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You Are Here : Markets  |  Equity   |   Company Profile  |   Reports
Tata Consultancy Services Ltd(Industry :   Computers - Software - Large)
 
BSE Code:532540NSE Symbol: TCSP/E  (TTM): 23.88
ISIN Demat:INE467B01029Div Yield %:1.72EPS   (TTM) :105.93
Book Value (Rs):298.7516649Market Cap (RsCr):498528.12Face Value (Rs) :1
  Change Company 






Notes On Accounts











1) CORPORATE INFORMATION

Tata Consultancy Services Limited (referred to as "TCS Limited" or the "Company") provide consulting-led integrated portfolio of information technology (IT) and IT-enabled services delivered through a network of multiple locations around the globe. The Company’s full services portfolio consists of Application Development and Maintenance, Business Intelligence, Enterprise Solutions, Assurance, Engineering and Industrial Services, IT Infrastructure Services, Business Process Outsourcing, Consulting and Asset Leveraged Solutions.

As of March 31, 2014, Tata Sons owned 73.69% of the Company’s equity share capital and has the ability to control its operating and financial policies. The Company’s registered office is in Mumbai and it has 64 subsidiaries across the globe.

2) SIGNIFICANT ACCOUNTING POLICIES

a) Basis of preparation

These financial statements have been prepared in accordance with the generally accepted accounting principles in India under the historical cost convention on accrual basis, except for certain financial instruments which are measured at fair value. These financial statements have been prepared to comply in all material aspects with the accounting standards notified under Section 211(3C) (which continues to be applicable in terms of General circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013) and the other relevant provisions of the Companies Act,1956.

Comparative figures do not include the figures of erstwhile TCS E-Serve Limited and the discontinued operations of e-Serve International Limited which is amalgamated with the Company effective April 1, 2013. Consequently, the comparative figures are not comparable with the figures for the year ended March 31, 2014.

b) Use of estimates

The preparation of financial statements requires the management of the Company to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to the contingent liabilities as at the date of the financial statements and reported amounts of income and expense during the year. Examples of such estimates include provisions for doubtful receivables, employee benefits, provision for income taxes, accounting for contract costs expected to be incurred, the useful lives of depreciable fixed assets and provisions for impairment.

c) Fixed Assets

Fixed assets are stated at cost, less accumulated depreciation / amortisation. Costs include all expenses incurred to bring the asset to its present location and condition.

Fixed assets exclude computers and other assets individually costing Rs. 50,000 or less which are not capitalised except when they are part of a larger capital investment programme.

d) Depreciation / Amortisation

Depreciation / amortisation on fixed assets, other than freehold land and capital work-in-progress is charged so as to write-off the cost of assets, on the following basis:

Type of asset Method Rate / Period
Leasehold land and buildings Straight line Lease period
Freehold buildings Written down value 5.00%
Factory buildings Straight line 10.00%
Leasehold improvements Straight line Lease period
Plant and machinery Straight line 33.33%
Computer equipment Straight line 25.00%
Vehicles Written down value 25.89%
Office equipment Written down value 13.91%
Electrical installations Written down value 13.91%
Furniture and fixtures Straight line 100%
Intellectual property / distribution rights Straight line 24 60 months
Rights under licensing agreement Straight line License period

e) Leases

Assets taken on lease by the Company in its capacity as lessee, where the Company has substantially all the risks and rewards of ownership are classified as finance lease. Such a lease is capitalised at the inception of the lease at lower of the fair value or the present value of the minimum lease payments and a liability is recognised for an equivalent amount. Each lease rental paid is allocated between the liability and the interest cost so as to obtain a constant periodic rate of interest on the outstanding liability for each year.

Lease arrangements where the risks and rewards incidental to ownership of an asset substantially vest with the lessor, are recognised as operating leases. Lease rentals under operating leases are recognised in the statement of profit and loss on a straight-line basis.

f) Impairment

At each balance sheet date, the management reviews the carrying amounts of its assets included in each cash generating unit to determine whether there is any indication that those assets were impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of impairment loss. Recoverable amount is the higher of an asset’s net selling price and value in use. In assessing value in use, the estimated future cash flows expected from the continuing use of the asset and from its disposal are discounted to their present value using a pre-tax discount rate that reflects the current market assessments of time value of money and the risks specific to the asset.

Reversal of impairment loss is recognised as income in the statement of profit and loss.

g) Investments

Long-term investments and current maturities of long-term investments are stated at cost, less provision for other than temporary diminution in value. Current investments, except for current maturities of long-term investments, comprising investments in mutual funds are stated at the lower of cost and fair value.

h) Employee benefits

(i) Post-employment benefit plans

Contributions to defined contribution retirement benefit schemes are recognised as an expense when employees have rendered services entitling them to such benefits.

For defined benefit schemes, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at each balance sheet date. Actuarial gains and losses are recognised in full in the statement of profit and loss for the period in which they occur. Past service cost is recognised immediately to the extent that the benefits are already vested, or amortised on a straight-line basis over the average period until the benefits become vested.

The retirement benefit obligation recognised in the balance sheet represents the present value of the defined benefit obligation as adjusted for unrecognised past service cost, and as reduced by the fair value of scheme assets. Any asset resulting from this calculation is limited to the present value of available refunds and reductions in future contributions to the scheme.

(ii) Other employee benefits

The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by employees is recognised during the period when the employee renders the service. These benefits include compensated absences such as paid annual leave, overseas social security contributions and performance incentives.

Compensated absences which are not expected to occur within twelve months after the end of the period in which the employee renders the related services are recognised as an actuarially determined liability at the present value of the defined benefit obligation at the balance sheet date.

i) Revenue recognition

Revenues from contracts priced on a time and material basis are recognised when services are rendered and related costs are incurred.

Revenues from turnkey contracts, which are generally time bound fixed price contracts, are recognised over the life of the contract using the proportionate completion method, with contract costs determining the degree of completion. Foreseeable losses on such contracts are recognised when probable.

Revenues from the sale of equipment are recognised upon delivery, which is when title passes to the customer.

Revenues from sale of software licences are recognised upon delivery.

Revenues from maintenance contracts are recognised pro-rata over the period of the contract.

In respect of Business Process Outsourcing (BPO) services, revenue on time and material and unit priced contracts is recognised as the related services are rendered, whereas revenue from fixed price contracts is recognised as per the proportionate completion method with contract cost determining the degree of completion.

Revenues are reported net of discounts.

Dividends are recorded when the right to receive payment is established. Interest income is recognised on time proportion basis taking into account the amount outstanding and the rate applicable.

j) Taxation

Current income tax expense comprises taxes on income from operations in India and in foreign jurisdictions. Income tax payable in India is determined in accordance with the provisions of the Income Tax Act, 1961. Tax expense relating to foreign operations is determined in accordance with tax laws applicable in countries where such operations are domiciled.

Minimum Alternative Tax (MAT) paid in accordance with the tax laws in India, which gives rise to future economic benefits in the form of adjustment of future income tax liability, is considered as an asset if there is convincing evidence that the Company will pay normal income tax after the tax holiday period. Accordingly, MAT is recognised as an asset in the balance sheet when the asset can be measured reliably and it is probable that the future economic benefit associated with the asset will be realised.

Deferred tax expense or benefit is recognised on timing differences being the difference between taxable income and accounting income that originate in one period and is likely to reverse in one or more subsequent periods. Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date.

In the event of unabsorbed depreciation and carry forward of losses, deferred tax assets are recognised only to the extent that there is virtual certainty supported by convincing evidence that sufficient future taxable income will be available to realise such assets. In other situations, deferred tax assets are recognised only to the extent that there is reasonable certainty that sufficient future taxable income will be available to realise these assets.

Advance taxes and provisions for current income taxes are presented in the balance sheet after off-setting advance taxes paid and income tax provisions arising in the same tax jurisdiction for relevant tax paying units and where the Company is able to and intends to settle the asset and liability on a net basis.

The Company offsets deferred tax assets and deferred tax liabilities if it has a legally enforceable right and these relate to taxes on income levied by the same governing taxation laws.

k) Foreign currency transactions

Income and expenses in foreign currencies are converted at exchange rates prevailing on the date of the transaction. Foreign currency monetary assets and liabilities other than net investments in non-integral foreign operations are translated at the exchange rate prevailing on the balance sheet date and exchange gains and losses are recognised in the statement of profit and loss. Exchange difference arising on a monetary item that, in substance, forms part of an enterprise’s net investments in a non-integral foreign operation are accumulated in a foreign currency translation reserve.

Premium or discount on foreign exchange forward, options and futures contracts are amortised and recognised in the statement of profit and loss over the period of the contract. Foreign exchange forward, options and future contracts outstanding at the balance sheet date, other than designated cash flow hedges, are stated at fair values and any gains or losses are recognised in the statement of profit and loss.

l) Derivative instruments and hedge accounting

The Company uses foreign exchange forward, options and future contracts to hedge its risks associated with foreign currency fluctuations relating to certain firm commitments and forecasted transactions. The Company designates these hedging instruments as cash flow hedges.

