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(TCS)Tata Consultancy Services

INDIA Edition buysellsignals.com | Friday, December 23, 2011

L-T Rating: 4 out of 5 S-T Rating: 5 out of 5

Price/Earnings Growth 0.8 Present Value Rs1000 (1 year) 1027

ROA 27.7 1-DAY PRICE (%) 0.5

ROE 37 REL STRENGTH (6M) 87.1

EPS 1-YR GROWTH (%) 29.7 PEMAP50 1.03

Price/Earnings 25x 30-DAY PRICE (%) 8.9

Price/Sales 6x 1-YEAR PRICE(%) 1.4

Price/NTA 10.6x 5-DAY PRICE (%) 1.2

Yield % 1.2 3-MONTH PRICE(%) 16.8

CONTENTS1 Company overview 4 Technical analysis 7 Glossary

2 Shareholder returns 5 Sector ranking

3 Stock analysis and ratings 6 News and events

A publication of:

Tata Consultancy Services

strengthens 0.5%, outperforming87% of stocks

Tata Consultancy Services, India's largest it consulting &

software company by market capitalisation, strengthenedRs5.45 (or 0.5%) to close at Rs1,157.15. In the Indianmarket of 2,775 stocks traded today, the stock has a 6-

month relative strength of 87 which means it isoutperforming 87% of the market. A price rise combined

with a high relative strength is a bullish signal. Compared

with the BSE Sensex index, which fell 27.0 points (or 0.2%)on the day, this was a relative price change of 0.6%.

Shares Outstanding: 1,957,220,996Market Cap: Rs226,479.8 crores

(US$43 billion)Closing Price: Rs1,157.15

1 MONTH PRICE VOLUME 3Mo . 1Yr . 5Yr .

PERCENT R



Tata Consultancy Services ( TCS ) buysellsignals.com | FRIDAY, DECEMBER 23, 2011

Company Overview

© Copyright BuySellSignals Financial Research. Please refer to Disclaimer on back page.

Tata Consultancy Services ( TCS ) |

Activities

Tata Consultancy Services Limited is an informationtechnology (IT) company. Its portfolio of services includesbusiness consulting, information technology, business

process outsourcing, infrastructure and engineering. TheCompany.s segments include banking, financial services andinsurance; manufacturing; retail and distribution, and

telecom. It operates mainly in the Americas, Europe andIndia.

Further details can be found at www.tcs.com.

VOLUME WEIGHTED PRICE

RELATIVE STRENGTH

Top Management

The chief financial officer is S. Mahalingam and the

managing director and chief executive officer is NChandrasekaran.

Financials

ANNUAL REPORT FOR THE YEAR ENDED MARCH 31,2011

year-on-year comparisons with previous correspondingperiod

FAVOURABLE CHANGES

Total revenue up 25.2% to Rs37,928.5 crores ($US8.5b)Net profit growth 29.5% to Rs9,068.0 crores ($US2.0b)

EPS growth 29.7% to Rs46.27 ($US1.04)EBIT Margin up 6.9% to 29.6%

A 5-year track record of positive earnings5-years average annualized earnings growth rate of 10.8%

Total liabilities to EBITDA down 31.2% to 0.7: this comparesfavourably with the Joseph Piotroski benchmark of <5Total liabilities to total assets down 22.6% to 0.2Current ratio up 53.2% to 2.9

Net tangible assets per share up 39.5% to Rs108.69 ($US2.4)Working capital to total assets up 61.5% to 43.6%

EBIT to total assets up 11.2% to 33.7%Total revenue to total assets up 4.7% to 1.2.

UNFAVOURABLE CHANGES

Interest cover down 19.1% to 417.2 Although the Total Liabilities to Operating Cash Flow ratio

of 1.2 also compares favourably with the Joseph Piotroskibenchmark of <4, it had deteriorated by 0.9% from theprevious year..

MAJOR COMMON SIZE RATIOS

Total current assets to total assets up from 57.6% to 66.8%

Total non-current assets to total assets down from 42.4% to33.2%Current debtors to total assets up from 21.4% to 25.0%

Cash to total assets up from 17.2% to 22.5%Fixed assets to total assets up from 12.9% to 13.0%EBITDA to Sales up from 29.6% to 31.1%

EBIT to Sales up from 27.4% to 29.1%Profit before tax to sales up from 27.4% to 29.1%

Profit after tax to sales up from 23.1% to 23.9%

Tax expenses to sales up from 4.0% to 4.8%.

Issued Capital

Based on 1,957,220,996 issued equity shares the market

capitalisation is Rs226,479.8 crores (US$43 billion). It isIndia's 2nd largest IT Consulting & Software company byassets.

http://www.tcs.com/

http://www.tcs.com/




Company Overview Cont.



TOP 3 SHAREHOLDERS

Name of Shareholder

No. of Shares

% Held

Promoters (Indian &Foreign)

1,450 74.08

Foreign InstitutionalInvestors

251 12.8

Institutions 158 8.1

Total 1,859 94.98

TOP 4 SHAREHOLDERS

Shareholder Returns

TRAILING ONE WEEK

The stock fell three times (60% of the time) and rose twice(40% of the time). The aggregate volume was 0.7 timesaverage trading of 9,238,985 shares. The value of Rs1,000

invested a week ago is Rs979 [vs Rs1,018 for the BSE Sensexindex], for a capital loss of Rs21(or loss of 2.1%).

TRAILING ONE MONTH

The stock rose twelve times (57% of the time) and fell ninetimes (43% of the time). The aggregate volume was 0.8 times

average trading of 40,651,534 shares. The value of Rs1,000invested a month ago is Rs1,089 [vs Rs1,004 for the BSESensex index], for a capital gain of Rs89(or rise of 8.9%).

