Financials Tata Consultancy Services Ltd.

Equities

TCS

INE467B01029

IT Services & Consulting

Market Closed - NSE India S.E. Other stock markets 06:49:38 2024-12-09 am EST			5-day change	1st Jan Change
4,452.15 ^INR	+0.15%		+4.25%	+17.37%

Dec. 05	Indian Equities Gain on Thursday Ahead of Central Bank's Monetary Policy Decision	MT
Dec. 03	Tata Consultancy Services Secures New Contract from Bank of Bhutan	MT

Projected Income Statement: Tata Consultancy Services Ltd.

income-statement-evolution-chart TATA-CONSULTANCY-SERVICES

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,569,490	1,641,770	1,917,540	2,254,580	2,408,930	2,581,270	2,799,247	3,058,421
Change	-	4.61%	16.8%	17.58%	6.85%	7.15%	8.44%	9.26%
EBITDA ¹	421,090	465,460	530,570	592,590	642,960	690,374	768,785	849,209
Change	-	10.54%	13.99%	11.69%	8.5%	7.37%	11.36%	10.46%
EBIT ¹	385,800	424,810	484,530	542,370	593,110	639,906	713,758	789,558
Change	-	10.11%	14.06%	11.94%	9.36%	7.89%	11.54%	10.62%
Interest Paid ¹	-9,240	-6,370	-7,840	-7,790	-7,780	-7,214	-7,615	-7,641
Earnings before Tax (EBT) ¹	422,480	437,600	516,870	569,070	619,970	672,244	753,244	834,743
Change	-	3.58%	18.11%	10.1%	8.94%	8.43%	12.05%	10.82%
Net income ¹	323,400	324,300	383,270	421,470	459,080	499,156	560,074	620,221
Change	-	0.28%	18.18%	9.97%	8.92%	8.73%	12.2%	10.74%
Announcement Date	4/16/20	4/12/21	4/11/22	4/12/23	4/12/24	-	-	-

¹INR in Million

Estimates

Fiscal Period: März	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2
Net sales ¹	398,540	399,460	383,220	401,350	420,150	437,050	454,110	468,670	488,850	505,910	527,580	553,090	582,290	591,620	593,810	596,920	605,830	612,370	626,130	642,590	650,509	659,618	681,016	698,701	714,441	732,700	753,174	774,225
Change	-	0.23%	-4.07%	4.73%	4.68%	4.02%	3.9%	3.21%	4.31%	3.49%	4.28%	4.84%	5.28%	1.6%	0.37%	0.52%	1.49%	1.08%	2.25%	2.63%	1.23%	1.4%	3.24%	2.6%	2.25%	2.56%	2.79%	2.79%
EBITDA ¹	108,710	109,760	100,240	115,130	122,080	128,010	126,630	131,160	134,330	138,450	134,160	145,160	155,530	157,740	149,980	157,460	163,880	171,640	166,620	167,310	172,414	183,196	184,145	190,441	194,324	204,075	206,932	220,194
Change	-	0.97%	-8.67%	14.85%	6.04%	4.86%	-1.08%	3.58%	2.42%	3.07%	-3.1%	8.2%	7.14%	1.42%	-4.92%	4.99%	4.08%	4.74%	-2.92%	0.41%	3.05%	6.25%	0.52%	3.42%	2.04%	5.02%	1.4%	6.41%
EBIT ¹	99,740	100,250	90,480	105,150	111,840	117,340	115,880	120,000	122,370	126,280	121,860	132,790	142,840	144,880	137,550	144,830	151,550	159,180	154,420	154,650	159,722	168,437	176,289	181,530	181,464	190,886	196,217	206,258
Change	-	0.51%	-9.75%	16.21%	6.36%	4.92%	-1.24%	3.56%	1.98%	3.2%	-3.5%	8.97%	7.57%	1.43%	-5.06%	5.29%	4.64%	5.03%	-2.99%	0.15%	3.28%	5.46%	4.66%	2.97%	-0.04%	5.19%	2.79%	5.12%
Charge d'intérêts ¹	-	-2,510	-	-1,740	-	-	-	-	-2,510	-2,450	-1,990	-1,480	-1,600	-2,720	-1,630	-1,590	-2,300	-2,260	-1,450	-1,620	-1,750	-1,731	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	105,690	105,120	95,040	100,370	116,920	125,270	121,630	129,690	131,910	133,640	127,760	140,960	146,440	153,910	149,890	153,300	148,290	168,490	162,310	160,320	169,084	179,002	181,624	188,080	193,466	202,060	204,334	217,521
Change	-	-0.54%	-9.59%	5.61%	16.49%	7.14%	-2.91%	6.63%	1.71%	1.31%	-4.4%	10.33%	3.89%	5.1%	-2.61%	2.28%	-3.27%	13.62%	-3.67%	-1.23%	5.47%	5.87%	1.46%	3.55%	2.86%	4.44%	1.13%	6.45%
Net income ¹	81,180	80,490	70,080	74,750	87,010	92,460	90,080	96,240	97,690	99,260	94,780	104,310	108,460	113,920	110,740	113,420	110,580	124,340	120,400	119,090	125,528	133,638	135,696	140,538	144,577	151,023	152,721	162,600
Change	-	-0.85%	-12.93%	6.66%	16.4%	6.26%	-2.57%	6.84%	1.51%	1.61%	-4.51%	10.05%	3.98%	5.03%	-2.79%	2.42%	-2.5%	12.44%	-3.17%	-1.09%	5.41%	6.46%	1.54%	3.57%	2.87%	4.46%	1.12%	6.47%
Announcement Date	1/17/20	4/16/20	7/9/20	10/7/20	1/8/21	4/12/21	7/8/21	10/8/21	1/12/22	4/11/22	7/8/22	10/10/22	1/9/23	4/12/23	7/12/23	10/11/23	1/11/24	4/12/24	7/11/24	10/10/24	-	-	-	-	-	-	-	-