The use of hedging instruments is governed by the Company’s policies approved by the Board of Directors, which provide written principles on the use of such financial derivatives consistent with the Company’s risk management strategy.

Hedging instruments are initially measured at fair value, and are remeasured at subsequent reporting dates. Changes in the fair value of these derivatives that are designated and effective as hedges of future cash flows are recognised directly in shareholders’ funds and the ineffective portion is recognised immediately in the statement of profit and loss. The Company separates the intrinsic value and time value of an option and designates as hedging instruments, only the fair value change in the intrinsic value of the option. The change in fair values of the time value of option, which was previously recognised immediately in profit or loss, is now accumulated in hedging reserve, a component of shareholders’ funds and is classified to profit or loss when the forecast transaction occurs. This change in accounting for time value of an option has resulted in a reduction in profit before tax of Rs. 4.76 crores.

Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the statement of profit and loss as they arise.

Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. Cumulative gain or loss on the hedging instrument recognised in shareholders’ funds is retained there and is classified to Statement of profit and loss when the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in shareholders’ funds is transferred to the statement of profit and loss for the period.

m) Inventories

Raw materials, sub-assemblies and components are carried at the lower of cost and net realisable value. Cost is determined on a weighted average basis. Purchased goods-in-transit are carried at cost. Work-in-progress is carried at the lower of cost and net realisable value. Stores and spare parts are carried at cost, less provision for obsolescence. Finished goods produced or purchased by the Company are carried at lower of cost and net realisable value. Cost includes direct material and labour cost and a proportion of manufacturing overheads.

n) Provisions, Contingent Liabilities and Contingent Assets

A provision is recognised when the Company has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which reliable estimate can be made. Provisions (excluding retirement benefits) are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent liabilities are not recognised in the financial statements. A contingent asset is neither recognised nor disclosed in the financial statements.

o) Cash and cash equivalents

The Company considers all highly liquid financial instruments, which are readily convertible into known amount of cash that are subject to an insignificant risk of change in value and having original maturities of three months or less from the date of purchase, to be cash equivalents.

3) SHARE CAPITAL

The Authorised, Issued, Subscribed and Fully paid-up share capital comprises of equity shares and redeemable preference shares having a par value of Rs. 1 each as follows:

(Rs. crores)
As at March 31, 2014 As at March 31, 2013
Authorised
(i) 420,05,00,000 equity shares of Rs. 1 each (March 31, 2013 : 225,00,00,000 equity shares of Rs. 1 each) 420.05 225.00
(ii) 105,02,50,000 redeemable preference shares of Rs. 1 each (March 31, 2013 : 100,00,00,000 redeemable preference shares of Rs. 1 each) 105.03 100.00
525.08 325.00
Issued, Subscribed and Fully paid up
(i) 195,72,20,996 equity shares of Rs. 1 each (March 31, 2013 : 195,72,20,996 equity shares of Rs. 1 each) 195.72 195.72
Issued during the year (15,06,983 equity shares of Rs. 1 each) 0.15
195.87 195.72
(ii) Nil redeemable preference shares of Rs. 1 each (March 31, 2013 : 100,00,00,000 redeemable preference shares of Rs. 1 each) * - 100.00
195.87 295.72

The Authorised Share Capital was increased to 420,05,00,000 equity shares of Rs. 1 each and 105,02,50,000 redeemable preference shares of Rs. 1 each pursuant to the amalgamation of two wholly-owned subsidiaries, Retail FullServe Limited and Computational Research Laboratories Limited vide Order dated March 22, 2013 and TCS e-Serve limited vide Order dated September 6, 2013 of the Hon’ble High Court of Judicature at Bombay.

* 100,00,00,000 Redeemable Preference Shares of Rs. 1 each , held by Tata Sons Limited were redeemed on March 28, 2014. Consequently, an amount of Rs. 100 crores has been transferred from the surplus in the profit and loss account to Capital Redemption Reserve as on that date. The fixed cumulative dividend of 1 % per annum and the variable non cumulative dividend on the shares so redeemed will be paid consequent to the shareholder’s approval in a general meeting.

(a) Reconciliation of number of shares

As at March 31, 2014 As at March 31, 2013
Number of shares Amount Number of shares Amount
(Rs. crores) (Rs. crores)
Equity shares
Opening balance 195,72,20,996 195.72 195,72,20,996 195.72
Changes during the year 15,06,983 0.15 - -
Closing balance 195,87,27,979 195.87 195,72,20,996 195.72
Preference shares
Opening balance 100,00,00,000 100.00 100,00,00,000 100.00
Changes during the year * (100,00,00,000) (100.00) - -
Closing balance - - 100,00,00,000 100.00

(b) Rights, preferences and restrictions attached to shares

Equity shares

The Company has one class of equity shares having a par value of Rs. 1 each. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

Preference shares

Preference shares carry a fixed cumulative dividend of 1% per annum and a variable non-cumulative dividend of 1% of the difference between the rate of dividend declared during the year on the equity shares of the Company and the average rate of dividend declared on the equity shares of the Company for three years preceding the year of issue of the redeemable preference shares.

(c) Shares held by holding company, its subsidiaries and associates

(Rs. crores)
As at March 31, 2014 As at March 31, 2013
Equity shares
Holding Company
144,34,51,698 equity shares (March 31, 2013 : 144,34,51,698 equity shares) are held by Tata Sons Limited 144.35 144.35
Subsidiaries and associates of Holding Company
10,29,700 equity shares (March 31, 2013 : 10,29,700 equity shares) are held by Tata Industries Limited 0.10 0.10
5,90,452 equity shares (March 31, 2013 : 5,90,452 equity shares) are held by Tata Investment Corporation Limited 0.06 0.06
200 equity shares (March 31, 2013 : 200 equity shares) are held by Tata Capital Limited - -
83,232 equity shares (March 31, 2013 : 83,232 equity shares) are held by Tata International Limited 0.01 0.01
452 equity shares (March 31, 2013 : 452 equity shares) are held by The Tata Power Company Limited - -
Total 144.52 144.52
Preference shares
Holding Company
Nil redeemable preference shares (March 31, 2013 : - 100.00
100,00,00,000 redeemable preference shares) are held by Tata Sons Limited
Total - 100.00

(d) Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company

As at March 31, 2014 As at March 31, 2013
Equity shares
Tata Sons Limited, the Holding Company 144,34,51,698 144,34,51,698
73.69% 73.75%
Preference shares
Tata Sons Limited, the Holding Company - 100,00,00,000
- 100%

(e) Shares allotted as fully paid up by way of bonus shares (during 5 years preceding March 31, 2014)

15,06,983 equity shares issued to the shareholders of TCS e-Serve Limited in terms of the composite scheme of arrangement (Scheme) sanctioned by the High Court of Judicature at Bombay vide their Order dated September 6, 2013.

The Company allotted 97,86,10,498 equity shares as fully paid up bonus shares by utilisation of Securities premium reserve on June 18, 2009 pursuant to a shareholder’s resolution passed by postal ballot on June 12, 2009.

4) RESERVES AND SURPLUS

Reserves and surplus consist of the following reserves:

(Rs. crores)
As at March 31, 2014 As at March 31, 2013
(a) Capital redeemption reserve
(i) Opening balance - -
(ii) Addition during the year (net) 100.00 -
100.00 -
(b) Securities premium reserve
(i) Opening balance 1918.47 1918.47
(ii) Transferred on account of Amalgamation (Refer Note 29) 0.40 -
1918.87 1918.47
(c) Foreign currency translation reserve
(i) Opening balance 174.61 152.46
(ii) Addition during the year (net) 51.24 22.15
225.85 174.61
(d) Hedging reserve account (Refer Note 38)
(i) Opening balance 55.49 (25.96)
(ii) Adjustment on amalgamation (8.33) -
(iii) Addition / (deduction) during the year (net) (17.52) 81.45
29.64 55.49
(e) General reserve
(i) Opening balance 5515.11 4280.74
(ii) Adjustment on amalgamation (Refer Note 29) (2201.40) (44.26)
(iii) Transferred from surplus in statement of profit and loss 1847.49 1278.63
5161.20 5515.11
(f) Surplus in statement of profit and loss
(i) Opening balance 24602.85 18235.20
(ii) Add: Transferred on amalgamation (Refer Note 29) 2375.22 (103.00)
(ii) Add : Profit for the year 18474.92 12786.34
45452.99 30918.54
Less : Appropriations
(a) Interim dividends on equity shares 2349.87 1761.49
(b) Proposed final dividend on equity shares 3917.46 2544.39
(c) Dividend on redeemable preference shares 28.76 19.00
(d) Tax on dividend 788.96 712.18
(e) General reserve 1847.49 1278.63
(f) Capital redemption reserve 100.00 -
36420.45 24602.85
43856.01 32266.53

The Board of Directors at its meeting held on April 16, 2014 has recommended a final dividend of Rs. 20 per equity share.