TRAILING ONE YEAR

The value of Rs1,000 invested one year ago is Rs1,027 [vs

Rs802 for the BSE Sensex index], including a capital gain of Rs14 and dividend reinvested of Rs13. The total return toshareholders for 1 year is 2.7%.

TRAILING FIVE YEARS

A two-bagger in the past five years, the value of Rs1,000

invested five years ago is Rs2,208, including a capital gain of

Rs1,004 and dividend reinvested of Rs205.

PRESENT VALUE RS1000 3Yr . 5Yr .

SHAREHOLDER RETURNS(PV RS1000) 5Yr .




Analysis & Rating (Long-Term & Short-Term)



Long-Term Rating (Fundamentals): 4 outof 5

Tata Consultancy Services is ranked number 1out of 65 listed it consulting & softwarecompanies [that traded today] in India with amarket capitalization of Rs226,479.8 crores(US$43 billion).Within its sector it has a relatively moderate P/E of 25, lowP/E/G of 0.8 high P/S of 6.It has a strong relative ROE of 37% and ROA of 27.7%. The

company paid a dividend of Rs8.0 in the last twelve months.The dividend yield is high at 1.2%. Finally, its earningsgrowth in the past 12 months has been a comparatively high

29.7%.

Stocks are scored on a set of parameters reflecting

fundamental analytical toolsinvolving valuation, size and

financial performance. Theyare ranked according to theaverage values of those

parameters. The highestrating is 5 and the lowestrating is 1.

Relative Valuation Indicators - RVI™ -Fundamental Analysis

THE STOCK MEETS THE FOLLOWING VALUECRITERION SET BY BENJAMIN GRAHAM:

"Current ratio of two or more"; current assets are 2.88

times current liabilities."Earnings growth over the most recent five years of 7%

compounded - that is a doubling of earnings in a five-year

period"; the earnings per share have more than doubled inthe last 5 years.

"Stability of growth in earnings over the last 5 years,defined as no more than two declines of 5% or greater in

year-end earnings"; there has been 1 decline in earnings in

the last 5 years.

THE STOCK HAS A SCORE OF 6 OUT OF 9 SET BY JOSEPH PIOTROSKI [PASS MARK >=5 ]:

Positive net income; Positive operating cashflow; Return on

assets improvement [from 25.6% to 27.7%]; Improvement incurrent ratio from 1.88% to 2.88%; Total shares on issueunchanged; Improvement in asset turnover [growth in

revenue of 24.3% exceeded growth in assets of 19.56%].

OTHER BULLISH SIGNALS:

Return on Equity of 37.0% versus sector average of 24.7%and market average of 14.4%.Year-on-year earnings growth of 29.7% versus sector

average of 17.1 and market average of 21.0%.Total Liabilities/EBITDA of 0.7 is less than 5, this compares

favourably with the Joseph Piotroski benchmark of 5.Price/Earnings/Growth of 0.8 (based on the year-on-year

growth in trailing 12 months EPS of 29.7%) versus sector

average of 1.0 and market average of 0.6. We estimate theshares are trading at a current year Price Earnings Growth

of 0.63 and a forward year Price Earnings Growth of 0.5.Return on Assets of 27.7% versus sector average of 16.0%

and market average of 3.3%.

Return on Capital Employed of 43.9% versus sector averageof 25.3% and market average of 12.1%.Interest cover defined by EBIT/I is 417.2 times. This

indicates it is less leveraged.The average annual compound return on the share price in

the last 5 years was 17.2%, exceeding the average annualcompound return on the BSE Sensex index of 6.9%

BEARISH SIGNALS:

Price/Earnings of 25.0 versus sector average of 17.0 andmarket average of 12.3. We estimate the shares are trading

at a current year P/E of 19.8 and a forward year P/E of 15.7.The earnings yield of 4.0% below 10-year bond yield of

8.36%.

Price/Sales of 5.97 versus sector average of 3.0 and marketaverage of 1.0. We estimate the shares are trading at a

current year Price/Sales of 4.5 and a forward year Price/Salesof 3.4.




Analysis & Rating (Long-Term & Short-Term) Cont.



The Price to Book of 10.6 higher than average of 4.7 for the

IT Consulting & Software sector and 1.9 for the Total IndianMarket.

Dividend Yield of 1.2% (based on trailing 12 monthsdividends of Rs14.0) versus sector average of 1.6% andmarket average of 1.5%. The company paid out a dividend of Rs14.0 in the past 12 months. The 10-year bond yield is

currently 8.36%.

Short-Term Rating (Technical): 5 out of 5

Its price change has been positive in theshort-term over 5 days, medium-term over 3months and over the period of 1 year.

Significantly its price of Rs1,157.15 is at a premium of 4% toits 200-day moving average price of Rs1,110.078. Its 52-weekrange has been Rs1,246.95 to Rs902.0; it is trading at a

discount of 7.2 % to its 52-week high and a premium of 28.3% to its 52-week low. Rs1,000 invested exactly one year ago isnow worth Rs1,027 of which Rs14 is a capital gain and Rs13

is dividends.Recommended stop loss: Rs1,070.364

Stocks are scored on a set of

technical parametersreflecting price performanceand trading volumes. They are

ranked according to the

average values of thoseparameters. The highestrating is 5 and the lowestrating is 1.

Relative Valuation Indicators - RVI™ -Technical Analysis

BULLISH SIGNALS:

The price rose 1.2% in the last week and surged 8.9% in

the last month.Compared with the BSE Sensex index which rose 0.4% for

the month, this represented a relative price increase of 8.6%for the month.In the Indian market of 2,775 stocks traded today, the

stock has a 6-month relative strength of 87 which means itis beating 87% of the market.

A price rise combined with a high relative strength is abullish signal.

