Title and Content

109
207
246
Dark 1

185
175
164
Accent 3

255
255
255
Light 1

151
75
7
Accent 4

131
56
155
Dark 2

193
187
0
Accent 5

0
99
190
Light 2

255
221
62
Accent 6

85
165
28
Accent 1

255
255
255
Hyperlink

214
73
42
Accent 2

236
137
29
Followed Hyperlink

Results for Quarter III FY 2011 - 12

127
175
221

Tata Blue 50%

203
215
238

Tata Blue 25%

179
149
197

212
195
223

255
242
171

255
249
213

Purple 50 %

Purple 25 %

Yellow 50 %

Yellow 25 %

241
240
202

251
251
241

229
205
186

248
241
235

180
213
154

214
231
200

Brown 50 %

Brown 25 %

Green 50 %

Green 25 %

17th January 2012

Light Green 50% Light Green 25%

17th January 2012

Disclaimer
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 Indian and overseas IT services companies, various factors
which may affect our cost advantage, 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 immigration,
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 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 Companys 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.

17th January 2012

Highlights

Q3 FY12 Performance Highlights

Revenue:
- INR Revenue of Rs 132,040 Mn i.e growth of 13.5% QoQ and 36.6% YoY
- USD Revenue of $2,586 Mn i.e. growth of 2.4% QoQ and 20.6% YoY
- Constant currency revenue growth of 4.5%, volume growth of 3.2% QoQ
Profit:
- EBIT margin of 29.2%, up 213bps QoQ
- Net Income at INR 28,866 Mn i.e. a NPM of 21.9%, up 90bps QoQ
Demand:
- 40 new clients added during the quarter; Active clients: 1003
- 10 large deals signed spread across multiple verticals
- Upward movement across all revenue bands
People:
- Gross addition of 18,907 associates, closing headcount: 226,751
- Utilization at 82.0% (ex-trainees) and 74.0% (including trainees)
- Employee retention continues to best in industry; LTM Attrition (IT Services) at
11.7%
17th January 2012

Indian GAAP Growth Summary

Crore

Revenue
13,500
12,000
10,500
9,000
7,500
6,000

Q-o-Q Revenue Growth

13,204
9,663

10,157

10,797

11,633

40%
30%

10%

4.1%

5.1%

Q3 FY11

Q4 FY11

4,000
3,384

3,500

2,900

3,093

Q1 FY12

Q-o-Q PBIDT Growth

4,094
Crore

6.3%

13.5%

7.7%

0%

PBIDT (before Other Income)