5) LONG - TERM BORROWINGS

Long - term borrowings consist of the following:

(Rs. crores)
As at March 31, 2014 As at March 31, 2013
(a) Secured loans
Long term maturities of obligations under finance lease 88.64 81.58
(b) Unsecured loans
Other borrowings (from entities other than banks) 1.05 1.52
89.69 83.10

Obligations under finance lease are secured against fixed assets obtained under finance lease arrangements.

6) DEFERRED TAX BALANCES

Major components of the deferred tax balances consist of the following:

(Rs. crores)
As at March 31, 2014 As at March 31, 2013
(a) Deferred tax liabilities (net)
(i) Foreign branch profit tax 217.88 160.27
(ii) Depreciation and amortisation 8.99 8.22
226.87 168.49
(b) Deferred tax assets (net)
(i) Depreciation and amortisation (57.57) (74.99)
(ii) Employee benefits 152.74 126.96
(iii) Provision for doubtful receivables, loans and advances 93.68 67.03
(iv) Operating lease liabilities 55.47 34.37
(v) Others 29.26 (5.14)
273.58 148.23

7) OTHER LONG - TERM LIABILITIES

Other long - term liabilities consist of the following:

(Rs. crores)
As at March 31, 2014 As at March 31, 2013
(a) Capital creditors 92.27 54.34
(b) Operating lease liabilities 254.18 147.72
(c) Others 343.99 49.81
690.44 251.87

8) LONG - TERM PROVISIONS

Long - term provisions consist of the following:

(Rs. crores)
As at March 31, 2014 As at March 31, 2013
(a) Provision for employee benefits :
(i) Gratuity 137.70 237.78
(ii) Others 31.23 31.74
(b) Provision for other payables 110.68 -
279.61 269.52
9) SHORT TERM BORROWINGS
Short - term borrowings consist of the following:
(Rs. crores)
As at March 31, 2014 As at March 31, 2013
(a) Secured Loans
From Banks
Overdraft - 80.02
- 80.02

Bank Overdrafts are secured against book debts.

10) OTHER CURRENT LIABILITIES

Other current liabilities consist of the following:

(Rs. crores)
As at March 31, 2014 As at March 31, 2013
(a) Current maturities of long-term debt 0.47 1.24
(b) Current maturities of finance lease obligations 25.32 7.58
(c) Interest accrued but not due on borrowings 0.03 0.05
(d) Income received in advance 753.74 683.59
(e) Unpaid dividends 13.49 9.81
(f) Advance received from customers 21.96 46.46
(g) Operating lease liabilities 26.26 14.54
(h) Other payables 1619.05 1409.44
2460.32 2172.71
Other payables comprises of :
Fair value of foreign exchange forward and currency option contracts secured against trade receivables 22.95 57.86
Statutory liabilities 585.98 498.96
Capital creditors 418.74 226.35
Class action suit settlement consideration - 161.63
Others 591.38 464.64

Obligations under finance lease are secured against fixed assets obtained under finance lease arrangements.

11) SHORT - TERM PROVISIONS

Short - term provisions consist of the following:

 

(Rs. crores)
As at March 31, 2014 As at March 31, 2013
(a) Provision for employee benefits 761.99 639.95
(b) Others
(i) Proposed final dividend on equity shares 3917.46 2544.39
(ii) Proposed dividend on redeemable preference shares 28.76 19.00
(iii) Tax on dividend 670.66 435.65
(iv) Current income taxes (net) 411.35 257.15
(v) Provision for other payables 37.61 -
5827.83 3896.14

Provisions for employee benefits include provision for compensated absences and other short term employee benefits.

12) FIXED ASSETS

Fixed assets consist of the following:

(i) Tangible assets

(Rs. in crores)

Description Freehold land Leasehold land Freehold builidings Factory builidings Leasehold builidings Leasehold improvements Plant and machinery Furniture and fixtures Vehicles Office equipment Computer equipment Electrical installations Total
Gross Block as at April 1, 2013 325.57 193.97 2622.72 2.77 9.81 769.50 10.67 540.15 22.12 1032.00 2818.87 759.37 9107.52
315.95 92.60 1935.18 2.77 9.81 690.29 10.65 407.18 19.08 827.83 2317.13 581.92 7210.39
Additions 0.64 15.51 515.01 - - 229.72 - 219.76 5.11 299.89 766.19 197.45 2249.28
9.62 103.62 687.83 - - 87.08 0.02 129.34 4.80 207.15 558.49 174.26 1962.21
Deletions/ Adjustments - - - - - (22.49) (0.38) (5.18) (2.22) (13.55) (120.91) (14.06) (178.79)
- (2.25) (0.29) - - (7.87) - 3.63 (1.76) (2.98) (56.75) 3.19 (65.08)
Gross Block as at March 31, 2014 326.21 209.48 3137.73 2.77 9.81 976.73 10.29 754.73 25.01 1318.34 3464.15 942.76 11178.01
325.57 193.97 2622.72 2.77 9.81 769.50 10.67 540.15 22.12 1032.00 2818.87 759.37 9107.52
Accumulated Depreciation / Amortisation as at April 1, 2013 - (12.58) (451.33) (1.23) (8.34) (405.62) (10.60) (447.48) (13.13) (426.63) (1966.49) (304.61) (4048.04)
- (12.68) (356.15) (1.03) (7.81) (317.68) (10.55) (347.61) (12.23) (324.35) (1578.08) (230.06) (3198.23)
Depreciation / Amortisation for the year - (2.87) (126.64) (0.20) (0.21) (93.75) (0.05) (187.88) (2.81) (113.26) (449.53) (88.10) (1065.30)
- (2.14) (95.28) (0.20) (0.53) (78.96) (0.05) (93.27) (2.38) (94.19) (356.76) (71.75) (795.51)
Deletions/ Adjustments - - 0.01 - 0.02 (13.61) 0.38 (30.25) 0.15 (49.38) (67.92) (16.98) (177.58)
- 2.24 0.10 - - (8.98) - (6.60) 1.48 (8.09) (31.65) (2.80) (54.30)
Accumulated Depreciation / Amortisation as at March 31, 2014 - (15.45) (577.96) (1.43) (8.53) (512.98) (10.27) (665.61) (15.79) (589.27) (2483.94) (409.69) (5290.92)
- (12.58) (451.33) (1.23) (8.34) (405.62) (10.60) (447.48) (13.13) (426.63) (1966.49) (304.61) (4048.04)
Net book value as at March 31, 2014 326.21 194.03 2559.77 1.34 1.28 463.75 0.02 89.12 9.22 729.07 980.21 533.07 5887.09
325.57 181.39 2171.39 1.54 1.47 363.88 0.07 92.67 8.99 605.37 852.38 454.76 5059.48
Capital work-in-progress 3047.53
1763.85

Fixed assets consist of the following:

(ii) Intangible assets

(Rs. in crores)

Description Intellectual property / Distribution rights Rights under licensing agreement Total
Gross Block as at April 1, 2013 12.63 63.21 75.84
12.63 59.00 71.63
Additions 0.58 60.96 61.54
- 4.21 4.21
Deletions/ Adjustments - 0.34 0.34
- - -
Gross Block as at March 31, 2014 13.21 124.51 137.72
12.63 63.21 75.84
Accumulated Depreciation / Amortisation as at April 1, 2013 (11.82) (19.22) (31.04)
(11.44) (8.73) (20.17)
Depreciation / Amortisation for the year (0.61) (14.64) (15.25)
(0.38) (6.97) (7.35)
Deletions/ Adjustments - (49.33) (49.33)
- (3.52) (3.52)
Accumulated Depreciation / Amortisation as at March 31, 2014 (12.43) (83.19) (95.62)
(11.82) (19.22) (31.04)
Net book value as at March 31, 2014 0.78 41.32 42.10
0.81 43.99 44.80

(a) Addition include Fixed Assets of Rs. 512.45 crores transferred on the amalgamation of TCS e-Serve Limited and TCS e-Serve International Limited (erstwhile subsidiaries of the Company), with the Company.

(b) Deletion/Adjustments in respect of depreciation include Rs. 410.29 crores being the amount of Accumulated depreciation transferred on the amalgamation of TCS e-Serve Limited and TCS e-Serve International Limited (erstwhile subsidiaries of the Company), with the Company.

(c) Freehold buildings include Rs. 2.67 crores (March 31, 2013 : Rs. 2.67 crores) being value of investment in shares of Co-operative Housing Societies and Limited Companies.

(d) Leasehold improvements under finance lease have a net book value of Rs. 67.13 crores (March 31, 2013: Rs. 77.60 crores)

(e) Computer equipment under finance lease have a net book value of Rs. 30.54 crores (March 31, 2013: Rs. Nil)

(f) Legal formalities relating to conveyance of freehold building having net book value Rs. 9.81 crores (March 31, 2013 : Rs. 10.73 crores) are pending completion.