The price to 50-day EMAP ratio is 1.03, a bullish indicator.In the past 50 days this ratio has exceeded 1.03 26 timessuggesting further upside. The 50-day EMAP has increasedto Rs1,119.901. An increase is another bullish indicator.

The Moving Average Convergence Divergence (MACD)indicator of 12-day Exponential Moving Average (EMA)

minus the 26-day EMA is positive suggesting a bullish signal.Both the 12-day EMA as well as the 26-day EMA are rising,another bullish signal.

The price to 200-day MAP ratio is 1.04, a bullish indicator.In the past 200 days this ratio has exceeded 1.04 93 timessuggesting further upside. The stock is trading above both

its MAPs and the 50-day MAP of Rs1,115.567 is higher thanthe 200-day MAP of Rs1,110.078, a bullish indicator. The

200-day MAP has increased to Rs1,110.078. An increase isanother bullish indicator.




Technical Analysis Cont.



Open Interest Trend And Interpretation

Open interest hit a two-month high.

SAME DAY TREND

Open interest rose for a fourth consecutive day. Open

interest gained 3.8% from 8,230,750 to 8,541,250. Combined with the price increase of 0.5% this suggests the market isstrong.

TRAILING ONE MONTH TREND

Open interest soared 18.6% from 7,204,500 a month ago

while the stock surged 8.9% from Rs1,062.30 a month ago.Combined with the rising price this also suggests the marketis strong.

OPEN INTEREST AS % OF ISSUED CAPITAL

2,135,312,500 shares, representing 109.1% of the issued

capital.[ranked 198 out of 225 stocks in descending order]

2011 OPEN INTEREST

6,193,250 contracts, representing 72.5% of total.

2012 OPEN INTEREST

2,348,000 contracts, representing 27.5% of total.

PUT:CALL RATIO

Open interest contracts on exchange traded options included767,000 put contracts and 664,250 call contracts.

THE PUT:CALL RATIO WAS 1.2, DOWN 5.1% FOR THE DAY AND UP 71.1% IN THE PAST MONTH.

Top 3 Call Options

Top three traded call options [1 contract is250 shares]

EXERCISE RS1,150.0; EXPIRES DEC 29

Rs23.25 down 4.5%; volume 323; open interest 161750



EXERCISE RS1,200.0; EXPIRES JAN 25

Rs33.65 up 5.2%; volume 73; open interest 23500

Top 3 Put Options

Top three traded put options [1 contract is250 shares]







OPEN INTEREST TREND

PUT/CALL RATIO




Sector Ranking



Market Share

Tata Consultancy Services vs IT Consulting & Software sector[IT Consulting & Software sector Total in Brackets]Revenue of Rs37,928.5 crores (US$7.2 billion)[23.8% of

aggregate sector revenue of Rs159,329.8 crores; up from22.5% in the previous year.]Net Profit of Rs9,068 crores (US$1.7 billion) [32.8% of

aggregate sector net profit of Rs27,676.5 crores; up from29.6% in the previous year.]EBIT of Rs11,047.1 crores (US$2.1 billion) [46.7% of aggregate

sector EBIT of Rs23,641.3 crores; up from 41.5% in theprevious year.]

Price Performance RankThe stock is in 12 indices and 2 sectors.

THE STOCK'S RISE WENT AGAINST THE TREND SETBY THE FOLLOWING INDEX AND SECTORS:

The Total Indian Market of 2773 stocks traded today, which was down 35.4 points or 0.3% to 13,018.0,

IT Consulting & Software sector of 57 stocks traded today, which was down 41.7 points or 0.2% to 21,796.6,

BSE Sensex index of 30 stocks traded today, which was down27.0 points or 0.2% to 15,771.0

Stock Ranking by Percentage Price Change, versus Index andSectors for 1 day and 6 months

Rank of Stock1 Day

Rank of Stock

6Months

TotalNumber of Stocks in

Sector/Index

IT Consulting &Software sector

22 7 63

BSE Sensex index 7 5 30

Total Indian Market 1282 340 3378

BuySellSignals™ Sector Valuation Table

TOTAL INDIAN MARKET

Fundamental

Valuation

P/Earnin

gs

P/Earnin

gsGrowth

Price/Net

Tangible Assets

Discount

to52-Wk

High (%)

Premiu

m to52-WkLow (%)

TotalIndian

Market Avg

12.3x 0.6x 1.9x 28.2 4.2

TCS 24.98x 0.8x 10.6x 7.2 28.3

Rank 1640 436 1890 2839 2159

Rank 1 1.5xSPENTE

X

0.1xGKWLIM

ITED

0.1xSHREER AMA

99.1531611

0.1531279

Rank 2 1.5xPRECOT

0.1x502015

0.1xWELSPU

NIND

98.4531855

0.1530815

Rank 3 1.5xTULSYA

N

0.1x505665

0.1x509130

97.9512149

0.2521113

LowestRank

0.4507886

741.5526538

Size

Market CapRs

Total AssetsRs

RevenueRs

Total Indian

Market Avg

1,931 crores 5,859 crores 2,297.1 crores

TCS 226,479.8crores

32,751.8crores

37,928.5crores

Rank 2 74 23

Rank 1 284,477.7crores

RELIANCE

1,223,736.2crores

SBIN

324,435.6crores

IOC


TCS

533,767.9crores

ICICIBANK

278,914.6crores

RELIANCE


ONGC

386,283.8crores

PNB

166,038.8crores

BPCL

Lowest Rank 19.3 lakhs501700

9 lakhs532355



Tata Consultancy Services ( TCS ) buysellsignals.net | FRIDAY, DECEMBER 23, 2011

Sector Ranking Count



Technicals

Price Volume Dynamics

1-Day

OpenInt (%)

PV

Rs1,000(1 Yr)

