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SYNOPSIS

Tata Consultancy Services Ltd. (TCS) is an Indian IT services, business solutions & outsourcing company headquartered in Mumbai, India.

During the quarter ended, the robust growth of revenue is increased by 25.27% Rs. 116334.90 million.

TCS has added thirty-five new clients in the first quarter of the current fiscal.

Total head count of the company as on September 2011 stood at 214,770 with utilization rate at 83.1%.

TCS has been ranked 3rd in the FinTech 100.

TCS & Felda Prodata Systems Sdn Bhd signed a collaboration agreement to jointly develop & deliver IT services and solutions to the Malaysian market.

TCS BaNCS Core Banking released version 12.0 for banking & capital markets.

Net Sales and PAT of the company are expected to grow at a CAGR of 21% and 19% over 2010 to 2013E respectively.

Years Net sales EBITDA Net Profit EPS P/E

FY 11 373245.10 117823.60 90680.40 46.33 25.37

FY 12E 462823.92 142070.94 101794.23 52.01 22.60

FY 13E 536875.75 165260.64 118953.90 60.78 19.34

Stock Data:

Sector: IT

Face Value Rs. 1.00

52 wk. High/Low (Rs.) 1247.00/902.90

Volume (2 wk. Avg.) 171000.00

BSE Code 532540

Market Cap (Rs in mn) 2300688.60

Share Holding Pattern

1 Year Comparative Graph

TCS Ltd BSE SENSEX

C.M.P: Rs. 1175.50 Target Price: Rs. 1328.00 Date: Dec. 3rd 2011 BUY

Tata Consultancy Services Ltd. Result Update: Q2 FY12

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Peer Group Comparison

Name of the company CMP(Rs.) Market Cap. (Rs. mn.) EPS(Rs.) P/E(x) P/Bv(x) Dividend (%)

TCS Ltd. 1175.50 2300688.60 46.33 25.37 9.43 1400.00

Infosys Ltd. 2696.80 154851.09 119.24 22.62 6.32 1200.00

Wipro Ltd. 394.35 96894.32 19.66 20.06 4.54 200.00

HCL Ltd. 417.35 28820.52 20.29 20.57 4.92 375.00

Investment Highlights

� Q2 FY12 Results Update

TCS Ltd has reported consolidated net profit of Rs 23010.00 million for the quarter

ended on September 30, 2011 as against Rs 21692.10 million in the same quarter

last year, an increase of 6.08%. It has reported net sales of Rs 116334.90 million

for the quarter ended on September 30, 2011 as against Rs 92863.90 million in the

same quarter last year, a rise of 25.27%. Total income grew by 33.42% to

Rs.117561.80 million from Rs. 93571.40 million in the same quarter last year.

During the quarter, it reported earnings of Rs 11.76 a share, registering 6.08%

growth over prior year period.

Quarterly Results – Consolidated (Rs in mn)

As At Sep-11 Sep-10 %change

Net sales 116334.90 92863.90 25.27

PAT 23010.00 21692.10 6.08

Basic EPS 11.76 11.08 6.08

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� Net Sales & PAT Growth

During the quarter, Net sales rose by 25.27% to Rs. 116334.90 million from

Rs.92863.90 million in the same quarter last year and the Total Profit for the

quarter ended September 2011 was Rs. 23010.00 million grew by 6.08% from

Rs.21692.10 million compared to same quarter last year.

� EPS

The basic EPS of the company stood at Rs.11.76 for the quarter ended September

2011 from Rs.11.08 for the quarter ended September 2010.

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� Break up of Expenditure

� TCS and Felda Prodata sign a Strategic Collaboration

Tata Consultancy Services and Felda Prodata Systems Sdn Bhd (PRODATA) signed

a collaboration agreement to jointly develop and deliver strategic Information

Technology (IT) services and solutions to the Malaysian market. Both organizations

will jointly identify opportunities as part of their “go-to-market” efforts to provide IT

services and participate in tenders from government agencies. TCS and PRODATA

will share their technology expertise in areas including but not limited to open

source solutions, SAP-ERP application, application development & maintenance,

shared services/business process outsourcing (BPO), infrastructure services and

business intelligence & performance management (BIPM).