25.3%

20%

Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12 Q3 FY12

3,000

36.6%

31.4%

31.3%

26.3%

Y-o-Y Revenue Growth

3,033

2,500
2,000

50%
40%
30%
20%
10%
0%
-10%

Q2 FY12

Q3 FY12

Y-o-Y PBIDT Growth

41.2%
27.6%

32.2%

4.4%

6.7%

Q3 FY11

Q4 FY11

25.9%

21.9%

21.0%

11.6%
-1.9%
Q1 FY12

Q2 FY12

Q3 FY12

Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12 Q3 FY12

Profit After Tax

2,500

2,803

2,623
2,370

2,415

2,301

45%

2,000

29.9%

31.1%

30%
15%

Crore

3,000

Q-o-Q PAT Growth

-15%

26.7%
21.8%

9.2%

10.7%

6.1%
-7.9%

0%

1,500

Y-o-Y PAT Growth

Q3 FY11

Q4 FY11

Q1 FY12

18.3%

-4.7%
Q2 FY12

Q3 FY12

Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12 Q3 FY12

17th January 2012

IFRS Revenue Growth

Million

Revenue Mix
150,000
130,000
110,000
90,000
70,000
50,000
30,000

96,633

101,575

107,970

8,896

8,987

10,084

87,738

92,588

97,887

Q3 FY11

Q4 FY11

Q1 FY12

Q2 FY12

11,070

Revenue Growth

40%
30%

31.3%

36.6%

31.4%

26.3%

25.3%

20%
120,970

Q3 FY12

10%

13.5%
4.1%

5.1%

7.7%

6.3%

0%
Q3 FY11

India Revenue

31.4%
25.3%

30.7%

4.9%

27.5%

5.5%

5.7%

9.0%

13.4%

Q4 FY11
Q-0-Q Growth

Q1 FY12

Q2 FY12
Y-0-Y Growth

Q3 FY12

Y-0-Y Growth

Q3 FY12

39.0%

37.2%
30.5%

-20%

24.4%
12.2%

20%
0%

0%
Q3 FY11

Q2 FY12

60%
40%

20%

Q1 FY12

India Revenue
37.9%

40%

Q4 FY11
Q-0-Q Growth

International Revenue

50%

10%

9,646
106,689

International Revenue

30%

116,335

132,040

1.0%
-3.5%
Q3 FY11

Q4 FY11
Q-0-Q Growth

Q1 FY12

4.7%

14.8%

-4.3%
Q2 FY12
Q3 FY12
Y-0-Y Growth

17th January 2012

IFRS Growth Summary INR

Million

Operating Income
40,000
35,000
30,000
25,000
20,000

Y-o-Y Growth

38,618

27,318

28,757

28,261

40%

31,543

20%

Million

EBITDA

4.6%

29,175

30,880

30,309

-20%

Q3 FY11

33,829

40%
20%
0%

-20%

Million

23,460

23,803

33.6%

28.4%

5.8%

5.0%

22.4%

-1.7%

11.6%

Q1 FY12

Q2 FY12

Q3 FY12

Q-o-Q Growth

24,390

Q3 FY11

20,000

40%

30.5%

20%

10.3%

Q4 FY11

Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12 Q3 FY12

-20%

21.8%
21.0%

-1.8%

Q3 FY11

Q1 FY12

27.8%

1.5%

0.0%

Q4 FY11

Q2 FY12

Q3 FY12

Q-o-Q Growth

22.2%

0%

15,000

40.3%
25.5%

11.6%

Y-o-Y Growth

28,866
23,809

Q4 FY11

Y-o-Y Growth

Net Income
25,000

20.8%

40,921

Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12 Q3 FY12

30,000

5.3%

41.4%

25.2%

0%

Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12 Q3 FY12

40,000
35,000
30,000
25,000
20,000

35.1%

30.8%

Q-o-Q Growth

14.7%

Q1 FY12

2.5%
Q2 FY12

23.0%
18.4%

Q3 FY12

17th January 2012

IFRS Growth Summary USD

Million

Revenue
2,500.0

2,144

2,244

2,412

Y-o-Y Growth

2,525

2,586

2,000.0
1,500.0
Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12 Q3 FY12

Million

Operating Income

Million

20%

7.0%

606

635

631

684

-20%

33.2%
4.7%

Q3 FY11

40%
20%

37.1%

35.7%

7.5%

4.8%

0%

526

532

-20%

Q3 FY11

Q4 FY11

Y-o-Y Growth

Net Income
520

Q4 FY11

Y-o-Y Growth

756

Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12 Q3 FY12

600.0
550.0
500.0
450.0
400.0
350.0

31.1%

34.4%
7.4%

26.0%
4.7%

0%

1,000.0

800.0
700.0
600.0
500.0
400.0

40%

Q-o-Q Growth

568
528

40%
20%

35.8%

13.5%

1.1%

0%

-20%

24.2%

Q3 FY11

Q4 FY11

Q1 FY12

20.6%

2.4%

Q2 FY12

Q3 FY12

21.4%

24.7%

Q-o-Q Growth

28.0%

-0.7%

8.4%

Q1 FY12

Q2 FY12

10.5%
Q3 FY12

Q-o-Q Growth

30.6%
15.0%

1.1%
Q1 FY12

-0.8%
Q2 FY12

9.1%
7.6%
Q3 FY12

Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12 Q3 FY12

17th January 2012

Operational Performance

Growth by Market
7.6%

2.1%

North America

8.4%

Latin America

10.5%
53.3%

UK
Continental Europe
India

15.0%

Asia Pacific

MEA

3.1%
Geography (% )