13) NON - CURRENT INVESTMENTS

Non - current investments consist of the following:

(Rs. in crores)

As at March 31, 2014 As at March 31, 2013 In Numbers Currency Face value per share
(A) TRADE INVESTMENTS (at cost)
(i) Subsidiary companies
(a) Fully paid equity shares (quoted)
CMC Limited 379.89 379.89 1,54,89,922 INR 10
(b) Fully paid equity shares (unquoted)
TCS Iberoamerica S.A. 461.31 461.31 2,08,19,92,200 Peso 1
APOnline Limited - - 15,75,300 INR 10
Tata Consultancy Services Belgium S.A. 1.06 1.06 1,300 EUR -
Tata Consultancy Services Netherlands B.V. 402.87 402.87 66,000 EUR 1000
Tata Consultancy Services Sverige AB 18.89 18.89 1,000 SEK 100
Tata Consultancy Services Deutschland GmbH 1.72 1.72 1 EUR -
Tata America International Corporation 452.92 452.92 20,000 USD 10
Tata Consultancy Services Asia Pacific Pte Ltd. 18.69 18.69 75,82,820 SGD 1
WTI Advanced Technology Limited 38.52 38.52 10,48,500 INR 10
TCS FNS Pty Limited 211.72 211.72 3,72,58,815 AUD 1
Diligenta Limited 429.05 429.05 10,00,001 GBP 1
Tata Consultancy Services Canada Inc * - - 1,000 USD -
Tata Consultancy Services Canada Inc. 31.25 31.25 100 CAD 70653.61
C-Edge Technologies Limited 5.10 5.10 51,00,000 INR 10
MP Online Limited 0.89 0.89 8,90,000 INR 10
Tata Consultancy Services Morocco SARL AU 8.17 8.17 14,76,000 Dirhams 10
Tata Consultancy Services (Africa) (PTY) Ltd. 4.92 4.92 84,00,000 RAND 1
TCS E-Serve Limited (Shares cancelled on amalgamation) - 2,426.20 - INR -
MahaOnline Limited 1.89 1.89 18,89,000 INR 10
Tata Consultancy Services Qatar S.S.C. 2.44 2.44 - QAR -
Computational Research Laboratories Inc.* - - 1 USD 1
TCS E-serve International Limited (10,00,000 shares transferred during the year on amalgamation) 10.00 - 10,00,000 INR 100
(c) Fully paid preference shares (unquoted)
Diligenta Limited 359.45 363.04 3,60,00,000 GBP 1
10% cumulative redeemable preference shares (60,00,000 cumulative preference shares redeemed during the year)

(Rs. in crores)

As at March 31, 2014 As at March 31, 2013 In Numbers Currency Face value per share
(ii) Others
Fully paid equity shares (unquoted)
Yodlee, Inc. - - 4,63,865 USD 0.001
National Power Exchange Limited 2.50 2.50 25,00,000 INR 10
Taj Air Limited 19.00 19.00 190,00,000 INR 10
ALMC HF * - - 69 EUR 297
KOOH Sports Private Limited 3.00 3.00 20,00,000 INR 1
Ruralshores Business Services Private Limited* (1 share subscribed during the year) - - 1 INR 10
Fully paid preference shares (unquoted)
Ruralshores Business Services Private Limited (486,617 shares subscribed during the year) 25.00 - 4,86,617 INR 10
(B) OTHERS
(i) Mutual and other funds (unquoted)
India Innovation Fund (Rs. 63,554 paid up per share) 6.36 5.26 1,000 INR 100000
(ii) Government securities (unquoted)
8.26% Government of India Bond (2027) 25.00 - 25,00,000 INR 100
(iii) Bonds and Debentures (unquoted)
8% Bonds (2018) 0.10 0.10 10 INR 100000
Infrastructure Development Finance Company Limited
9.225% non-convertible debentures (2015) 98.08 - 1,000 INR 1000000
8.49% non-convertible debentures (2016) 19.05 - 200 INR 1000000
9.15% non-convertible debentures (2016) 48.63 - 500 INR 1000000
LIC Housing Finance Limited
8.76% non-convertible debentures (2015) 29.36 - 300 INR 1000000
9.02% non-convertible debentures (2015) 97.32 - 1,000 INR 1000000
9.21% non-convertible debentures (2015) 29.35 - 300 INR 1000000
9.38% non-convertible debentures (2015) 24.36 - 250 INR 1000000
9.39% non-convertible debentures (2015) 49.25 - 500 INR 1000000
9.60% non-convertible debentures (2015) 73.83 - 750 INR 1000000
9.62% non-convertible debentures (2015) 14.76 - 150 INR 1000000
9.62% non-convertible debentures (2015) 9.92 - 100 INR 1000000
9.90% non-convertible debentures (2015) 24.70 - 250 INR 1000000
9.75% non-convertible debentures (2015) 4.93 - 50 INR 1000000
9.75% non-convertible debentures (2016) 19.85 - 200 INR 1000000
Panatone Finvest Limited
9.50% non-convertible debentures (2016) 200.00 200.00 2,000 INR 1000000
Power Finance Corporation Limited
9.46% non-convertible debentures (2015) 24.45 - 250 INR 1000000
State Bank of India
9.05% Bonds (2020) 33.40 - 334 INR 1000000
Tata Capital Housing Finance Limited
10.05% non-convertible debentures (2017) 25.00 - 250 INR 1000000
Tata Chemicals Limited
10% non-convertible debentures (2019) 25.00 - 250 INR 1000000
Tata Housing Development Company Limited
10.20% non-convertible debentures (2017) 66.98 - 700 INR 1000000

(Rs. in crores)

As at March 31, 2014 As at March 31, 2013 In Numbers Currency Face value per share
Tata Motors Limited
9.05% non-convertible debentures (2015) 96.84 - 1,000 INR 1000000
9.15% non-convertible debentures (2015) 43.67 - 450 INR 1000000
9.22% non-convertible debentures (2015) 24.10 - 250 INR 1000000
9.69% non-convertible debentures (2019) 75.00 75.00 750 INR 1000000
10% non-convertible debentures (2019) 125.00 125.00 1,250 INR 1000000
Tata Sons Limited
8.80% non-convertible debentures (2015) 53.48 - 550 INR 1000000
9.98% non-convertible debentures (2015) 144.78 90.00 1,450 INR 1000000
9.30% non-convertible debentures (2015) 4.89 - 50 INR 1000000
9.67% non-convertible debentures (2015) 58.95 - 600 INR 1000000
9.78% non-convertible debentures (2015) 172.80 50.00 1,750 INR 1000000
9.75% non-convertible debentures (2016) 7.00 - 70 INR 1000000
9.68% non-convertible debentures (2017) 127.12 - 1,300 INR 1000000
9.85% non-convertible debentures (2017) 19.76 - 200 INR 1000000
9.87% non-convertible debentures (2017) 86.61 62.00 870 INR 1000000
9.87% non-convertible debentures (2017) 114.44 90.00 1,150 INR 1000000
8.85% non-convertible debentures (2018) 47.35 - 500 INR 1000000
8.97% non-convertible debentures (2020) 50.00 - 500 INR 1000000
9.10% non-convertible debentures (2020) 15.00 - 150 INR 1000000
10% Housing Urban Development Corporation Limited Bonds (2014) - 1.50
0 % ALMC HF (2014) 0.12 0.12 69 EUR 297
5106.84 5984.02
Provision for diminution in value of investments (8.29) (8.29)
5098.55 5975.73
Book value of quoted investments 379.89 379.89
Book value of unquoted investments (net of provision) 4718.66 5595.84
Market value of quoted investments 2531.91 2093.70

* Non-current investments having a value of less than Rs. 50,000.

The Company has given an undertaking to the Government of Maharashtra not to divest its shareholding in MahaOnline Limited except to an affiliate. This equity investment is subject to the restriction as per terms of contractual agreement. The restriction is valid as on March 31, 2014.

The Company has given an undertaking to the investors of KOOH Sports Private Limited not to transfer its shareholding prior to the expiry of thirty-six months from the completion date of the investment agreement except with the prior written consent of the other parties to the agreement. The restriction is valid as on March 31, 2014.

The Company has given letter of comfort to various banks for credit facilities availed by its subsidiaries (a) Tata America International Corporation, (b) Tata Consulatncy Services Netherlands BV, (c) Tata Consultancy Services Sverige AB, (d) Tata Consultancy Services Belgium SA, (e) Tata Consultancy Services Deutcheland GMBH, (f) Tata Consultancy Services Asia Pacific Pte Ltd and (g) Tata Consultancy Services Italia SRL. As per the terms of letter of comfort, the Company undertakes not to divest its ownership interest in the subsidiaries and provide such managerial, technical and financial assistance to ensure continued successful operations of the subsidiary.

Tata Consultancy Services Morocco SARL AU, a wholly owned subsidiary, is in the process of being voluntarily liquidated.

On June 28, 2013, Tata Consultancy Services Netherlands BV, a wholly owned subsidiary of the Company, has acquired 100 percent share capital of Alti S.A., an information technology services company in France.

