Buy Sell Signals

(TCS)
Tata Consultancy Services

INDIA Edition buysellsignals.com | 1 MONTH PRICE VOLUME
Friday, December 23, 2011
3Mo
. 1Yr .
5Yr
Tata Consultancy Services strengthens 0.5%, outperforming 87% of stocks

Tata Consultancy Services, India's largest it consulting & software company by market capitalisation, strengthened Rs5.45 (or 0.5%) to close at Rs1,157.15. In the Indian market of 2,775 stocks traded today, the stock has a 6month relative strength of 87 which means it is outperforming 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%.
PERCENT R
Shares Outstanding: 1,957,220,996 Market Cap: Rs226,479.8 crores (US$43 billion) Closing Price: Rs1,157.15
L-T Rating: 4 out of 5

Price/Earnings Growth ROA ROE EPS 1-YR GROWTH (%) Price/Earnings Price/Sales Price/NTA Yield %
CONTENTS
S-T Rating: 5 out of 5

Present Value Rs1000 (1 year) 1-DAY PRICE (%) REL STRENGTH (6M) PEMAP50 30-DAY PRICE (%) 1-YEAR PRICE(%) 5-DAY PRICE (%) 3-MONTH PRICE(%) 1027 0.5 87.1 1.03 8.9 1.4 1.2 16.8
0.8 27.7 37 29.7 25x 6x 10.6x 1.2
1 Company overview 2 Shareholder returns 3 Stock analysis and ratings
4 Technical analysis 5 Sector ranking 6 News and events
7 Glossary
A publication of:
Tata Consultancy Services ( TCS )
buysellsignals.com |
FRIDAY, DECEMBER 23, 2011
Company Overview
Activities
Tata Consultancy Services Limited is an information technology (IT) company. Its portfolio of services includes business consulting, information technology, business process outsourcing, infrastructure and engineering. The Company.s segments include banking, financial services and insurance; manufacturing; retail and distribution, and telecom. It operates mainly in the Americas, Europe and India. Further details can be found at www.tcs.com.
Financials
ANNUAL REPORT FOR THE YEAR ENDED MARCH 31, 2011
year-on-year comparisons with previous corresponding period
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 ($US1.04) EBIT Margin up 6.9% to 29.6% A 5-year track record of positive earnings 5-years average annualized earnings growth rate of 10.8% Total liabilities to EBITDA down 31.2% to 0.7: this compares favourably with the Joseph Piotroski benchmark of <5 Total liabilities to total assets down 22.6% to 0.2 Current ratio up 53.2% to 2.9 Net tangible assets per share up 39.5% to Rs108.69 ($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.
VOLUME WEIGHTED PRICE
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 Piotroski benchmark of <4, it had deteriorated by 0.9% from the previous year..
RELATIVE STRENGTH
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% to 33.2% 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%.
Top Management
The chief financial officer is S. Mahalingam and the managing director and chief executive officer is N Chandrasekaran.
Issued Capital
Based on 1,957,220,996 issued equity shares the market capitalisation is Rs226,479.8 crores (US$43 billion). It is India's 2nd largest IT Consulting & Software company by assets.
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Tata Consultancy Services ( TCS ) | Page 2
Company Overview Cont.

TOP 3 SHAREHOLDERS Name of Shareholder
Promoters (Indian & Foreign) Foreign Institutional Investors Institutions
PRESENT VALUE RS1000 No. of Shares

1,450 251 158 1,859
3Yr
5Yr
% Held
74.08 12.8 8.1 94.98
Total TOP 4 SHAREHOLDERS
SHAREHOLDER RETURNS(PV RS1000)
5Yr
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 times average trading of 9,238,985 shares. The value of Rs1,000 invested a week ago is Rs979 [vs Rs1,018 for the BSE Sensex index], 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 nine times (43% of the time). The aggregate volume was 0.8 times average trading of 40,651,534 shares. The value of Rs1,000 invested a month ago is Rs1,089 [vs Rs1,004 for the BSE Sensex 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 to shareholders 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.
Analysis & Rating (Long-Term & Short-Term)