Rel

Strength(6m)

PEMAP5

0

1-Day

Price (%)

5-Day

Price (%)

30-Day

Price (%)

3-Month

Price (%)

1-Year

Price (%)

30-Day

AvgVolatilit

y

Moment

um

TotalIndianMarket

Avg

- 762.9 63.1 - -0.3 0.1 -2.1 -9.95 -24.95 3.5 -

TCS 3.8 1,026.8 87.1 1.03x 0.5 1.2 8.9 16.8 1.4 2.8

Rank 18 345 340 170 1282 1069 277 126 325 2485 531

Rank 1 18.9HOTELE

ELA

4,927.8530651

99.96508939

1.6xDPSCLTD

33.3 ANTGRA

PHIC

38.9 ANTGRA

PHIC 530701

Rank 2 11.2SUNTV

3,701.8530961

99.9511652

1.6x512489

20532183

41.03531541

27.8506457

MADHUCON

Rank 3 7.3

MRF

3,687.1

523660

99.9

532368

1.5x

509051

20

524448

26.3

524448

25

RESURGERE 530139

LowestRank 0.04SINTEX 12.1531611 0.04531693 0.1x531611 -14.2530175 0.5530393505650

Performance

ROA (%)

Yield(%)

Free CashFlow

EBITDA Margin

TotalIndianMarket

Avg

3.3 1.5 -48 crores 20.3

TCS 27.7 1.2 4,787.8crores

31.1

Rank 46 1134 8 292

Rank 1 200506016

19.8KANORIC

HEM

22,294.5crores

ONGC

89.9SJVN

Rank 2 187.5

532470

17.7

HCL-INSYS

11,629.6

croresBANKBAR

ODA

89.6

NAHARCA P

Rank 3 186.6

521167

14.7

507912

9,956.6

crores AXISBANK

89.6

VHL

Lowest

Rank

0.001

ARCHIDPLY

0.01

TATAPOWER

-86.98

532039




Financial Results



Year-on-year Comparisons

ANNUAL REPORT: TATA CONSULTANCY SERVICES (BSE:532540; NSE:TCS) EPS UP 29.7% TO RS46.27 ($US1.04)

Summary

GENERAL INFORMATION

Company Name Tata Consultancy Services Limited

Company ISIN INE467B01029

Company CODE TCS

Industry IT Consulting & Software sector

2011-03-31 2010-03-31Native Currency INR INR

Basic Shares Outstanding 1957220996 1957220996

Audited by Deloitte Haskins & Sells

http://buysellsignals.net/BuySellSignals/report/CompanyResult/India/html/annual/annual_TCS_March312011.html

http://buysellsignals.net/BuySellSignals/report/CompanyResult/India/html/annual/annual_TCS_March312011.html




Financial Results Cont.



INCOME STATEMENT

Currency in Million of INR 2011-03-31 2010-03-31 Change %

INCOME

Information technology and consultancy services 360,461.3 290,852.1 Up 23.9

Sale of equipment and software licenses 12,783.8 9,437.1 Up 35.5

373,245.1 300,289.2 Up 24.3

Other income, (net) 6,040 2,720.7 Up 122.0

379,285.1 303,009.9 Up 25.2

EXPENDITURE

Employee costs 137,261 108,795.7 Up 26.2

Operation and other expenses 124,200.5 104,548 Up 18.8

Interest 264.8 161 Up 64.5

Depreciation and amortisation 7,352.6 6,608.9 Up 11.3

269,078.9 220,113.6 Up 22.2

PROFIT BEFORE TAXES 110,206.2 82,896.3 Up 32.9

PROVISION FOR TAXES

(a) Current tax (Refer note 13 to Schedule Q) 20,659.5 17,098.3 Up 20.8

(b) Deferred tax expense / (benefit) 171.5 -1,877.1 Recovery

(c) Fringe benefit tax -0.3 -45.7 Reduced 99.3

(d) MAT credit entitlement -2,522.4 -3,205.8 Reduced 21.3

18,308.3 11,969.7 Up 53.0

PROFIT FOR THE YEAR BEFORE MINORITY INTEREST AND SHARE 91,897.9 70,926.6 Up 29.6

OF LOSS OF ASSOCIATES

Minority interest 1,214.5 909.9 Up 33.5

Share of loss of associates 3 10.3 Down 70.9

NET PROFIT FOR THE YEAR 90,680.4 70,006.4 Up 29.5

Balance brought forward from previous year 136,048.4 118,350.3 Up 15.0

AMOUNT AVAILABLE FOR APPROPRIATION 226,728.8 188,356.7 Up 20.4

APPROPRIATIONS

(a) Interim dividends on equity shares 11,743.2 11,743.2 Steady(b) Proposed final dividend on equity shares 15,657.8 27,401.1 Down 42.9

(c) Dividend on redeemable preference shares 110 170 Down 35.3

(d) Tax on dividend 4,591.5 6,631.8 Down 30.8

(e) General Reserve 8,275.8 6,362.2 Up 30.1

(f) Balance carried to Balance Sheet 186,350.5 136,048.4 Up 37.0

226,728.8 188,356.7 Up 20.4

Earnings per share - Basic and diluted (f) Rs46.27 Rs35.67 Up 29.7

(Refer note 20 to Schedule Q)

TSO 1,957,220,996 1,957,220,996 Steady







BALANCE SHEET

Currency in Million of INR 2011-03-31 2010-03-31 Change %NOTES TO ACCOUNTS

SOURCES OF FUNDS:

