumption 8,482,654 0 following format:
through other sources (C)
The sources of freshwater at TCS includes third party water (86.4%),
Total energy consumed 410,144,781 163,892,956
groundwater (8.4%) and rainwater harvested (5.2%). TCS optimizes water
from renewable sources
(A+B+C) consumption through conservation, sewage treatment and reuse, and
From non-renewable sources rainwater harvesting. All new campuses have been designed for higher
water efficiencies, 100% treatment and recycling of sewage, and rainwater
Total electricity consumption 672,917,518 880,609,895
(D) harvesting. The detailed break up is given below:
Total fuel consumption (E) 41,303,253 38,154,387 Parameter FY 2021-22 FY 2020-21
Energy consumption 0 0 Water withdrawal by source (in kiloliters)
through other sources (F) (i) Surface water NIL NIL
Total energy consumed 714,220,770 918,764,282 (ii) Groundwater 121,756 116,126
from non-renewable (iii) Third party water 1,243,889 1,209,121
sources (D+E+F) (iv) Seawater / desalinated water NIL NIL
Energy intensity per rupee 0.00058 0.00066 (v) Others – Rainwater utilized 75,314 76,034
of turnover (Total energy Total volume of water withdrawal 1,440,959 1,401,280
consumption/turnover in (in kiloliters) (i + ii + iii + iv + v)
rupees) Total volume of water 1,319,696 1,268,191
Note: Indicate if any independent assessment/ evaluation/assurance has consumption (in kiloliters)
been carried out by an external agency? (Y/N) If yes, name of the external Water intensity per rupee of 0.0000007 0.0000008
turnover (Water consumed /
agency. turnover)
Yes. This data has been subject to independent assurance by Ernst & Young
Associates LLP (EY).
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Note: Indicate if any independent assessment/ evaluation/assurance has Parameter Please FY 2021-22 FY 2020-21
been carried out by an external agency? (Y/N) If yes, name of the external specify
agency.Yes. This data has been subject to independent assurance by Ernst unit
& Young Associates LLP (EY). Persistent organic pollutants (POP) NA NA NA
4. Has the entity implemented a mechanism for Zero Liquid Discharge? If Volatile organic compounds (VOC) NA NA NA
yes, provide details of its coverage and implementation72. Hazardous air pollutants (HAP) NA NA NA
Others–please specify NA NA NA
Yes, TCS has achieved zero liquid discharge across all the campuses. TCS
optimizes water consumption through conservation, sewage treatment and Note: Indicate if any independent assessment/ evaluation/assurance has
reuse, and rainwater harvesting. All new campuses have been designed for been carried out by an external agency? (Y/N) If yes, name of the external
100% treatment and recycling of sewage, and rainwater harvesting. agency.
5. Please provide details of air emissions (other than GHG emissions) by the The DG stack emissions are sampled and analyzed by government approved
entity, in the following format: laboratories and the reports are reviewed by the internal team to ensure
TCS being a service sector company does not have significant air emissions compliance to the CTO conditions. These stack emission reports are
other than those arising from operation of DG sets during power outages. submitted to government authorities (State Pollution Control Boards) as per
consent conditions. These reports are also verified during internal and external
TCS’s operations in India have necessary consent under the Air (Prevention audits to check compliance.
& Control of Pollution) Act (1981), for operation of DG set and ensures
compliance to the conditions which includes stack emission parameters like 6. Provide details of greenhouse gas emissions (Scope 1 and Scope 2
nitrous oxide, non-methane hydrocarbons, carbon monoxide, particulate emissions) & its intensity, in the following format73:
matter, etc. Stack emission monitoring is conducted as per the frequency
The Scope 1 emissions are from direct GHG sources like fuel used in company
required under the Consent To Operate (CTO) the DG.
owned vehicles, diesel generators and cafeteria, fugitive emissions from
Parameter Please FY 2021-22 FY 2020-21 refrigerants and fuel used for space heating. These amount to about 10.6%
specify
unit
73
GRI 305-1; GRI 305-2, GRI 305-4. Scope 1 emissions have been calculated using the
emissions factors published by the DEFRA conversion factors 2021. For Scope 2 emissions
NOx NA NA NA – for India, the source is the emissions factor in the CO2 Baseline Database for the Indian
SOx NA NA NA Power Sector, User Guide, Version 16.0, March 2021, published by the Central Electricity
Authority of India. For Australia, Canada, Europe, North America, New Zealand, Hong Kong
Particulate matter (PM) NA NA NA
and UK emission factors specific to the region published by local authorities are used. For
other countries IEA v4 emission factors 2021 and GHG protocol/ IEA 2021 have been used.
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of the Scope 1 + Scope 2 carbon footprint in FY 2022. The remaining 89.4% 7. Does the entity have any project related to reducing Green House Gas
is from indirect emissions, referred to as Scope 2 emissions, associated with emission? If Yes, then provide details75.
purchased electricity. The breakup is provided as required in below table.
Yes. TCS has taken up the target to reduce its absolute Scope 1 and Scope 2
Parameter Unit FY 2021-22 FY 2020-21 carbon footprint by 70% by 2025 and become net zero by 2030. To achieve
Total Scope 1 emissions (Break-up Metric tonnes 16,684 16,284 these targets, the green-house gas management approach has four key
of the GHG into CO2, CH4, N2O, of CO2 levers – green infrastructure, green IT, IT-enabled operational efficiencies,
HFCs, PFCs, SF6, NF3, if available) and renewable energy. These energy efficiency initiatives have resulted in
- CO2 tCO2e 2,813 2,789 avoidance of GHG emissions of approximately 3,200 tCO2e in FY 2022.
- CH4 tCO2e 1.38 8.6
Green Infrastructure and IT enabled operational efficiency:
- N20 tCO2e 28.3 4.7
- HFC tCO2e 13,841 13,505 All new campuses owned by TCS are designed according to green building
Total Scope 2 emissions (Break-up Metric tonnes 141,045 193,994 standards for energy and resource efficiency. They have roof top solar
of the GHG into CO2, CH4, N2O, of CO2 photovoltaic installations to reduce the carbon footprint. Currently, 34 TCS
HFCs, PFCs, SF6, NF3, if available) equivalent offices spanning across over 28.2 million sq. ft of office area, are certified
Total Scope 1 and Scope 2 tCO2e/INR 0.00000008 0.00000013 green buildings by Indian Green Building Council (IGBC). These make up over
emissions per rupee of turnover 64.4% of TCS’ total real estate portfolio in India.
Total Scope 1 and Scope 2
emission intensity (optional)74 In FY 2022, projects were taken up to improve the energy efficiency in
– the relevant metric may be existing buildings as well through retrofits. Cooling systems were upgrade to
selected by the entity efficient energy star rated appliances. UPS resizing and consolidation. Modular
Note: Indicate if any independent assessment/ evaluation/assurance has UPS were adopted where feasible. Other auxiliaries like pumps, cooling towers,
been carried out by an external agency? (Y/N) If yes, name of the external etc. were also replaced. TCS’ resource optimization center continues to help
agency. monitor the energy use on real time basis to optimize it further by leveraging
AI and ML.
Associates LLP (EY). Green IT:
Green IT initiatives include a) IT Energy optimization in Data center and

Equipment rooms and b) IT energy optimization in the delivery centers. Data
74
TCS has not calculated the emission intensity per full time employee (FTE) during the center and Equipment room efficiency projects included replacement of over
pandemic years as the employees working out of offices was very less. 75
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20 UPSs and 30 cooling units with more efficiency systems. The company 8. Provide details related to waste management by the entity, in the following
achieved PUE of 1.65 at the two owned-premise TCS data centers at Yantra format77:
Park and Siruseri. Looking forward, the company is incorporating next-gen Parameter FY 2021-22 FY 2020-21
green data center practices with futuristic and modular technologies like
Total Waste generated (in metric tonnes)
Modular UPS, Cold Aisle Containment, real time monitoring of temperature
and energy consumption, etc. For IT energy optimization in the delivery Plastic waste (A) 42.9 10.4
center, the energy efficiency initiatives are through switching off/replacement E-waste (B) 563 16678
of excess capacity/inefficient UPSs, replacement of desktops with laptopsand
Bio-medical waste (C) 1.61 -
improved rack per user ratio.
Construction and demolition waste (D) 62.4 -
Renewable Energy Battery waste (E) 286 175
The company continued to augment the roof top solar photo voltaic Radioactive waste (F) NA NA
installations this year as well taking the total installed capacity to 10.2 MWp Other Hazardous waste. Please 27.6 28.7
contributing to 3.76 percent of total electricity use in the reporting year. specify, if any. (G)
Solar roof top installations at Adibatla Hyderabad (2,154 kWp) and TCS
Other Non-hazardous waste generated 2,351 1,794
Center Kochi (207 kWp) was completed within the reporting year. The (H). Please specify, if any. (Break-up by
company increased the renewable energy procurement through third party composition i.e. by materials relevant to the
PPA for solar energy at TCS Siruseri office and switch over to green tariff sector)
for its operations in the states of Karnataka and Maharashtra. This resulted
Total (A+B + C + D + E + F + G + H) 3,384.5 2,174.2
in an increase in the renewable energy use to 37.2% of the company’s total
energy use in FY 2022. TCS is committed to improve the RE mix in its energy For each category of waste generated, total waste recovered through recycling, re-
portfolio further in the coming years. using or other recovery operations (in metric tonnes)
Category of waste
Carbon Neutrality: (i) Recycled **
The company has become carbon neutral across Scope 1 and Scope 2 carbon - Battery 258 190
footprint for its operations in Asia Pacific (APAC)76 , Europe and North
America (NA) for FY 2022 in line with PAS 2060:2014 standards assured by 77
GRI 306-3; 306-4; 306-5
Bureau Veritas India Limited. 78
The value of e-waste generated in MT in FY 2021 pertains only to the consumer e-waste.
FY 2022 value includes consumer and IT e-waste in MT
76
Excluding Japan
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Parameter FY 2021-22 FY 2020-21 Note: Indicate if any independent assessment/ evaluation/assurance has
been carried out by an external agency? (Y/N) If yes, name of the external
-E-waste 583 115 79
agency.
-Hazardous waste 27.0 20.6
-Non-Hazardous waste 1,077 703
-Plastic Waste 38 8.47
-Construction & Demolition waste 61.6 9. Briefly describe the waste management practices adopted in your
(ii) Re-used establishments. Describe the strategy adopted by your company to
(iii) Other recovery operations reduce usage of hazardous and toxic chemicals in your products and
Total 2,044.6 1,037.1
processes and the practices adopted to manage such wastes80.
For each category of waste generated, total waste disposed by nature of disposal TCS being an IT services and consulting organization, does not manufacture
method (in metric tonnes)
physical products and therefore does not use any hazardous or toxic chemicals
Category of waste in any of its processes. The company has offices and facility operations, and
(i) Incineration the waste is generated from the auxiliary processes used to run these facilities.
-Biomedical waste 1.61 Based on the nature of services, TCS’ facilities mostly generate electronic,
-Non-hazardous waste 36.4 electrical, and municipal solid waste, and generate very less hazardous waste
(ii) Landfilling and do not use toxic chemicals. Potentially hazardous and regulated wastes
such as lead-acid batteries and waste lube oil are generated in relatively
-Non-hazardous waste 1,112 813
smaller proportions which are disposed through government approved
(iii) Other disposal operations recyclers as per regulations. E-waste is disposed to government approved
Total 1,150 813 e-waste recyclers.
** 100% of the regulated waste (hazardous wastes, e-waste, battery waste),
plastic wastes, paper & packaging wastes are disposed through recycling. The TCS is committed to sustain the best practices that have already been
institutionalized like segregation of all recyclable wastes, 100% compliance to
generated quantities, if remaining at the end of the financial year for disposal,
management practices for regulated wastes like hazardous and e-waste and
are stored at the facilities and recycled through approved/ authorized vendors.
100% recycling on printer and toner cartridges, paper and packaging wastes.
TCS also ensures 100% disposal of biomedical waste (BMW) through govt
authorized BMW disposal agencies in India as per regulatory requirements.
79
The value for e-waste disposed in MT in FY 2021 pertains only to the consumer e-waste, The company targets to maximize the recycling and reuse of all waste
as IT e-waste disposed was recorded in numbers in FY 2021 (26,479 units). FY 2022 value categories to divert waste from landfill.
includes consumer and IT e-waste in MT. 80
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10. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife sanctuaries, biosphere reserves, wetlands, biodiversity
hotspots, forests, coastal regulation zones etc.) where environmental approvals / clearances are required, please specify details in the following format81:
S. Location of operations/offices Type of operations Whether the conditions of environmental approval / clearance are being complied with? (Y/N)
No. If no, the reasons thereof and corrective action taken, if any.
1 TCS Kalinga Park, Chandaka Industrial Software Consultancy Services Yes, the company has obtained environmental clearance for the premises. TCS office is located in
Estate, Bhubanewar, Odisha the Special Economic Zone (SEZ) developed by the Odisha Industrial Infrastructure Development
Corporation (IDCO).
11. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in the current financial year82:
Name and brief details of project EIA Date Whether conducted Results Relevant Web link
Notification No. by independent communicated in
external agency (Yes public domain
/ No) (Yes / No)
Technocity, Trivandrum SIA/KL/ Oct 07, 2021 Yes Yes http://www.seiaakerala.in/uploads/
Located at Pallipuram, Trivandrum, Kerala. MIS/209935/2021, doc/373f52abc888c38849b69c77235b200d.pdf
It is situated at about 22 Kms from 1896/EC1/2021/SEIAA
Trivandrum International airport and about
10 Kms from the existing TCS campus at
Technopark. The land for the project is
leased from Technopark (a society wholly
controlled by Kerala Government)
TCS Siruseri New Tech Park SEZ is located SEIAA-TN/F.No:7790/ Jun 30, 2021 Yes Yes http://environmentclearance.nic.
at Egattur, Chennai, SIPCOT IT Park, EC/8(b)-770/20-21 in/writereaddata/FormB/EC/EC_
Siruseri with built-up area of 3.2 Million sq. dated 30.06.2021 Letter/07232021655485357790ec.pdf
ft and with 20,000 no. of Employees. It
is located at about 30 Kms from Chennai
airport.
81
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12. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India; such as the Water (Prevention and Control of Pollution) Act, Air
(Prevention and Control of Pollution) Act, Environment protection act and rules thereunder (Y/N). If not, provide details of all such non-compliances, in the
following format83:
Yes, TCS has complied with applicable environmental law/regulations / guidelines applicable in India. No fine/penalty/action was initiated against the entity under any of
the applicable environmental laws/regulation/guidelines.
S. Specify the law / regulation / guidelines Provide details of the non- Any fines / penalties / action taken by regulatory agencies such as Corrective action taken, if any
No. which was not complied with compliance pollution control boards or by courts
NA NA NA NA
Leadership Indicators
1. Provide break-up of the total energy consumed (in Joules or multiples) from renewable and non-renewable sources, in the following format:
This information has been covered in Principle 6, Q1 of the Essential Indicators84.
83
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84
GRI 302-1
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2. Provide the following details related to water discharged85: Note: Indicate if any independent assessment/ evaluation/assurance has
been carried out by an external agency? (Y/N) If yes, name of the external
Parameter FY 2021-22 FY 2020-21 agency.
Water discharge by destination and level of treatment (in kiloliters) Yes. This data has been subject to independent assurance by Ernst & Young
(i) To Surface water Associates LLP (EY).
- No treatment 0 0 3. Water withdrawal, consumption and discharge in areas of water stress (in
- With treatment – please specify level of Treatment 0 0 kiloliters):
(ii) To Groundwater
For each facility / plant located in areas of water stress, provide the
- No treatment 0 0 following information86:
- With treatment – please specify level of Treatment 0 0
This section covers details pertaining to India geography only
(iii) To Seawater
- No treatment 0 0 (i) Name of the area Data provided for 14 areas as per CGWB (Central
Ground Water Board) in individual tabs
- With treatment – please specify level of Treatment 0 0
(iv) Sent to third-parties (ii) Nature of operations IT Services, Products and Platforms
- No treatment 19,216 17,565
(iii) Water withdrawal, consumption and discharge in the following format:
Note: Wastewater sent for municipal treatment
- With treatment – please specify level of Treatment
Parameter FY 2021-22 FY 2020-21
a) Treated at TCS facilities (Tertiary treatment) 31,075 22,835
Water withdrawal by source (in kiloliters)
b) Sent to builder STP for treatment (Tertiary 54,998 57,452
treatment) (i) Surface water 0 0
(v) Others (ii) Groundwater 0 0

- No treatment 0 0 (iii) Third party water 531,427 526,066
- With treatment – please specify level of Treatment 0 0 (iv) Seawater / desalinated water 0 0
Total water discharged (in kiloliters) 105,289 97,851 (v) Others 0 0
Total volume of water withdrawal 531,427 526,066
Above data covers details pertaining to India geography only.
(in kiloliters)
85
GRI 303-4 86
GRI 303-3, 303-4
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Parameter FY 2021-22 FY 2020-21 Parameter FY 2021-22 FY 2020-21

Total volume of water consumption 520,733 516,889 - With treatment – please specify level of 0 0
(in kiloliters) treatment
Water intensity per rupee of turnover (Water 0.00000027 0.00000031 Total water discharged (in kiloliters) 10,694 9,178
consumed / turnover)
Note: Indicate if any independent assessment/ evaluation/assurance has been
Water discharge by destination and level of treatment (in kiloliters)
carried out by an external agency? (Y/N) If yes, name of the external agency.
(i) Into Surface water
- No treatment 0 0 Yes. This data has been subject to independent assurance by Ernst & Young
- With treatment – please specify level of 0 0
treatment
4. Please provide details of total Scope 3 emissions & its intensity, in the
(ii) Into Groundwater following format87:
- No treatment 0 0
- With treatment – please specify level of 0 0 Parameter Unit FY 2021-22 FY 2020-21
treatment Total Scope 3 emissions (Break- Metric tonnes 358,452 234,614
(iii) Into Seawater up of the GHG into CO2, CH4, of CO2
N2O, HFCs, PFCs, SF6, NF3, if equivalent
- No treatment 0 0
available)
- With treatment – please specify level of 0 0
Category 1 – Purchased goods & tCO2e 12,020 13,184
treatment
services
(iv) Sent to third-parties
Category 2 – Capital goods tCO2e 111,290 128,230
- No treatment 7,622 6,145
Category 3 Fuel and energy tCO2e 52,415 60,022
Note: Wastewater sent for municipal treatment
related activities (not included in
- With treatment–please specify level of 3,071 3,033 Scope 1 or 2)
treatment
Category 4 – Upstream tCO2e 7,542 9,030
Note: Tertiary treatment
transportation and distribution
(v) Others
- No treatment 0 0
87
GRI 305-3; GRI 305-4
323 / 522
Parameter Unit FY 2021-22 FY 2020-21 Sr. Initiative undertaken Details of the initiative Outcome of the
No (Web-link, if any, may initiative
Category 5 – Waste generated in tCO2e 639 492
be provided along-with
operations
summary)
Category 7 – Employee tCO2e 139,50488 135,66789 1 Chandaka Wildlife sanctuary ● Installation of inward ● Inward direction
commuting authority has developed the facing low intensity peripheral lights of
(Work from home (WFH) emission trench followed by 5 feet peripheral lights low intensity to avoid
is included in this category as wall with fencing along the any impact on wildlife
● Plantation of native/
per GHG protocol since both are border of the sanctuary movement. High mast
indigenous plants,
pandemic years) so that the possibility lights in TCS parking area
medicinal and spice
Category 6 – Business travel tCO2e 35,043 15,458 of elephants crossing garden, butterfly garden are switched off after
the trench is eliminated 11 pm.
Total Scope 3 emissions tCO2e/INR 0.00000019 0.00000022 ● Provision of organic
hence, any impact of TCS ● Protection of native/
per rupee of turnover waste technologies -
operations on wildlife is not medicinal, plant species as
Total Scope 3 emission intensity - - - expected. However, TCS Vermicomposting and
organic waste converter well as butterfly species.
(optional)90 – the relevant metric has undertaken following
may be selected by the entity initiatives: ● Provision of rainwater ● Garden and food waste
harvesting structure and vermicomposting and
Note: Indicate if any independent assessment/ evaluation/assurance has been ● Minimizing light pollution organic waste composting
sewage treatment plant
carried out by an external agency? (Y/N) If yes, name of the external agency. around the wildlife sanctuary technology has been
(STP)
Yes. This data has been subject to independent assurance by Ernst & Young ● Internal initiatives installed to generated
Associates LLP (EY). within its campus towards organic manure and it is
5. With respect to the ecologically sensitive areas reported at Question 10 biodiversity conservation reused for landscaping.
of Essential Indicators above, provide details of significant direct & indirect and enhancement ● 100% treatment and
impact of the entity on biodiversity in such areas along-with prevention ● Internal initiatives recycling of wastewater
and remediation activities91. towards water and waste inside the premises.
management ● Groundwater
recharging pits for
enriching the water table.
88
This includes WFH emissions of 131,761 tCO2e for FY22
89
Recalculated the FY 2021 values by including WFH emissions (127,469 tCO2e) As a proactive initiative, TCS has included ‘Urban Biodiversity’ conservation
90
Not calculated the emission intensity per full time employee (FTE) during the pandemic as an integral part of TCS Environmental Policy and its long-term plan for
years as very few employees were working out of offices. sustainable development. Biodiversity action plan is implemented across
91
GRI 304-2; GRI 304-3
324 / 522
19 TCS campuses in India to conserve and enhance urban biodiversity. 7. Does the entity have a business continuity and disaster management plan?
Biodiversity mapping for various flora and fauna species is conducted on an Give details in 100 words/ web link.
annual basis. TCS campuses across India are home to over 600 flora species
and 180+ fauna species. 10 species of IUCN category trees i.e., Endemic, TCS has a well-established business continuity and disaster management
Endangered, Threatened, Vulnerable and Rare species, are protected within framework that is fully aligned to ISO 22301:2019, CMMI-SVC and is
TCS campuses. integrated with other quality management systems for consistent deployment
across the organization. The function is governed by a trained pool of
6. If the entity has undertaken any specific initiatives or used innovative subject matter experts (Crisis Management Leaders) at various levels of the
technology or solutions to improve resource efficiency, or reduce impact organization ensuring upkeep of business continuity plans, planning and
due to emissions / effluent discharge / waste generated, please provide executing drills to achieve seamless resumption, in case of any disruption. The
details of the same as well as outcome of such initiatives, as per the entire process is integrated with other business processes through
following format: in-house developed tools that support planning and communication with all
stakeholders.
Sr. Initiative Details of the initiative (Web-link, Outcome of the
No undertaken if any, may be provided along-with initiative 8. Disclose any significant adverse impact to the environment, arising from
summary) the value chain of the entity. What mitigation or adaptation measures
have been taken by the entity in this regard92.
1 HVAC energy Aged / inefficient air conditioners 1,374,439 kWh
efficiency projects upgraded with BEE star rated energy savings
equipment
No significant adverse impact envisaged from TCS’ value chain.
2 UPS based energy UPS resizing / consolidation/ upgrades 1,681,454 kWh 9. Percentage of value chain partners (by value of business done with such
efficiency projects of old UPSs with Modular UPS /Energy energy savings partners) that were assessed for environmental impacts93.
efficient UPS
3 Roof top solar Completed the roof top solar projects 1,030,766 kWh 100% of the value chain partners were assessed for environmental impacts.
projects in Adi Balta (2,154 kWp) in Nov 21 and generation through
TCS center (207 kWp) Kochi in Oct 21 solar roof top
92
GRI 308-2
93
GRI 308-1, GRI 308-2
325 / 522
PRINCIPLE 7 Businesses, when engaging in influencing public and regulatory 2. Provide details of corrective action taken or underway on any issues
policy, should do so in a manner that is responsible and transparent related to anti-competitive conduct by the entity, based on adverse orders
from regulatory authorities.
1. a. Number of affiliations with trade and industry chambers/ associations94 Name of authority Brief of the case Corrective action taken
Not Applicable (No adverse order received in last Financial Year)
Ans. 10 in India. In addition, TCS also works through some of the
bilateral/ multilateral international chambers based out of India.
b. List the top 10 trade and industry chambers/ associations (determined PRINCIPLE 8 Businesses should promote inclusive growth and equitable
based on the total members of such body) the entity is a member of/ development
affiliated to95
Sr. Name of the trade and industry chambers/ associations Reach of trade
1. Details of Social Impact Assessments (SIA) of projects undertaken by the
No. and industry
chambers/
entity based on applicable laws, in the current financial year.96
associations
Name and brief details Whether conducted Results Relevant web
(State/National)
of project by independent communicated link
1 NASSCOM National external agency in public domain
2 Confederation of Indian Industry (CII) National (Yes/No) (Yes/No)
3 Federation of Indian Chambers of Commerce & Industry (FICCI) National Tata Translational Yes Yes https://on.tcs.
4 ASSOCHAM National Cancer Research Centre com/IAR
(TTCRC) - Setting
5 Public Affairs Forum of India National
up a cancer R&D
6 The Institute of Management Consultants of India National centre at Tata Medical
7 British Business Promotion Association International Cancer, Kolkata, where
8 Indo American Chamber of Commerce National researchers are working
together for developing/
9 All India Management Association National enhancing personalized
10 Indo-Belgian-Luxembourg Chamber of Commerce and International solutions for cancer
Industry patients.
94
GRI 2-28
95
GRI 2-28 96
413-1
326 / 522
2. Provide information on project(s) for which ongoing Rehabilitation and PRINCIPLE 9 Businesses should engage with and provide value to their
Resettlement (R&R) is being undertaken by your entity, in the following consumers in a responsible manner
format: Essential Indicators
Not applicable 1. Describe the mechanisms in place to receive and respond to consumer
3. Describe the mechanisms to receive and redress grievances of the complaints and feedback99.
community97. TCS’ customers are provided with multiple mechanisms to report complaints
or feedback.
All agreements between TCS and the stakeholders, contain clauses on
handling of grievances, disputes etc. Additionally, TCS’ Regional Leaders are For privacy specific complaints, they can also raise incidents with TCS’ Data
connected at the ground level and provide feedback for implementation if Protection or Privacy Officers. The contact details of the data protection and
any. Post program implementation, surveys and questionnaires capture the privacy officers is available in TCS website at https://www.tcs.com/privacy-policy
feedback which is duly implemented. or as otherwise notified to the customers from time to time.
4. Percentage of input material (inputs to total inputs by value) sourced from Each customer concern is addressed with utmost care at all levels. TCS teams
suppliers98: acknowledge, analyze the incidents and develop an action plan to resolve it.
The team engages with the customer, to validate the action plan and regularly
FY 2021-22 FY 2020-21 updates customers about the progress of action taken. Any feedback from
Directly sourced from MSMEs / small - - the customer is taken positively and action plans are refined to ensure utmost
producers customer satisfaction.
Sourced directly from within the district and - - 2. Turnover of products and/ services as a percentage of turnover from all
neighboring districts products/service that carry information about:
Note: Not Applicable
• The periodic exercise to validate the MSME status of existing vendors in As a % to total
the empaneled list is currently underway. This data will be available from turnover
the next reporting year.
Environmental and social parameters relevant to the product NA
Safe and responsible usage NA
Recycling and / or safe disposal NA
97
GRI 2-25, GRI 413-1
98
GRI 204-1 99
GRI 2-25
327 / 522
3. Number of consumer complaints in respect of the following:
FY 2021-22 Remarks FY 2020-21 Remarks

Received Pending resolution Received during Pending resolution
during the year at end of year the year at end of year
Data privacy 6 2 TCS treats Customers as consumers; 13 0 TCS treats Customers as
The breaches as confirmed by consumers; The breaches as
customer was due to accidental data confirmed by customer was
sharing with unintended recipients due to accidental data sharing
with unintended recipients
Advertising NA NA NA NA NA NA
Cyber-security NIL NIL NIL NIL NIL NIL
Delivery of essential services NA NA NA NA NA NA
Restrictive Trade Practices NA NA NA NA NA NA
Unfair Trade Practices NA NA NA NA NA NA
4. Details of instances of product recalls on account of safety issues:
Not applicable as TCS does not have any products that can entail safety issues
5. Does the entity have a framework/ policy on cyber security and risks related to data privacy? (Yes/No) If available, provide a web-link of the policy100.
Yes.
From data privacy aspects, TCS’ commitment to privacy is espoused in its TCS Global Privacy Policy. This is accessible at https://www.tcs.com/privacy-policy-commitment.
TCS has defined and implemented a Global Privacy policy that is applicable to all its legal entities, branches, lines of businesses and functions. The global privacy policy is
a “gold standard of privacy” addressing applicable privacy regulations and based on inputs from industry bodies dealing with privacy.
100
GRI 2-23
328 / 522
The Global Privacy policy covers all stakeholders and constantly monitoring the publication of within the network to protect the information
across the value chain including – employees vulnerabilities or various tools and software resources. Tools based on machine learning that
(full-time and contracted), customers, partners, in use in the organization. The threat intel can detect and prevent known and unknown
vendors/suppliers, and any other stakeholder information is processed in TCS’ AI/ML based ransomware, malware and active intruder
whose Personal Data is processed. All third correlation tools and automated scripts ensure attempts to exploit like lateral movement,
parties (vendors/suppliers) are engaged / that the indicators of compromise from the privilege escalation or credential dumping in
contracted with adequate due diligence, and threat feeds are automictically blocked on the addition to many other malicious actions. AI/
commitment towards privacy obligations. perimeter devices. ML tools that can detect behaviour anomalies
of users. Tools that can correlate audit logs
From a cyber security aspect, TCS has TCS has also rearchitected its network and
from various sources. Alerts from these tools
implemented cutting edge security tools to has implemented tools in tandem to work in
are monitored 24x7x365 by the TCS Cyber
protect itself from external as well as internal a defence in depth model to provide a holistic
Security Operations Center.
threats. protection against threat vectors/actors.
The defence in depth model has a strong TCS has also implanted a strong vulnerability
TCS has moved to a proactive early detection
multi-layered perimeter setup consisting management program which includes
approach. Any approach to protect an
of Next Gen Firewalls, Intrusion Prevention proactively identifying vulnerabilities in its
organization from threats, needs to focus
Systems, DDoS attack protection for critical network and systems by conducting periodic
on all the risks and learnings from various
resources, Web Application Firewalls, Advanced vulnerability assessments, penetration tests and
attacks, understanding the modus operandi
malware protection and other email gateway red team exercises.
of the attacker and ensure that adequate
security controls. TCS network design is
processes and latest in technology are 6. Provide details of any corrective actions
compartmentalized for every customer and
implemented to protect and provide proactive taken or underway on issues relating to
critical resources to ensure that the services
detection capabilities. TCS has implemented a advertising, and delivery of essential services;
provided to each customer remains isolated.
comprehensive threat intelligence framework cyber security and data privacy of customers;
This network design ensures that if there is an
to proactively identify external threats as they re-occurrence of instances of product
impact at one customer end, say a ransomware
unfold globally, be it a ransomware propagation, recalls; penalty / action taken by regulatory
attack on a customer network, the segregated
a nation state actor group, attackers for purely authorities on safety of products / services.
network along with the company’s incident
monetary gain etc. The threat intelligence
response process ensures that there is no Please refer to the answer to Q.5 above. All the
framework includes gathering intel on external
impact to other network segments. initiatives explained above has ensured that TCS
threats by means of commercial, government,
did not have any incidents leading to regulatory
open source and vendor security feeds, threat In addition to the perimeter defences, TCS has
issues / penalties.
hunting in dark web, analyse new attack patterns implemented technical controls and processes
329 / 522
Leadership Indicators 3. Mechanisms in place to inform consumers products / services of the entity, significant
of any risk of disruption/discontinuation of locations of operation of the entity or the
1. Channels / platforms where information on
essential services. entity as a whole? (Yes/No)
products and services of the entity can be
accessed (provide web link, if available). Each customer relationship in TCS has a Not Applicable
business continuity mechanism to handle any
www.tcs.com 5. Provide the following information relating to
disruption of services/products and a suitable
data breaches:
2. Steps taken to inform and educate consumers communication plan.
about safe and responsible usage of products Number of instances of data breaches along-
4. Does the entity display product information
and/or services. with impact : As a data fiduciary, TCS has not
on the product over and above what is
had any data breach incidents in FY 2022.
Not applicable, as TCS does not have any mandated as per local laws? (Yes/No/Not
products/services that can entail safety issues or Applicable) If yes, provide details in brief. Did a. Percentage of data breaches involving
a usage abuse. your entity carry out any survey with regard personally ide3ntifiable information of
to consumer satisfaction relating to the major customers : 0%
330 / 522
Independent Auditor’s Report

Consolidated To the Members of
consolidated changes in equity and consolidated cash
flows for the year then ended.
Financial Statements Report on the Audit of the Consolidated Financial Basis for Opinion
Statements We conducted our audit in accordance with the
Opinion Standards on Auditing (SAs) specified under Section
We have audited the consolidated financial 143(10) of the Act. Our responsibilities under
statements of Tata Consultancy Services Limited those SAs are further described in the Auditor’s
(hereinafter referred to as “the Holding Company”) Responsibilities for the Audit of the Consolidated
and its subsidiaries (Holding Company and its Financial Statements section of our report. We are
subsidiaries together referred to as “the Group”), independent of the Group in accordance with the
which comprise the consolidated balance sheet as ethical requirements that are relevant to our audit
at 31 March 2022, and the consolidated statement of the consolidated financial statements in terms
of profit and loss (including other comprehensive of the Code of Ethics issued by the Institute of
income), consolidated statement of changes in Chartered Accountants of India and the relevant
equity and consolidated statement of cash flows for provisions of the Act, and we have fulfilled our other
the year then ended, and notes to the consolidated ethical responsibilities in accordance with these
financial statements, including a summary of requirements. We believe that the audit evidence
significant accounting policies and other explanatory obtained by us is sufficient and appropriate to
information (hereinafter referred to as “the provide a basis for our opinion on the consolidated
consolidated financial statements”). financial statements.
In our opinion and to the best of our information Key Audit Matters
and according to the explanations given to us, the Key audit matters (‘KAM’) are those matters that, in
aforesaid consolidated financial statements give the our professional judgment, were of most significance
information required by the Companies Act, 2013 in our audit of the consolidated financial statements
(“Act”) in the manner so required and give a true and of the current period. These matters were addressed
fair view in conformity with the accounting principles in the context of our audit of the consolidated
generally accepted in India, of the consolidated state financial statements as a whole, and in forming our
of affairs of the Group as at 31 March 2022, of its opinion thereon, and we do not provide a separate
consolidated profit and other comprehensive loss, opinion on these matters.
Integrated Annual Report 2021-22 Consolidated Financial Statements | 233
331 / 522
Description of Key Audit Matter The Key audit matter How the matter was addressed in our audit
The Key audit matter How the matter was addressed in our audit • these contracts may involve onerous • On selected specific and statistical samples
Revenue recognition– Fixed price contracts obligations which requires critical assessment of contracts, we tested that the revenue
of foreseeable losses to be made by the recognized is in accordance with the revenue
The Group inter alia engages in Fixed-price Our audit procedures included the following:
Group; and recognition accounting standard including –
contracts, wherein, revenue is recognized using
• Obtained an understanding of the systems,  Evaluated the identification of
the percentage of completion computed as per • at year-end, significant amount of work in
processes and controls implemented by the performance obligations and the ascribed
the input method based on the Group’s estimate progress (Contract assets), related to these
Group for recording and computing revenue transaction price;
of contract costs (Refer Note 5(a) and Note 12 to contracts are recognised on the balance
and the associated contract assets, unearned  For testing the Group’s computation
the consolidated financial statements). sheet.
and deferred revenue balances. of the estimation of contract costs and
We identified revenue recognition of fixed price onerous obligations, if any. We:
contracts where the percentage of completion is • Including involvement of our Information
• assessed that the estimates of costs
used as a Key Audit Matter since – technology (‘IT’) specialists, as required: to complete were reviewed and
 Assessed the IT environment in which approved by appropriate designated
• there is an inherent risk and presumed fraud management personnel;
the business systems operate and tested
risk around the accuracy and existence • performed a retrospective analysis of
of revenues recognised considering the system controls over computation of
revenue recognised; costs incurred with estimated costs
customised and complex nature of these to identify significant variations and
contracts and significant inputs of IT systems;  Tested the IT controls over challenged whether those variations
appropriateness of cost and revenue are required to be considered in
• application of revenue recognition accounting estimating the remaining costs to
reports generated by the system;
standard (Ind AS 115, Revenue from complete the contract;
Contracts with customers) is complex and  Tested the controls pertaining to • assessed the appropriateness of
involves a number of key judgments and allocation of resources and budgeting work in progress (contract assets) on
estimates in mainly identifying performance systems which prevent the unauthorized balance sheet date by evaluating the
obligations, related transaction price and recording/changes to costs incurred; and underlying documentation to identify
estimating the future cost-to-completion of possible changes in estimated costs to
these contracts, which is used to determine  Tested on a random sampling basis the complete the remaining performance
the percentage of completion of the relevant controls relating to the estimation of obligations; and
performance obligation; contract costs required to complete the • inspected underlying documents and
respective projects. performed analytics to determine
reasonableness of contract costs.
332 / 522
Other Information Management’s and Board of Directors’ of the consolidated financial statements that give
Responsibilities for the Consolidated Financial a true and fair view and are free from material
The Holding Company’s management and Board of
Statements misstatement, whether due to fraud or error, which
Directors are responsible for the other information.
have been used for the purpose of preparation
The other information comprises the information The Holding Company’s Management and Board
of the consolidated financial statements by the
included in the Holding Company’s Annual Report, of Directors are responsible for the preparation
Management and Board of Directors of the Holding
but does not include the financial statements and our and presentation of these consolidated financial
Company, as aforesaid.
auditor’s report thereon. The Holding Company’s statements in terms of the requirements of the Act
annual report is expected to be made available to us that give a true and fair view of the consolidated In preparing the consolidated financial statements,
after the date of this auditor’s report state of affairs, consolidated profit/ loss and other the respective Management and Board of
comprehensive income, consolidated statement Directors of the companies included in the Group
Our opinion on the consolidated financial statements
of changes in equity and consolidated cash flows are responsible for assessing the ability of each
does not cover the other information and we do not
of the Group in accordance with the accounting Company to continue as a going concern, disclosing,
express any form of assurance conclusion thereon.
principles generally accepted in India, including the as applicable, matters related to going concern and
In connection with our audit of the consolidated Indian Accounting Standards (Ind AS) specified under using the going concern basis of accounting unless
financial statements, our responsibility is to read the Section 133 of the Act. The respective Management the respective Board of Directors either intends to
other information identified above when it becomes and Board of Directors of the Companies included liquidate the Company or to cease operations, or has
available and, in doing so, consider whether the in the Group are responsible for maintenance of no realistic alternative but to do so.
other information is materially inconsistent with the adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of The respective Board of Directors of the Companies
consolidated financial statements or our knowledge
each Company and for preventing and detecting included in the Group are responsible for overseeing
obtained in the audit or otherwise appears to be
frauds and other irregularities; the selection and the financial reporting process of each Company.
materially misstated.
application of appropriate accounting policies; Auditor’s Responsibilities for the Audit of the
When we read the Holding Company’s annual making judgments and estimates that are reasonable Consolidated Financial Statements
report, if we conclude that there is a material and prudent; and the design, implementation and
misstatement therein, we are required to maintenance of adequate internal financial controls Our objectives are to obtain reasonable assurance
communicate the matter to those charged with that were operating effectively for ensuring the about whether the consolidated financial statements
governance and take necessary actions, as applicable accuracy and completeness of the accounting as a whole are free from material misstatement,
under the relevant laws and regulations. records, relevant to the preparation and presentation whether due to fraud or error, and to issue
333 / 522
an auditors’ report that includes our opinion. relevant to the audit in order to design auditor’s report. However, future events or
Reasonable assurance is a high level of assurance, audit procedures that are appropriate in the conditions may cause the Group to cease to
but is not a guarantee that an audit conducted in circumstances. Under Section 143(3)(i) of the continue as a going concern.
accordance with SAs will always detect a material Act, we are also responsible for expressing
misstatement when it exists. Misstatements can arise our opinion on the internal financial controls • Evaluate the overall presentation, structure and
from fraud or error and are considered material with reference to the consolidated financial content of the consolidated financial statements,
if, individually or in the aggregate, they could statements and the operating effectiveness of including the disclosures, and whether the
reasonably be expected to influence the economic such controls. consolidated financial statements represent the
decisions of users taken on the basis of these underlying transactions and events in a manner
consolidated financial statements. • Evaluate the appropriateness of accounting that achieves fair presentation.
policies used and the reasonableness of
As part of an audit in accordance with SAs, we accounting estimates and related disclosures • Obtain sufficient appropriate audit evidence
exercise professional judgment and maintain made by Management and Board of Directors. regarding the financial information of entities
professional skepticism throughout the audit. We within the Group to express an opinion on
also: • Conclude on the appropriateness of the consolidated financial statements. We
Management and Board of Directors use of the are responsible for the direction, supervision
• Identify and assess the risks of material going concern basis of accounting in preparation and performance of the audit of financial
misstatement of the consolidated financial of consolidated financial statements and, based information of such entities included in the
statements, whether due to fraud or error, on the audit evidence obtained, whether a consolidated financial statements. We remain
design and perform audit procedures responsive material uncertainty exists related to events solely responsible for our audit opinion.
to those risks, and obtain audit evidence that is or conditions that may cast significant doubt
sufficient and appropriate to provide a basis for on the appropriateness of this assumption. We communicate with those charged with
our opinion. The risk of not detecting a material If we conclude that a material uncertainty governance of the Holding Company and such other
misstatement resulting from fraud is higher exists, we are required to draw attention in Companies included in the consolidated financial
than for one resulting from error, as fraud may our auditor’s report to the related disclosures statements of which we are the independent
involve collusion, forgery, intentional omissions, in the consolidated financial statements or, auditors regarding, among other matters, the
misrepresentations, or the override of internal if such disclosures are inadequate, to modify planned scope and timing of the audit and significant
control. our opinion. Our conclusions are based on the audit findings, including any significant deficiencies in
audit evidence obtained up to the date of our internal control that we identify during our audit.
• Obtain an understanding of internal control
334 / 522
We also provide those charged with governance with “Annexure A” a statement on the matters for the purpose of preparation of the
a statement that we have complied with relevant specified in paragraphs 3 and 4 of the Order, to consolidated financial statements.
ethical requirements regarding independence, and to the extent applicable.
communicate with them all relationships and other d) In our opinion, the aforesaid
matters that may reasonably be thought to bear on 2. A. As required by Section 143(3) of the Act, consolidated financial statements
our independence, and where applicable, related based on our audit, we report, to the comply with the Ind AS specified under
safeguards. extent applicable, that : Section 133 of the Act.
From the matters communicated with those charged a) We have sought and obtained all the e) On the basis of the written
with governance, we determine those matters information and explanations which to representations received from the
that were of most significance in the audit of the the best of our knowledge and belief directors of the Holding Company as
consolidated financial statements of the current were necessary for the purposes of on 31 March 2022 taken on record
period and are therefore the key audit matters. our audit of the aforesaid consolidated by the Board of Directors of the
We describe these matters in our auditors’ report financial statements. Holding Company and on the basis of
unless law or regulation precludes public disclosure written representations received by
b) In our opinion, proper books of
about the matter or when, in extremely rare the management from directors of its
account as required by law relating
circumstances, we determine that a matter should subsidiaries which are incorporated in
to preparation of the aforesaid
not be communicated in our report because the India, as on 31 March 2022, none of
consolidated financial statements have
adverse consequences of doing so would reasonably the directors of the Group companies
been kept so far as it appears from our
be expected to outweigh the public interest benefits incorporated in India is disqualified
examination of those books.
of such communication. as on 31 March 2022 from being
c) The consolidated balance sheet, the appointed as a director in terms of
Report on Other Legal and Regulatory consolidated statement of profit and Section 164(2) of the Act.
Requirements loss (including other comprehensive
f) With respect to the adequacy of
1. As required by the Companies (Auditor’s Report) income), the consolidated statement of
the internal financial controls with
Order, 2020 (“the Order”) issued by the Central changes in equity and the consolidated
reference to consolidated financial
Government of India in terms of Section 143 statement of cash flows dealt with by
statements of the Holding Company
(11) of the Act, we give in the this Report are in agreement with the
and its subsidiary companies
relevant books of account maintained
335 / 522
incorporated in India and the operating d) (i) The management has represented (ii) The management has
effectiveness of such controls, refer to that, to the best of its knowledge represented, that, to the best
our separate report in ‘Annexure B’. and belief, no funds have been of its knowledge and belief, no
advanced or loaned or invested funds have been received by
B. With respect to the other matters to (either from borrowed funds the Holding Company or its
be included in the Auditors’ Report in or share premium or any other subsidiary companies incorporated
accordance with Rule 11 of the Companies sources or kind of funds) by the in India from any persons or
(Audit and Auditor’s) Rules, 2014, in our Holding Company or its subsidiary entities, including foreign entities
opinion and to the best of our information companies incorporated in India (“Funding Parties”), with the
and according to the explanations given to to or in any other persons or understanding, whether recorded
us: entities, including foreign entities in writing or otherwise, that the
(“Intermediaries”), with the Holding Company or its subsidiary
a) The consolidated financial statements
understanding, whether recorded companies incorporated in India
disclose the impact of pending
in writing or otherwise, that the shall:
litigations as at 31 March 2022 on
Intermediary shall:
the consolidated financial position • directly or indirectly, lend
of the Group. Refer Note 20 to the • directly or indirectly lend or invest in other persons
consolidated financial statements. or invest in other persons
or entities identified in
or entities identified in
b) The Group did not have any material any manner whatsoever
any manner whatsoever
foreseeable losses on long-term (“Ultimate Beneficiaries”) by
(“Ultimate Beneficiaries”) by
contracts including derivative contracts or on behalf of the Funding
or on behalf of the Holding
during the year ended 31 March 2022. Parties or
Company or its subsidiary
companies incorporated in • provide any guarantee,
c) There has been no delay in
India or security or the like from or
transferring amounts to the Investor
Education and Protection Fund by the • provide any guarantee, on behalf of the Ultimate
Holding Company and its subsidiary security or the like to or Beneficiaries
companies incorporated in India during on behalf of the Ultimate
the year ended 31 March 2022. Beneficiaries.
336 / 522
(iii) Based on such audit procedures C. With respect to the matter to be included the Act. The Ministry of Corporate Affairs
as considered reasonable and in the Auditors’ report under Section has not prescribed other details under
appropriate in the circumstances, 197(16) of the Act: Section 197(16) of the Act which are
nothing has come to our notice required to be commented upon by us.
that has caused us to believe that In our opinion and according to the
the representations under sub- information and explanation given to us,
For B S R & Co. LLP
clause (d)(i) and (d)(ii) contain any the remuneration paid during the current
material mis-statement. year by the Holding Company and its
Firm’s Registration No: 101248W/W-100022
subsidiaries which are incorporated in India
e) The dividend declared or paid during to its directors is in accordance with the
the year by the Holding Company and provisions of Section 197 of the Act. The
its subsidiary companies incorporated remuneration paid to any director by the Amit Somani
in India are in compliance with section Holding Company and its subsidiaries which Partner
123 of the Act. are incorporated in India, is not in excess of Mumbai Membership No: 060154
the limit laid down under Section 197 of 11 April 2022 UDIN: 22060154AGVFFO1633
337 / 522
Annexure A to the Independent Auditor’s report on the consolidated financial statements of Tata Consultancy Services Limited for the year ended
31 March 2022
(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)
(xxi) According to the information and explanations given to us, in respect of the following companies incorporated in India and included in the consolidated financial
statements, the CARO report relating to them has not been issued by their auditors till the date of this audit report:
Name of the entities CIN Subsidiary

MP Online Limited U72400MP2006PLC018777 Subsidiary
APT Online Limited U75142TG2002PLC039671 Subsidiary
C-Edge Technologies Limited U72900MH2006PLC159038 Subsidiary
Mahaonline Limited U72900MH2010PLC206026 Subsidiary
TCS e-Serve International Limited L22210MH1995PLC084781 Subsidiary
For B S R & Co. LLP

