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Please refer to important disclosures at the end of this report 1

( cr) 3QFY14 2QFY14

chg (qoq)

3QFY13

chg (yoy)

Net revenue 21,294 20,977

16,070

EBITDA 6,687 6,639 0.7 4,654 43.7

EBITDA margin (%) 31.4 31.6 (25)bp 29.0 244bp

PAT 5,314 4,702

Source: Company, Angel Research

TCS, in its 3QFY2014 results, reported revenues and operating margin a tad

lower than expectations while net profit stood higher than estimates on account of

healthy forex gains. The company’s performance was impacted due to ~6%

sequential decline in Indian business revenues; international business revenuesgrew modestly by 3.8% qoq in USD terms. The company’s overall volume growth

came in at 1.8% qoq, which is a bit disappointing; however, excluding India

business, volume growth was healthy at 2.9% qoq. The Management’s bullish

commentary, coupled with continued hiring and pick up in discretionary spends

point that TCS will continue to be an outperformer in the sector. We maintain our

Accumulate rating on the stock.

Quarterly highlights: For 3QFY2014, TCS posted a revenue of US$3,338mn, up

3% qoq. In INR terms, the revenue came in at ` 21,294cr, up 1.5% qoq. The EBIT

margin of the company declined by 42bp qoq to 29.7% as the company

increased its S&M investments. Net profit grew substantially by 13% qoq to

` 5,314cr, supported by a forex gain of

` 299cr as against a loss of

` 377cr in

2QFY2014.

Outlook and valuation: The Management reiterated that it expects FY2015 to be

better than FY2014 on the back of strong pipeline and budget indications from

clients. A healthy pipeline, broad-based deal signings, initial signs of up-turn in

discretionary spending and good traction in annuity, traditional and

transformational business - all these factors have collectively lent confidence to

the company in estimating FY2015 to be a better year than FY2014. TCS also

indicated that it is reaping benefits of investments in geographies such as

Continental Europe and Latin America. The Management, however, cited a word

of caution on India business, which it expects to remain muted till 1HFY2015 due

to impending elections. Over FY2013-15E, we expect TCS’ revenue to post aCAGR of 16.5% in USD terms and of 24.3% in INR terms. We maintain our

Accumulate rating on the stock with a target price of 2,520.

Key financials (Consolidated, IFRS)

Y/E March ( cr) FY2011 FY2012 FY2013 FY2014E FY2015E

Net sales 37,324 48,891 62,988 82,169 97,331

% chg 24.3 31.0 28.8 30.5 18.5

Net profit 8,715 10,636 13,942 18,920 22,446

% chg 26.8 22.0 31.1 35.7 18.6

EBITDA margin (%) 30.0 29.5 28.7 30.8 30.2

EPS ( ) 44.5 54.3 71.2 96.6 114.6

P/E (x) 52.8 43.3 33.0 24.3 20.5

P/BV (x) 18.1 14.2 11.2 10.0 8.2RoE (%) 34.3 32.7 34.0 41.2 40.1

RoCE (%) 32.0 32.8 32.7 40.2 38.5

EV/Sales (x) 12.1 9.2 7.1 5.4 4.5

EV/EBITDA (x) 40.4 31.2 24.6 17.6 15.0 Source: Company, Angel Research; Note: CMP as of January 16, 2014

ACCUMULATE

CMP ` 2,351

Target Price ` 2,520

Investment Period 12 Months

Stock Info

Sector

Net debt ( ` cr) (18,189)

Bloomberg Code

Shareholding Pattern (%)

Promoters 74.0

MF / Banks / Indian Fls 5.6

FII / NRIs / OCBs 16.1Indian Public / Others 4.4

Abs. (%) 3m 1yr 3yr

Sensex 3.5 7.3 12.8

TCS 6.0 74.4 110.2

Face Value ( ` )

Avg. Daily Volume

Market Cap ( ` cr)

52 Week High / Low

460,865

2,258/1,255

125,358

BSE Sensex

Reuters Code

TCS@IN

21,265

TCS.BO

Ankita Somani

+91 22 3935 7800 Ext: 6819

ankita.somani@angelbroking.com

Tata Consultancy Services (TCS)