SHAREHOLDERS' FUNDS

(a) Share Capital 2,957.2 2,957.2 Steady

(b) Reserves and Surplus 242,090.9 181,710 Up 33.2

245,048.1 184,667.2 Up 32.7

MINORITY INTEREST 4,581.7 3,617.1 Up 26.7

LOAN FUNDS

(a) Secured Loans 384.4 312.1 Up 23.2

(b) Unsecured Loans 363.6 720.4 Down 49.5

748 1,032.5 Down 27.6

DEFERRED TAX LIABILITIES (NET) 1,094.9 686.8 Up 59.4

1,842.9 1,719.3 Up 7.2

TOTAL FUNDS EMPLOYED 251,472.7 190,003.6 Up 32.4

APPLICATION OF FUNDS:

FIXED ASSETS

(a) Gross Block 77,922.4 64,195.1 Up 21.4

(b) Less :- Accumulated Depreciation and Amortisation 35,451.5 28,974.7 Up 22.4

(c) Net Block 42,470.9 35,220.4 Up 20.6

(d) Capital Work-in-Progress 14,691.8 10,173.7 Up 44.4

57,162.7 45,394.1 Up 25.9

GOODWILL (ON CONSOLIDATION) 32,320 32,159.9 Up 0.5

INVESTMENTS 17,626.7 36,820.8 Down 52.1

DEFERRED TAX ASSETS (NET) 1,601.8 1,678.6 Down 4.6

108,711.2 116,053.4 Down 6.3

CURRENT ASSETS, LOANS AND ADVANCES

(a) Interest Accrued on Investments 739.7 261.8 Up 182.5

(b) Inventories 228.2 177.9 Up 28.3

(c) Unbilled Revenues 13,488.5 12,011.4 Up 12.3

(d) Sundry Debtors 81,988.4 58,554.1 Up 40.0

(e) Cash and Bank Balances 73,780.9 47,185.9 Up 56.4

(f) Loans and Advances 48,581.6 39,697.7 Up 22.4

218,807.3 157,888.8 Up 38.6

CURRENT LIABILITIES AND PROVISIONS

(a) Current Liabilities 46,980.9 40,937.9 Up 14.8

(b) Provisions 29,064.9 43,000.7 Down 32.4

76,045.8 83,938.6 Down 9.4NET CURRENT ASSETS [(10) less (11) ] 142,761.5 73,950.2 Up 93.1







TOTAL ASSETS (NET) 251,472.7 190,003.6 Up 32.4







CASH FLOW

Currency in Million of INR 2011-03-31 2010-03-31 Change %

CASH FLOWS FROM OPERATING ACTIVITIES

Profit before taxes 11,020.62 8,289.63 Up 32.9

Adjustments for:

Depreciation and amortisation 735.26 660.89 Up 11.3

Provision for doubtful debts -102.3 169.67 Deterioration

Provision for doubtful advances 4.05 4.36 Down 7.1

Provision for diminution in value of investment 0.58 -3.77 Recovery

Write off/ Impairment of goodwill 0.71 21.43 Down 96.7

Interest expense 26.48 16.1 Up 64.5

Loss on sale of fixed assets (net) 1.82 3.9 Down 53.3

Dividend income -16.04 -13.38 D e t e r i o r a t i o n

1 9 . 9

Profit on redemption /sale of mutual fund and other currentinvestments (net)

-81.85 -157.02 Reduced 47.9

Interest income -497.23 -205.11 D e t e r i o r a t i o n1 4 2 . 4

Exchange difference on translation of foreign currency cash and

cash equivalents

-30.28 46.83 Deterioration

Unrealised exchange (gain) / loss -19.07 0.49 Deterioration

Operating profit before working capital changes 11,042.75 8,834.02 Up 25.0

Inventories -50.3 188.1 Deterioration

Unbilled revenues -1,443.6 2,802.4 Deterioration

Sundry debtors -22,077.3 1,105.8 Deterioration

Loans and advances -3,627.7 -1,531.7 D e t e r i o r a t i o n

1 3 6 . 8

Current liabilities and provisions 5,806.5 5,797.3 Up 0.2

Adjustment of translation differences on working capital 115.8 -3,566.7 Recovery

Cash generated from operations 89,150.9 93,135.4 Down 4.3

Taxes paid -22,770 -19,073.1 D e t e r i o r a t i o n1 9 . 4

Net cash provided by operating activities 66,380.9 74,062.3 Down 10.4

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of fixed assets (Refer note 19 to Schedule Q) -18,503.2 -10,447.9 D e te ri o ra ti on7 7 . 1

Proceeds from sale of fixed assets 181.1 133 Up 36.2

Adjustment of purchase consideration 273.3 456.7 Down 40.2

Purchase of trade investments -190 -12,000 Reduced 98.4

Proceeds from sale /transfer of long term investments 35

Commercial papers matured 1,500

Commercial papers purchased -1,460.2







Purchase of mutual fund and other investments -496,670.1 -560,187.7 Reduced 11.3

Sale of mutual funds and other investments 516,876.8 553,039.7 Down 6.5

Inter-corporate deposits placed -2,860 -2,290 D e t e r i o r a t i o n2 4 . 9

Inter-corporate deposits matured 3,260 390 Up 735.9

Fixed deposit with banks having original maturity over threemonths placed

-61,095.9 -36,220.5 D e t e r i o r a t i o n6 8 . 7

Fixed deposit with banks having original maturity over three

months matured

39,682.1 12,000.6 Up 230.7

Purchase of shares from minority shareholders -65.9

Acquisition of subsidiaries net of cash (including additional

consideration)

71.6 -128.7 Recovery

Sale of subsidiaries, net of cash of Nil (Previous year: ? 0.09 crore) 25.7

Dividends received 160.4 133.8 Up 19.9

Interest received 3,987.5 928.1 Up 329.6

Net cash used in investing activities -14,852.5 -54,132.2 Reduced 72.6

CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of other than short term borrowings -4,492