� Deutsche Bank selects TCS for a major transformation initiative

Tata Consultancy Services has been selected by Deutsche Bank as a strategic

partner for its Production Management Transformation Initiative, within its Capital

Markets business unit. TCS will deliver a global application service desk, service

operations and all other IT Infrastructure Library (ITIL) services to the bank at

locations across seven countries – the USA, UK, Germany, Hungary, Philippines,

Singapore and India.

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� TCS Launches TCS BaNCS Core Banking Version 12

Tata Consultancy Services launched TCS BaNCS Core Banking Release version

12.0 at the annual flagship event for banking and capital markets, SIBOS 2011, in

Toronto. This version continues to build on the industry’s leading functionality,

flexibility and scalability for which the product has come to be associated globally.

� TCS ranked third among global providers of financial technology

Tata Consultancy Services has been ranked third in the FinTech 100, an annual

international listing of the top vertical technology vendors that derive more than

one-third of their revenue from financial services industry as named by American

Banker, Bank Technology News and IDC Financial Insights. TCS has been ranked

among the top 10 in the FinTech 100 for the fourth consecutive year. Nearly 45% of

TCS’ revenue came from banking, financial services & insurance during the

financial year 2010-11.

� TCS Ranked World’s 7th Greenest Company

Tata Consultancy Services has been ranked as the world’s 7th greenest company

in Newsweek’s Green Rankings 2011. In addition, TCS is the highest ranked Asia-

based company and second highest ranked globally in the Information Technology

& Services company category. The Green Rankings focus on the largest publicly

traded companies in America and worldwide.

� TCS BaNCS Core banking to transform IT

Tata Consultancy Services has announced that Scotwest and Capital Credit Unions

chose TCS BaNCS Core Banking as their IT platform to transform their

infrastructure to address emerging opportunities in Community Banking in the

United Kingdom. Cussco, the joint company set up by both these credit unions,

will deploy the common platform and support its entire IT architecture throughout

the UK to serve its existing customers as well as seek growth avenues, as new

regulations open more opportunities in community banking.

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� TCS Awarded “Supplier of the Year” by Owens Corning

Tata Consultancy Services has received the “Supplier of the Year” award from

Owens Corning. Owens Corning’s Supplier of the Year award recognizes the

contribution and commitment of its finest partners.

� TCS develops CDMI Automated Test Suite

Tata Consultancy Services announced the development of the Cloud Data

Management Interface (CDMI) Automated Test Suite (CATS), an innovative solution

that enables clients to test their compliance with CDMI specifications, while

simultaneously accelerating the development lifecycle of CDMI.

� Diligenta wins $2.2 billion (£1.37 billion) contract with Friends Life

Diligenta, a leading business process outsourcing (BPO) provider in the UK and a

subsidiary of Tata Consultancy Services (TCS) will assume administration

responsibility for 3.2 million policies for Friends Life, a provider of pensions,

investments and insurance. The agreement, effective March 1, 2012, is worth $2.2

billion (£1.37 billion) over 15 years. Diligenta will assume administration

responsibility for much of Friends Life’s closed book protection business and

significant part of its corporate benefits business. Diligenta and TCS will deliver IT

infrastructure and IT services with some policies migrating to TCS BaNCS

Insurance, a globally recognized industry-leading insurance platform.

� TCS positioned as a Leader in Insurance Applications Outsourcing

Tata Consultancy Services (TCS) has recognized TCS as a leader in insurance

domain knowledge and in the insurance applications outsourcing market by

Everest Group, an advisory and research firm on global services in its November

2011 report. The evaluation was based on the five key dimensions of the group’s

proprietary PEAK Matrix: market success, scale, scope, domain investments and

delivery footprint. On an aggregate basis, TCS received the highest rating out of all

the service providers in the analysis of delivery capability and the second highest

rating in the analysis of market success (based on transaction activity).

