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TCS Annual Report 2019-20
Tata Consultancy Services is an IT services, consulting 
and business solutions organization that has been partnering 
with many of the world's largest businesses in their 
transformation journeys for over 50 years. TCS offers 
a consulting-led, cognitive powered, integrated portfolio 
of business, technology and engineering services and 
solutions. This is delivered through its unique Location 
TM
Independent Agile  delivery model, recognized as 
a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational 
business group, TCS has over 448,000 of the world's 
best-trained consultants in 46 countries. The company 
generated consolidated revenues of US $22 billion 
in the fiscal year ended March 31, 2020, and is listed 
on the BSE (formerly Bombay Stock Exchange) 
and the NSE (National Stock Exchange) in India. 
TCS' proactive stance on climate change and award-winning 
work with communities across the world have earned it 
a place in leading sustainability indices such as the MSCI 
Global Sustainability Index and the FTSE4Good Emerging 
Index. For more information, visit us at www.tcs.com
Recent events have highlighted the importance of building 
organizational resilience, agility and adaptability. At the heart 
of any organization’s resilience is its people, supported by 
enabling processes and technologies. Empowered people, 
who are driven by a sense of organizational purpose, take 
ownership for outcomes. They know the right thing to do 
during a crisis, even when no explicit directions are provided.  
TCS’ track record of navigating multiple economic cycles and 
technology changes over the past five decades can be traced 
to its culture of empowerment and its purpose-driven 
worldview. The company is best described by this year’s 
theme: Purpose Driven. Resilient. Adaptable.
During these difficult times, TCS is staying close to customers 
and helping them develop and implement their own purpose-
driven strategies, and enhance their organizational resilience 
and adaptability so they can survive future shocks, pivot into 
new business models or launch new offerings and thrive 
in the new normal. 
Purpose-driven.
Resilient.
Adaptable.
1
About TCS
Theme
FY 2018
Dawn of Business 4.0
FY 2019
Growth and Transformation 
with Business 4.0
FY 2017
Reimagining the Enterprise
FY 2016
Shaping the Future
FY 2015
Default is Digital
Recent Annual 
Report Themes
1102-1, 102-5, 102-7
About TCS  I  01

TCS Annual Report 2019-20
Board of Directors
Board of Directors  I  02
N Chandrasekaran
Chairman
Hanne Birgitte Breinbjerg 
Sorensen
Independent Director
Dr Pradeep Kumar Khosla
Independent Director
N G Subramaniam
Chief Operating Officer 
and Executive Director
Keki M Mistry
Independent Director
From left to right
O P Bhatt
Independent Director
Don Callahan
Independent Director
Rajesh Gopinathan
Chief Executive Officer 
and Managing Director
Aarthi Subramanian
Director

Rajesh Gopinathan
Chief Executive Officer 
and Managing Director
N G Subramaniam
Chief Operating Officer
and Executive Director
V Ramakrishnan
Chief Financial Officer
Milind Lakkad
Global Head
Human Resources
Rajashree R
Chief Marketing Officer
K Ananth Krishnan
Chief Technology Officer
Rajendra Moholkar
Company Secretary
Madhav Anchan
General Counsel Legal 
& Corporate Affairs
TCS Annual Report 2019-20
Management Team  I  03
Management Team
Corporate

TCS Annual Report 2019-20
Management Team  I  04
Business Heads
Surya Kant
North America, 
UK and Europe
Krishnan Ramanujam
Business and 
Technology Services
K Krithivasan
Banking, Financial 
Services and Insurance
Shankar Narayanan
Retail, Travel and 
Consumer Products
Kamal Bhadada
Communication, Media 
and Information Services
Debashis Ghosh
Life Sciences, Healthcare
and Public Services
Susheel Vasudevan
Manufacturing and Utilities
Suresh Muthuswami
BFSI Platforms