Firm’s Registration No: 101248W/W-100022
Amit Somani
Partner
Mumbai Membership No: 060154
11 April 2022 UDIN: 22060154AGVFFO1633
338 / 522
Annexure B to the Independent Auditors’ subsidiary companies, have, in all material respects, and detection of frauds and errors, the accuracy and
Report on the consolidated financial adequate internal financial controls with reference to completeness of the accounting records, and the
statements of Tata Consultancy Services consolidated financial statements and such internal timely preparation of reliable financial information,
Limited for the year ended 31 March 2022 financial controls were operating effectively as at 31 as required under the Companies Act, 2013
March 2022, based on the internal financial controls (hereinafter referred to as “the Act”).
Report on the internal financial controls with with reference to consolidated financial statements
reference to the aforesaid consolidated financial criteria established by such companies considering Auditors’ Responsibility
statements under Clause (i) of Sub-section 3 of the essential components of such internal controls
Section 143 of the Companies Act, 2013 stated in the Guidance Note on Audit of Internal Our responsibility is to express an opinion on
Financial Controls Over Financial Reporting issued the internal financial controls with reference to
(Referred to in paragraph A(f) under ‘Report on by the Institute of Chartered Accountants of India consolidated financial statements based on our
Other Legal and Regulatory Requirements’ section (the “Guidance Note”). audit. We conducted our audit in accordance with
of our report of even date) the Guidance Note and the Standards on Auditing,
Management’s Responsibility for Internal prescribed under section 143(10) of the Act, to the
Opinion Financial Controls extent applicable to an audit of internal financial
controls with reference to consolidated financial
In conjunction with our audit of the consolidated The respective Company’s management and the statements. Those Standards and the Guidance Note
financial statements of Tata Consultancy Services Board of Directors are responsible for establishing require that we comply with ethical requirements
Limited (hereinafter referred to as “the Holding and maintaining internal financial controls with and plan and perform the audit to obtain reasonable
Company”) as of and for the year ended 31 March reference to consolidated financial statements assurance about whether adequate internal financial
2022, we have audited the internal financial based on the criteria established by the respective controls with reference to consolidated financial
controls with reference to the consolidated Company considering the essential components of statements were established and maintained and
financial statements of the Holding Company and internal control stated in the Guidance Note. These if such controls operated effectively in all material
such companies incorporated in India under the responsibilities include the design, implementation respects.
Companies Act, 2013 which are its subsidiary and maintenance of adequate internal financial
companies, as of that date. controls that were operating effectively for ensuring Our audit involves performing procedures to
the orderly and efficient conduct of its business, obtain audit evidence about the adequacy of
In our opinion, the Holding Company and such the internal financial controls with reference to
including adherence to the respective company’s
companies incorporated in India which are its consolidated financial statements and their operating
policies, the safeguarding of its assets, the prevention
339 / 522
effectiveness. Our audit of internal financial for external purposes in accordance with generally financial statements, including the possibility of
controls with reference to consolidated financial accepted accounting principles. A company’s internal collusion or improper management override of
statements included obtaining an understanding financial controls with reference to consolidated controls, material misstatements due to error
of internal financial controls with reference to financial statements includes those policies and or fraud may occur and not be detected. Also,
consolidated financial statements, assessing the procedures that (1) pertain to the maintenance of projections of any evaluation of the internal financial
risk that a material weakness exists, and testing and records that, in reasonable detail, accurately and controls with reference to consolidated financial
evaluating the design and operating effectiveness fairly reflect the transactions and dispositions of statements to future periods are subject to the risk
of the internal controls based on the assessed risk. the assets of the company; (2) provide reasonable that the internal financial controls with reference
The procedures selected depend on the auditor’s assurance that transactions are recorded as to consolidated financial statements may become
judgement, including the assessment of the risks of necessary to permit preparation of consolidated inadequate because of changes in conditions, or
material misstatement of the consolidated financial financial statements in accordance with generally that the degree of compliance with the policies or
statements, whether due to fraud or error. accepted accounting principles, and that receipts and procedures may deteriorate.
expenditures of the company are being made only in
We believe that the audit evidence we have obtained accordance with authorisations of management and For B S R & Co. LLP
is sufficient and appropriate to provide a basis for our directors of the company; and (3) provide reasonable Chartered Accountants
audit opinion on the internal financial controls with assurance regarding prevention or timely detection Firm’s Registration No: 101248W/W-100022
reference to consolidated financial statements. of unauthorised acquisition, use, or disposition of the
company’s assets that could have a material effect on
Meaning of Internal Financial Controls with the consolidated financial statements.
reference to Consolidated Financial Statements Amit Somani
Inherent Limitations of Internal Financial Partner
A company’s internal financial controls with Controls with reference to Consolidated Financial Mumbai Membership No: 060154
reference to consolidated financial statements is a Statements 11 April 2022 UDIN: 22060154AGVFFO1633
process designed to provide reasonable assurance
regarding the reliability of financial reporting and Because of the inherent limitations of internal
the preparation of consolidated financial statements financial controls with reference to consolidated
340 / 522

(` crore) (` crore)
Note As at As at Note As at As at
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
ASSETS Trade receivables
Non-current assets Billed 8(b) 34,074 30,079
Property, plant and equipment 10(a) 10,774 11,110 Unbilled 7,736 6,583
Capital work-in-progress 10(a) 1,205 926 Cash and cash equivalents 8(c) 12,488 6,858
Right-of-use assets 9 7,636 7,633 Other balances with banks 8(d) 5,733 2,471
Goodwill 10(b) 1,787 1,798 Loans 8(e) 6,445 11,472
Other intangible assets 10(c) 1,101 480 Other financial assets 8(f) 1,390 1,394
Financial assets Income tax assets (net) 11 19
Investments 8(a) 223 213 Other assets 10(d) 10,151 11,236
Trade receivables Total current assets 1,08,310 99,280
Billed 8(b) 145 55 TOTAL ASSETS 1,41,514 1,30,759
Unbilled 55 273 EQUITY AND LIABILITIES
Loans 8(e) 311 29 Equity
Other financial assets 8(f) 2,253 1,573 Share capital 8(m) 366 370
Income tax assets (net) 1,983 1,845 Other equity 11 88,773 86,063
Deferred tax assets (net) 17 3,708 3,931 Equity attributable to shareholders of the 89,139 86,433
Company
Other assets 10(d) 2,023 1,613
Total non-current assets 33,204 31,479
Total equity 89,846 87,108
Current assets
Inventories 10(e) 20 8
Financial assets
Investments 8(a) 30,262 29,160
341 / 522

(` crore)
Note As at As at
March 31, 2022 March 31, 2021
Liabilities
Non-current liabilities
Financial liabilities
Lease liabilities 6,368 6,503
Other financial liabilities 8(h) 572 280
Employee benefit obligations 14 677 749
Deferred tax liabilities (net) 17 590 767
Unearned and deferred revenue 1,110 1,197
Total non-current liabilities 9,317 9,496
Current liabilities
Trade payables 8(g) 8,045 7,860 NOTES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS
Other financial liabilities 8(h) 7,687 6,150 As per our report of even date attached For and on behalf of the Board
Unearned and deferred revenue 3,635 3,650 For B S R & Co. LLP Rajesh Gopinathan N Ganapathy Subramaniam
Chartered Accountants CEO and COO and Executive Director
Other liabilities 10(f) 8,392 4,068
Firm’s registration no: Managing Director
Provisions 10(g) 1,411 1,394 101248W/W-100022
Employee benefit obligations 14 3,810 3,498
Amit Somani Samir Seksaria Pradeep Manohar Gaitonde
Income tax liabilities (net) 7,921 6,243
Partner CFO Company Secretary
Total current liabilities 42,351 34,155 Membership No: 060154
TOTAL EQUITY AND LIABILITIES 1,41,514 1,30,759
Mumbai, April 11, 2022 Mumbai, April 11, 2022
342 / 522

(` crore) (` crore)
Note Year ended Year ended Note Year ended Year ended
Revenue from operations 12 1,91,754 1,64,177 OTHER COMPREHENSIVE INCOME (OCI)
Other income 13 4,018 3,134 Items that will not be reclassified subsequently to
profit or loss
TOTAL INCOME 1,95,772 1,67,311
Remeasurement of defined employee benefit plans 261 (82)
Expenses
Net change in fair values of investments in equity (4) (2)
Employee benefit expenses 14 1,07,554 91,814
Cost of equipment and software licences 15(a) 1,163 1,462
Income tax on items that will not be reclassified 19 11
Finance costs 16 784 637 subsequently to profit or loss
Depreciation and amortisation expense 4,604 4,065 Items that will be reclassified subsequently to profit
Other expenses 15(b) 29,980 24,355 or loss
TOTAL EXPENSES 1,44,085 1,22,333 Net change in fair values of investments other than (516) 51
equity shares carried at fair value through OCI
PROFIT BEFORE EXCEPTIONAL ITEM AND TAX 51,687 44,978
Net change in intrinsic value of derivatives designated (37) 14
Exceptional item as cash flow hedges
Provision towards legal claim 20 - 1,218 Net change in time value of derivatives designated as (34) 53
PROFIT BEFORE TAX 51,687 43,760 cash flow hedges
Tax expense Exchange differences on translation of financial 20 448

statements of foreign operations
Current tax 17 13,654 11,635
Income tax on items that will be reclassified 196 (32)
Deferred tax 17 (416) (437) subsequently to profit or loss
TOTAL TAX EXPENSE 13,238 11,198 TOTAL OTHER COMPREHENSIVE INCOME / (LOSSES) (95) 461
PROFIT FOR THE YEAR 38,449 32,562 TOTAL COMPREHENSIVE INCOME FOR THE YEAR 38,354 33,023
343 / 522

(` crore)
Note Year ended Year ended
March 31, 2022 March 31, 2021
Profit for the year attributable to:
Shareholders of the Company 38,327 32,430
38,449 32,562
Other comprehensive income for the year attributable to:
Shareholders of the Company (63) 484
Non-controlling interests (32) (23)
(95) 461
Total comprehensive income for the year attributable to:
Shareholders of the Company 38,264 32,914
38,354 33,023
Earnings per equity share:- Basic and diluted (`) 18 103.62 86.71
Weighted average number of equity shares 369,88,32,195 374,01,10,733
NOTES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS

As per our report of even date attached For and on behalf of the Board
For B S R & Co. LLP Rajesh Gopinathan N Ganapathy Subramaniam
101248W/W-100022

Membership No: 060154
344 / 522
Consolidated Statement of Changes in Equity

A. EQUITY SHARE CAPITAL (` crore)
Balance as at April 1, 2021 Changes in equity share capital Restated balance as at Changes in equity share capital Balance as at March 31, 2022
due to prior period errors April 1, 2021 during the year*
370 - 370 (4) 366
(` crore)
375 - 375 (5) 370
*Refer Note 8(m).
B. OTHER EQUITY (` crore)

Reserves and surplus Items of other comprehensive income Equity Non- Total
Capital Capital General Special Retained Statutory Investment Cash flow hedging reserve Foreign attributable to controlling equity
reserve redemption reserve Economic Zone earnings reserve revaluation Intrinsic Time value currency shareholders interests
reserve re-investment reserve value translation of the
reserve reserve Company
Balance as at April 1, 2021 75 436 27 2,538 79,586 407 828 56 (27) 2,137 86,063 675 86,738
Profit for the year - - - - 38,327 - - - - - 38,327 122 38,449
Other comprehensive income / (losses) - - - - 280 - (340) (29) (26) 52 (63) (32) (95)
Total comprehensive income - - - - 38,607 - (340) (29) (26) 52 38,264 90 38,354
Dividend - - - - (13,317) - - - - - (13,317) (58) (13,375)
Expenses for buy-back of equity shares1 - - - - (49) - - - - - (49) - (49)
Tax on buy-back of equity shares1 - - - - (4,192) - - - - - (4,192) - (4,192)
Buy-back of equity shares1 - 4 - - (18,000) - - - - - (17,996) - (17,996)
Transfer to Special Economic Zone - - - 9,407 (9,407) - - - - - - - -
re-investment reserve
Transfer from Special Economic Zone - - - (4,658) 4,658 - - - - - - - -
Transfer to reserves - - (27) - 272 (245) - - - - - - -
Balance as at March 31, 2022 75 440 - 7,287 78,158 162 488 27 (53) 2,189 88,773 707 89,480
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(` crore)
Reserves and surplus Items of other comprehensive income Equity Non- Total
Capital Capital General Special Retained Statutory Investment Cash flow hedging reserve Foreign attributable to controlling equity
reserve redemption reserve Economic Zone earnings reserve revaluation Intrinsic Time value currency shareholders interests
reserve re-investment reserve value translation of the
reserve reserve Company
Balance as at April 1, 2020 75 431 27 1,594 78,810 375 796 45 (68) 1,666 83,751 623 84,374
Profit for the year - - - - 32,430 - - - - - 32,430 132 32,562
Other comprehensive income / (losses) - - - - (71) - 32 11 41 471 484 (23) 461
Total comprehensive income - - - - 32,359 - 32 11 41 471 32,914 109 33,023
Dividend - - - - (10,850) - - - - - (10,850) (57) (10,907)
Expenses for buy-back of equity shares1 - - - - (31) - - - - - (31) - (31)
Tax on liability towards buy-back of - - - - (3,726) - - - - - (3,726) - (3,726)
equity shares1
Buy-back of equity shares1 - 5 - - (16,000) - - - - - (15,995) - (15,995)
Transfer to Special Economic Zone - - - 5,058 (5,058) - - - - - - - -
Transfer from Special Economic Zone - - - (4,114) 4,114 - - - - - - - -
Transfer to reserves - - - - (32) 32 - - - - - - -
Balance as at March 31, 2021 75 436 27 2,538 79,586 407 828 56 (27) 2,137 86,063 675 86,738
1
Refer note 8(m).
Gain of `280 crore and loss of `71 crore on remeasurement of defined employee benefit plans (net of tax) is recognised as a part of retained earnings for the years ended March 31, 2022
and 2021, respectively.
Total equity (primarily retained earnings) includes `1,759 crore and `1,366 crore as at March 31, 2022 and 2021, respectively, pertaining to trusts and TCS Foundation held for specified
purposes.
346 / 522

Nature and purpose of reserves (g) Investment revaluation reserve
(a) Capital reserve This reserve represents the cumulative gains and losses arising on the revaluation of
equity and debt instruments on the balance sheet date measured at fair value through
The Group recognises profit and loss on purchase, sale, issue or cancellation of the other comprehensive income. The reserves accumulated will be reclassified to retained
Group’s own equity instruments to capital reserve. earnings and profit and loss respectively, when such instruments are disposed.
(b) Capital redemption reserve (h) Cash flow hedging reserve
As per Companies Act, 2013, capital redemption reserve is created when company The cash flow hedging reserve represents the cumulative effective portion of gains or
purchases its own shares out of free reserves or securities premium. A sum equal to the losses arising on changes in fair value of designated portion of hedging instruments
nominal value of the shares so purchased is transferred to capital redemption reserve. entered into for cash flow hedges. Such gains or losses will be reclassified to statement
The reserve is utilised in accordance with the provisions of section 69 of the Companies of profit and loss in the period in which the underlying hedged transaction occurs.
Act, 2013.
(i) Foreign currency translation reserve
(c) General reserve
The exchange differences arising from the translation of financial statements of foreign
The general reserve is a free reserve which is used from time to time to transfer profits operations with functional currency other than Indian Rupee is recognised in other
from / to retained earnings for appropriation purposes. As the general reserve is created comprehensive income and is presented within equity in the foreign currency translation
by a transfer from one component of equity to another and is not an item of other reserve.
comprehensive income, items included in the general reserve will not be reclassified
subsequently to statement of profit and loss.
(d) Special Economic Zone re-investment reserve
The Special Economic Zone (SEZ) re-investment reserve is created out of the profit of NOTES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS
eligible SEZ units in terms of the provisions of section 10AA(1)(ii) of the Income-tax
Act, 1961. The reserve will be utilised by the Group for acquiring new assets for the As per our report of even date attached For and on behalf of the Board
purpose of its business as per the terms of section 10AA(2) of Income-tax Act, 1961. For B S R & Co. LLP Rajesh Gopinathan N Ganapathy Subramaniam
(e) Retained earnings
This reserve represents undistributed accumulated earnings of the Group as on the 101248W/W-100022
balance sheet date.
(f) Statutory reserve Partner CFO Company Secretary
Statutory reserves are created to adhere to requirements of applicable laws and will be
utilised in accordance with the said laws. Mumbai, April 11, 2022 Mumbai, April 11, 2022
347 / 522
Consolidated Statement of Cash Flows

(` crore) (` crore)
Year ended Year ended Year ended Year ended
CASH FLOWS FROM OPERATING Trade payables 186 (93)
ACTIVITIES Unearned and deferred revenue (103) 1,091
Profit for the year 38,449 32,562 Other financial liabilities 1,153 122
Adjustments for: Other liabilities and provisions 460 1,509
Depreciation and amortisation expense 4,604 4,065 Cash generated from operations 51,435 47,894
Bad debts and advances written off, allowance for 135 201 Taxes paid (net of refunds) (11,486) (9,092)
doubtful trade receivables and advances (net) Net cash generated from operating activities 39,949 38,802
Provision towards legal claim (Refer note 20) - 1,218 CASH FLOWS FROM INVESTING ACTIVITIES
Tax expense 13,238 11,198 Bank deposits placed (15,947) (6,605)
Net gain on lease modification (7) (100) Inter-corporate deposits placed (14,619) (21,076)
Net loss on sub-lease 9 - Purchase of investments# (75,374) (54,462)
Unrealised foreign exchange gain (120) (21) Payment for purchase of property, plant and (2,483) (2,719)
Net gain on disposal of property, plant and equipment (23) (13) equipment
Net gain on disposal / fair valuation of investments (198) (204) Payment including advances for acquiring right-of- (15) (101)
Interest income (2,663) (2,504) use assets
Dividend income (4) (8) Payment for purchase of intangible assets (497) (356)
Finance costs 784 637 Proceeds from bank deposits 11,950 4,767
Operating profit before working capital changes 54,204 47,031 Proceeds from inter-corporate deposits 19,498 18,018
Net change in Proceeds from disposal / redemption of investments# 73,852 51,630
Inventories (12) (3) Proceeds from sub-lease receivable 3 -
Trade receivables Proceeds from disposal of property, plant and 31 37
Billed (4,210) 1,260 equipment
Unbilled (934) (201) Interest received 2,700 2,730
Loans and other financial assets (116) (17) Dividend received 4 8
Other assets 807 (2,805) Net cash used in investing activities (897) (8,129)
348 / 522
Consolidated Statement of Cash Flows

(` crore) (` crore)
CASH FLOWS FROM FINANCING ACTIVITIES Components of cash and cash equivalents
Repayment of lease liabilities (1,417) (1,336) Balances with banks
Interest paid (698) (634) In current accounts 2,211 5,266
Dividend paid (13,317) (10,850) In deposit accounts 10,277 1,586
Dividend paid to non-controlling interests (58) (57) Cheques on hand -* -*
Transfer of funds to buy-back escrow account (180) (160) Cash on hand -* 1
Transfer of funds from buy-back escrow account 162 160 Remittances in transit -* 5
Expenses for buy-back of equity shares (Refer note (49) (31) 12,488 6,858
8(m))
Tax on buy-back of equity shares (Refer note 8(m)) - (3,726) *Represents value less than `0.50 crore.
Buy-back of equity shares (Refer note 8(m)) (18,000) (16,000) Purchase of investments include `17 crore and `172 crore for the years ended
#
Advance towards purchase of non-controlling (24) - March 31, 2022 and 2021, respectively, and proceeds from disposal / redemption of
interests investments include `87 crore and `104 crore for the years ended March 31, 2022 and
Net cash used in financing activities (33,581) (32,634) 2021, respectively, held by trusts and TCS Foundation held for specified purposes.
Net change in cash and cash equivalents 5,471 (1,961) NOTES FORMING PART OF consolidated FINANCIAL STATEMENTS
Cash and cash equivalents at the beginning of the 6,858 8,646
year As per our report of even date attached For and on behalf of the Board
Exchange difference on translation of foreign 159 173
currency cash and cash equivalents
Cash and cash equivalents at the end of the year 12,488 6,858 101248W/W-100022

349 / 522
Notes forming part of Consolidated Financial Statements

1) Corporate information received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. All assets and liabilities
Tata Consultancy Services Limited (“the Company”) and its subsidiaries
have been classified as current and non-current as per the Group’s normal
(collectively together with employee welfare trusts referred to as “the
Group”) provide IT services, consulting and business solutions and have been operating cycle. Based on the nature of services rendered to customers and
partnering with many of the world’s largest businesses in their transformation time elapsed between deployment of resources and the realisation in cash and
journeys. The Group offers a consulting-led, cognitive powered, integrated cash equivalents of the consideration for such services rendered, the Group
portfolio of IT, business and engineering services and solutions. This is has considered an operating cycle of 12 months.
delivered through its unique Location-Independent Agile delivery model The statement of cash flows have been prepared under indirect method,
recognised as a benchmark of excellence in software development.
whereby profit or loss is adjusted for the effects of transactions of a non-cash
The Company is a public limited company incorporated and domiciled in nature, any deferrals or accruals of past or future operating cash receipts
India. The address of its corporate office is TCS House, Raveline Street, Fort, or payments and items of income or expense associated with investing or
Mumbai - 400001. As at March 31, 2022, Tata Sons Private Limited, the financing cash flows. The cash flows from operating, investing and financing
holding company owned 72.27% of the Company’s equity share capital. activities of the Group are segregated. The Group considers all highly liquid
The Board of Directors approved the consolidated financial statements for the investments that are readily convertible to known amounts of cash and are
year ended March 31, 2022 and authorised for issue on April 11, 2022. subject to an insignificant risk of changes in value to be cash equivalents.
2) Statement of compliance The functional currency of the Company and its Indian subsidiaries is the
Indian Rupee (`). The functional currency of foreign subsidiaries is the
These consolidated financial statements have been prepared in accordance currency of the primary economic environment in which the entity operates.
with the Indian Accounting Standards (referred to as “Ind AS”) prescribed Foreign currency transactions are recorded at exchange rates prevailing
under section 133 of the Companies Act, 2013 read with the Companies on the date of the transaction. Foreign currency denominated monetary
(Indian Accounting Standards) Rules as amended from time to time. assets and liabilities are retranslated at the exchange rate prevailing on the
3) Basis of preparation balance sheet dates and exchange gains and losses arising on settlement and
restatement are recognised in the statement of profit and loss. Non-monetary
These consolidated financial statements have been prepared on historical cost assets and liabilities that are measured in terms of historical cost in foreign
basis except for certain financial instruments and defined benefit plans which currencies are not retranslated.
are measured at fair value or amortised cost at the end of each reporting
period. Historical cost is generally based on the fair value of the consideration The significant accounting policies used in preparation of the consolidated
given in exchange for goods and services. Fair value is the price that would be financial statements have been discussed in the respective notes.
350 / 522

4) Basis of consolidation reserve in the statement of changes in equity. When a foreign operation is
disposed off in its entirety or partially such that control, significant influence or
The Company consolidates all entities which are controlled by it.
joint control is lost, the cumulative amount of exchange differences related to
The Company establishes control when; it has power over the entity, is that foreign operation recognised in OCI is reclassified to statement of profit
exposed, or has rights, to variable returns from its involvement with the and loss as part of the gain or loss on disposal.
entity and has the ability to affect the entity’s returns by using its power over
5) Use of estimates and judgements
relevant activities of the entity.
The preparation of consolidated financial statements in conformity with the
Entities controlled by the Company are consolidated from the date control recognition and measurement principles of Ind AS requires management to
commences until the date control ceases. make estimates and judgements that affect the reported balances of assets
The results of subsidiaries acquired, or sold, during the year are consolidated and liabilities, disclosures of contingent liabilities as at the date of consolidated
from the effective date of acquisition and up to the effective date of disposal, financial statements and the reported amounts of income and expenses for
as appropriate. the periods presented.
The financial statements of the Group companies are consolidated on a Estimates and underlying assumptions are reviewed on an ongoing basis.
line-by-line basis and all inter-company transactions, balances, income and Revisions to accounting estimates are recognised in the period in which the
expenses are eliminated in full on consolidation. estimates are revised and future periods are affected.
Changes in the Company’s interests in subsidiaries that do not result in a loss The Group uses the following critical accounting estimates in preparation of its
of control are accounted for as equity transactions. The carrying amount of consolidated financial statements:
the Company’s interests and the non-controlling interests are adjusted to (a) Revenue recognition
reflect the changes in their relative interests in the subsidiaries. Any difference
between the amount by which the non-controlling interests are adjusted and Revenue for fixed-price contracts is recognised using
the fair value of the consideration paid or received is recognised directly in percentage-of-completion method. The Group uses judgement to
equity and attributed to shareholders of the Company. estimate the future cost-to-completion of the contracts which is used to
determine degree of completion of the performance obligation.
Assets and liabilities of entities with functional currency other than the
(b) Useful lives of property, plant and equipment
functional currency of the Company have been translated using exchange
rates prevailing on the balance sheet date. Statement of profit and loss of The Group reviews the useful life of property, plant and equipment at the
such entities has been translated using weighted average exchange rates. end of each reporting period. This reassessment may result in change in
Translation adjustments have been reported as foreign currency translation depreciation expense in future periods.
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(c) Impairment of goodwill (f) Provisions and contingent liabilities
The Group estimates the value-in-use of the cash generating units (CGUs) The Group estimates the provisions that have present obligations as a result
based on the future cash flows after considering current economic conditions of past events and it is probable that outflow of resources will be required
and trends, estimated future operating results and growth rate and anticipated to settle the obligations. These provisions are reviewed at the end of each
future economic and regulatory conditions. The estimated cash flows are reporting period and are adjusted to reflect the current best estimates.
developed using internal forecasts. The discount rates used for the CGUs
The Group uses significant judgements to assess contingent liabilities.
represent the weighted average cost of capital based on the historical market
Contingent liabilities are recognised when there is a possible obligation
returns of comparable companies.
arising from past events, the existence of which will be confirmed only by
(d) Fair value measurement of financial instruments the occurrence or non-occurrence of one or more uncertain future events
not wholly within the control of the Group or a present obligation that arises
When the fair value of financial assets and financial liabilities recorded in from past events where it is either not probable that an outflow of resources
the balance sheet cannot be measured based on quoted prices in active will be required to settle the obligation or a reliable estimate of the amount
markets, their fair value is measured using valuation techniques including the cannot be made. Contingent assets are neither recognised nor disclosed in the
Discounted Cash Flow model. The inputs to these models are taken from consolidated financial statements.
observable markets where possible, but where this is not feasible, a degree
of judgement is required in establishing fair values. Judgements include (g) Employee benefits
considerations of inputs such as liquidity risk, credit risk and volatility. Changes
The accounting of employee benefit plans in the nature of defined benefit
in assumptions about these factors could affect the reported fair value of
requires the Group to use assumptions. These assumptions have been
financial instruments.
explained under employee benefits note.
(e) Provision for income tax and deferred tax assets
(h) Leases
The Group uses estimates and judgements based on the relevant rulings in The Group evaluates if an arrangement qualifies to be a lease as per the
the areas of allocation of revenue, costs, allowances and disallowances which is requirements of Ind AS 116. Identification of a lease requires significant
exercised while determining the provision for income tax. A deferred tax asset judgement. The Group uses significant judgement in assessing the lease term
is recognised to the extent that it is probable that future taxable profit will be (including anticipated renewals) and the applicable discount rate.
available against which the deductible temporary differences and tax losses
can be utilised. Accordingly, the Group exercises its judgement to reassess the The Group determines the lease term as the non-cancellable period of a
carrying amount of deferred tax assets at the end of each reporting period. lease, together with both periods covered by an option to extend the lease if
352 / 522

the Group is reasonably certain to exercise that option; and periods covered 6) Recent pronouncements
by an option to terminate the lease if the Group is reasonably certain not to Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments
exercise that option. In assessing whether the Group is reasonably certain to to the existing standards under Companies (Indian Accounting Standards)
exercise an option to extend a lease, or not to exercise an option to terminate Rules as issued from time to time. On March 23, 2022, MCA amended the
a lease, it considers all relevant facts and circumstances that create an Companies (Indian Accounting Standards) Amendment Rules, 2022, applicable
economic incentive for the Group to exercise the option to extend the lease, from April 1, 2022, as below:
or not to exercise the option to terminate the lease. The Group revises the
Ind AS 103 – Reference to Conceptual Framework
lease term if there is a change in the non-cancellable period of a lease.
The amendments specify that to qualify for recognition as part of applying
The discount rate is generally based on the incremental borrowing rate the acquisition method, the identifiable assets acquired and liabilities assumed
specific to the lease being evaluated or for a portfolio of leases with similar must meet the definitions of assets and liabilities in the Conceptual Framework
characteristics. for Financial Reporting under Indian Accounting Standards (Conceptual
Framework) issued by the Institute of Chartered Accountants of India at the
(i) Impact of COVID-19 (pandemic)
acquisition date. These changes do not significantly change the requirements
The Group has taken into account all the possible impacts of COVID-19 of Ind AS 103. The Group does not expect the amendment to have any
in preparation of these consolidated financial statements, including but significant impact in its financial statements.
not limited to its assessment of, liquidity and going concern assumption, Ind AS 16 – Proceeds before intended use
recoverable values of its financial and non-financial assets, impact on revenue
The amendments mainly prohibit an entity from deducting from the cost of
recognition owing to changes in cost budgets of fixed price contracts,
property, plant and equipment amounts received from selling items produced
impact on leases and impact on effectiveness of its hedges. The Group has
while the company is preparing the asset for its intended use. Instead, an
carried out this assessment based on available internal and external sources
entity will recognise such sales proceeds and related cost in profit or loss. The
of information upto the date of approval of these consolidated financial Group does not expect the amendments to have any impact in its recognition
statements and believes that the impact of COVID-19 is not material to of its property, plant and equipment in its financial statements.
these consolidated financial statements and expects to recover the carrying
amount of its assets. The impact of COVID-19 on the consolidated financial Ind AS 37 – Onerous Contracts - Costs of Fulfilling a Contract
statements may differ from that estimated as at the date of approval of The amendments specify that the ‘cost of fulfilling’ a contract comprises
these consolidated financial statements owing to the nature and duration of the ‘costs that relate directly to the contract’. Costs that relate directly to a
COVID-19. contract can either be incremental costs of fulfilling that contract (examples
353 / 522

would be direct labour, materials) or an allocation of other costs that relate The interest of non-controlling shareholders is initially measured either at
directly to fulfilling contracts. The amendment is essentially a clarification and fair value or at the non-controlling interests’ proportionate share of the
the Group does not expect the amendment to have any significant impact in acquiree’s identifiable net assets. The choice of measurement basis is made
its financial statements. on an acquisition-by-acquisition basis. Subsequent to acquisition, the carrying
Ind AS 109 – Annual Improvements to Ind AS (2021) amount of non-controlling interests is the amount of those interests at initial
recognition plus the non-controlling interests’ share of subsequent changes in
The amendment clarifies which fees an entity includes when it applies the equity of subsidiaries.
‘10 percent’ test of Ind AS 109 in assessing whether to derecognise a financial
liability. The Group does not expect the amendment to have any significant Business combinations arising from transfers of interests in entities that
impact in its financial statements. are under common control are accounted at historical cost. The difference
between any consideration given and the aggregate historical carrying
Ind AS 116 – Annual Improvements to Ind AS (2021)
amounts of assets and liabilities of the acquired entity is recorded in
The amendments remove the illustration of the reimbursement of leasehold shareholders’ equity.
improvements by the lessor in order to resolve any potential confusion
regarding the treatment of lease incentives that might arise because of how 8) Financial assets, financial liabilities and equity instruments
lease incentives were described in that illustration. The Group does not expect
Financial assets and liabilities are recognised when the Group becomes a
the amendment to have any significant impact in its financial statements.
party to the contractual provisions of the instrument. Financial assets and
7) Business combinations liabilities are initially measured at fair value. Transaction costs that are directly
attributable to the acquisition or issue of financial assets and financial liabilities
The Group accounts for its business combinations under acquisition method
(other than financial assets and financial liabilities at fair value through profit
of accounting. Acquisition related costs are recognised in the consolidated
statement of profit and loss as incurred. The acquiree’s identifiable assets, or loss) are added to or deducted from the fair value measured on initial
liabilities and contingent liabilities that meet the condition for recognition are recognition of financial asset or financial liability.
recognised at their fair values at the acquisition date. The Group derecognises a financial asset only when the contractual rights to
Purchase consideration paid in excess of the fair value of net assets acquired is the cash flows from the asset expire, or when it transfers the financial asset
recognised as goodwill. Where the fair value of identifiable assets and liabilities and substantially all the risks and rewards of ownership of the asset to another
exceed the cost of acquisition, after reassessing the fair values of the net entity. The Group derecognises financial liabilities when, and only when, the
assets and contingent liabilities, the excess is recognised as capital reserve. Group’s obligations are discharged, cancelled or have expired.
354 / 522

Cash and cash equivalents Financial liabilities
The Group considers all highly liquid investments, which are readily convertible Financial liabilities are measured at amortised cost using the effective interest
into known amounts of cash that are subject to an insignificant risk of change method.
in value to be cash equivalents. Cash and cash equivalents consist of balances
with banks which are unrestricted for withdrawal and usage. Equity instruments
Financial assets at amortised cost An equity instrument is a contract that evidences residual interest in the assets
Financial assets are subsequently measured at amortised cost if these of the company after deducting all of its liabilities. Equity instruments issued
financial assets are held within a business whose objective is to hold these by the Group are recognised at the proceeds received net of direct issue cost.
assets in order to collect contractual cash flows and the contractual terms of Derivative accounting
the financial assets give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding. • Instruments in hedging relationship
Financial assets at fair value through other comprehensive income The Group designates certain foreign exchange forward, currency
Financial assets are measured at fair value through other comprehensive options and futures contracts as hedge instruments in respect of foreign
income if these financial assets are held within a business whose objective is exchange risks. These hedges are accounted for as cash flow hedges.
achieved by both collecting contractual cash flows on specified dates that are
The Group uses hedging instruments that are governed by the policies of
solely payments of principal and interest on the principal amount outstanding
the Company and its subsidiaries which are approved by their respective
and selling financial assets.
Board of Directors. The policies provide written principles on the use of
The Group has made an irrevocable election to present subsequent such financial derivatives consistent with the risk management strategy of
changes in the fair value of equity investments not held for trading in other the Company and its subsidiaries.
comprehensive income.
The hedge instruments are designated and documented as hedges at
Financial assets at fair value through profit or loss the inception of the contract. The Group determines the existence of an
Financial assets are measured at fair value through profit or loss unless they economic relationship between the hedging instrument and hedged item
are measured at amortised cost or at fair value through other comprehensive based on the currency, amount and timing of their respective cash flows.
income on initial recognition. The transaction costs directly attributable to the The effectiveness of hedge instruments to reduce the risk associated
acquisition of financial assets and liabilities at fair value through profit or loss with the exposure being hedged is assessed and measured at inception
are immediately recognised in statement of profit and loss. and on an ongoing basis. If the hedged future cash flows are no longer
355 / 522

expected to occur, then the amounts that have been accumulated in • Instruments not in hedging relationship
other equity are immediately reclassified in net foreign exchange gains in
The Group enters into contracts that are effective as hedges from an
the statement of profit and loss.
economic perspective, but they do not qualify for hedge accounting. The
The effective portion of change in the fair value of the designated change in the fair value of such instrument is recognised in the statement
hedging instrument is recognised in the other comprehensive income and of profit and loss.
accumulated under the heading cash flow hedging reserve. Impairment of financial assets (other than at fair value)
The Group separates the intrinsic value and time value of an option and The Group assesses at each date of balance sheet whether a financial asset
designates as hedging instruments only the change in intrinsic value or a group of financial assets is impaired. Ind AS 109 requires expected credit
of the option. The change in fair value of the intrinsic value and time losses to be measured through a loss allowance. The Group recognises lifetime
value of an option is recognised in the other comprehensive income expected losses for all contract assets and / or all trade receivables that do not
and accounted as a separate component of equity. Such amounts are constitute a financing transaction. In determining the allowances for doubtful
reclassified into the statement of profit and loss when the related hedged trade receivables, the Group has used a practical expedient by computing
items affect profit and loss. the expected credit loss allowance for trade receivables based on a provision
matrix. The provision matrix takes into account historical credit loss experience
Hedge accounting is discontinued when the hedging instrument expires and is adjusted for forward looking information. The expected credit loss
or is sold, terminated or no longer qualifies for hedge accounting. Any allowance is based on the ageing of the receivables that are due and allowance
gain or loss recognised in other comprehensive income and accumulated rates used in the provision matrix. For all other financial assets, expected
in equity till that time remains and is recognised in statement of profit and credit losses are measured at an amount equal to the 12-months expected
loss when the forecasted transaction ultimately affects profit and loss. Any credit losses or at an amount equal to the life time expected credit losses if
gain or loss is recognised immediately in the statement of profit and loss the credit risk on the financial asset has increased significantly since initial
when the hedge becomes ineffective. recognition.
356 / 522

(a) Investments Investments – Current
Investments consist of the following: (` crore)
Investments – Non-current As at As at
(` crore) March 31, 2022 March 31, 2021
As at As at Investments carried at fair value through
March 31, 2022 March 31, 2021 profit or loss
Investments designated at fair value through Mutual fund units (quoted) 1,874 4,904
OCI Investments carried at fair value through OCI
Fully paid equity shares (unquoted) Government bonds and securities (quoted) 25,667 23,670
Mozido LLC 76 73 Corporate bonds (quoted) 1,242 450
FCM LLC 57 55 Investments carried at amortised cost
Taj Air Limited 19 19 Certificate of deposits (quoted) 99 -
Philippine Dealing System Holdings Corporation 7 7 Corporate bonds (quoted) 10 -
Less: Impairment in value of investments (123) (116) Commercial papers (quoted) 381 136
Investments carried at amortised cost Treasury bills (quoted) 989 -
Government bonds and securities (quoted) 187 165 30,262 29,160
Corporate bonds (quoted) - 10
Investments – Current includes `100 crore and `166 crore as at March 31, 2022 and
223 213 2021, respectively, pertaining to trusts and TCS Foundation held for specified purposes.
Investments – Non-current includes `187 crore and `175 crore as at March 31, 2022 Government bonds and securities includes bonds pledged with bank for credit facility
and 2021, respectively, pertains to trusts held for specified purposes. and with manager to the buy-back amounting to `3,560 crore and `1,650 crore as at
March 31, 2022 and 2021, respectively.
357 / 522

Aggregate value of quoted and unquoted investments is as follows: The movement in fair value of investments carried / designated at fair value through
(` crore) OCI is as follows:
As at As at
(` crore)
March 31, 2022 March 31, 2021
Aggregate value of quoted investments 30,449 29,335 Year ended Year ended
Aggregate value of unquoted investments (net 36 38 March 31, 2022 March 31, 2021
of impairment) Balance at the beginning of the year 828 796
Aggregate market value of quoted investments 30,455 29,356 Net loss arising on revaluation of financial assets (4) (2)
Aggregate value of impairment of investments 123 116 carried at fair value
Market value of quoted investments carried at amortised cost is as follows: Net gain / (loss) arising on revaluation of (516) 51
investments other than equities carried at fair
(` crore)
As at As at value through other comprehensive income
March 31, 2022 March 31, 2021 Deferred tax relating to net gain / (loss) arising 180 (17)
Government bonds and securities 192 186 on revaluation of investments other than
Certificate of deposits 99 - equities carried at fair value through other
Corporate bonds 10 10 comprehensive income
Commercial papers 381 136
Balance at the end of the year 488 828
Treasury bills 990 -
Equity instruments designated at fair value through OCI are as follows: (b) Trade receivables - Billed
(` crore) Trade receivables - Billed (unsecured) consist of the following:
In Numbers Currency Face value Equity instruments designated As at As at Trade receivables - Billed – Non-current
per share at fair value through OCI March 31, 2022 March 31, 2021
Fully paid equity shares (` crore)
(unquoted) As at As at
1,00,00,000 USD 1 Mozido LLC 76 73 March 31, 2022 March 31, 2021
15 USD 5,00,000 FCM LLC 57 55 Trade receivables - Billed 1,013 787
1,90,00,000 INR 10 Taj Air Limited 19 19
5,00,000 PHP 100 Philippine Dealing System 7 7 Less: Allowance for doubtful trade receivables (868) (732)
Holdings Corporation - Billed
Less: Impairment in value of (123) (116) Considered good 145 55
investments
36 38
358 / 522

Ageing for trade receivables – non-current outstanding as at March 31, 2022 Ageing for trade receivables – non-current outstanding as at March 31, 2021
is as follows: is as follows:
(` crore) (` crore)
Particulars Not Outstanding for following periods from due date of Total Particulars Not Outstanding for following periods from due date of Total
due payment due payment
Less than 6 months 1-2 2-3 More than Less than 6 months 1-2 2-3 More than
6 months - 1 year years years 3 years 6 months - 1 year years years 3 years
Trade receivables - Billed Trade receivables - Billed
Undisputed trade receivables – - - 12 123 247 615 997 Undisputed trade receivables – - - 16 154 86 515 771
considered good considered good
Undisputed trade receivables – - - - - - - - Undisputed trade receivables – - - - - - - -
which have significant increase in which have significant increase
credit risk in credit risk
credit impaired credit impaired
Disputed trade receivables – - - - - - 16 16 Disputed trade receivables – - - - - - 16 16
Disputed trade receivables – - - - - - - - Disputed trade receivables – - - - - - - -
which have significant increase in which have significant increase
credit risk in credit risk
Disputed trade receivables – - - - - - - - Disputed trade receivables – - - - - - - -
- - 12 123 247 631 1,013 - - 16 154 86 531 787
Less: Allowance for doubtful (868) Less: Allowance for doubtful (732)
trade receivables - Billed trade receivables - Billed
145 55
Trade receivables - Unbilled 55 Trade receivables - Unbilled 273
200 328
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Trade receivables - Billed – Current Ageing for trade receivables – current outstanding as at March 31, 2022 is as
follows:
(` crore)
(` crore)
As at As at
March 31, 2022 March 31, 2021 Particulars Not due Outstanding for following periods from due date Total
of payment
Trade receivables - Billed 34,253 30,248
Less than 6 months 1 - 2 2 - 3 More than
Less: Allowance for doubtful trade receivables (219) (244) 6 months - 1 year years years 3 years
- Billed Trade receivables - Billed
Considered good 34,034 30,004 Undisputed trade receivables 30,102 2,601 582 585 154 205 34,229
– considered good
Trade receivables - Billed 286 388 Undisputed trade receivables - - - - - - -
Less: Allowance for doubtful trade receivables (246) (313) – which have significant
- Billed increase in credit risk
Undisputed trade receivables 2 3 7 81 25 152 270
Credit impaired 40 75
– credit impaired
34,074 30,079 Disputed trade receivables – - - - - - 24 24
considered good
Disputed trade receivables - - - - - - -
– which have significant
increase in credit risk
Disputed trade receivables – - - - 9 - 7 16
credit impaired
30,104 2,604 589 675 179 388 34,539
Less: Allowance for doubtful (465)
trade receivables - Billed
34,074
Trade receivables - Unbilled 7,736
41,810
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Ageing for trade receivables – current outstanding as at March 31, 2021 is as (c) Cash and cash equivalents
follows: Cash and cash equivalents consist of the following:
(` crore) (` crore)
Particulars Not Outstanding for following periods from due date Total As at As at
due of payment March 31, 2022 March 31, 2021
Less than 6 months 1 - 2 2 - 3 More than Balances with banks
6 months - 1 year years years 3 years
Trade receivables - Billed In current accounts 2,211 5,266
Undisputed trade receivables 24,716 4,149 476 558 74 250 30,223 In deposit accounts 10,277 1,586
– considered good Cheques on hand -* -*
Undisputed trade receivables - - - - - - - Cash on hand -* 1
– which have significant
increase in credit risk Remittances in transit -* 5
Undisputed trade receivables - 5 97 63 88 128 381 12,488 6,858
– credit impaired
Disputed trade receivables – - 5 - - 15 5 25 *Represents value less than `0.50 crore.
considered good
Balances with banks in current accounts include `32 crore and `13 crore as at
Disputed trade receivables - - - - - - -
– which have significant March 31, 2022 and 2021, respectively, pertaining to trusts held for specified purposes.
increase in credit risk
Disputed trade receivables – - - - - - 7 7 (d) Other balances with banks
credit impaired Other balances with banks consist of the following:
24,716 4,159 573 621 177 390 30,636 (` crore)
Less: Allowance for doubtful (557)
As at As at
trade receivables - Billed
March 31, 2022 March 31, 2021
30,079
Trade receivables - Unbilled 6,583 Earmarked balances with banks 226 209
36,662 Short-term bank deposits 5,507 2,262
5,733 2,471
Earmarked balances with banks primarily relate to margin money for purchase of
investments, margin money for derivative contracts, unclaimed dividends and balance in
escrow account for buy-back of equity shares.
361 / 522

(e) Loans (f) Other financial assets
Loans (unsecured) consist of the following: Other financial assets consist of the following:
Loans – Non-current Other financial assets – Non-current
(` crore) (` crore)
As at As at
As at As at March 31, 2022 March 31, 2021
March 31, 2022 March 31, 2021
Security deposits 825 837
Considered good Earmarked balances with banks 183 3
Inter-corporate deposits 303 27 Long-term bank deposits 1,232 719
Loans and advances to employees 8 2 Others 13 14
311 29 2,253 1,573
Other financial assets – Current

Loans – Current
(` crore)
(` crore) As at As at
March 31, 2022 March 31, 2021 Security deposits 178 168
Considered good Fair value of foreign exchange derivative assets 388 495
Inter-corporate deposits 6,074 11,229 Interest receivable 648 615
Loans and advances to employees 371 243 Others 176 116
Credit impaired 1,390 1,394
Loans and advances to employees 23 17
Less: Allowance on loans and advances to (23) (17) Interest receivable includes `34 crore and `40 crore as at March 31, 2022 and 2021,
employees respectively, pertaining to trusts and TCS Foundation held for specified purposes.
6,445 11,472
Inter-corporate deposits placed with financial institutions yield fixed interest rate.
Inter-corporate deposits include `978 crore and `952 crore as at March 31, 2022 and
2021, respectively, pertaining to trusts and TCS Foundation held for specified purposes.
362 / 522

(g) Trade payables (h) Other financial liabilities
Ageing for trade payables outstanding as at March 31, 2022 is as follows: Other financial liabilities consist of the following:
(` crore) Other financial liabilities – Non-current
Particulars Not due Outstanding for following periods from due date Total (` crore)
of payment As at As at
Less than 1-2 2-3 More than March 31, 2022 March 31, 2021
1 year years years 3 years Capital creditors 339 -
Trade payables
MSME* - - - - - - Others 233 280
Others 1,187 778 22 8 52 2,047 572 280
Disputed dues - MSME* - - - - - -
Disputed dues - Others - - - - 32 32 Others include advance taxes paid of `226 crore and `226 crore as at March 31,
1,187 778 22 8 84 2,079
2022 and 2021, respectively, by the seller of TCS e-Serve Limited
Accrued expenses 5,966 (merged with the Company) which, on refund by tax authorities, is payable to the seller.
8,045
*MSME as per the Micro, Small and Medium Enterprises Development Act, 2006. Other financial liabilities – Current
Ageing for trade payables outstanding as at March 31, 2021 is as follows: (` crore)
Particulars Not due Outstanding for following periods from due date Total March 31, 2022 March 31, 2021
of payment Accrued payroll 5,572 4,482
Less than 1-2 2-3 More than Unclaimed dividends 46 50
1 year years years 3 years
Trade payables Fair value of foreign exchange derivative liabilities 128 92
MSME* 2 - - - - 2 Capital creditors 771 399
Others 1,320 763 26 15 79 2,203 Liabilities towards customer contracts 1,034 914
Disputed dues - Others - - - - 32 32 Others 136 213
1,322 763 26 15 111 2,237 7,687 6,150
Accrued expenses 5,623
7,860
*MSME as per the Micro, Small and Medium Enterprises Development Act, 2006.
363 / 522

(i) Financial instruments by category The carrying value of financial instruments by categories as at March 31, 2021 is as
The carrying value of financial instruments by categories as at March 31, 2022 is as follows:
follows: (` crore)
(` crore) Fair value Fair value Derivative Derivative Amortised Total
Fair value Fair value Derivative Derivative Amortised Total through through other instruments instruments cost carrying
through through other instruments instruments cost carrying profit or comprehensive in hedging not in hedging value
profit or comprehensive in hedging not in hedging value loss income relationship relationship
loss income relationship relationship Financial assets
Financial assets Cash and cash equivalents - - - - 6,858 6,858
Cash and cash equivalents - - - - 12,488 12,488 Bank deposits - - - - 2,981 2,981
Bank deposits - - - - 6,739 6,739
Earmarked balances with banks - - - - 212 212
Investments 1,874 26,945 - - 1,666 30,485 Investments 4,904 24,158 - - 311 29,373
Trade receivables Trade receivables
Billed - - - - 34,219 34,219 Billed - - - - 30,134 30,134
Unbilled - - - - 7,791 7,791 Unbilled - - - - 6,856 6,856
Loans - - - - 6,756 6,756 Loans - - - - 11,501 11,501
Other financial assets - - 124 264 1,840 2,228 Other financial assets - - 163 332 1,750 2,245
1,874 26,945 124 264 71,908 1,01,115
Financial liabilities 4,904 24,158 163 332 60,603 90,160
Trade payables - - - - 8,045 8,045 Financial liabilities
Lease liabilities - - - - 7,818 7,818 Trade payables - - - - 7,860 7,860
Other financial liabilities - - 22 106 8,131 8,259 Lease liabilities - - - - 7,795 7,795
- - 22 106 23,994 24,122 Other financial liabilities - - 2 90 6,338 6,430
- - 2 90 21,993 22,085
Loans include inter-corporate deposits of `6,377 crore, with original maturity period
within 36 months. Loans include inter-corporate deposits of `11,256 crore, with original maturity period
within 36 months.
Carrying amounts of cash and cash equivalents, trade receivables, loans and trade
payables as at March 31, 2022 and 2021, approximate the fair value due to their nature.
Carrying amounts of bank deposits, earmarked balances with banks, other financial
assets and other financial liabilities which are subsequently measured at amortised cost
also approximate the fair value due to their nature in each of the periods presented. Fair
value measurement of lease liabilities is not required. Fair value of investments carried
at amortised cost is `1,672 crore and `332 crore as at March 31, 2022 and 2021,
respectively.
364 / 522