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� TCS launches AURA DBMS for Automotive Retailers

Tata Consultancy Services, in cooperation with SAP AG, launched AURA Dealer

Business Management (DBM) Golden Template, based on an innovative, business-

ready and “lean” model built for the auto retail sector. The AURA DBM Golden

Template is a result of co-innovation and joint development efforts between TCS

and SAP. The new AURA service has been built on the SAP® ERP and SAP Dealer

Business Management applications. The service can help jump start business

operations of auto retailers and contains standard baseline functionality, best

practices and end-to-end process scenarios for sales, service, parts business,

finance, human resources and their related reports.

� TCS launches a major partnership with the Amsterdam Marathon

Tata Consultancy Services was appointed as the official technology partner to the

Amsterdam Marathon and has taken up the title sponsorship of the event for the

five-year period 2011-2015. TCS’ significant portfolio of sports partnerships

includes tie-ups with Formula 1 racing team Ferrari, pro-cycling team Garmin-

Cervélo and several marathons in major cities in the world including Bangalore,

Boston, Chicago, Mumbai and New York.

� Geography Composition

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� Segment Line Distribution

� Clients Revenue Contribution

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� Onsite/Offshore Revenue

� Head Count

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� Growth by Domain

Domain-wise contribution to the revenue is given below:

IP Revenue (%) Q2 FY12 Q1 FY12

BFSI 43.5 43.3

Telecom 10.7 11.7

Retail & Distribution 12.1 11.6

Manufacturing 7.8 7.6

Hi-Tech 5.9 5.8

Life Science & Healthcare 5.3 5.2

Travel & Hospitality 3.8 3.7

Energy & Utility 4.3 3.8

Media & Entertainment 2.1 2.2

Others 4.5 5.1

Company Profile

Established in 1968, Tata Consultancy Services (TCS), a member of the Tata Group is

considered as the largest IT services firm in Asia based on its record of outstanding

service, collaborative partnerships, innovation and corporate responsibility.

TCS Ltd. is an Indian IT services, business solutions and outsourcing company

headquartered in Mumbai, India. The service is delivered through its unique Global

Network Delivery Model™ (GNDM), recognized as the benchmark of excellence in

software development. TCS has over 214,000 of the world’s best-trained consultants in

42 countries. The company has generated consolidated revenues of US $8.2 billion for

year ended March 31, 2011. It is the largest provider of information technology in Asia

and second largest provider of business process outsourcing services in India.

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Quality Framework

TCS' ability to deliver high-quality services and solutions is unmatched. It is the

world’s first organization to achieve an enterprise-wide Maturity Level 5 on both

CMMI® and P-CMM®, using the most rigorous assessment methodology - SCAMPISM.

Additionally, TCS’ Integrated Quality Management System (iQMS™) integrates process,

people and technology maturity through various established frameworks and practices

including IEEE, ISO 9001:2000, CMMI, SW-CMM, P-CMM and 6-Sigma.

Products and services offered by TCS

TCS offers a wide range of IT services, outsourcing and business solutions.