Performance highlights

3QFY2014 Result Update | IT

January 17, 2014

TCS | 3QFY2014 Result Update

January 17, 2014 2

Exhibit 1: 3QFY2014 performance (Consolidated, IFRS)

( cr) 3QFY14 2QFY14

chg (qoq)

3QFY13

chg (yoy)

9MFY14 9MFY13

chg (yoy)

Net revenue 21,294 20,977

16,070

60,258 46,558

Cost of revenue 10,799 10,701 0.9 8,453 27.8 30,989 24,675 25.6Gross profit 10,495 10,276 2.1 7,617 37.8 29,269 21,883 33.8

SG& A expenses 3,808 3,637 4.7 2,963 28.5 10,790 8,455 27.6

EBITDA 6,687 6,639 0.7 4,654 43.7 18,479 13,428 37.6

Dep. and amortization 352 310 13.7 273 28.9 952 778 22.4

EBIT 6,335 6,330 0.1 4,381 44.6 17,527 12,650 38.5

Other income 673 (43) 213 882 699

PBT 7,008 6,287 11.5 4,594 52.5 18,409 13,349 37.9

Income tax 1,652 1,556 6.2 1,003 64.8 4,440 2,893 53.5

PAT 5,355 4,731

13,969 10,457

Earnings in affiliates - - - - - - - -

Minority interest 41 29 43.6 40 3.3 157 111 41.0

Adjusted PAT 5,314 4,702 13.0 3,552 49.6 13,812 10,346 33.5

EPS ( ` ) 27.1 24.0 12.9 18.1 49.5 70.5 52.9 33.5

Gross margin (%) 49.3 49.0 30bp 47.4 188bp 48.6 47.0 157bp

EBITDA margin (%) 31.4 31.6 (25)bp 29.0 244bp 30.7 28.8 182bp

EBIT margin (%) 29.7 30.2 (42)bp 27.3 249bp 29.1 27.2 192bp

PAT margin (%) 24.2 22.5 173bp 21.8 238bp 22.6 21.9 70bp

Exhibit 2: Actual vs Angel estimates

( cr) Actual Estimate

Var. ( )

Net revenue 21,294 21,434 (0.7)

EBITDA margin (%) 31.4 31.4 (2)bp

PAT 5,314 4,955 7.3

Inline operating results

For 3QFY2014, TCS’ dollar revenue grew by 3.0% qoq to US$3,438mn. The

company registered a volume growth of 1.8% qoq which was a bit disappointing.

The company’s performance was impacted due to a 6% sequential decline in India

business revenues; international business revenues grew modestly by 3.8% qoq in

USD terms. Excluding the India business, volume growth was better than

expectations at 2.9% qoq. In constant currency (CC) terms, the revenue grew

2.1% qoq. In INR terms, the revenue came in at ` 21,294cr, up 1.5% qoq.

Healthy growth in international business is indicative of continuation of market

share gains for TCS owing to its strength to strategically partner and participate

with clients. A continuing theme of TCS for many quarters has been of broad-

based growth across geographies, verticals and service offerings and 3QFY2014

was no different with the exception of India revenue decline. TCS closed 8 large

deals during 3QFY2014. These deals span industry segments as well as

geographies.

January 17, 2014 3

Exhibit 3: Trend in volume and revenue growth (qoq)

Exhibit 4: Revenue drivers for 3QFY2014

Broad-based show

TCS’ performance during the quarter was backed by healthy demand seen across

all its industry segments. The company’s anchor industry segment - banking,

financial services, and insurance (BFSI) – maintained its growth momentum withrevenues growing by 2.1% qoq. The company expects BFSI to grow at least in line

with the company’s average in FY2014. IT spending in the BFSI industry is seen to

be coming from work related to compliance, risk monitoring and digitization.

Among other verticals, Manufacturing (+7.9% qoq), Telecom (+6.4% qoq) and

Life sciences & Healthcare (+6.6% qoq) were strong performers and were primary

growth drivers for the company. The Management indicated that the Telecom

segment is now doing better and the company may witness consistent growth from

this industry segment going ahead. The rest of the industry segments such as Retail

& Distribution, Energy & Utilities and Travel & Hospitality posted 2.3%, 3.0% and

6.1% qoq growth in revenues, respectively.