Q3 FY12

Q2 FY12

Q-o-Q
Growth

Q3 FY11

Y-o-Y
Growth

Americas
North America
Latin America

53.3
3.1

53.4
3.0

13.3
18.6

53.5
3.1

36.0
37.0

Europe
UK
Continental Europe

15.0
10.5

15.5
10.1

9.5
18.1

16.0
9.3

28.5
54.2

8.4
7.6
2.1

8.3
7.5
2.2

14.8
15.7
7.7

9.2
6.9
2.0

24.4
52.0
40.1

100.0

100.0

13.5

100.0

36.6

India
Asia Pacific
MEA
Total

Growth in INR terms

Note: The growth rates reported here are based on actual revenues in INR. Calculating growth using the % Rev figures might result in some variance
due to rounding error.
17th January 2012

10

Growth by Domain
3.8%

4.1%

BFSI

2.2% 5.3%

Telecom

5.3%

Retail & Distribution

43.3%

5.9%

Manufacturing
Hi-Tech
Life Sciences & Healthcare

7.8%

Travel & Hospitality

Energy & Utilities
Media & Entertainment

12.3%

Others

10.0%

IP Revenue (%)

BFSI
Telecom
Retail & Distribution
Manufacturing
Hi-Tech
Life Sciences & Healthcare
Travel & Hospitality
Energy & Utilities
Media & Entertainment
Others
Total

Q3 FY12

Q2 FY12

Q-o-Q
Q3 FY11
Growth

Y-o-Y
Growth

43.3
10.0
12.3
7.8
5.9
5.3
3.8
4.1
2.2
5.3

43.5
10.7
12.1
7.8
5.9
5.3
3.8
4.3
2.1
4.5

12.5
6.9
15.1
14.2
13.5
14.8
13.9
10.5
19.8
31.5

44.6
11.9
10.9
7.2
5.0
5.2
3.4
4.4
2.3
5.1

32.5
15.6
53.8
48.1
62.1
39.2
50.5
29.0
28.3
42.1

100.0

100.0

13.5

100.0

36.6

Growth in INR terms

Note: The growth rates reported here are based on actual revenues in INR. Calculating growth using the % Rev figures might result in some variance
due to rounding error.
17th January 2012

11

Growth by Service Line

Application Development & Maint.

10.8%

Business Intelligence

44.0%

3.8%
2.8%

Enterprise Solutions

10.6%

Assurance Services
Engineering & Industrial Services

4.6%

Infrastructure Services

7.6%

Global Consulting

11.4%

4.4%

Asset Leverage Solutions

Business Process Outsourcing

SP Revenue (%)
IT Solutions and Services
Application Development & Maint.
Business Intelligence
Enterprise Solutions
Assurance Services
Engineering & Industrial Services
Infrastructure Services
Global Consulting
Asset Leverage Solutions
Business Process Outsourcing
Total

Q3 FY12

Q2 FY12

Q-o-Q
Growth

Q3 FY11

Y-o-Y
Growth

44.0
4.4
11.4
7.6
4.6
10.6
2.8
3.8
10.8

44.7
4.7
11.1
7.6
4.8
9.6
2.6
4.0
10.9

11.7
6.8
17.6
13.4
7.1
24.8
22.5
5.9
13.1

45.0
5.3
9.6
7.1
4.8
10.5
2.3
4.0
11.4

33.6
13.4
63.1
46.4
29.2
38.7
63.8
30.4
29.3

100.0

100.0

13.5

100.0

36.6

Growth in INR terms

Note: The growth rates reported here are based on actual revenues in INR. Calculating growth using the % Rev figures might result in some variance
due to rounding error.
17th January 2012

12

Client Parameters

Q3 FY12

Q2 FY12

Clients Contribution *
Revenue %
Top 1
Top 5
Top 10

6.9
19.6
27.7

6.9
20.0
28.3

US$ 1 mln Clients

US$ 5 mln Clients
US$ 10 mln Clients
US$ 20 mln Clients
US$ 50 mln Clients
US$ 100 mln Clients