14) LONG - TERM LOANS AND ADVANCES

Long - term loans and advances (unsecured) consist of the following:

(Rs. crores)
As at March 31, 2014 As at March 31, 2013
(a) Considered good
(i) Capital advances 351.99 476.44
(ii) Security deposits 548.23 449.06
(iii) Loans and advances to employees 7.04 7.82
(iv) Loans and advances to related parties 138.41 58.92
(v) Advance tax (including refunds receivable (net)) 2913.02 1459.78
(vi) MAT Credit entitlement 1810.61 1772.31
(vii) Other loans and advances 1106.24 405.88
(b) Considered doubtful
(i) Security Deposits 0.15 -
(ii) Loans and advances to related parties 19.37 20.22
Less : Provision for doubtful loans and advances (19.52) (20.22)
6875.54 4630.21
Loans and advances to related parties, considered
good, comprise:
Tata Sons Limited 2.74 2.74
### TCS FNS Pty Limited 10.02 10.19
CMC Limited 0.26 0.60
Tata Realty And Infrastructure Limited 45.39 45.39
Tata Capital Financial Services Limited 80.00 -
Other loans and advances comprise:
Indirect tax recoverable 54.76 52.30
Inter - corporate deposits 858.00 -
Other amounts recoverable in cash or kind for value to be received 193.48 353.58
Loans and advances to related parties, considered doubtful, comprise:
Tata Consultancy Services Morocco SARL AU 19.37 20.22
15) OTHER NON-CURRENT ASSETS
Other non-current assets consist of the following:
(Rs. crores)
As at March 31, 2014 As at March 31, 2013
(a) Interest receivable 34.52 29.30
(b) Long - term bank deposits 1477.00 1851.90
(c) Earmarked balances with banks 25.00 -
(d) Others 8.47 -
1544.99 1881.20

Others inlcude disocunt on bonds and debentures receivable on maturity.

16) CURRENT INVESTMENTS

Current investments consist of the following:

(Rs. crores)

As at March 31, 2014 As at March 31, 2013 In Numbers Currency Face value per share
(A) TRADE INVESTMENTS (at cost)
Fully paid preference shares (unquoted)
APOnline Limited - 2.80
6% cumulative redeemable preference shares 28,00,000 INR 10
(B) OTHERS
(i) Mutual and other funds (unquoted)
TATA Liquid Super High Investment Fund - 7.72 - INR -
HDFC Debt Fund for Cancer Cure - 50% 6.00 3.00 60,00,000 INR 10
Dividend Donation Option
(ii) Bonds and Debentures (unquoted)
9.2% Housing Development Finance 34.83 - 353 INR 1000000
Corporation Limited (2015) 10% Housing Urban Development 1.50 - 15 INR 1000000
Corporation Limited (2014) 8% IDBI Bonds (2013) - 1.80 - INR -
Infrastructure Development Finance Company Limited
9.20% non-convertible debentures (2015) 49.20 - 500 INR 1000000
9.36% non-convertible debentures (2015) 73.42 - 750 INR 1000000
LIC Housing Finance Limited
9.8% non-convertible debentures (2015) 19.84 - 200 INR 1000000
National Housing Bank
9.37% non-convertible debentures (2015) 39.15 - 400 INR 1000000
Power Finance Corporation Limited
8.6% non-convertible debentures (2014) 34.26 - 350 INR 1000000
8.85% non-convertible debentures (2014) 68.15 - 700 INR 1000000
9.63% non-convertible debentures (2014) 98.19 - 1,000 INR 1000000
9.55% non-convertible debentures (2015) 49.03 - 500 INR 1000000
Rural Electrification Corporation
8.84% non-convertible debentures (2014) 19.45 - 200 INR 1000000
Tata Motors Limited
9.85% non-convertible debentures (2015) 39.43 - 400 INR 1000000
Tata Sons Limited
8.5% non-convertible debentures (2014) - 333.33
10.25% non-convertible debentures (2014) 25.00 - 250 INR 1000000
9.78% non-convertible debentures (2015) 164.13 - 1,650 INR 1000000
Pre-acquisition interest 12.29 -
733.87 348.65

17) INVENTORIES

Inventories consist of the following:

(Rs. crores)
As at March 31, 2014 As at March 31, 2013
(a) Raw materials, sub-assemblies and components 7.23 5.63
(b) Finished goods and Work-in-progress 0.61 0.54
(c) Goods-in-transit (raw materials) 0.73 0.17
8.57 6.34

Inventories are carried at the lower of cost and net realisable value.

18) UNBILLED REVENUE

Unbilled revenue as at March 31, 2014 amounting to Rs. 2626.08 crores (March 31, 2013: Rs. 2303.35 crores) primarily comprises of the revenue recognised in relation to efforts incurred on turnkey contracts priced on a fixed time, fixed price basis of Rs. 1839.01 crores (March 31, 2013: Rs. 1509.25 crores).

19) TRADE RECEIVABLES

Trade receivables (Unsecured) consist of the following:

(Rs. crores)
As at March 31, 2014 As at March 31, 2013
(a) Over six months from the date they were due for payment
(i) Considered good 1658.48 1557.94
(ii) Considered doubtful 224.68 146.92
(b) Others
(i) Considered good 12813.41 9644.38
14696.57 11349.24
Less: Provision for doubtful receivables (224.68) (146.92)
14471.89 11202.32

20) CASH AND BANK BALANCES

Cash and bank balances consist of the following

(Rs. crores)
As at March 31, 2014 As at March 31, 2013
(a) Cash and cash equivalents
(i) Balances with banks
In current accounts 264.69 192.48
In deposit accounts with original maturity less than 3 months 141.85 103.77
(ii) Cheques on hand 14.81 17.25
(iii) Cash on hand 1.00 0.77
(iv) Remittances in transit 16.02 9.58
438.37 323.85
(b) Other Bank balances
(i) Earmarked balances with banks 14.99 10.53
(ii) Short - term bank deposits 12112.90 3719.78
12566.26 4054.16

Balances with banks in current accounts do not include two bank accounts (March 31, 2013: fourteen bank accounts) having a balance of Rs. Nil (March 31, 2013: Rs. 1.35 crores) operated by the Company on behalf of a third party.

21) SHORT - TERM LOANS AND ADVANCES

Short term loans and advances (Unsecured) consist of the following:

(Rs. crores)
As at March 31, 2014 As at March 31, 2013
(a) Considered good
(i) Loans and advances to employees 260.20 162.54
(ii) Loans and advances to related parties 348.71 107.20
(iii) Other loans and advances 3079.21 4463.64
(b) Considered doubtful
(i) Loans and advances to employees 42.28 36.19
(ii) Other loans and advances 9.96 4.40
Less : Provision for doubtful loans and advances (52.24) (40.59)
3688.12 4733.38
Loans and advances to related parties, considered good, comprise:
TCS FNS Pty Limited 39.46 49.46
Tata Realty and Infrastructure Limited 50.00 50.00
CMC America Inc. 0.01 -
Tata Consultancy Services Asia Pacific Pte Ltd. 1.02 -
CMC Limited 0.68 3.48
Tata Teleservices Limited - 0.04
Tata AIG General Insurance Company Limited 0.02 -
Tata Capital Financial Services Limited 200.00 -
Tata Teleservices (Maharashtra) Limited - 0.01
Infiniti Retail Limited 0.04 -
Tata Housing Development Company Limited 50.00 -
Tata Consultancy Services Qatar S.S.C - 0.01
TCS e-Serve Limited - 3.98
Tata Consultancy Services (Africa) (PTY) Ltd. - 0.22
C-Edge Technologies Limited 7.48 -
Other loans and advances, considered good, comprise:
Security deposits 63.07 93.65
Inter - corporate deposits 1500.00 3116.77
Indirect tax recoverable 183.88 151.95
Fair value of foreign exchange forward and currency option contracts 346.34 178.51
Advance to suppliers 56.40 34.04
Other amounts recoverable in cash or kind for value to be received 929.52 888.72
Other loans and advances, considered doubtful, comprise:
Security deposits 3.11 2.30
Advance to suppliers 3.89 1.27
Other amounts recoverable in cash or kind for value to be received 2.96 0.83

22) OTHER CURRENT ASSETS

Other current assets consist of the following:

(Rs. crores)
As at March 31, 2014 As at March 31, 2013
(a) Interest receivable 715.61 667.74
(b) Dividend receivable 19.25 -
(c) Others 5.16 14.60
740.02 682.34

Others inlcude disocunt on bonds and debentures receivable on maturity.