Services

• IT Services

• IT Infrastructure Services

• Enterprise Solutions

• Consulting

• Business Process Outsourcing

• Platform BPO Solutions

• Business Intelligence & Performance Management

• Engineering & Industrial Services

• Small and Medium Business

• Connected Marketing Solutions

Consulting

• Business Consulting

• IT Consulting

• Business Solutions

Software Products

• TCS BaNCS

• TCS Technology Products

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Other Products -

• TCS Clin-e2e

• TCS Hospital Management Solution

• TCS Silicone Ambulatory ECG Device and Solution

• TCS Enterprise Integration & Control Environment Solution/ Energy & Utilities

• TCS Bio-informatics Solution

• VERICUT - Machine Simulation Software

Industry Services

• Banking & Financial Services

• Energy, Resources & Utilities

• Life Sciences & Healthcare

• High Tech

• Insurance

• Manufacturing

• Media & Information Services

• Retail & Consumer Products

• Telecom

• Travel Transportation & Hospitality

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Financial Results

12 Months Ended Profit & Loss Account (Consolidated)

Value (Rs.in.mn) FY10 FY11 FY12E FY13E

Description 12m 12m 12m 12m

Net Sales 300289.20 373245.10 462823.92 536875.75

Other Income 2720.70 6040.00 7852.00 9029.80

Total Income 303009.90 379285.10 470675.92 545905.55

Expenditure -213343.70 -261461.50 -328604.99 -380644.91

Operating Profit 89666.20 117823.60 142070.94 165260.64

Interest -161.00 -264.80 -280.69 -297.53

Gross profit 89505.20 117558.80 141790.25 164963.11

Deprecation -6608.90 -7352.60 -8161.39 -8977.52

Profit Before Tax 82896.30 110206.20 133628.86 155985.59

Tax -11969.70 -18308.30 -30734.64 -35876.69

Profit After Tax 70926.60 91897.90 102894.23 120108.90

Minority interest -909.90 -1214.50 -1100.00 -1155.00

Share of Profit & Loss of Asso. -10.30 -3.00 0.00 0.00

Net Profit 70006.40 90680.40 101794.23 118953.90

Equity capital 1957.20 1957.20 1957.20 1957.20

Reserves 181710.00 242090.90 344985.13 465094.03

Face value 1.00 1.00 1.00 1.00

EPS 35.77 46.33 52.01 60.78

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Quarterly Ended Profit & Loss Account (Consolidated)

Value (Rs.in.mn) 31-Mar-11 30-Jun-11 30-Sep-11 31-Dec-11E

Description 3m 3m 3m 3m

Net sales 101574.90 107970.20 116334.90 120988.30

Other income 2435.80 2941.40 1226.90 1472.28

Total Income 104010.70 110911.60 117561.80 122460.58

Expenditure -70644.60 -77641.70 -82493.80 -85417.74

Operating profit 33366.10 33269.90 35068.00 37042.84

Interest -36.50 -47.20 -96.40 -91.58

Gross profit 33329.60 33222.70 34971.60 36951.26

Depreciation -2128.60 -2079.30 -2317.70 -2503.12

Profit Before Tax 31201.00 31143.40 32653.90 34448.14

Tax -4637.50 -6738.50 -9377.30 -7406.35

Profit After Tax 26563.50 24404.90 23276.60 27041.79

Minority interest -334.00 -257.30 -266.60 -235.00

Share of Profit & Loss of Asso 0.00 0.00 0.00 0.00

Net Profit 26229.50 24147.60 23010.00 26806.79

Equity capital 1957.20 1957.20 1957.20 1957.20

Face value 1.00 1.00 1.00 1.00

EPS 13.40 12.34 11.76 13.70

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Key Ratios

Particulars FY10 FY11 FY12E FY13E

No. of Shares (in Million) 1957.20 1957.20 1957.20 1957.20

EBITDA Margin (%) 29.86% 31.57% 30.70% 30.78%

PBT Margin (%) 27.61% 29.53% 28.87% 29.05%

PAT Margin (%) 23.62% 24.62% 22.23% 22.37%

P/E Ratio (x) 32.86 25.37 22.60 19.34

ROE (%) 38.62% 37.66% 29.66% 25.72%

ROCE (%) 52.13% 51.13% 43.20% 37.24%

Debt Equity Ratio 0.0056 0.0032 0.0024 0.0019

EV/EBITDA (x) 25.66 19.53 16.19 13.92

Book Value (Rs.) 93.84 124.69 177.26 238.63

P/BV 12.53 9.43 6.63 4.93

Charts:

Net sales & PAT

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P/E Ratio (x)

Debt Equity Ratio

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EV/EBITDA (x)

P/BV

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Outlook and Conclusion

� At the current market price of Rs.1175.50, the stock is trading at 22.60 x

FY12E and 19.34 x FY13E respectively.

� Earning per share (EPS) of the company for the earnings for FY12E and FY13E

is seen at Rs.52.01 and Rs. 60.78 respectively.

� Net Sales and PAT of the company are expected to grow at a CAGR of 21% and

19% over 2010 to 2013E respectively.