512
235
161
95
39
14

495
230
155
94
36
12

Last Twelve Months

17th January 2012

13

Operational Parameters

Revenue %

Q3 FY12

Q2 FY12

Delivery Location*
Onsite
GDC/RDC
Offshore

45.0
4.5
50.5

45.2
3.9
50.9

53.6
46.4

53.2
46.8

Contract Type
Time & Material
Fixed Price & Time
* Excluding Domestic Clients

17th January 2012

14

Client Acquisition and Expansion

Particulars

Q3 FY12

Q2 FY12

1,003

1,010

40

35

98.3

99.3

1.7

0.7

Active Clients
New Clients
Revenue % from Repeat Business
Revenue % from New Business *
* Reset at the beginning of Financial Year

17th January 2012

15

Key Wins

TCS cloud based non linear platform for Life and Pensions has been adopted by a large insurance
provider in the UK.

TCS has been awarded a multi million, multi year IT Infrastructure management contract by a
leading measurement devices company.

TCS has been selected as a strategic partner for application development and maintenance services
for two leading retailers in North America.

A large telecom service provider in APAC has selected TCS as its strategic BPO partner covering
order to activate and billing processes.

One of the Top European Pharmaceutical companies has selected TCS as a strategic partner for its
drug safety operations in a multi-year, multi-million dollar deal.

A leading retail bank in Europe has selected TCS for a multi-year managed services contract
covering application development, maintenance and support of their Core Banking & Mortgages
systems.

One of the top European Utilities has chosen TCS as the sole partner in the Customer Services
area to provide business process services and support them in enhancing their customer
experience.

A large filtration machinery and services company has engaged TCS in a multi-year, multi-million
dollar deal for ERP services.

TCS core banking solution in the cloud paradigm "Bank in a box" has been selected as the core
banking solution for a large number of district cooperative banks across states.
17th January 2012

16

Human Resources

Total Employee Base

Total Employees : 226,751

186,914

Q3-11

198,614

Q4-11

202,190

Q1-12

214,770

Q2-12

226,751

Q3-12
17th January 2012

Q3 Consolidated - Gross Additions 18,907 & Net Additions 11,981

Gross Additions:
10,341 Trainees & 6,763 Laterals in India
1,803 employees overseas
20,219

Attrition*:
12.8% (LTM), including BPO

20,349

19,324

18,907

IT Services: 11.7% (LTM)

BPO: 22.6% (LTM)

12,497

12,580

11,700 11,988

11,981

Utilization Rate*:
82.02% (excluding Trainees)
74.04% (including Trainees)

3,576

FY11 - Q3

FY11 - Q4

FY12 - Q1

Gross Additions

FY12 - Q2

FY12 - Q3

Excluding Subsidiaries: CMC, e-Serve &

Diligenta

Net Additions

17th January 2012

Diversity
31% of our workforce are women
63.6% of our associates have more than 3 years of work experience
Associates from 103 nationalities

Composition of International Workforce (Consolidated)

Others
17.0%
Mexican
8.6%

British
16.3%

Indians
93.4%
Others
6.6%

Chilean
7.9%

American
16.0%

Hungarian
3.8%
Chinese
11.8%
TCS Consolidated (Including Subsidiaries CMC, e-Serve & Diligenta)

Brazilian
2.5%

Uruguayan
5.5%

Ecuadorian
10.6%

17th January 2012

Annexure

Indian GAAP Income Statement - Consolidated

` Crore
Consolidated Indian GAAP
INCOME
a) IT & Consultancy Services
b) Manufacturing, Sale of equipment and Licences
Total Income

Q3 FY12

Q2 FY12

% of Total Income
Q3 FY11

Q3 FY12

Q2 FY12

Q3 FY11

12,723
481
13,204

11,290
343
11,633

9,331
332
9,663

96.36
3.64
100.00

97.05
2.95
100.00

96.57
3.43
100.00

EXPENDITURE
a ) Salaries & Wages
b ) Overseas business expenditure
c) Other operating expenses
Total Expenditure