Long-Term Rating (Fundamentals): 4 out of 5
Tata Consultancy Services is ranked number 1 out of 65 listed it consulting & software companies [that traded today] in India with a market capitalization of Rs226,479.8 crores (US$43 billion).
Within its sector it has a relatively moderate P/E of 25, low P/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 earnings growth in the past 12 months has been a comparatively high 29.7%. Stocks are scored on a set of parameters reflecting fundamental analytical tools involving valuation, size and financial performance. They are ranked according to the average values of those parameters. The highest rating is 5 and the lowest rating is 1.
Relative Valuation Indicators - RVI Fundamental Analysis

THE STOCK MEETS THE FOLLOWING VALUE CRITERION 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 in the 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 in current ratio from 1.88% to 2.88%; Total shares on issue unchanged; 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 the shares 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 average of 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 annual compound return on the BSE Sensex index of 6.9%
BEARISH SIGNALS:
Price/Earnings of 25.0 versus sector average of 17.0 and market 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 market average of 1.0. We estimate the shares are trading at a current year Price/Sales of 4.5 and a forward year Price/Sales of 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 Indian Market. Dividend Yield of 1.2% (based on trailing 12 months dividends of Rs14.0) versus sector average of 1.6% and market 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%.
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 it is beating 87% of the market. A price rise combined with a high relative strength is a bullish 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 times suggesting further upside. The 50-day EMAP has increased to 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 times suggesting further upside. The stock is trading above both its MAPs and the 50-day MAP of Rs1,115.567 is higher than the 200-day MAP of Rs1,110.078, a bullish indicator. The 200-day MAP has increased to Rs1,110.078. An increase is another bullish indicator.
Short-Term Rating (Technical): 5 out of 5

Its price change has been positive in the short-term over 5 days, medium-term over 3 months and over the period of 1 year.
Significantly its price of Rs1,157.15 is at a premium of 4% to its 200-day moving average price of Rs1,110.078. Its 52-week range 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 is now 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 parameters reflecting price performance and trading volumes. They are ranked according to the average values of those parameters. The highest rating is 5 and the lowest rating is 1.
Technical Analysis
Price Dynamics
VOLATILITY
The stock traded between an intraday low of Rs1,139.10 and a high of Rs1,162.0, suggesting a trading opportunity between peaks and troughs. The average daily volatility of 2.9% places the stock in the 4th quartile in the market meaning it is least volatile.
BETA
The Beta of this stock is 0.99. A Beta lower than 1 suggests this is a low risk, low return stock with volatility less than that of the market.
STANDARD DEVIATION (SD)

SD is a statistical measure of deviation from the mean. The SD of 1.9% gives it a percentile rank of 7 meaning that 7% of stocks in the Indian market are less volatile than this stock.
% DISCOUNT TO HIGH
The last price is at a discount of 7.2% to the 12-month high of Rs1,246.95 nine months ago on 06 Apr, 2011.
TRAILING MONTH
In the last 21 trading sessions there has been a net rise of 5.99%; the stock has advanced 18 times and the biggest one day rise was 3.8% on Dec 02.
% PREMIUM TO LOW
The last price is at a premium of 28.3% to the 12-month low of Rs902.0.
ONE-YEAR PRICE HIGH, CLOSE AND LOW PRICE
5Yr
Aggregate Volumes, Prices And Turnover Period

[Volume Index or VI in brackets; 1 is average] NSE: TCS.NS 788,509 [VI of 0.5]; volume 87.94% of aggregate. Day trader volume: 61.8% for the day; 54.6% for the trailing week and 49.7% for the trailing month. Price: Rs1,157.15. BSE: 532540.BO 108,149 [VI of 0.5]; volume 12.06% of aggregate. Day trader volume: 86.4% for the day; 82.4% for the trailing week and 67.8% for the trailing month. Price: Rs1,156.30. Aggregate volume: there were 896,658 shares worth Rs103.2 crores (US$19.6 million) traded. The aggregate volume was 0.5 times average trading of 1,841,542 shares.
% DISCOUNT TO HIGH AND % PREMIUM TO LOW
VOLUME WEIGHTED PRICE (VWP)

The price is at a premium of 1.3% to the 1-month volume weighted average price (VWP) of Rs1,142.14. Given that this premium has exceeded 1.3% one hundred four times and been under 1.3% twenty-seven times in the last year, the upside:downside probability is estimated at 104:27 or 3.9:1.
RISES TO FALLS
In the last three months the number of rises outnumbered falls 32:28 or 1.1:1.
Technical Analysis Cont.