(j) Fair value hierarchy (` crore)
The fair value hierarchy is based on inputs to valuation techniques that are Level 1 Level 2 Level 3 Total
used to measure fair value that are either observable or unobservable and Corporate bonds 1,252 - - 1,252
consists of the following three levels: Commercial papers 381 - - 381
Treasury bills 990 990
• Level 1 - Inputs are quoted prices (unadjusted) in active markets for Fair value of foreign exchange derivative - 388 - 388
identical assets or liabilities. assets
• Level 2 - Inputs are other than quoted prices included within Level 1 that 30,455 388 36 30,879
are observable for the asset or liability, either directly (i.e. as prices) or Financial liabilities
indirectly (i.e. derived from prices). Fair value of foreign exchange derivative - 128 - 128
liabilities
• Level 3 - Inputs are not based on observable market data (unobservable - 128 - 128
inputs). Fair values are determined in whole or in part using a valuation
model based on assumptions that are neither supported by prices from (` crore)
observable current market transactions in the same instrument nor are As at March 31, 2021 Level 1 Level 2 Level 3 Total
they based on available market data. Financial assets
The cost of unquoted investments included in Level 3 of fair value hierarchy Mutual fund units 4,849 - 55 4,904
approximate their fair value because there is a wide range of possible fair value Equity shares - - 38 38
measurements and the cost represents estimate of fair value within that range. Government bonds and securities 23,856 - - 23,856
The following table summarises financial assets and liabilities measured at fair Corporate bonds 460 - - 460
value on a recurring basis and financial assets that are not measured at fair Commercial papers 136 - - 136
value on a recurring basis (but fair value disclosures are required): Fair value of foreign exchange derivative - 495 - 495
(` crore) assets
As at March 31, 2022 Level 1 Level 2 Level 3 Total 29,301 495 93 29,889
Financial assets Financial liabilities
Mutual fund units 1,874 - - 1,874 Fair value of foreign exchange derivative - 92 - 92
Equity shares - - 36 36 liabilities
Government bonds and securities 25,859 - - 25,859
- 92 - 92
Certificate of deposits 99 - - 99
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Reconciliation of Level 3 fair value measurement of financial assets is as follows: The following are outstanding currency options contracts, which have been
(` crore) designated as cash flow hedges:
Year ended Year ended Foreign currency As at March 31, 2022 As at March 31, 2021
March 31, 2022 March 31, 2021 No. of Notional Fair value No. of Notional Fair value
contracts amount of (` crore) contracts amount of (` crore)
Balance at the beginning of the year 93 42 contracts contracts
Additions during the year - 52 (In million) (In million)
US Dollar 63 1,635 44 63 1,615 51
Fair value of investments - 4 Great Britain Pound 41 338 55 64 330 14
Impairment in value of investments (4) (2) Euro 53 382 25 60 346 78
Australian Dollar 30 202 (21) 38 206 16
Other adjustments during the year (55) -
Canadian Dollar 25 137 (1) 23 114 2
Translation exchange difference 2 (3) The movement in cash flow hedging reserve for derivatives designated as cash
Balance at the end of the year 36 93 flow hedges is as follows:
(` crore)
(k) Derivative financial instruments and hedging activity Year ended Year ended
March 31, 2022 March 31, 2021
The Group’s revenue is denominated in various foreign currencies. Given the Intrinsic value Time value Intrinsic value Time value
nature of the business, a large portion of the costs are denominated in Indian Balance at the beginning of the year 56 (27) 45 (68)
Rupee. This exposes the Group to currency fluctuations. (Gain) / loss transferred to profit and loss on (636) 525 (341) 530
occurrence of forecasted hedge transactions
The Board of Directors has constituted a Risk Management Committee (RMC) Deferred tax on (gain) / loss transferred to 139 (122) 73 (125)
to frame, implement and monitor the risk management plan of the Group profit and loss on occurrence of forecasted
which inter-alia covers risks arising out of exposure to foreign currency hedge transactions
fluctuations. Under the guidance and framework provided by the RMC, the Change in the fair value of effective portion 599 (559) 355 (477)
Group uses various derivative instruments such as foreign exchange forward, of cash flow hedges
currency options and futures contracts in which the counter party is generally Deferred tax on change in the fair value of (131) 130 (76) 113
effective portion of cash flow hedges
a bank.
Balance at the end of the year 27 (53) 56 (27)
366 / 522

The Group has entered into derivative instruments not in hedging relationship by (l) Financial risk management
way of foreign exchange forward, currency options and futures contracts. As at
March 31, 2022 and 2021, the notional amount of outstanding contracts aggregated The Group is exposed primarily to fluctuations in foreign currency exchange
to `46,392 crore and `37,615 crore, respectively, and the respective fair value of rates, credit, liquidity and interest rate risks, which may adversely impact
these contracts have a net gain of `158 crore and `242 crore. the fair value of its financial instruments. The Group has a risk management
policy which covers risks associated with the financial assets and liabilities.
Exchange gain of `645 crore and `490 crore on foreign exchange forward, currency The risk management policy is approved by the Board of Directors. The focus
options and futures contracts that do not qualify for hedge accounting have been of the risk management committee is to assess the unpredictability of the
recognised in the consolidated statement of profit and loss for the years ended financial environment and to mitigate potential adverse effects on the financial
performance of the Group.
Net foreign exchange gain include gain of `111 crore and loss of `189 crore
Market risk
transferred from cash flow hedging reserve for the years ended March 31, 2022 and
2021, respectively. Market risk is the risk that the fair value or future cash flows of a financial
instrument will fluctuate because of changes in market prices. Such changes
Net loss on derivative instruments of `26 crore recognised in cash flow hedging reserve
in the values of financial instruments may result from changes in the foreign
as at March 31, 2022, is expected to be transferred to the statement of profit and
loss by March 31, 2023. The maximum period over which the exposure to cash flow
currency exchange rates, interest rates, credit, liquidity and other market
variability has been hedged is through calendar year 2022. changes. The Group’s exposure to market risk is primarily on account of
foreign currency exchange rate risk.
Following table summarises approximate gain / (loss) on Group’s other comprehensive
income on account of appreciation / depreciation of the underlying foreign currencies: • Foreign currency exchange rate risk
The fluctuation in foreign currency exchange rates may have potential
(` crore) impact on the consolidated statement of profit and loss and other
As at As at comprehensive income and equity, where any transaction references
March 31, 2022 March 31, 2021 more than one currency or where assets / liabilities are denominated in
10% Appreciation of the underlying foreign (387) (306) a currency other than the functional currency of the respective entities.
currencies Considering the countries and economic environment in which the Group
10% Depreciation of the underlying foreign 2,034 1,906 operates, its operations are subject to risks arising from fluctuations in
currencies exchange rates in those countries.
The Group, as per its risk management policy, uses derivative instruments
primarily to hedge foreign exchange. Further, any movement in the
functional currencies of the various operations of the Group against
367 / 522

major foreign currencies may impact the Group’s revenue in international The following table sets forth information relating to unhedged foreign
business. currency exposure as at March 31, 2021:
The Group evaluates the impact of foreign exchange rate fluctuations (` crore)
by assessing its exposure to exchange rate risks. It hedges a part of USD EUR GBP Others
these risks by using derivative financial instruments in line with its risk Net financial assets 3,194 155 101 1,129
management policies. Net financial liabilities (41) (573) (354) (411)
The foreign exchange rate sensitivity is calculated by aggregation of the 10% appreciation / depreciation of the respective functional currency
net foreign exchange rate exposure and a simultaneous parallel foreign of Tata Consultancy Services Limited and its subsidiaries with respect
exchange rates shift of all the currencies by 10% against the respective to various foreign currencies would result in increase / decrease in the
functional currencies of Tata Consultancy Services Limited and its Group’s profit before taxes by approximately `320 crore for the year
subsidiaries. ended March 31, 2021.
The following analysis has been worked out based on the net exposures • Interest rate risk
for each of the subsidiaries and Tata Consultancy Services Limited as of The Group’s investments are primarily in fixed rate interest bearing
the date of balance sheet which could affect the statement of profit and investments. Hence, the Group is not significantly exposed to interest
loss and other comprehensive income and equity. Further the exposure rate risk.
as indicated below is mitigated by some of the derivative contracts
entered into by the Group as disclosed in note 8(k). Credit risk
The following table sets forth information relating to unhedged foreign Credit risk is the risk of financial loss arising from counterparty failure to repay
or service debt according to the contractual terms or obligations. Credit risk
currency exposure as at March 31, 2022:
encompasses of both, the direct risk of default and the risk of deterioration
(` crore) of creditworthiness as well as concentration of risks. Credit risk is controlled
USD EUR GBP Others by analysing credit limits and creditworthiness of customers on a continuous
Net financial assets 2,900 165 84 1,234 basis to whom the credit has been granted after obtaining necessary approvals
Net financial liabilities (8,589) (437) (1,290) (421) for credit.
10% appreciation / depreciation of the respective functional currency Financial instruments that are subject to concentrations of credit risk
of Tata Consultancy Services Limited and its subsidiaries with respect principally consist of trade receivables, loans, investments, derivative financial
to various foreign currencies would result in increase / decrease in the instruments, cash and cash equivalents, bank deposits and other financial
assets. Inter-corporate deposits of `6,377 crore are with a financial institution
Group’s profit before taxes by approximately `635 crore for the year
having a high credit-rating assigned by credit-rating agencies. Bank deposits
ended March 31, 2022.
368 / 522

include an amount of `6,727 crore held with four Indian banks having high `190 crore respectively. The reconciliation of allowance for doubtful
credit rating which are individually in excess of 10% or more of the Group’s trade receivables is as follows:
total bank deposits as at March 31, 2022. None of the other financial (` crore)
instruments of the Group result in material concentration of credit risk. Year ended Year ended
• Exposure to credit risk March 31, 2022 March 31, 2021
Balance at the beginning of the year 1,289 1,137
The carrying amount of financial assets and contract assets represents Change during the year 123 190
the maximum credit exposure. The maximum exposure to credit risk was Bad debts written off (83) (34)
`1,05,498 crore and `94,201 crore as at March 31, 2022 and 2021, Translation exchange difference 4 (4)
respectively, being the total of the carrying amount of balances with
Balance at the end of the year 1,333 1,289
banks, bank deposits, investments, trade receivables, loan, contract assets
and other financial assets. Liquidity risk
The Group’s exposure to customers is diversified and no single customer Liquidity risk refers to the risk that the Group cannot meet its financial
contributes to more than 10% of outstanding trade receivables and obligations. The objective of liquidity risk management is to maintain
sufficient liquidity and ensure that funds are available for use as per
contract assets as at March 31, 2022 and 2021.
requirements. The Group consistently generated sufficient cash flows
• Geographic concentration of credit risk from operations to meet its financial obligations including lease liabilities
as and when they fall due.
Geographic concentration of trade receivables (gross and net of
The tables below provide details regarding the contractual maturities of
allowances) and contract assets is as follows:
significant financial liabilities as at:
As at March 31, 2022 As at March 31, 2021
(` crore)
Gross% Net% Gross% Net%
March 31, 2022 Due in Due in Due in 3rd Due after Total
United States of America 43.79 44.69 41.08 41.83 1st year 2nd year to 5th year 5th year
India 15.51 13.83 20.31 18.79 Non-derivative financial liabilities
United Kingdom 16.47 16.86 16.37 16.75 Trade payables 8,045 - - - 8,045
Geographical concentration of trade receivables and contract assets is Lease liabilities 1,850 1,618 3,201 3,150 9,819
Other financial liabilities 7,582 343 231 5 8,161
allocated based on the location of the customers.
17,477 1,961 3,432 3,155 26,025
The allowance for lifetime expected credit loss on trade receivables Derivative financial liabilities 128 - - - 128
for the years ended March 31, 2022 and 2021, was `123 crore and 17,605 1,961 3,432 3,155 26,153
369 / 522

(` crore) The Company’s objective for capital management is to maximise shareholder
March 31, 2021 Due in Due in Due in 3rd Due after Total value, safeguard business continuity and support the growth of the Company.
1st year 2nd year to 5th year 5th year The Company determines the capital requirement based on annual operating
Non-derivative financial liabilities plans and long-term and other strategic investment plans. The funding
Trade payables 7,860 - - - 7,860 requirements are met through equity and operating cash flows generated.
Lease liabilities 1,742 1,601 3,325 3,509 10,177 The Company is not subject to any externally imposed capital requirements.
Other financial liabilities 6,058 50 230 - 6,338
15,660 1,651 3,555 3,509 24,375 The Board of Directors at its meeting held on January 12, 2022, approved a
Derivative financial liabilities 92 - - - 92 proposal to buy-back upto 4,00,00,000 equity shares of the Company for an
15,752 1,651 3,555 3,509 24,467 aggregate amount not exceeding `18,000 crore, being 1.08% of the total paid
up equity share capital at `4,500 per equity share. The shareholders approved
(m) Equity instruments the same on February 12, 2022, by way of a special resolution through postal
ballot. A Letter of Offer was made to all eligible shareholders. The Company
The authorised, issued, subscribed and fully paid up share capital consist of the bought back 4,00,00,000 equity shares out of the shares that were tendered
following: by eligible shareholders and extinguished the equity shares on
(` crore) March 29, 2022. Capital redemption reserve was created to the extent of
As at As at share capital extinguished (`4 crore). The excess cost of buy-back of
March 31, 2022 March 31, 2021 `18,049 crore (including `49 crore towards transaction cost of buy-back)
Authorised over par value of shares and corresponding tax on buy-back of `4,192 crore
460,05,00,000 equity shares of `1 each 460 460 were offset from retained earnings.
(March 31, 2021: 460,05,00,000 equity shares
of `1 each) I. Reconciliation of number of shares
105,02,50,000 preference shares of `1 each 105 105
(March 31, 2021: 105,02,50,000 preference As at March 31, 2022 As at March 31, 2021
shares of `1 each) Number of Amount Number of Amount
565 565 shares (` crore) shares (` crore)
Issued, Subscribed and Fully paid up Equity shares
365,90,51,373 equity shares of `1 each 366 370 Opening balance 369,90,51,373 370 375,23,84,706 375
(March 31, 2021: 369,90,51,373 equity shares Shares extinguished on buy- (4,00,00,000) (4) (5,33,33,333) (5)
of `1 each) back
366 370 Closing balance 365,90,51,373 366 369,90,51,373 370
370 / 522

II. Rights, preferences and restrictions attached to shares IV. Details of shares held by shareholders holding more than 5% of the
The Company has one class of equity shares having a par value of `1 each. aggregate shares in the Company
Each shareholder is eligible for one vote per share held and carry a right to As at As at
dividend. The dividend proposed by the Board of Directors is subject to the March 31, 2022 March 31, 2021
approval of the shareholders in the ensuing Annual General Meeting, except Equity shares
in case of interim dividend. In the event of liquidation, the equity shareholders
are eligible to receive the remaining assets of the Company after distribution Tata Sons Private Limited, the holding company 264,43,17,117 266,91,25,829
of all preferential amounts, in proportion to their shareholding. % of shareholding 72.27% 72.16%
III. Shares held by Holding company, its Subsidiaries and Associates
V. Equity shares movement during 5 years preceding March 31, 2022
(` crore)
As at As at • Equity shares issued as bonus
March 31, 2022 March 31, 2021
The Company allotted 191,42,87,591 equity shares as fully paid up bonus
Equity shares
shares by capitalisation of profits transferred from retained earnings
Holding company
amounting to `86 crore and capital redemption reserve amounting to
264,43,17,117 equity shares (March 31, 2021: 264 267 `106 crore in the quarter ended June 30, 2018, pursuant to an ordinary
266,91,25,829 equity shares) are held by Tata Sons
resolution passed after taking the consent of shareholders through
Private Limited
postal ballot.
Subsidiaries and Associates of Holding company
7,220 equity shares (March 31, 2021: 7,220 equity - - • Equity shares extinguished on buy-back
shares) are held by Tata Industries Limited*
10,14,172 equity shares (March 31, 2021: 10,23,685 - - The Company bought back 4,00,00,000 equity shares for an aggregate
equity shares) are held by Tata Investment Corporation amount of `18,000 crore being 1.08% of the total paid up equity share
Limited* capital at `4,500 per equity share. The equity shares bought back were
46,798 equity shares (March 31, 2021: 46,798 equity - - extinguished on March 29, 2022.
shares) are held by Tata Steel Limited*
766 equity shares (March 31, 2021: 766 equity shares) - - The Company bought back 5,33,33,333 equity shares for an aggregate
are held by The Tata Power Company Limited* amount of `16,000 crore being 1.42% of the total paid up equity share
264 267 capital at `3,000 per equity share. The equity shares bought back were
extinguished on January 6, 2021.
*Equity shares having value less than `0.50 crore.
371 / 522

The Company bought back 7,61,90,476 equity shares for an aggregate 9) Leases
amount of `16,000 crore being 1.99% of the total paid up equity share A contract is, or contains, a lease if the contract conveys the right to
capital at `2,100 per equity share. The equity shares bought back were control the use of an identified asset for a period of time in exchange for
extinguished on September 26, 2018. consideration.
The Company bought back 5,61,40,350 equity shares for an aggregate Group as a lessee
amount of `16,000 crore being 2.85% of the total paid up equity share
The Group accounts for each lease component within the contract as a
capital at `2,850 per equity share. The equity shares bought back were
lease separately from non-lease components of the contract and allocates
extinguished on June 7, 2017.
the consideration in the contract to each lease component on the basis of
the relative standalone price of the lease component and the aggregate
VI. Disclosure of Shareholding of Promoters
standalone price of the non-lease components.
Disclosure of shareholding of promoters as at March 31, 2022 is as follows:
The Group recognises right-of-use asset representing its right to use the
Promoter name Shares held by promoters % underlying asset for the lease term at the lease commencement date. The
Change cost of the right-of-use asset measured at inception shall comprise of the
As at As at
during
March 31, 2022 March 31, 2021 amount of the initial measurement of the lease liability adjusted for any lease
the
No. of shares % of total No. of shares % of total year payments made at or before the commencement date less any lease incentives
shares shares received, plus any initial direct costs incurred and an estimate of costs to be
Tata Sons Private Limited 264,43,17,117 72.27% 266,91,25,829 72.16% 0.11% incurred by the lessee in dismantling and removing the underlying asset or
restoring the underlying asset or site on which it is located. The right-of-use
Total 264,43,17,117 72.27% 266,91,25,829 72.16% 0.11%
asset is subsequently measured at cost less any accumulated depreciation,
Disclosure of shareholding of promoters as at March 31, 2021 is as follows: accumulated impairment losses, if any and adjusted for any remeasurement of
the lease liability. The right-of-use asset is depreciated using the
Promoter name Shares held by promoters %
straight-line method from the commencement date over the shorter of
Change
As at As at during lease term or useful life of right-of-use asset. The estimated useful lives of
March 31, 2021 March 31, 2020 the right-of-use assets are determined on the same basis as those of property,
No. of shares % of total No. of shares % of total year plant and equipment. Right-of-use assets are tested for impairment whenever
shares shares there is any indication that their carrying amounts may not be recoverable.
Tata Sons Private Limited 266,91,25,829 72.16% 270,24,50,947 72.02% 0.14%
Impairment loss, if any, is recognised in the statement of profit and loss.
Total 266,91,25,829 72.16% 270,24,50,947 72.02% 0.14% The Group measures the lease liability at the present value of the lease
payments that are not paid at the commencement date of the lease. The lease
372 / 522

payments are discounted using the interest rate implicit in the lease, if that lease term. In case of a finance lease, finance income is recognised over the
rate can be readily determined. If that rate cannot be readily determined, the lease term based on a pattern reflecting a constant periodic rate of return on
Group uses incremental borrowing rate. For leases with reasonably similar the lessor’s net investment in the lease. When the Group is an intermediate
characteristics, the Group, on a lease-by-lease basis, may adopt either the lessor it accounts for its interests in the head lease and the sub-lease
incremental borrowing rate specific to the lease or the incremental borrowing separately. It assesses the lease classification of a sub-lease with reference
rate for the portfolio as a whole. The lease payments shall include fixed to the right-of-use asset arising from the head lease, not with reference to
payments, variable lease payments, residual value guarantees, exercise price the underlying asset. If a head lease is a short-term lease to which the Group
of a purchase option where the Group is reasonably certain to exercise that applies the exemption described above, then it classifies the sub-lease as an
option and payments of penalties for terminating the lease, if the lease term operating lease.
reflects the lessee exercising an option to terminate the lease. The lease
If an arrangement contains lease and non-lease components, the Group
liability is subsequently remeasured by increasing the carrying amount to
applies Ind AS 115 Revenue from contracts with customers to allocate the
reflect interest on the lease liability, reducing the carrying amount to reflect
consideration in the contract.
the lease payments made and remeasuring the carrying amount to reflect any
reassessment or lease modifications or to reflect revised in-substance fixed The details of the right-of-use assets held by the Group is as follows:
lease payments. The Group recognises the amount of the re-measurement of
lease liability due to modification as an adjustment to the right-of-use asset (` crore)
and statement of profit and loss depending upon the nature of modification. Additions Net carrying
Where the carrying amount of the right-of-use asset is reduced to zero and for the year ended amount as at
there is a further reduction in the measurement of the lease liability, the March 31, 2022 March 31, 2022
Group recognises any remaining amount of the re-measurement in statement
Leasehold land 100 774
of profit and loss.
Buildings 1,357 6,586
The Group has elected not to apply the requirements of Ind AS 116 Leases
to short-term leases of all assets that have a lease term of 12 months or less Leasehold improvement - 23
and leases for which the underlying asset is of low value. The lease payments Computer equipment 4 81
associated with these leases are recognised as an expense on a straight-line Software licences 145 133
basis over the lease term.
Vehicles 16 32
Group as a lessor
Office equipment 2 7
At the inception of the lease the Group classifies each of its leases as either
1,624 7,636
an operating lease or a finance lease. The Group recognises lease payments
received under operating leases as income on a straight-line basis over the
373 / 522

(` crore) The Group incurred `277 crore and `352 crore for the years ended March 31, 2022
and 2021, respectively, towards expenses relating to short-term leases and leases of
Additions Net carrying
low-value assets.
for the year ended amount as at
March 31, 2021 March 31, 2021 The total cash outflow for leases is `2,228 crore and `2,312 crore for the years ended
Leasehold land - 682 March 31, 2022 and 2021, respectively, including cash outflow for short term and low
Buildings 1,226 6,758 value leases.
Leasehold improvement 6 26 The Group has lease term extension options that are not reflected in the measurement
Computer equipment 102 101 of lease liabilities. The present value of future cash outflows for such extension periods
Software licences 26 25 is `773 crore and `708 crore as at March 31, 2022 and 2021, respectively.
Vehicles 30 32 Lease contracts entered by the Group majorly pertains for buildings taken on lease
Office equipment 1 9 to conduct its business in the ordinary course. The Group does not have any lease
1,391 7,633 restrictions and commitment towards variable rent as per the contract.
10) Non-financial assets and non-financial liabilities

Depreciation on right-of-use assets is as follows:
(` crore) (a) Property, plant and equipment
Year ended Year ended
March 31, 2022 March 31, 2021 Property, plant and equipment are stated at cost comprising of purchase price
Leasehold land 9 8 and any initial directly attributable cost of bringing the asset to its working
condition for its intended use, less accumulated depreciation (other than
Buildings 1,465 1,453
freehold land) and impairment loss, if any.
Leasehold improvement 6 8
Computer equipment 23 12 Depreciation is provided for property, plant and equipment on a straight-line
Software licences 38 1 basis so as to expense the cost less residual value over their estimated useful
Vehicles 16 14 lives based on a technical evaluation. The estimated useful lives and residual
Office equipment 3 4 values are reviewed at the end of each reporting period, with the effect of any
1,560 1,500 change in estimate accounted for on a prospective basis.
Interest on lease liabilities is `519 crore and `523 crore for the years ended
374 / 522

The estimated useful lives are as mentioned below: Property, plant and equipment with finite life are evaluated for recoverability
whenever there is any indication that their carrying amounts may not be
Type of asset Useful lives recoverable. If any such indication exists, the recoverable amount (i.e. higher
of the fair value less cost to sell and the value-in-use) is determined on an
Buildings 20 years
individual asset basis unless the asset does not generate cash flows that are
Leasehold improvements Lease term largely independent of those from other assets. In such cases, the recoverable
Plant and equipment 10 years amount is determined for the cash generating unit (CGU) to which the asset
Computer equipment 4 years belongs.
Vehicles 4 years If the recoverable amount of an asset (or CGU) is estimated to be less than
Office equipment 2-5 years its carrying amount, the carrying amount of the asset (or CGU) is reduced to
Electrical installations 4-10 years its recoverable amount. An impairment loss is recognised in the statement of
profit and loss.
Furniture and fixtures 5 years
Depreciation is not recorded on capital work-in-progress until construction

and installation are complete and the asset is ready for its intended use.
375 / 522

Property, plant and equipment consist of the following:
(` crore)
Freehold Buildings Leasehold Plant and Computer Vehicles Office Electrical Furniture Total
land improvements equipment equipment equipment installations and fixtures
Cost as at April 1, 2021 351 7,777 2,502 737 10,734 40 2,574 2,058 1,885 28,658
Additions - 51 108 35 1,868 - 187 41 55 2,345
Disposals - (2) (53) (1) (515) (1) (75) (44) (42) (733)
Translation exchange difference 1 3 12 (1) - - - 7 8 30
Cost as at March 31, 2022 352 7,829 2,569 770 12,087 39 2,686 2,062 1,906 30,300
Accumulated depreciation as at April 1, 2021 - (2,947) (1,575) (302) (7,531) (33) (2,199) (1,393) (1,568) (17,548)
Depreciation - (396) (205) (76) (1,547) (3) (191) (149) (122) (2,689)
Disposals - 2 52 - 510 1 75 43 42 725
Translation exchange difference - (2) (8) 1 5 - - (4) (6) (14)
Accumulated depreciation as at March 31, 2022 - (3,343) (1,736) (377) (8,563) (35) (2,315) (1,503) (1,654) (19,526)
Net carrying amount as at March 31, 2022 352 4,486 833 393 3,524 4 371 559 252 10,774
Capital work-in-progress* 1,205
Total 11,979
*`2,345 crore has been capitalised and transferred to property, plant and equipment during the year ended March 31, 2022.
(` crore)
Cost as at April 1, 2020 347 7,719 2,427 681 8,794 42 2,509 2,039 1,886 26,444
Additions 5 71 142 53 2,047 3 137 46 61 2,565
Disposals - (11) (72) (1) (180) (5) (80) (29) (63) (441)
Translation exchange difference (1) (2) 5 4 73 - 8 2 1 90
Cost as at March 31, 2021 351 7,777 2,502 737 10,734 40 2,574 2,058 1,885 28,658
Depreciation - (393) (199) (72) (1,246) (4) (204) (152) (137) (2,407)
Disposals - 8 68 1 168 5 79 26 62 417
Translation exchange difference - 1 (3) (3) (39) - (6) (1) (4) (55)
Capital work-in-progress* 926
Total 12,036
376 / 522

Capital work-in-progress CGUs to which goodwill has been allocated are tested for impairment annually,
• Capital work-in-progress ageing or more frequently when there is indication for impairment. The financial
Ageing for capital work-in-progress as at March 31, 2022 is as follows: projections basis which the future cash flows have been estimated consider
(` crore) the increase in economic uncertainties due to COVID-19, reassessment
Capital work-in-progress Amount in Capital work-in-progress for a period of Total
of the discount rates, revisiting the growth rates factored while arriving at
terminal value and subjecting these variables to sensitivity analysis. If the
Less than 1-2 2-3 More than
1 year years years 3 years recoverable amount of a CGU is less than its carrying amount, the impairment
loss is allocated first to reduce the carrying amount of any goodwill allocated
Projects in progress 691 102 39 373 1,205
to the unit and then to the other assets of the unit pro-rata on the basis of
691 102 39 373 1,205
the carrying amount of each asset in the unit.
Ageing for capital work-in-progress as at March 31, 2021 is as follows: Goodwill consists of the following:
(` crore)
(` crore)
Capital work-in-progress Amount in capital work-in-progress for a period of Total
Less than 1-2 2-3 More than As at As at
1 year years years 3 years March 31, 2022 March 31, 2021
Projects in progress 486 62 41 337 926 Balance at the beginning of the year 1,798 1,710
486 62 41 337 926 Translation exchange difference (11) 88
• Project execution plans are modulated basis capacity requirement assessment
on an annual basis and all the projects are executed as per rolling annual plan.
Goodwill of `646 crore and `660 crore as at March 31, 2022 and 2021,
(b) Goodwill respectively, has been allocated to the TCS business in France. The estimated
value-in-use of this CGU is based on the future cash flows using a 1.50%
Goodwill represents the cost of acquired business as established at the date
annual growth rate for periods subsequent to the forecast period of 5 years
of acquisition of the business in excess of the acquirer’s interest in the net
and discount rate of 9.30%. An analysis of the sensitivity of the computation
fair value of the identifiable assets, liabilities and contingent liabilities less
to a change in key parameters (operating margin, discount rates and long
accumulated impairment losses, if any. Goodwill is tested for impairment
term average growth rate), based on reasonable assumptions, did not identify
annually or when events or circumstances indicate that the implied fair value
any probable scenario in which the recoverable amount of the CGU would
of goodwill is less than its carrying amount.
decrease below its carrying amount.
377 / 522

The remaining amount of goodwill of `1,141 crore and `1,138 crore as If the recoverable amount of an asset (or CGU) is estimated to be less than
at March 31, 2022 and 2021, respectively, (relating to different CGUs its carrying amount, the carrying amount of the asset (or CGU) is reduced to
individually immaterial) has been evaluated based on the cash flow forecasts of its recoverable amount. An impairment loss is recognised in the statement of
the related CGUs and the recoverable amounts of these CGUs exceeded their profit and loss.
carrying amounts. Intangible assets consist of the following:
(c) Other intangible assets (` crore)
Rights under Customer- Total
Intangible assets purchased including acquired in business combination, are licensing related
measured at cost as at the date of acquisition, as applicable, less accumulated agreement and intangibles
amortisation and accumulated impairment, if any. software licences
Intangible assets consist of rights under licensing agreement and software Cost as at April 1, 2021 740 122 862
licences and customer-related intangibles. Additions 1,002 - 1,002
Following table summarises the nature of intangibles and their estimated Disposals / Derecognised (42) - (42)
useful lives: Translation exchange difference (3) (1) (4)
Type of asset Useful lives Cost as at March 31, 2022 1,697 121 1,818
Accumulated amortisation as at (265) (117) (382)
Rights under licensing agreement and Lower of licence period and 2-5 years April 1, 2021
software licences
Amortisation (349) (6) (355)
Customer-related intangibles 3 years
Disposals / Derecognised 16 - 16
Intangible assets are amortised on a straight-line basis over the period of its Translation exchange difference 2 2 4
economic useful life.
Intangible assets with finite life are evaluated for recoverability whenever there March 31, 2022
is any indication that their carrying amounts may not be recoverable. If any Net carrying amount as at 1,101 - 1,101
such indication exists, the recoverable amount (i.e. higher of the fair value less March 31, 2022
cost to sell and the value-in-use) is determined on an individual asset basis
unless the asset does not generate cash flows that are largely independent of
those from other assets. In such cases, the recoverable amount is determined
for the cash generating unit (CGU) to which the asset belongs.
378 / 522

(` crore) (d) Other assets
Rights under Customer- Total Other assets consist of the following:
licensing related
agreement and intangibles Other assets – Non-current
software licences (` crore)
Cost as at April 1, 2020 448 120 568
As at As at
Additions 356 - 356 March 31, 2022 March 31, 2021
Disposals / Derecognised (64) - (64)
Considered good
Translation exchange difference - 2 2
Capital advances 78 66
Cost as at March 31, 2021 740 122 862
Accumulated amortisation as at (180) (105) (285) Advances to related parties 23 33
April 1, 2020 Contract assets 171 250
Disposals / Derecognised (149) (9) (158) Prepaid expenses 1,291 621
Amortisation 64 - 64
Contract fulfillment costs 150 228
Translation exchange difference - (3) (3)
Others 310 415
March 31, 2021 2,023 1,613
Net carrying amount as at 475 5 480 Advances to related parties, considered good,
March 31, 2021 comprise:
The estimated amortisation for the years subsequent to March 31, 2022 is as Voltas Limited -* 2
follows: Tata Realty and Infrastructure Ltd -* -*
(` crore) Tata Projects Limited 23 30
Year ending March 31, Amortisation expense
Titan Engineering and Automation Limited -* -*
2023 463
2024 403 *Represents value less than `0.50 crore.
2025 214
2026 22
1,101
379 / 522

Other assets – Current Non-current – Others includes advance of `271 crore and `369 crore
(` crore) towards acquiring right-of-use of leasehold land as at March 31, 2022 and
As at As at
2021, respectively.
March 31, 2022 March 31, 2021 Contract fulfillment costs of `809 crore and `568 crore for the years
Considered good ended March 31, 2022 and 2021, respectively, have been amortised in
Advance to suppliers 202 157 the consolidated statement of profit and loss. Refer note 12 for changes in
Advance to related parties 8 10 contract assets.
Contract assets 4,248 3,830 (e) Inventories
Prepaid expenses 2,994 4,651
Prepaid rent 18 28 Inventories consists of a) Raw materials, sub-assemblies and components,
Contract fulfillment costs 1,074 796
b) Work-in-progress, c) Stores and spare parts and d) Finished goods.
Inventories are carried at lower of cost and net realisable value. The cost of
Indirect taxes recoverable 1,310 1,491
raw materials, sub-assemblies and components is determined on a weighted
Others 297 273
average basis. Cost of finished goods produced or purchased by the Group
includes direct material and labour cost and a proportion of manufacturing
Considered doubtful
overheads.
Advance to suppliers 2 3
Other advances 4 1 Inventories consist of the following:
Less: Allowance on doubtful assets (6) (4)
(` crore)
10,151 11,236
As at As at
Advance to related parties, considered good
March 31, 2022 March 31, 2021
comprise:
The Titan Company Limited - 2 Raw materials, sub-assemblies and components 17 8
Tata AIG General Insurance Company Limited 1 1 Finished goods and work-in-progress 3 -*
Tata Sons Private Limited 7 7 20 8
380 / 522

(f) Other liabilities 11) Other equity
Other liabilities consist of the following: Other equity consist of the following:
(` crore)
Other liabilities – Current
March 31, 2022 March 31, 2021
As at As at
March 31, 2022 March 31, 2021 Capital reserve 75 75
Advance received from customers 468 312 Capital redemption reserve

Indirect taxes payable and other statutory 3,632 3,726 Opening balance 436 431
liabilities Transfer from retained earnings 4 5
Tax liability on buy-back of equity shares* 4,192 - 440 436
Others 100 30
General reserve
8,392 4,068
Opening balance 27 27
*Refer note 8(m). Transfer to retained earnings (27) -

- 27
(g) Provisions
Special Economic Zone re-investment
Provisions consist of the following: reserve
Provisions – Current Opening balance 2,538 1,594
(` crore) Transfer from retained earnings 9,407 5,058
As at As at Transfer to retained earnings (4,658) (4,114)
March 31, 2022 March 31, 2021
7,287 2,538
Provision towards legal claim (Refer note 20) 1,249 1,211
Retained earnings
Provision for foreseeable loss 131 150
Opening balance 79,586 78,810
Other provisions 31 33
Profit for the year 38,327 32,430
1,411 1,394
381 / 522

(` crore) (` crore)
As at As at As at As at
Remeasurement of defined employee benefit 280 (71) Investment revaluation reserve
plans
Expenses for buy-back of equity shares1 (49) (31)
Change during the year (net) (340) 32
Tax on buy-back of equity shares1 (4,192) (3,726)
488 828
Buy-back of equity shares1 (17,996) (15,995)
Cash flow hedging reserve (Refer note 8(k))
Transfer from Special Economic Zone 4,658 4,114
re-investment reserve Opening balance 29 (23)
Transfer from general reserve 27 - Change during the year (net) (55) 52
1,00,641 95,531 (26) 29
Less: Appropriations Foreign currency translation reserve
Dividend on equity shares 13,317 10,850 Opening balance 2,137 1,666
Transfer to capital redemption reserve 1

4 5 Change during the year (net) 52 471
Transfer to Special Economic Zone 9,407 5,058 2,189 2,137

re-investment reserve 88,773 86,063
Transfer to / (from) statutory reserve (245) 32
Refer note 8(m).
1
78,158 79,586
12) Revenue recognition
Statutory reserve
Opening balance 407 375 The Group earns revenue primarily from providing IT services, consulting and
business solutions. The Group offers a consulting-led, cognitive powered,
Transfer (to) / from retained earnings (245) 32
integrated portfolio of IT, business and engineering services and solutions.
162 407
Revenue is recognised upon transfer of control of promised products or
services to customers in an amount that reflects the consideration which the
382 / 522

Group expects to receive in exchange for those products or services. Group recognises revenue in the gross amount of consideration when
it is acting as a principal and at net amount of consideration when it is
• Revenue from time and material and job contracts is recognised on
acting as an agent.
output basis measured by units delivered, efforts expended, number of
transactions processed, etc. Revenue is measured based on the transaction price, which is the
consideration, adjusted for volume discounts, service level credits,
• Revenue related to fixed price maintenance and support services
performance bonuses, price concessions and incentives, if any, as specified in
contracts where the Group is standing ready to provide services is
the contract with the customer. Revenue also excludes taxes collected from
recognised based on time elapsed mode and revenue is straight lined over
customers.
the period of performance.
• In respect of other fixed-price contracts, revenue is recognised using The Group’s contracts with customers could include promises to transfer
percentage-of-completion method (‘POC method’) of accounting multiple products and services to a customer. The Group assesses the
with contract costs incurred determining the degree of completion of products / services promised in a contract and identifies distinct performance
the performance obligation. The contract costs used in computing the obligations in the contract. Identification of distinct performance obligation
revenues include cost of fulfilling warranty obligations. involves judgement to determine the deliverables and the ability of the
customer to benefit independently from such deliverables.
• Revenue from the sale of distinct internally developed software and
manufactured systems and third party software is recognised upfront Judgement is also required to determine the transaction price for the
at the point in time when the system / software is delivered to the contract and to ascribe the transaction price to each distinct performance
customer. In cases where implementation and / or customisation services obligation. The transaction price could be either a fixed amount of customer
rendered significantly modifies or customises the software, these services consideration or variable consideration with elements such as volume
and software are accounted for as a single performance obligation and discounts, service level credits, performance bonuses, price concessions and
revenue is recognised over time on a POC method. incentives. The transaction price is also adjusted for the effects of the time
value of money if the contract includes a significant financing component. Any
• Revenue from the sale of distinct third party hardware is recognised at consideration payable to the customer is adjusted to the transaction price,
the point in time when control is transferred to the customer. unless it is a payment for a distinct product or service from the customer. The
estimated amount of variable consideration is adjusted in the transaction price
• The solutions offered by the Group may include supply of third-party
only to the extent that it is highly probable that a significant reversal in the
equipment or software. In such cases, revenue for supply of such third
amount of cumulative revenue recognised will not occur and is reassessed
party products are recorded at gross or net basis depending on whether
at the end of each reporting period. The Group allocates the elements of
the Group is acting as the principal or as an agent of the customer. The
variable considerations to all the performance obligations of the contract
383 / 522

unless there is observable evidence that they pertain to one or more distinct In accordance with Ind AS 37, the Group recognises an onerous contract
performance obligations. provision when the unavoidable costs of meeting the obligations under a
contract exceed the economic benefits to be received.
The Group exercises judgement in determining whether the performance
obligation is satisfied at a point in time or over a period of time. The Group Contracts are subject to modification to account for changes in contract
considers indicators such as how customer consumes benefits as services specification and requirements. The Group reviews modification to contract
are rendered or who controls the asset as it is being created or existence in conjunction with the original contract, basis which the transaction price
of enforceable right to payment for performance to date and alternate use could be allocated to a new performance obligation, or transaction price of an
of such product or service, transfer of significant risks and rewards to the existing obligation could undergo a change. In the event transaction price is
customer, acceptance of delivery by the customer, etc. revised for existing obligation, a cumulative adjustment is accounted for.
Contract fulfilment costs are generally expensed as incurred except for certain The Group disaggregates revenue from contracts with customers by nature of
software licence costs which meet the criteria for capitalisation. Such costs are services, industry verticals and geography.
amortised over the contractual period or useful life of licence, whichever is
less. The assessment of this criteria requires the application of judgement, in Revenue disaggregation by nature of services is as follows:
particular when considering if costs generate or enhance resources to be used
(` crore)
to satisfy future performance obligations and whether costs are expected to
be recovered. Year ended Year ended
March 31, 2022 March 31, 2021
Contract assets are recognised when there are excess of revenues earned Consultancy services 1,90,289 1,62,508
over billings on contracts. Contract assets are classified as unbilled receivables
(only act of invoicing is pending) when there is unconditional right to receive Sale of equipment and software licences 1,465 1,669
cash, and only passage of time is required, as per contractual terms. 1,91,754 1,64,177
Unearned and deferred revenue (“contract liability”) is recognised when there Revenue disaggregation by industry vertical and geography has been included
are billings in excess of revenues. in segment information (Refer note 19).
The billing schedules agreed with customers include periodic performance While disclosing the aggregate amount of transaction price yet to be
based payments and / or milestone based progress payments. Invoices are recognised as revenue towards unsatisfied (or partially satisfied) performance
payable within contractually agreed credit period. obligations, along with the broad time band for the expected time to recognise
those revenues, the Group has applied the practical expedient in Ind AS 115.
384 / 522

Accordingly, the Group has not disclosed the aggregate transaction price Changes in unearned and deferred revenue are as follows:
allocated to unsatisfied (or partially satisfied) performance obligations which (` crore)
pertain to contracts where revenue recognised corresponds to the value Year ended Year ended
transferred to customer typically involving time and material, outcome based March 31, 2022 March 31, 2021
and event based contracts. Balance at the beginning of the year 4,847 3,612
Unsatisfied (or partially satisfied) performance obligations are subject to Revenue recognised that was included in the (3,251) (3,010)
variability due to several factors such as terminations, changes in scope of unearned and deferred revenue balance at the
contracts, periodic revalidations of the estimates, economic factors (changes in beginning of the year
currency rates, tax laws etc). The aggregate value of transaction price allocated Increase due to invoicing during the year, 3,094 4,182
to unsatisfied (or partially satisfied) performance obligations is `1,13,868 crore excluding amounts recognised as revenue
out of which 56.54% is expected to be recognised as revenue in the next year during the year
and the balance thereafter. No consideration from contracts with customers is Translation exchange difference 55 63
excluded from the amount mentioned above.
Changes in contract assets are as follows:
(` crore) Reconciliation of revenue recognised with the contracted price is as follows:

Year ended Year ended (` crore)
March 31, 2022 March 31, 2021 Year ended Year ended
Balance at the beginning of the year 4,080 4,489 March 31, 2022 March 31, 2021
Invoices raised that were included in the (3,150) (3,496) Contracted price 1,94,777 1,66,917
contract assets balance at the beginning of the Reductions towards variable consideration (3,023) (2,740)
year components
Increase due to revenue recognised during the 3,457 2,985
Revenue recognised 1,91,754 1,64,177
year, excluding amounts billed during the year
Translation exchange difference 32 102
The reduction towards variable consideration comprises of volume discounts, service
Balance at the end of the year 4,419 4,080 level credits, etc.
385 / 522

13) Other income 14) Employee benefits
Dividend income is recorded when the right to receive payment is established.
Defined benefit plans
Interest income is recognised using the effective interest method.
Other income consist of the following: For defined benefit plans, the cost of providing benefits is determined using
(` crore) the Projected Unit Credit Method, with actuarial valuations being carried out
Year ended Year ended at each balance sheet date. Remeasurement, comprising actuarial gains and
March 31, 2022 March 31, 2021 losses, the effect of the changes to the asset ceiling and the return on plan
Interest income 2,663 2,504 assets (excluding interest), is reflected immediately in the balance sheet with
Dividend income 4 8 a charge or credit recognised in other comprehensive income in the period in
Net gain on diposal / fair valuation of 198 204 which they occur. Past service cost, both vested and unvested, is recognised
investments carried at fair value through profit
as an expense at the earlier of (a) when the plan amendment or curtailment
or loss
Net gain on disposal of property, plant and 23 13
occurs; and (b) when the entity recognises related restructuring costs or
equipment termination benefits.
Net gain on lease modification 7 100
The retirement benefit obligations recognised in the balance sheet represents
Net loss on sub-lease (9) -
the present value of the defined benefit obligations reduced by the fair value
Net foreign exchange gain 1,045 248
Rent income - 1
of scheme assets. Any asset resulting from this calculation is limited to the
Other income 87 56 present value of available refunds and reductions in future contributions to the
4,018 3,134 scheme.
Interest income comprise:
The Group provides benefits such as gratuity, pension and provident fund
Interest on bank balances and bank deposits 295 137
(Company managed fund) to its employees which are treated as defined
Interest on financial assets carried at amortised 546 587
cost benefit plans.
Interest on financial assets carried at fair value 1,818 1,762 Defined contribution plans
through OCI
Other interest (including interest on tax 4 18 Contributions to defined contribution plans are recognised as expense when
refunds) employees have rendered services entitling them to such benefits.
Dividend income comprise: The Group provides benefits such as superannuation, provident fund (other
Dividend from mutual fund units and other 4 8 than Company managed fund) and foreign defined contribution plans to its
investments employees which are treated as defined contribution plans.
386 / 522

Short-term employee benefits Employee benefit obligations consist of the following:
All employee benefits payable wholly within twelve months of rendering Employee benefit obligations – Non-current
the service are classified as short-term employee benefits. Benefits such (` crore)
as salaries, wages etc. and the expected cost of ex-gratia are recognised As at As at
in the period in which the employee renders the related service. A liability March 31, 2022 March 31, 2021
is recognised for the amount expected to be paid when there is a present Gratuity liability 13 12
legal or constructive obligation to pay this amount as a result of past service Foreign defined benefit plans 490 492
provided by the employee and the obligation can be estimated reliably. Other employee benefit obligations 174 245
677 749
Compensated absences
Compensated absences which are expected to occur within twelve months Employee benefit obligations – Current
after the end of the period in which the employee renders the related (` crore)
services are recognised as undiscounted liability at the balance sheet date.
As at As at
Compensated absences which are not expected to occur within twelve months March 31, 2022 March 31, 2021
after the end of the period in which the employee renders the related services
Compensated absences 3,760 3,448
are recognised as an actuarially determined liability at the present value of the
defined benefit obligation at the balance sheet date. Other employee benefit obligations 50 50
3,810 3,498
Employee benefit expenses consist of the following:
(` crore)
March 31, 2022 March 31, 2021
Salaries, incentives and allowances 96,263 83,045
Contributions to provident and other funds 8,450 6,401
Staff welfare expenses 2,841 2,368
1,07,554 91,814
387 / 522

Employee benefit plans consist of the following:
Gratuity and pension
In accordance with Indian law, Tata Consultancy Services Limited and its subsidiaries in India operate a scheme of gratuity which is a defined benefit plan. The gratuity
plan provides for a lump sum payment to vested employees at retirement, death while in employment or on termination of employment of an amount equivalent to
15 to 30 days’ salary payable for each completed year of service. Vesting occurs upon completion of five continuous years of service. The Company manages the plan
through a trust. Trustees administer contributions made to the trust. Certain overseas subsidiaries of the Company also provide for retirement benefit pension plans in
accordance with the local laws.
The following table sets out the details of the defined benefit retirement plans and the amounts recognised in the financial statements:
(` crore)
Year ended March 31, 2022 Year ended March 31, 2021
Domestic Domestic Foreign Foreign Total Domestic Domestic Foreign Foreign Total
plans plans plans plans plans plans plans plans
Funded Unfunded Funded Unfunded Funded Unfunded Funded Unfunded
Change in benefit obligations
Benefit obligations, beginning of 4,315 12 2,292 237 6,856 3,638 8 755 161 4,562
the year
Translation exchange difference - - (17) 4 (13) - - (21) 6 (15)
Plan assumed on insourcing of - - - - - - - 1,348 20 1,368
employees
Plan participants’ contribution - - 15 - 15 - - 12 - 12
Service cost 539 - 51 47 637 460 2 27 36 525
Interest cost 296 - 19 3 318 244 1 12 3 260
Remeasurement of the net defined (188) 1 (34) (9) (230) 135 2 139 18 294
benefit liability
Past service cost / (credit) - - 3 - 3 - - - - -
Benefits paid (489) (1) (35) (13) (538) (162) (1) 20 (7) (150)
Shift of plan from unfunded to 9 (9) - - - - - - - -
funded position
Benefit obligations, end of the 4,482 3 2,294 269 7,048 4,315 12 2,292 237 6,856
year
388 / 522

(` crore)
Change in plan assets
Fair value of plan assets, 4,706 - 2,073 - 6,779 3,643 - 629 - 4,272
beginning of the year
Translation exchange difference - - (21) - (21) - - (17) - (17)
Plan assumed on insourcing of - - - - - - - 1,302 - 1,302
employees
Interest income 335 - 16 - 351 269 - 9 - 278
Employers’ contributions 980 - 48 - 1,028 837 - 25 - 862
Plan participants’ contribution - - 15 - 15 - - 12 - 12
Benefits paid (489) - (35) - (524) (162) - 20 - (142)
Remeasurement - return on plan (5) - 36 - 31 119 - 93 - 212
assets excluding amount included
in interest income
Fair value of plan assets, end of 5,527 - 2,132 - 7,659 4,706 - 2,073 - 6,779
the year
389 / 522