4,818
1,815
2,477
9,110

4,484
1,673
2,092
8,249

3,552
1,405
1,806
6,763

36.49
13.74
18.76
68.99

38.55
14.38
17.99
70.92

36.76
14.54
18.69
69.99

Profit Before Interest, Depreciation, Taxes

& Other Income

4,094

3,384

2,900

31.01

29.08

30.01

5
235
3,854
(87)
3,767
783

9
232
3,143
122
3,265
724

5
188
2,707
194
2,901
504

0.04
1.78
29.19
(0.66)
28.53
5.93

0.08
1.99
27.01
1.05
28.06
6.22

0.05
1.95
28.01
2.01
30.02
5.22

2,984

2,541

2,397

22.60

21.84

24.80

148
2,836
(33)
2,803

214
2,327
(26)
2,301

2,397
(27)
2,370

1.12
21.48
(0.25)
21.23

1.84
20.00
(0.23)
19.77

24.80
(0.28)
24.52

Interest
Depreciation
Profit Before Taxes & Other Income
Other income (expense), net
Profit Before Taxes
Provision For Taxes
Profit Before Taxes on Dividend from foreign
subsidiaries & Minority Interest
Provision for Taxes on Dividend from foreign
subsidiaries
Profit After Tax & Before Minority Interest
Minority Interest
Net Profit

17th January 2012

22

Indian GAAP Balance Sheet - Consolidated

Consolidated Indian GAAP
Source of Funds
Shareholders' Funds
Minority Interest
Loan Funds
Deferred Tax Liability
Non Current Liabilities
Total Liabilities
Application of Funds
Fixed Assets (net)
Goodwill
Deferred Tax Asset
Investments
Cash and Bank Balance
Current Assets, Loans and Advances
Current Liabilities and Provisions

Net Current Assets

Non Current Assets
Total Assets

` Crore
31-Dec-11

31-Mar-11

%
31-Dec-11 31-Mar-11

29,707
527
63
153
517
30,967

24,505
458
69
109
327
25,468

95.93
1.70
0.20
0.50
1.67
100.00

96.22
1.80
0.27
0.43
1.28
100.00

6,151
3,570
279
1,775

5,441
3,232
160
1,763

19.86
11.53
0.90
5.73

21.36
12.69
0.63
6.92

5,953
16,097
8,069

4,700
11,685
7,213

19.23
51.98
26.06

18.46
45.88
28.32

13,981
5,211
30,967

9,172
5,700
25,468

45.15
16.83
100.00

36.02
22.38
100.00

17th January 2012

23

IFRS Income Statement

Consolidated IFRS
Revenue
Cost of revenue

`
Q3 FY12

Million

Q2 FY12

% of Revenue
Q3 FY11

Q3 FY12

Q2 FY12

Q3 FY11

132,040
69,964

116,335
63,716

96,633
52,753

100.00
52.99

100.00
54.77

100.00
54.59

Gross margin
SG & A expenses

62,076
23,458

52,619
21,076

43,880
16,562

47.01
17.77

45.23
18.12

45.41
17.14

Operating income
Other income (expense), net

38,618
(920)

31,543
997

27,318
1,822

29.24
(0.70)

27.11
0.86

28.27
1.89

Income before income taxes

Income taxes

37,698
8,538

32,540
7,913

29,140
5,491

28.54
6.47

27.97
6.80

30.16
5.68

Income after income taxes

29,160

24,627

23,649

22.07

21.17

24.48

294

237

189

0.21

0.20

Net income

28,866

24,390

23,460

20.96

24.28

Earnings per share in INR

INR
14.75

INR
12.46

INR
11.99

Minority interest

0.22
21.85

17th January 2012

24

COR SG&A Details

17th January 2012

25

IFRS Balance Sheet

Consolidated IFRS
Assets
Cash and cash equivalents
Accounts receivable
Unbilled revenues
Other current financial assets
Other non current financial assets
Property and equipment
Intangible assets and Goodwill
Investments
Other current assets
Other non current assets
Total assets
Liabilities and Shareholders' Equity
Current liabilities
Short term borrowings
Redeemable preference shares
Long term borrowings
Other non-current liabilities
Minority interest
Shareholders' Funds
Total Liabilities