Open Interest Trend And Interpretation
Open interest hit a two-month high.
Top 3 Put Options

Top three traded put options [1 contract is 250 shares]
EXERCISE RS1,100.0; EXPIRES DEC 29
Rs5.25 down 27.6%; volume 387; open interest 236000
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 is strong.

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 market is 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]
OPEN INTEREST TREND
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 included 767,000 put contracts and 664,250 call contracts.
PUT/CALL RATIO
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 is 250 shares]

EXERCISE RS1,200.0; EXPIRES JAN 25

Rs33.65 up 5.2%; volume 73; open interest 23500
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 from 22.5% 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 from 29.6% 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 the previous year.]
BuySellSignals Sector Valuation Table

TOTAL INDIAN MARKET Fundamental Valuation
P/Earnin P/Earnin Price/Net Discount Premiu gs gs Tangible to m to Growth Assets 52-Wk 52-Wk High (%) Low (%) Total Indian Market Avg TCS Rank Rank 1 12.3x 0.6x 1.9x 28.2 4.2
Price Performance Rank

The stock is in 12 indices and 2 sectors.
24.98x 1640
0.8x 436
10.6x 1890
7.2 2839 99.1 531611 98.4 531855 97.9 512149 0.4 507886
28.3 2159 0.1 531279 0.1 530815 0.2 521113 741.5 526538
THE STOCK'S RISE WENT AGAINST THE TREND SET BY 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 down 27.0 points or 0.2% to 15,771.0
1.5x 0.1x 0.1x SPENTE GKWLIM SHREER X ITED AMA 1.5x PRECOT 1.5x TULSYA N 0.1x 502015 0.1x 505665 0.1x WELSPU NIND 0.1x 509130
Rank 2
Rank 3
Stock Ranking by Percentage Price Change, versus Index and Sectors for 1 day and 6 months
Lowest Rank
Total Rank of Rank of Number of Stock Stock Stocks in 6 1 Day Months Sector/Inde x
IT Consulting & Software sector BSE Sensex index Total Indian Market 22 7 1282 7 5 340 63 30 3378
Size
Market Cap Rs Total Indian Market Avg TCS Rank Rank 1 1,931 crores 226,479.8 crores 2 284,477.7 crores RELIANCE 226,479.8 crores TCS 224,153.8 crores ONGC 19.3 lakhs 501700 Total Assets Rs 5,859 crores 32,751.8 crores 74 1,223,736.2 crores SBIN 533,767.9 crores ICICIBANK 386,283.8 crores PNB 9 lakhs 532355 Revenue Rs 2,297.1 crores 37,928.5 crores 23 324,435.6 crores IOC 278,914.6 crores RELIANCE 166,038.8 crores BPCL
Rank 2
Rank 3
Lowest Rank
buysellsignals.net |
Sector Ranking Count

Performance
ROA (%) Total Indian Market Avg TCS Rank Rank 1 3.3 Yield (%) 1.5 Free Cash Flow -48 crores EBITDA Margin 20.3
27.7 46 200 506016 187.5 532470
1.2 1134 19.8 KANORIC HEM 17.7 HCL-INSYS
4,787.8 crores 8 22,294.5 crores ONGC
31.1 292 89.9 SJVN
Rank 2
11,629.6 89.6 crores NAHARCA BANKBAR P ODA 9,956.6 crores AXISBANK 89.6 VHL -86.98 532039
Rank 3
186.6 521167
14.7 507912
Lowest Rank
0.001 0.01 ARCHIDPL TATAPOW Y ER
Technicals Price Volume Dynamics