23) REVENUE FROM OPERATIONS

Revenue from operations consist of revenues from:

(Rs. crores)
2014 2013
(a) Information technology and consultancy services 63332.83 46874.72
(b) Sale of equipment and software licenses 1340.10 1551.42
64672.93 48426.14

24) OTHER INCOME (NET)

Other income (net) consist of the following:

(Rs. crores)
2014 2013
(a) Interest income 1280.07 837.02
(b) Dividend income 1610.95 1108.88
(c) Profit on redemption of mutual funds and sale of other investments (net) 162.77 20.23
(d) Rent 4.70 3.08
(e) Profit on sale of fixed assets (net) 2.01 0.66
(f) Exchange gain (net) 5.00 223.05
(g) Miscellaneous income 49.21 37.47
3114.71 2230.39
Interest income comprise:
Interest on bank deposits 676.84 515.47
Interest on inter - corporate deposits 330.50 186.03
Interest on long - term bonds and debentures 254.05 108.17
Interest on loan given to subsidiary 2.48 5.77
Other interest 16.20 21.58
Dividend income comprise:
Dividends from subsidiaries (non-current trade investments) 1610.60 1107.40
Dividends from other non-current investments (trade investments) - 0.63
Dividends from mutual funds (current investments) 0.35 0.85
Exchange gain (net) include:
Loss on foreign exchange forward and currency option contracts which have been designated as Cash Flow Hedges. (Refer Note 38) (749.49) (246.46)

25) EMPLOYEE BENEFIT EXPENSES

Employee benefit expenses consist of the following:

(Rs. crores)
2014 2013
(a) Salaries and incentives 19039.28 15067.12
(b) Contributions to -
(i) Provident fund (Refer Note 30) 514.91 430.24
(ii) Superannuation scheme 136.29 106.36
(iii) Gratuity fund (Refer Note 30) 130.02 139.07
(iv) Social security and other plans for overseas employees 382.66 294.65
(c) Staff welfare expenses 1263.40 1044.28
21466.56 17081.72

26) OPERATION AND OTHER EXPENSES

Operation and other expenses consist of the following:

(Rs. crores)
2014 2013
(a) Overseas business expenses 10149.37 7487.55
(b) Services rendered by business associates and others 4398.42 3653.10
(c) Software, hardware and material costs 2442.64 2244.88
(d) Communication expenses 529.48 417.27
(e) Travelling and conveyance expenses 671.40 485.32
(f) Rent 1044.05 792.60
(g) Legal and professional fees 277.84 242.69
(h) Repairs and maintenance 404.36 271.93
(i) Electricity expenses 463.25 375.61
(j) Bad debts written off 2.37 15.64
(k) Provision for doubtful debts 68.26 17.81
(l) Provision for doubtful advances 8.78 16.89
(m) Advances (written back) / written off (0.12) 2.54
(n) Recruitment and training expenses 205.06 166.06
(o) Commission and brokerage 30.63 35.07
(p) Printing and stationery 40.91 24.99
(q) Insurance 22.32 17.02
(r) Rates and taxes 79.05 75.66
(s) Entertainment 40.04 29.57
(t) Other expenses (refer Note 35) 794.54 665.95
21672.65 17038.15
(i) Overseas business expenses comprise:
Travel expenses 833.09 669.68
Employee allowances 9316.28 6817.87
(ii) Repairs and maintenance comprise:
Buildings 207.17 123.27
Office and computer equipment 197.19 148.66
(iii) Software, hardware and material costs include:
Material costs
(a) Raw materials, sub-assemblies and components consumed 39.84 25.02
(b) Opening stock:
Finished goods and work-in-progress 0.54 0.54
(c) Less: Closing stock:
Finished goods and work-in-progress 0.61 0.54
(0.07) -
39.77 25.02
(iv) Other expenses include:
Stores and spare parts consumed 0.02 0.02

27) FINANCE COSTS

Finance costs consist of the following:

(Rs. crores)
2014 2013
Interest expense 23.41 30.62
23.41 30.62

28) Current tax includes additional provision (net) of Rs. 467.62 crores (March 31, 2013: additional provision (net) Rs. 39.12 crores) in domestic and certain overseas jurisdictions relating to earlier years. The impact of MAT entitlement of earlier period is Rs. 451.92 crores (March 31, 2013 : Rs. 128.97 crores)

29) AMALGAMATION OF COMPANIES

a) Nature of business

TCS e-Serve Limited is engaged in the business of providing information technology enabled services, business process outsourcing services (BPO) for its customers primarily in the Banking, Financial services and Insurance domain. The Company holds 96.26% of the voting power of TCS e-Serve limited. TCS e-Serve Limited has two wholly owned subsidiaries: TCS e-Serve International Limited and TCS e-Serve America Inc.

b) TCS e-Serve Limited has been amalgamated with the Company with effect from April 1, 2013 in terms of the composite scheme of amalgamation (Scheme) sanctioned by the High Court of Judicature at Bombay vide their Order dated September 6, 2013. The Scheme came into effect on October 1, 2013 and pursuant thereto all assets, unbilled revenue, debts, outstandings, credits, liabilities, benefits under income tax, service tax, excise, value added tax, sales tax (including deferment of sales tax), benefits for and under Software Technology Parks of India (STPI), duties and obligations of the TCS e-Serve Limited, have been transferred to and vested in the Company retrospectively with effect from April 1, 2013.

Pursuant to the Scheme coming into effect, all the equity shares held by the Company in TCS e-Serve Limited shall stand automatically cancelled and remaining shareholders of TCS e-Serve Limited holding fully paid up equity shares shall be allotted thirteen shares of Rs. 1 each in the company, credited as fully paid up, for every four equity shares of Rs. 10 each fully paid up held in the capital of TCS e-Serve Limited by adjusting the General reserve.

c) The amalgamation has been accounted for under the "pooling of interests" method as prescribed by Accounting Standard (AS-14) notified under Section 211(3C) of the Companies Act, 1956. Accordingly, the assets, liabilities and reserves of TCS e-Serve Limited as at April 1, 2013 have been taken over at their book values and in the same form.

The difference between the amounts recorded as investments of the Company and the amount of Share Capital of the TCS e-Serve Limited has been adjusted in the General Reserve.

d) The Scheme also proposes the de-merger of SEZ undertaking of TCS e-Seve International Limited (TEIL) into the Company. Upon coming into effect of this Scheme and with effect from April 1, 2013, all assets, unbilled revenue, debts, outstandings, credits, liabilities, benefits under income tax, service tax, excise, value added tax, sales tax (including deferment of sales tax), benefits for and under special economic zone (SEZ) registrations, duties and obligations of TEIL SEZ undertaking shall vest in or deemed to be transferred to the Company as a going concern.

Accordingly, the amalgamation has resulted in transfer of assets, liabilities and reserves in accordance with the terms of the Scheme at the following summarized values:

(Rs. crores)

Particulars Amagamation of TCS e-Serve Limited Demerger of TCS e-Serve International Limited SEZ undertaking Total
Appointed date April 1, 2013 April 1, 2013
Assets
Fixed Assets (Net) 48.77 54.09 102.86
Deferred tax asset (net) 42.20 2.59 44.79
Unbilled revenue 1.74 0.15 1.89
Trade receivables 285.52 109.69 395.21
Cash and bank balances 786.32 - 786.32
Investments 264.56 - 264.56
Loans and advances and other assets 1461.93 25.30 1487.23
Less: Liabilities
Trade payables, other liabilities and provisions 230.10 67.22 297.32
Total net assets acquired 2660.94 124.60 2785.54
Adjustment for:
Dividend on equity shares paid by TCS e-Serve Limited to the Company post appointed date 59.68 - 59.68
2720.62 124.60 2845.22
Less:
Issue of shares (15,06,983 equity shares of company in the ratio of 13 equity shares of the Company for every 4 equity shares of the TCS e-Serve Limited) 0.15 - 0.15
Adjustment for cancellation of Company's investment in 2426.20 - 2426.20
TCS e-Serve Limited
Adjustment for tax indemnification liability 263.87 263.87
30.40 124.60 155.00
Less: Transfer of securities premium reserve of TCS e-Serve Limited 0.40 - 0.40
Add: Transfer of hedging reserve of TCS e-Serve Limited (8.33) - (8.33)
Less: Transfer of balances of Surplus in Statement of Profit and Loss account of TCS e-Serve Limited 2375.22 - 2375.22
Add: Adjustment for alignment of accounting policies (10.89) - (10.89)
Balance transferred to general reserve as at appointed date (2326.00) 124.60 (2201.40)

30) RETIREMENT BENEFIT PLANS

(a) Defined contribution plans

The Company makes Provident Fund and Superannuation Fund contributions to defined contribution aretirement benefit plans for eligible employees. Under the schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The contributions as specified under the law are paid to the provident fund set up as a trust by the Company. The Company is generally liable for annual contributions and any shortfall in the fund assets based on the government specified minimum rates of return and recognises such contributions and shortfall, if any, as an expense in the year it is incurred.

The Company recognised Rs. 514.91 crores (March 31, 2013: Rs. 430.24 crores) for provident fund contributions and Rs. 136.29 crores (March 31, 2013: Rs. 106.36 crores) for superannuation contributions in the statement of profit and loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

The Company has contributed Rs. 177.75 crores (March 31, 2013: Rs. 123.86 crores) towards foreign defined contribution plans.

(b) Defined benefit plans

The Company makes annual contributions to the Employees’ Group Gratuity-cum-Life Assurance Scheme of the Life Insurance Corporation of India, a funded defined benefit plan for eligible employees. The scheme provides for lump sum payment to vested employees at retirement, death while in employment or on termination of employment of an amount equivalent to 15 days salary for service less than 15 years, three-fourth month’s salary for service of 15 years to 19 years and one month salary for service of 20 years and more, payable for each completed year of service or part thereof in excess of six months. Vesting occurs upon completion of five years of service.