(` crore)
Funded status
Deficit of plan assets over (10) (3) (221) (269) (503) - (12) (255) (237) (504)
obligations
Surplus of plan assets over 1,055 - 59 - 1,114 391 - 36 - 427
obligations
1,045 (3) (162) (269) 611 391 (12) (219) (237) (77)
(` crore)
Category of assets
Corporate bonds 1,697 - 369 - 2,066 1,408 - 805 - 2,213
Equity instruments 66 - 543 - 609 29 - - - 29
Government bonds and securities 2,625 - 195 - 2,820 2,257 - - - 2,257
Insurer managed funds 983 - 503 - 1,486 910 - 431 - 1,341
Bank balances 10 - 24 - 34 2 - 3 - 5
Others 146 - 498 - 644 100 - 834 - 934
5,527 - 2,132 - 7,659 4,706 - 2,073 - 6,779
390 / 522

Net periodic gratuity / pension cost, included in employee cost consists of the following components:
(` crore)
Service cost 539 - 51 47 637 460 2 27 36 525
Net interest on net defined benefit (39) - 3 3 (33) (25) 1 3 3 (18)
(asset) / liability
Past service cost / (credit) - - 3 - 3 - - - - -
Net periodic gratuity / pension 500 - 57 50 607 435 3 30 39 507
cost
Actual return on plan assets 330 - 52 - 382 388 - 102 - 490
Remeasurement of the net defined benefit (asset) / liability:

(` crore)
Year ended March 31, 2022
Domestic plans Domestic plans Foreign plans Foreign plans Total
Funded Unfunded Funded Unfunded
Actuarial (gains) and losses arising from changes in demographic (20) - (13) (2) (35)
assumptions
Actuarial (gains) and losses arising from changes in financial assumptions (166) - (55) (25) (246)
Actuarial (gains) and losses arising from changes in experience (2) 1 34 18 51
adjustments
Remeasurement of the net defined benefit liability (188) 1 (34) (9) (230)
Remeasurement - return on plan assets excluding amount included in 5 - (36) - (31)
interest income
(183) 1 (70) (9) (261)
391 / 522

(` crore)
Domestic plans Domestic plans Foreign plans Foreign plans Total
Funded Unfunded Funded Unfunded
Actuarial (gains) and losses arising from changes in demographic 24 - 1 (2) 23
assumptions
Actuarial (gains) and losses arising from changes in financial assumptions (32) - 118 19 105
Actuarial (gains) and losses arising from changes in experience 143 2 20 1 166
adjustments
Remeasurement of the net defined benefit liability 135 2 139 18 294
Remeasurement - return on plan assets excluding amount included in (119) - (93) - (212)
interest income
16 2 46 18 82
The assumptions used in accounting for the defined benefit plan are set out below:
Domestic plans Foreign plans Domestic plans Foreign plans
Discount rate 4.50%-7.25% 0.77%-8.30% 4.25%-7.00% 0.40%-7.55%
Rate of increase in compensation levels of covered employees 4.00%-6.00% 1.50%-7.00% 4.00%-6.00% 1.25%-7.00%
Rate of return on plan assets 4.50%-7.25% 0.77%-8.30% 4.25%-7.00% 0.40%-7.55%
Weighted average duration of defined benefit obligations 2-16 years 3-31 years 3-18 years 3-65 years
Future mortality assumptions are taken based on the published statistics by the Insurance Regulatory and Development Authority of India.
The expected benefits are based on the same assumptions as are used to measure Group’s defined benefit plan obligations as at March 31, 2022. The Group
is expected to contribute `57 crore to defined benefit plan obligations funds for the year ending March 31, 2023 comprising domestic component of
`6 crore and foreign component of `51 crore.
392 / 522

The significant actuarial assumptions for the determination of the defined Credit Method at the end of the reporting period, which is the same as that
benefit obligations are discount rate and expected salary increase. The applied in calculating the defined benefit obligation liability recognised in the
sensitivity analysis below have been determined based on reasonably possible balance sheet.
changes of the respective assumptions occurring at the end of the reporting
Each year an Asset-Liability matching study is performed in which the
period, while holding all other assumptions constant.
consequences of the strategic investment policies are analysed in terms of risk
If the discount rate increases / decreases by 0.50%, the defined benefit and return profiles. Investment and contribution policies are integrated within
obligations would increase / (decrease) as follows: this study.
(` crore) The defined benefit obligations shall mature after year ended March 31, 2022
as follows:
As at As at
March 31, 2022 March 31, 2021 (` crore)
Increase of 0.50% (372) (378) Year ending March 31, Defined benefit obligations
Decrease of 0.50% 422 421 2023 533
2024 449
If the expected salary growth increases / decreases by 0.50%, the defined
benefit obligations would increase / (decrease) as follows: 2025 478
2026 463
(` crore)
2027 478
As at As at
March 31, 2022 March 31, 2021 2028-2032 2,477
Increase of 0.50% 200 276 Provident fund

Decrease of 0.50% (188) (260) In accordance with Indian law, all eligible employees of Tata Consultancy
Services Limited in India are entitled to receive benefits under the provident
The sensitivity analysis presented above may not be representative of the
fund plan in which both the employee and employer (at a determined
actual change in the defined benefit obligations as it is unlikely that the
rate) contribute monthly to a trust set up by the Company to manage the
change in assumptions would occur in isolation of one another as some of the
investments and distribute the amounts entitled to employees. This plan is
assumptions may be correlated.
a defined benefit plan as the Company is obligated to provide its members a
Furthermore, in presenting the above sensitivity analysis, the present value of rate of return which should, at the minimum, meet the interest rate declared
the defined benefit obligations has been calculated using the Projected Unit by Government administered provident fund. A part of the Company’s
393 / 522

contribution is transferred to Government administered pension fund. The The principal assumptions used in determining the present value obligations of
contributions made by the Company and the shortfall of interest, if any, are interest guarantee under the deterministic approach are as follows:
recognised as an expense in profit and loss under employee benefit expenses.
In accordance with an actuarial valuation of provident fund liabilities on As at As at
the basis of guidance issued by Actuarial Society of India and based on the March 31, 2022 March 31, 2021
assumptions as mentioned below, there is no deficiency in the interest cost as Discount rate 7.00% 6.50%
the present value of the expected future earnings of the fund is greater than
Average remaining tenure of investment 8 years 8 years
the expected amount to be credited to the individual members based on the
portfolio
expected guaranteed rate of interest of Government administered provident
fund. Guaranteed rate of return 8.10% 8.50%
All eligible employees of Indian subsidiaries of the Company are entitled to The Group expensed `1,383 crore and `1,085 crore for the years ended
receive benefits under the provident fund plan in which both the employee March 31, 2022 and 2021, respectively, towards provident fund.
and employer (at a determined rate) contribute monthly to the Government
administered provident fund plan. A part of the company’s contribution is Superannuation
transferred to Government administered pension fund. This plan is a defined
contribution plan as the obligation of the employer is limited to the monthly All eligible employees on Indian payroll are entitled to benefits under
contributions made to the fund. The contributions made to the fund are Superannuation, a defined contribution plan. The Group makes monthly
recognised as an expense in profit and loss under employee benefit expenses. contributions until retirement or resignation of the employee. The Group
recognises such contributions as an expense when incurred. The Group has
The details of fund and plan assets are given below: no further obligation beyond its monthly contribution.
(` crore) The Group expensed `383 crore and `366 crore for the years ended
March 31, 2022 and 2021, respectively, towards Employees’ Superannuation
As at As at
Fund.
March 31, 2022 March 31, 2021
Fair value of plan assets 22,814 20,003 Foreign defined contribution plan
Present value of defined benefit obligations (22,814) (20,003)
The Group expensed `1,796 crore and `1,458 crore for the years ended
Net excess / (shortfall) - - March 31, 2022 and 2021, respectively, towards foreign defined contribution
plans.
The plan assets have been primarily invested in Government securities and
corporate bonds.
394 / 522

15) Cost recognition (b) Other expenses
Costs and expenses are recognised when incurred and have been classified Other expenses consist of the following:
according to their nature. (` crore)
The costs of the Group are broadly categorised in employee benefit expenses, March 31, 2022 March 31, 2021
cost of equipment and software licences, depreciation and amortisation
Fees to external consultants 17,409 13,214
expense and other expenses. Other expenses mainly include fees to external
consultants, facility expenses, travel expenses, communication expenses, Facility expenses 2,139 2,131
bad debts and advances written off, allowance for doubtful trade receivables Travel expenses 1,589 1,081
and advances (net) and other expenses. Other expenses are aggregation of Communication expenses 2,050 1,896
costs which are individually not material such as commission and brokerage, Bad debts and advances written off, allowance 135 201
recruitment and training, entertainment, etc. for doubtful trade receivables and advances (net)
Other expenses 6,658 5,832
(a) Cost of equipment and software licences
29,980 24,355
Cost of equipment and software licences consist of the following:
(` crore)
16) Finance costs
March 31, 2022 March 31, 2021 Finance costs consist of the following:
Raw materials, sub-assemblies and components 29 14
(` crore)
consumed
Equipment and software licences purchased 1,137 1,447
March 31, 2022 March 31, 2021
1,166 1,461
Interest on lease liabilities 519 523
Finished goods and work-in-progress
Interest on tax matters 218 96
Opening stock -* 1
Less: Closing stock 3 -* Other interest costs 47 18
(3) 1 784 637
1,163 1,462
395 / 522

17) Income taxes temporary differences arising between the tax base of assets and liabilities and
their carrying amount, except when the deferred income tax arises from the
Income tax expense comprises current tax expense and the net change in initial recognition of goodwill or an asset or liability in a transaction that is not
the deferred tax asset or liability during the year. Current and deferred taxes a business combination and affects neither accounting nor taxable profit or
are recognised in statement of profit and loss, except when they relate to loss at the time of the transaction.
items that are recognised in other comprehensive income or directly in equity,
in which case, the current and deferred tax are also recognised in other Deferred income tax assets are recognised to the extent that it is probable
comprehensive income or directly in equity, respectively. that taxable profit will be available against which the deductible temporary
differences and the carry forward of unused tax credits and unused tax losses
Current income taxes can be utilised.
The current income tax expense includes income taxes payable by the The carrying amount of deferred income tax assets is reviewed at each
Company and its subsidiaries in India and overseas. The current tax payable reporting date and reduced to the extent that it is no longer probable that
by the Company and its subsidiaries in India is Indian income tax payable sufficient taxable profit will be available to allow all or part of the deferred
on worldwide income after taking credit for tax relief available for export income tax asset to be utilised.
operations in Special Economic Zones (SEZs).
Deferred income tax liabilities are recognised for all taxable temporary
Current income tax payable by overseas branches of the Company is differences except in respect of taxable temporary differences associated with
computed in accordance with the tax laws applicable in the jurisdiction in investments in subsidiaries where timing of the reversal of the temporary
which the respective branch operates. The taxes paid are generally available difference can be controlled and it is probable that the temporary difference
for set off against the Indian income tax liability of the Company’s worldwide will not reverse in the foreseeable future.
income.
Deferred tax assets and liabilities are measured using substantively enacted tax
The current income tax expense for overseas subsidiaries has been computed rates expected to apply to taxable income in the years in which the temporary
based on the tax laws applicable to each subsidiary in the respective differences are expected to be received or settled.
jurisdiction in which it operates.
For operations carried out in SEZs, deferred tax assets or liabilities, if any, have
Advance taxes and provisions for current income taxes are presented in the been established for the tax consequences of those temporary differences
balance sheet after off-setting advance tax paid and income tax provision between the carrying values of assets and liabilities and their respective tax
arising in the same tax jurisdiction and where the relevant tax paying unit bases that reverse after the tax holiday ends.
intends to settle the asset and liability on a net basis.
Deferred tax assets and liabilities are offset when they relate to income taxes
Deferred income taxes levied by the same taxation authority and the relevant entity intends to settle
Deferred income tax is recognised using the balance sheet approach. Deferred its current tax assets and liabilities on a net basis.
income tax assets and liabilities are recognised for deductible and taxable
396 / 522

Deferred tax assets include Minimum Alternate Tax (MAT) paid in accordance The reconciliation of estimated income tax expense at Indian statutory income
with the tax laws in India, to the extent it would be available for set off against tax rate to income tax expense reported in consolidated statement of profit
future current income tax liability. Accordingly, MAT is recognised as deferred and loss is as follows:
tax asset in the balance sheet when the asset can be measured reliably and it
(` crore)
is probable that the future economic benefit associated with the asset will be
realised. Year ended Year ended
March 31, 2022 March 31, 2021
The income tax expense consists of the following: Profit before tax 51,687 43,760
(` crore) Indian statutory income tax rate 34.94% 34.94%
Expected income tax expense 18,062 15,292
Tax effect of adjustments to reconcile
March 31, 2022 March 31, 2021
expected income tax expense to reported
Current tax income tax expense
Current tax expense for current year 14,333 11,737 Tax holidays (4,792) (4,708)
Income exempt from tax (396) (325)
Current tax benefit pertaining to prior years (679) (102)
Undistributed earnings in branches and (47) (13)
13,654 11,635 subsidiaries
Deferred tax Tax on income at different rates 980 471
Deferred tax benefit for current year (333) (359) Tax pertaining to prior years (762) (180)
Others (net) 193 661
Deferred tax benefit pertaining to prior years (83) (78)
Total income tax expense 13,238 11,198
(416) (437)
13,238 11,198
Tata Consultancy Services Limited benefits from the tax holiday available for
units set up under the Special Economic Zone Act, 2005. These tax holidays
are available for a period of fifteen years from the date of commencement of
operations. Under the SEZ scheme, the unit which begins providing services
on or after April 1, 2005 will be eligible for deductions of 100% of profits
or gains derived from export of services for the first five years, 50% of such
profits or gains for a further period of five years and 50% of such profits
or gains for the balance period of five years subject to fulfilment of certain
conditions. From April 1, 2011, profits from units set up under SEZ scheme
are subject to Minimum Alternate Tax (MAT).
397 / 522

Significant components of net deferred tax assets and liabilities for the year Gross deferred tax assets and liabilities are as follows:
ended March 31, 2022 are as follows: (` crore)
(` crore)
As at March 31, 2022 Assets Liabilities Net
Opening Recognised Recognised in Adjustments / Exchange Closing
balance in profit and / reclassified utilisation difference balance Deferred tax assets / (liabilities) in relation to
loss from other Property, plant and equipment and intangible 539 105 434
comprehensive assets
income
Provision for employee benefits 1,062 20 1,042
Deferred tax assets /
(liabilities) in relation to Cash flow hedges 7 - 7
Property, plant and 309 131 - - (6) 434 Receivables, financial assets at amortised cost 471 - 471
equipment and intangible
MAT credit entitlement 975 - 975
assets
Provision for employee 897 94 58 (2) (5) 1,042 Branch profit tax - 77 (77)
benefits Undistributed earnings of subsidiaries - 355 (355)
Cash flow hedges (8) - 16 - (1) 7
Unrealised gain on securities carried at fair value (320) - (320)
Receivables, financial 424 42 - - 5 471
through profit or loss / other comprehensive
assets at amortised cost
income
MAT credit entitlement 1,710 - - (735) - 975
Branch profit tax (310) 233 - - - (77) Lease liabilities 240 (1) 241
Undistributed earnings of (198) (157) - - - (355) Others 734 34 700
subsidiaries 3,708 590 3,118
Unrealised gain on (500) - 180 - - (320)
securities carried at
fair value through
profit or loss / other
comprehensive income
Lease liabilities 261 (22) - - 2 241
Others 579 95 - - 26 700
3,164 416 254 (737) 21 3,118
398 / 522

(` crore)
Opening Recognised Recognised in Adjustments / Exchange Closing
balance in profit and / reclassified Utilisation difference balance Deferred tax assets / (liabilities) in relation to
loss from other Property, plant and equipment and intangible 458 149 309
income
Provision for employee benefits 908 11 897
Deferred tax assets /
(liabilities) in relation to Cash flow hedges (8) - (8)
Property, plant and 145 124 - 40 - 309 Receivables, financial assets at amortised cost 424 - 424
equipment and intangible
assets MAT credit entitlement 1,710 - 1,710
Provision for employee 654 168 8 77 (10) 897 Branch profit tax - 310 (310)
benefits Undistributed earnings of subsidiaries - 198 (198)
Cash flow hedges 7 - (15) - - (8)
Unrealised gain on securities carried at fair value (500) - (500)
Receivables, financial 388 35 - - 1 424
assets at amortised cost
income
MAT credit entitlement 1,074 39 - 597 - 1,710
Branch profit tax (284) (26) - - - (310) Lease liabilities 260 (1) 261
Undistributed earnings of (286) 88 - - - (198) Others 679 100 579
subsidiaries
3,931 767 3,164
Unrealised gain on (484) 1 (17) - - (500)
securities carried at
fair value through Under the Income-tax Act, 1961, unabsorbed business losses expire 8 years
profit or loss / other after the year in which they originate. In respect of certain foreign subsidiaries,
comprehensive income business losses can be carried forward indefinitely unless there is a substantial
Lease liabilities 345 (84) - - - 261 change in the ownership.
Others 490 92 - - (3) 579
Unrecognised deferred tax assets relate primarily to business losses and tax
2,049 437 (24) 714 (12) 3,164
credit entitlements which do not qualify for recognition as per the applicable
399 / 522

accounting standards. These unexpired business losses will expire based on the Direct tax contingencies
year of origination as follows:
The Company and its subsidiaries have ongoing disputes with income tax
authorities in India and in some of the other jurisdictions where they operate.
(` crore)
The disputes relate to tax treatment of certain expenses claimed as deduction,
March 31, Unabsorbed business losses
computation or eligibility of tax incentives and allowances and characterisation
2023 2 of fees for services received. The Company and its subsidiaries have
recognised contingent liability in respect of tax demands received from direct
2024 7
tax authorities in India and other jurisdictions of `1,652 crore and `955 crore
2025 4 as at March 31, 2022 and 2021, respectively. These demand orders are being
contested by the Company and its subsidiaries based on the management
2026 2
evaluation and advise of tax consultants. In respect of tax contingencies of
2027 - `318 crore and `318 crore as at March 31, 2022 and 2021, respectively, not
Thereafter 116
included above, the Company is entitled to an indemnification from the seller
of TCS e-Serve Limited.
131
The Group periodically receives notices and inquiries from income tax
Under the Income-tax Act, 1961, Tata Consultancy Services Limited is liable authorities related to the Group’s operations in the jurisdictions it operates in.
to pay Minimum Alternate Tax in the tax holiday period. MAT paid can be The Group has evaluated these notices and inquiries and has concluded that
carried forward for a period of 15 years and can be set off against the future any consequent income tax claims or demands by the income tax authorities
tax liabilities. MAT is recognised as a deferred tax asset only when the asset will not succeed on ultimate resolution.
can be measured reliably and it is probable that the future economic benefit
associated with the asset will be realised. The number of years that are subject to tax assessments varies depending
on tax jurisdiction. The major tax jurisdictions of Tata Consultancy Services
Deferred tax liability on temporary differences of `6,177 crore as at Limited include India, United States of America and United Kingdom. In India,
March 31, 2022, associated with investments in subsidiaries, has not been tax filings from fiscal 2018 are generally subject to examination by the tax
recognised, as it is the intention of Tata Consultancy Services Limited to authorities. In United States of America, the federal statute of limitation
reinvest the earnings of these subsidiaries for the foreseeable future. applies to fiscals 2017 and earlier and applicable state statutes of limitation
vary by state. In United Kingdom, the statute of limitation generally applies to
fiscal 2018 and earlier.
400 / 522

18) Earnings per share revenue of the segment or manpower efforts. All other expenses which are
not attributable or allocable to segments have been disclosed as unallocable
Basic earnings per share is computed by dividing profit or loss attributable
expenses.
to equity shareholders of the Company by the weighted average number of
equity shares outstanding during the period. The Company did not have any The assets and liabilities of the Group are used interchangeably amongst
potentially dilutive securities in any of the years presented. segments. Allocation of such assets and liabilities is not practicable and any
forced allocation would not result in any meaningful segregation. Hence assets
and liabilities have not been identified to any of the reportable segments.
March 31, 2022 March 31, 2021
Profit for the year attributable to shareholders 38,327 32,430 Summarised segment information for the years ended March 31,2022 and
of the Company (` crore) 2021, is as follows:
Weighted average number of equity shares 369,88,32,195 374,01,10,733 Year ended March 31, 2022 (` crore)
Basic and diluted earnings per share (`) 103.62 86.71 Banking, Manufacturing Retail and Communication, Life Others Total
Face value per equity share (`) 1 1 Financial Consumer Media and Sciences
Services and Business Technology and
19) Segment information Insurance Healthcare
Revenue from 75,126 18,610 30,715 31,874 20,462 14,967 1,91,754
Operating segments are defined as components of an enterprise for which operations
discrete financial information is available that is evaluated regularly by the Segment result 20,174 5,602 8,534 9,518 6,139 3,090 53,057
chief operating decision maker, in deciding how to allocate resources and Total unallocable 5,388
assessing performance. The Group’s chief operating decision maker is the expenses
Chief Executive Officer and Managing Director. Operating income 47,669
Other income 4,018
The Group has identified business segments (‘industry vertical’) as reportable
Profit before tax 51,687
segments. The business segments comprise: 1) Banking, Financial Services
Tax expense 13,238
and Insurance, 2) Manufacturing, 3) Retail and Consumer Business,
Profit for the year 38,449
4) Communication, Media and Technology, 5) Life Sciences and Healthcare
Depreciation 4,604
and 6) Others such as Energy, Resources and Utilities, s-Governance and and amortisation
Products. expense
(unallocable)
Revenue and expenses directly attributable to segments are reported under
Significant non-cash 14 (3) 10 2 (1) 113 135
each reportable segment. Expenses which are not directly identifiable to
items (allocable)
each reporting segment have been allocated on the basis of associated
401 / 522

Year ended March 31, 2021 (` crore) (` crore)
Banking, Manufacturing Retail and Communication, Life Others Total Year ended Year ended
Financial Consumer Media and Sciences March 31, 2022 March 31, 2021
Services and Business Technology and
Insurance Healthcare Europe
Revenue from 65,634 15,950 25,589 27,077 16,968 12,959 1,64,177 United Kingdom 30,399 25,659
operations Continental Europe 30,743 26,687
Segment result 18,681 4,483 7,151 8,010 5,253 2,968 46,546 Asia Pacific 16,927 15,830
Total unallocable 5,920 India 9,805 8,449
expenses* Middle East and Africa 3,808 3,274
Operating income 40,626
1,91,754 1,64,177
Other income 3,134
Profit before tax 43,760
Geographical non-current assets (property, plant and equipment, right-of-use
Tax expense 11,198
assets, goodwill, other intangible assets, income tax assets and other
Profit for the year 32,562
non-current assets) are allocated based on the location of the assets.
Depreciation 4,065
and amortisation Information regarding geographical non-current assets is as follows:
expense
(unallocable) (` crore)
Significant non-cash 15 1 78 9 1 97 201 Geography As at As at
items (allocable) March 31, 2022 March 31, 2021
*Includes the provision towards legal claim of `1,218 crore. Refer note 20. Americas
Geographical revenue is allocated based on the location of the customers. North America 1,637 1,630
Latin America 852 840
Information regarding geographical revenue is as follows:
Europe
(` crore) United Kingdom 1,470 1,546
Year ended Year ended Continental Europe 2,164 2,472
March 31, 2022 March 31, 2021 Asia Pacific 743 882
Americas India 19,494 17,901
North America 96,865 81,575 Middle East and Africa 152 134
26,512 25,405
Latin America 3,207 2,703
402 / 522

Information about major customers In addition to above, in October 2014, Epic Systems Corporation
(referred to as Epic) filed a legal claim against the Company in the Court
No single customer represents 10% or more of the Group’s total revenue for of Western District Madison, Wisconsin alleging unauthorised access to
the years ended March 31, 2022 and 2021. and download of their confidential information and use thereof in the
20) Commitments and contingencies development of the Company’s product MedMantra. In April 2016, the
Company received an unfavourable jury verdict awarding damages of
Capital commitments `7,115 crore (US $940 million) to Epic which was thereafter reduced
by the Trial Court to `3,179 crore (US $420 million). Pursuant to
The Group has contractually committed (net of advances) `1,439 crore and
reaffirmation of the District Court order in March 2019, the Company
`1,071 crore as at March 31, 2022 and 2021, respectively, for purchase of
filed an appeal in the Appeals Court to fully set aside the Order. Epic also
property, plant and equipment.
filed a cross appeal challenging the reduction by the District Court judge
Contingencies of `757 crore (US $100 million) award and `1,514 crore
(US $200 million) in punitive damages. On August 20, 2020, the Appeals
• Direct tax matters Court vacated the award of `2,119 crore (US $280 million) in punitive
damages considering the award to be constitutionally excessive and
Refer note 17.
remanded the case back to District Court with instructions to reassess
• Indirect tax matters and reduce the punitive damages award to at most `1,060 crore
(US $140 million), affirmed the District Court’s decision vacating the
The Company and its subsidiaries have ongoing disputes with tax jury’s award of `757 crore (US $100 million) in compensatory damages
authorities mainly relating to treatment of characterisation and for alleged use of “other confidential information” by the Company,
classification of certain items. The Company and its subsidiaries have and affirmed the District Court’s decision upholding the jury’s award of
demands amounting to `568 crore and `556 crore as at `1,060 crore (US $140 million) in compensatory damages for use of
March 31, 2022 and 2021, respectively, from various indirect tax the comparative analysis by the Company. The proceedings for assessing
authorities which are being contested by the Company and its subsidiaries punitive damages have been remanded back to the District Court. Both
based on the management evaluation and advice of tax consultants. the Company and Epic have filed their briefs at the District Court in
• Other claims relation to punitive damages. The matter is under consideration by the
District Court. On April 8, 2021, Epic approached the Supreme Court
Claims aggregating `291 crore and `194 crore as at March 31, 2022 and seeking review of the order of the Appeals Court vacating the award of
2021, respectively, against the Group have not been acknowledged as `2,119 crore (US $280 million) towards punitive damages and remanding
debts. back to District Court with an instruction to reassess the punitive
403 / 522

damages, to no more than `1,060 crore (US $140 million). On • Letter of comfort
March 21, 2022, Supreme Court denied Epic’s petition seeking review
of the order. The Company will continue to pursue all legal options The Company has given letter of comfort to banks for credit facilities
available in the matter. Considering all the facts and various legal availed by its subsidiaries. As per the terms of letter of comfort, the
precedence, on a conservative and prudent basis, the Company provided Company undertakes not to divest its ownership interest directly or
`1,218 crore (US $165 million) towards this legal claim in its statement indirectly in the subsidiary and provide such managerial, technical and
of profit and loss for three month period ended September 30, 2020. financial assistance to ensure continued successful operations of the
This was presented as an “exceptional item” in the consolidated statement subsidiary.
of profit and loss.
The amounts assessed as contingent liability do not include interest that could
Pursuant to US Court procedures, a Letter of Credit has been made be claimed by counter parties.
available to Epic for `3,331 crore (US $440 million) as financial security
in order to stay execution of the judgement pending post-appeal
proceedings and conclusion.
404 / 522

21) Statement of net assets, profit and loss and other comprehensive income attributable to owners and non-controlling interests
Name of the entity Country of % of % of Net assets, i.e. total assets Share in Profit or loss Share in other Share in total
incorporation voting voting minus total liabilities comprehensive income comprehensive income
power power As % of Amount As % of Amount As % of Amount As % of total Amount
as at as at consolidated (` crore) consolidated (` crore) consolidated (` crore) comprehensive (` crore)
March March net assets profit or loss other income
31, 2022 31, 2021 comprehensive
income
Tata Consultancy India - - 80.18 77,173 87.61 38,187 252.53 (250) 87.24 37,937
Services Limited
Subsidiaries (held
directly)
Indian
APTOnline Limited India 89.00 89.00 0.11 110 0.04 18 1.01 (1) 0.04 17
MP Online Limited India 89.00 89.00 0.13 121 0.04 18 1.01 (1) 0.04 17
C-Edge Technologies India 51.00 51.00 0.33 313 0.17 73 - - 0.17 73
Limited
MahaOnline Limited India 74.00 74.00 0.08 80 - 1 - - - 1
TCS e-Serve India 100.00 100.00 0.16 156 0.20 88 - - 0.20 88
International Limited
TCS Foundation India 100.00 100.00 1.52 1,467 0.87 379 - - 0.87 379
Foreign
Diligenta Limited U.K. 100.00 100.00 1.46 1,402 0.02 8 (15.15) 15 0.05 23
Tata Consultancy Canada 100.00 100.00 0.87 834 1.11 484 - - 1.11 484
Services Canada Inc.
Tata America U.S.A. 100.00 100.00 1.27 1,219 1.65 721 4.04 (4) 1.65 717
International Corporation
Tata Consultancy Singapore 100.00 100.00 0.93 897 0.43 187 - - 0.43 187
Services Asia Pacific Pte
Ltd.
405 / 522

income
Tata Consultancy Belgium 100.00 100.00 0.44 426 0.22 98 - - 0.23 98
Services Belgium
Tata Consultancy Germany 100.00 100.00 0.66 631 0.77 334 (9.09) 9 0.79 343
Services Deutschland
GmbH
Tata Consultancy Netherlands 100.00 100.00 2.74 2,636 1.23 536 - - 1.23 536
Services Netherlands BV
Tata Consultancy Sweden 100.00 100.00 0.92 887 0.36 157 - - 0.36 157
Services Sverige AB
TCS FNS Pty Limited Australia 100.00 100.00 0.15 147 0.09 41 - - 0.09 41
TCS Iberoamerica SA Uruguay 100.00 100.00 1.74 1,678 1.65 718 - - 1.65 718
Tata Consultancy South Africa 100.00 100.00 0.06 56 0.08 35 - - 0.08 35
Services (Africa) (PTY)
Ltd.
Tata Consultancy Qatar 100.00 100.00 0.03 33 - 1 - - - 1
Services Qatar L.L.C.
Tata Consultancy U.K. 100.00 100.00 0.03 27 - - - - - -
Services UK Limited
Tata Consultancy Ireland 100.00 100.00 0.25 245 0.05 21 - - 0.05 21
Services Ireland Limited
Subsidiaries (held
indirectly)
Foreign
TCS e-Serve America, U.S.A. - 100.00 - - - - - - - -
Inc.
406 / 522

income
Tata Consultancy China 93.20 93.20 0.27 260 0.03 14 - - 0.03 14
Services (China) Co., Ltd.
Tata Consultancy Japan 66.00 66.00 1.53 1,476 0.60 263 - - 0.60 263
Services Japan, Ltd.
Tata Consultancy Malaysia 100.00 100.00 0.08 74 - 1 - - - 1
Services Malaysia Sdn
Bhd
PT Tata Consultancy Indonesia 100.00 100.00 0.03 32 0.03 13 - - 0.03 13
Services Indonesia
Tata Consultancy Philippines 100.00 100.00 0.12 113 0.12 54 (2.02) 2 0.13 56
Services (Philippines) Inc.
Tata Consultancy Thailand 100.00 100.00 0.01 8 - 2 - - - 2
Services (Thailand)
Limited
Tata Consultancy Italy 100.00 100.00 0.08 74 0.04 17 - - 0.04 17
Services Italia s.r.l.
Tata Consultancy Capellen 100.00 100.00 0.11 109 0.12 53 - - 0.12 53
Services Luxembourg (G.D. de
S.A. Luxembourg)
Tata Consultancy Switzerland 100.00 100.00 0.73 705 0.47 206 (48.48) 48 0.58 254
Services Switzerland Ltd.
Tata Consultancy Austria 100.00 100.00 - 3 - (2) - - - (2)
Services Osterreich
GmbH
Tata Consultancy Denmark 100.00 100.00 0.01 6 - - - - - -
Services Danmark ApS
407 / 522

income
Tata Consultancy Spain 100.00 100.00 0.07 70 0.04 19 - - 0.04 19
Services De Espana S.A.
Tata Consultancy Portugal 100.00 100.00 0.01 13 0.02 9 - - 0.02 9
Services (Portugal)
Unipessoal, Limitada
Tata Consultancy France 100.00 100.00 (0.40) (385) 0.08 35 (6.06) 6 0.09 41
Services France
Tata Consultancy Saudi Arabia 100.00 76.00 0.12 112 (0.01) (5) 11.11 (11) (0.04) (16)
Services Saudi Arabia
TCS Business Services Germany 100.00 100.00 0.02 20 0.03 15 (33.33) 33 0.11 48
GmbH
TCS Technology Germany 100.00 100.00 0.24 230 0.49 213 (39.39) 39 0.58 252
Solutions AG
Saudi Desert Rose Netherlands 100.00 - - 2 0.08 34 - - 0.08 34
Holding B.V.
Tata Consultancy South Africa 100.00 100.00 0.10 92 0.09 40 - - 0.09 40
Services (South Africa)
(PTY) Ltd.
TCS Financial Solutions China 100.00 100.00 0.04 41 - 1 - - - 1
Beijing Co., Ltd.
TCS Financial Solutions Australia 100.00 100.00 0.10 87 0.11 46 - - 0.11 46
Australia Pty Limited
Tata Consultancy Bulgaria 100.00 - 0.01 9 0.02 9 - - 0.02 9
Services Bulgaria EOOD
TCS Solution Center S.A. Uruguay 100.00 100.00 0.37 357 0.28 120 - - 0.28 120
408 / 522

income
TCS Uruguay S.A. Uruguay 100.00 100.00 0.12 117 0.24 104 - - 0.24 104
Tata Consultancy Argentina 100.00 100.00 - 2 - 1 - - - 1
Services Argentina S.A.
Tata Consultancy Brazil 100.00 100.00 0.34 324 0.15 65 - - 0.15 65
Services Do Brasil Ltda
Tata Consultancy Mexico 100.00 100.00 0.63 606 - - (15.15) 15 0.03 15
Services De Mexico S.A.,
De C.V.
MGDC S.C. Mexico 100.00 100.00 0.04 43 (0.18) (79) - - (0.17) (79)
TCS Inversiones Chile Chile 100.00 100.00 0.33 315 0.19 81 - - 0.19 81
Limitada
Tata Consultancy Chile 100.00 100.00 0.40 384 0.20 86 - - 0.20 86
Services Chile S.A.
Tata Consultancy Guatemala 100.00 - 0.01 12 0.01 4 - - 0.01 4
Services Guatemala, S.A.
TATASOLUTION Ecuador 100.00 100.00 0.11 104 0.11 48 (1.03) 1 0.12 49
CENTER S.A.
Trusts India - - 0.31 291 0.05 14 - - 0.04 14
TOTAL 100.00 96,244 100.00 43,586 100.00 (99) 100.00 43,487
a) Adjustments arising (6,398) (5,137) 4 (5,133)
out of consolidation
b) Non-controlling
interests
Indian subsidiaries
APTOnline Limited (12) (2) - (2)
409 / 522

income
MP Online Limited (13) (2) - (2)
C-Edge Technologies (153) (36) - (36)
Limited
MahaOnline Limited (21) - - -
Foreign subsidiaries
Tata Consultancy (18) (1) (2) (3)
Services (China) Co.,
Ltd.
Tata Consultancy (490) (81) 34 (47)
Services Japan, Ltd.
TOTAL (707) (122) 32 (90)
TOTAL 89,139 38,327 (63) 38,264
Notes:
1. Tata Consultancy Services Qatar S.S.C. renamed as Tata Consultancy Services Qatar L.L.C..
2. W12 Studios Limited renamed as Tata Consultancy Services UK Limited.
3. Equity stake increased to 100% in Tata Consultancy Services Saudi Arabia on acquisition of Saudi Desert Rose Holding B.V. w.e.f. May 26, 2021.
4. Tata Consultancy Services Ireland Limited incorporated a wholly owned subsidiary, Tata Consultancy Services Bulgaria EOOD in Bulgaria on August 31, 2021.
5. TCS Iberoamerica SA incorporated a subsidiary, Tata Consultancy Services Guatemala, S.A. in Guatemala on September 1, 2021.
6. Postbank Systems AG renamed as TCS Technology Solutions AG.
7. TCS e-Serve America, Inc. liquidated w.e.f. December 29, 2021.
410 / 522

22) Related party transactions
The Company’s principal related parties consist of its holding company Tata Sons Private Limited and its subsidiaries, its own subsidiaries, affiliates and key managerial
personnel. The Group’s material related party transactions and outstanding balances are with related parties with whom the Group routinely enter into transactions in
the ordinary course of business. Refer note 21 for list of subsidiaries of the Company.
Transactions and balances with its own subsidiaries are eliminated on consolidation.
Transactions with related parties are as follows:
(` crore)
Tata Sons Private Subsidiaries of Associates / joint ventures of Other related Total
Limited Tata Sons Private Tata Sons Private Limited and parties
Limited their subsidiaries
Revenue from operations 40 789 2,785 - 3,614
Purchases of goods and services (including reimbursements) - 571 159 - 730
Facility expenses 1 20 45 - 66
Lease rental - 73 24 - 97
Bad debts and advances written off, allowance for doubtful trade receivables and - (3) 1 - (2)
advances (net)
Contribution and advance to post employment benefit plans - - - 2,322 2,322
Purchase of property, plant and equipment - 15 147 - 162
Advances given - 3 6 - 9
Advances recovered - 4 17 - 21
Dividend paid 9,609 5 2 - 9,616
Buy-back of shares 11,164 4 6 - 11,174
411 / 522

(` crore)
Tata Sons Private Subsidiaries of Associates / joint ventures of Other related Total
Limited Tata Sons Private Tata Sons Private Limited and parties
Limited their subsidiaries
Revenue from operations 35 609 2,205 - 2,849
Purchases of goods and services (including reimbursements) 1 475 361 - 837
Facility expenses - 20 42 - 62
Lease rental 1 36 45 - 82
Bad debts and advances written off, allowance for doubtful trade receivables and - 2 - - 2
advances (net)
Contribution and advance to post employment benefit plans - - - 5,913 5,913
Purchase of property, plant and equipment - 3 88 - 91
Advances given - 1 6 - 7
Advances recovered - 1 10 - 11
Advances taken - 1 5 - 6
Dividend paid 7,817 4 3 - 7,824
Buy-back of shares 9,998 4 - - 10,002
412 / 522

Balances receivable from related parties are as follows:
(` crore)
As at March 31, 2022
Tata Sons Subsidiaries of Associates / joint ventures Other related Total
Private Limited Tata Sons Private of Tata Sons Private Limited parties
Limited and their subsidiaries
Trade receivables and contract assets 11 245 925 - 1,181
Loans, other financial assets and other assets 10 53 31 - 94
21 298 956 - 1,275
(` crore)
Trade receivables and contract assets 8 260 714 - 982
Loans, other financial assets and other assets 9 27 62 - 98
17 287 776 - 1,080
Balances payable to related parties are as follows:

(` crore)
Trade payables, unearned and deferred revenue, other financial liabilities and 189 499 146 - 834
other liabilities
Commitments and guarantees - 37 201 - 238
413 / 522

(` crore)

Trade payables, unearned and deferred revenue, other financial liabilities and 175 299 394 - 868
other liabilities
Commitments and guarantees - 10 270 - 280
Material related party transactions are as follows: Transactions with key management personnel are as follows:
(` crore) (` crore)
Revenue from operations Short-term benefits 53 43
Jaguar Land Rover Limited 1,500 1,093 Dividend paid during the year 1 1
54 44
Tata Steel IJmuiden BV 558 452
Material related party balances are as follows: The remuneration of directors and key executives is determined by the
(` crore) remuneration committee having regard to the performance of individuals and
As at As at
market trends.
March 31, 2022 March 31, 2021
The above figures do not include provisions for encashable leave, gratuity
Trade receivables and contract assets and premium paid for group health insurance, as separate actuarial valuation /
Jaguar Land Rover Limited 379 290 premium paid are not available.
414 / 522

23) The sitting fees and commission paid to non-executive directors is `12 crore per equity share towards interim dividends for the year ended
and `10 crore as at March 31, 2022 and 2021, respectively. March 31, 2021.
Dividends declared by the Company are based on profits available for
24) The Indian Parliament has approved the Code on Social Security, 2020 which
distribution. On April 11, 2022, the Board of Directors of the Company
would impact the contributions by the company towards Provident Fund
have proposed a final dividend of `22.00 per share in respect of the year
and Gratuity. The Ministry of Labour and Employment had released draft
ended March 31, 2022 subject to the approval of shareholders at the
rules for the Code on Social Security, 2020 on November 13, 2020, and
Annual General Meeting, and if approved, would result in a cash outflow of
invited suggestions from stakeholders which are under consideration by the
approximately `8,050 crore.
Ministry. The Company and its Indian subsidiaries will assess the impact and
its evaluation once the subject rules are notified. The Company and its Indian
subsidiaries will give appropriate impact in its financial statements in the period As per our report of even date attached For and on behalf of the Board
in which, the Code becomes effective and the related rules to determine the For B S R & Co. LLP Rajesh Gopinathan N Ganapathy Subramaniam
financial impact are published. Chartered Accountants CEO and COO and Executive Director
25) Dividends 101248W/W-100022
Dividends paid during the year ended March 31, 2022 include an amount of
`15.00 per equity share towards final dividend for the year ended Amit Somani Samir Seksaria Pradeep Manohar Gaitonde
March 31,2021 and an amount of `21.00 per equity share towards interim
dividends for the year ended March 31, 2022. Dividends paid during the year
ended March 31, 2021 include an amount of `6.00 per equity share towards
final dividend for the year ended March 31, 2020 and an amount of `23.00 Mumbai, April 11, 2022 Mumbai, April 11, 2022
415 / 522
Independent Auditor’s Report

Standalone Financial To the Members of
Basis for Opinion
Statements Report on the Audit of the Standalone Financial