1-Day Open Int (%) Total Indian Market Avg TCS Rank Rank 1 PV Rs1,000 (1 Yr) 762.9 Rel PEMAP5 1-Day 5-Day 30-Day 3-Month 1-Year 30-Day Strength 0 Price (%) Price (%) Price (%) Price (%) Price (%) Avg (6m) Volatilit y 63.1 -0.3 0.1 -2.1 -9.95 -24.95 3.5 Moment um
3.8 18 18.9 HOTELE ELA 11.2 SUNTV
1,026.8 345 4,927.8 530651 3,701.8 530961
87.1 340 99.96 508939 99.9 511652
1.03x 170
0.5 1282
1.2 1069
8.9 277
16.8 126
1.4 325
2.8 2485 38.9 ANTGRA PHIC 531
1.6x 33.3 DPSCLTD ANTGRA PHIC 1.6x 512489 20 532183 41.03 531541
530701
Rank 2
27.8 506457 MADHU CON
Rank 3
7.3 MRF 0.04 SINTEX
3,687.1 523660 12.1 531611
99.9 532368 0.04 531693
1.5x 509051 0.1x 531611
20 524448 -14.2 530175
26.3 524448
25 RESURG ERE 0.5 530393
530139
Lowest Rank
505650
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 Company ISIN Company CODE Industry 2011-03-31 Native Currency Basic Shares Outstanding Audited by INR 1957220996 Deloitte Haskins & Sells Tata Consultancy Services Limited INE467B01029 TCS IT Consulting & Software sector 2010-03-31 INR 1957220996
Financial Results Cont.

INCOME STATEMENT
Currency in Million of INR INCOME Information technology and consultancy services Sale of equipment and software licenses 360,461.3 12,783.8 373,245.1 Other income, (net) 6,040 379,285.1 EXPENDITURE Employee costs Operation and other expenses Interest Depreciation and amortisation 137,261 124,200.5 264.8 7,352.6 269,078.9 PROFIT BEFORE TAXES PROVISION FOR TAXES (a) (b) (c) (d) Current tax (Refer note 13 to Schedule Q) Deferred tax expense / (benefit) Fringe benefit tax MAT credit entitlement 20,659.5 171.5 -0.3 -2,522.4 18,308.3 PROFIT FOR THE YEAR BEFORE MINORITY INTEREST AND SHARE OF LOSS OF ASSOCIATES Minority interest Share of loss of associates NET PROFIT FOR THE YEAR Balance brought forward from previous year AMOUNT AVAILABLE FOR APPROPRIATION APPROPRIATIONS (a) (b) (c) (d) (e) (f) Interim dividends on equity shares Proposed final dividend on equity shares Dividend on redeemable preference shares Tax on dividend General Reserve Balance carried to Balance Sheet 11,743.2 15,657.8 110 4,591.5 8,275.8 186,350.5 226,728.8 Earnings per share - Basic and diluted (f) (Refer note 20 to Schedule Q) TSO 1,957,220,996 1,957,220,996 Steady Rs46.27 11,743.2 27,401.1 170 6,631.8 6,362.2 136,048.4 188,356.7 Rs35.67 Steady Down 42.9 Down 35.3 Down 30.8 Up 30.1 Up 37.0 Up 20.4 Up 29.7 1,214.5 3 90,680.4 136,048.4 226,728.8 909.9 10.3 70,006.4 118,350.3 188,356.7 Up 33.5 Down 70.9 Up 29.5 Up 15.0 Up 20.4 91,897.9 17,098.3 -1,877.1 -45.7 -3,205.8 11,969.7 70,926.6 Up 20.8 Recovery Reduced 99.3 Reduced 21.3 Up 53.0 Up 29.6 110,206.2 108,795.7 104,548 161 6,608.9 220,113.6 82,896.3 Up 26.2 Up 18.8 Up 64.5 Up 11.3 Up 22.2 Up 32.9 290,852.1 9,437.1 300,289.2 2,720.7 303,009.9 Up 23.9 Up 35.5 Up 24.3 Up 122.0 Up 25.2 2011-03-31 2010-03-31 Change %