3.3 3.1 4.1

3QFY13 4QFY13 1QFY14 2QFY14 3QFY14

Vo lume growth Reven ue growth (USD terms)

(0.40)

(0.61)

Vo lume Offsho re effor t shift Cur ren cy impa ct CC realizat ion Tot al reven ue growth

January 17, 2014 4

Exhibit 5: Revenue growth (Industry wise)

to revenue

chg (qoq) chg (yoy)

BFSI 42.7 2.1 15.8

Manufacturing 8.8 7.9 20.7Telecom 9.6 6.4 17.8

Lifesciences and healthcare 5.9 6.6 32.3

Retail and distribution 13.8 2.3 20.1

Travel and hospitality 3.5 6.1 13.4

Energy and utilities 3.8 3.0 16.6

Media and entertainment 2.3 7.7 27.7

Hi-tech 5.3 1.1 6.6

Service line wise, three service areas led TCS’ growth during 3QFY2014 –

Infrastructure services (+4.8% qoq), Enterprise services (+5.0% qoq) and Global

Consulting (+6.1% qoq). These verticals have collectively accounted for 51% of the

incremental revenue during the quarter. The company’s anchor service line –

Application Development and Maintenance (ADM) – maintained its revenue growth

momentum; its revenues grew 2.3% qoq. The Management indicated that the deal

pipeline is robust for services such as ADM, Infrastructure Management,

Consulting, Enterprise Services, and Products.

Exhibit 6: Revenue growth (Service wise)

to revenue chg (qoq) chg (yoy)

IT solutions and services ADM 41.4 2.3 13.9

Enterprise solutions 15.7 5.0 21.3

Assurance services 8.5 3.0 28.7

Engg. and industrial services 4.6 0.8 14.1

Infrastructure services 12.0 4.8 19.6

Global consulting 3.4 6.1 23.9

Asset-leveraged solutions 2.3 (12.2) (4.2)

BPO 12.1 4.8 13.8

Geography wise, growth was largely led by Asia Pacific, Continental Europe and

Middle East & Africa, the revenues of which grew by 7.4%, 6.7% and 13.3% qoq,

respectively. North America grew 2.1% while UK grew by 4.8% qoq.

January 17, 2014 5

Exhibit 7: Revenue growth (Geography wise)

of revenue

chg (qoq) chg (yoy)

U.S. 52.7 2.1 16.8

Latin America 2.3 3.0 (25.5)U.K. 17.5 4.8 16.6

Continental Europe 11.6 6.7 48.7

India 6.3 (5.9) (3.3)

Asia Pacific 7.4 7.4 15.1

MEA 2.2 13.3 22.2

Hiring spree continues

In 3QFY2014, TCS added 14,663 gross employees and 5,463 net employees,

taking its total employee base to 290,713. During the quarter, the attrition rate(last twelve month [LTM] basis) for the company remained flat on a sequential

basis as against peer companies which have reported increases in attrition rates.

For FY2014, the Management increased its gross hiring target to 55,000 from

50,000 given earlier, while for FY2015, it maintained its fresher hiring target of

25,000.

Exhibit 8: Hiring and attrition trend

Particulars 3QFY13 4QFY13 1QFY14 2QFY14 3QFY14

Gross addition 17,145 20,098 10,611 17,362 14,663

Net addition 9,561 12,559 1,390 7,664 5,463

Total employee base 263,637 276,196 277,586 285,250 290,713

Attrition (%) - LTM basis 11.2 10.6 10.5 10.9 10.9

For 3QFY2014, the utilization level - excluding as well as including trainees,

improved by 90bp and 250bp qoq to 84.3% and 77.5%, respectively. The

Management indicated that the company is comfortable in excluding trainee

utilization range of 82-84%.

Exhibit 9: Trend in utilization

72.1 72.272.5

81.7 82.182.7

83.484.3

Including trainees Excluding trainees

January 17, 2014 6

Margins decline slightly

TCS’ EBITDA and EBIT margins declined by 25bp and 42bp qoq to 31.4% and

29.7%, respectively, largely due to increase in S&M investments. The movement in

the EBIT margin was on account of following factors: 1) operational efficiency:

+65bp, 2) S&M investments: -62bp, and 3) currency impact: -45bp.