We conducted our audit in accordance with the
Standards on Auditing (SAs) specified under Section
Statements 143(10) of the Act. Our responsibilities under
Opinion those SAs are further described in the Auditor’s
Responsibilities for the Audit of the Standalone
We have audited the standalone financial statements
Financial Statements section of our report. We
of Tata Consultancy Services Limited (hereinafter
are independent of the Company in accordance
referred to as “the Company”), which comprise the
Standalone Balance Sheet as at 31 March 2022, with the Code of Ethics issued by the Institute of
and the Standalone Statement of Profit and Loss Chartered Accountants of India together with the
(including other comprehensive income), Standalone ethical requirements that are relevant to our audit
Statement of Changes in Equity and Standalone of the standalone financial statements under the
Statement of Cash Flows for the year then ended, provisions of the Act and the Rules thereunder, and
and notes to the standalone financial statements, we have fulfilled our other ethical responsibilities in
including a summary of the significant accounting accordance with these requirements and the Code of
policies and other explanatory information Ethics. We believe that the audit evidence obtained
(hereinafter referred to as “the standalone financial by us is sufficient and appropriate to provide a
statements”). basis for our opinion on the standalone financial
statements.
In our opinion and to the best of our information
and according to the explanations given to us, the Key Audit Matters
aforesaid standalone financial statements give the
Key audit matters (‘KAM’) are those matters that, in
information required by the Companies Act, 2013
our professional judgment, were of most significance
(“the Act”) in the manner so required and give a
in our audit of the standalone financial statements of
true and fair view in conformity with the accounting
the current period. These matters were addressed in
principles generally accepted in India, of the state of
the context of our audit of the standalone financial
affairs of the Company as at 31 March 2022, and
statements as a whole, and in forming our opinion
its profit and other comprehensive loss, changes in
thereon, and we do not provide a separate opinion
equity and its cash flows for the year ended on that
date. on these matters.
Integrated Annual Report 2021-22 Standalone Financial Statements | 318
416 / 522
Description of Key Audit Matter Key audit matter How our audit addressed the key audit matter
Key audit matter How our audit addressed the key audit matter • these contracts may involve onerous • On selected specific and statistical samples
Revenue recognition– Fixed price contracts obligations which requires critical assessment of contracts, we tested that the revenue
of foreseeable losses to be made by the recognized is in accordance with the revenue
The Company inter alia engages in Fixed-price Our audit procedures included the following:
Company; and recognition accounting standard including–
contracts, wherein, revenue is recognized using
• Obtained an understanding of the systems, • at year-end, significant amount of work in  Evaluated the identification of
the percentage of completion computed as
processes and controls implemented by progress (Contract assets), related to these performance obligations and the ascribed
per the input method based on the Company’s
the Company for recording and computing contracts are recognised on the balance transaction price;
estimate of contract costs (Refer Note 4(a) and
revenue and the associated contract assets, sheet.  For testing Company’s computation of the
Note 10 to the standalone financial statements).
unearned and deferred revenue balances. estimation of contract costs and onerous
We identified revenue recognition of fixed price obligations, if any. We:
contracts where the percentage of completion is • Including involvement of our Information
technology (‘IT’) specialists, as required: • assessed that the estimates of costs
used as a Key Audit Matter since – to complete were reviewed and
 Assessed the IT environment in which approved by appropriate designated
• there is an inherent risk and presumed fraud
the business systems operate and tested management personnel;
risk around the accuracy and existence
of revenues recognised considering the system controls over computation of • performed a retrospective analysis of
customised and complex nature of these revenue recognised; costs incurred with estimated costs
to identify significant variations and
contracts and significant inputs of IT systems;  Tested the IT controls over challenged whether those variations
• application of revenue recognition accounting appropriateness of cost and revenue are required to be considered in
reports generated by the system; estimating the remaining costs to
standard (Ind AS 115, Revenue from
Contracts with customers) is complex and complete the contract;
 Tested the controls pertaining to
involves a number of key judgments and allocation of resources and budgeting • assessed the appropriateness of
estimates mainly in identifying performance systems which prevent the unauthorized work in progress (contract assets) on
obligations, related transaction price and recording/changes to costs incurred; and balance sheet date by evaluating the
estimating the future cost-to-completion of underlying documentation to identify
these contracts, which is used to determine  Tested on a random sampling basis the possible changes in estimated costs to
controls relating to the estimation of complete the remaining performance
the percentage of completion of the relevant
contract costs required to complete the obligations; and
performance obligation;
respective projects. • inspected underlying documents and
performed analytics to determine
reasonableness of contract costs.
417 / 522
Other Information Management’s and Board of Directors’ In preparing the standalone financial statements, the
Responsibilities for the Standalone Financial Management and Board of Directors are responsible
The Company’s Management and Board of Directors for assessing the Company’s ability to continue as
Statements
are responsible for the other information. The other a going concern, disclosing, as applicable, matters
information comprises the information included in The Company’s Management and Board of Directors related to going concern and using the going
the Company’s annual report, but does not include are responsible for the matters stated in Section concern basis of accounting unless the Board of
the financial statements and our auditors’ report 134(5) of the Act with respect to the preparation Directors either intends to liquidate the Company
thereon. The Company’s annual report is expected of these standalone financial statements that give or to cease operations, or has no realistic alternative
to be made available to us after the date of this a true and fair view of the state of affairs, profit/ but to do so.
auditor’s report. loss and other comprehensive income, changes in
equity and cash flows of the Company in accordance The Board of Directors is also responsible for
Our opinion on the standalone financial statements overseeing the Company’s financial reporting
with the accounting principles generally accepted
does not cover the other information and we will not process.
in India, including the Indian Accounting Standards
express any form of assurance conclusion thereon.
(Ind AS) specified under Section 133 of the Act. This Auditor’s Responsibilities for the Audit of the
In connection with our audit of the standalone responsibility also includes maintenance of adequate Standalone Financial Statements
financial statements, our responsibility is to read the accounting records in accordance with the provisions
other information identified above when it becomes of the Act for safeguarding of the assets of the Our objectives are to obtain reasonable assurance
available and, in doing so, consider whether the Company and for preventing and detecting frauds about whether the standalone financial statements
other information is materially inconsistent with the and other irregularities; selection and application of as a whole are free from material misstatement,
standalone financial statements or our knowledge appropriate accounting policies; making judgments whether due to fraud or error, and to issue
obtained in the audit or otherwise appears to be and estimates that are reasonable and prudent; an auditor’s report that includes our opinion.
materially misstated. and design, implementation and maintenance Reasonable assurance is a high level of assurance,
of adequate internal financial controls that were but is not a guarantee that an audit conducted in
When we read the Company’s annual report, if operating effectively for ensuring the accuracy and accordance with SAs will always detect a material
we conclude that there is a material misstatement completeness of the accounting records, relevant to misstatement when it exists. Misstatements can arise
therein, we are required to communicate the the preparation and presentation of the standalone from fraud or error and are considered material
matter to those charged with governance and take financial statements that give a true and fair view and if, individually or in the aggregate, they could
necessary actions, as applicable under the relevant are free from material misstatement, whether due to reasonably be expected to influence the economic
laws and regulations. fraud or error. decisions of users taken on the basis of these
standalone financial statements.
418 / 522
As part of an audit in accordance with SAs, we accounting estimates and related disclosures We communicate with those charged with
exercise professional judgment and maintain made by the Management and Board of governance regarding, among other matters, the
professional skepticism throughout the audit. We Directors. planned scope and timing of the audit and significant
also: audit findings, including any significant deficiencies in
• Conclude on the appropriateness of the
internal control that we identify during our audit.
• Identify and assess the risks of material Management and Board of Directors use
misstatement of the standalone financial of the going concern basis of accounting in We also provide those charged with governance with
statements, whether due to fraud or error, preparation of standalone financial statements a statement that we have complied with relevant
design and perform audit procedures responsive and, based on the audit evidence obtained, ethical requirements regarding independence, and to
to those risks, and obtain audit evidence that is whether a material uncertainty exists related to communicate with them all relationships and other
sufficient and appropriate to provide a basis for events or conditions that may cast significant matters that may reasonably be thought to bear on
our opinion. The risk of not detecting a material doubt on the Company’s ability to continue our independence, and where applicable, related
misstatement resulting from fraud is higher as a going concern. If we conclude that a safeguards.
than for one resulting from error, as fraud may material uncertainty exists, we are required
From the matters communicated with those charged
involve collusion, forgery, intentional omissions, to draw attention in our auditor’s report to
with governance, we determine those matters
misrepresentations, or the override of internal the related disclosures in the standalone
that were of most significance in the audit of the
control. financial statements or, if such disclosures
standalone financial statements of the current
are inadequate, to modify our opinion. Our
• Obtain an understanding of internal control period and are therefore the key audit matters.
conclusions are based on the audit evidence
relevant to the audit in order to design We describe these matters in our auditor’s report
obtained up to the date of our auditor’s report.
audit procedures that are appropriate in the unless law or regulation precludes public disclosure
However, future events or conditions may cause
circumstances. Under Section 143(3)(i) of the about the matter or when, in extremely rare
the Company to cease to continue as a going
Act, we are also responsible for expressing our circumstances, we determine that a matter should
concern.
opinion on whether the Company has adequate not be communicated in our report because the
internal financial controls with reference to • Evaluate the overall presentation, structure and adverse consequences of doing so would reasonably
standalone financial statements in place and the content of the standalone financial statements, be expected to outweigh the public interest benefits
operating effectiveness of such controls. including the disclosures, and whether the of such communication.
standalone financial statements represent the
• Evaluate the appropriateness of accounting
underlying transactions and events in a manner
policies used and the reasonableness of
that achieves fair presentation.
419 / 522
Report on Other Legal and Regulatory Statement of Cash Flows dealt with by opinion and to the best of our information
Requirements this Report are in agreement with the and according to the explanations given to
books of account. us:
1. As required by the Companies (Auditor’s Report)
Order, 2020 (“the Order”) issued by the d) In our opinion, the aforesaid a) The Company has disclosed the
Central Government of India in terms of standalone financial statements comply impact of pending litigations as
Section 143(11) of the Act, we give in the with the Ind AS specified under Section at 31 March 2022 on its financial
“Annexure A” a statement on the matters 133 of the Act. position in its standalone financial
specified in paragraphs 3 and 4 of the Order, to statements - Refer Note 19 to the
the extent applicable. e) On the basis of the written standalone financial statements.
representations received from the
2. (A) As required by Section 143(3) of the Act, directors as on 31 March 2022 taken b) The Company did not have any long-
we report that: on record by the Board of Directors, term contracts including derivative
none of the directors is disqualified contracts for which there were any
a) We have sought and obtained all the
as on 31 March 2022 from being material foreseeable losses.
information and explanations which to
the best of our knowledge and belief appointed as a director in terms of c) There has been no delay in
were necessary for the purposes of Section 164(2) of the Act. transferring amounts, required to be
our audit. transferred, to the Investor Education
f) With respect to the adequacy of
and Protection Fund by the Company.
b) In our opinion, proper books of the internal financial controls with
account as required by law have been reference to standalone financial d) (i) The management has represented
kept by the Company so far as it statements of the Company and that, to the best of its knowledge
appears from our examination of those the operating effectiveness of such and belief, no funds have been
books. controls, refer to our separate Report advanced or loaned or invested
in “Annexure B”. (either from borrowed funds
c) The Standalone Balance Sheet, the or share premium or any other
Standalone Statement of Profit and (B) With respect to the other matters to sources or kind of funds) by the
Loss (including other comprehensive be included in the Auditor’s Report in Company to or in any other
income), the Standalone Statement of accordance with Rule 11 of the Companies persons or entities, including
Changes in Equity and the Standalone (Audit and Auditor’s) Rules, 2014, in our foreign entities (“Intermediaries”),
420 / 522
with the understanding, whether in writing or otherwise, that the (C) With respect to the matter to be included
recorded in writing or otherwise, Company shall: in the Auditor’s Report under Section
that the Intermediary shall: 197(16) of the Act:
• directly or indirectly, lend
• directly or indirectly lend or invest in other persons In our opinion and according to the
or invest in other persons or entities identified in information and explanations given to us,
or entities identified in any manner whatsoever the remuneration paid by the Company to
any manner whatsoever (“Ultimate Beneficiaries”) by its directors during the current year is in
(“Ultimate Beneficiaries”) by or on behalf of the Funding accordance with the provisions of Section
or on behalf of the Company Party or 197 of the Act. The remuneration paid to
or any director is not in excess of the limit
• provide any guarantee,
laid down under Section 197 of the Act.
• provide any guarantee, security or the like from or
The Ministry of Corporate Affairs has not
security or the like to or on behalf of the Ultimate
prescribed other details under Section
on behalf of the Ultimate Beneficiaries; and
197(16) of the Act which are required to
Beneficiaries.
(iii) Based on such audit procedures be commented upon by us.
(ii) The management has as considered reasonable and
represented, that, to the best appropriate in the circumstances, For B S R & Co. LLP
of its knowledge and belief, no nothing has come to our notice Chartered Accountants
funds have been received by the that has caused us to believe that Firm’s Registration No: 101248W/W-100022
Company from any persons or the representations under sub-
entities, including foreign entities clause (d) (i) and (d) (ii) contain any
(“Funding Parties”), with the material mis-statement.
understanding, whether recorded Amit Somani
e) The dividend declared or paid during
the year by the Company is in Partner
compliance with Section 123 of the Mumbai Membership No: 060154
Act. 11 April 2022 UDIN: 22060154AGVEXH5342
421 / 522
Annexure A to the Independent Auditor’s the Company and the nature of its assets. (ii) (a) The inventory has been physically verified
report on the standalone financial statements No material discrepancies were noticed on by the management during the year.
of Tata Consultancy Services Limited for the such verification. In our opinion, the frequency of such
year ended 31 March 2022 verification is reasonable and procedures
(c) According to the information and
and coverage as followed by management
(Referred to in paragraph 1 under ‘Report on Other explanations given to us and on the basis
were appropriate. No discrepancies were
Legal and Regulatory Requirements’ section of our of our examination of the records of the
noticed on verification between the physical
report of even date) Company, the title deeds of immovable
stocks and the book records that were 10%
properties (other than immovable
(i) (a) (A) The Company has maintained proper or more in the aggregate for each class of
properties where the Company is the
records showing full particulars, inventory.
lessee and the lease agreements are duly
including quantitative details and executed in favour of the lessee) disclosed (b) According to the information and
situation of Property, plant and in the standalone financial statements are explanations given to us and on the basis
equipment. held in the name of the Company. of our examination of the records of
(B) The Company has maintained proper the Company, the Company has been
(d) According to the information and
records showing full particulars of sanctioned working capital limits in excess
explanations given to us and on the basis
Intangible assets. of five crore rupees, in aggregate, from
of our examination of the records of the
banks on the basis of security of current
(b) According to the information and Company, the Company has not revalued
assets. In our opinion, the quarterly returns
explanations given to us and on the basis its Property, plant and equipment (including
or statements filed by the Company with
of our examination of the records of the Right-of-use assets) or Intangible assets or
such banks are in agreement with the
Company, the Company has a regular both during the year.
books of account of the Company.
programme of physical verification of its (e) According to the information and
Property, plant and equipment by which all (iii) According to the information and explanations
Property, plant and equipment are verified given to us and on the basis of our examination
of our examination of the records of
in a phased manner over a period of three of the records of the Company, the Company
the Company, there are no proceedings
years. In accordance with this programme, has not made any investments, provided
initiated or pending against the Company
certain Property, plant and equipment were guarantee or security or granted any advances
for holding any benami property under
verified during the year. In our opinion, in the nature of loans, secured or unsecured, to
the Prohibition of Benami Property
this periodicity of physical verification is companies, firms, limited liability partnerships or
Transactions Act, 1988 and rules made
reasonable having regard to the size of any other parties during the year. The Company
thereunder.
422 / 522
has granted loans to one company during the facie, not prejudicial to the interest of the without specifying any terms or period of
year, details of the loan is stated in sub-clause Company. repayment.
(a) below. The Company has not granted any
(c) According to the information and (iv) According to the information and explanations
loans, secured or unsecured, to firms, limited
explanations given to us and on the basis given to us and on the basis of our examination
liability partnerships or any other parties during
of our examination of the records of of the records, the Company has not given any
the year.
the Company, in the case of loans given, loans, or provided any guarantee or security as
(a) A. Based on the audit procedures carried the repayment of principal and payment specified under Section 185 of the Companies
on by us and as per the information of interest has been stipulated and the Act, 2013 and the Company has not provided
and explanations given to us, the repayments or receipts have been regular. any guarantee or security as specified under
Company has not granted any loans to Section 186 of the Companies Act, 2013.
(d) According to the information and
subsidiaries. Further, the Company has complied with the
provisions of Section 186 of the Companies
B. Based on the audit procedures carried of our examination of the records of the
Act, 2013 in relation to loans given and
on by us and as per the information Company, there is no overdue amount for
investments made.
and explanations given to us, the more than ninety days in respect of loans
Company has granted loans to a party given. (v) The Company has not accepted any deposits or
other than subsidiaries as below: amounts which are deemed to be deposits from
(e) According to the information and
the public. Accordingly, clause 3(v) of the Order
Particulars Amount explanations given to us and on the basis
is not applicable.
(` in crores) of our examination of the records of the
Company, there is no loan given falling due (vi) According to the information and explanations
Aggregate amount during 13,655
during the year, which has been renewed given to us, the Central Government has not
the year - Others
or extended or fresh loans given to settle prescribed the maintenance of cost records
Balance outstanding as 5,386 the overdues of existing loans given to the under Section 148(1) of the Companies Act,
at balance sheet date - same party. 2013 for the products manufactured by it (and/
Others
or services provided by it). Accordingly, clause
(f) According to the information and
(b) According to the information and 3(vi) of the Order is not applicable.
explanations given to us and based on of our examination of the records of the (vii) (a) The Company does not have liability in
the audit procedures conducted by us, Company, the Company has not given respect of Sales tax, Service tax, Duty of
we are of the opinion that the terms and any loans either repayable on demand or excise and Value added tax during the year
conditions of the loans given are, prima
423 / 522
since effective 1 July 2017, these statutory dues has been subsumed into Name of the Nature of Amount Period Forum where dispute is
GST. Statute the Dues (` in crores)** pending
According to the information and explanations given to us and on the The Central Sales tax 233 Financial Year - 1994-1995, 2004-2005, High Court
Sales Tax Act, and VAT 2007-2008, 2008-2009, 2009-2010,
basis of our examination of the records of the Company, amounts 1956 and 2010-2011, 2011-2012, 2012-2013,
deducted/ accrued in the books of account in respect of undisputed Value Added 2013-2014, 2014-2015, 2015-2016,
statutory dues including Goods and Services Tax (‘GST’), Provident fund, Tax Act 2016-17, 2017-18
Employees’ State Insurance, Income-tax, Duty of Customs, Cess and 8 Financial Year - 1990-1991, 2002-2003, Tribunal
other material statutory dues have generally been regularly deposited 2003-2004, 2004-2005, 2005-2006,
with the appropriate authorities. 2006-2007, 2011-2012, 2012-2013
2 Financial Year - 1995-1996, 1997-1998, Assistant Commissioner
According to the information and explanations given to us, no undisputed 2004-2005, 2005-2006, 2011-2012,
amounts payable in respect of GST, Provident fund, Employees’ State 2016-17, 2017-18
Insurance, Income-tax, Duty of Customs, Cess and other material 5 Financial Year - 2008-2009, 2010-2011, Deputy Commissioner
statutory dues were in arrears as at 31 March 2022 for a period of more 2011-2012, 2012-2013, 2013-2014,
than six months from the date they became payable. 2015-2016, 2016-2017
16 Financial Year - 1997-1998, 2005-2006, Joint Commissioner
(b) According to the information and explanations given to us, there are no
2012-13, 2013-2014, 2014-2015,
dues of GST, Provident fund, Employees’ State Insurance, Income-tax, 2015-2016, 2016-2017
Sales tax, Service tax, Duty of Customs, Value added tax, Cess or other The Finance Service tax 2 Financial Year - 2002-2003, 2003-2004, Commissioner Appeals
statutory dues which have not been deposited by the Company on Act, 1994 2004-2005, 2008-09, 2009-2010,
account of disputes, except for the following: 2010-2011, 2011-2012, 2012-13,
2014-2015, 2015-2016, 2016-2017,
2017-2018
Name of the Nature of Amount Period Forum where dispute is
Statute the Dues (` in crores)** pending 212 Financial Year - 2006-2007, 2007-2008, Tribunal
2009-2010, 2010-2011, 2012-2013,
The Income- Income-tax 4,181 Assessment Year - 2007-08, Commissioner of
2013-2014, 2014-2015, 2015-2016,
tax Act, 1961 2011-12, 2017-18, 2018-19 Income-tax (Appeals)
2016-2017, 2017-2018
545 Assessment Year - 2006-07, 2015-16 Income-tax Appellate Goods and GST 2 Financial Year – 2020-21 Commissioner Appeals
Tribunal Service Tax 3 Financial Year – 2019-20 Assistant Commissioner
39 Assessment Year - 2008-09, 2009-10, Assessing Officer / Act
2010-11, 2016-17 National Faceless ** These amounts are net of amount paid/ adjusted under protest ` 769 crores
Assessment Centre
424 / 522
(viii) According to the information and explanations Company, we report that no funds have Company, the Company has not made any
given to us and on the basis of our examination been raised on short-term basis by the preferential allotment or private placement
of the records of the Company, the Company Company. Accordingly, clause 3(ix)(d) of the of shares or fully or partly convertible
has not surrendered or disclosed any Order is not applicable. debentures during the year. Accordingly,
transactions, previously unrecorded as income (e) According to the information and clause 3(x)(b) of the Order is not applicable.
in the books of account, in the tax assessments explanations given to us and on an overall (xi) (a) Based on examination of the books and
under the Income-tax Act, 1961 as income examination of the financial statements records of the Company and according to
during the year. of the Company, we report that the the information and explanations given to
(ix) (a) According to the information and Company has not taken any funds from us, considering the principles of materiality
explanations given to us and on the basis any entity or person on account of or to outlined in Standards on Auditing, we
of our examination of the records of the meet the obligations of its subsidiaries as report that no fraud by the Company or on
Company, the Company did not have any defined under the Companies Act, 2013. the Company has been noticed or reported
loans or borrowings from any lender during Accordingly, clause 3(ix)(e) of the Order is during the course of the audit.
the year. Accordingly, clause 3(ix)(a) of the not applicable. (b) According to the information and
Order is not applicable. (f) According to the information and explanations given to us, no report under
(b) According to the information and explanations given to us and procedures sub-section (12) of Section 143 of the
explanations given to us and on the basis performed by us, we report that the Companies Act, 2013 has been filed by
of our examination of the records of the Company has not raised loans during the auditors in Form ADT-4 as prescribed
Company, the Company has not been the year on the pledge of securities held under Rule 13 of Companies (Audit and
declared a wilful defaulter by any bank in its subsidiaries as defined under the Auditors) Rules, 2014 with the Central
or financial institution or government or Companies Act, 2013. Accordingly, clause Government.
government authority. 3(ix)(f) of the Order is not applicable. (c) We have taken into consideration the
(c) According to the information and (x) (a) The Company has not raised any moneys whistle blower complaints received by
explanations given to us by the by way of initial public offer or further the Company during the year while
management, the Company has not public offer (including debt instruments). determining the nature, timing and extent
obtained any term loans. Accordingly, Accordingly, clause 3(x)(a) of the Order is of our audit procedures.
clause 3(ix)(c) of the Order is not applicable. not applicable. (xii) According to the information and explanations
(d) According to the information and (b) According to the information and given to us, the Company is not a Nidhi
explanations given to us and on an overall explanations given to us and on the basis Company. Accordingly, clause 3(xii) of the Order
examination of the balance sheet of the of our examination of the records of the is not applicable.
425 / 522
(xiii) In our opinion and according to the information the Reserve Bank of India Act, 1934. date of the audit report that the Company is
and explanations given to us, the transactions Accordingly, clause 3(xvi)(b) of the Order is not capable of meeting its liabilities existing
with related parties are in compliance with not applicable. at the date of balance sheet as and when they
Sections 177 and 188 of the Companies Act, (c) The Company is not a Core Investment fall due within a period of one year from the
2013, where applicable, and the details of the Company (CIC) as defined in the regulations balance sheet date. We, however, state that
related party transactions have been disclosed in made by the Reserve Bank of India. this is not an assurance as to the future viability
the standalone financial statements as required Accordingly, clause 3(xvi)(c) of the Order is of the Company. We further state that our
by the applicable Indian Accounting Standards. not applicable. reporting is based on the facts up to the date
(xiv) (a) Based on information and explanations of the audit report and we neither give any
(d) According to the information and guarantee nor any assurance that all liabilities
provided to us and our audit procedures, in explanations provided to us during the
our opinion, the Company has an internal falling due within a period of one year from the
course of audit, the Group does not have balance sheet date, will get discharged by the
audit system commensurate with the size any CIC. Accordingly, the requirements of
and nature of its business. Company as and when they fall due.
clause 3(xvi)(d) are not applicable.
(b) We have considered the internal audit (xx) In our opinion and according to the information
(xvii) The Company has not incurred cash losses in and explanations given to us, there is no
reports of the Company issued till date for the current and in the immediately preceding
the period under audit. unspent amount under sub-section (5) of
financial year. Section 135 of the Companies Act, 2013
(xv) In our opinion and according to the information (xviii) There has been no resignation of the statutory pursuant to any project. Accordingly, clauses
and explanations given to us, the Company has auditors during the year. Accordingly, clause 3(xx)(a) and 3(xx)(b) of the Order are not
not entered into any non-cash transactions 3(xviii) of the Order is not applicable. applicable.
with its directors or persons connected to its
directors and hence, provisions of Section 192 (xix) According to the information and explanations
given to us and on the basis of the financial For B S R & Co. LLP
of the Companies Act, 2013 are not applicable
ratios, ageing and expected dates of realisation Chartered Accountants
to the Company.
of financial assets and payment of financial Firm’s Registration No: 101248W/W-100022
(xvi) (a) The Company is not required to be liabilities, other information accompanying the
registered under Section 45-IA of financial statements, our knowledge of the
the Reserve Bank of India Act, 1934. Board of Directors and management plans Amit Somani
Accordingly, clause 3(xvi)(a) of the Order is and based on our examination of the evidence Partner
not applicable. supporting the assumptions, nothing has come Mumbai Membership No: 060154
(b) The Company is not required to be to our attention, which causes us to believe 11 April 2022 UDIN: 22060154AGVEXH5342
registered under Section 45-IA of that any material uncertainty exists as on the
426 / 522
Annexure B to the Independent Auditor’s standalone financial statements criteria established Auditors’ Responsibility
Report on the standalone financial by the Company considering the essential
statements of Tata Consultancy Services components of internal control stated in the Our responsibility is to express an opinion on the
Limited for the year ended 31 March 2022 Guidance Note on Audit of Internal Financial Company’s internal financial controls with reference
Controls Over Financial Reporting issued by the to standalone financial statements based on our
Report on the internal financial controls with Institute of Chartered Accountants of India (the audit. We conducted our audit in accordance with
reference to the aforesaid standalone financial “Guidance Note”). the Guidance Note and the Standards on Auditing,
statements under Clause (i) of Sub-section 3 of prescribed under Section 143(10) of the Act, to
Section 143 of the Companies Act, 2013 Management’s and Board of Directors’ the extent applicable to an audit of internal financial
Responsibilities for Internal Financial Controls controls with reference to standalone financial
(Referred to in paragraph 2(A)(f) under ‘Report on statements. Those Standards and the Guidance Note
Other Legal and Regulatory Requirements’ section The Company’s Management and the Board of require that we comply with ethical requirements
of our report of even date) Directors are responsible for establishing and and plan and perform the audit to obtain reasonable
maintaining internal financial controls with reference assurance about whether adequate internal financial
Opinion to standalone financial statements based on the controls with reference to standalone financial
criteria established by the Company considering the statements were established and maintained and
We have audited the internal financial controls with essential components of internal control stated in whether such controls operated effectively in all
reference to standalone financial statements of Tata the Guidance Note. These responsibilities include material respects.
Consultancy Services Limited (“the Company”) as of the design, implementation and maintenance of
31 March 2022 in conjunction with our audit of the adequate internal financial controls that were Our audit involves performing procedures to
standalone financial statements of the Company as operating effectively for ensuring the orderly and obtain audit evidence about the adequacy of
at and for the year ended on that date. efficient conduct of its business, including adherence the internal financial controls with reference to
to the Company’s policies, the safeguarding of standalone financial statements and their operating
In our opinion, the Company has, in all material
its assets, the prevention and detection of frauds effectiveness. Our audit of internal financial controls
respects, adequate internal financial controls with
and errors, the accuracy and completeness of the with reference to standalone financial statements
reference to standalone financial statements and
accounting records, and the timely preparation of included obtaining an understanding of such internal
such internal financial controls were operating
reliable financial information, as required under the financial controls, assessing the risk that a material
effectively as at 31 March 2022, based on the
Act. weakness exists, and testing and evaluating the
internal financial controls with reference to
design and operating effectiveness of internal control
427 / 522
based on the assessed risk. The procedures selected procedures that (1) pertain to the maintenance of collusion or improper management override of
depend on the auditor’s judgement, including the records that, in reasonable detail, accurately and controls, material misstatements due to error
assessment of the risks of material misstatement of fairly reflect the transactions and dispositions of or fraud may occur and not be detected. Also,
the standalone financial statements, whether due to the assets of the company; (2) provide reasonable projections of any evaluation of the internal financial
fraud or error. assurance that transactions are recorded as controls with reference to standalone financial
necessary to permit preparation of standalone statements to future periods are subject to the risk
We believe that the audit evidence we have obtained financial statements in accordance with generally that the internal financial controls with reference
is sufficient and appropriate to provide a basis for our accepted accounting principles, and that receipts and to standalone financial statements may become
audit opinion on the Company’s internal financial expenditures of the company are being made only in inadequate because of changes in conditions, or
controls with reference to standalone financial accordance with authorisations of management and that the degree of compliance with the policies or
statements. directors of the company; and (3) provide reasonable procedures may deteriorate.
assurance regarding prevention or timely detection
Meaning of Internal Financial Controls with of unauthorised acquisition, use, or disposition of the For B S R & Co. LLP
Reference to Standalone Financial Statements company’s assets that could have a material effect on Chartered Accountants
the standalone financial statements. Firm’s Registration No: 101248W/W-100022
A company’s internal financial controls with
reference to standalone financial statements is a Inherent Limitations of Internal Financial
process designed to provide reasonable assurance Controls with Reference to Standalone Financial
regarding the reliability of financial reporting and Statements Amit Somani
the preparation of standalone financial statements
Partner
for external purposes in accordance with generally Because of the inherent limitations of internal Mumbai Membership No: 060154
accepted accounting principles. A company’s internal financial controls with reference to standalone 11 April 2022 UDIN: 22060154AGVEXH5342
financial controls with reference to standalone financial statements, including the possibility of
financial statements include those policies and
428 / 522
Standalone Balance Sheet

(` crore) (` crore)
Note As at As at Note As at As at
ASSETS Current assets
Non-current assets Inventories 8(d) 19 7
Property, plant and equipment 8(a) 9,669 9,821 Financial assets
Capital work-in-progress 8(a) 1,146 861 Investments 6(a) 29,262 28,324
Right-of-use assets 7 5,837 5,876 Trade receivables
Intangible assets 8(b) 1,018 362 Billed 6(b) 29,852 25,222
Financial assets Unbilled 6,250 5,399
Investments 6(a) 2,405 2,405 Cash and cash equivalents 6(c) 8,197 1,112
Trade receivables Other balances with banks 6(d) 5,495 2,030
Billed 6(b) 90 55 Loans 6(e) 5,653 10,486
Unbilled 53 260 Other financial assets 6(f) 1,432 1,363
Loans 6(e) 8 2 Other assets 8(c) 8,032 9,217
Other financial assets 6(f) 626 645 Total current assets 94,192 83,160
Income tax assets (net) 1,643 1,501 TOTAL ASSETS 1,21,263 1,09,381
Deferred tax assets (net) 15 2,779 3,160 EQUITY AND LIABILITIES
Other assets 8(c) 1,797 1,273 Equity
Total non-current assets 27,071 26,221 Share capital 6(n) 366 370
Other equity 9 76,807 74,424
Total equity 77,173 74,794
429 / 522
Standalone Balance Sheet

(` crore)
Note As at As at
March 31, 2022 March 31, 2021
Liabilities
Non-current liabilities
Other financial liabilities 6(i) 518 228
Employee benefit obligations 12 103 108
Deferred tax liabilities (net) 15 129 365
Unearned and deferred revenue 560 284
Total non-current liabilities 6,189 6,062
Current liabilities
Lease liabilities 976 835
Trade payables NOTES FORMING PART OF STANDALONE FINANCIAL STATEMENTS
Dues of small enterprises and micro 6(g) - -
enterprises
Dues of creditors other than small 6(h) 10,082 7,962 For B S R & Co. LLP Rajesh Gopinathan N Ganapathy Subramaniam
enterprises and micro enterprises Chartered Accountants CEO and COO and Executive Director
Other financial liabilities 6(i) 5,826 4,473 Firm’s registration no: Managing Director
101248W/W-100022
Unearned and deferred revenue 3,013 2,877
Other liabilities 8(e) 7,033 2,720
Provisions 8(f) 1,377 1,350 Amit Somani Samir Seksaria Pradeep Manohar Gaitonde
Employee benefit obligations 12 2,844 2,598 Partner CFO Company Secretary
Income tax liabilities (net) 6,750 5,710 Membership No: 060154
Total current liabilities 37,901 28,525
TOTAL EQUITY AND LIABILITIES 1,21,263 1,09,381 Mumbai, April 11, 2022 Mumbai, April 11, 2022
430 / 522
Standalone Statement of Profit and Loss

(` crore) (` crore)
Note Year ended Year ended Note Year ended Year ended
Revenue from operations 10 1,60,341 1,35,963 Items that will be reclassified subsequently to
Other income 11 7,486 5,400 profit or loss
TOTAL INCOME 1,67,827 1,41,363 Net change in fair values of investments other (516) 51
Expenses than equity shares carried at fair value through
Employee benefit expenses 12 81,097 69,046 OCI
Cost of equipment and software licences 13(a) 1,010 1,230 Net change in intrinsic value of derivatives (37) 14
Finance costs 14 486 537 designated as cash flow hedges
Depreciation and amortisation expense 3,522 3,053 Net change in time value of derivatives (34) 53
Other expenses 13(b) 31,989 25,377 designated as cash flow hedges
TOTAL EXPENSES 1,18,104 99,243 Income tax on items that will be reclassified 196 (32)
subsequently to profit or loss
PROFIT BEFORE EXCEPTIONAL ITEM AND TAX 49,723 42,120
TOTAL OTHER COMPREHENSIVE INCOME / (LOSSES) (250) 73
Exceptional item
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 37,937 31,033
Provision towards legal claim 19 - 1,218
Earnings per equity share:- Basic and diluted (`) 16 103.24 82.78
PROFIT BEFORE TAX 49,723 40,902
Weighted average number of equity shares 369,88,32,195 374,01,10,733
Tax expense
Current tax 15 11,931 10,300
Deferred tax 15 (395) (358) NOTES FORMING PART OF STANDALONE FINANCIAL STATEMENTS
TOTAL TAX EXPENSE 11,536 9,942 As per our report of even date attached For and on behalf of the Board
PROFIT FOR THE YEAR 38,187 30,960 For B S R & Co. LLP Rajesh Gopinathan N Ganapathy Subramaniam
OTHER COMPREHENSIVE INCOME (OCI) Chartered Accountants CEO and COO and Executive Director
Items that will not be reclassified subsequently Firm’s registration no: Managing Director
to profit or loss 101248W/W-100022
Remeasurement of defined employee benefit 180 (16)
plans Amit Somani Samir Seksaria Pradeep Manohar Gaitonde
Income tax on items that will not be reclassified (39) 3 Partner CFO Company Secretary
subsequently to profit or loss Membership No: 060154
431 / 522
Standalone Statement of Changes in Equity

A. EQUITY SHARE CAPITAL
(` crore)
370 - 370 (4) 366
(` crore)
375 - 375 (5) 370

*Refer note 6(n).
B. OTHER EQUITY
(` crore)
Reserves and surplus Items of other comprehensive income Total Equity
Capital Capital redemption Special Economic Zone Retained Investment Cash flow hedging reserve
reserve* reserve re-investment reserve earnings revaluation Intrinsic value Time value
reserve
Balance as at April 1, 2021 - 13 2,538 70,928 916 56 (27) 74,424
Profit for the year - - - 38,187 - - - 38,187
Other comprehensive income / (losses) - - - 141 (336) (29) (26) (250)
Total comprehensive income - - - 38,328 (336) (29) (26) 37,937
Dividend - - - (13,317) - - - (13,317)
Expenses for buy-back of equity shares1 - - - (49) - - - (49)
Tax on buy-back of equity shares1 - - - (4,192) - - - (4,192)
Buy-back of equity shares1 - 4 - (18,000) - - - (17,996)
Transfer to Special Economic Zone - - 9,407 (9,407) - - - -
Transfer from Special Economic Zone - - (4,658) 4,658 - - - -
Balance as at March 31, 2022 - 17 7,287 68,949 580 27 (53) 76,807
432 / 522

(` crore)
Reserves and surplus Items of other comprehensive income Total Equity
Capital Capital redemption Special Economic Zone Retained Investment Cash flow hedging reserve
reserve* reserve re-investment reserve earnings revaluation Intrinsic value Time value
reserve
Balance as at April 1, 2020 - 8 1,594 71,532 882 45 (68) 73,993
Profit for the year - - - 30,960 - - - 30,960
Other comprehensive income / (losses) - - - (13) 34 11 41 73
Total comprehensive income - - - 30,947 34 11 41 31,033
Dividend - - - (10,850) - - - (10,850)
Expenses for buy-back of equity shares1 - - - (31) - - - (31)
Tax on buy-back of equity shares1 - - - (3,726) - - - (3,726)
Buy-back of equity shares1 - 5 - (16,000) - - - (15,995)
Transfer to Special Economic Zone - - 5,058 (5,058) - - - -
Transfer from Special Economic Zone - - (4,114) 4,114 - - - -
Balance as at March 31, 2021 - 13 2,538 70,928 916 56 (27) 74,424
*Represents values less than `0.50 crore.

1
Refer Note 6(n).
Gain of `141 crore and loss of `13 crore on remeasurement of defined employee benefit plans (net of tax) is recognised as a part of retained earnings for the years ended March 31, 2022
433 / 522

Nature and purpose of reserves (f) Cash flow hedging reserve
(a) Capital reserve The cash flow hedging reserve represents the cumulative effective portion
of gains or losses arising on changes in fair value of designated portion of
The Company recognises profit and loss on purchase, sale, issue or hedging instruments entered into for cash flow hedges. Such gains or losses
cancellation of the Company’s own equity instruments to capital reserve. will be reclassified to statement of profit and loss in the period in which the
(b) Capital redemption reserve underlying hedged transaction occurs.
As per Companies Act, 2013, capital redemption reserve is created when

company purchases its own shares out of free reserves or securities premium.
A sum equal to the nominal value of the shares so purchased is transferred
to capital redemption reserve. The reserve is utilised in accordance with the
provisions of section 69 of the Companies Act, 2013.
(c) Special Economic Zone re-investment reserve
The Special Economic Zone (SEZ) re-investment reserve is created out of
the profit of eligible SEZ units in terms of the provisions of section 10AA(1)
(ii) of the Income-tax Act, 1961. The reserve will be utilised by the Company NOTES FORMING PART OF STANDALONE FINANCIAL STATEMENTS
for acquiring new assets for the purpose of its business as per the terms of As per our report of even date attached For and on behalf of the Board
section 10AA(2) of Income-tax Act, 1961.
(d) Retained earnings Chartered Accountants CEO and COO and Executive Director
This reserve represents undistributed accumulated earnings of the Company 101248W/W-100022
as on the balance sheet date.
(e) Investment revaluation reserve
This reserve represents the cumulative gains and losses arising on the Partner CFO Company Secretary
revaluation of equity and debt instruments on the balance sheet date Membership No: 060154
measured at fair value through other comprehensive income. The reserves
accumulated will be reclassified to retained earnings and profit and loss
respectively, when such instruments are disposed. Mumbai, April 11, 2022 Mumbai, April 11, 2022
434 / 522
Standalone Statement of Cash Flows

(` crore) (` crore)
CASH FLOWS FROM OPERATING Other assets 747 (2,432)
ACTIVITIES Trade payables 2,120 (771)
Profit for the year 38,187 30,960 Unearned and deferred revenue 412 246
Adjustments for: Other financial liabilities 968 (171)
Depreciation and amortisation expense 3,522 3,053 Other liabilities and provisions 388 1,127
Bad debts and advances written off, allowance for 107 185 Cash generated from operations 46,463 41,627
doubtful trade receivables and advances (net) Taxes paid (net of refunds) (10,336) (7,805)
Provision towards legal claim (Refer note 19) - 1,218
Net cash generated from operating activities 36,127 33,822
Tax expense 11,536 9,942
CASH FLOWS FROM INVESTING ACTIVITIES
Net gain on lease modification (2) (89)
Bank deposits placed (14,653) (5,678)
Unrealised foreign exchange gain (119) (20)
Inter-corporate deposits placed (13,655) (20,139)
Net gain on disposal of property, plant and equipment (25) (19)
Purchase of investments (70,826) (51,822)
Net gain on disposal / fair valuation of investments (186) (193)
Payment for purchase of property, plant and (2,147) (2,071)
Interest income (2,555) (2,383)
equipment
Dividend income (including exchange impact) (3,554) (2,211)
Payment including advances for acquiring right-of- (13) (101)
Finance costs 486 537
use assets
Realised foreign exchange gain on proceeds from - (5)
Payment for purchase of intangible assets (457) (242)
liquidation of wholly owned subsidiary
Payment towards subscription of shares in wholly - (224)
Operating profit before working capital changes 47,397 40,975
owned subsidiary
Net change in
Proceeds from bank deposits 11,201 4,617
Inventories (12) (3)
Proceeds from inter-corporate deposits 18,560 16,892
Trade receivables
Proceeds from disposal / redemption of investments 69,451 49,333
Billed (4,761) 3,282
Proceeds from sub-lease receivable 4 -
Unbilled (644) (572)
Proceeds from disposal of property, plant and 29 31
Loans and other financial assets (152) (54)
equipment
435 / 522
Standalone Statement of Cash Flows

(` crore) (` crore)
Proceeds from liquidation of wholly owned subsidiary - 12 Components of cash and cash equivalents
Interest received 2,594 2,605 Balances with banks
Dividend received from subsidiaries 3,554 2,211 In current accounts 809 1,032
Net cash generated from / (used in) investing 3,642 (4,576) In deposit accounts 7,388 77
activities Cheques on hand -* -*
CASH FLOWS FROM FINANCING Cash on hand -* -*
ACTIVITIES Remittances in transit -* 3
Repayment of lease liabilities (935) (879) 8,197 1,112
Interest paid (478) (537)
*Represents values less than `0.50 crore.
Dividend paid (13,317) (10,850)
Transfer of funds to buy-back escrow account (180) (160) NOTES FORMING PART OF STANDALONE FINANCIAL STATEMENTS
Transfer of funds from buy-back escrow account 162 160 Refer note 13(c) for amount spent during the years ended March 31, 2022 and 2021 on
Expenses for buy-back of equity shares (Refer note (49) (31) construction / acquisition of any asset and other purposes relating to CSR activities.
6(n))
Tax on buy-back of equity shares (Refer note 6(n)) - (3,726) As per our report of even date attached For and on behalf of the Board
Buy-back of equity shares (Refer note 6(n)) (18,000) (16,000) For B S R & Co. LLP Rajesh Gopinathan N Ganapathy Subramaniam
Net cash used in financing activities (32,797) (32,023) Chartered Accountants CEO and COO and Executive Director
Net change in cash and cash equivalents 6,972 (2,777) Firm’s registration no: Managing Director
Cash and cash equivalents at the beginning of the 1,112 3,852 101248W/W-100022
year
Exchange difference on translation of foreign 113 37
currency cash and cash equivalents
Cash and cash equivalents at the end of the year 8,197 1,112 Membership No: 060154
436 / 522
Notes forming part of Standalone Financial Statements

1) Corporate information given in exchange for goods and services. Fair value is the price that would be
received to sell an asset or paid to transfer a liability in an orderly transaction
Tata Consultancy Services Limited (referred to as “TCS Limited” or “the between market participants at the measurement date. All assets and liabilities
Company”) provides IT services, consulting and business solutions and have been classified as current and non-current as per the Company’s normal
has been partnering with many of the world’s largest businesses in their operating cycle. Based on the nature of services rendered to customers and
transformation journeys. The Company offers a consulting-led, cognitive time elapsed between deployment of resources and the realisation in cash
powered, integrated portfolio of IT, business and engineering services and cash equivalents of the consideration for such services rendered, the
and solutions. This is delivered through its unique Location-Independent Company has considered an operating cycle of 12 months.
Agile delivery model recognised as a benchmark of excellence in software
development. The statement of cash flows have been prepared under indirect method,
whereby profit or loss is adjusted for the effects of transactions of a non-cash
The Company is a public limited company incorporated and domiciled in
nature, any deferrals or accruals of past or future operating cash receipts
India. The address of its corporate office is TCS House, Raveline Street, Fort,
or payments and items of income or expense associated with investing or
Mumbai - 400001. As at March 31, 2022, Tata Sons Private Limited, the
financing cash flows. The cash flows from operating, investing and financing
holding company owned 72.27% of the Company’s equity share capital.
activities of the Company are segregated. The Company considers all highly
The Board of Directors approved the standalone financial statements for the liquid investments that are readily convertible to known amounts of cash and
year ended March 31, 2022 and authorised for issue on April 11, 2022. are subject to an insignificant risk of changes in value to be cash equivalents.
2) Statement of compliance These standalone financial statements have been prepared in Indian Rupee
(`) which is the functional currency of the Company. Foreign currency
These standalone financial statements have been prepared in accordance with transactions are recorded at exchange rates prevailing on the date of the
the Indian Accounting Standards (referred to as “Ind AS”) as prescribed under transaction. Foreign currency denominated monetary assets and liabilities
section 133 of the Companies Act, 2013 read with the Companies (Indian are retranslated at the exchange rate prevailing on the balance sheet dates
Accounting Standards) Rules as amended from time to time. and exchange gains and losses arising on settlement and restatement are
recognised in the statement of profit and loss. Non-monetary assets and
3) Basis of preparation liabilities that are measured in terms of historical cost in foreign currencies are
These standalone financial statements have been prepared on historical cost not retranslated.
basis except for certain financial instruments and defined benefit plans which The significant accounting policies used in preparation of the standalone
are measured at fair value or amortised cost at the end of each reporting financial statements have been discussed in the respective notes.
period. Historical cost is generally based on the fair value of the consideration
437 / 522

4) Use of estimates and judgements impairment. If the recoverable amount is less than its carrying amount, the
impairment loss is accounted for in the statement of profit and loss.
The preparation of standalone financial statements in conformity with the
recognition and measurement principles of Ind AS requires management of (d) Fair value measurement of financial instruments
the Company to make estimates and judgements that affect the reported
balances of assets and liabilities, disclosures of contingent liabilities as at the When the fair value of financial assets and financial liabilities recorded in
date of standalone financial statements and the reported amounts of income the balance sheet cannot be measured based on quoted prices in active
and expenses for the periods presented. markets, their fair value is measured using valuation techniques including the
Discounted Cash Flow model. The inputs to these models are taken from
Estimates and underlying assumptions are reviewed on an ongoing basis. observable markets where possible, but where this is not feasible, a degree
Revisions to accounting estimates are recognised in the period in which the of judgement is required in establishing fair values. Judgements include
estimates are revised and future periods are affected. considerations of inputs such as liquidity risk, credit risk and volatility. Changes
in assumptions about these factors could affect the reported fair value of
The Company uses the following critical accounting estimates in preparation financial instruments.
of its standalone financial statements:
(e) Provision for income tax and deferred tax assets
(a) Revenue recognition
The Company uses estimates and judgements based on the relevant rulings in
Revenue for fixed-price contracts is recognised using percentage-of- the areas of allocation of revenue, costs, allowances and disallowances which is
completion method. The Company uses judgement to estimate the future exercised while determining the provision for income tax. A deferred tax asset
cost-to-completion of the contracts which is used to determine degree of is recognised to the extent that it is probable that future taxable profit will be
completion of the performance obligation. available against which the deductible temporary differences and tax losses can
(b) Useful lives of property, plant and equipment be utilised. Accordingly, the Company exercises its judgement to reassess the
carrying amount of deferred tax assets at the end of each reporting period.
The Company reviews the useful life of property, plant and equipment at
the end of each reporting period. This reassessment may result in change in (f) Provisions and contingent liabilities
depreciation expense in future periods. The Company estimates the provisions that have present obligations as
(c) Impairment of investments in subsidiaries a result of past events and it is probable that outflow of resources will be
required to settle the obligations. These provisions are reviewed at the end of
The Company reviews its carrying value of investments carried at cost (net of each reporting period and are adjusted to reflect the current best estimates.
impairment, if any) annually, or more frequently when there is indication for
438 / 522

The Company uses significant judgements to assess contingent liabilities. to extend the lease, or not to exercise the option to terminate the lease. The
Contingent liabilities are recognised when there is a possible obligation Company revises the lease term if there is a change in the non-cancellable
arising from past events, the existence of which will be confirmed only by the period of a lease.
occurrence or non-occurrence of one or more uncertain future events not
wholly within the control of the Company or a present obligation that arises The discount rate is generally based on the incremental borrowing rate
from past events where it is either not probable that an outflow of resources specific to the lease being evaluated or for a portfolio of leases with similar
will be required to settle the obligation or a reliable estimate of the amount characteristics.
cannot be made. Contingent assets are neither recognised nor disclosed in the
standalone financial statements. (i) Impact of COVID-19 (pandemic)
(g) Employee benefits The Company has taken into account all the possible impacts of COVID-19 in
preparation of these standalone financial statements, including but not limited
The accounting of employee benefit plans in the nature of defined benefit to its assessment of, liquidity and going concern assumption, recoverable
requires the Company to use assumptions. These assumptions have been values of its financial and non-financial assets, impact on revenue recognition
explained under employee benefits note. owing to changes in cost budgets of fixed price contracts, impact on leases
and impact on effectiveness of its hedges. The Company has carried out this
(h) Leases assessment based on available internal and external sources of information
upto the date of approval of these standalone financial statements and
The Company evaluates if an arrangement qualifies to be a lease as per the
believes that the impact of COVID-19 is not material to these standalone
requirements of Ind AS 116. Identification of a lease requires significant
financial statements and expects to recover the carrying amount of its assets.
judgement. The Company uses significant judgement in assessing the lease
The impact of COVID-19 on the standalone financial statements may differ
term (including anticipated renewals) and the applicable discount rate.
from that estimated as at the date of approval of these standalone financial
The Company determines the lease term as the non-cancellable period of a statements owing to the nature and duration of COVID-19.
lease, together with both periods covered by an option to extend the lease
5) Recent pronouncements
if the Company is reasonably certain to exercise that option; and periods
covered by an option to terminate the lease if the Company is reasonably Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments
certain not to exercise that option. In assessing whether the Company is to the existing standards under Companies (Indian Accounting Standards)
reasonably certain to exercise an option to extend a lease, or not to exercise Rules as issued from time to time. On March 23, 2022, MCA amended the
an option to terminate a lease, it considers all relevant facts and circumstances Companies (Indian Accounting Standards) Amendment Rules, 2022, applicable
that create an economic incentive for the Company to exercise the option from April 1, 2022, as below:
439 / 522

Ind AS 103 – Reference to Conceptual Framework Ind AS 109 – Annual Improvements to Ind AS (2021)
The amendments specify that to qualify for recognition as part of applying The amendment clarifies which fees an entity includes when it applies the
the acquisition method, the identifiable assets acquired and liabilities assumed ‘10 percent’ test of Ind AS 109 in assessing whether to derecognise a financial
must meet the definitions of assets and liabilities in the Conceptual Framework liability. The Company does not expect the amendment to have any significant
for Financial Reporting under Indian Accounting Standards (Conceptual impact in its financial statements.
Framework) issued by the Institute of Chartered Accountants of India at the
acquisition date. These changes do not significantly change the requirements Ind AS 116 – Annual Improvements to Ind AS (2021)
of Ind AS 103. The Company does not expect the amendment to have any
The amendments remove the illustration of the reimbursement of leasehold
significant impact in its financial statements.
improvements by the lessor in order to resolve any potential confusion
Ind AS 16 – Proceeds before intended use regarding the treatment of lease incentives that might arise because of
how lease incentives were described in that illustration. The Company does
The amendments mainly prohibit an entity from deducting from the cost of not expect the amendment to have any significant impact in its financial
property, plant and equipment amounts received from selling items produced statements.
while the company is preparing the asset for its intended use. Instead, an
6) Financial assets, financial liabilities and equity instruments
entity will recognise such sales proceeds and related cost in profit or loss.
The Company does not expect the amendments to have any impact in its Financial assets and liabilities are recognised when the Company becomes
recognition of its property, plant and equipment in its financial statements. a party to the contractual provisions of the instrument. Financial assets and
liabilities are initially measured at fair value. Transaction costs that are directly
Ind AS 37 – Onerous Contracts - Costs of Fulfilling a Contract attributable to the acquisition or issue of financial assets and financial liabilities
The amendments specify that that the ‘cost of fulfilling’ a contract comprises (other than financial assets and financial liabilities at fair value through profit
the ‘costs that relate directly to the contract’. Costs that relate directly to a or loss) are added to or deducted from the fair value measured on initial
contract can either be incremental costs of fulfilling that contract (examples recognition of financial asset or financial liability.
would be direct labour, materials) or an allocation of other costs that relate The Company derecognises a financial asset only when the contractual rights
directly to fulfilling contracts. The amendment is essentially a clarification and to the cash flows from the asset expire, or when it transfers the financial asset
the Company does not expect the amendment to have any significant impact and substantially all the risks and rewards of ownership of the asset to another
in its financial statements. entity. The Company derecognises financial liabilities when, and only when, the
Company’s obligations are discharged, cancelled or have expired.
440 / 522

Cash and cash equivalents income on initial recognition. The transaction costs directly attributable to the
acquisition of financial assets and liabilities at fair value through profit or loss
The Company considers all highly liquid investments, which are readily
are immediately recognised in statement of profit and loss.
convertible into known amounts of cash that are subject to an insignificant risk
of change in value, to be cash equivalents. Cash and cash equivalents consist Investment in subsidiaries
of balances with banks which are unrestricted for withdrawal and usage.
Investment in subsidiaries are measured at cost less impairment loss, if any.
Financial assets at amortised cost
Financial assets are subsequently measured at amortised cost if these
financial assets are held within a business whose objective is to hold these Financial liabilities are measured at amortised cost using the effective interest
assets in order to collect contractual cash flows and the contractual terms of method.
the financial assets give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding. Equity instruments
Financial assets at fair value through other comprehensive income An equity instrument is a contract that evidences residual interest in the assets
of the company after deducting all of its liabilities. Equity instruments issued
Financial assets are measured at fair value through other comprehensive by the Company are recognised at the proceeds received net of direct issue
income if these financial assets are held within a business whose objective is cost.
achieved by both collecting contractual cash flows on specified dates that are
solely payments of principal and interest on the principal amount outstanding Derivative accounting
and selling financial assets.
• Instruments in hedging relationship
The Company has made an irrevocable election to present subsequent
The Company designates certain foreign exchange forward, currency
changes in the fair value of equity investments not held for trading in other
options and futures contracts as hedge instruments in respect of foreign
comprehensive income.
exchange risks. These hedges are accounted for as cash flow hedges.
Financial assets at fair value through profit or loss The Company uses hedging instruments that are governed by the policies
of the Company which are approved by the Board of Directors. The
Financial assets are measured at fair value through profit or loss unless they
policies provide written principles on the use of such financial derivatives
are measured at amortised cost or at fair value through other comprehensive
consistent with the risk management strategy of the Company.
441 / 522

The hedge instruments are designated and documented as hedges at the Any gain or loss is recognised immediately in the statement of profit and
inception of the contract. The Company determines the existence of an loss when the hedge becomes ineffective.
economic relationship between the hedging instrument and hedged item
based on the currency, amount and timing of their respective cash flows. • Instruments not in hedging relationship
The effectiveness of hedge instruments to reduce the risk associated
The Company enters into contracts that are effective as hedges from an
with the exposure being hedged is assessed and measured at inception
economic perspective, but they do not qualify for hedge accounting. The
and on an ongoing basis. If the hedged future cash flows are no longer
change in the fair value of such instrument is recognised in the statement
expected to occur, then the amounts that have been accumulated in
of profit and loss.
other equity are immediately reclassified in net foreign exchange gains in
the statement of profit and loss. Impairment of financial assets (other than at fair value)
The effective portion of change in the fair value of the designated The Company assesses at each date of balance sheet whether a financial asset
hedging instrument is recognised in the other comprehensive income and or a group of financial assets is impaired.
accumulated under the heading cash flow hedging reserve.
Ind AS 109 requires expected credit losses to be measured through a loss
The Company separates the intrinsic value and time value of an option allowance. The Company recognises lifetime expected losses for all contract
and designates as hedging instruments only the change in intrinsic value assets and / or all trade receivables that do not constitute a financing
of the option. The change in fair value of the intrinsic value and time transaction. In determining the allowances for doubtful trade receivables, the
value of an option is recognised in the other comprehensive income Company has used a practical expedient by computing the expected credit
and accounted as a separate component of equity. Such amounts are loss allowance for trade receivables based on a provision matrix. The provision
reclassified into the statement of profit and loss when the related hedged matrix takes into account historical credit loss experience and is adjusted for
items affect profit and loss. forward looking information. The expected credit loss allowance is based on
the ageing of the receivables that are due and allowance rates used in the
Hedge accounting is discontinued when the hedging instrument expires
provision matrix. For all other financial assets, expected credit losses are
or is sold, terminated or no longer qualifies for hedge accounting. Any
measured at an amount equal to the 12-months expected credit losses or at
gain or loss recognised in other comprehensive income and accumulated
an amount equal to the life time expected credit losses if the credit risk on the
in equity till that time remains and is recognised in the statement of profit
financial asset has increased significantly since initial recognition.
and loss when the forecasted transaction ultimately affects profit and loss.
442 / 522