Dear Stakeholder,
Adversity, they say, is the true test of character. 
Your company achieved many admirable wins and milestones 
through the first 11 months of FY 2020. But it was in the final 
days of the year that the true nature of its purpose-driven 
worldview truly shone through. Your company prioritized the 
health and safety of its employees, kept customers’ mission-
critical systems running under very difficult circumstances 
and pitched in to help communities across the world battle 
the pandemic. 
When we emerge out of this crisis, the world will be a very 
different place. We are witnessing many of those changes 
already. With cloud and the new class of collaboration tools, 
people are discovering that they are able to collaborate 
with each other just as well working from home, as they did 
in person in the pre-COVID era. Employers are discovering 
that the productivity is just as good, if not better, in this 
new way of working. 
In many sectors, digital channels have gone from being 
secondary, nice-to-have options to become the primary 
channels, and in some instances, the only channels. 
Schools, colleges and even courts have shifted to an online-
only mode. Farmers’ cooperatives are taking online orders 
and directly delivering fresh produce to city-dwellers.
This is the transformation that we had spoken of five years 
go, when we said that Default is Digital, but even I am still 
amazed by the scale and speed of the change.
TCS Annual Report 2019-20
Letter from the Chairman  I  05
Letter from the Chairman

TCS Annual Report 2019-20
Letter from the Chairman  I  06
By staying true to its purpose and its values, 
and helping its employees, customers and 
communities use the power of technology 
to realize their potential, your company is the 
embodiment of stakeholder capitalism in the 
true spirit of the Tata ethos. Over the last five 
decades, your company has shown itself 
to be very purpose-driven, resilient and 
adaptable, staying relevant to its customers 
through multiple economic and technology 
cycles, and doing good for all its stakeholders. 
This is the secret behind its longevity and 
sustainability.
The sharp shift in consumer preferences will force enterprises 
to significantly accelerate their digital transformation 
initiatives. They will also invest heavily in building resilience 
at every level, on the front-end as well as in back-office 
operations. Having pioneered Location Independent Agile™ 
and the Machine First™ Delivery Model, both of which are of 
immense value to organizations looking to build operational 
resilience and agility, your company is very well positioned 
to benefit from these trends.
Stepping back from the enterprise level and taking a more 
global view, I believe that the new world in which digital 
channels become mainstream, which I described in my book 
Bridgital Nation, will offer countries like India, a unique 
opportunity to implement large scale digital interventions 
that would provide its citizenry easier access to essential 
services, while creating millions of new jobs.  Your company 
has been at the forefront in enabling several such high-
impact initiatives.  TCS’ Financial Inclusion Network supports 
over 210 million no-frills accounts set up under the Pradhan 
Mantri Jan Dhan Yojana. The scheme has created jobs for 
over 100,000 banking correspondents who go out to remote 
villages with handheld devices to provide banking services 
to the unbanked.
There are several other examples: the Passport Seva project 
which completely reimagined the issuance of passports, 
the digital transformation of India Post, the platform that 
supports Ayushman Bharat – the world’s largest, fully funded 
health insurance scheme covering 500 million of India’s 
poorest, and so on. Each of these initiatives showcases the 
innovative use of technology to transform citizen services, 
enhance inclusivity and reduce inequity in society.
By staying true to its purpose and its values, and helping 
its employees, customers and communities use the power 
of technology to realize their potential, your company is the 
embodiment of stakeholder capitalism in the true spirit 
of the Tata ethos. Over the last five decades, your company 
has shown itself to be very purpose-driven, resilient and 
adaptable, staying relevant to its customers through multiple 
economic and technology cycles, and doing good for 
all its stakeholders. This is the secret behind its longevity 
and sustainability.
The next few months will be difficult, but your company 
is strong with deep relationships with customers and 
partners, enviable scale, a diversified business mix, a robust 
and resilient business model, and strong financials. It is well 
positioned to weather the storms ahead and take advantage 
of opportunities that come up during the downturn to 
acquire new capabilities and gain market share. In the post-
pandemic world, technology will play an ever larger role in 
helping enterprises adapt to the new normal and differentiate 
themselves. Your company is well poised to take the lead 
in partnering customers to recover and rebound on to their 
growth and transformation journeys.
On behalf of the Board of Directors of Tata Consultancy 
Services, I want to thank you for your continued trust, 
confidence, and support.
Warm regards,
N Chandrasekaran
Chairman