Proceeds from issue of borrowings 374.6 609.5 Down 38.5

Repayment of borrowings -618.5 -123.2 D e t e r i o r a t i o n4 0 2 . 0

Dividend paid, including dividend tax -45,843.8 -19,545.7 D e t e r i o r a t i o n1 3 4 . 5

Dividend tax on dividend paid by subsidiary -83.1 -38.6 D e t e r i o r a t i o n

1 1 5 . 3

Dividend paid to minority shareholders of a subsidiary -159.8 -111.1 D e t e r i o r a t i o n4 3 . 8

Proceeds from issue of shares to minority shareholders 6.6 53.9 Down 87.8

Interest paid -265 -166.3 D e t e r i o r a t i o n5 9 . 4

Net cash used in financing activities -46,589 -23,813.5 D e t e r i o r a t i o n

9 5 . 6

Net increase/(decrease) in cash and cash equivalents 4,939.4 -3,883.4 Recovery

Cash and cash equivalents at beginning of the year 10,243.7 14,595.4 Down 29.8

Exchange difference on translation of foreign currency cash andcash equivalents

302.8 -468.3 Recovery

Cash and cash equivalents at end of the year 15,485.9 10,243.7 Up 51.2

Deposits with original maturity over three months 58,033.8 36,527.4 Up 58.9

Restricted Cash 261.2 41,480 Down 99.4

Cash and Bank balance at the end of the year as per Schedule J 73,780.9 47,185.9 Up 56.4







EBITDA AND MARGINS

2011-03-31 2010-03-31

EBITDA Margin % 31.06 29.59

Earnings from Cont. Ops. Margin % 29.13 27.41

Net Income Margin % 23.91 23.1

PERFORMANCE RATIOS

2011-03-31 2010-03-31 Change %

Return on Assets (%) 27.69 25.56 Up 8.3

Total Liabilities to EBITDA 0.66 0.96 Down 30.8

Total Liabilities to Operating Cash Flow 1.17 1.16 Up 1.5

Total Liabilities/Total Assets 0.24 0.31 Down 23.9Interest Cover 417.19 515.88 Down 19.1

Current Ratio 2.88 1.88 Up 53.0

PER SHARE FIGURES

2011-03-31 2010-03-31 Change %

Revenue from operating activities Rs190.702 Rs153.426 Up 24.3

EBIT Rs56.443 Rs42.436 Up 33.0

EBITDA Rs60.199 Rs45.813 Up 31.4

Cash Rs37.697 Rs24.109 Up 56.4

Working Capital Rs72.941 Rs37.783 Up 93.1

Shareholders' Funds Rs125.202 Rs94.352 Up 32.7

Total Liabilities Rs39.796 Rs43.765 Down 9.1

Total Assets Rs167.339 Rs139.965 Up 19.6

Net Tangible Assets Rs108.689 Rs77.92 Up 39.5

EPS Final Rs46.27 Rs35.67 Up 29.7

EPS Growth Factor 1.01

USD Conversion at balance date of March 31,2011

Export in XLS

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News and Events



Reported Buying Selling

December 15: Tata Consultancy Servicesdirector sells

Tata Consultancy Services (TCS) director TATA AIG LIFEInsurance Company Limited sold 9,725 shares worth

approximately Rs1.1 crore (US$217,625.4) on December 14,2011. TATA AIG LIFE Insurance Company Limited

previously held 1,939,555 shares and now holds 1,929,830shares. The selling price was Rs1,182.40.

November 15: Tata Consultancy Servicesdirector buys

Tata Consultancy Services (TCS) director Tata AIG Life

Insurance Company Limited bought 14,275 shares worthapproximately Rs1.6 crores (US$315,715.1) on November 14,2011. Tata AIG Life Insurance Company Limited previously

held 1,925,280 shares and now holds 1,939,555 shares. Thepurchase price was Rs1,128.40.


Tata Consultancy Services (TCS) director Tata AIG LifeInsurance Company Limited bought 26,500 shares worthapproximately Rs2.9 crores (US$593,845.1) on November 03,

2011. Tata AIG Life Insurance Company Limited previouslyheld 1,898,780 shares and now holds 1,925,280 shares. The

purchase price was Rs1,105.0.


Tata Consultancy Services (TCS) director Tata AIG LifeInsurance Company Limited bought 26,500 shares worthapproximately Rs2.9 crores (US$593,845.1) on November 03,

2011. Tata AIG Life Insurance Company Limited previouslyheld 1,898,780 shares and now holds 1,925,280 shares. The


November 03: Tata Consultancy Services

director buysTata Consultancy Services (TCS) director Tata AIG LifeInsurance Company Limited bought 21,000 shares worth

approximately Rs2.3 crores (US$471,339.5) on November 02,2011. Tata AIG Life Insurance Company Limited previouslyheld 1,877,780 shares and now holds 1,898,780 shares. The


RECENT DIRECTOR BUYING

Date NameNo. of Shares

SharesHeld

Previous

ly

No. of Shares At

ClosePrice

14-11-

2011

Tata AIG LifeInsurance

CompanyLimited

14,275

shares

1,925,28

0 shares

1,939,555shares(0.

1%)

Rs1,128.

