TCS retained its outlook for FY15 – of a healthy demand environment, accelerating organic revenue growth in FY15 and with normal seasonality of a stronger 1H v/s 2H. We estimate 5.5% QoQ growth USD3.7b in 1QFY15E. (50bpimpact from cross currency)

1. Ashish Chopra (Ashish.Chopra@MotilalOswal.com); +91 22 3982 5424
Siddharth Vora (Siddharth.Vora@MotilalOswal.com); +91 22 3982 5585
13 June 2014
Update | Sector: Technology
TCS
CMP: INR2,215 TP: INR2,200 Neutral
Status quo; on track for revenue acceleration
Margins receding to the targeted band on headwinds
 TCS retained its outlook for FY15 – of a healthy demand environment,
accelerating organic revenue growth in FY15 and with normal seasonality of a
stronger 1H v/s 2H. We estimate 5.5% QoQ growth USD3.7b in 1QFY15E. (50bp
impact from cross currency)
 1Q traction will be driven by larger verticals which will grow close to company
average while verticals like media and healthcare & life sciences should grow
faster on a small base. India revenues should be flattish, US continues to see
discretionary spend and traditional outsourcing drives Europe.
 Margins will see headwinds of over 300bp QoQ, from wage hikes (over 200bp and
appreciation of INR (~100bp). We expect offset from growth and productivity
gains, and model 160bp QoQ decline to 27.6%.
1QFY15 Expectations: Momentum intact, on track for a better FY15
 TCS’ commentary on the outlook is unchanged – with expectation of better
organic growth in FY15 v/s FY14, and growth in 1H being stronger than that
in 2H
 We expect USD revenue growth to come in at 5.5% for the quarter with cross
currency impact of +50bps. This implies YoY growth of 16.8%, compared to
16% in 1QFY14
 Due to appreciation in INR during the quarter Rupee revenues will have a
negative 300bp impact. This drives our Rupee revenue estimate of
INR220.7b, +2.4% QoQ.
We estimate 1QFY15 USD revenue growth at 5.5%
Source: Company, MOSL
Margin faces headwinds from wage hike and currency
 TCS announced higher wage hikes for FY15, and that is likely to have an
impact of over 200bp QoQ. Currency appreciation introduces additional
100bp headwind for the margins during the quarter.
2,412
2,525
2,586
2,648
2,728
2,853
2,948
3,040
3,165
3,337
3,438
3,503
3,696
7.5%
4.7% 2.4% 2.4% 3.0%
4.6% 3.3% 3.1% 4.1% 5.4%
3.0% 1.9%
5.5%
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
4QFY13
1QFY14
2QFY14
3QFY14
4QFY14
1QFY15EUSDRevenues QoQ Growth (%)
Investors are advised to refer through disclosures made at the end of the Research Report.
BSE Sensex S&P CNX
25,228 7,542
Stock Info
Bloomberg TCS IN
Equity Shares (m) 1,958.7
52-Week Range (INR) 2,384/1,382
1, 6, 12 Rel. Per (%) -6/-11/19
M.Cap. (INR b) 4,338.0
M.Cap. (USD b) 72.6
Financial Snapshot (INR Billion)
Y/E March 2014 2015E 2016E
Sales 818.1 946.7 1,080.5
EBITDA 251.3 270.6 304.4
PAT 191.2 207.4 237.8
EPS (INR) 97.6 105.9 121.4
EPS Gr. (%) 37.0 8.5 14.7
BV/Sh. (INR) 282.5 326.9 399.1
RoE (%) 39.7 34.8 33.4
P/E (x) 22.7 20.9 18.2
EV/EBITDA (x) 16.5 15.1 13.2
Div. yield (%) 1.4 1.7 1.9
Shareholding pattern (%)
As on Mar-14 Dec-13 Mar-13
Promoter 73.9 73.9 74.0
Dom Inst 5.4 5.3 5.4
Foreign 16.1 16.3 16.1
Others 4.6 4.5 4.5
Stock Performance (1-year)