(a) Investments Aggregate value of quoted and unquoted investments is as follows:
Investments consist of the following: (` crore)
Investments – Non-current As at As at
As at As at Aggregate value of quoted investments 29,262 28,324
March 31, 2022 March 31, 2021
Investment in subsidiaries Aggregate value of unquoted investments (net 2,405 2,405
Fully paid equity shares (unquoted) 2,405 2,405 of impairment)
Investments designated at fair value through Aggregate market value of quoted investments 29,263 28,324
OCI Aggregate value of impairment of investments 19 19
Fully paid equity shares (unquoted)
Taj Air Limited 19 19 Market value of quoted investments carried at amortised cost is as follows:
Less: Impairment in value of investments (19) (19)
2,405 2,405 (` crore)
As at As at
Investments – Current March 31, 2022 March 31, 2021
(` crore) Certificate of deposits 99 -
As at As at
Commercial papers 381 136
March 31, 2022 March 31, 2021
Investments carried at fair value through Treasury bills 990 -
profit or loss
Mutual fund units (quoted) 884 4,068 Carrying value of investment in equity instruments is as follows:
Investments carried at fair value through OCI
Government bonds and securities (quoted) 25,667 23,670 (` crore)
Corporate bonds (quoted) 1,242 450 In Numbers Currency Face value Investment in As at As at
Investments carried at amortised cost per share subsidiaries March 31, 2022 March 31, 2021
Certificate of deposits (quoted) 99 - Fully paid equity shares
Commercial papers (quoted) 381 136 (unquoted)
Treasury bills (quoted) 989 - 212,27,83,424 UYU 1 TCS Iberoamerica SA 461 461
29,262 28,324
15,75,300 INR 10 APTOnline Limited - -
Government bonds and securities includes bonds pledged with bank for credit facility 1,300 EUR - Tata Consultancy 1 1
and with manager to the buy-back amounting to `3,560 crore and `1,650 crore as at Services Belgium
443 / 522

(` crore) (` crore)
In Numbers Currency Face value Investment in As at As at In Numbers Currency Face value Investment in As at As at
per share subsidiaries March 31, 2022 March 31, 2021 per share subsidiaries March 31, 2022 March 31, 2021
66,000 EUR 1,000 Tata Consultancy 403 403 18,89,005 INR 10 MahaOnline Limited 2 2
Services Netherlands BV - QAR - Tata Consultancy 2 2
1,000 SEK 100 Tata Consultancy 19 19 Services Qatar L.L.C.
Services Sverige AB 10,00,000 INR 100 TCS e-Serve 10 10
1 EUR - Tata Consultancy 2 2 International Limited
Services Deutschland 1,00,500 GBP 0.00001 Tata Consultancy 66 66
GmbH Services UK Limited
20,000 USD 10 Tata America 453 453 2,50,00,000 EUR 1 Tata Consultancy 224 224
International Services Ireland Limited
Corporation
10,00,000 INR 10 TCS Foundation - -
75,82,820 SGD 1 Tata Consultancy 19 19
2,405 2,405
Services Asia Pacific
Pte Ltd.
(` crore)
3,72,58,815 AUD 1 TCS FNS Pty Limited 212 212 In Numbers Currency Face value Equity instruments As at As at
10,00,001 GBP 1 Diligenta Limited 429 429 per share designated at fair value March 31, 2022 March 31, 2021
1,000 USD - Tata Consultancy -* -* through OCI
Fully paid equity shares
Services Canada Inc.
(unquoted)
100 CAD 70,653.61 Tata Consultancy 31 31 1,90,00,000 INR 10 Taj Air Limited 19 19
Services Canada Inc. Less : Impairment in (19) (19)
51,00,000 INR 10 C-Edge Technologies 5 5 value of investments
Limited - -
8,90,000 INR 10 MP Online Limited 1 1
1,40,00,000 ZAR 1 Tata Consultancy 66 66
Services (Africa) (PTY) Notes:
Ltd. 1. Tata Consultancy Services Qatar S.S.C. renamed as Tata Consultancy Services Qatar
L.L.C.
444 / 522

The movement in fair value of investments carried / designated at fair value through Ageing for trade receivables – non-current outstanding as at March 31, 2022
OCI is as follows: is as follows:
(` crore) (` crore)
Year ended Year ended Particulars Not Outstanding for following periods from due date Total
March 31, 2022 March 31, 2021 due of payment
Balance at the beginning of the year 916 882
Net gain / (loss) arising on revaluation of (516) 51 Less than 6 months 1 - 2 2 - 3 More than
investments other than equities carried at fair 6 months - 1 year years years 3 years
value through other comprehensive income Trade receivables - Billed
Deferred tax relating to net gain / (loss) arising 180 (17)
on revaluation of investments other than Undisputed trade receivables – - - 12 93 227 584 916
equities carried at fair value through other considered good
comprehensive income Undisputed trade receivables – - - - - - - -
Balance at the end of the year 580 916 which have significant increase in
credit risk
(b) Trade receivables - Billed Undisputed trade receivables – - - - - - - -
Trade receivables - Billed (unsecured) consist of the following: credit impaired
Trade receivables - Billed – Non-current Disputed trade receivables – - - - - - 16 16
(` crore) considered good
As at As at Disputed trade receivables – which - - - - - - -
March 31, 2022 March 31, 2021 have significant increase in credit
Trade receivables - Billed 932 787 risk
Less: Allowance for doubtful trade receivables (842) (732) Disputed trade receivables – credit - - - - - - -
- Billed impaired
Considered good 90 55
- - 12 93 227 600 932
Less: Allowance for doubtful trade (842)
receivables - Billed
90
Trade receivables - Unbilled 53
143
445 / 522

Ageing for trade receivables – non-current outstanding as at March 31, 2021 Trade receivables - Billed – Current
is as follows:
(` crore)
(` crore)
As at As at
Particulars Not Outstanding for following periods from due date Total March 31, 2022 March 31, 2021
due of payment
Trade receivables - Billed 30,010 25,361
Less than 6 months 1 - 2 2 - 3 More than
Less: Allowance for doubtful trade receivables (173) (183)
6 months - 1 year years years 3 years
- Billed
Trade receivables - Billed
Considered good 29,837 25,178
Undisputed trade receivables – - - 17 154 86 514 771
considered good Trade receivables - Billed 137 211
Less: Allowance for doubtful trade receivables (122) (167)
Undisputed trade receivables – - - - - - - -
which have significant increase in - Billed
credit risk Credit impaired 15 44
Undisputed trade receivables – - - - - - - - 29,852 25,222
credit impaired
Above balances of trade receivables - billed include balances with related parties
Disputed trade receivables – - - - - - 16 16 (Refer note 20).
considered good
Disputed trade receivables – which - - - - - - -
have significant increase in credit
risk
Disputed trade receivables – credit - - - - - - -
impaired
- - 17 154 86 530 787
Less: Allowance for doubtful trade (732)
receivables - Billed
55
Trade receivables - Unbilled 260
315
446 / 522

Ageing for trade receivables – current outstanding as at March 31, 2022 Ageing for trade receivables – current outstanding as at March 31, 2021
is as follows: is as follows:
(` crore) (` crore)
Particulars Not Outstanding for following periods from due date Total Particulars Not Outstanding for following periods from due date Total
due of payment due of payment
Less than 6 months 1 - 2 2 - 3 More than Less than 6 months 1 - 2 2 - 3 More than
6 months - 1 year years years 3 years 6 months - 1 year years years 3 years
Trade receivables - Billed Trade receivables - Billed
Undisputed trade receivables – 23,985 4,069 903 594 224 211 29,986 Undisputed trade receivables – 18,966 4,714 437 792 279 148 25,336
which have significant increase in which have significant increase in
credit risk credit risk
Undisputed trade receivables – - - - 57 6 67 130 Undisputed trade receivables – - 4 81 12 74 33 204
Disputed trade receivables – - - - - - 24 24 Disputed trade receivables – - 5 - - 15 5 25
Disputed trade receivables – which - - - - - - - Disputed trade receivables – which - - - - - - -
have significant increase in credit have significant increase in credit
risk risk
Disputed trade receivables – credit - - - - - 7 7 Disputed trade receivables – credit - - - - - 7 7
impaired impaired
23,985 4,069 903 651 230 309 30,147 18,966 4,723 518 804 368 193 25,572
Less: Allowance for doubtful trade (295) Less: Allowance for doubtful trade (350)
receivables - Billed receivables - Billed
29,852 25,222
Trade receivables - Unbilled 6,250 Trade receivables - Unbilled 5,399
36,102 30,621
447 / 522

(c) Cash and cash equivalents (e) Loans
Cash and cash equivalents consist of the following: Loans (unsecured) consist of the following:
Loans – Non-current
(` crore)
As at As at (` crore)
March 31, 2022 March 31, 2021 As at As at
Balances with banks March 31, 2022 March 31, 2021
In current accounts 809 1,032 Considered good
In deposit accounts 7,388 77 Loans and advances to employees 8 2
Cheques on hand -* -* 8 2
Cash on hand -* -*
Remittances in transit -* 3 Loans – Current
8,197 1,112 (` crore)
As at As at
March 31, 2022 March 31, 2021
Considered good
(d) Other balances with banks
Other balances with banks consist of the following: Inter-corporate deposits 5,386 10,291
(` crore)
Credit impaired
As at As at
March 31, 2022 March 31, 2021
Less: Allowance on loans and advances to (22) (15)
Earmarked balances with banks 195 182 employees
Short-term bank deposits 5,300 1,848 5,653 10,486
5,495 2,030
Inter-corporate deposits placed with financial institutions yield fixed interest rate.
Earmarked balances with banks primarily relate to margin money for purchase of
investments, margin money for derivative contracts, unclaimed dividends and balance in
escrow account for buy-back of equity shares.
448 / 522

(f) Other financial assets (g) Dues of small enterprises and micro enterprises
Other financial assets consist of the following: The disclosure pursuant to the Micro, Small and Medium Enterprises Development Act,
Other financial assets – Non-current 2006, (MSMED Act) for dues to micro enterprises and small enterprises as at
(` crore) March 31, 2022 and March 31, 2021 is as under:
As at As at (` crore)
March 31, 2022 March 31, 2021 As at As at
Security deposits 613 632 March 31, 2022 March 31, 2021
Others 13 13 Dues remaining unpaid to any supplier
626 645 Principal - -
Interest on the above - -
Other financial assets – Current Amount of interest paid in terms of section 33 39
(` crore) 16 of the MSMED Act, 2006, along with
As at As at the amount of the payment made to the
March 31, 2022 March 31, 2021 supplier beyond the appointed day during each
Security deposits 161 143 accounting year
Fair value of foreign exchange derivative assets 388 495 Amount of interest due and payable for the - -
Interest receivable 597 566 period of delay in making payment (which
Others 286 159 has been paid but beyond the appointed day
during the year) but without adding the interest
1,432 1,363
specified under the MSMED Act, 2006
Amount of interest accrued and remaining - -
unpaid
Amount of further interest remaining due and - -
payable even in the succeeding years, until
such date when the interest dues as above
are actually paid to the small enterprise, for
the purpose of disallowance as a deductible
expenditure under section 23 of MSMED Act,
2006*
449 / 522

(h) Trade payables (i) Other financial liabilities
Ageing for trade payables outstanding as at March 31, 2022 is as follows: Other financial liabilities consist of the following:
(` crore) Other financial liabilities – Non-current
Particulars Not Outstanding for following periods from due Total (` crore)
due date of payment As at As at
Less than 1-2 2-3 More than March 31, 2022 March 31, 2021
1 year years years 3 years Capital creditors 289 -
Trade payables Others 229 228
MSME* - - - - - - 518 228
Others 2,673 2,541 46 27 80 5,367
Disputed dues - Others - - - - 32 32 Others include advance taxes paid of `226 crore and `226 crore as at March 31,
2,673 2,541 46 27 112 5,399 2022 and 2021, respectively, by the seller of TCS e-Serve Limited (merged with the
Accrued expenses 4,683 Company) which, on refund by tax authorities is payable to the seller.
10,082
Other financial liabilities – Current
*MSME as per the Micro, Small and Medium Enterprises Development Act, 2006. (` crore)
As at As at
Ageing for trade payables outstanding as at March 31, 2021 is as follows: March 31, 2022 March 31, 2021
(` crore) Accrued payroll 3,914 3,029
Unclaimed dividends 46 50
Particulars Not Outstanding for following periods from due Total Fair value of foreign exchange derivative liabilities 128 92
due date of payment Capital creditors 723 347
Less than 1-2 2-3 More than Liabilities towards customer contracts 972 860
1 year years years 3 years Others 43 95
Trade payables 5,826 4,473
MSME* - - - - - -
Others 1,591 1,884 153 16 62 3,706
Disputed dues - Others - - - - 32 32
1,591 1,884 153 16 94 3,738
Accrued expenses 4,224
7,962
*MSME as per the Micro, Small and Medium Enterprises Development Act, 2006.
450 / 522

(j) Financial instruments by category The carrying value of financial instruments by categories as at March 31, 2021 is as
The carrying value of financial instruments by categories as at March 31, 2022 is as follows:
follows: (` crore)
(` crore) Fair value Fair value Derivative Derivative Amortised Total
Fair value Fair value Derivative Derivative Amortised Total through through other instruments instruments cost carrying
through through other instruments instruments cost carrying profit or comprehensive in hedging not in hedging value
profit or comprehensive in hedging not in hedging value loss income relationship relationship
loss income relationship relationship Financial assets
Financial assets Cash and cash equivalents - - - - 1,112 1,112
Cash and cash equivalents - - - - 8,197 8,197 Bank deposits - - - - 1,848 1,848
Bank deposits - - - - 5,300 5,300
Investments (other than in subsidiary) 884 26,909 - - 1,469 29,262 Investments (other than in subsidiary) 4,068 24,120 - - 136 28,324
Trade receivables Trade receivables
Billed - - - - 29,942 29,942 Billed - - - - 25,277 25,277
Unbilled - - - - 6,303 6,303 Unbilled - - - - 5,659 5,659
Loans - - - - 5,661 5,661 Loans - - - - 10,488 10,488
Other financial assets - - 124 264 1,670 2,058 Other financial assets - - 163 332 1,513 2,008
884 26,909 124 264 58,737 86,918
Financial liabilities 4,068 24,120 163 332 46,215 74,898
Trade payables - - - - 10,082 10,082 Financial liabilities
Lease liabilities - - - - 5,855 5,855 Trade payables - - - - 7,962 7,962
Other financial liabilities - - 22 106 6,216 6,344 Lease liabilities - - - - 5,912 5,912
- - 22 106 22,153 22,281 Other financial liabilities - - 2 90 4,609 4,701
- - 2 90 18,483 18,575
Loans include inter-corporate deposits of `5,386 crore, with original maturity period
within 10 months. Loans include inter-corporate deposits of `10,291 crore, with original maturity period
within 9 months.
Carrying amounts of cash and cash equivalents, trade receivables, loans and trade
payables as at March 31, 2022 and 2021, approximate the fair value due to their nature.
Carrying amounts of bank deposits, earmarked balances with banks, other financial
assets and other financial liabilities which are subsequently measured at amortised cost
also approximate the fair value due to their nature in each of the periods presented. Fair
value measurement of lease liabilities is not required. Fair value of investments carried
at amortised cost is `1,470 crore and `136 crore as at March 31, 2022 and 2021,
respectively.
451 / 522

(k) Fair value hierarchy (` crore)
The fair value hierarchy is based on inputs to valuation techniques that are As at March 31, 2022 Level 1 Level 2 Level 3 Total
used to measure fair value that are either observable or unobservable and Certificate of deposits 99 - - 99
consists of the following three levels: Commercial papers 381 - - 381
Treasury bills 990 990
• Level 1 - Inputs are quoted prices (unadjusted) in active markets for Fair value of foreign exchange derivative - 388 - 388
identical assets or liabilities. assets
• Level 2 - Inputs are other than quoted prices included within Level 1 that 29,263 388 - 29,651
are observable for the asset or liability, either directly (i.e. as prices) or Financial liabilities
indirectly (i.e. derived from prices). Fair value of foreign exchange derivative - 128 - 128
liabilities
• Level 3 - Inputs are not based on observable market data (unobservable - 128 - 128
inputs). Fair values are determined in whole or in part using a valuation
model based on assumptions that are neither supported by prices from (` crore)
observable current market transactions in the same instrument nor are As at March 31, 2021 Level 1 Level 2 Level 3 Total
they based on available market data. Financial assets
The cost of unquoted investments included in Level 3 of fair value hierarchy Mutual fund units 4,068 - - 4,068
approximate their fair value because there is a wide range of possible fair value Equity shares - - - -
measurements and the cost represents estimate of fair value within that range. Government bonds and securities 23,670 - - 23,670
The following table summarises financial assets and liabilities measured at fair Corporate bonds 450 - - 450
value on a recurring basis and financial assets that are not measured at fair Commercial papers 136 - - 136
value on a recurring basis (but fair value disclosures are required): Fair value of foreign exchange derivative - 495 - 495
(` crore) assets
As at March 31, 2022 Level 1 Level 2 Level 3 Total 28,324 495 - 28,819
Financial assets Financial liabilities
Mutual fund units 884 - - 884 Fair value of foreign exchange derivative - 92 - 92
Equity shares - - - - liabilities
Government bonds and securities 25,667 - - 25,667
- 92 - 92
Corporate bonds 1,242 - - 1,242
452 / 522

(l) Derivative financial instruments and hedging activity The movement in cash flow hedging reserve for derivatives designated as cash
flow hedges is as follows:
The Company’s revenue is denominated in various foreign currencies. Given (` crore)
the nature of the business, a large portion of the costs are denominated in Year ended Year ended
Indian Rupee. This exposes the Company to currency fluctuations. March 31, 2022 March 31, 2021
Intrinsic value Time value Intrinsic value Time value
The Board of Directors has constituted a Risk Management Committee (RMC)
Balance at the beginning of the year 56 (27) 45 (68)
to frame, implement and monitor the risk management plan of the Company
(Gain) / loss transferred to profit and (636) 525 (341) 530
which inter-alia covers risks arising out of exposure to foreign currency
loss on occurrence of forecasted hedge
fluctuations. Under the guidance and framework provided by the RMC, the transactions
Company uses various derivative instruments such as foreign exchange
Deferred tax on (gain) / loss transferred to 139 (122) 73 (125)
forward, currency options and futures contracts in which the counter party is profit and loss on occurrence of forecasted
generally a bank. hedge transactions
Change in the fair value of effective portion 599 (559) 355 (477)
The following are outstanding currency options contracts, which have been of cash flow hedges
designated as cash flow hedges: Deferred tax on change in the fair value of (131) 130 (76) 113
effective portion of cash flow hedges
Foreign currency As at March 31, 2022 As at March 31, 2021 Balance at the end of the year 27 (53) 56 (27)
No. of Notional Fair value No. of Notional Fair value
contracts amount of (` crore) contracts amount of (` crore) The Company has entered into derivative instruments not in hedging relationship by
contracts contracts way of foreign exchange forward, currency options and futures contracts. As at
(In million) (In million) March 31, 2022 and 2021, the notional amount of outstanding contracts aggregated
to `46,392 crore and `37,615 crore, respectively, and the respective fair value of these
US Dollar 63 1,635 44 63 1,615 51
contracts have a net gain of `158 crore and `242 crore.
Great Britain Pound 41 338 55 64 330 14
Exchange gain of `645 crore and `490 crore on foreign exchange forward, currency
Euro 53 382 25 60 346 78 options and futures contracts that do not qualify for hedge accounting have been
Australian Dollar 30 202 (21) 38 206 16 recognised in the standalone statement of profit and loss for the years ended
Canadian Dollar 25 137 (1) 23 114 2
453 / 522

Net foreign exchange gain include gain of `111 crore and loss of `189 crore Market risk
transferred from cash flow hedging reserve for the years ended March 31, 2022 and
2021, respectively. Market risk is the risk that the fair value or future cash flows of a financial
instrument will fluctuate because of changes in market prices. Such changes
Net loss on derivative instruments of `26 crore recognised in cash flow hedging reserve in the values of financial instruments may result from changes in the foreign
as at March 31, 2022, is expected to be transferred to the statement of profit and currency exchange rates, interest rates, credit, liquidity and other market
loss by March 31, 2023. The maximum period over which the exposure to cash flow changes. The Company’s exposure to market risk is primarily on account of
variability has been hedged is through calendar year 2022.
foreign currency exchange rate risk.
Following table summarises approximate gain / (loss) on the Company’s other
• Foreign currency exchange rate risk
comprehensive income on account of appreciation / depreciation of the underlying
foreign currencies: The fluctuation in foreign currency exchange rates may have potential
(` crore) impact on the statement of profit and loss and other comprehensive
As at As at income and equity, where any transaction references more than one
March 31, 2022 March 31, 2021 currency or where assets / liabilities are denominated in a currency other
10% Appreciation of the underlying foreign (387) (306) than the functional currency of the Company.
currencies Considering the countries and economic environment in which the
10% Depreciation of the underlying foreign 2,034 1,906 Company operates, its operations are subject to risks arising from
currencies fluctuations in exchange rates in those countries.
(m) Financial risk management The Company, as per its risk management policy, uses derivative
instruments primarily to hedge foreign exchange. Further, any movement
The Company is exposed primarily to fluctuations in foreign currency in the functional currency of the various operations of the Company
exchange rates, credit, liquidity and interest rate risks, which may adversely against major foreign currencies may impact the Company’s revenue in
impact the fair value of its financial instruments. The Company has a risk international business.
management policy which covers risks associated with the financial assets and
The Company evaluates the impact of foreign exchange rate fluctuations
liabilities. The risk management policy is approved by the Board of Directors.
by assessing its exposure to exchange rate risks. It hedges a part of
The focus of the risk management committee is to assess the unpredictability
these risks by using derivative financial instruments in line with its risk
of the financial environment and to mitigate potential adverse effects on the
management policies.
financial performance of the Company.
The foreign exchange rate sensitivity is calculated by aggregation of the
net foreign exchange rate exposure and a simultaneous parallel foreign
454 / 522

exchange rates shift of all the currencies by 10% against the functional • Interest rate risk
currency of the Company. The Company’s investments are primarily in fixed rate interest bearing
The following analysis has been worked out based on the net exposures investments. Hence, the Company is not significantly exposed to interest
of the Company as of the date of balance sheet which could affect the rate risk.
statements of profit and loss and other comprehensive income and equity. Credit risk
Further the exposure as indicated below is mitigated by some of the
Credit risk is the risk of financial loss arising from counterparty failure to repay
derivative contracts entered into by the Company as disclosed in note 6(l).
or service debt according to the contractual terms or obligations. Credit risk
The following table sets forth information relating to unhedged foreign encompasses of both, the direct risk of default and the risk of deterioration
currency exposure as at March 31, 2022: of creditworthiness as well as concentration of risks. Credit risk is controlled
(` crore) by analysing credit limits and creditworthiness of customers on a continuous
USD EUR GBP Others basis to whom the credit has been granted after obtaining necessary approvals
Net financial assets 515 89 147 1,709
for credit.
Net financial liabilities (8,981) (513) (1,403) (1,049) Financial instruments that are subject to concentrations of credit risk
10% appreciation / depreciation of the functional currency of the principally consist of trade receivables, loans, investments, derivative financial
Company with respect to various foreign currencies would result in instruments, cash and cash equivalents, bank deposits and other financial
assets. Inter-corporate deposits of `5,386 crore are with a financial institution
increase / decrease in the Company’s profit before taxes by approximately
having a high credit-rating assigned by credit-rating agencies. Bank deposits
`949 crore for the year ended March 31, 2022. include an amount of `4,800 crore held with three Indian banks having high
The following table sets forth information relating to unhedged foreign credit rating which is individually in excess of 10% or more of the Company’s
currency exposure as at March 31, 2021: total bank deposits as at March 31, 2022. None of the other financial
instruments of the Company result in material concentration of credit risk.
(` crore)
• Exposure to credit risk
USD EUR GBP Others
Net financial assets 3,981 (9) 264 1,390 The carrying amount of financial assets and contract assets represents
Net financial liabilities (3,053) (564) (608) (774) the maximum credit exposure. The maximum exposure to credit risk
was `90,388 crore and `77,949 crore as at March 31, 2022 and 2021,
10% appreciation / depreciation of the functional currency of the
respectively, being the total of the carrying amount of balances with
Company with respect to various foreign currencies would result in
banks, bank deposits, investments excluding equity and preference
increase / decrease in the Company’s profit before taxes by approximately investments, trade receivables, loans, contract assets and other financial
`63 crore for the year ended March 31, 2021. assets.
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The Company’s exposure to customers is diversified and no single Liquidity risk
customer contributes to more than 10% of outstanding trade receivable
Liquidity risk refers to the risk that the Company cannot meet its financial
and contract assets as at March 31, 2022 and March 31, 2021.
obligations. The objective of liquidity risk management is to maintain
• Geographic concentration of credit risk sufficient liquidity and ensure that funds are available for use as per
requirements. The Company consistently generated sufficient cash flows
allowances) and contract assets is as follows: from operations to meet its financial obligations including lease liabilities
as and when they fall due.
Gross% Net% Gross% Net% The tables below provide details regarding the contractual maturities of
significant financial liabilities as at:
United States of America 52.43 53.78 48.67 49.97
(` crore)
India 12.73 10.68 15.32 13.27
United Kingdom 16.47 16.84 17.05 17.42 1st year 2nd year to 5th year 5th year
Non-derivative financial liabilities
Trade payables 10,082 - - - 10,082
allowances) and contract assets is allocated based on the location of the Borrowings - - - - -
customers. Lease liabilities 1,345 1,186 2,460 2,732 7,723
The allowance for lifetime expected credit loss on trade receivables for Other financial liabilities 5,721 294 228 5 6,248
the years ended March 31, 2022 and 2021 was `96 crore and `176 17,148 1,480 2,688 2,737 24,053
crore, respectively. The reconciliation of allowance for doubtful trade Derivative financial liabilities 128 - - - 128
17,276 1,480 2,688 2,737 24,181
receivables is as follows:
(` crore)
(` crore)
Year ended Year ended 1st year 2nd year to 5th year 5th year
March 31, 2022 March 31, 2021 Non-derivative financial liabilities
Balance at the beginning of the year 1,082 938 Trade payables 7,962 - - - 7,962
Change during the year 96 176 Lease liabilities 1,239 1,157 2,590 3,098 8,084
Other financial liabilities 4,381 - 228 - 4,609
Bad debts written off (39) (30)
13,582 1,157 2,818 3,098 20,655
Translation Exchange difference (2) (2) Derivative financial liabilities 92 - - - 92
Balance at the end of the year 1,137 1,082 13,674 1,157 2,818 3,098 20,747
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(n) Equity instruments The Board of Directors at its meeting held on January 12, 2022, approved a
proposal to buy-back upto 4,00,00,000 equity shares of the Company for an
The authorised, issued, subscribed and fully paid up share capital consist of the aggregate amount not exceeding `18,000 crore, being 1.08% of the total paid
following: up equity share capital at `4,500 per equity share. The shareholders approved
(` crore) the same on February 12, 2022, by way of a special resolution through postal
As at As at ballot. A Letter of Offer was made to all eligible shareholders. The Company
March 31, 2022 March 31, 2021 bought back 4,00,00,000 equity shares out of the shares that were tendered
Authorised by eligible shareholders and extinguished the equity shares on March 29,
460,05,00,000 equity shares of `1 each 460 460 2022. Capital redemption reserve was created to the extent of share capital
(March 31, 2021: 460,05,00,000 equity shares extinguished (`4 crore). The excess cost of buy-back of `18,049 crore
of `1 each) (including `49 crore towards transaction cost of buy-back) over par value of
105,02,50,000 preference shares of `1 each 105 105 shares and corresponding tax on buy-back of `4,192 crore were offset from
(March 31, 2021: 105,02,50,000 preference retained earnings.
shares of `1 each)
565 565 I. Reconciliation of number of shares
Issued, Subscribed and Fully paid up
365,90,51,373 equity shares of `1 each 366 370
(March 31, 2021: 369,90,51,373 equity shares Number of Amount Number of Amount
of `1 each) shares (` crore) shares (` crore)
366 370 Equity shares
Opening balance 369,90,51,373 370 375,23,84,706 375
The Company’s objective for capital management is to maximise shareholder
Shares extinguished on buy-back (4,00,00,000) (4) (5,33,33,333) (5)
value, safeguard business continuity and support the growth of the Company.
The Company determines the capital requirement based on annual operating Closing balance 365,90,51,373 366 369,90,51,373 370
plans and long-term and other strategic investment plans. The funding
requirements are met through equity and operating cash flows generated. The II. Rights, preferences and restrictions attached to shares
Company is not subject to any externally imposed capital requirements. The Company has one class of equity shares having a par value of `1 each.
Each shareholder is eligible for one vote per share held and carry a right to
dividend. The dividend proposed by the Board of Directors is subject to the
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approval of the shareholders in the ensuing Annual General Meeting, except IV. Details of shares held by shareholders holding more than 5% of the
in case of interim dividend. In the event of liquidation, the equity shareholders aggregate shares in the Company
are eligible to receive the remaining assets of the Company after distribution As at As at
of all preferential amounts, in proportion to their shareholding. March 31, 2022 March 31, 2021
III. Shares held by Holding company, its Subsidiaries and Associates Equity shares
Tata Sons Private Limited, the holding 264,43,17,117 266,91,25,829
(` crore) company
As at As at
% of shareholding 72.27% 72.16%
March 31, 2022 March 31, 2021
Equity shares V. Equity shares movement during the 5 years preceding March 31, 2022
Holding company
• Equity shares issued as bonus
264,43,17,117 equity shares (March 31, 2021: 264 267
266,91,25,829 equity shares) are held by Tata The Company allotted 191,42,87,591 equity shares as fully paid up bonus
Sons Private Limited shares by capitalisation of profits transferred from retained earnings
Subsidiaries and Associates of Holding company amounting to `86 crore and capital redemption reserve amounting to
7,220 equity shares (March 31, 2021: 7,220 - - `106 crore in three month period ended June 30, 2018, pursuant to
equity shares) are held by Tata Industries Limited* an ordinary resolution passed after taking the consent of shareholders
10,14,172 equity shares (March 31, 2021: - - through postal ballot.
10,23,685 equity shares) are held by Tata
Investment Corporation Limited*
• Equity shares extinguished on buy-back
46,798 equity shares (March 31, 2021: 46,798 - - The Company bought back 4,00,00,000 equity shares for an aggregate
equity shares) are held by Tata Steel Limited* amount of `18,000 crore being 1.08% of the total paid up equity share
766 equity shares (March 31, 2021: 766 equity - - capital at `4,500 per equity share. The equity shares bought back were
shares) are held by The Tata Power Company extinguished on March 29, 2022.
Limited*
264 267 The Company bought back 5,33,33,333 equity shares for an aggregate
*Equity shares having value less than `0.50 crore. capital at `3,000 per equity share. The equity shares bought back were
extinguished on January 6, 2021.
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The Company bought back 7,61,90,476 equity shares for an aggregate 7) Leases
amount of `16,000 crore being 1.99% of the total paid up equity share A contract is, or contains, a lease if the contract conveys the right to
capital at `2,100 per equity share. The equity shares bought back were control the use of an identified asset for a period of time in exchange for
extinguished on September 26, 2018. consideration.
The Company bought back 5,61,40,350 equity shares for an aggregate Company as a lessee
The Company accounts for each lease component within the contract as a
capital at `2,850 per equity share. The equity shares bought back were lease separately from non-lease components of the contract and allocates
extinguished on June 7, 2017. the consideration in the contract to each lease component on the basis of
the relative standalone price of the lease component and the aggregate
VI. Disclosure of Shareholding of Promoters standalone price of the non-lease components.
Disclosure of shareholding of promoters as at March 31, 2022 is as follows:
The Company recognises right-of-use asset representing its right to use the
Promoter name Shares held by promoters % underlying asset for the lease term at the lease commencement date. The
As at As at Change cost of the right-of-use asset measured at inception shall comprise of the
March 31, 2022 March 31, 2021 during
the amount of the initial measurement of the lease liability adjusted for any lease
No. of shares % of No. of shares % of year payments made at or before the commencement date less any lease incentives
total total received, plus any initial direct costs incurred and an estimate of costs to be
shares shares incurred by the lessee in dismantling and removing the underlying asset or
Tata Sons Private Limited 264,43,17,117 72.27% 266,91,25,829 72.16% 0.11% restoring the underlying asset or site on which it is located. The right-of-use
Total 264,43,17,117 72.27% 266,91,25,829 72.16% 0.11% asset is subsequently measured at cost less any accumulated depreciation,
accumulated impairment losses, if any and adjusted for any remeasurement of
Disclosure of shareholding of promoters as at March 31, 2021 is as follows: the lease liability. The right-of-use asset is depreciated using the
Promoter name Shares held by promoters % straight-line method from the commencement date over the shorter of lease
As at As at Change term or useful life of right-of-use asset. The estimated useful lives of
March 31, 2021 March 31, 2020 during
right-of-use assets are determined on the same basis as those of property,
the
No. of shares % of No. of shares % of year plant and equipment. Right-of-use assets are tested for impairment whenever
total total there is any indication that their carrying amounts may not be recoverable.
shares shares Impairment loss, if any, is recognised in the statement of profit and loss.
Tata Sons Private Limited 266,91,25,829 72.16% 270,24,50,947 72.02% 0.14%
The Company measures the lease liability at the present value of the lease
Total 266,91,25,829 72.16% 270,24,50,947 72.02% 0.14% payments that are not paid at the commencement date of the lease. The lease
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payments are discounted using the interest rate implicit in the lease, if that over the lease term. In case of a finance lease, finance income is recognised
rate can be readily determined. If that rate cannot be readily determined, the over the lease term based on a pattern reflecting a constant periodic rate
Company uses incremental borrowing rate. For leases with reasonably similar of return on the lessor’s net investment in the lease. When the Company is
characteristics, the Company, on a lease-by-lease basis, may adopt either the an intermediate lessor it accounts for its interests in the head lease and the
incremental borrowing rate specific to the lease or the incremental borrowing sub-lease separately. It assesses the lease classification of a sub-lease with
rate for the portfolio as a whole. The lease payments shall include fixed reference to the right-of-use asset arising from the head lease, not with
payments, variable lease payments, residual value guarantees, exercise price reference to the underlying asset. If a head lease is a short-term lease to
of a purchase option where the Company is reasonably certain to exercise which the Company applies the exemption described above, then it classifies
that option and payments of penalties for terminating the lease, if the lease the sub-lease as an operating lease.
term reflects the lessee exercising an option to terminate the lease. The lease
liability is subsequently remeasured by increasing the carrying amount to If an arrangement contains lease and non-lease components, the Company
reflect interest on the lease liability, reducing the carrying amount to reflect applies Ind AS 115 Revenue from contracts with customers to allocate the
the lease payments made and remeasuring the carrying amount to reflect any consideration in the contract.
reassessment or lease modifications or to reflect revised in-substance fixed The details of the right-of-use assets held by the Company is as follows:
lease payments. The Company recognises the amount of the re-measurement
of lease liability due to modification as an adjustment to the right-of-use asset (` crore)
and statement of profit and loss depending upon the nature of modification. Additions Net carrying
Where the carrying amount of the right-of-use asset is reduced to zero for the year ended amount as at
and there is a further reduction in the measurement of the lease liability, March 31, 2022 March 31, 2022
the Company recognises any remaining amount of the re-measurement in Leasehold land 100 774
statement of profit and loss. Buildings 779 4,860
The Company has elected not to apply the requirements of Ind AS 116 Leases Leasehold improvement - 4
to short-term leases of all assets that have a lease term of 12 months or less Computer equipment 3 66
and leases for which the underlying asset is of low value. The lease payments Software licences 145 133
associated with these leases are recognised as an expense on a straight-line Vehicles* - -
basis over the lease term. 1,027 5,837
Company as a lessor
At the inception of the lease the Company classifies each of its leases as
either an operating lease or a finance lease. The Company recognises lease
payments received under operating leases as income on a straight-line basis
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(` crore) Interest on lease liabilities is `451 crore and `450 crore for the years ended
Additions Net carrying
for the year ended amount as at The Company incurred `162 crore and `189 crore for the years ended
March 31, 2021 March 31, 2021 March 31, 2022 and 2021, respectively, towards expenses relating to
Leasehold land - 682
short-term leases and leases of low-value assets.
Buildings 840 5,083 The total cash outflow for leases is `1,561 crore and `1,619 crore for the
years ended March 31, 2022 and 2021, respectively, including cash outflow
Leasehold improvement 6 6
for short term and low value leases.
Computer equipment 81 79
The Company has lease term extension options that are not reflected in the
Software licences 26 25 measurement of lease liabilities. The present value of future cash outflows for
Vehicles 1 1 such extension periods is `722 crore and `660 crore as at March 31, 2022
954 5,876
Lease contracts entered by the Company majorly pertains for buildings taken
Depreciation on right-of-use assets is as follows: on lease to conduct its business in the ordinary course. The Company does
not have any lease restrictions and commitment towards variable rent as per
(` crore) the contract.
March 31, 2022 March 31, 2021 8) Non-financial assets and non-financial liabilities
Leasehold land 9 8
(a) Property, plant and equipment
Buildings 991 995
Leasehold improvement 3 3 Property, plant and equipment are stated at cost comprising of purchase price
Computer equipment 15 3 and any initial directly attributable cost of bringing the asset to its working
Software licences 38 1
condition for its intended use, less accumulated depreciation (other than
freehold land) and impairment loss, if any.
Vehicles 1 1
1,057 1,011 Depreciation is provided for property, plant and equipment on a straight-line
basis so as to expense the cost less residual value over their estimated useful
lives based on a technical evaluation. The estimated useful lives and residual
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values are reviewed at the end of each reporting period, with the effect of any Depreciation is not recorded on capital work-in-progress until construction
change in estimate accounted for on a prospective basis. and installation are complete and the asset is ready for its intended use.
The estimated useful lives are as mentioned below: Property, plant and equipment with finite life are evaluated for recoverability
whenever there is any indication that their carrying amounts may not be
Type of asset Useful lives recoverable. If any such indication exists, the recoverable amount (i.e. higher
of the fair value less cost to sell and the value-in-use) is determined on an
Buildings 20 years
individual asset basis unless the asset does not generate cash flows that are
Leasehold improvements Lease term largely independent of those from other assets. In such cases, the recoverable
Plant and equipment 10 years amount is determined for the cash generating unit (CGU) to which the asset
Computer equipment 4 years belongs.
Vehicles 4 years If the recoverable amount of an asset (or CGU) is estimated to be less than
Office equipment 2-5 years its carrying amount, the carrying amount of the asset (or CGU) is reduced to
Electrical installations 4-10 years its recoverable amount. An impairment loss is recognised in the statement of
profit and loss.
Furniture and fixtures 5 years
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Property, plant and equipment consist of the following:
(` crore)
Cost as at April 1, 2021 323 7,688 1,817 718 8,781 36 2,302 1,883 1,509 25,057
Additions - 51 86 35 1,606 - 160 33 41 2,012
Disposals - (2) (18) (1) (462) (1) (67) (44) (38) (633)
Cost as at March 31, 2022 323 7,737 1,885 752 9,925 35 2,395 1,872 1,512 26,436
Depreciation - (391) (131) (73) (1,172) (3) (151) (140) (99) (2,160)
Disposals - 2 18 - 460 1 67 43 38 629
Capital work-in-progress* 1,146
Total 10,815
(` crore)
Cost as at April 1, 2020 323 7,628 1,824 667 7,273 39 2,263 1,882 1,510 23,409
Additions - 71 53 51 1,610 2 77 28 29 1,921
Disposals - (11) (60) - (102) (5) (38) (27) (30) (273)
Cost as at March 31, 2021 323 7,688 1,817 718 8,781 36 2,302 1,883 1,509 25,057
Depreciation - (387) (126) (69) (909) (4) (170) (143) (115) (1,923)
Disposals - 8 60 - 96 5 37 25 30 261
Capital work-in-progress* 861
Total 10,682
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Capital work-in-progress Intangible assets with finite life are evaluated for recoverability whenever there
is any indication that their carrying amounts may not be recoverable. If any
• Capital work-in-progress ageing such indication exists, the recoverable amount (i.e. higher of the fair value less
Ageing for capital work-in-progress as at March 31, 2022 is as follows: cost to sell and the value-in-use) is determined on an individual asset basis
(` crore) unless the asset does not generate cash flows that are largely independent of
Capital work-in-progress Amount in capital work-in-progress for a period of Total those from other assets. In such cases, the recoverable amount is determined
Less than 1-2 2-3 More than for the cash generating unit (CGU) to which the asset belongs.
1 year years years 3 years If the recoverable amount of an asset (or CGU) is estimated to be less than
Projects in progress 639 97 37 373 1,146 its carrying amount, the carrying amount of the asset (or CGU) is reduced to
639 97 37 373 1,146 its recoverable amount. An impairment loss is recognised in the statement of
profit and loss.
Ageing for capital work-in-progress as at March 31, 2021 is as follows: Intangible assets consist of the following:
(` crore)
(` crore)
Capital work-in-progress Amount in capital work-in-progress for a period of Total
Less than 1-2 2-3 More than Rights under licensing
1 year years years 3 years agreement and software licences
Projects in progress 423 60 41 337 861 Cost as at April 1, 2021 580
423 60 41 337 861 Additions 961
Disposals / Derecognised (11)
• Project execution plans are modulated basis capacity requirement Cost as at March 31, 2022 1,530
assessment on an annual basis and all the projects are executed as per Accumulated amortisation as at April 1, 2021 (218)
rolling annual plan.
Amortisation (305)
(b) Intangible assets Disposals / Derecognised 11
Intangible assets purchased are measured at cost as at the date of acquisition, Accumulated amortisation as at March 31, 2021 (512)
as applicable, less accumulated amortisation and accumulated impairment, if Net carrying amount as at March 31, 2022 1,018
any.
Intangible assets consist of rights under licensing agreement and software
licences which are amortised over licence period which equates the economic
useful life ranging between 2-5 years on a straight-line basis over the period
of its economic useful life.
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(` crore) (c) Other assets
Rights under licensing Other assets consist of the following:
agreement and software licences Other assets – Non-current
Cost as at April 1, 2020 401 (` crore)
Additions 242 As at As at
Disposals / Derecognised (63) March 31, 2022 March 31, 2021
Cost as at March 31, 2021 580 Considered good
Accumulated amortisation as at April 1, 2020 (162) Capital advances 75 65
Amortisation (119)
Advances to related parties 23 33
Disposals / Derecognised 63
Contract assets 136 120
Accumulated amortisation as at March 31, 2021 (218)
Net carrying amount as at March 31, 2021 362 Prepaid expenses 1,197 527
Contract fulfillment costs 81 137
The estimated amortisation for years subsequent to March 31, 2022 is as Others 285 391
follows:
1,797 1,273
(` crore)
Advances to related parties, considered good,
Year ending March 31, Amortisation expense
comprise:
2023 421
Voltas Limited -* 2
2024 375
2025 203 Tata Realty and Infrastructure Ltd -* -*
2026 19 Tata Projects Limited 23 30
1,018 Titan Engineering and Automation Limited -* -*
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Other assets – Current Contract fulfillment costs of `564 crore and `358 crore for the years
(` crore) ended March 31, 2022 and 2021, respectively, have been amortised in the
As at As at standalone statement of profit and loss. Refer note 10 for the changes in
March 31, 2022 March 31, 2021 contract asset.
Considered good
(d) Inventories
Advance to related parties 8 10 Inventories consists of a) Raw materials, sub-assemblies and components,
Contract assets 3,334 2,931 b) Work-in-progress, c) Stores and spare parts and d) Finished goods.
Prepaid expenses 2,735 4,260 Inventories are carried at lower of cost and net realisable value. The cost of
Prepaid rent 7 6 raw materials, sub-assemblies and components is determined on a weighted
Contract fulfillment costs 616 534 average basis. Cost of finished goods produced or purchased by the Company
Indirect taxes recoverable 1,001 1,172 includes direct material and labour cost and a proportion of manufacturing
Others 214 221 overheads.
Considered doubtful
Inventories consist of the following:
(` crore)
Other advances 2 2
Less: Allowance on doubtful assets (4) (5) As at As at
March 31, 2022 March 31, 2021
8,032 9,217
Advance to related parties, considered good Raw materials, sub-assemblies and components 16 7
comprise: Finished goods and work-in-progress 3 -*
The Titan Company Limited - 2 19 7
Tata AIG General Insurance Company Limited 1 1
Tata Sons Private Limited 7 7 *Represents value less than `0.50 crore.
Non-current – Others includes advance of `271 crore and `369 crore

towards acquiring right-of-use of leasehold land as at March 31, 2022 and
2021, respectively.
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(e) Other liabilities 9) Other equity
Other liabilities consist of the following: Other equity consist of the following:
Other liabilities – Current (` crore)
March 31, 2022 March 31, 2021 Capital reserve* - -
Advance received from customers 473 156 Capital redemption reserve
Indirect taxes payable and other statutory 2,271 2,537 Opening balance 13 8
liabilities Transfer from retained earnings 4 5
Tax liability on buy-back of equity shares* 4,192 - 17 13
Others 97 27 Special Economic Zone re-investment
reserve
7,033 2,720
*Refer note 6(n). Transfer from retained earnings 9,407 5,058
Transfer to retained earnings (4,658) (4,114)
(f) Provisions 7,287 2,538
Provisions consist of the following:
Retained earnings
Provisions – Current
(` crore)
Profit for the year 38,187 30,960
As at As at Remeasurement of defined employee benefit 141 (13)
March 31, 2022 March 31, 2021 plans
Provision towards legal claim (Refer note 19) 1,249 1,211 Expenses for buy-back of equity shares1
(49) (31)
Provision for foreseeable loss 125 127 Tax on buy-back of equity shares1 (4,192) (3,726)
Buy-back of equity shares1 (17,996) (15,995)
Other provisions 3 12
Transfer from Special Economic Zone 4,658 4,114
1,377 1,350 re-investment reserve
91,677 86,841
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(` crore) Revenue is recognised upon transfer of control of promised products or
As at As at services to customers in an amount that reflects the consideration which the
March 31, 2022 March 31, 2021 Company expects to receive in exchange for those products or services.
Less: Appropriations • Revenue from time and material and job contracts is recognised on
Dividend on equity shares 13,317 10,850 output basis measured by units delivered, efforts expended, number of
Transfer to capital redemption reserve1 4 5 transactions processed, etc.
Transfer to Special Economic Zone 9,407 5,058
• Revenue related to fixed price maintenance and support services
contracts where the Company is standing ready to provide services is
68,949 70,928
recognised based on time elapsed mode and revenue is straight-lined
Investment revaluation reserve over the period of performance.
• In respect of other fixed-price contracts, revenue is recognised using
percentage-of-completion method (‘POC method’) of accounting
580 916
with contract costs incurred determining the degree of completion of
Cash flow hedging reserve (Refer note 6(l)) the performance obligation. The contract costs used in computing the
Opening balance 29 (23) revenues include cost of fulfilling warranty obligations.
• Revenue from the sale of distinct internally developed software and
(26) 29
manufactured systems and third party software is recognised upfront
76,807 74,424 at the point in time when the system / software is delivered to the
customer. In cases where implementation and / or customisation services
rendered significantly modifies or customises the software, these services
1
Refer Note 6(n). and software are accounted for as a single performance obligation and
10) Revenue recognition revenue is recognised over time on a POC method.
• Revenue from the sale of distinct third party hardware is recognised at
The Company earns revenue primarily from providing IT services, consulting
the point in time when control is transferred to the customer.
and business solutions. The Company offers a consulting-led, cognitive
powered, integrated portfolio of IT, business and engineering services and • The solutions offered by the Company may include supply of third-party
solutions. equipment or software. In such cases, revenue for supply of such third
party products are recorded at gross or net basis depending on whether
468 / 522

the Company is acting as the principal or as an agent of the customer. of variable considerations to all the performance obligations of the contract
The Company recognises revenue in the gross amount of consideration unless there is observable evidence that they pertain to one or more distinct
when it is acting as a principal and at net amount of consideration when it performance obligations.
is acting as an agent.
The Company exercises judgement in determining whether the performance
Revenue is measured based on the transaction price, which is the obligation is satisfied at a point in time or over a period of time. The Company
consideration, adjusted for volume discounts, service level credits, considers indicators such as how customer consumes benefits as services
performance bonuses, price concessions and incentives, if any, as specified in are rendered or who controls the asset as it is being created or existence
the contract with the customer. Revenue also excludes taxes collected from of enforceable right to payment for performance to date and alternate use
customers. of such product or service, transfer of significant risks and rewards to the
customer, acceptance of delivery by the customer, etc.
The Company’s contracts with customers could include promises to transfer
multiple products and services to a customer. The Company assesses the Revenue from subsidiaries is recognised based on transaction price which is at
products / services promised in a contract and identifies distinct performance arm’s length.
obligations in the contract. Identification of distinct performance obligation
involves judgement to determine the deliverables and the ability of the Contract fulfilment costs are generally expensed as incurred except for certain
customer to benefit independently from such deliverables. software licence costs which meet the criteria for capitalisation. Such costs are
amortised over the contractual period or useful life of licence, whichever is
Judgement is also required to determine the transaction price for the less. The assessment of this criteria requires the application of judgement, in
contract and to ascribe the transaction price to each distinct performance particular when considering if costs generate or enhance resources to be used
obligation. The transaction price could be either a fixed amount of customer to satisfy future performance obligations and whether costs are expected to
consideration or variable consideration with elements such as volume be recovered.
discounts, service level credits, performance bonuses, price concessions and
incentives. The transaction price is also adjusted for the effects of the time Contract assets are recognised when there are excess of revenues earned
value of money if the contract includes a significant financing component. Any over billings on contracts. Contract assets are classified as unbilled receivables
consideration payable to the customer is adjusted to the transaction price, (only act of invoicing is pending) when there is unconditional right to receive
unless it is a payment for a distinct product or service from the customer. The cash, and only passage of time is required, as per contractual terms.
estimated amount of variable consideration is adjusted in the transaction price
only to the extent that it is highly probable that a significant reversal in the Unearned and deferred revenue (“contract liability”) is recognised when there
amount of cumulative revenue recognised will not occur and is reassessed are billings in excess of revenues.
at the end of each reporting period. The Company allocates the elements
469 / 522