Dear Stakeholder,
It is a measure of how quickly and profoundly our world 
has changed, that when we look back at the year gone by, 
it feels like a different era altogether. 
In FY 2020, your Company delivered revenue of `156,949 
crore, growing 7.2% over the prior year in reported terms, 
and 7.1% in constant currency terms. 
Our operating margin continued to be best in class, 
at 24.6%. Net profit was `32,340 crore, a net margin 
of 20.6%. Our cash conversion continues to be very strong, 
with a cash conversion ratio of 100.1% and free cash flow 
of `29,281 crore.
The Board has recommended a final dividend of `6 for the 
year, bringing the total dividend for the year to `73 per share. 
This translates into `31,895 crore returned to shareholders 
in FY 2020, which is 108.9% of the free cash flow.
We had a very productive year, engaging with customers 
in their innovation, growth and transformation initiatives, 
expanding and deepening our relationships, deploying very 
impactful solutions, and winning some of our largest deals 
till date. 
However, it is our response to the events of the last 
ten days of the fiscal year that will be our most 
defining accomplishment of FY 2020.
TCS Annual Report 2019-20
Letter from the CEO  I  07
1
Letter from the CEO
1102-14

TCS Annual Report 2019-20
We believe that by 2025, only 25% of 
our associates will need to work out 
of our facilities at any point of time; 
and every associate will be able to realize 
their potential without spending more than 
25% of their time in a TCS office.
Responding with Speed and Agility
As the pandemic spread, our priority was to safeguard the 
health and well-being of our employees while continuing 
to support our customers’ mission critical activities globally.
The lockdowns tested the agility, resilience and adaptability 
of our delivery model. We responded to the challenge with 
speed and agility, and have emerged stronger, with our 
model now proven to be able to adapt to even extreme 
shocks. From a highly centralized model, with large 
campuses accommodating thousands of employees, 
we were able to switch to an extreme form of distributed 
delivery, with 90% of our 448,000-strong workforce enabled 
to work remotely, in a matter of days. 
We not just enabled remote access for our associates but 
also calibrated our project management framework and 
security posture so that work could be properly allocated, 
governed, and reported, while maintaining our stringent 
security controls, and pivoted into a new operating model 
that we call Secure Borderless Workspaces™ (SBWS™).
Using SBWS, we have been able to continue supporting 
our customers not only in their mission critical operations 
but also their transformational projects, just as before, 
without any slippages.
The Secure Borderless Workspaces model is an extension 
of the Open Agile Workspaces framework that powered 
the innovative Location Independent Agile™ model that 
we pioneered two years ago. It leverages all our prior 
investments, and incorporates the learnings and best 
practices around network management, a standard service 
delivery environment, cloud-enabled governance processes, 
heavy use of digital collaboration tools,  and an internal 
Security Operations Center benchmarked to the best 
in the industry.
Even though these are early days, the outcomes from 
our new model have been impressive. Our cloud-based 
project monitoring system has been tracking the progress 
of over 23,000 ongoing projects on a real time basis, 
A New Location Agnostic Operating Model
ensuring that our customers continue to experience the same 
high quality of delivery and certainty of outcomes that they 
have come to expect of TCS. There are even pockets where 
we have witnessed improved velocity, throughput, 
and productivity.
SBWS will continue to be an integral part of our new 
operating model and represents the future of work. 
It helps TCSers enjoy a better quality of life, while making 
TCS’ service delivery more resilient as the fully distributed 
model is better suited for business continuity. 
Our customers are comfortable with this model and want us 
to take more work that others are not able to handle. This has 
given us the confidence to come out with a bold new Vision 
25x25. We believe that by 2025, only 25% of our associates 
will need to work out of our facilities at any point of time; 
and every associate will be able to realize their potential 
without spending more than 25% of their time in a TCS office.
We have received over 500 emails from customers in recent 
weeks, appreciating how seamlessly TCS managed the 
transition to SBWS, and expressing gratitude for how our 
teams went above and beyond to help keep their mission-
critical systems and their business operations running under 
very difficult circumstances.
Going through some of those notes filled me with immense 
pride. No training or standard operating process tells 
our associates that while enabling work-from-home 
Purpose-driven, Resilient, Adaptable
Letter from the CEO  I  08