BALANCE SHEET
Currency in Million of INR NOTES TO ACCOUNTS SOURCES OF FUNDS: SHAREHOLDERS' FUNDS (a) (b) Share Capital Reserves and Surplus 2,957.2 242,090.9 245,048.1 MINORITY INTEREST LOAN FUNDS (a) (b) Secured Loans Unsecured Loans 384.4 363.6 748 DEFERRED TAX LIABILITIES (NET) 1,094.9 1,842.9 TOTAL FUNDS EMPLOYED APPLICATION OF FUNDS: FIXED ASSETS (a) (b) (c) (d) Gross Block Less :- Accumulated Depreciation and Amortisation Net Block Capital Work-in-Progress 77,922.4 35,451.5 42,470.9 14,691.8 57,162.7 GOODWILL (ON CONSOLIDATION) INVESTMENTS DEFERRED TAX ASSETS (NET) 32,320 17,626.7 1,601.8 108,711.2 CURRENT ASSETS, LOANS AND ADVANCES (a) (b) (c) (d) (e) (f) Interest Accrued on Investments Inventories Unbilled Revenues Sundry Debtors Cash and Bank Balances Loans and Advances 739.7 228.2 13,488.5 81,988.4 73,780.9 48,581.6 218,807.3 CURRENT LIABILITIES AND PROVISIONS (a) (b) Current Liabilities Provisions 46,980.9 29,064.9 76,045.8 NET CURRENT ASSETS [(10) less (11) ] 142,761.5 40,937.9 43,000.7 83,938.6 73,950.2 Up 14.8 Down 32.4 Down 9.4 Up 93.1 261.8 177.9 12,011.4 58,554.1 47,185.9 39,697.7 157,888.8 Up 182.5 Up 28.3 Up 12.3 Up 40.0 Up 56.4 Up 22.4 Up 38.6 64,195.1 28,974.7 35,220.4 10,173.7 45,394.1 32,159.9 36,820.8 1,678.6 116,053.4 Up 21.4 Up 22.4 Up 20.6 Up 44.4 Up 25.9 Up 0.5 Down 52.1 Down 4.6 Down 6.3 251,472.7 312.1 720.4 1,032.5 686.8 1,719.3 190,003.6 Up 23.2 Down 49.5 Down 27.6 Up 59.4 Up 7.2 Up 32.4 4,581.7 2,957.2 181,710 184,667.2 3,617.1 Steady Up 33.2 Up 32.7 Up 26.7 2011-03-31 2010-03-31 Change %

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

CASH FLOW
Currency in Million of INR CASH FLOWS FROM OPERATING ACTIVITIES Profit before taxes Adjustments for: Depreciation and amortisation Provision for doubtful debts Provision for doubtful advances Provision for diminution in value of investment Write off/ Impairment of goodwill Interest expense Loss on sale of fixed assets (net) Dividend income 735.26 -102.3 4.05 0.58 0.71 26.48 1.82 -16.04 660.89 169.67 4.36 -3.77 21.43 16.1 3.9 -13.38 -157.02 -205.11 46.83 0.49 8,834.02 188.1 2,802.4 1,105.8 -1,531.7 5,797.3 -3,566.7 93,135.4 -19,073.1 74,062.3 Up 11.3 Deterioration Down 7.1 Recovery Down 96.7 Up 64.5 Down 53.3 Deterioration 19.9 Reduced 47.9 Deterioration 142.4 Deterioration Deterioration Up 25.0 Deterioration Deterioration Deterioration Deterioration 136.8 Up 0.2 Recovery Down 4.3 Deterioration 19.4 Down 10.4 11,020.62 8,289.63 Up 32.9 2011-03-31 2010-03-31 Change %
Profit on redemption /sale of mutual fund and other current -81.85 investments (net) Interest income -497.23
Exchange difference on translation of foreign currency cash and -30.28 cash equivalents Unrealised exchange (gain) / loss Operating profit before working capital changes Inventories Unbilled revenues Sundry debtors Loans and advances Current liabilities and provisions Adjustment of translation differences on working capital Cash generated from operations Taxes paid Net cash provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES Purchase of fixed assets (Refer note 19 to Schedule Q) Proceeds from sale of fixed assets Adjustment of purchase consideration Purchase of trade investments Proceeds from sale /transfer of long term investments Commercial papers matured Commercial papers purchased 1,500 -1,460.2 -18,503.2 181.1 273.3 -190 -19.07 11,042.75 -50.3 -1,443.6 -22,077.3 -3,627.7 5,806.5 115.8 89,150.9 -22,770 66,380.9
-10,447.9 133 456.7 -12,000 35
Deterioration 77.1 Up 36.2 Down 40.2 Reduced 98.4