The billing schedules agreed with customers include periodic performance Revenue disaggregation by industry vertical is as follows:
based payments and / or milestone based progress payments. Invoices are (` crore)
payable within contractually agreed credit period. Year ended Year ended
March 31, 2022 March 31, 2021
In accordance with Ind AS 37, the Company recognises an onerous contract Banking, Financial Services and Insurance 58,614 51,189
provision when the unavoidable costs of meeting the obligations under a Manufacturing 14,576 11,747
contract exceed the economic benefits to be received. Retail and Consumer Business 26,966 22,219
Communication, Media and Technology 28,778 24,243
Contracts are subject to modification to account for changes in contract
Life Sciences and Healthcare 18,341 14,920
specification and requirements. The Company reviews modification to contract
in conjunction with the original contract, basis which the transaction price Others 13,066 11,645
could be allocated to a new performance obligation, or transaction price of an 1,60,341 1,35,963
existing obligation could undergo a change. In the event transaction price is
revised for existing obligation, a cumulative adjustment is accounted for. Revenue disaggregation by geography is as follows:
(` crore)
The Company disaggregates revenue from contracts with customers by nature
of services, industry verticals and geography. March 31, 2022 March 31, 2021
Americas
Revenue disaggregation by nature of services is as follows:
North Ame rica 90,630 76,510
(` crore)
Latin America 314 288
March 31, 2022 March 31, 2021 Europe
Consultancy services 1,59,106 1,34,585 United Kingdom 27,595 22,913
Sale of equipment and software licences 1,235 1,378 Continental Europe 17,595 15,364
1,60,341 1,35,963 Asia Pacific 11,178 9,839
India 9,547 8,102
Middle East and Africa 3,482 2,947
1,60,341 1,35,963
Geographical revenue is allocated based on the location of the customers.
470 / 522

Information about major customers Changes in contract assets are as follows:
No single customer represents 10% or more of the Company’s total revenue (` crore)
during the years ended March 31, 2022 and 2021. Year ended Year ended
March 31, 2022 March 31, 2021
While disclosing the aggregate amount of transaction price yet to be Balance at the beginning of the year 3,051 3,486
recognised as revenue towards unsatisfied (or partially) satisfied performance
Invoices raised that were included in the (2,464) (2,795)
obligations, along with the broad time band for the expected time to recognise
contract assets balance at the beginning of the
those revenues, the Company has applied the practical expedient in year
Ind AS 115. Accordingly, the Company has not disclosed the aggregate
Increase due to revenue recognised during the 2,828 2,332
transaction price allocated to unsatisfied (or partially satisfied) performance
year, excluding amounts billed during the year
obligations which pertain to contracts where revenue recognised corresponds
to the value transferred to customer typically involving time and material, Translation exchange difference 55 28
outcome based and event based contracts. Balance at the end of the year 3,470 3,051
Unsatisfied (or partially satisfied) performance obligations are subject to

variability due to several factors such as terminations, changes in scope of Changes in unearned and deferred revenue are as follows:
contracts, periodic revalidations of the estimates, economic factors (changes in (` crore)
currency rates, tax laws etc). The aggregate value of transaction price allocated Year ended Year ended
to unsatisfied (or partially satisfied) performance obligations is `93,546 crore March 31, 2022 March 31, 2021
out of which 56.71% is expected to be recognised as revenue in the next year Balance at the beginning of the year 3,161 2,915
and the balance thereafter. No consideration from contracts with customers is
excluded from the amount mentioned above. Revenue recognised that was included in the (2,311) (2,388)
contract liability balance at the beginning of the
year
Increase due to invoicing during the year, 2,735 2,602
excluding amounts recognised as revenue
during the year
Translation exchange difference (12) 32
471 / 522

Reconciliation of revenue recognised with the contracted price is as follows: (` crore)
Year ended Year ended Net foreign exchange gain 1,068 428
March 31, 2022 March 31, 2021 Rent income 21 7
Other income 81 68
Contracted price 1,62,898 1,38,292
7,486 5,400
Reductions towards variable consideration (2,557) (2,329) Interest income comprise:
components Interest on bank balances and bank deposits 256 107
Revenue recognised 1,60,341 1,35,963 Interest on financial assets carried at amortised 481 500
cost
Interest on financial assets carried at fair value 1,818 1,762
The reduction towards variable consideration comprises of volume discounts, service through OCI
level credits, etc. Other interest (including interest on tax refunds) - 14
11) Other income Dividend income comprise:

Dividend from subsidiaries 3,548 2,213
Dividend income is recorded when the right to receive payment is established.
Interest income is recognised using the effective interest method. 12) Employee benefits
Defined benefit plans
Other income consist of the following:
(` crore) For defined benefit plans, the cost of providing benefits is determined using
Year ended Year ended the Projected Unit Credit Method, with actuarial valuations being carried out
March 31, 2022 March 31, 2021 at each balance sheet date. Remeasurement, comprising actuarial gains and
Interest income 2,555 2,383 losses, the effect of the changes to the asset ceiling and the return on plan
Dividend income 3,548 2,213 assets (excluding interest), is reflected immediately in the balance sheet with
Net gain on disposal / fair valuation of 186 193 a charge or credit recognised in other comprehensive income in the period in
investments carried at fair value through profit which they occur. Past service cost, both vested and unvested, is recognised
or loss
as an expense at the earlier of (a) when the plan amendment or curtailment
Net gain on disposal of property, plant and 25 19
occurs; and (b) when the entity recognises related restructuring costs or
equipment
Net gain on lease modification 2 89 termination benefits.
472 / 522

The retirement benefit obligations recognised in the balance sheet represents services are recognised as undiscounted liability at the balance sheet date.
the present value of the defined benefit obligations reduced by the fair value Compensated absences which are not expected to occur within twelve months
of scheme assets. Any asset resulting from this calculation is limited to the after the end of the period in which the employee renders the related services
present value of available refunds and reductions in future contributions to the are recognised as an actuarially determined liability at the present value of the
scheme. defined benefit obligation at the balance sheet date.
The Company provides benefits such as gratuity, pension and provident fund Employee benefit expenses consist of the following:
(Company managed fund) to its employees which are treated as defined (` crore)
benefit plans.
Defined contribution plans March 31, 2022 March 31, 2021
Contributions to defined contribution plans are recognised as expense when Salaries, incentives and allowances 73,115 63,006
employees have rendered services entitling them to such benefits. Contributions to provident and other funds 5,734 4,321
The Company provides benefits such as superannuation and foreign defined Staff welfare expenses 2,248 1,719
contribution plans to its employees which are treated as defined contribution 81,097 69,046
plans.
Short-term employee benefits Employee benefit obligations consist of the following:
All employee benefits payable wholly within twelve months of rendering Employee benefit obligations – Non-current
the service are classified as short-term employee benefits. Benefits such (` crore)
as salaries, wages etc. and the expected cost of ex-gratia are recognised As at As at
in the period in which the employee renders the related service. A liability March 31, 2022 March 31, 2021
is recognised for the amount expected to be paid when there is a present
Foreign defined benefit plans 25 19
legal or constructive obligation to pay this amount as a result of past service
provided by the employee and the obligation can be estimated reliably. Other employee benefit obligations 78 89
103 108
Compensated absences
Compensated absences which are expected to occur within twelve months
after the end of the period in which the employee renders the related
473 / 522

Employee benefit obligations – Current Employee benefit plans consist of the following:
(` crore)
Gratuity and pension
As at As at
March 31, 2022 March 31, 2021
In accordance with Indian law, the Company operates a scheme of gratuity
Compensated absences 2,802 2,558 which is a defined benefit plan. The gratuity plan provides for a lump sum
Other employee benefit obligations 42 40 payment to vested employees at retirement, death while in employment or on
2,844 2,598 termination of employment of an amount equivalent to 15 to 30 days’ salary
payable for each completed year of service. Vesting occurs upon completion
of five continuous years of service. The Company manages the plan through
a trust. Trustees administer contributions made to the trust. Certain overseas
branches of the Company also provide for retirement benefit plans in
accordance with the local laws.
474 / 522

The following table sets out the details of the defined benefit retirement plans and the amounts recognised in the financial statements:
(` crore)
Domestic Foreign plans Foreign plans Total Domestic Foreign plans Foreign plans Total
plans Funded Funded Unfunded plans Funded Funded Unfunded
Change in benefit obligations
Benefit obligations, beginning of the year 4,313 1 19 4,333 3,636 2 16 3,654
Translation exchange difference - - 1 1 - - - -
Changes due to inter-company transfers (3) - - (3) - - - -
Service cost 536 - 5 541 460 - 4 464
Interest cost 296 - - 296 244 - - 244
Remeasurement of the net defined benefit (190) - 5 (185) 135 - - 135
liability
Benefits paid (488) - (5) (493) (162) (1) (1) (164)
Benefit obligations, end of the year 4,464 1 25 4,490 4,313 1 19 4,333
(` crore)
Change in plan assets
Fair value of plan assets, beginning of the 4,704 1 - 4,705 3,641 2 - 3,643
year
Changes due to inter-company transfers (3) - - (3) - - - -
Interest income 334 - - 334 269 - - 269
Employers’ contributions 975 - - 975 837 - - 837
Benefits paid (488) - - (488) (162) (1) - (163)
Remeasurement - return on plan assets (5) - - (5) 119 - - 119
excluding amount included in interest income
Fair value of plan assets, end of the year 5,517 1 - 5,518 4,704 1 - 4,705
475 / 522
(` crore)
Funded status
Deficit of plan assets over obligations - - (25) (25) - - (19) (19)
Surplus of plan assets over obligations 1,053 - - 1,053 391 - - 391
1,053 - (25) 1,028 391 - (19) 372
(` crore)
Category of assets
Corporate bonds 1,696 - - 1,696 1,408 - - 1,408
Equity instruments 66 - - 66 29 - - 29
Government bonds and securities 2,624 - - 2,624 2,257 - - 2,257
Insurer managed funds 981 1 - 982 909 1 - 910
Bank balances 5 - - 5 2 - - 2
Others 145 - - 145 99 - - 99
5,517 1 - 5,518 4,704 1 - 4,705
476 / 522

Net periodic gratuity cost, included in employee cost consists of the following components:
(` crore)
Service cost 536 - 5 541 460 - 4 464
Net interest on net defined benefit asset (38) - - (38) (25) - - (25)
Net periodic gratuity / pension cost 498 - 5 503 435 - 4 439
Actual return on plan assets 329 - - 329 388 - - 388
Remeasurement of the net defined benefit (asset) / liability:
(` crore) (` crore)
Domestic Foreign Foreign plans Total Domestic Foreign Foreign plans Total
plans Funded plans Funded Unfunded plans Funded plans Funded Unfunded
Actuarial (gains) and losses arising from (20) - 2 (18) Actuarial losses arising from changes in 24 - - 24
changes in demographic assumptions demographic assumptions
Actuarial gains arising from changes in (165) - (1) (166) Actuarial gains arising from changes in (32) - - (32)
financial assumptions financial assumptions
Actuarial (gains) and losses arising from (5) - 4 (1) Actuarial losses arising from changes in 143 - - 143
changes in experience adjustments experience adjustments
Remeasurement of the net defined (190) - 5 (185) Remeasurement of the net defined 135 - - 135
benefit liability benefit liability
Remeasurement - return on plan assets 5 - - 5 Remeasurement - return on plan assets (119) - - (119)
excluding amount included in interest excluding amount included in interest
income income
(185) - 5 (180) 16 - - 16
477 / 522

The assumptions used in accounting for the defined benefit plan are set out below:
Domestic plans Foreign plans Domestic plans Foreign plans
Discount rate 7.00% 1.50%-2.70% 6.50% 0.50%-2.00%
Rate of increase in compensation levels of covered employees 6.00% 2.24%-3.80% 6.00% 1.83%-3.45%
Rate of return on plan assets 7.00% 1.50%-2.70% 6.50% 0.50%-2.00%
Weighted average duration of defined benefit obligations 8 years 3-6.4 years 10 years 3-6.9 years
Future mortality assumptions are taken based on the published statistics by If the discount rate increases / decreases by 0.50%, the defined benefit
the Insurance Regulatory and Development Authority of India. obligations would increase / (decrease) as follows:
The expected benefits are based on the same assumptions as are used to (` crore)
measure the Company’s defined benefit plan obligations as at March 31, As at As at
2022. The Company does not expect to contribute to defined benefit plan March 31, 2022 March 31, 2021
obligations funds for year ending March 31, 2023 in view of adequate surplus Increase of 0.50% (159) (190)
plan assets as at March 31, 2022.
Decrease of 0.50% 170 206
The significant actuarial assumptions for the determination of the defined
If the expected salary growth increases / decreases by 0.50%, the defined
benefit obligations are discount rate and expected salary increase. The
benefit obligations would increase / (decrease) as follows:
sensitivity analysis below have been determined based on reasonably possible
changes of the respective assumptions occurring at the end of the reporting (` crore)
period, while holding all other assumptions constant. As at As at
March 31, 2022 March 31, 2021
Increase of 0.50% 171 206
Decrease of 0.50% (161) (192)
478 / 522

The sensitivity analysis presented above may not be representative of the Provident fund
actual change in the defined benefit obligations as it is unlikely that the
change in assumptions would occur in isolation of one another as some of the In accordance with Indian law, all eligible employees of the Company in India
assumptions may be correlated. are entitled to receive benefits under the provident fund plan in which both
the employee and employer (at a determined rate) contribute monthly to
Furthermore, in presenting the above sensitivity analysis, the present value of a trust set up by the Company to manage the investments and distribute
the defined benefit obligations has been calculated using the Projected Unit the amounts entitled to employees. This plan is a defined benefit plan as the
Credit Method at the end of the reporting period, which is the same as that Company is obligated to provide its members a rate of return which should, at
applied in calculating the defined benefit obligation liability recognised in the the minimum, meet the interest rate declared by Government administered
balance sheet. provident fund. A part of the Company’s contribution is transferred to
Government administered pension fund. The contributions made by the
Each year an Asset-Liability matching study is performed in which the Company and the shortfall of interest, if any, are recognised as an expense in
consequences of the strategic investment policies are analysed in terms of risk statement of profit and loss under employee benefit expenses. In accordance
and return profiles. Investment and contribution policies are integrated within with an actuarial valuation of provident fund liabilities on the basis of
this study. guidance issued by Actuarial Society of India and based on the assumptions
as mentioned below, there is no deficiency in the interest cost as the present
The defined benefit obligations shall mature after the year ended March 31, value of the expected future earnings of the fund is greater than the expected
2022 as follows: amount to be credited to the individual members based on the expected
(` crore) guaranteed rate of interest of Government administered provident fund.
Year ending March 31, Defined benefit obligations The details of fund and plan assets are given below:
2023 455 (` crore)
2024 377 As at As at
2025 396 March 31, 2022 March 31, 2021
2026 386 Fair value of plan assets 22,814 20,003

Present value of defined benefit obligations (22,814) (20,003)
2027 392
Net excess / (shortfall) - -
2028-2032 1,909
479 / 522

The plan assets have been primarly invested in government securities and 13) Cost recognition
corporate bonds.
Costs and expenses are recognised when incurred and have been classified
The principal assumptions used in determining the present value obligations of according to their nature.
interest guarantee under the deterministic approach are as follows: The costs of the Company are broadly categorised in employee benefit
As at As at expenses, cost of equipment and software licences, depreciation and
March 31, 2022 March 31, 2021 amortisation expense and other expenses. Other expenses mainly include
fees to external consultants, facility expenses, travel expenses, communication
Discount rate 7.00% 6.50%
expenses, bad debts and advances written off, allowance for doubtful trade
Average remaining tenure of investment 8 years 8 years
receivables and advances (net) and other expenses. Other expenses are
portfolio
aggregation of costs which are individually not material such as commission
Guaranteed rate of return 8.10% 8.50% and brokerage, recruitment and training, entertainment, etc.
The Company expensed `1,372 crore and `1,078 crore for the years ended (a) Cost of equipment and software licences
March 31, 2022 and 2021, respectively, towards provident fund. Cost of equipment and software licences consist of the following:
Superannuation (` crore)
All eligible employees on Indian payroll are entitled to benefits under March 31, 2022 March 31, 2021
Superannuation, a defined contribution plan. The Company makes monthly Raw materials, sub-assemblies and 29 14
contributions until retirement or resignation of the employee. The Company components consumed
recognises such contributions as an expense when incurred. The Company has Equipment and software licences 984 1,215
no further obligation beyond its monthly contribution. purchased
1,013 1,229
The Company expensed `271 crore and `254 crore for the years ended Finished goods and work-in-progress
March 31, 2022 and 2021, respectively, towards Employees’ Superannuation Opening stock -* 1
Fund. Less: Closing stock 3 -*
(3) 1
Foreign defined contribution plan
1,010 1,230
The Company expensed `885 crore and `658 crore for the years ended
March 31, 2022 and 2021, respectively, towards foreign defined contribution *Represents value less than `0.50 crore.
plans.
480 / 522

(b) Other expenses (` crore)
Other expenses consist of the following: Year ended Year ended
March 31, 2022 March 31, 2021
(` crore)
4 Total of previous years shortfall - -
March 31, 2022 March 31, 2021 5 Reason for shortfall NA NA
Fees to external consultants 19,338 14,527 6 Nature of CSR activities Disaster Relief, Education, Skilling,
Facility expenses 1,707 1,708 Employment, Entrepreneurship,
Health, Wellness and Water,
Travel expenses 1,361 919
Sanitation and Hygiene, Heritage
Communication expenses 1,303 1,254
7 Details of related party transactions in
Bad debts and advances written off, allowance 107 185
relation to CSR expenditure as per relevant
for doubtful trade receivables and advances
Accounting Standard :
(net)
Contribution to TCS Foundation in relation 680 351
Other expenses 8,173 6,784
to CSR expenditure
31,989 25,377
14) Finance costs
Other expenses include `3,733 crore and `2,944 crore for the years ended
March 31, 2022 and 2021, respectively, towards sales, marketing and Finance costs consist of the following:
advertisement expenses. (` crore)
(c) Corporate Social Responsibility (CSR) expenditure March 31, 2022 March 31, 2021
(` crore) Interest on lease liabilities 451 450
Year ended Year ended Interest on tax matters 7 85
March 31, 2022 March 31, 2021
Other interest costs 28 2
1 Amount required to be spent by the 716 663
company during the year 486 537
2 Amount of expenditure incurred on:
(i). Construction/acquisition of any asset - -
(ii) On purposes other than (i) above 727 674
3 Shortfall at the end of the year - -
481 / 522

15) Income taxes Deferred income taxes
Income tax expense comprises current tax expense and the net change in Deferred income tax is recognised using the balance sheet approach. Deferred
the deferred tax asset or liability during the year. Current and deferred taxes income tax assets and liabilities are recognised for deductible and taxable
are recognised in statement of profit and loss, except when they relate to temporary differences arising between the tax base of assets and liabilities and
items that are recognised in other comprehensive income or directly in equity, their carrying amount, except when the deferred income tax arises from the
in which case, the current and deferred tax are also recognised in other initial recognition of an asset or liability in a transaction that is not a business
comprehensive income or directly in equity, respectively. combination and affects neither accounting nor taxable profit or loss at the
time of the transaction.
Current income taxes
Deferred income tax assets are recognised to the extent that it is probable
The current income tax expense includes income taxes payable by the that taxable profit will be available against which the deductible temporary
Company having its branches in India and overseas where it operates. The differences and the carry forward of unused tax credits and unused tax losses
current tax payable by the Company in India is Indian income tax payable can be utilised.
on worldwide income after taking credit for tax relief available for export
operations in Special Economic Zones (SEZs). The carrying amount of deferred income tax assets is reviewed at each
reporting date and reduced to the extent that it is no longer probable that
Current income tax payable by overseas branches of the Company is sufficient taxable profit will be available to allow all or part of the deferred
computed in accordance with the tax laws applicable in the jurisdiction in income tax asset to be utilised.
which the respective branch operates. The taxes paid are generally available
for set off against the Indian income tax liability of the Company’s worldwide Deferred tax assets and liabilities are measured using substantively enacted tax
income. rates expected to apply to taxable income in the years in which the temporary
differences are expected to be received or settled.
Advance taxes and provisions for current income taxes are presented in the
balance sheet after off-setting advance tax paid and income tax provision For operations carried out in SEZs, deferred tax assets or liabilities, if any, have
arising in the same tax jurisdiction and where the relevant tax paying unit been established for the tax consequences of those temporary differences
intends to settle the asset and liability on a net basis. between the carrying values of assets and liabilities and their respective tax
bases that reverse after the tax holiday ends.
482 / 522

Deferred tax assets and liabilities are offset when they relate to income taxes The reconciliation of estimated income tax expense at statutory income tax
levied by the same taxation authority and the relevant entity intends to settle rate to income tax expense reported in statement of profit and loss is as
its current tax assets and liabilities on a net basis. follows:
Deferred tax assets include Minimum Alternate Tax (MAT) paid in accordance (` crore)
with the tax laws in India, to the extent it would be available for set off against Year ended Year ended
future current income tax liability. Accordingly, MAT is recognised as deferred March 31, 2022 March 31, 2021
tax asset in the balance sheet when the asset can be measured reliably and it
is probable that the future economic benefit associated with the asset will be Profit before taxes 49,723 40,902
realised.
Indian statutory income tax rate 34.94% 34.94%
The income tax expense consists of the following: Expected income tax expense 17,375 14,293
(` crore)
Tax effect of adjustments to reconcile
Year ended Year ended expected income tax expense to reported
March 31, 2022 March 31, 2021 income tax expense
Current tax
Tax holidays (4,604) (4,708)
Current tax expense for current year 12,912 10,404
Income exempt from tax (1,240) (773)
Current tax benefit pertaining to prior years (981) (104)
11,931 10,300 Undistributed earnings in branches (232) 26
Deferred tax Tax on income at different rates 1,107 1,103
Deferred tax benefit for current year (395) (294) Tax pertaining to prior years (981) (168)
Deferred tax benefit pertaining to prior years - (64) Others (net) 111 169
(395) (358)
Total income tax expense 11,536 9,942
11,536 9,942
The Company benefits from the tax holiday available for units set up under
the Special Economic Zone Act, 2005. These tax holidays are available for a
period of fifteen years from the date of commencement of operations. Under
the SEZ scheme, the unit which begins providing services on or after April 1,
2005 will be eligible for deductions of 100% of profits or gains derived from
483 / 522

export of services for the first five years, 50% of such profit or gains for a Gross deferred tax assets and liabilities are as follows:
further period of five years and 50% of such profits or gains for the balance (` crore)
period of five years subject to fulfillment of certain conditions. From April 1,
2011 profits from units set up under SEZ scheme are subject to Minimum
Deferred tax assets / (liabilities) in relation to
Alternate Tax (MAT).
Property, plant and equipment and Intangible 426 52 374
Significant components of net deferred tax assets and liabilities for the year assets
ended March 31, 2022 are as follows: Provision for employee benefit obligations 733 - 733
(` crore) Cash flow hedges 8 - 8
Opening Recognised Recognised in Adjustments Closing Receivables, financial assets at amortised cost 372 - 372
balance in profit and / reclassified / utilisation balance
loss from other MAT credit entitlement 974 - 974
comprehensive Branch profit tax - 77 (77)
income Unrealised gain on securities carried at fair value (320) - (320)
Deferred tax assets / (liabilities) in through profit or loss / other comprehensive
relation to income
Property, plant and equipment and 290 84 - - 374
Lease liabilities 181 - 181
intangible assets
Provision for employee benefit 639 94 - - 733 Others 405 - 405
obligations 2,779 129 2,650
Cash flow hedges (8) - 16 - 8
Receivables, financial assets at 336 36 - - 372
amortised cost
MAT credit entitlement 1,710 - - (736) 974
Branch profit tax (310) 233 - - (77)
Unrealised gain on securities carried (500) - 180 - (320)
at fair value through profit or loss /
other comprehensive income
Lease liabilities 210 (29) - - 181
Others 428 (23) - - 405
2,795 395 196 (736) 2,650
484 / 522

(` crore)
Opening Recognised Recognised in Adjustments Closing
balance in profit and / reclassified / utilisation balance Deferred tax assets / (liabilities) in relation to
loss from other Property, plant and equipment and Intangible 345 55 290
income
Provision for employee benefit obligations 639 - 639
Deferred tax assets / (liabilities)
in relation to Cash flow hedges (8) - (8)
Property, plant and equipment 162 128 - - 290 Receivables, financial assets at amortised cost 336 - 336
and intangible assets MAT credit entitlement 1,710 - 1,710
Provision for employee benefit 468 171 - - 639
Branch profit tax - 310 (310)
obligations
Cash flow hedges 7 - (15) - (8) Unrealised gain on securities carried at fair value (500) - (500)
Receivables, financial assets at 327 9 - - 336
income
amortised cost
MAT credit entitlement 1,049 64 - 597 1,710 Lease liabilities 210 - 210
Branch profit tax (284) (26) - - (310) Others 428 - 428
Unrealised gain on securities (483) - (17) - (500) 3,160 365 2,795
carried at fair value through profit
or loss / other comprehensive
Under the Income-tax Act, 1961, the Company is liable to pay Minimum
income
Alternate Tax in the tax holiday period. MAT paid can be carried forward for
Lease liabilities 308 (98) - - 210
a period of 15 years and can be set off against the future tax liabilities. MAT
Others 318 110 - - 428 is recognised as a deferred tax asset only when the asset can be measured
1,872 358 (32) 597 2,795 reliably and it is probable that the future economic benefit associated with the
asset will be realised.
485 / 522

Direct tax contingencies 16) Earnings per share
The Company has ongoing disputes with income tax authorities in India and Basic earnings per share is computed by dividing profit or loss attributable
in some of the other jurisdictions where it operates. The disputes relate to tax to equity shareholders of the Company by the weighted average number of
equity shares outstanding during the year. The Company did not have any
treatment of certain expenses claimed as deduction, computation or eligibility
potentially dilutive securities in any of the years presented.
of tax incentives and allowances and characterisation of fees for services
received. The Company has recognised contingent liability in respect of tax Year ended Year ended
March 31, 2022 March 31, 2021
demands received from direct tax authorities in India and other jurisdictions of
`1,616 crore and `891 crore as at March 31, 2022 and 2021, respectively. Profit for the year (` crore) 38,187 30,960
These demand orders are being contested by the Company based on the Weighted average number of equity shares 369,88,32,195 374,01,10,733
management evaluation and advise of tax consultants. In respect of tax Basic and diluted earnings per share (`) 103.24 82.78
contingencies of `318 crore and `318 crore as at March 31, 2022 and 2021, Face value per equity share (`) 1 1
respectively, not included above, the Company is entitled to an indemnification
from the seller of TCS e-Serve Limited. 17) Auditor’s remuneration
Auditor’s remuneration consists of the following:
The Company periodically receives notices and inquiries from income tax
authorities related to the Company’s operations in the jurisdictions it operates (` crore)
in. The Company has evaluated these notices and inquiries and has concluded Year ended Year ended
that any consequent income tax claims or demands by the income tax March 31, 2022 March 31, 2021
authorities will not succeed on ultimate resolution. Auditor 9 9
For taxation matters 1 1
The number of years that are subject to tax assessments varies depending For company law matters - -
on tax jurisdiction. The major tax jurisdictions of Tata Consultancy Services For other services 4 4
Limited include India, United States of America and United Kingdom. In India, For reimbursement of expenses 1 1
tax filings from fiscal 2018 are generally subject to examination by the tax
authorities. In United States of America, the federal statute of limitation 18) Segment information
applies to fiscals 2018 and earlier and applicable state statutes of limitation The Company publishes the standalone financial statements of the Company
vary by state. In United Kingdom, the statute of limitation generally applies to along with the consolidated financial statements. In accordance with Ind
fiscal 2018 and earlier. AS 108, Operating Segments, the Company has disclosed the segment
information in the consolidated financial statements.
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19) Commitments and contingencies `7,115 crore (US $940 million) to Epic which was thereafter reduced
by the Trial Court to `3,179 crore (US $420 million). Pursuant to
Capital commitments
reaffirmation of the District Court order in March 2019, the Company
The Company has contractually committed (net of advances) `1,315 crore and filed an appeal in the Appeals Court to fully set aside the Order. Epic also
`1,009 crore as at March 31, 2022 and 2021, respectively, for purchase of filed a cross appeal challenging the reduction by the District Court judge
property, plant and equipment. of `757 crore (US $100 million) award and `1,514 crore
(US $200 million) in punitive damages. On August 20, 2020, the Appeals
Contingencies
Court vacated the award of `2,119 crore (US $280 million) in punitive
• Direct tax matters damages considering the award to be constitutionally excessive and
remanded the case back to District Court with instructions to reassess
Refer note 15.
and reduce the punitive damages award to at most `1,060 crore
• Indirect tax matters (US $140 million), affirmed the District Court’s decision vacating the
jury’s award of `757 crore (US $100 million) in compensatory damages
The Company has ongoing disputes with tax authorities mainly relating
for alleged use of “other confidential information” by the Company,
to treatment of characterisation and classification of certain items. The
and affirmed the District Court’s decision upholding the jury’s award of
Company has demands amounting to `500 crore and `495 crore as
`1,060 crore (US $140 million) in compensatory damages for use of
at March 31, 2022 and 2021, respectively, from various indirect tax
the comparative analysis by the Company. The proceedings for assessing
authorities which are being contested by the Company based on the
punitive damages have been remanded back to the District Court. Both
management evaluation and advice of tax consultants.
the Company and Epic have filed their briefs at the District Court in
• Other claims relation to punitive damages. The matter is under consideration by the
District Court. On April 8, 2021, Epic approached the Supreme Court
Claims aggregating `235 crore and `105 crore as at March 31, 2022 and seeking review of the order of the Appeals Court vacating the award of
2021, respectively, against the Company have not been acknowledged as `2,119 crore (US $280 million) towards punitive damages and remanding
debts. back to District Court with an instruction to reassess the punitive
In addition to above, in October 2014, Epic Systems Corporation damages, to no more than `1,060 crore (US $140 million). On March
(referred to as Epic) filed a legal claim against the Company in the Court 21, 2022, Supreme Court denied Epic’s petition seeking review of the
of Western District Madison, Wisconsin alleging unauthorised access to order. The Company will continue to pursue all legal options available in
and download of their confidential information and use thereof in the the matter. Considering all the facts and various legal precedence, on a
development of the Company’s product MedMantra. In April 2016, the conservative and prudent basis, the Company provided `1,218 crore
Company received an unfavourable jury verdict awarding damages of (US $165 million) towards this legal claim in its statement of profit
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and loss for three month period ended September 30, 2020. This was Company undertakes not to divest its ownership interest directly or
presented as an “exceptional item” in the standalone statement of profit indirectly in the subsidiary and provide such managerial, technical and
and loss. financial assistance to ensure continued successful operations of the
subsidiary.
Pursuant to US Court procedures, a Letter of Credit has been made
available to Epic for `3,331 crore (US $440 million) as financial security The Company has provided guarantees to third parties on behalf of its
in order to stay execution of the judgement pending post-appeal subsidiaries. The Company does not expect any outflow of resources in
proceedings and conclusion. respect of the above.
• Guarantees and letter of comfort The amounts assessed as contingent liability do not include interest that could
be claimed by counter parties.
The Company has given letter of comfort to banks for credit facilities
availed by its subsidiaries. As per the terms of letter of comfort, the
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20) Related party transactions
The Company’s principal related parties consist of its holding company, Tata Sons Private Limited and its subsidiaries, its own subsidiaries, affiliates and key managerial
personnel. The Company’s material related party transactions and outstanding balances are with related parties with whom the Company routinely enter into
transactions in the ordinary course of business. Refer note 21 of consolidated financial statement for list of subsidiaries of the Company.
Transactions with related parties are as follows:
(` crore)
Tata Sons Subsidiaries of Subsidiaries of Tata Associates / joint ventures of Other related Total
Private Limited the Company Sons Private Limited Tata Sons Private Limited and parties
their subsidiaries
Revenue from operations 40 21,358 770 2,233 - 24,401
Dividend income - 3,548 - - - 3,548
Rent income - 26 - - - 26
Other income - 44 - - - 44
Purchases of goods and services (including reimbursements) - 11,045 534 159 - 11,738
Brand equity contribution 100 - - - - 100
Facility expenses 1 101 19 45 - 166
Lease rental - - 73 24 - 97
Bad debts and advances written off, allowance for doubtful - - (3) 1 - (2)
trade receivables and advances (net)
Contribution and advance to post employment benefit plans - - - - 2,322 2,322
Purchase of property, plant and equipment - - 15 147 - 162
Advances given - 2 3 6 - 11
Advances recovered - 1 3 17 - 21
Advances taken - 158 - 1 - 159
Dividend paid 9,609 - 5 2 - 9,616
Guarantees given - 29 - - - 29
Buy-back of shares 11,164 - 4 6 - 11,174
Cost recovery - 2,799 - - - 2,799
Sale of property, plant and equipment - 1 - - - 1
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(` crore)
Tata Sons Private Subsidiaries of Subsidiaries of Tata Associates / joint ventures of Other related Total
Limited the Company Sons Private Limited Tata Sons Private Limited and parties
their subsidiaries
Revenue from operations 35 18,245 591 1,752 - 20,623
Dividend income - 2,215 - - - 2,215
Rent income - 12 - - - 12
Other income - 40 - - - 40
Purchases of goods and services (including reimbursements) 1 8,798 444 355 - 9,598
Brand equity contribution 100 - - - - 100
Facility expenses - 87 17 42 - 146
Lease rental 1 - 36 45 - 82
Bad debts and advances written off, allowance for doubtful - - 3 - - 3
trade receivables and advances (net)
Contribution and advance to post employment benefit plans - - - - 5,913 5,913
Purchase of property, plant and equipment - - 3 88 - 91
Advances given - - 1 6 - 7
Advances recovered - - 1 10 - 11
Advances taken - 3 1 4 - 8
Dividend paid 7,817 - 4 3 - 7,824
Guarantees given - 1 - - - 1
Buy-back of shares 9,998 - 4 - - 10,002
Sale / Redemption of investments - 12 - - - 12
Purchase of investments - 224 - - - 224
Cost recovery - 2,840 - - - 2,840
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Balances receivable from related parties are as follows:
(` crore)
Tata Sons Subsidiaries of Subsidiaries of Associates / joint ventures Other related Total
Private Limited the Company Tata Sons Private of Tata Sons Private Limited parties
Trade receivables and contract assets 11 6,704 242 673 - 7,630
Loans, other financial assets and other assets 10 157 52 30 - 249
21 6,861 294 703 - 7,879
(` crore)
Tata Sons Subsidiaries of Subsidiaries of Associates / joint ventures Other related Total
Private Limited the Company Tata Sons Private of Tata Sons Private Limited parties
Trade receivables and contract assets 8 4,392 255 519 - 5,174
Loans, other financial assets and other assets 9 65 21 62 - 157
17 4,457 276 581 - 5,331
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Balances payable to related parties are as follows:
(` crore)
Tata Sons Private Subsidiaries of Subsidiaries of Associates / joint ventures Other related Total
Limited the Company Tata Sons Private of Tata Sons Private Limited parties
Trade payables, unearned and deferred revenue, other 92 5,067 499 111 - 5,769
financial liabilities and other liabilities
Commitments and guarantees - 4,610 37 201 - 4,848
(` crore)
Tata Sons Private Subsidiaries of Subsidiaries of Associates / joint ventures Other related Total
Limited the Company Tata Sons Private of Tata Sons Private Limited parties
Trade payables, unearned and deferred revenue, other 91 3,604 296 393 - 4,384
financial liabilities and other liabilities
Commitments and guarantees - 4,669 10 270 - 4,949
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Material related party transactions are as follows: Material related party balances are as follows:
(` crore) (` crore)
Year ended Year ended As at As at
Revenue from operations Trade receivables and contract assets
Tata Consultancy Services Sverige AB 2,172 1,939 Tata America International Corporation 1,291 456
Tata Consultancy Services Canada Inc. 2,804 2,034 Tata Consultancy Services Sverige AB 88 219
Tata Consultancy Services Deutschland GmbH 3,038 2,504 Tata Consultancy Services France 1,063 1,028
Tata Consultancy Services Netherlands BV 3,006 2,848 Tata Consultancy Services Netherlands BV 594 244
Jaguar Land Rover Limited 1,500 1,093 Tata Consultancy Services Asia Pacific Pte Ltd. 345 271
Tata Consultancy Services Switzerland Ltd. 2,285 1,786 Diligenta Limited 745 594
Purchases of goods and services (including Jaguar Land Rover Limited 379 290
reimbursements)
Trade payables, unearned and deferred
Tata America International Corporation 3,156 2,803 revenue, other financial liabilities and other
liabilities
Tata Consultancy Services De Mexico S.A.,De 2,130 1,637
C.V. Tata America International Corporation 2,044 1,519
TCS Foundation 679 350 Tata Consultancy Services De Mexico S.A.,De C.V. 433 168
Dividend income
Transactions with key management personnel are as follows:
Tata America International Corporation 707 1,002
(` crore)
Tata Consultancy Services Canada Inc. 649 193
Tata Consultancy Services Netherlands BV 646 405 March 31, 2022 March 31, 2021
TCS Iberoamerica SA 682 374 Short-term benefits 53 43
Dividend paid during the year 1 1
54 44
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The remuneration of directors and key executives is determined by the remuneration committee having regard to the performance of individuals and market trends.
The above figures do not include provisions for encashable leave, gratuity and premium paid for group health insurance, as separate actuarial valuation / premium paid
are not available.
21) The sitting fees and commission paid to non-executive directors is `12 crore and `10 crore as at March 31, 2022 and 2021, respectively.
22) The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the company towards Provident Fund and Gratuity. The
Ministry of Labour and Employment had released draft rules for the Code on Social Security, 2020 on November 13, 2020, and invited suggestions from stakeholders
which are under consideration by the Ministry. The Company will assess the impact and its evaluation once the subject rules are notified. The Company will give
appropriate impact in its financial statements in the period in which, the Code becomes effective and the related rules to determine the financial impact are published.
23) Additional Regulatory Information
• Ratios
Ratio Numerator Denominator Current year Previous year
Current ratio (in times) Total current assets Total current liabilities 2.5 2.9
Debt-Equity ratio (in times) Debt consists of borrowings and lease liabilities. Total equity 0.1 0.1
Debt service coverage ratio (in times) Earning for Debt Service = Net Profit after taxes Debt service = Interest and lease payments + 23.2 20.4
+ Non-cash operating expenses + Interest + Principal repayments
Other non-cash adjustments
Return on equity ratio (in %) Profit for the year less Preference dividend (if Average total equity 50.3% 41.5%
any)
Trade receivables turnover ratio (in times) Revenue from operations Average trade receivables 4.8 4.2
Trade payables turnover ratio (in times) Cost of equipment and software licences + Other Average trade payables 3.7 3.2
expenses
Net capital turnover ratio (in times) Revenue from operations Average working capital (i.e. Total current assets 2.9 2.5
less Total current liabilities)
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Ratio Numerator Denominator Current year Previous year

Net profit ratio (in %) Profit for the year Revenue from operations 23.8% 22.8%
Return on capital employed (in %) Profit before tax and finance costs Capital employed = Net worth + Lease liabilities + 60.4% 51.1%
Deferred tax liabilities
Return on investment (in %) Income generated from invested funds Average invested funds in treasury investments 6.1% 6.5%
24) Dividends
Dividends paid during the year ended March 31, 2022 include an amount of `15.00 per equity share towards final dividend for the year ended March 31, 2021 and
an amount of `21.00 per equity share towards interim dividends for the year ended March 31, 2022. Dividends paid during the year ended March 31, 2021 include
an amount of `6.00 per equity share towards final dividend for the year ended March 31, 2020 and an amount of `23.00 per equity share towards interim dividends
(including special dividend) for the year ended March 31, 2021.
Dividends declared by the Company are based on the profit available for distribution. On April 11, 2022, the Board of Directors of the Company have proposed a final
dividend of `22.00 per share in respect of the year ended March 31, 2022 subject to the approval of shareholders at the Annual General Meeting, and if approved,
would result in a cash outflow of approximately `8,050 crore.
Chartered Accountants CEO and Managing Director COO and Executive Director
Firm’s registration no:101248W/W-100022

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Statement pursuant to first proviso to sub-section (3) of section 129 of the Companies Act 2013, read with rule 5 of Companies (Accounts) Rules, 2014
in the prescribed Form AOC-1 relating to subsidiary companies
Sr. Name of the Subsidiary Company Date of becoming Start date of End date of Reporting Exchange Rate Share Reserves Total Total Investments Turnover Profit Provision Profit Proposed % of Country
No. subsidiary accounting period accounting period of Currency Capital and Assets Liabilities before for Tax after Tax Dividend Shareholding
of subsidiary subsidiary Surplus Tax
` crore
1 APTOnline Limited August 9, 2004 April 1, 2021 March 31, 2022 INR 1.000000 2 108 190 80 32 135 21 3 18 - 89% India
2 MP Online Limited September 8, 2006 April 1, 2021 March 31, 2022 INR 1.000000 1 120 158 37 121 77 24 6 18 - 89% India
3 C-Edge Technologies Limited January 19, 2006 April 1, 2021 March 31, 2022 INR 1.000000 10 303 394 81 - 322 98 25 73 - 51% India
4 MahaOnline Limited September 23, 2010 April 1, 2021 March 31, 2022 INR 1.000000 3 77 134 54 34 3 2 1 1 - 74% India
5 TCS e-Serve International Limited December 31, 2008 April 1, 2021 March 31, 2022 INR 1.000000 10 146 1,052 896 90 1,889 115 27 88 - 100% India
6 Diligenta Limited August 23, 2005 January 1, 2021 December 31, 2021 GBP 99.374057 10 1,392 2,696 1,294 293 3,730 8 - 8 - 100% U.K.
7 Tata Consultancy Services Canada Inc. October 1, 2009 April 1, 2021 March 31, 2022 CAD 60.450647 43 791 2,412 1,578 - 8,022 664 172 492 - 100% Canada
8 Tata America International Corporation August 9, 2004 April 1, 2021 March 31, 2022 USD 75.696300 2 1,217 4,061 2,842 305 3,845 983 253 730 - 100% U.S.A.
9 Tata Consultancy Services Asia Pacific Pte Ltd. August 9, 2004 April 1, 2021 March 31, 2022 USD 75.696300 33 864 1,560 663 819 2,458 206 17 189 - 100% Singapore
10 Tata Consultancy Services (China) Co., Ltd. November 16, 2006 January 1, 2021 December 31, 2021 CNY 11.933644 241 19 396 136 - 884 25 10 15 - 93.2% China
11 Tata Consultancy Services Japan, Ltd. July 1, 2014 April 1, 2021 March 31, 2022 JPY 0.620894 269 1,207 2,676 1,200 - 4,663 358 111 247 - 66% Japan
12 Tata Consultancy Services Malaysia Sdn Bhd August 9, 2004 April 1, 2021 March 31, 2022 MYR 17.995935 4 70 196 122 - 430 4 3 1 - 100% Malaysia
13 PT Tata Consultancy Services Indonesia October 5, 2006 April 1, 2021 March 31, 2022 IDR 0.005268 1 31 84 52 - 100 21 8 13 - 100% Indonesia
14 Tata Consultancy Services (Philippines) Inc. September 19, 2008 April 1, 2021 March 31, 2022 PHP 1.462589 (40) 153 443 330 - 775 61 8 53 - 100% Philippines
15 Tata Consultancy Services (Thailand) Limited May 12, 2008 April 1, 2021 March 31, 2022 THB 2.270265 2 6 52 44 - 110 3 1 2 - 100% Thailand
16 Tata Consultancy Services Belgium August 9, 2004 April 1, 2021 March 31, 2022 EUR 84.302958 2 424 809 383 - 2,241 129 34 95 - 100% Belgium
17 Tata Consultancy Services Deutschland GmbH August 9, 2004 April 1, 2021 March 31, 2022 EUR 84.302958 1 630 1,795 1,164 - 6,018 470 145 325 - 100% Germany
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Statement pursuant to first proviso to sub-section (3) of section 129 of the Companies Act 2013,read with rule 5 of Companies (Accounts) Rules, 2014
` crore
18 Tata Consultancy Services Sverige AB August 9, 2004 April 1, 2021 March 31, 2022 SEK 8.160446 - 887 1,290 403 - 3,786 196 43 153 - 100% Sweden
19 Tata Consultancy Services Netherlands BV August 9, 2004 April 1, 2021 March 31, 2022 EUR 84.302958 556 2,080 4,081 1,445 1,645 5,794 599 79 520 - 100% Netherlands
20 Tata Consultancy Services Italia s.r.l. August 9, 2004 April 1, 2021 March 31, 2022 EUR 84.302958 19 55 175 101 - 386 30 14 16 - 100% Italy
21 Tata Consultancy Services Luxembourg S.A. October 28, 2005 April 1, 2021 March 31, 2022 EUR 84.302958 47 62 214 105 - 716 74 22 52 - 100% Capellen (G.D.
de Luxembourg)
22 Tata Consultancy Services Switzerland Ltd. October 31, 2006 April 1, 2021 March 31, 2022 CHF 81.771956 12 693 1,469 764 - 3,716 250 42 208 - 100% Switzerland
23 Tata Consultancy Services Osterreich GmbH March 9, 2012 April 1, 2021 March 31, 2022 EUR 84.302958 - 3 43 40 - 67 (2) (1) (1) - 100% Austria
24 Tata Consultancy Services Danmark ApS March 16, 2012 April 1, 2021 March 31, 2022 DKK 11.333308 1 5 6 - - 11 - - - - 100% Denmark
25 Tata Consultancy Services De Espana S.A. August 9, 2004 April 1, 2021 March 31, 2022 EUR 84.302958 1 69 176 106 - 385 21 3 18 - 100% Spain
26 Tata Consultancy Services (Portugal) Unipessoal, July 4, 2005 April 1, 2021 March 31, 2022 EUR 84.302958 - 13 40 27 - 54 10 1 9 - 100% Portugal
Limitada
27 Tata Consultancy Services France June 28, 2013 April 1, 2021 March 31, 2022 EUR 84.302958 4 (389) 1,387 1,772 - 2,441 37 4 33 - 100% France
28 Tata Consultancy Services Saudi Arabia July 2, 2015 January 1, 2021 December 31, 2021 SAR 20.178147 8 104 202 90 - 345 (1) 4 (5) - 100% Saudi Arabia
29 Tata Consultancy Services (Africa) (PTY) Ltd. October 23, 2007 January 1, 2021 December 31, 2021 ZAR 5.231149 7 49 56 - 56 - 38 - 38 - 100% South Africa
30 Tata Consultancy Services (South Africa) (PTY) Ltd. October 31, 2007 January 1, 2021 December 31, 2021 ZAR 5.231149 9 83 519 427 - 1,038 58 17 41 - 100% South Africa
31 TCS FNS Pty Limited October 17, 2005 April 1, 2021 March 31, 2022 AUD 56.598124 211 (64) 147 - 2 - 42 - 42 - 100% Australia
32 TCS Financial Solutions Beijing Co., Ltd. December 29, 2006 January 1, 2021 December 31, 2021 CNY 11.933644 44 (3) 56 15 - 62 3 2 1 - 100% China
33 TCS Financial Solutions Australia Pty Limited October 19, 2005 April 1, 2021 March 31, 2022 AUD 56.598124 - 87 131 44 41 68 54 7 47 - 100% Australia
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` crore
34 TCS Iberoamerica SA August 9, 2004 April 1, 2021 March 31, 2022 USD 75.696300 745 933 1,679 1 1,645 - 763 32 731 - 100% Uruguay
35 TCS Solution Center S.A. August 9, 2004 January 1, 2021 December 31, 2021 UYU 1.845126 66 291 498 141 - 904 160 33 127 - 100% Uruguay
36 Tata Consultancy Services Argentina S.A. August 9, 2004 January 1, 2021 December 31, 2021 ARS 0.682634 3 (1) 43 41 - 44 1 - 1 - 100% Argentina
37 Tata Consultancy Services Do Brasil Ltda August 9, 2004 January 1, 2021 December 31, 2021 BRL 15.864257 279 45 587 263 - 1,082 116 42 74 - 100% Brazil
38 Tata Consultancy Services De Mexico S.A., De C.V. August 9, 2004 January 1, 2021 December 31, 2021 MXN 3.808006 1 605 1,768 1,162 - 3,178 321 322 (1) - 100% Mexico
39 Tata Consultancy Services Chile S.A. August 9, 2004 January 1, 2021 December 31, 2021 CLP 0.095933 163 221 528 144 53 682 100 11 89 - 100% Chile
40 TCS Inversiones Chile Limitada August 9, 2004 January 1, 2021 December 31, 2021 CLP 0.095933 147 168 324 9 308 35 87 1 86 - 100% Chile
41 TATASOLUTION CENTER S.A. December 28, 2006 January 1, 2021 December 31, 2021 USD 75.696300 23 81 216 112 - 469 74 25 49 - 100% Ecuador
42 TCS Uruguay S.A. January 1, 2010 January 1, 2021 December 31, 2021 UYU 1.845126 - 117 223 106 65 510 120 8 112 - 100% Uruguay
43 MGDC S.C. January 1, 2010 January 1, 2021 December 31, 2021 MXN 3.808006 65 (22) 131 88 - 46 (51) 32 (83) - 100% Mexico
44 Tata Consultancy Services Qatar L.L.C. December 20, 2011 January 1, 2021 December 31, 2021 QAR 20.787692 4 29 45 12 - 52 1 - 1 - 100% Qatar
45 Tata Consultancy Services UK Limited October 31, 2018 January 1, 2021 December 31, 2021 GBP 99.374057 - 27 28 1 - - - - - - 100% U.K.
46 TCS Business Services GmbH March 9, 2020 April 1, 2021 March 31, 2022 EUR 84.302958 - 20 135 115 56 148 21 7 14 - 100% Germany
47 Tata Consultancy Services Ireland Limited December 2, 2020 January 1, 2021 December 31, 2021 EUR 84.302958 211 34 408 163 - 817 25 5 20 - 100% Ireland
48 TCS Technology Solutions AG January 1, 2021 January 1, 2021 December 31, 2021 EUR 84.302958 27 203 1,279 1,049 - 1,717 221 9 212 - 100% Germany
49 Saudi Desert Rose Holding B.V. May 26, 2021 January 1, 2021 December 31, 2021 EUR 84.302958 - 2 2 - - - 34 2 32 - 100% Netherlands
50 Tata Consultancy Services Bulgaria EOOD August 31, 2021 January 1, 2021 December 31, 2021 BGN 43.139169 - 9 25 16 - 19 10 1 9 - 100% Bulgaria
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` crore
51 Tata Consultancy Services Guatemala, S.A. September 1, 2021 January 1, 2021 December 31, 2021 GTQ 9.849876 8 4 25 13 - 22 5 1 4 - 100% Guatemala
52 TCS Foundation March 25, 2015 April 1, 2021 March 31, 2022 INR 1.000000 1 1,466 1,476 9 85 - 379 - 379 - 100% India
Notes:
1. Indian rupee equivalents of the figures given in foreign currencies in the accounts of the subsidiary companies, are based on the exchange rates as on March 31, 2022.
2. Tata Consultancy Services Qatar S.S.C. renamed as Tata Consultancy Services Qatar L.L.C..
4. Equity stake increased to 100% in Tata Consultancy Services Saudi Arabia on acquisition of Saudi Desert Rose Holding B.V. w.e.f. May 26, 2021.
5. Tata Consultancy Services Ireland Limited incorporated a wholly owned subsidiary, Tata Consultancy Services Bulgaria EOOD in Bulgaria on August 31, 2021.
6. TCS Iberoamerica SA incorporated a subsidiary, Tata Consultancy Services Guatemala, S.A. in Guatemala on September 1, 2021.
7. Postbank Systems AG renamed as TCS Technology Solutions AG.
For and on behalf of the Board