2. TCS
13 June 2014 2
 Impact from a high growth rate and contribution from productivity
improvement should help partially offset the impact from headwinds, and we
expect the decline to be limited to 160bp, implying EBIT margin of 27.6% in
1QFY15.
We estimate margins to decline by 160bps to 27.6%
Source: Company, MOSL
 TCS continues to maintain its target band for margins as 26-28% going forward
and may tweak the rate of investments going forward in the event of additional
headwinds like appreciation of INR.
 Our PAT estimate for the quarter stands at INR49.5b, down 6.6%, on account of
appreciation in INR, lower operating margin, and little impact from forex hedges
compared to gains worth INR2b in 4QFY14.
Segmental traction
 Growth will be broad based across verticals with large verticals growing close to
company average and smaller verticals like healthcare & life sciences and media
are expected to grow above company average.
Vertical performance in 4QFY14
Verticals
Contr. to
overall rev (%)
QoQ Gr. (%)
Contr. to incr
rev (%)
4 Quarter
CQGR
BFSI 42.9 2.4 53.5 3.2
Mfg 8.6 (0.4) (2.0) 3.9
Telecom 9.3 (1.3) (6.6) 3.6
LS & Healthcare 6.1 5.3 16.7 8.4
Retail & Distr 13.5 (0.3) (2.4) 3.8
Transportation 3.5 1.9 3.5 4.4
Energy and Utilities 3.8 1.9 3.8 3.6
Media & Entmnt 2.6 15.2 18.5 9.3
Hi-Tech 5.3 1.9 5.3 1.7
Others 4.4 4.3 9.7 (0.6)
Source: MOSL, Company
 In terms of geography, revenue momentum in US continues – with greater
project based or discretionary demand. Europe is seeing sustained momentum
of traditional outsourcing spend picking up. Growth will be driven by developed
geographies while India revenues are expected to be flattish during the quarter.

3. TCS
13 June 2014 3
Geography performance in 4QFY14
Geographies
Contr. to
overall rev (%)
QoQ Gr. (%)
Contr. to incr
rev (%)
4 Quarter
CQGR
North America 52.2 0.9 25.8 3.1
Latin America 2.2 (2.5) (3.1) 1.4
UK 17.8 3.6 33.7 5.1
Continental Europe 12.1 6.3 38.5 10.4
India 6.2 0.3 0.9 (5.1)
APAC 7.4 1.9 7.4 4.0
MEA 2.1 (2.7) (3.2) 3.6
Source: MOSL, Company
 In terms of services, growth continues to be broad-based across the offerings.
TCS’ proprietary cloud offering iON remains work in progress, still small in terms
of revenue size to impact overall company performance,
Change in depreciation policy in line with the revised Companies Act
 To be in accordance with the Companies Act 2013, TCS effected change in its
depreciation policy. The company has taken the opportunity to further
rationalize the policies for depreciation – bringing different policies across
subsidiary companies under one standard.
 TCS will be following straight-line depreciation with lower asset life from the
previously followed WDV method. This will result in: [1] a one-time impact in
Indian GAAP of write back of 4-5% of net Fixed Assets as an exceptional item
and [2] one time impact in IFRS of additional charge of ~2% of Fixed Asset added
to normal depreciation. We will factor the same into our estimates as clarity on
the exact impact of the same emerges in 1QFY 15 financials.
Valuation and view
Our estimates remain largely unchanged after the management’s latest outlook.
Over the past four years, TCS has led the incremental revenues as well as operating
profits not just domestically, but also in the global arena (compared to peers
multiple times its size); and its market cap is second only to IBM. At 18.8% USD
revenue CAGR over FY14-16E, we expect TCS to continue leading the industry
growth with excellent execution. At 20.9x FY15E and 18.2x FY16E EPS, we remain
Neutral on valuations. We would treat any corrections as an entry opportunity.