Exhibit 10: Margin profile

Client metrics

The client pyramid during the quarter witnessed a qualitative improvement,

with client additions seen in higher revenue brackets. Client metrics for the

company continued to remain healthy with the company adding two clients each in

the US$50-100mn and US$20-50mn revenue bracket. Overall, the company

added 24 clients in US$1mn+ revenue category. The company signed eight large

deals in the quarter.

Exhibit 11: Client pyramid

US$1mn–5mn 278 348 348 369 378

US$5mn–10mn 88 79 93 94 109

US$10mn–20mn 71 90 92 99 95

US$20mn–50mn 67 69 71 72 74

US$50mn–100mn 31 35 34 31 33

US$100mn plus 16 17 19 22 22

28.428.6

31.6 31.4

26.527.0

30.229.7

EBITDA margin EBIT margin

January 17, 2014 7

Outlook and valuation

The Management reiterated that it expects FY2015 to be better than FY2014 on

the back of strong pipeline and budget indications from clients. The current deal

pipeline is presenting opportunities for a robust growth in both run-the-business

(RTB) and discretionary activities. The company is pursuing more number of large

deals in terms of cumulative size vs this time last year. A healthy pipeline, broad-

based deal signings, initial signs of up-turn in discretionary spending and good

traction in annuity, traditional and transformational business - all these factors

have collectively lent confidence to the company in estimating FY2015 to be a

better year than FY2014. TCS also indicated that it is reaping benefits of

investments in geographies such as Continental Europe and Latin America. The

Management, however, cited a word of caution on India business, which it expects

to remain muted till 1HFY2015 due to impending elections; although it sounded

confident of growing higher than the industry. It indicated that the company has arobust demand pipeline across markets and the company sees a unique

opportunity to strategically partner and participate with clients.

For FY2015, the Management increased its gross hiring target to 55,000 from

50,000 given earlier. For FY2015, the company maintained its fresher hiring

target of 25,000. Even with aggressive hiring plans, the Management targets to

maintain its utilization levels excluding trainees at 80%+ going ahead. Over

FY2013-15E, we expect TCS’ revenue to post a CAGR of 16.5% in USD terms and

of 24.3% in INR terms. The company highlighted that it stands comfortable of

sustaining the EBIT margin in the range of 27-29%. On the EBIT and PAT fronts,

we expect the company to post a 28.0% and 26.8% CAGR over FY2013-15E,respectively. At the current market price of ` 2,351, the stock is trading at 24.3x

FY2014E and 20.5x FY2015E EPS of ` 96.6 and ` 114.6, respectively. We maintain

our Accumulate rating on the stock with a target price of 2,520.

Exhibit 12: Key assumptions

FY2014 FY2015

Revenue growth (USD) 16.5 16.5

USD-INR rate (realized) 60.9 62.0

Revenue growth ( ` ) 30.5 18.5

EBITDA margin (%) 30.8 30.2

Tax rate (%) 24.1 24.0

EPS growth (%) 35.6 18.6

January 17, 2014 8

Exhibit 13: Change in estimates

FY2014E FY2015E

Parameter Earlier Revised

Variation

Earlier Revised

Variation

cr) estimates estimates

estimates estimates

Net revenue 82,399 82,169 (0.3) 95,466 97,331 2.0

EBITDA 25,493 25,339 (0.6) 29,456 29,408 (0.2)

PBT 24,901 25,164 1.1 30,063 29,682 (1.3)

Tax 6,095 6,061 (0.6) 7,365 7,124 (3.3)

PAT 18,639 18,920 1.5 22,584 22,446 (0.6)

Exhibit 14: One-year forward PE chart

Exhibit 15: Recommendation summary

Company Reco CMP Tgt. price

Upside

FY2015E FY2015E FY2012-15E FY2015E FY2015E

( ) ( )

EBITDA ( ) P/E (x) EPS CAGR ( ) EV/Sales (x) RoE ( )