Purchase of mutual fund and other investments Sale of mutual funds and other investments Inter-corporate deposits placed Inter-corporate deposits matured -496,670.1 516,876.8 -2,860 3,260 -560,187.7 553,039.7 -2,290 390 -36,220.5 12,000.6 Reduced 11.3 Down 6.5 Deterioration 24.9 Up 735.9 Deterioration 68.7 Up 230.7
Fixed deposit with banks having original maturity over three -61,095.9 months placed Fixed deposit with banks having original maturity over three 39,682.1 months matured Purchase of shares from minority shareholders -65.9
Acquisition of subsidiaries net of cash (including additional 71.6 consideration) Sale of subsidiaries, net of cash of Nil (Previous year: ? 0.09 crore) Dividends received Interest received Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES Repayment of other than short term borrowings Proceeds from issue of borrowings Repayment of borrowings Dividend paid, including dividend tax Dividend tax on dividend paid by subsidiary Dividend paid to minority shareholders of a subsidiary Proceeds from issue of shares to minority shareholders Interest paid Net cash used in financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of the year 374.6 -618.5 -45,843.8 -83.1 -159.8 6.6 -265 -46,589 4,939.4 10,243.7 160.4 3,987.5 -14,852.5
-128.7 25.7 133.8 928.1 -54,132.2
Recovery
Up 19.9 Up 329.6 Reduced 72.6
-4,492 609.5 -123.2 -19,545.7 -38.6 -111.1 53.9 -166.3 -23,813.5 -3,883.4 14,595.4 -468.3 10,243.7 36,527.4 41,480 47,185.9 Down 38.5 Deterioration 402.0 Deterioration 134.5 Deterioration 115.3 Deterioration 43.8 Down 87.8 Deterioration 59.4 Deterioration 95.6 Recovery Down 29.8 Recovery Up 51.2 Up 58.9 Down 99.4 Up 56.4
Exchange difference on translation of foreign currency cash and 302.8 cash equivalents Cash and cash equivalents at end of the year Deposits with original maturity over three months Restricted Cash Cash and Bank balance at the end of the year as per Schedule J 15,485.9 58,033.8 261.2 73,780.9

EBITDA AND MARGINS
2011-03-31 EBITDA Margin % Earnings from Cont. Ops. Margin % Net Income Margin % 31.06 29.13 23.91 2010-03-31 29.59 27.41 23.1
PERFORMANCE RATIOS
2011-03-31 Return on Assets (%) Total Liabilities to EBITDA Total Liabilities to Operating Cash Flow Total Liabilities/Total Assets Interest Cover Current Ratio 27.69 0.66 1.17 0.24 417.19 2.88 2010-03-31 25.56 0.96 1.16 0.31 515.88 1.88 Change % Up 8.3 Down 30.8 Up 1.5 Down 23.9 Down 19.1 Up 53.0
PER SHARE FIGURES

2011-03-31 Revenue from operating activities EBIT EBITDA Cash Working Capital Shareholders' Funds Total Liabilities Total Assets Net Tangible Assets EPS Final EPS Growth Factor Rs190.702 Rs56.443 Rs60.199 Rs37.697 Rs72.941 Rs125.202 Rs39.796 Rs167.339 Rs108.689 Rs46.27 1.01 USD Conversion at balance date of March 31,2011 Export in XLS 2010-03-31 Rs153.426 Rs42.436 Rs45.813 Rs24.109 Rs37.783 Rs94.352 Rs43.765 Rs139.965 Rs77.92 Rs35.67 Change % Up 24.3 Up 33.0 Up 31.4 Up 56.4 Up 93.1 Up 32.7 Down 9.1 Up 19.6 Up 39.5 Up 29.7
News and Events

Reported Buying Selling
December 15: Tata Consultancy Services director sells
Tata Consultancy Services (TCS) director TATA AIG LIFE Insurance 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 1,929,830 shares. The selling price was Rs1,182.40.
RECENT DIRECTOR BUYING

Date Name No. of Shares Shares No. of Held Shares At Price Previous Close ly 1,939,555 Rs1, 1,925,28 shares(0. 128. 0 shares 1%) 40 1,925,280 Rs1, 1,898,78 shares(0. 105. 0 shares 1%) 0
14112011 03112011
Tata AIG Life Insurance Company Limited Tata AIG Life Insurance Company Limited
14,275 shares
November 15: Tata Consultancy Services director buys

Tata Consultancy Services (TCS) director Tata AIG Life Insurance Company Limited bought 14,275 shares worth approximately 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. The purchase price was Rs1,128.40.
26,500 shares
RECENT DIRECTOR SELLING

Date Name No. of Shares Shares No. of Held Shares At Price Previous Close ly 1,929,830 Rs1, 1,939,55 shares(0. 182. 5 shares 1%) 45 166,464 shares 83,232 Rs1, shares(0. 040. 004%) 85