40

03-

11-2011

Tata AIG LifeInsuranceCompany

Limited

26,500shares

1,898,780 shares

1,925,280

shares(0.1%)

Rs1,

105.0

RECENT DIRECTOR SELLING

Date NameNo. of

Shares

SharesHeld

Previously

No. of Shares At

ClosePrice

14-

12-2011

TATA AIG LIFE

InsuranceCompany

Limited

9,725shares

1,939,555 shares

1,929,830

shares(0.1%)

Rs1,

182.45

11-

10-2011

Tata

InternationalLimited

83,232

shares

166,464

shares

83,232

shares(0.004%)

Rs1,

040.85

Company Announcements:RecentHeadlines and Snippets

THE LAST 15 SNIPPETS WERE:

December 19, 2011: Tata ConsultancyServices: Press Release[News Story] Tata Consultancy Services Limited has informedthe Exchange regarding a press release dated December 19,2011, titled "TCS to set up large software development

campus in Nagpur."http://www.nseindia.com/content/corporate/TCS_pr_19122011.zipSource: National Stock Exchange of India Open Full

Announcement.

http://www.buysellsignals.net/BuySellSignals/com/bst/mkt/action/OrignalNews/OrignalNewsAction.do?market=India&newsid=3620702







News and Events Cont.



December 07, 2011: Tata ConsultancyServices: Press Release[News Story] Tata Consultancy Services Limited has informed

the Exchange regarding a press release dated December 07,2011, titled "TCS Ranked as Leader in Life Science R&D ITOutsourcing Market by Leading Analyst Firm".http://www.nseindia.com/content/corporate/TCS_pr01_071220

11.zipSource: National Stock Exchange of India Open Full

Announcement.

October 19, 2011: Tata Consultancy Services:Press Release[News Story] Tata Consultancy Services Limited has informedthe Exchange regarding a press release dated October 19,

2011, titled "Tata Consultancy Services Ranked World's 7thGreenest Company in Newsweek's Green Rankings 2011

Global 500 List".http://www.nseindia.com/content/corporate/TCS_pr_19102011.zipSource: National Stock Exchange of India Open Full

Announcement.

October 18, 2011: Tata Consultancy Servicesrecommends dividendTata Consultancy Services today announced an interimdividend of Rs3.0 per share. The ex dividend date is October

25, 2011.

October 17, 2011: Tata Consultancy Services:Results Update, Quarter ended, 30-SEP-2011(Consolidated)[News Story] Tata Consultancy Services Limited has informedthe Exchange regarding the consolidated Results for thequarter ended on 30-SEP-2011 as follows: Net Sales of Rs.

1128982 lacs for quarter ending on 30-SEP-2011 against Rs.1079702 lacs for the quarter ending on 30-JUN-2011. NetProfit / (Loss) of Rs. 251490 lacs for the quarter ending on 30-

SEP-2011 against Rs. 241476 lacs for the quarter ending on30-JUN-2011.Source: National Stock Exchange of India Open

Full Announcement.

October 17, 2011: Tata Consultancy Services:Results Update, Quarter ended, 30-SEP-2011(Standalone)

[News Story] Tata Consultancy Services Limited has informedthe Exchange regarding the standalone Results for thequarter ended on 30-SEP-2011 as follows: Net Sales of Rs.

903149 lacs for quarter ending on 30-SEP-2011 against Rs.861356 lacs for the quarter ending on 30-JUN-2011. Net Profit/ (Loss) of Rs. 318711 lacs for the quarter ending on 30-SEP-

2011 against Rs. 206243 lacs for the quarter ending on 30- JUN-2011.Source: National Stock Exchange of India Open Full

Announcement.

October 13, 2011: Tata Consultancy Services:Press Release[News Story] Tata Consultancy Services Limited has informed

the Exchange vide its letter dated October 13, 2011 regardinga press release dated October 12, 2011, titled "TataConsultancy Services ranked 3rd among global providers of financial technology".

http://www.nseindia.com/content/corporate/TCS_PR_13102011.zipSource: National Stock Exchange of India Open Full

Announcement.

October 07, 2011: Tata Consultancy Services:Q2 results on Oct 17, 2011[News Story] Tata Consultancy Services Ltd has informed BSE

that a meeting of the Board of Directors of the Company willbe held on October 17, 2011, inter alia, to approve and take

on record the audited financial results of the Company forthe quarter and half-year ended September 30, 2011 and toconsider declaration of a Second Interim Dividend to theequity shareholders.Source: Bombay Stock Exchange of IndiaOpen Full Announcement.

August 26, 2011: Tata Consultancy Services:Press Release[News Story] Tata Consultancy Services Limited has informed

the Exchange regarding a press release dated August 26,2011, titled "Tata Consultancy Services (TCS) launches majorpartnership with Amsterdam Marathon".

http://www.nseindia.com/content/corporate/TCS_pr_26082011.zipSource: National Stock Exchange of India Open Full

Announcement.

August 05, 2011: Tata Consultancy Services:Outcome of AGM[News Story] Tata Consultancy Services Ltd has informed BSEthat the Annual General Meeting (AGM) of the Company was

held on July 01, 2011. http://www.bseindia.com/xml-data/corpfiling/AttachLive/TCS_050811.pdfSource: Bombay

Stock Exchange of India Open Full Announcement.

July 15, 2011: Tata Consultancy Servicesrecommends dividendTata Consultancy Services today announced an interim

dividend of Rs3.0 per share. The ex dividend date is July 28,2011.

July 14, 2011: Tata Consultancy Services:Results Update, Quarter ended, 30-JUN-2011(Consolidated)[News Story] Tata Consultancy Services Limited has informedthe Exchange regarding the consolidated Results for thequarter ended on 30-JUN-2011 as follows: Net Sales of Rs.

1079702 lacs for quarter ending on 30-JUN-2011. Net Profit /(Loss) of Rs. 241476 lacs for the quarter ending on 30-JUN-

2011.Source: National Stock Exchange of India Open Full

Announcement.




































News and Events Cont.



July 14, 2011: Tata Consultancy Services:Results Update, Quarter ended, 30-JUN-2011(Standalone)[News Story] Tata Consultancy Services Limited has informedthe Exchange regarding the standalone Results for thequarter ended on 30-JUN-2011 as follows: Net Sales of Rs.861356 lacs for quarter ending on 30-JUN-2011. Net Profit /

(Loss) of Rs. 206243 lacs for the quarter ending on 30-JUN-2011.Source: National Stock Exchange of India Open Full

Announcement.