� On the basis of EV/EBITDA, the stock trades at 16.19 x for FY12E and 13.92 x

for FY13E.

� Price to Book Value of the stock is expected to be at 6.63 x and 4.93 x

respectively for FY12E and FY13E.

� We expect that the company will keep its growth story in the coming quarters

also. We recommend ‘BUY’ in this particular scrip with a target price of

Rs.1328.00 for Medium to Long term investment.

Industry Overview

Over the past few years, the Indian information technology (IT) and IT enabled Services

(ITeS) industry has been on a steady growth trajectory. The IT industry, alone, has

played a pivotal role in placing India on the world map as a major knowledge-based

economy and outsourcing hub. The major sub-segment, that entails Business Process

Outsourcing (BPO), is re-inventing itself and experiencing a paradigm shift from being

a volume-oriented proposition to a value-oriented proposition by expanding its scope

of services and providing substantial high-end solutions in the areas of Data Analytics,

Legal Process Outsourcing, etc.

The number of internet users in India crossed the 100-million mark in September

2011, growing 13 per cent over last year's figure of 87 million, according to the latest

report of the Internet and Mobile Association of India (IAMAI) co-prepared with

research firm IMRB. The study anticipates India's internet population to grow to 121

million by December 2011. Further, the country's broadband subscriber base stood at

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12.69 million in August 2011, according to data released by the Telecom Regulatory

Authority of India (TRAI).

Competitive Landscape

After personal computers (PCs) and laptops, tablets are mushrooming as a major

competitive avenue wherein vendors are striving hard to launch more affordable

devices for the Indian market. Second quarter of 2011experienced the release of the

iPad2 in India in less than 50 days after its US launch while Samsung is scouting for

40 per cent share of the Indian tablet market in 2011.

In the enterprise software segment, US giant Oracle claims to cater around 7,000

clients across the Indian government and private sectors; recent wins being Punjab

National Bank (PNB) - India's second-largest public sector bank and Hindustan

Petroleum Corporation (HPCL) - another Indian public sector organ. Meanwhile, Indian

IT companies like Wipro, Infosys, TCS, HCL and Mahindra Satyam are developing their

technologies to entail cloud computing applications and solutions for various

segments ranging from financial services and banking to manufacturing.

IT & ITeS - Key Developments and Investments

Between April 2000 and August 2011, the computer software and hardware sector

received cumulative foreign direct investment (FDI) of US$ 10,787 million, according to

the Department of Industrial Policy and Promotion (DIPP).

• Monster India has launched an online campus hiring initiative - 'Monster College' –

wherein it will collaborate with educational institutions across India and connect

them with over 20,000 employers for campus placements.

• Investor Relations Global Rankings (IRGR), a New York-based organisation, has

ranked Technology giant Infosys as the country's best company for corporate

governance practices, financial disclosure procedures, IR website and online

annual report. There were more than 80 companies that registered themselves for

the rankings.

• Tower infrastructure company Indus Tower is looking for a partner to provide end-

to-end IT solutions and Indian tech-biggies like Infosys, IBM and Wipro are in

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discussions with the former for the same. The contract, potentially in the range of

Rs 2,430-2,916 crore (US$ 500-US$ 600 million), would involve areas such as

infrastructure management, application development and other related managed

services and would span for 8-10 years. Indus Tower, a joint venture firm between

Bharti Group, Idea Cellular and Vodafone Essar, owns 110,000 towers and

operates 16 out of the 22 telecom circles.

• Google, with its partner web hosting firm HostGator, has announced that it will

offer free web domain names to small and medium businesses (SMBs) in India in

order to boost internet usage in Asia's third largest economy. The company will

maintain the websites for a year without any charges and at the end of the first

year, users will be asked to pay a nominal fee if they wish to renew their domain

name. India is shelter to around 8 million SMBs of which about 400,000 have a

website and 100,000 have active online presence, said Google. Hence, the market

poses a great potential for growth.

Cloud Computing – The Emerging Technology

The model of cloud computing has attracted attention of organizations of all sizes as

the technology offers lower operational costs, scalability and mobility at every level.