HCL Tech Accumulate 1,392 1510 8.5 24.8 14.5 38.5 2.2 26.8

Hexaware Neutral 143 - - 22.8 10.1 16.6 1.4 24.5

Infosys Neutral 3,725 - - 26.4 17.5 13.6 3.0 20.5

Infotech Enterprises Neutral 347 - - 19.1 11.8 26.5 1.1 17.9

KPIT Cummins Neutral 173 - - 16.3 10.5 27.2 0.9 19.8

Mindtree Accumulate 1,496 1650 10.3 20.9 11.3 35.2 1.4 23.8

Mphasis Accumulate 418 455 9.0 18.4 9.2 6.3 0.8 14.6

NIIT Neutral 28 - - 7.0 7.2 (16.1) 0.1 9.4

Persistent Neutral 1,018 - - 25.5 13.3 29.1 1.6 19.9

TCS Accumulate 2,351 2,520 7.2 30.2 20.5 28.2 4.5 40.1

Tech Mahindra Neutral 1,867 - - 22.1 14.1 19.3 0.8 25.2

Wipro Accumulate 570 600 5.2 23.1 15.8 16.8 2.3 21.4

Apr-07 Mar-08 Feb-09 Jan-10 Dec-10 Nov-11 Oct-12 Sep-13

Price 25x 21x 16x 11x 6x

January 17, 2014 9

Company background

TCS is Asia's largest IT services provider and is amongst the top 10 technology

firms in the world. The company has a global footprint with an employee base of

over 2.9lakh professionals, offering services to more than 1,000 clients across

various industry segments. The company has one of the widest portfolios of

services offerings, spanning across the entire IT service value chain – from

traditional application development and maintenance to consulting and package

implementation to products and platforms.

January 17, 2014 10

Profit & Loss statement (Consolidated, IFRS)

Net sales 37,324 48,891 62,988 82,169 97,331

Cost of revenues 19,937 25,877 33,253 42,097 50,403Gross profit 17,387 23,014 29,736 40,073 46,928

% of net sales 46.6 47.1 47.2 48.8 48.2

SGA expenses 6,189 8,599 11,648 14,734 17,520

% of net sales 16.6 17.6 18.5 17.9 18.0

EBITDA 11,198 14,415 18,088 25,339 29,408

% of net sales 30.0 29.5 28.7 30.8 30.2

Dep. and amortization 721 904 1079 1302 1557

% of net sales 1.9 1.8 1.7 1.6 1.6

EBIT 10,477 13,511 17,009 24,036 27,851

% of net sales 28.1 27.6 27.0 29.3 28.6

Other income, net 532 404 1118 1128 1832

Profit before tax 11,009 13,915 18,126 25,164 29,682

Provision for tax 2,174 3,169 4,034 6,061 7,124

% of PBT 19.7 22.8 22.3 24.1 24.0

PAT 8,835 10,747 14,092 19,103 22,559

Earnings in affiliates - - - - -

Minority interest 120 111 149 183 113

Adj. PAT 8,715 10,636 13,942 18,920 22,446

Fully diluted EPS ( ` ) 44.5 54.3 71.2 96.6 114.6

January 17, 2014 11

Balance sheet (Consolidated, IFRS)

Assets

Cash and cash equivalents 1,554 1,984 1,843 2,493 3,536

Other current financial assets 3,934 6,509 11,457 9,363 12,651

Accounts receivable 8,201 11,499 14,077 18,660 22,066

Unbilled revenues 1,349 2,248 3,160 4,052 4,800

Other current assets 1,449 - - - -

Property and equipment 5,200 6,455 8,194 10,043 10,909

Intangible assets and goodwill 3,379 3,493 3,506 3,506 3,506

Investments 1,839 1,478 2,040 2,040 2,040

Other non-current assets 2,575 - - - -

Total assets 32,788 41,199 52,074 60,672 73,291

Liabilities

Current liabilities 5,834 6,806 8,751 11,072 13,257

Short term borrowings 33 11 101 101 101

Redeemable preference shares 100 100 100 100 100

Long term debt 6 115 131 131 131

Other non-current liabilities 1,097 1,115 1,378 1,753 2,099

Minority interest 315 528 656 656 656

Shareholders’ funds 25,404 32,523 40,956 46,858 56,947

Total liabilities 32,788 41,199 52,074 60,672 73,291

January 17, 2014 12

Cash flow statement (Consolidated, IFRS)