Rajesh Gopinathan N Ganapathy Subramaniam
CEO and Managing Director COO and Executive Director
Samir Seksaria Pradeep Manohar Gaitonde

CFO Company Secretary
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Glossary 5G Fifth generation wireless technology for digital cellular networks. 5G is expected to be much faster and
enable much higher volumes of data sharing than earlier generations of cellular networks. Its massive
capacity and ultra-low latency are expected to usher in an era of hyper-connectivity, enabling newer
use cases such as autonomous cars, and accelerating the adoption of IoT.
ADM See Application Development and Maintenance
Agile A collaborative approach for IT and business teams to develop software incrementally and faster. TCS
has pioneered the Location Independent Agile™ model that allows for deployment at scale, and helps
globally distributed organization execute large transformational programs quickly, while ensuring
stability and quality.
AgilityDebt™ AgilityDebt™ is an index developed by TCS, which uniquely indicates the burden carried by an
organization that restricts its Agility. The index is arrived at based on a holistic Agile maturity
assessment framework that measures the gap against required Agile talent, roles, team composition,
delivery practices, Agile culture, Agile technology and DevOps enablers. TCS uses AgilityDebt™ to
assess where the customer’s teams are in the Agile journey, find the bottlenecks, and accelerate their
Agile transformations.
Agile Workspaces These are key enablers of TCS’ Location Independent Agile model, and represent the next generation
work environment that facilitate greater collaboration among teams. It is characterized by partition-
less open offices, informal seating, interactive surfaces for information capture, and modern
collaboration devices for increased productivity.
AI See Artificial Intelligence
Algo Retail™ TCS’ proprietary approach and suite of intellectual property that enables retailers to seamlessly
integrate and orchestrate data flows across the retail value chain, harnessing the power of analytics, AI
and machine learning in the areas of personalization, pricing optimization, marketing, online search and
commerce to unlock exponential business value.
Amortization An accounting concept similar to depreciation, but used to measure the consumption of intangible
assets.
Analytics In the enterprise context, this is the discovery, interpretation, and communication of meaningful
patterns in business data to predict and improve business performance.
Annuity Contracts A long-term contract which can guarantee regular payments.
APAC Acronym for Asia Pacific
API See Application Programming Interface
Integrated Annual Report 2021-22 Glossary | 402
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APIfication The process of exposing a discrete business function or data within Big Data A high volume, high velocity, and/or high variety information asset
an enterprise’s systems through APIs. that require new forms of processing to enable enhanced decision
Application Design, development, and deployment of custom software; ongoing making, insight discovery, and process optimization.
Development and support, upkeep, and enhancement of such software over its lifetime. Blockchain A distributed database that maintains a continuously growing list of
Maintenance records, called blocks, secured from tampering and revision.
Application A set of easily accessible protocols for communication among various Bp See Basis Point
Programming software components. BPaaS See Business Process as a Service
Interface
BPS See Business Process Services
AR See Augmented Reality
Business 4.0 TCS’ thought leadership framework that helps enterprises leverage
Artificial Technology that emulates human performance by learning, coming technology to further their growth and transformation agenda.
Intelligence to its own conclusions, understanding complex content, engaging in Successful Business 4.0 enterprises use technology to deliver mass
natural dialogs with people, augmenting human effort or replacing personalization, leverage ecosystems, embrace risk and create
people on execution of non-routine tasks. Also known as Cognitive exponential value. Such enterprises are agile, intelligent, automated
Computing. and on the cloud.
ASEAN Acronym for Association of Southeast Asian Nations Business Process Refers to the delivery of BPS over a cloud computing model.
Assets Under A measure of the total assets for which a financial institution, as a Service Whereas traditional BPS relies on labor arbitrage to reduce costs,
Custody typically a custodian bank, provides custodian services. BPaaS aggregates demand using the cloud, servicing multiple
AUC See Assets Under Custody customers with a single instance, multi-tenant platform and shared
services, thereby delivering significant operating efficiencies. The
Attrition Measures what portion of the workforce left the organization
pricing model is usually outcome based.
(voluntarily and involuntarily) over the last 12 months (LTM).
Business Process Designing, enabling, and executing business operations including
Attrition (LTM) = Total number of departures in the LTM / closing Services data management, analytics, interactions and experience
headcount management.
Augmented Technology that superimposes a computer-generated image on a Buyback A corporate action in which a company returns excess cash to
Reality user’s view of the real world to enrich the interaction. shareholders by buying back its shares from them and usually
Automation The execution of work by machines in accordance with rules that extinguishing those shares thereafter. The company’s equity
have either been explicitly coded by a human or ‘learned’ by the share capital and the number of shares outstanding in the market
machine through pattern recognition of data. Popular types include correspondingly reduces.
Robotic Process Automation and Cognitive Automation. CAGR See Compounded Annual Growth Rate
Basis Point One hundredth of a percentage point, that is, 0.01 percent. Capital Funds used by a company to acquire, upgrade, and maintain physical
BFSI Acronym for Banking, Financial Services and Insurance Expenditure assets such as property, buildings, an industrial plant, technology, or
(CapEx) equipment.
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Carbon Neutral This describes the state of an entity whose greenhouse gas Cognitive The use of AI and machine learning to automate relatively more
emissions to the atmosphere are balanced by activities which absorb Automation complex tasks that require reasoning capability and contextual
an equivalent amount from the atmosphere; often accomplished by awareness. TCS’ ignio™ a leading cognitive automation software
the use of carbon offsets. product in the market today.
Carbon Offset Market-based instrument used to compensate for the emission of Cognitive Business An integrated offering where TCS takes responsibility for the
greenhouse gases into the atmosphere because of the organization’s Operations (CBO) outcome of an entire slice of the customers’ operations including
activity by reducing them somewhere else. Certified Emission the business processes and the underlying IT infrastructure, and uses
Reductions (CERs) and Verified Emission Reductions (VERs) are cognitive automation to transform that operational stack.
some of the popular carbon offsets. Cognitive See Artificial Intelligence
Cash and Cash Cash comprises cash on hand and demand / time / fixed deposits. Computing
Equivalents Cash equivalents are short-term, highly liquid investments that are COIN See Co-Innovation Network
readily convertible to known amounts of cash and which are subject
Co-Innovation This is an extended, global innovation ecosystem curated by TCS,
to an insignificant risk of changes in value. Cash and cash equivalents
Network to harness the innovation efforts of start-ups and academia, and
are held for the purpose of meeting short-term cash commitments
incorporate them into transformational solutions built by TCS for its
rather than for investment or other purposes.
customers.
Cash Flow Inflows and outflows of cash and cash equivalents.
Compounded The annual growth rate between any two points in time, assuming
Cash Flow from Primarily derived from the principal revenue producing activities. Annual Growth that it has been compounding during that period.
Operating Therefore, they generally result from the transactions and other Rate (CAGR)
Activities events that enter into the determination of profit or loss.
Connected Clinical Part of the TCS ADD suite, CCT is an innovative software-as-a-
CBO See Cognitive Business Operations Trials (CCT) service platform that enables life sciences companies to significantly
CC See Constant Currency Platform transform patient engagement in clinical trials and improve
Chatbots Computer programs designed to simulate conversation with human adherence to protocols, as well as the efficiency and accountability of
users, especially over the internet. They are typically used in dialog clinical trials.
systems for various practical purposes like customer service or Constant The basis for restating the current period’s revenue growth after
information acquisition. Currency eliminating the impact of movements in exchange rates during the
Cloud See Cloud Computing period.
Cloud Computing The delivery of easily provisionable computing resources – servers, Contextual This is tacit knowledge pertaining to, and specific to, the granular
storage, databases, networking, software, analytics and more – over Knowledge nuances of a customer’s business and IT landscape, acquired on
the internet, consumed on a pay-as-you-go basis. the job over a period of time. TCS teams use their contextual
knowledge to design technology solutions that are uniquely tailored
CMT Acronym for Communication, Media and Technology
for that customer, and therefore, a potential source of competitive
differentiation.
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CO2e Acronym for “Carbon dioxide equivalent”. It is a standard unit for Digital Twin A digital replica of a physical entity. For instance, a digital twin
accounting greenhouse gas (GHG) emissions from carbon dioxide or of a factory is a virtual model of the factory built using its data,
another greenhouse gases, such as SOX, NOX, methane, etc. process, people information. Impact of any change in a process in
CPG Acronym for Consumer Packaged Goods the real factory can be studied by simulating the change in the digital
twin.
Core Banking A back-end system that processes daily banking transactions and
System posts updates to accounts and other financial records; typically Discretionary Also known as Change the Business (CTB) spend, it is that portion
includes deposit, loan and credit processing capabilities, with Spend of the IT budget which is used to fund projects that are not,
interfaces to general ledger systems and reporting tools. strictly speaking, essential for day to day operations, but are more
transformational in nature. In uncertain economic times, when
Core Modernization initiatives that target the one or more elements of
businesses are forced to cut spends in response to decline in income,
Transformation the organization’s operations stack consisting of business processes,
discretionary spend is often the first to be scrutinized. However, what
software systems and underlying infrastructure, usually to enable
is considered discretionary is subjective and may differ considerably
greater agility, scalability, resilience and a superior customer
amongst businesses even within the same sector.
experience. These are typically large in scale and scope, and entail
the integrated delivery of multiple capabilities. Distributed See Blockchain
Ledger
Cyber Security Technologies, processes and practices designed to protect networks,
Technology
computers, programs and data from attack, damage or unauthorized
access. Dividend One form of distribution of profits earned by the Company and
is usually declared as an amount per equity share held by the
Days’ Sales A popular way of depicting the Trade Receivables - billed relative to
Shareholders. TCS has a policy of declaring quarterly interim
Outstanding the company’s Revenue.
dividends and the final dividend is approved by the shareholders in
(DSO) DSO = Trade Receivables - billed * 365 / LTM Revenue the Annual General Meeting.
Depreciation A method of allocating the cost of a tangible long-term asset over its DLT See Distributed Ledger Technology
useful life. It is a non-cash accounting entry found in the statement EACs Energy Attribute Certificates (EACs) are market-based instruments
of profit and loss. that can be used by the bearer to claim renewable energy
DevOps Represents a new way of working to rapidly deploy new releases of a consumption. Each EAC is equivalent to 1 MWh of electricity.
software in production using high levels of automation and tooling. Earnings Per The amount of that period’s Net Income attributable to a single
TCS recommends adoption of DevOps, along with Agile for speed to Share share after deducting any preference dividend and related taxes.
market.
EPS = [Net profit attributable to Shareholders of the Company –
Digital Represents new age technologies such as Social Media, Mobility,
Preference dividend, if any] / Weighted average number of equity
Analytics, Big Data, Cloud, Artificial Intelligence and Internet of
shares outstanding during the period
Things. Increasingly, with these technologies becoming mainstream,
this word is becoming redundant.
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Edge Computing Computing and storage that is located on servers on the edge of Forward Contract A hedging instrument wherein two parties agree to buy or sell a
the network, in close proximity to the users, but not through an on- particular asset (such as stock or currency) at a pre-determined rate
premise data center; usually reserved for low latency use cases. (or Forward rate) on a specific future date.
Effective Tax Rate The proportion of the Profit Before Tax that is provided towards For e.g. TCS enters into a forward contract to sell USD 1 million
income taxes. after 3 months @ `72. Irrespective of the prevailing USD-INR spot
ETR = Tax expense / Profit Before Tax rate, TCS will be obliged to sell USD 1 million @ `72 at the end of 3
months.
EIA Acronym for Environmental Impact Assessment. The study needs
to be conducted as per Ministry of Environment and Forest (MoEF) Framework A kind of intellectual property, consisting of software which provides
requirements for new construction/ expansion projects. generic functionality for a certain business use case, and which is
customized for a specific customer’s needs with additional code. Use
Engineering and Consists of next generation product engineering, manufacturing
of such pre-built code reduces time to market and results in more
Industrial Services operations transformation, services transformation, embedded
stable, reliable solutions.
software and Internet of Things.
Free Cash Flow Represents the cash a company generates through its operations,
Enterprise Agile The adoption of Agile methods across all the business functions of
less the capital expenditure.
the enterprise, designed to empower employees, foster collaboration
and drive a culture of continuous innovation at scale. Free cash flow = Cash flow from operating activities – Capital
EPS See Earnings Per Share expenditure
ETR See Effective Tax rate FTE Acronym for Full Time Equivalent
Fair Value The price that would be received to sell an asset or paid to transfer a Furlough A temporary cessation of work without pay for the employees,
liability in an orderly transaction between market participants at the usually implemented by organizations facing under difficult economic
measurement date. conditions, and in lieu of laying off employees.
Fintech Businesses that use technology to make financial services more Gamification The process of adding games or game-like elements to any activity
efficient. Some fintech developments have improved traditional in order to enrich experiences and encourage user participation.
services, for example mobile banking apps, while others have GDPR Acronym for General Data Protection Regulation, a European Union
revolutionized services such as pay per mile car insurance, or created regulation for data protection and privacy.
new products, such as Bitcoin. GHGs Acronym for Greenhouse Gases; refers to gases that trap heat in the
Fixed Price A form of services contracts where the vendor takes a turnkey atmosphere leading to global warming and climate change.
Contracts responsibility for delivering a solution for a certain price and within Growth and Initiatives launched to improve the enterprise’s revenues, leveraging
a mutually agreed timeframe. The customer is billed on completion Transformation technology to adopt new business models, drive new revenue
of key project milestones and related deliverables. This arrangement streams, enhance customer experience or target new customer
gives the vendor considerable flexibility in the staffing and execution segments. This is in contrast to traditional outsourcing engagements
of the project. On the other hand, it also means bearing the project where the focus is on improving efficiency and saving costs.
risk.
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G&T See Growth and Transformation Intellectual An asset that is the result of a creative design or idea, such as
HVAC Acronym for Heating Ventilation and Air Conditioning System Property patents, copyrights, reusable code, software products and platforms,
and gives the owner exclusive rights over its usage, such that no one
Hybrid Cloud An enterprise IT infrastructure model that combines private clouds,
can copy or reuse the creation without the owner’s permission.
public clouds and on premise data centers, to meet the compute and
storage needs of the business. Interactive Allows for a two-way flow of information through an interface
Technology between the user and the technology; the user usually
Innovation Days Focused workshops with a TCS customer where researchers and
communicates a request for data or action to the technology with
business leaders from both organizations participate to explore
the technology returning the requested data or result of the action
emerging technologies for specific customer problems.
back to the user.
Innovation Forum TCS’ thought leadership event that is held in North America, UK,
Involuntary A reduction in the workforce due to the employer’s decision to
Latin America and Japan. It brings together researchers from
Attrition terminate employment, instead of the employees’ decision to leave.
academia, innovators from the start-up ecosystem, technology
watchers, futurists and customers to brainstorm around emerging IoT See Internet of Things
technologies. IP See Intellectual Property
Inorganic Growth Growth in revenue due to mergers, acquisitions or takeovers, rather kL Acronym for the unit kilo-liters used to measure volume. It is a unit
than due to an increase in the company’s own business activity. used to measure and report water usage.
ISO Acronym for International Organization for Standardization KMP See Key Managerial Personnel
ISV Acronym for Independent Software Vendor; a key market segment Key Managerial At TCS, this refers to the Chief Executive Officer, Managing Director,
serviced by TCS’ Hi-Tech business vertical. Leading software product Personnel Chief Operating Officer, Chief Financial Officer, and the Company
vendors across the world engage TCS to help them build new Secretary. Please refer to the Company’s policy on KMP:
features and functionality, maintain older versions of their products, http://www.tcs.com/ir-corporate-governance
or to modernize their existing products with new cloud-native kWh Acronym for kilowatt hours used as a unit of measurement of
architecture. electricity
Internet of Things Also known as IoT. Refers to a network of interconnected machines LatAm Acronym for Latin America
or devices embedded with sensors, software, network connectivity,
Location A method to orchestrate globally distributed stakeholders and
and necessary electronics to generate and share run-time data that
Independent Agile talent into Agile teams for improved speed to market in large
can be studied and used to monitor or control remotely, predict
transformational programs. It comprises processes, structure, and the
failure, and optimize the design of those machines / devices.
technology that allows enterprises to overcome location constraints
Invested Funds Funds that are highly liquid in nature and can be readily converted and embrace Agile methods on a global scale.
into cash.
Machine First™ A model that integrates analytics, AI and automation deep within the
Invested funds = Cash and Cash Equivalents + Investments + Delivery Model enterprise to redefine how humans and machines work together and
Deposits with banks + Inter-corporate deposits to effectively deliver superior outcomes.
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Machine Learning A type of artificial intelligence that provides computers with the MVP See Minimum Viable Product
ability to learn behaviors without being explicitly programmed. MWh Acronym for megawatt hours used as a unit of measurement of
Managed Services This is the practice of outsourcing to one service provider, also electricity. 1 MWh=1000kWh
known as the Managed Services Provider (MSP), the end-to-end Net Zero Net zero refers to a state in which the greenhouse gases emitted
responsibility for providing, or orchestrating the provision through into the atmosphere due the company’s activity are minimized
third party providers of, services around a range of processes and through a series of initiatives and the residual emission is
functions, in order to improve efficiency, service quality, agility and compensated by removal of equivalent amount of GHG emissions
scalability. elsewhere through carbon offsets.
Managed Services Service providers with the sole, end-to-end responsibility of Non-Controlling The share of the net worth attributable to non-controlling
Provider providing Managed Services. Interest shareholders of the subsidiaries.
Market The total market value of a company’s total outstanding equity Non-discretionary Also known as Run the Business (RTB) spend, is that portion of
Capitalization shares at a point in time. Spend the IT budget that covers the basic IT activities required to keep a
Market Cap = Last Trading Price * Total number of outstanding business running. Even in tough economic times, non-discretionary
shares spend remains relatively unaffected.
MEA Acronym for Middle East and Africa Options Contract A hedging instrument that offers the buyer the right to buy or sell
the underlying asset (such as stocks or currency) on a future date, at
Metaverse Virtual-reality space in which users can interact with a computer-
a specified price, for small upfront fee called options premium.
generated environment and other users. Metaverse is a merging of
virtual, augmented, and physical reality, and blurs the line between Eg: TCS purchases an options contract to sell USD 1mn @ ` 77/$
online and offline interactions. after 3 months, paying an option premium of `1 million. With this,
MFDM™ Acronym for Machine First Delivery Model TCS will have the right to sell USD 1mn at an exchange rate of `77,
even if the prevailing market rate at the end of three months is, say
Minimum Viable The most basic version of a new product, with the bare minimum
`75. On the other hand, if the market rate is higher, say `79, then
Product functionality, which can be released to the users at the earliest, to
TCS can choose to let the options contract lapse and instead sell at
be augmented with incremental features and functionality over
the market rate.
subsequent iterative cycles. MVPs can be used by teams to learn
about user behavior and validate the product value with minimum Order Book See Total Contract Value
investment. Organic Growth The revenue growth a company can achieve by increasing its existing
MJ Acronym for Mega Joule used as a unit of measurement of energy business activity. This does not include growth attributable to
(electricity as well as fuel use) takeovers, acquisitions or mergers.
Mobility Information, convenience, and social media all combined together, PaaS See Platform as a Service
and made available across a variety of screen sizes and hand-held PAS 2060 Internationally recognized standard by the British Standards
devices. Institution to verify and substantiate an organization’ claim of carbon
MSP See Managed Services Provider neutrality.
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Personalization Segmentation and responding to individual transactions, customized R&I Acronym for Research & Innovation
for a single customer in a single instance. Realization The revenue received by the company per utilized effort. Pricing
Platforms A group of technologies that are used as a base upon which other varies by service and by market. Consequently, there can be changes
applications, processes or technologies are developed. Useful for in realization compared to a prior period, due to changes in the
optimizing costs and efforts, and eliminating iterative tasks to drive underlying business or geographic mix during the period. This does
strategic business initiatives. not necessarily mean that like-to-like pricing has changed. Also,
Platform as a A category of cloud computing that provides a platform and realization doesn’t take into account the costs and therefore, higher
Service (PaaS) environment to allow developers to build applications and services realization is not necessarily more profitable.
over the internet. PaaS services are hosted in the cloud and accessed RECs/ GOs Renewable Energy Certificates / Guarantees of Origin are EACs used
by users simply via their web browser. in different markets.
Power Usage It is the ratio of total amount of electricity used by a data center Related Party Any transaction between a company and its related party involving
Effectiveness facility to the electricity used by the computing equipment in the Transactions transfer of services, resources or any obligation, regardless of
data center. whether a price is charged.
Pricing The price charged to the customer for a billable effort, turnkey Please refer to the Company’s policy on Related Party Transactions:
project or a certain process outcome, depending on the nature of http://www.tcs.com/ir-corporate-governance.
the contract. Some use this term interchangeably (and somewhat Revenue The income earned by the Company from operations by providing IT
inaccurately) with the average revenue realized by the company per and consulting services, software licenses, and hardware equipment
utilized effort on an aggregate basis. See Realization.
to customers.
Private Cloud Refers to a model of cloud computing where IT infrastructure, in RFP Acronym for Request for Proposal, meaning a document that
terms of compute and storage resources, are provisioned for the solicits proposal, often made through a bidding process, by an
dedicated use of a single organization.
entity interested in procurement of IT services, to potential service
Product In the technology context, refers to a packaged software program providers to submit business proposals. An RFP is floated early in
that is made available to multiple customers either on a license the procurement cycle and requested information may include basic
basis, or on a subscription basis, to enable the execution of certain corporate information and history, financial information, technical
common tasks or processes or business functions in a standardized capability and estimated completion period, and customer references.
way. This is the opposite of bespoke or custom software which is Robotic Process The use of software tools to automate high-volume, repeatable
built to specifications to meet a customer’s unique needs. Automation tasks that previously required humans to perform. RPA is best suited
Public Cloud A computing service model used for the provisioning of storage and for relatively simple and stable processes. Dynamic changes in the
computational services to the general public over the internet. Public environment require ongoing upkeep of the robots, diluting the
cloud facilitates access to IT resources on a ‘pay as you go’ billing economic benefit of the automation. Increasingly, customers are
model. preferring cognitive automation over RPA.
PUE See Power Usage Effectiveness. RPA See Robotic Process Automation
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SBWS™ See Secure Borderless Workspaces Special Economic In India, these are designated areas in which business and trade laws
Scope 1, Scope 2, Green house gas emission accounting categories as per the Zone are different from the rest of the country, with various benefits and
Scope 3 emissions Greenhouse Gas Protocol. tax breaks to promote exports, attract investments, and create local
jobs.
Secure Borderless TCS’ innovative operating model rolled out in response to the
Workspaces™ COVID-19 disruption. It is a fully location agnostic extension STEM Acronym for education in the fields of Science, Technology,
of the Location Independent Agile model, enabling employees Engineering and Math.
to work remotely, while retaining the same high rigor in project Sustainathons Platform/environment for multiple entities to come together in a
management, governance and security. The fully distributed nature specified timeframe to seek solutions to sustainability challenges.
of this model is better suited to ensure business continuity. It Expectations in a sustainathon includes clear framing of real world
leverages TCS’ prior investments and incorporates the learnings issues (problem statements) to drive realistic, technology based
and best practices around network management, standard service solutions. Immediate outcomes may include detailed solution ideas,
delivery environment, digitized governance processes, heavy use wireframes, code pieces or apps.
of collaborative and cloud based technologies and an internal SOC T&M See Time and Materials Contract
benchmarked to the best in the industry.
TCS Pace™ A brand promise that represents the way TCS channels its domain
Servitization Subscription based model that generates recurring subscription fees knowledge and organizational units – business and technology
from a product versus the traditional one-time sale. This applies services, industry solutions units, and the research and innovation
to software products (Software-as-a-Service) as well as physical organization – into internal and external co-innovation programs.
products (Product-as-a-Service). In the case of the latter, a key
TCS Pace Port™ Physical spaces where TCS Pace can be experienced. These spaces
enabler is IoT which allows the seller to monitor the asset remotely.
are close to academic and start-up hubs, and enclose innovation
SEZ See Special Economic Zone showcases, Agile workspaces and think spaces. They encourage
Shareholder The proportion of earnings paid to shareholders as a percentage of brainstorming, design thinking and collaborative innovation with
Payout Ratio the Company’s earnings, i.e. Net Income attributable to Shareholders internal and external partners.
of the Company. Payout can be in the form of dividend (including TCV See Total Contract Value
dividend distribution tax) and share buyback.
Time and Materials A form of services contract where the customer is billed for the
Simplification The rationalization of IT architectures through consolidation of Contract effort (in hours, days, weeks, etc.) logged by the project team
systems and elimination of redundant systems and layers. The members. Project risk is borne by the customer. This contrasts with
primary purpose is to shrink the IT footprint and make operations Fixed Price Contracts.
leaner and more efficient.
Total Contract An aggregation of the value of all the contracts signed during a
Sole Sourced Non-competitive agreements that allow a single vendor to fulfill the Value period and a useful indicator of demand, and near term business
Contract needs of the contractual requirements. These types of contracts visibility.
can be won when the competitor set narrows down significantly and
Turnkey Contracts See Fixed Price Contracts
comes down to a single vendor discussion, given the nature of the
client’s solution requirements.
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tCO2e Acronym for tonnes of carbon dioxide equivalent which is used as Voluntary Refers to reduction in workforce resulting from employees willingly
the unit for reporting greenhouse gas emissions. Attrition leaving the organization to pursue other opportunities, spend time
Unearned and For invoices raised in line with agreed milestones for services yet to with family, or for some other personal reason.
Deferred Revenue be delivered. In other words, it is the amount that has been invoiced XR Extended reality, an umbrella term that covers augmented reality,
although the underlying effort is yet to be expended. virtual reality and mixed reality.
VR See Virtual Reality Y-o-Y Year-on-Year
Virtual Reality Artificial, computer-generated simulation or recreation of a real-life
environment or situation. It engages users by offering simulated Disclaimer: This glossary is intended to help understand commonly used terms
reality experiences firsthand, primarily by stimulating their vision and and phrases in this report. The explanations are not intended to be technical
hearing. definitions. If explanations provided here are found to be different from what is
Virtualization The abstraction of IT resources – like a server, client, storage or described in the Company’s periodic financial statements (not limited to Notes to
network – that masks the physical nature and boundaries of those Accounts), then the definition provided in the certified financial statements will
resources from the users of those resources. prevail.
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GRI Annexures Identification of Material Topics1
TCS conducts annual materiality assessments to update the list of material topics. The key elements of that
assessment include:
Key Elements of Annual Materiality Assessments:
Stakeholder interactions result in the identification of a broad funnel

of issues important to each of the constituencies. The Company’s
Engagement with Sustainability Council uses discussions with internal and external
stakeholders stakeholders, as well as its own judgment, to prioritize and arrive at a
list of material topics with significant economic, environmental, or social
impacts on TCS’ business, reputation, and operations.
The company looks at the role of TCS in wider sustainability issues, the
impact the company has through its customer engagements and its
Sustainability
operations, and the role that the company experts play in professional
context and value
associations, industry forums and other thought leadership activities to
chain
address important issues raised by stakeholders.
1
GRI 3-1
Integrated Annual Report 2021-22 Identification of Material Topic | 412
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Key Material Topics2, Key Concerns, Boundary of impact and TCS approach3 to them are listed below:
Material Topics Why this is material Key Concerns TCS Approach (Page Reference Boundary of GRI Indicators
Number) impact
Corporate Governance Strong corporate governance that • Governance Structure and • Pg 137 Internal 2-9, 2-10, 2-11, 2-12,
considers - stakeholder concerns, composition 2-14, 2-15, 2-19
engenders trust, oversees business
• Independence of the Board and • Pg 138
strategies, and ensures fiscal
Minority Interest
accountability, ethical corporate
behavior, and fairness to all • Avoidance of conflict of interest • Pg 139
stakeholders is core to achieving • Board oversight • Pg 140
the organization’s longer-term
mission. • Disclosure and Transparency • Disclosures – Pgs Pg 154,
155, 156 ;
• Internal financial control
systems and their adequacy -
Pg 132
• Value, ethics and compliance • Pg 139
• Enterprise Risk Management • Pg 120
• Succession Planning • Pg 141
• Remuneration Policy • Pg 149
2
GRI 3-2
3
GRI 3-3
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Number) impact
Business Sustainability A financially strong, viable business • Economic performance • Financial Capital – Pg 20 Internal 2-22, 201-1
that is able to adapt to changing
• Demand sustainability • Strategy for sustainable
technology landscapes to remain
growth – Pg 9, 108
relevant to customers and profitably
grow its revenues year-on-year • New Organization Structure
is essential to meet longer term – Pg 109
expectations of stakeholders. • Business outlook – Pg 120
• Investments in capability • Enabling investments – Pg
development • Intellectual Capital
Infographic – Pg
Talent Management The company’s ability to attract, • Talent acquisition • Pg 22 Internal 401-1, 401-2, 401-3,
develop, motivate, and retain talent 403-1, 403-2, 403-3,
• Talent development • Pg 113
is critical to business success. 403-5, 403-6, 403-9,
• Diversity, Equity and Inclusion • Pg 113 403-10, 404-1, 405-
• Talent retention • Pg 115 1, 405-2, 406-1
• Employee Health and well being • Pg 112

• Competitive Compensation • Pg 114
• Occupational Health and safety • Pg 205
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Number) impact
Social Responsibility The business must be rooted in • Local communities • Pg 174, 222, 228, 229 External 204-1, 207-1 308-1,
community and be aligned with the 308-2, 413-1, 414-2
• Education and skill development • Pg 175 to 179
community’s larger interests. Any
adversarial relationship can hurt the • Job creation • Employment and
company’s ability to create longer employability – Pg 175 to
term value. 179
• Taxes payable in different • Tax strategy – Pg 140
regions • Consolidated Income taxes –
Pg 298, 299
• Country-wise subsidiary
income taxes – Pg 398, 399,
400, 401
• Environmental stewardship • Natural Capital – Pg 31, 200
Environmental Footprint Business sustainability is linked to • Energy consumption • Pg 31, 216, 218, 219, 225 Internal 302-1, 302-3, 303-1,
the planet’s sustainability. Moreover, 303-2, 303-3, 303-4,
• Water management • Water conservation – Pg
good environmental practices result 303-5, 305-1, 305-2,
217, 218, 224
in greater operational efficiency, 305-3, 305-4, 305-5,
adding to financial sustainability. • Waste management • Waste reduction and reuse – 306-2, 306-3, 306-4,
Pg 200, 221 306-5
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GRI Content Index4 GRI Standard Disclosure Section * Page No.

2-14 Role of the highest • CG 140
GRI Standard Disclosure Section * Page No. governance body in sustainability
GRI 2: General 2-1 Organizational details • BRSR 186 reporting
Disclosures 2-2 Entities included in the • BRSR 187, 190 2-15 Conflicts of interest • CG 139
2021 organization’s sustainability 2-17 Collective knowledge of the • BRSR 198
reporting highest governance body
2-3 Reporting period, frequency • BRSR 186 2-19 Remuneration policies • CG 149
and contact point • BRSR 214
2-4 Restatements of information • BRSR 187 2-21 Annual total compensation • BRSR 214
2-5 External assurance • BRSR 187, 197 ratio
2-6 Activities, value chain and • BRSR 187, 188 2-22 Statement on sustainable • Letter from the 9
other business relationships development strategy CEO 108
2-7 Employees • CG 188 • MDA
2-9 Governance structure and • CG 137, 197 2-23 Policy commitments • BRSR 195, 199,
composition 216, 230
2-10 Nomination and selection of • CG 138 2-24 Embedding policy • BRSR 195, 212,
the highest governance body commitments 216
2-11 Chair of the highest • CG 139 2-25 Processes to remediate • BRSR 192, 203,
governance body negative impacts 207, 215,
216, 229
2-12 Role of the highest • CG 139, 140
governance body in overseeing the • BRSR 2-27 Compliance with laws and • BRSR 198, 223
management of impacts regulations
2-28 Membership associations • BRSR 228
2-13 Delegation of responsibility • BRSR 197,
for managing impacts 214 2-29 Approach to stakeholder • BRSR 208, 209
engagement
2-30 Collective bargaining • BRSR 203
agreements
4
Requirement 7: Publish a GRI content index GRI 3: Material 3-1 Process to determine material • GRI Annexures: 412
Topics 2021 topics Identification of
* MDA: Management Discussion and Analysis, CG: Corporate Governance Report, Material Topics
BRSR: Business Responsibility and Sustainability Report
Integrated Annual Report 2021-22 GRI Content Index | 416
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GRI Standard Disclosure Section * Page No. GRI Standard Disclosure Section * Page No.
3-2 List of material topics • BRSR 193 GRI 303: Water 303-1 Interactions with water as a • BRSR 218
• GRI Annexures: 413 and Effluents shared resource
Identification of 2018 303-2 Management of water • BRSR 218
Material Topics discharge-related impacts
3-3 Management of material topics • BRSR 193, 196, 303-3 Water withdrawal • BRSR 217, 224
• GRI Annexures: 206, 207,
303-4 Water discharge • BRSR 224
Identification of 413
Material Topics 303-5 Water consumption • BRSR 217
GRI 201: 201-1 Direct economic value • Financial Capital 20 GRI 304: 304-1 Operational sites owned, • BRSR 222
Economic generated and distributed Biodiversity leased, managed in, or adjacent to,
Performance 2016 protected areas and areas of high
201-2 Financial implications and • MDA 130
2016 biodiversity value outside protected
other risks and opportunities due
areas
to climate change
304-2 Significant impacts of • BRSR 226
201-3 Defined benefit plan • BRSR 202
activities, products and services on
obligations and other retirement
biodiversity
plans
304-3 Habitats protected or • BRSR 226
GRI 204: 204-1 Proportion of spending on • BRSR 229
restored
Procurement local suppliers
Practices 2016 GRI 305: 305-1 Direct (Scope 1) GHG • BRSR 218
Emissions emissions
GRI 205: Anti- 205-2 Communication and training • BRSR
2016 305-2 Energy indirect (Scope 2) • BRSR 218
corruption about anti-corruption policies and
2016 procedures GHG emissions
205-3 Confirmed incidents of • BRSR 199 305-3 Other indirect (Scope 3) • BRSR 225
corruption and actions taken GHG emissions
GRI 207: Tax 207-1 Approach to tax • CG 140 305-4 GHG emissions intensity • BRSR 218, 225
2019 305-5 Reduction of GHG • BRSR 219
GRI 302: 302-1 Energy consumption within • BRSR 216, 223 emissions
Energy 2016 the organization GRI 306: 306-2 Management of significant • BRSR 200, 221
302-3 Energy intensity • BRSR 216 Waste 2020 waste-related impacts
306-3 Waste generated • BRSR 220
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GRI Standard Disclosure Section * Page No. GRI Standard Disclosure Section * Page No.
306-4 Waste diverted from • BRSR 220 403-9 Work-related injuries • BRSR 206
disposal 403-10 Work-related ill health • BRSR 206, 208
306-5 Waste directed to disposal • BRSR 220 GRI 404: 404-1 Average hours of training • Human Capital 23
GRI 308: 308-1 New suppliers that were • BRSR 200, 227 Training and per year per employee 203
Supplier screened using environmental Education 404-3 Percentage of employees • BRSR 204
Environmental criteria 2016 receiving regular performance and
Assessment 308-2 Negative environmental • BRSR 227 career development reviews
2016 impacts in the supply chain and GRI 405: 405-1 Diversity of governance • Human Capital 22
actions taken Diversity bodies and employees • BRSR 189
GRI 401: 401-1 New employee hires and • Human Capital 22 and Equal 405-2 Ratio of basic salary and • BRSR 213, 214
Employment employee turnover • BRSR 189 Opportunity remuneration of women to men
2016 401-2 Benefits provided to • BRSR 201 2016
full-time employees that are not GRI 406: Non- 406-1 Incidents of discrimination • BRSR 215
provided to temporary or part-time discrimination and corrective actions taken
employees 2016
401-3 Parental leave • BRSR 203 GRI 413: Local 413-1 Operations with local • BRSR 222, 228,
GRI 402: 402-1 Minimum notice periods • MDA 115 Communities community engagement, impact 229
Labor/ regarding operational changes 2016 assessments, and development
Management programs
Relations 2016 GRI 414: 414-2 Negative social impacts in • BRSR
GRI 403: 403-1 Occupational health and • BRSR 205 Supplier Social the supply chain and actions taken
Occupational safety management system Assessment
Health and 2016
403-2 Hazard identification, • BRSR 205, 206
Safety 2018 risk assessment, and incident
investigation
403-3 Occupational health • BRSR 203
services
403-5 Worker training on • BRSR
occupational health and safety
403-6 Promotion of worker health • BRSR
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TCS Safe Harbor Clause

Certain statements in this release concerning our future prospects are forward-looking statements. Forward-looking statements by their nature involve a number of risks and uncertainties that
could cause actual results to differ materially from market expectations. These risks and uncertainties include, but are not limited to, our ability to manage growth, intense competition among global
IT services companies, various factors which may affect our profitability, such as wage increases or an appreciating Rupee, our ability to attract and retain highly skilled professionals, time and cost
overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on cross-border movement of skilled personnel, our ability to manage our international operations, reduced
demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our
service contracts, the success of the companies in which TCS has made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or
acquiring companies outside India, unauthorized use of our intellectual property, pandemics, natural disasters and general economic conditions affecting our industry. TCS may, from time to time,
make additional written and oral forward-looking statements, including our reports to shareholders. These forward-looking statements represent only the Company’s current intentions, beliefs
or expectations, and any forward-looking statement speaks only as of the date on which it was made. The Company assumes no obligation to revise or update any forward-looking statements.
IT Services
Business Solutions
Consulting

9th Floor, Nirmal Building, Nariman Point, Mumbai 400 021
www.tcs.com
Building on belief
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Other Filings
518 / 522
TCS’ TAX STRATEGY
June 2022
519 / 522
INTRODUCTION
Tata Consultancy Services (“TCS” or “We”) is an Information Technology (IT) services,

consulting and business solutions provider that has been partnering with the world’s largest
businesses in their transformation journeys for over 50 years. TCS offers a consulting-led,
cognitive powered, integrated portfolio of business, technology and engineering services and
solutions. It operates in 55 countries and delivers these services through its unique Location-
Independent Agile delivery model, recognized as a benchmark of excellence in software
development.
TCS' proactive stance on climate change and award-winning work with local communities
across the world have earned it much goodwill and a place in leading sustainability indices
such as the MSCI Global Sustainability Index and the FTSE4Good Emerging Index. Its
community outreach programs seek to bridge the opportunity gap for people and
communities, with a primary focus on education, skilling, employment, and entrepreneurship.
Additionally, it supports community programs around basic health and wellness, water
sanitation and hygiene, conservation, and disaster relief.
Besides these CSR initiatives, TCS contributes to the economic development of local
communities by creating high quality, well-paying jobs that support the local economy and
expand the tax base, and through the direct and indirect taxes that it pays to local and national
governments.
This tax strategy document sets out TCS approach to managing its tax affairs and the risks
associated with them. It is guided by our governance philosophy of upholding the highest
standards of responsible corporate citizenship in the communities and countries that we
operate in, while serving the interests of our customers, employees, partners, and other
stakeholders, to protect our reputation and strengthen the TCS brand.
TCS TAX STRATEGY
The TCS tax strategy, is as follows:
• We act in accordance with and seek to comply with relevant tax laws and obligations in all
the jurisdictions we operate in and accordingly pay our fair share of taxes in respective
countries.
• We have established robust tax risk management processes that enable the identification,
assessment, management, and mitigation of key tax risks, along with accurate recording
and reporting.
• We do not engage in tax evasion, nor planning that aims to achieve results that are contrary
to the legislations.
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• We believe in an open and constructive dialogue with tax authorities and seek to foster
cooperative and trusted relationships.
• We support the principle of transparency and accordingly adequate disclosures are made
in the financial statements to communicate appropriate information regarding our tax
matters clearly to all stakeholders.
COMMITMENT TO COMPLIANCE
TCS is committed to complying with statutory tax obligations in all the jurisdictions in which
it operates in a responsible manner. This includes:
• Filing accurate, timely tax returns as well as settling any tax obligations as required
• Disclosure of relevant facts and circumstances to tax authorities.
TAX RISK MANAGEMENT AND GOVERNANCE
TCS philosophy on corporate governance oversees business strategies and ensures fiscal
accountability, ethical corporate behavior and fairness to all stakeholders comprising
regulators, employees, customers, vendors, investors, and society at large.
Our tax risk management, governance, and controls include measures and tools to ensure
that we can identify, assess, manage, and mitigate any operational reporting, financial
reporting, and compliance tax risks in all the countries we operate in.
The tax strategy is regularly reviewed by the management to ensure that the people,
processes, and technology deployed are appropriate to manage our current tax matters
TCS is committed to acting with integrity and transparency. TCS tax strategy and policies seek
to make use of appropriate reliefs to control the tax costs. TCS transactions are driven basis
commercial rationale and the company’s economic activity and not for the main purpose of
gaining a tax advantage.
We do not use artificial tax avoidance schemes or tax havens to reduce the tax liabilities or
take an aggressive interpretation of tax legislations. We seek external tax advice in certain
situations where we believe there is uncertainty with respect to the application of the tax
laws, to ensure that we do not suffer any unforeseen or unreasonable tax outcomes.
CONSTRUCTIVE APPROACH TO ENGAGE WITH TAX AUTHORITIES
TCS is committed to building open and collaborative relationships and to following a policy of
transparency with tax authorities to remove uncertainty from its business transactions and to
settle its tax affairs in a timely and fair manner.
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Where the TCS considers that a significant risk or uncertainty exists, TCS seeks advance
clearance from tax authorities on the proposed tax treatment of transactions, these offer an
opportunity for early resolution and minimizing the risk of future disputes.
We proactively and constructively engage in dialogue with governments, intergovernmental

organizations, and industry groups to support the development of tax systems that are fair,
transparent, efficient, effective, administrable, and sustainable.
All dealings with the tax authorities and other relevant bodies are conducted in a
collaborative, courteous, timely manner and in compliance with the Tata group’s Tata Code
of Conduct.
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For the exclusive use of SAIBAL RAY of NL DALMIA INST OF MGMT STD & RSRC

Bloomberg Public Information Book: TATA CONSULTANCY

Bloomberg Public Information Book: TATA CONSULTANCY

Bloomberg Public Information Book: TATA CONSULTANCY

Tata Consultancy Services Ltd Currency: INR

Website www.tcs.com Revenue(M) 1,917,540.00 YTD Return -11.92

Key Insights One Year Daily Price and Volume

5% of analysts have changed price targets (1 up, 2 down, 45 unchanged,

Current Capitalization (INR Millions)

Bloomberg Public Information Book: TATA CONSULTANCY

Overview Key Executives

Life Sciences & Healthcare (10.7)

Retail & Consumer Business (16.0) Europe (31.9)

Asia Pacific (8.8)

Consensus Rating 3.41

% Buy % Hold % Sell TargetPrice Price

Bloomberg Public Information Book: TATA CONSULTANCY

Fiscal Year Financial Performance and Estimates (INR Millions)

Equity Comparables (Top 6 Peers)

Credit Ratings Credit Ratios

Ownership: Top 5 by Country Ownership: Top 15 by % of Shares Outstanding Held

India 90.08% TATA SONS LTD 72.27%

Global Industry Classification Standard

Bloomberg Public Information Book: TATA CONSULTANCY

Bloomberg Public Information Book: TATA CONSULTANCY

Bloomberg Public Information Book: TATA CONSULTANCY

Bloomberg Public Information Book: TATA CONSULTANCY

Market Cap - 11,911.5 (B)

200000 2027 36,852

Revolver (Total Outstanding) Bond

Bloomberg Public Information Book: TATA CONSULTANCY

Bloomberg Public Information Book: TATA CONSULTANCY

Standard & Poor's

Bloomberg Public Information Book: TATA CONSULTANCY

1-Yr Implied Volatility 23.7 33.1 33.4 37.0 29.7

Bloomberg Public Information Book: TATA CONSULTANCY

Bloomberg Public Information Book: TATA CONSULTANCY

Application Software 2.7 (B)

Bloomberg Public Information Book: TATA CONSULTANCY

Bloomberg Public Information Book: TATA CONSULTANCY

EARNINGS & ESTIMATES

2023 Annual EPS Earnings Trend (EPS, INR per share)

Price 2023 Annual EPS Actuals Estimates

Current Period ( 2023 Q2) Overview

Bloomberg Public Information Book: TATA CONSULTANCY

Bloomberg Public Information Book: TATA CONSULTANCY

Top 20 Holders by Position

Top Insider Holders by Position

Bloomberg Public Information Book: TATA CONSULTANCY

Bloomberg Public Information Book: TATA CONSULTANCY

Consensus Rating 3.41 Curr INR

Historical Analyst Recommendation and 12M Target Price

% Buy % Hold % Sell TargetPrice Price

FIRM NAME ANALYST RECOMENDATION TGT PX DATE 1 YR RTN BARR RANK

Bloomberg Public Information Book: TATA CONSULTANCY

Bloomberg Public Information Book: TCS

Revenue 1,231,700.00 1,313,060.00 1,359,630.00 1,603,410.00 1,670,990.00

Cash from Operations 299,560.00 332,080.00 381,010.00 418,010.00 415,790.00

Key Stats-Enterprise Value

Total Capital 793,420.00 804,800.00 807,060.00 830,280.00 830,370.00

EV/Sales 5.80 5.03 8.46 8.30 6.95

Diluted Market Cap 7,585,751.79 6,852,229.71 11,885,510.89 13,833,447.47 11,911,493.24

P/Book 9.52 9.21 15.72 17.73 15.42