4. TCS
13 June 2014 4
Story in charts
TCS continues to lead industry growth…
Source: Company, MOSL
…but India headwinds cripple outperformance
Source: Company, MOSL
Revenue growth finally getting delinked to headcount...
Source: Company, MOSL
...as competitive intensity gradually pulls down pricing
Source: Company, MOSL
Operating at peak efficiency, reflected in utilization...
Source: Company, MOSL
...Expect margins to settle lower and EPS to lag rev. growth
Source: Company, MOSL

5. TCS
13 June 2014 5
Operating Metrics
1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 2QFY14 3QFY14 4QFY14
Service Lines (%)
ADM 43.4 43.1 42.4 42.4 42.3 41.7 41.4 41.0
Engineering and Industrial Services 4.6 4.6 4.7 4.6 4.7 4.7 4.6 4.8
Infrastructure Services 10.6 11.4 11.7 12.1 11.9 11.8 12.0 12.0
Enterprise Solutions 15.2 14.9 15.1 15.5 15.1 15.4 15.7 15.7
Global Consulting 2.8 3.0 3.2 3.1 3.5 3.3 3.4 3.4
Asset Leverage Solutions 2.8 2.7 2.8 2.5 2.5 2.7 2.3 2.6
Assurance Services 7.6 7.7 7.7 7.8 8.1 8.5 8.5 8.4
BPO 13.0 12.6 12.4 12.0 11.9 11.9 12.1 12.1
Industry Verticals (%)
BFSI 43.0 42.8 43.0 43.5 43.0 43.1 42.7 42.9
Manufacturing 7.9 8.2 8.5 8.5 8.4 8.4 8.8 8.6
Telecom 10.3 10.3 9.5 9.3 9.6 9.3 9.6 9.3
Life Sciences & Healthcare 5.3 5.2 5.2 5.1 5.5 5.7 5.9 6.1
Retail & Distribution 13.2 13.4 13.4 13.4 14.0 13.9 13.8 13.5
Transportation 3.7 3.6 3.6 3.4 3.4 3.4 3.5 3.5
Energy and Utilities 3.6 3.6 3.8 3.8 3.7 3.8 3.8 3.8
Media & Entertainment 2.2 2.2 2.1 2.1 2.1 2.2 2.3 2.6
Hi-Tech 6.0 5.9 5.8 5.7 5.5 5.4 5.3 5.3
Others 4.8 4.8 5.1 5.2 4.8 4.8 4.3 4.4
Geographies (%)
America 53.5 52.8 52.6 53.2 54.1 53.2 52.7 52.2
UK 17.0 17.1 17.5 16.8 17.0 17.3 17.5 17.8
Rest of Europe 9.6 9.5 9.1 9.4 9.9 11.2 11.6 12.1
Europe 26.6 26.6 26.6 26.2 26.9 28.5 29.1 29.9
India 7.1 7.5 7.6 8.8 7.6 6.9 6.3 6.2
APAC 7.4 7.6 7.5 7.3 6.9 7.1 7.4 7.4
Latin America 3.3 3.4 3.6 2.4 2.4 2.3 2.3 2.2
MEA 2.1 2.1 2.1 2.1 2.1 2.0 2.2 2.1
Others 12.8 13.1 13.2 11.8 11.4 11.4 11.9 11.7
Revenue Mix (%)
Offshore 50.5 49.1 49.4 48.3 48.5 48.1 47.8 47.4
Onsite 44.7 45.8 45.6 46.5 46.3 46.5 46.8 47.0
GDC 4.8 5.1 5.0 5.2 5.2 5.4 5.4 5.6
Utilization
Excluding Trainees 81.3 81.6 81.7 82.0 82.7 83.4 84.3 83.8
Including Trainees 72.3 72.8 72.1 72.2 72.5 75.0 77.5 77.9
Source: MOSL, Company