Indian companies are increasingly adopting 'hybrid cloud' (a mix of private and public

cloud) to address their concerns of data privacy as well.

Indian businesses and government agencies are expected to create huge demand for

guidance in the usage of cloud computing services. There are already more than 50

cloud computing service providers in the Indian market. Meanwhile, Indian internet

services providers (ISPs) and data centre service providers including Bharti Airtel, Sify,

Trimax, and NetMagic are investing applications and bandwidth to support new cloud

service offerings.

NTT Communications Corp plans to invest US$ 1.58 billion in Europe and India over

2011-15 to develop its cloud computing business at a faster pace while AWS, the

world's largest cloud-based service provider, that forms about 2 percent of Amazon's

revenues, is projected to become the online retail giant's next most-profitable business

in India.

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Soaring e-Commerce

The US$ 10 billion Indian e-commerce market is expanding exponentially (it grew 47

per cent in 2011 to reach the present size) as rising internet penetration is making

customers buy more and more stuff online. Investors are also betting high in the

industry; they poured around US$ 200 million into Indian e-commerce start-ups in

last couple of years.

As a result of such growth, e-retailers, who want to focus on their core functionalities,

are expected to outsource bulky back-end operations (such as customer care, order

processing, invoice processing, finance and accounts et al) and emerge as a

substantial source of revenue to BPOs.

Retail brands are expected to bring a great transformation in online space. Women's

apparel retail brand Biba and tyre brand Bridgestone have become available online

recently. IAMAI expects online advertising to increase by 30-40 per cent in 2011-12 on

back of increased internet usage by retailers.

Government Initiatives

The government of India is leaving no stone unturned to accelerate growth of IT & ITeS

sector in the country. Earlier in 2011, the ministry had revealed its intentions to

launch e-governance initiatives that would facilitate rolling out mobile governance and

electronic service delivery bill.

Sufficient funds have also been earmarked to connect Indian villages and classrooms

across the country with knowledge centres wherein the government aims to provide

broadband connectivity to all the village panchayats by 2012.

Mr Sachin Pilot, Minister of State for Communications and IT believes that broadening

connectivity in such a manner would improve the way government interacts with

people.

Further, the Ministry of Communications and Information Technology has revealed its

intentions to attract higher investments for IT sector in smaller cities and make

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software services sector grow more than three times to US$ 300 billion by 2020. The

government also wants to increase the IT exports from US$ 59 billion currently to US$

200 billion by 2020. The projections and focus areas were laid in a draft national

policy which also stated that the government will endorse innovation, research and

development (R&D) in advanced technologies and application development in areas

such as cloud computing, mobile value-added services and social media.

The policy also aimed at employing additional 10 million skilled people in the

information communication technology sector. The sector currently has manpower

strength of 2.5 million skilled people.

IT & ITeS in India - Road Ahead

The Indian market for IT products and services is expected to consolidate its growth

achieved in 2010 and increase from US$ 19.7 billion in 2010 to US$ 41.2 billion by

2015, according to India Information Technology Report for the third quarter of

2011by Business Monitor International (BMI). BMI estimates that the Indian market

for PCs (including notebooks and accessories) will be worth around US$ 8 billion in

2011, higher from US$ 6.8 billion in 2010 while it projects IT services market at

around US$ 7.5 billion in 2011 which would further swell to a size of US$ 16.9 billion

by 2015. The report has estimated a compounded annual growth rate (CAGR) of 18

per cent for Indian software market over the span of 2011-2015.

______________ ____ _________________________ Disclaimer:

This document prepared by our research analysts does not constitute an offer or solicitation

for the purchase or sale of any financial instrument or as an official confirmation of any

transaction. The information contained herein is from publicly available data or other

sources believed to be reliable but do not represent that it is accurate or complete and it

should not be relied on as such. Firstcall India Equity Advisors Pvt. Ltd. or any of it’s

affiliates shall not be in any way responsible for any loss or damage that may arise to any

person from any inadvertent error in the information contained in this report. This document

is provide for assistance only and is not intended to be and must not alone be taken as the

basis for an investment decision.

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