Tata Consultancy Services (TCS) director Tata AIG Life Insurance Company Limited bought 26,500 shares worth approximately Rs2.9 crores (US$593,845.1) on November 03, 2011. Tata AIG Life Insurance Company Limited previously held 1,898,780 shares and now holds 1,925,280 shares. The purchase price was Rs1,105.0. 14122011 11102011
TATA AIG LIFE Insurance Company Limited Tata International Limited
9,725 shares
83,232 shares

Company Announcements:Recent Headlines and Snippets

THE LAST 15 SNIPPETS WERE:
December 19, 2011: Tata Consultancy Services: Press Release

[News Story] Tata Consultancy Services Limited has informed the 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.

News and Events Cont.

December 07, 2011: Tata Consultancy Services: 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 IT Outsourcing 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 13, 2011: Tata Consultancy Services: Press Release

[News Story] Tata Consultancy Services Limited has informed the Exchange vide its letter dated October 13, 2011 regarding a press release dated October 12, 2011, titled "Tata Consultancy Services ranked 3rd among global providers of financial technology". http://www.nseindia.com/content/corporate/TCS_PR_1310201 1.zipSource: National Stock Exchange of India Open Full Announcement.
October 19, 2011: Tata Consultancy Services: Press Release

[News Story] Tata Consultancy Services Limited has informed the Exchange regarding a press release dated October 19, 2011, titled "Tata Consultancy Services Ranked World's 7th Greenest 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 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 will be held on October 17, 2011, inter alia, to approve and take on record the audited financial results of the Company for the quarter and half-year ended September 30, 2011 and to consider declaration of a Second Interim Dividend to the equity shareholders.Source: Bombay Stock Exchange of India Open Full Announcement.
October 18, 2011: Tata Consultancy Services recommends dividend

Tata Consultancy Services today announced an interim dividend of Rs3.0 per share. The ex dividend date is October 25, 2011.
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 major partnership with Amsterdam Marathon". http://www.nseindia.com/content/corporate/TCS_pr_26082011 .zipSource: National Stock Exchange of India Open Full Announcement.
October 17, 2011: Tata Consultancy Services: Results Update, Quarter ended, 30-SEP-2011 (Consolidated)
[News Story] Tata Consultancy Services Limited has informed the Exchange regarding the consolidated Results for the quarter 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. Net Profit / (Loss) of Rs. 251490 lacs for the quarter ending on 30SEP-2011 against Rs. 241476 lacs for the quarter ending on 30-JUN-2011.Source: 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 BSE that the Annual General Meeting (AGM) of the Company was held on July 01, 2011. http://www.bseindia.com/xmldata/corpfiling/AttachLive/TCS_050811.pdfSource: Bombay 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 informed the Exchange regarding the standalone Results for the quarter 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-SEP2011 against Rs. 206243 lacs for the quarter ending on 30JUN-2011.Source: National Stock Exchange of India Open Full Announcement.
July 15, 2011: Tata Consultancy Services recommends dividend

Tata 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 informed the Exchange regarding the consolidated Results for the quarter 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-JUN2011.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 informed the Exchange regarding the standalone Results for the quarter 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-JUN2011.Source: National Stock Exchange of India Open Full Announcement.
July 14, 2011: Tata Consultancy Services: Press Release

[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 informed the 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) Dividends received during the Period
TOTAL PROFIT (LOSS) OVER N YEARS (3/2/1)

Capitla Gain (Loss) plus Dividens received minus Original Investment
CURRENT RATIO
Current Assets/Current Liabiliites (times)
INTEREST COVER
Earnings Before Interest and Tax/Interest (times)
TOTAL LIABILITIES/TOTAL ASSETS

Total Liabilities/Total Assets
EARNINGS YIELD ACTUAL

Earnings Per Share/Share Price (%)
FREE CASH FLOW PER SHARE

Earnings Before Interest, Tax, Depreciation and Amortisation Minus Capex/Per Share
EBIT MARGIN
Earnings Before Interest and Tax/Revenue (%)
CAPITAL GAIN/LOSS FROM N YEARS AGO TO N-1 YEARS AGO

Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)
RETURN ON ASSETS
Net Profit/Total Assets (%)
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 (%)
PRICE/EARNINGS
Share Price/Earnings Per Share (times)
PRICE/SALES PS
Share Price/Sales Per Share (times)
BANKS COST-TO-INCOME RATIO OR EFFICIENCY RATIO