The present value of the defined benefit obligation and the related current service cost were measured using the Projected Unit Credit Method, with actuarial valuations being carried out at each balance sheet date.

The following table sets out funded status of the gratuity plan and the amounts recognised in the Company’s financial statements as at March 31, 2014.

(Rs. crores)
As at March 31, 2014 As at March 31, 2013
i) Change in benefit obligations:
Project benefit obligation, beginning of the year 830.16 679.25
Service cost 151.72 112.16
Interest cost 68.46 62.54
Liabilities transferred on amalgamation 21.58 0.61
Actuarial (gain) / loss
(21.14) 16.50
Benefits paid (67.48) (40.90)
Past service cost 3.92 -
Projected benefit obligation, end of the year 987.22 830.16
ii) Change in plan assets:
Fair value of plan assets, beginning of the year 593.50 542.04
Expected return on plan assets 51.04 47.46
Employers’ contributions 227.88 40.90
Assets transferred on amalgamation 22.68 -
Benefits paid (67.48) (40.90)
Actuarial gain 21.90 4.00
Fair value of plan assets, end of the year 849.52 593.50
Excess of obligation over plan assets (137.70) (236.66)
Accrued liability (137.70) (236.66)
(Rs. crores)
iii) Net gratuity and other cost: 2014 2013
Service cost 151.72 112.16
Interest on defined benefit obligation 68.46 62.54
Expected return on plan assets (51.04) (47.46)
Net Actuarial (gains)/ losses recognised in the year (43.04) 3.92 12.50
Past service cost -
Net gratuity and other cost 130.02 139.74
Actual return on plan assets 72.94 51.46
(Rs. crores)
iv) Category of assets: As at March 31, 2014 As at March 31, 2013
Insurer managed funds 849.49 593.43
Others 0.04 0.07
Total 849.53 593.50
As at March 31, 2014 As at March 31, 2013
v) Assumptions used in accounting for gratuity plan:
% %
Discount rate 9.00 8.00
Salary escalation rate 6.00 6.00
Expected rate of return on plan assets 9.00 8.60

The estimate of future salary increase considered in actuarial valuation takes account of inflation, seniority, promotion and other relevant factors such as supply and demand factors in the employment market.

The expected return on plan assets is determined considering several applicable factors mainly the composition of the plan assets held, assessed risk of asset management, historical results of the return on plan assets and the Company’s policy for plan asset management.

(Rs. crores)
2014 2013 2012 2011 2010
Experience adjustment
On plan liabilities (56.09) (18.10) 43.75 35.00 4.93
On plan assets 21.90 4.00 6.63 5.67 3.91
Present value of benefit obligation 987.22 830.16 679.25 552.80 452.49
Fair value of plan assets 849.52 593.50 542.04 494.42 420.14
Excess of obligation over plan assets (137.70) (236.66) (137.21) (58.38) (32.35)

The expected contribution is based on the same assumptions used to measure the Company's gratuity obligations as of March 31, 2014. The Company is expected to contribute Rs. 288.77 crores for the year ended March 31, 2015

31) SEGMENT REPORTING

The Company has identified business segments (industry practice) as its primary segment and geographic segments as its secondary segment.

Business segments are primarily financial services comprising customers providing banking, finance and insurance services, manufacturing companies, companies in retail and consumer packaged goods industries, companies in telecommunication, media and entertainment and others such as energy, resources and utilities, Hi-tech industry practice, life science and healthcare, s-Governance, travel, transportation and hospitality, products, etc.

Revenues and expenses directly attributable to segments are reported under each reportable segment. Expenses which are not directly identifiable to specific segment have been allocated on the basis of associated revenues of the segment and manpower efforts. All other expenses which are not attributable or allocable to segments have been disclosed as unallocable expenses.

Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable segment. All other assets and liabilities are disclosed as unallocable. Fixed assets that are used interchangeably among segments are not allocated to primary and secondary segments.

Geographical revenues are allocated based on the location of the customer. Geographic segments of the Company are Americas (including Canada and South American countries), Europe, India and Others.

Year ended March 31, 2014

(Rs. crores)

Particulars Business Segments
Banking, Financial Services and Insurance Manufacturing Retail and Consumer Packaged Goods Telecom, Media and Entertainment Others Total
Revenue 26574.48 5675.56 9705.09 8070.53 14647.27 64672.93
18682.55 4170.77 7369.87 6540.74 11662.21 48426.14
Segment result 9708.21 1798.36 3258.34 2440.33 4328.48 21533.72
5902.33 1157.83 2327.61 1733.57 3184.93 14306.27
Unallocable expenses (net) 1103.96
833.48
Operating income 20429.76
13472.79
Other income (net) 3114.71
2230.39
Profit before tax 23544.47
15703.18
Tax expenses 5069.55
2916.84
Net profit for the year 18474.92
12786.34

As at March 31, 2014

(Rs. crores)

Particulars Business Segments
Banking, Financial Services and Insurance Manufacturing Retail and Consumer Packaged Goods Telecom, Media and Entertainment Others Total
Segment assets 5534.01 1518.29 2366.27 2729.88 5653.86 17802.31
4559.27 1194.70 1640.52 2185.93 4655.03 14235.45
Unallocable assets 39801.88
28598.59
Total assets 57604.19
42834.04
Segment liabilities 774.45 135.37 114.71 145.11 505.71 1675.35
674.88 96.86 83.75 158.72 469.42 1483.63
Unallocable liabilities 11876.96
8788.16
Total liabilities 13552.31
10271.79
Capital Expenditure (unallocable) 3594.50
2330.45
Depreciation and amortisation (unallocable) 1080.55
802.86
Other significant non cash expense (allocable) 9.67 2.90 1.96 27.12 37.64 79.29
7.76 4.70 3.47 18.66 18.29 52.88
Other significant non cash expense (net) (unallocable) -

The following Geographic segments individually contribute 10 percent or more of the Company’s revenues and segment assets:

(Rs. crores)
Geographic Segments Revenues for the year ended March 31, 2014 Segment Assets as at March 31, 2014
Americas 37315.21 7210.97
28077.52 5247.38
Europe 17159.39 5856.30
11996.17 4081.90
India 4420.91 4062.84
3810.44 3884.63
Previous period figures are in italics.

32) OBLIGATIONS TOWARDS OPERATING LEASES

(Rs. crores)
Non-cancellable operating lease obligation As at March 31, 2014 As at March 31, 2013
Not later than one year 528.77 484.02
Later than one year but not later than five years 1325.51 1413.60
Later than five years 1214.37 1175.37
Total 3068.65 3072.99

Rent expenses of Rs. 507.83 crores (Previous year: Rs. 505.38 crores) in respect of obligation under non-cancellable operating leases and Rs. 536.22 crores (Previous year Rs. 287.22 crores) in respect of cancellable opearting leases have been charged to the statement of profit and loss.

33) OBLIGATIONS TOWARDS FINANCE LEASES

(Rs. crores)
Assets acquired under finance lease As at March 31, 2014 As at March 31, 2013
(i) Minimum lease payments:
Not later than one year 38.24 21.27
Later than one year but not later than five years 83.39 76.87
Later than five years 55.80 67.23
Total 177.43 165.37
(ii) Present value of minimum lease payments:
Not later than one year 25.32 7.58
Later than one year but not later than five years 49.67 37.71
Later than five years 38.97 43.87
113.96 89.16
Add : Future finance charges 63.47 76.21
Total 177.43 165.37

34) EARNINGS PER EQUITY SHARE (EPS)

2014 2013
Net profit for the year 18474.92 12786.34
Less : Preference share dividend (including dividend tax) 33.65 22.23
Amount available for equity shareholders 18441.27 12764.11
Weighted average number of shares 1,958,727,979 195,72,20,996
Earning per share basic and diluted (Rs. ) 94.15 65.22
Face value per Equity share (Rs. ) 1.00 1.00

35) AUDITOR’S REMUNERATION

(Rs. crores)
2014 2013
For services as auditors, including quarterly audits 3.75 2.52
For Tax audit 0.53 0.42
For Other services 3.95 2.54
Reimbursement of out-of-pocket expenses 0.13 0.14
For service tax 1.03 0.70

Service tax credit has been/will be availed.

In addition to the above, fees amounting to Rs. 2.24 crores (Previous year: Rs. 1.77 crores) for attest and other professional services rendered have been paid to firms of chartered accountants in which some of the partners are also partners in the firm of statutory auditors.