for a customer organization, they should  work extended 
hours, to step in and complete the work that another vendor 
was supposed to do, but had not. Or that they should think 
out of the box and implement innovative solutions to rapidly 
build new online features that a customer in the retail 
or pharma sector needed to urgently roll out for their 
end-customers during the pandemic. 
That kind of dedication to doing whatever it takes to help 
customers achieve their objectives, can only come from 
deep within, when individuals are driven by a higher sense 
of purpose that goes beyond the immediate task assigned 
to them. 
For over five decades, TCS has been helping individuals, 
enterprises, and communities use technology to realize their 
potential. This organizational purpose has served as a beacon 
that has guided our customer-centric strategy, our policies 
and our decision-making over the years. Our greatest 
accomplishment has been to imbue every TCSer with 
this same purpose-driven worldview. 
This organizational purpose has also shaped the culture 
of empowerment at TCS. Empowered individuals take 
ownership of outcomes, beyond just the completion 
of an assigned task. Empowered, purpose-driven teams 
can cope even with unexpected events because they 
know exactly what they need to do, even when no explicit 
instructions are provided. Such concerted, autonomous 
behaviors, in aggregate, give the organization the ability 
to cope with sudden shocks, and impart organizational 
resilience.
Our purpose has helped us stay relevant to our customers 
through their evolving needs. TCS has successfully navigated 
through multiple technology and economic cycles, 
over the last five decades, pivoting and adapting each time 
to build new capabilities and even new business models, 
and offer the services and solutions most relevant to 
our customers at that point in time. Our responsiveness, 
agility and adaptability to change have been central 
to our longevity.
Our commitment to help our employees realize their 
potential reflects in the investments we have been making in 
organic talent development over the years. This has resulted 
in industry-leading learning outcomes. TCSers collectively 
logged 37.7 million learning hours in FY 2020, building 
expertise in multiple technologies to augment the contextual 
knowledge they possess of the customer’s business 
and technology landscape. 
In this current environment of economic uncertainty and fear, 
TCSers can focus on their work and rest assured that their 
organization stands by them. TCS will also be honoring all the 
job offers made till date, to freshers and experienced 
professionals. 
Our investments, our empathy, and our commitment 
is what makes our associates feel valued, and which gets 
reciprocated with unmatched levels of energy and dedication 
to our organizational purpose. It has also resulted in TCS 
becoming a gold standard in talent retention. Our attrition 
Commitment and Trust
in IT services in FY 2020 was 12.1%, the lowest in the
industry, globally.
It is no different with our customers. TCS’ customer-centricity 
and commitment to helping customers succeed in their 
businesses, have helped us establish enduring customer 
relationships and abiding trust. Our oldest customer 
Letter from the CEO  I  09
TCS Annual Report 2019-20
For over five decades, TCS has been helping 
individuals, enterprises, and communities 
use technology to realize their potential. 
This organizational purpose has served 
as a beacon that has guided our customer-
centric strategy, our policies and our 
decision-making over the years. 
Our greatest accomplishment has been 
to imbue every TCSer with this same 
purpose-driven worldview.

relationship goes back over four decades. We have stayed 
close to our customers through good times and bad, helping 
them navigate challenges and speed bumps, harnessing the 
power of technology to solve their business problems 
and enabling competitive differentiation.
Today, we have 49 customers who spend more than 
$100 million a year with us. The trust levels are so high, 
they turn to us to help them realize their growth and 
transformation objectives. In the case of one UK insurance 
customer, TCS and the transformational work we are doing 
for them have figured in the CEO’s letter to their 
shareholders every year for the last three years. The strength 
of these relationships and the trust we enjoy is what gives us 
the confidence that we will come out of these difficult times 
stronger together.
The same purpose-driven worldview shapes the community 
initiatives we take up across the world, for building skills
 and fostering entrepreneurship to bridge the digital divide, 
to encourage STEM education and careers, and to enable 
better healthcare and wellness. 
We pick programs that are scalable and which can make 
a big, measurable impact on the local community. These 
programs are estimated to have benefited over 840,000 
people across the world. Our employees have also been 
doing their bit for worthy social and environmental causes 
in their respective communities, collectively contributing 
over 780,000 volunteering hours in FY 2020. 
Looking forward
We are entering the new fiscal year at a time when all major 
economies have been brought to a standstill. The impact has 
been very fast and widespread, and the next few months will 
be very difficult for everyone, individuals and organizations. 
On the other hand, the economic downturn is not due to any 
structural problem in any industry, but due to an externality 
that has hit the pause button on all economic activity. 
Whenever that externality is removed, an equally quick 
recovery should follow. 
We are staying close to our customers, aligning ourselves 
to their evolving priorities, staying lean and nimble, finding 
newer ways to create value, and launching newer offerings 
that address current imperatives. 
Many of the innovative frameworks and methodologies that 
we pioneered are of even greater relevance to our customers 
today. The TCS thought-leading Business 4.0™ framework 
that we launched three years ago to help enterprises 
leverage digital technologies for their growth and 
transformation agendas, continues to guide them today. 
Business levers such as mass personalization, creating 
exponential value, leveraging ecosystems, and embracing risk 
coupled with core technologies such as agile, automation, 
intelligence, and cloud are some of the foundational pillars 
helping enterprises respond and recover from the crisis.
Letter from the CEO  I  10
TCS Annual Report 2019-20
TCS’ customer-centricity and commitment 
to helping customers succeed in their 
businesses, has helped us establish enduring 
customer relationships and abiding trust. 
Our oldest customer relationship goes back 
over four decades. We have stayed close 
to our customers through good times and 
bad, helping them navigate challenges 
and speed bumps, harnessing the power of 
technology to solve their business problems 
and enabling competitive differentiation.