¹INR in Million

Estimates

Forecast Balance Sheet: Tata Consultancy Services Ltd.

balance-sheet-analysis-chart TATA-CONSULTANCY-SERVICES

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-303,730	-333,800	-435,050	-430,450	-367,460	-487,470	-550,688	-696,621
Change	-	-209.9%	-230.33%	-198.94%	-185.37%	-232.66%	-212.97%	-226.5%
Announcement Date	4/16/20	4/12/21	4/11/22	4/12/23	4/12/24	-	-	-

¹INR in Million

Estimates

Cash Flow Forecast: Tata Consultancy Services Ltd.

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	25,380	27,190	24,830	25,320	22,020	44,226	46,228	50,214
Change	-	7.13%	-8.68%	1.97%	-13.03%	100.85%	4.53%	8.62%
Free Cash Flow (FCF) ¹	298,310	360,830	374,660	394,330	421,360	473,732	525,629	594,135
Change	-	20.96%	3.83%	5.25%	6.85%	12.43%	10.95%	13.03%
Announcement Date	4/16/20	4/12/21	4/11/22	4/12/23	4/12/24	-	-	-

¹INR in Million

Estimates

Forecast Financial Ratios: Tata Consultancy Services Ltd.

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	26.83%	28.35%	27.67%	26.28%	26.69%	26.75%	27.46%	27.77%
EBIT Margin (%)	24.58%	25.88%	25.27%	24.06%	24.62%	24.79%	25.5%	25.82%
EBT Margin (%)	26.92%	26.65%	26.95%	25.24%	25.74%	26.04%	26.91%	27.29%
Net margin (%)	20.61%	19.75%	19.99%	18.69%	19.06%	19.34%	20.01%	20.28%
FCF margin (%)	19.01%	21.98%	19.54%	17.49%	17.49%	18.35%	18.78%	19.43%
FCF / Net Income (%)	92.24%	111.26%	97.75%	93.56%	91.78%	94.91%	93.85%	95.79%
Profitability
ROA	27.43%	25.77%	28.15%	29.56%	32.14%	30.91%	30.04%	29.95%
ROE	37.26%	38.03%	43.66%	46.94%	51.54%	51.8%	53.51%	54.87%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	1.62%	1.66%	1.29%	1.12%	0.91%	1.71%	1.65%	1.64%
CAPEX / EBITDA (%)	6.03%	5.84%	4.68%	4.27%	3.42%	6.41%	6.01%	5.91%
CAPEX / FCF (%)	8.51%	7.54%	6.63%	6.42%	5.23%	9.34%	8.79%	8.45%
Items per share
Cash flow per share ¹	86.27	103.7	109.2	114.7	122.5	134.7	162	205.5
Change	-	20.26%	5.21%	5.05%	6.82%	9.95%	20.29%	26.86%
Dividend per Share ¹	73	38	43	115	73	102.3	116.5	133.9
Change	-	-47.95%	13.16%	167.44%	-36.52%	40.12%	13.86%	14.98%
Book Value Per Share ¹	224.2	231.1	243.5	247.1	250	270.2	297.3	322.9
Change	-	3.08%	5.39%	1.44%	1.18%	8.11%	10%	8.62%
EPS ¹	86.19	86.71	103.6	115.2	125.9	137.7	154.3	171
Change	-	0.6%	19.5%	11.17%	9.28%	9.41%	12.02%	10.82%
Nbr of stocks (in thousands)	3,752,385	3,699,051	3,659,051	3,659,051	3,618,088	3,618,088	3,618,088	3,618,088
Announcement Date	4/16/20	4/12/21	4/11/22	4/12/23	4/12/24	-	-	-