31-Dec-11

` Million

31-Mar-11
%

` Million

18,889
115,263
20,425
54,345
20,777
60,663
35,046
18,944
11,420
32,665
388,437

4.86
29.67
5.26
13.99
5.35
15.62
9.02
4.88
2.94
8.41
100.00

15,539
82,016
13,489
39,297
33,097
51,996
33,791
18,390
14,523
25,745
327,883

4.74
25.01
4.11
11.99
10.09
15.86
10.31
5.61
4.43
7.85
100.00

74,609
237
1,000
27
11,330
4,892
296,342
388,437

19.21
0.06
0.26
0.01
2.91
1.26
76.29
100.00

58,335
328
1,000
38
10,991
3,147
254,044
327,883

17.79
0.10
0.31
0.01
3.35
0.96
77.48
100.00

17th January 2012

26

IFRS Income Statement In USD

Consolidated IFRS

$ Million
Q3 FY12

Q2 FY12

Q3 FY11

% of Revenue
Q3 FY12
Q2 FY12
Q3 FY11

Revenue
Cost of revenue

2,586
1,370

2,525
1,383

2,144
1,170

100.00
52.99

100.00
54.77

100.00
54.59

Gross margin
SG & A expenses

1,216
460

1,142
458

974
368

47.01
17.77

45.23
18.12

45.41
17.14

Operating income
Other income (expense), net

756
(18)

684
22

606
40

29.24
(0.70)

27.11
0.86

28.27
1.89

Income before income taxes

Income taxes

738
164

706
172

646
122

28.54
6.33

27.97
6.83

30.16
5.69

Income after income taxes

574

534

524

22.21

21.14

24.47

0.25

0.24

0.19

568

528

520

21.96

20.90

24.28

USD
0.29

USD
0.27

USD
0.27

Minority Interest
Net Income
Earnings Per Share in USD

17th January 2012

27

COR SG&A Details In USD

17th January 2012

28

IFRS Balance Sheet in USD

Consolidated IFRS
Assets
Cash and Cash equivalents
Accounts Receivable
Unbilled Revenues
Other current financial assets
Other non current financial assets
Property and equipment
Intangible assets and Goodwill
Investments
Other current assets
Other non current assets
Total assets
Liabilities and Shareholders' Equity
Current liabilities
Short term borrowings
Redeemable Preference Shares
Long term borrowings
Other non-current liabilities
Minority Interest
Shareholders' Funds
Total Liabilities

31-Dec-11
$ Million
%

31-Mar-11
$ Million
%

355
2,162
383
1,020
390
1,138
657
355
214
613
7,287

4.87
29.67
5.26
13.99
5.35
15.61
9.02
4.88
2.94
8.41
100.00

349
1,839
303
881
742
1,166
758
412
326
577
7,353

4.74
25.01
4.11
11.99
10.09
15.86
10.31
5.61
4.43
7.85
100.00

1,400
4
19
1
213
91
5,559
7,287

19.21
0.06
0.26
0.01
2.92
1.25
76.29
100.00

1,309
7
22
1
246
71
5,697
7,353

17.80
0.10
0.30
0.01
3.35
0.96
77.48
100.00

17th January 2012

29

Currency mix and average realized rates in INR

Average rates

% of Revenue

Currency
Q3 FY12

Q2 FY12

Q3 FY12

Q2 FY12

USD

51.07

46.07

59.50%

59.31%

GBP

80.53

74.22

12.44%

12.31%

EUR

68.88

65.31

7.49%

7.45%

20.57%

20.93%

100.00%

100.00%

Others

17th January 2012

30

Thank You