6. TCS
13 June 2014 6
Operating Metrics
1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 2QFY14 3QFY14 4QFY14
QoQ growth (%)
Service Lines
ADM 0.7 3.8 1.7 3.1 3.9 3.9 2.3 0.9
Engineering and Industrial Services 3.0 4.6 5.6 0.9 6.4 5.4 0.8 6.3
Infrastructure Services 5.0 12.5 6.1 6.7 2.4 4.6 4.8 1.9
Enterprise Solutions 3.0 2.5 4.7 5.9 1.4 7.5 5.0 1.9
Global Consulting 6.8 12.0 10.2 -0.1 17.5 -0.6 6.1 1.9
Asset Leverage Solutions -26.0 0.8 7.2 -7.9 4.1 13.9 -12.2 15.2
Assurance Services 7.3 5.9 3.3 4.5 8.1 10.7 3.0 0.7
BPO 16.5 1.3 1.7 -0.2 3.2 5.4 4.8 1.9
Industry Verticals
BFSI 5.0 4.1 3.8 4.3 2.9 5.7 2.1 2.4
Manufacturing 3.0 8.5 7.1 3.1 2.9 5.4 7.9 -0.4
Telecom 6.1 4.6 -4.7 1.0 7.5 2.1 6.4 -1.3
Life Sciences & Healthcare 3.0 2.6 3.3 1.1 12.3 9.3 6.6 5.3
Retail & Distribution 8.8 6.2 3.3 3.1 8.8 4.7 2.3 -0.3
Transportation 3.0 1.7 3.3 -2.6 4.1 5.4 6.1 1.9
Energy and Utilities -2.4 4.6 9.1 3.1 1.4 8.3 3.0 1.9
Media & Entertainment 3.0 4.6 -1.4 3.1 4.1 10.5 7.7 15.2
Hi-Tech 3.0 2.8 1.6 1.3 0.4 3.5 1.1 1.9
Others -22.7 4.6 9.8 5.1 -3.9 5.4 -7.7 4.3
Geographies
America 2.8 3.2 2.9 4.3 5.9 3.7 2.1 0.9
UK 15.2 5.2 5.8 -1.0 5.3 7.3 4.2 3.6
Rest of Europe 0.9 3.5 -1.0 6.5 9.6 19.3 6.7 6.3
Europe 9.6 4.6 3.3 1.6 6.9 11.7 5.2 4.7
India -13.9 10.5 4.7 19.4 -10.1 -4.3 -5.9 0.3
APAC -1.0 7.4 2.0 0.4 -1.6 8.5 7.4 1.9
Latin America 9.7 7.7 9.4 -31.2 4.1 1.1 3.0 -2.5
MEA 3.0 4.6 3.3 3.1 4.1 0.4 13.3 -2.7
Others 2.2 7.0 4.1 -7.8 0.6 5.4 7.5 0.2
Offshore 5.0 1.2 3.9 -0.5 5.9 5.4 3.0 1.1
Onsite 3.4 6.7 2.8 3.8 5.0 6.7 4.4 2.4
GDC 11.6 10.6 1.2 5.8 5.5 10.3 3.7 5.8
Overall International business 4.6 4.1 3.2 1.8 5.5 6.3 3.7 2.0
Domestic Business -13.9 10.5 4.6 19.6 -10.1 -4.4 -5.8 0.4
Source: MOSL, Company

7. TCS
13 June 2014 7
Financials and valuations
Income statement (INR Million)
Y/E March 2011 2012 2013 2014 2015E 2016E
Sales 373,245 488,938 629,895 818,094 946,723 1,080,484
Change (%) 24.3 31.0 28.8 29.9 15.7 14.1
Cost of Services 198,505 258,773 332,545 422,065 513,543 598,835
SG&A Expenses 62,848 85,988 116,480 144,707 162,539 177,260
EBITDA 111,892 144,177 180,870 251,322 270,642 304,388
% of Net Sales 30.0 29.5 28.7 30.7 28.6 28.2
Depreciation 7,990 9,036 10,792 13,243 15,206 17,242
Other Income 5,247 4,041 11,174 15,891 20,203 28,504
PBT 109,149 139,182 181,252 253,969 275,639 315,650
Tax 21,203 31,688 40,344 60,712 66,153 75,756
Rate (%) 19.4 22.8 22.3 23.9 24.0 24.0
Minority Interest 1,116 1,110 1,494 2,089 2,080 2,080
PAT 86,827 106,384 139,413 191,168 207,406 237,814
Change (%) 26.3 22.5 31.0 37.1 8.5 14.7
Balance sheet (INR Million)
Y/E March 2011 2012 2013 2014 2015E 2016E
Share Capital 1,957 1,957 1,957 1,959 1,959 1,959
Reserves 250,432 323,276 407,524 551,393 638,273 779,840
Net Worth 252,389 325,233 409,481 553,352 640,232 781,798
Preference shares 1,000 1,000 1,000 0 0 0
Minority Interest 4,663 5,276 6,561 6,905 6,905 6,905
Loans 10,718 12,306 10,894 12,561 14,307 16,133
Capital Employed 268,771 343,815 427,936 572,817 661,443 804,836
Gross Block 86,156 107,400 135,587 170,530 204,717 236,907
Less : Depreciation 33,816 42,852 53,644 66,887 82,092 99,334
Net Block 52,340 64,548 81,944 103,644 122,625 137,573
Other LT Assets 89,929 110,269 88,815 118,105 141,657 160,298
Investments 18,390 0 33,765 37,673 37,673 37,673
Curr. Assets 171,948 237,173 315,022 429,703 562,793 689,659
Debtors 95,479 137,469 172,366 222,360 272,704 310,917
Cash & Bank Balance 47,401 34,617 79,035 156,495 231,377 311,803
Other Current Assets 29,068 65,087 63,621 50,848 58,712 66,939
Current Liab. & Prov 63,837 68,175 91,609 116,308 203,305 220,368
Current Liabilities 63,837 68,175 91,609 116,308 203,305 220,368
Net Current Assets 108,111 168,998 223,413 313,395 359,488 469,291
Application of Funds 268,771 343,815 427,936 572,817 661,443 804,836
E: MOSL Estimates