Total Non-Interest Expense/Total Income (Net Interest Income + Non-Interest Income)
PRICE/NTA
Closing Share Price/Net Tangible Assets Per Share (times)
BANKS NON-INTEREST INCOME TO TOTAL INCOME

Non-Interest Income (Loan fees etc)/Total Income (Net Interest Income + Non-Interest Income)
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
BANKS TIER 1 RATIO

Tier 1 Capital (Ending Equity - Intangibles etc)/Total Tangible Assets
MOVING AVERAGE PRICE (N PERIODS)

Sum of Prices for each Period/Number of Periods
BANKS TIER 2 RATIO

Tier 2 Capital (Tier 1 - Subordinated Debt + Unrealised Gains/Loan Losses)/Total Tangible Assets
PRICE CLOSE/MOVING AV PRICE

Latest Price/Moving Average Price
NET INTEREST MARGIN

Net Interest Income/Average of all Earning Assets
DIVIDEND YIELD
Dividend Per Share/Share Price (%)
RETURN ON EQUITY (SHAREHOLDERS' FUNDS)

Net Profit/Net Assets (%)
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)

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BST MOMENTUM COLOUR GUIDE Momentum Up Weak Momentum Up Momentum Down Weak Momentum Down Strong Unchanged Weak Unchanged Untraded
Price increase fuelled by above average Volume Price increase on below average Volume Price decrease fuelled by above average Volume Price decrease on below average Volume Price unchanged on above average Volume Price unchanged on below average Volume Untraded
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(TCS)

Tata Consultancy Services

Tata Consultancy Services strengthens 0.5%, outperforming 87% of stocks

L-T Rating: 4 out of 5

S-T Rating: 5 out of 5

0.8 27.7 37 29.7 25x 6x 10.6x 1.2

1 Company overview 2 Shareholder returns 3 Stock analysis and ratings

4 Technical analysis 5 Sector ranking 6 News and events

Tata Consultancy Services ( TCS )

FRIDAY, DECEMBER 23, 2011

VOLUME WEIGHTED PRICE

MAJOR COMMON SIZE RATIOS

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Tata Consultancy Services ( TCS ) | Page 2

Tata Consultancy Services ( TCS )

FRIDAY, DECEMBER 23, 2011

Company Overview Cont.

PRESENT VALUE RS1000 No. of Shares

Total TOP 4 SHAREHOLDERS

SHAREHOLDER RETURNS(PV RS1000)

TRAILING ONE MONTH

TRAILING ONE YEAR

TRAILING FIVE YEARS

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Tata Consultancy Services ( TCS ) | Page 3

Tata Consultancy Services ( TCS )

FRIDAY, DECEMBER 23, 2011

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

Relative Valuation Indicators - RVI Fundamental Analysis

OTHER BULLISH SIGNALS:

Tata Consultancy Services ( TCS ) | Page 4

Tata Consultancy Services ( TCS )

FRIDAY, DECEMBER 23, 2011

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

Relative Valuation Indicators - RVI Technical Analysis

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

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Tata Consultancy Services ( TCS ) | Page 5

Tata Consultancy Services ( TCS )

FRIDAY, DECEMBER 23, 2011

STANDARD DEVIATION (SD)

ONE-YEAR PRICE HIGH, CLOSE AND LOW PRICE

Aggregate Volumes, Prices And Turnover Period

% DISCOUNT TO HIGH AND % PREMIUM TO LOW

VOLUME WEIGHTED PRICE (VWP)

Tata Consultancy Services ( TCS ) | Page 6

Tata Consultancy Services ( TCS )

FRIDAY, DECEMBER 23, 2011

Technical Analysis Cont.

Top 3 Put Options

SAME DAY TREND

EXERCISE RS1,150.0; EXPIRES DEC 29

TRAILING ONE MONTH TREND

EXERCISE RS1,050.0; EXPIRES DEC 29

OPEN INTEREST AS % OF ISSUED CAPITAL

OPEN INTEREST TREND

2011 OPEN INTEREST

2012 OPEN INTEREST

Top 3 Call Options

EXERCISE RS1,200.0; EXPIRES DEC 29

EXERCISE RS1,200.0; EXPIRES JAN 25

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Tata Consultancy Services ( TCS ) | Page 7