15EPre-tax profit from oper. 10,477 13,511 17,009 24,036 27,851

Depreciation 721 904 1,079 1,302 1,557

Exp. (deferred)/written off 120 112 149 183 113

Pre tax cash from oper 11,078 14,303 17,939 25,156 29,295

Other inc./prior period ad 532 404 1,118 1,128 1,832

Net cash from operations 11,611 14,707 19,056 26,284 31,127

Tax 2,174 3,169 4,034 6,061 7,124

Cash profits 9,437 11,538 15,022 20,223 24,003

(Inc)/dec in acc. recv. (2,391) (3,298) (2,578) (4,583) (3,406)

(Inc)/dec in unbilled rev. (148) (899) (912) (892) (748)

(Inc)/dec in oth. current asst. (3,255) (1,127) (4,948) 2,094 (3,288)

Inc/(dec) in current liab. 347 951 2,035 2,321 2,185

Net trade working capital (5,448) (4,373) (6,403) (1,061) (5,257)

Cash flow from opert. actv. 3,989 7,166 8,619 19,162 18,746

(Inc)/dec in fixed assets (1,750) (2,159) (2,819) (3,151) (2,423)

(Inc)/dec in investments 5,597 361 (562) - -

(Inc)/dec in intangible asst. (138) (114) (13) - -

(Inc)/dec in non-cur.asst. (3,275) (1,649) (262) (2,718) (3,269)

Cash flow from invt. actv. 435 (3,561) (3,656) (5,869) (5,692)

Inc/(dec) in debt 419 128 278 375 346

Inc/(dec) in equity 328 1,979 (1,159) (3,852) (2,273)

Inc/(dec) in minority int. (62) 213 129 - -

Dividends (4,580) (5,496) (4,351) (9,166) (10,083)Cash flow from finan. actv. (3,895) (3,176) (5,103) (12,643) (12,011)

Cash generated/(utilized) 529 430 (140) 650 1,043

Cash at start of the year 1,025 1,554 1,984 1,843 2,493

Cash at end of the year 1,554 1,984 1,843 2,493 3,536

January 17, 2014 13

Key ratios

Y/E March FY2011 FY2012 FY2013 FY2014E FY2015E

Valuation ratio(x)

P/E (on FDEPS) 52.8 43.3 33.0 24.3 20.5

P/CEPS 48.8 39.9 30.6 22.8 19.2

P/BVPS 18.1 14.2 11.2 10.0 8.2

Dividend yield (%) 1.0 0.9 0.8 0.9 0.9

EV/Sales 12.1 9.2 7.1 5.4 4.5

EV/EBITDA 40.4 31.2 24.6 17.6 15.0

EV/Total assets 13.8 10.9 8.5 7.5 6.1

Per share data (

EPS 44.5 54.3 71.2 96.6 114.6

Cash EPS 48.2 59.0 76.8 103.3 122.6

Dividend 23.4 20.0 19.0 22.0 22.0

Book value 130 166 209 235 286

Dupont analysis

Tax retention ratio (PAT/PBT) 0.8 0.8 0.8 0.8 0.8

Cost of debt (PBT/EBIT) 1.1 1.0 1.1 1.0 1.1

EBIT margin (EBIT/Sales) 0.3 0.3 0.3 0.3 0.3

Asset turnover ratio (Sales/Assets) 1.1 1.2 1.2 1.4 1.3

Leverage ratio (Assets/Equity) 1.3 1.3 1.3 1.3 1.3

Operating ROE 34.8 33.0 34.4 41.6 40.3

Return ratios ( )

RoCE (pre-tax) 32.0 32.8 32.7 40.2 38.5

Angel RoIC 41.1 43.3 46.3 51.4 50.6RoE 34.3 32.7 34.0 41.2 40.1

Turnover ratios(x)

Asset turnover (fixed assets) 7.2 7.6 7.7 8.2 8.9

Receivables days 80 86 82 83 83

Research Team Tel: 022 - 3935 7800 E-mail: research@angelbroking.com Website: www.angelbroking.com

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Disclosure of Interest Statement TCS

1. Analyst ownership of the stock No

2. Angel and its Group companies ownership of the stock No

3. Angel and its Group companies' Directors ownership of the stock No

4. Broking relationship with company covered No

Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)

Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors

tcs - angel.pdf

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