36) CONTINGENT LIABILITIES

(Rs. crores)
As at March 31, 2014 As at March 31, 2013
Claims against the Company not acknowledged as debts 29.57 23.67
Income Tax demands 3827.58 2589.73
Indirect Tax demands 63.27 62.59
Guarantees given by the Company on behalf of subsidiaries (See (c) and (d) below) 4082.31 4627.42

a) In respect of income tax contingencies of Rs. 318.20 crores (March 31, 2013: Rs. Nil), not included above, the Company is entitled to an indemnification from the seller of TCS e-Serve Limited, which has been amalgamated with the Company effective April 1, 2013.

b) In respect of indirect tax contingencies of Rs. 8.53 crores (March 31, 2013: Rs. Nil), not included above, the Company is entitled to an indemnification from the seller of TCS e-Serve Limited, which has been amalgamated with the Company effective April 1, 2013.

c) The Company has provided guarantees aggregating to Rs. 3167.02 crores (GBP 317.20 million) (March 31, 2013: Rs. 2910.88 crores) (GBP 353.65 million) to third parties on behalf of its subsidiary Diligenta Limited. The Company does not expect any outflow of resources in respect of the above.

d) The Company has provided guarantees aggregating to Rs. 83.91 crores (USD 13.97 million) (March 31, 2013: Rs. 1208.41 crores) (USD 222.42 million) to third parties on behalf of its subsidiary Tata America Corporation Limited. The Company does not expect any outflow of resources in respect of the above.

37) CAPITAL AND OTHER COMMITMENTS

a) Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. 2811.44 crores (March 31, 2013: Rs. 3328.51crores).

b) The Company has undertaken to provide continued financial support to its subsidiaries APOnline Limited and TCS FNS Pty Limited.

c) The Company has a purchase commitment towards India Innovation Fund for the uncalled amount of balance Rs. 36445.78 per unit of 1000 units aggregating to Rs. 3.64 crores (March 31, 2013: Rs. 4.74 crores).

38) DERIVATIVE FINANCIAL INSTRUMENTS

The Company, in accordance with its risk management policies and procedures, enters into foreign exchange forward, options and future contracts to manage its exposure in foreign exchange rates. The counter party is generally a bank. These contracts are for a period between one day and eight years.

The Company has outstanding foreign currency option contracts, which have been designated as Cash Flow Hedges, as at:

March 31, 2014 March 31, 2013
Foreign Currency No. of Contracts Notional amount of Currency Options contracts (million) Fair Value No. of Contracts Notional amount of Currency Options contracts (million) Fair Value
(Rs. crores) (Rs. crores)
U.S. Dollar 4 410.00 21.36 47 1090.00 (8.81)
Sterling Pound 6 177.00 18.23 12 123.00 62.59
Euro 3 120.00 19.87 15 102.00 15.66
Australian dollar 3 75.00 2.71 - - -

The movement in Hedging Reserve during the year ended March 31, 2014, and the year ended March 31, 2013 for derivatives designated as Cash Flow Hedges is as follows:

(Rs. crores)
Year ended March 31, 2014 Year ended March 31, 2013
Balance at the beginning of the year 55.49 (25.96)
Transferred on amalgamation (8.33) -
Changes in the fair value of effective portion of Cash Flow Hedges (includes a net time value adjustment of Rs. 140.11 crores; March 31, 2013 : Rs. Nil) (759.76) 161.04
Losses / (Gains) transferred to the statement of profit and loss on occurrence of forecasted hedge transaction (includes a net time value adjustment of Rs. 144.87 crores; March 31, 2013 : Rs. Nil) 742.24 (79.59)
Balance at the end of the year (includes a net time value adjustment of Rs. 4.76 crores; March 31, 2013 : Rs. Nil) 29.64 55.49

Net gain on derivative instruments of Rs. 21.15 crores recognised in Hedging Reserve as of March 31, 2014, is expected to be reclassified to the statement of profit and loss by March 31, 2015.

In addition to the above Cash Flow Hedges, the Company has outstanding foreign exchange forward, options and future contracts with notional amount aggregating Rs. 15774.90 crores (March 31, 2013: Rs. 10427.63 crores) whose fair value showed a gain of Rs. 261.23 crores as on March 31, 2014 (March 31, 2013: gain of Rs. 51.21 crores). Exchange loss of Rs. 66.60 crores (March 31, 2013: Exchange gain of Rs. 271.95 crores) on foreign exchange forward, options and future contracts for the year ended March 31, 2014 have been recognised in the statement of profit and loss in respect of these hedges.

39) MICRO AND SMALL ENTERPRISES

(Rs. crores)

As at March 31, 2014 As at March 31, 2013
Principal Interest Principal Interest
Amount due to vendor 9.79 0.04 5.02 0.08
Principal amount paid (includes unpaid) beyond the appointed date 138.71 - 49.74 -
Interst due and payable for the year - 0.44 - 0.27
Interest accrued and remaining unpaid (includes interest disallowable of Rs. 1.41 crores (Previous year: Rs. 0.97 crore)) - 1.41 - 0.97

Dues to Micro and Small enterprises have been determined to the extent such parties have been identified on the basis of information collected by the management.

40) INCOME IN FOREIGN CURRENCY

(Rs. crores)
2014 2013
(a) Consultancy services 60373.81 44721.22
(b) FOB value of exports of equipment and licenses 261.15 130.02
(c) Interest income 6.76 10.46
(d) Dividend income 1582.38 1049.05
(e) Other income (net) 36.74 31.81
41) EXPENDITURE IN FOREIGN CURRENCY
(Rs. crores)
2014 2013
(a) Royalty 2.57 2.08
(b) Legal and professional fees 181.32 148.25
(c) Interest 1.47 3.90
(d) Overseas employee costs 3713.91 2987.17
(e) Overseas business expenses 9670.58 7091.22
(f) Services rendered by business associates and others 3940.66 3148.52
(g) Software, hardware and material cost 753.32 563.96
(h) Communication expenses 239.96 185.55
(i) Travelling and conveyance expenses 192.01 147.30
(j) Other operating expenses 882.55 827.75
(k) Foreign taxes 697.05 496.48
42) VALUE OF IMPORTS CALCULATED ON CIF BASIS
(Rs. crores)
2014 2013
Raw materials, sub-assemblies and components 32.96 20.35
Capital goods 589.60 352.42
Stores and spare parts - 0.01

43) VALUE OF IMPORTED AND INDIGENOUS RAW MATERIALS, SUB-ASSEMBLIES AND COMPONENTS, STORES AND SPARE PARTS CONSUMED

2014 2013
(Rs. crores) % (Rs. crores) %
Raw materials, sub-assemblies and components
Imported: 31.40 78.96 18.62 74.42
Indigenous: 8.37 21.04 6.40 25.58
39.77 100.00 25.02 100.00
Stores and spare parts
Imported: - - 0.01 50.00
Indigenous: 0.02 100.00 0.01 50.00
0.02 100.00 0.02 100.00

Consumption figures shown above are after adjusting excess and shortages ascertained on physical count, unserviceable items, etc.

44) REMITTANCE IN FOREIGN CURRENCIES FOR DIVIDENDS

The Company has remitted Rs. Nil (March 31, 2013: Rs. Nil) in foreign currencies on account of dividends during the year and does not have information as to the extent to which remittance, if any, in foreign currencies on account of dividends have been made by / on behalf of non-resident shareholders. The particulars of dividends declared and paid to non-resident shareholders for the year ended March 31, 2013 and interim dividends for the year ended March 31, 2014, are as under:

Number of non-resident shareholders Number of equity shares held Gross amount of dividend

( Rs. crores)

2014 2013
Final and special dividend for 2011-12 declared in June 2012 10437 28,81,44,188 461.03
Interim dividend declared in July 2012 10459 29,09,13,339 87.27
Interim dividend declared in October 2012 10270 29,44,78,942 88.34
Interim dividend declared in January 2013 10382 29,42,30,815 88.27
Final dividend for 2012-13 declared in June 2013 10062 31,07,28,113 403.95
Interim dividend declared in July 2013 9970 31,38,30,865 125.53
Interim dividend declared in October 2013 10009 31,98,81,202 127.95
Interim dividend declared in January 2014 10276 33,24,19,506 128.97

45) DISCLOSURE UNDER CLAUSE 32 OF THE LISTING AGREEMENT

Amount of loans and advances in nature of loans outstanding from subsidiaries as at March 31, 2014:

(Rs. crores)
Subsidiary Company

Outstanding as at March 31, 2014

Maximum amount outstanding during the year

TCS FNS Pty Limited * 45.32 53.52
52.91 255.11
TCS Iberoamerica SA ** - -
- 52.58
Tata Consultancy Services Morocco SARL AU 5.47 7.72
6.32 6.51

 

No. of Shares
* TCS FNS Pty Limited has made the following investments in its subsidiaries:
(a) TCS Financial Solutions Australia Holdings Pty Limited 65,58,424
(b) TCS Management Pty Ltd. 4,91,712
** TCS Iberoamerica SA has made the following investments in its subsidiaries:
(a) TCS Solution Centre S.A. 15,50,00,000
(b) Tata Consultancy Services Argentina S.A. 42,127,767
(c) Tata Consultancy Services Do Brasil Ltda 12,24,71,226
(d) Tata Consultancy Services De Mexico S.A., De C.V. 49,500
(e) TCS Inversiones Chile Limitada 3,10,10,000
(f) Tata Consultancy Services Chile S.A. 1
(g) TCS Uruguay S.A. 5,40,000

Previous year’s figures are in italics

46) Research and development expenditure aggregating to Rs. 176.31 crores (Previous year: Rs. 151.36 crores including capital expenditure) was incurred during the year.

47) Previous year figures have been recast / restated.

   
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