8. TCS
13 June 2014 8
Financials and valuation
Ratios
Y/E March 2011 2012 2013 2014 2015E 2016E
Basic (INR)
EPS 44.4 54.4 71.2 97.6 105.9 121.4
Cash EPS 48.4 59.0 76.7 104.4 113.7 130.2
Book Value 129.5 166.7 209.7 282.5 326.9 399.1
DPS 14.0 25.0 22.0 32.0 37.0 42.0
Payout % 31.6 46.0 30.9 32.8 34.9 34.6
Valuation (x)
P/E 49.9 40.7 31.1 22.7 20.9 18.2
Cash P/E 45.7 37.6 28.9 21.2 19.5 17.0
EV/EBITDA 38.2 29.9 23.4 16.5 15.1 13.2
EV/Sales 11.5 8.8 6.7 5.1 4.3 3.7
Price/Book Value 17.1 13.3 10.6 7.8 6.8 5.5
Dividend Yield (%) 0.6 1.1 1.0 1.4 1.7 1.9
Profitability Ratios (%)
RoE 37.4 36.7 37.8 39.7 34.8
RoCE 42.2 44.1 44.1 47.6 41.4
Turnover Ratios
Debtors (Days) 81 87 90 88 95 99
Fixed Asset Turnover (x) 7.9 8.4 8.6 8.8 8.4 8.3
Cash flow statement (INR Million)
Y/E March 2011 2012 2013 2014 2015E 2016E
CF from Operations 94,817 115,419 150,205 204,411 222,611 255,056
Cash for Working Capital 18,165 -73,671 -9,997 -12,522 28,789 -29,377
Net Operating CF 112,982 41,747 140,208 191,890 251,401 225,679
Net Purchase of FA -53,633 -41,584 -6,733 -64,233 -57,739 -50,831
Net Purchase of Invest. 19,409 18,390 -33,765 -3,909 0 0
Net Cash from Invest. -34,224 -23,193 -40,498 -68,142 -57,739 -50,831
Proc. from equity issues -11,155 24,319 -3,504 25,371 -35,736 0
Proceeds from LTB/STB 1,608 1,588 -1,412 1,666 1,746 1,826
Dividend Payments -32,058 -57,246 -50,377 -73,325 -84,790 -96,248
Cash Flow from Fin. -41,604 -31,339 -55,292 -46,287 -118,780 -94,421
Free Cash Flow 59,349 164 133,475 127,656 193,662 174,847
Net Cash Flow 37,153 -12,785 44,418 77,461 74,882 80,426
Opening Cash Bal. 10,249 47,402 34,617 79,035 156,495 231,377
Add: Net Cash 37,153 -12,785 44,418 77,461 74,882 80,426
Closing Cash Bal. 47,402 34,617 79,035 156,495 231,377 311,803
E: MOSL Estimates

9. TCS
13 June 2014 9
N O T E S

10. TCS
13 June 2014 10
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