July 14, 2011: Tata Consultancy Services: PressRelease[News Story] Tata Consultancy Services Limited has informed

the Exchange regarding a press release dated July 14, 2011,titled "Strong business volumes drive Q1 performance".

http://www.nseindia.com/content/corporate/TCS_pr_14072011.zipSource: National Stock Exchange of India Open Full

Announcement.

June 30, 2011: Tata Consultancy Services:Press Release[News Story] Tata Consultancy Services Limited has informedthe Exchange regarding a press release dated June 30, 2011,titled "PostFinance, Switzerland to deploy integrated TCS

BaNCS Banking Suite".http://www.nseindia.com/content/corporate/TCS_pr_30062011.zipSource: National Stock Exchange of India Open Full

Announcement.
















Glossary



DEBT/EQUITY

Net Debt/Net Assets (times)

CURRENT RATIO

Current Assets/Current Liabiliites (times)

INTEREST COVER

Earnings Before Interest and Tax/Interest (times)

EARNINGS YIELD ACTUAL

Earnings Per Share/Share Price (%)

EBIT MARGIN

Earnings Before Interest and Tax/Revenue (%)

RETURN ON ASSETSNet Profit/Total Assets (%)

PRICE/EARNINGS

Share Price/Earnings Per Share (times)

PRICE/SALES PS

Share Price/Sales Per Share (times)

PRICE/NTA

Closing Share Price/Net Tangible Assets Per Share (times)

CASH/MCAP

Cash plus Liquids/Market Capitalisation (times)

VOLUME INDEX

Number of shares traded in the period/Average number of shares traded for the period

MOVING AVERAGE PRICE (N PERIODS)

Sum of Prices for each Period/Number of Periods

PRICE CLOSE/MOVING AV PRICE

Latest Price/Moving Average Price

DIVIDEND YIELD

Dividend Per Share/Share Price (%)

DIVIDEND % FRANKED (A)

Dividend Per Share Franked/Dividend Per Share (%)

DIVIDEND PAYOUT RATIO

Dividend Per Share/Earnings Per Share (%)

CAPITAL PROFIT (LOSS) N YEARS AGO (3/2/1)

Value of Current Investment minus Value of Original

Investment

INCOME DURING THE N YEARS (3/2/1)

Dividends received during the Period

TOTAL PROFIT (LOSS) OVER N YEARS (3/2/1)

Capitla Gain (Loss) plus Dividens received minus OriginalInvestment

TOTAL LIABILITIES/TOTAL ASSETS

Total Liabilities/Total Assets

FREE CASH FLOW PER SHARE

Earnings Before Interest, Tax, Depreciation and Amortisation

Minus Capex/Per Share

CAPITAL GAIN/LOSS FROM N YEARS AGO TO N-1 YEARS AGO

Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)

ANNUAL RETURN

Dividends Paid In a 12-Month Period/Price at the Beginning of

the Period + Capital Gain or Loss over 1 Year/Price 1 Year Ago(%)

BANKS COST-TO-INCOME RATIO OR EFFICIENCY RATIO

Total Non-Interest Expense/Total Income (Net InterestIncome + Non-Interest Income)

BANKS NON-INTEREST INCOME TO TOTAL INCOME

Non-Interest Income (Loan fees etc)/Total Income (NetInterest Income + Non-Interest Income)

BANKS TIER 1 RATIO

Tier 1 Capital (Ending Equity - Intangibles etc)/Total Tangible Assets

BANKS TIER 2 RATIO

Tier 2 Capital (Tier 1 - Subordinated Debt + Unrealised

Gains/Loan Losses)/Total Tangible Assets

NET INTEREST MARGIN

Net Interest Income/Average of all Earning Assets

RETURN ON EQUITY (SHAREHOLDERS' FUNDS)

Net Profit/Net Assets (%)



BuySellSignals Financial Research provides equityresearch on over 42,000 companies listed in more than80 countries across the world. BuySellSignals believesthat every stock has a story to tell and that this story

changes every day. To capture this story, BuySellSignalsoffers the latest pertinent and comprehensiveinformation so that investors can make well-informedinvestment decisions.

BuySellSignals publishes equity research reports on each stock, sector and index daily to

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fundamental information including specific bullish and bearish signals for each stock.Insights that will guide you to the investments that are hard to find in todays hyperactive

mainstream markets.

Further details on definitions and quotations from investing legends can be found in following

link: http://buyselltips.net/PressClipping/DefinationOfVariable.php.

BST MOMENTUM COLOUR GUIDE

Momentum Up Price increase fuelled by above average Volume

Weak Momentum Up Price increase on below average Volume

Momentum Down Price decrease fuelled by above average Volume

Weak Momentum Down Price decrease on below average Volume

Strong Unchanged Price unchanged on above average Volume

Weak Unchanged Price unchanged on below average Volume

Untraded Untraded

Disclaimer: While this document is based on information sources which are considered reliable, it has been prepared without consideration of your specificinvestment objectives, financial situation or needs, so you should carry out your own analysis or seek professional investment advice before an investment deci-

sion is made. The document contains unbiased, independent equities data from BuySellSignals (AFS Licence 222756) and News Bites Pty Ltd, who provide roundthe clock data on every Australian stock and sector. Neither BuySellSignals nor News Bites are brokers, and neither have an executing, corporate advisory or

investment banking function. BuySellSignals and News Bites Pty Ltd, its directors, employees and consultants do not represent, warrant or guarantee, expressly orimpliedly, that the information contained in this document is complete or accurate.

The data is sourced from annual reports and company releases and may not be fully up to date. It should be used as a guide only.

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