TCS Annual Report 2019-20
Enterprises are discovering that investing in AI and 
automation is the best business continuity plan. 
Our Machine First™ Delivery Model puts AI and automation 
at the heart of the enterprise, making technology stacks 
self-healing, and operations and supply chains more resilient. 
Consequently, we expect many customers to accelerate 
their core transformation initiatives, and adoption of digital 
self-service channels, over the next few months.
Similarly, we are seeing huge demand for our Location 
Independent Agile model based Secure Borderless 
Workspaces offering. This is helping our customers digitize 
their workplaces into boundary-less service clouds, 
leveraging the power of distributed networks for agility, 
resilience, and scale. 
Lastly, a strong driver of how companies adapt themselves 
is the way they look at their organizational purpose. 
Organizations are seeking to introspect about what is most 
critical for them and their end-customers and what their true 
sources of value are. Firms are looking beyond the products 
they make and sell, to the purpose behind their existence, 
which in turn is helping define the blueprint for their 
transformation journey. TCS has been helping insurers 
leverage ecosystems to transform into providers of wellness, 
helping ship-building companies reposition into maritime 
solutions providers, and by applying agile innovation at scale, 
helping energy companies become responsible providers 
of affordable, reliable, and clean energy. We believe this trend 
of purpose-driven transformation will only accelerate in the 
upcoming months.
Our strong and deep relationships with a high-quality 
customer base, largely Fortune 1000 and Global 2000 
corporations, and our industry-leading operating margin 
give us the wherewithal to weather the difficulties ahead. 
A strong balance sheet with zero debt and a big war chest 
positions us strongly to seize any opportunities that might 
come up during this downturn.
With all these strengths, we believe our relative 
competitiveness will only get better through the 
months ahead, and we will come out of this downturn, 
better positioned than ever to help our customers get 
back onto their longer-term growth and transformation 
journeys, and to lead in the new normal. As we navigate 
these uncertain times together with our customers, 
we look forward to your continued support.
Best Regards,
Rajesh Gopinathan
Chief Executive Officer & Managing Director
Letter from the CEO  I  11

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TCS' Response to Covid-19  I  13
TCS Annual Report 2019-20
TCS' Response to Covid-19
Ensuring Business Continuity for Customers
TCS works with more than 1,000 organizations across the 
world, helping keep their systems and operations up and 
running. The company's software and solutions power 
the financial backbones of several countries. It runs the 
technology for some of the largest health care and pharmacy 
companies, retailers, telcos, utilities, governments and public 
services organizations – whose continued functioning is 
all the more critical during times of crisis. 
In response to the lockdowns, the company launched 
a massive program to ensure business continuity of its 
services using its Secure Borderless Workspaces model, 
which allows TCS associates to work remotely from the 
safety of their homes, while continuing to provide 
uninterrupted support services to our customers. 
“[Our] partnership with TCS has been pivotal in enabling 
us to ensure business continuity while transforming 
our organization to remote working almost overnight…. 
Thanks to the TCS team for supporting us to make 
this possible with their passion, proactivity 
and customer-centric philosophy.”
VP – Global Transformation,
Major Staffing Firm

TCS Annual Report 2019-20
“…Despite the huge disruption to your working life, 
your sense of professionalism, dedication, determination, 
perseverance and above all, your resilience has not at all 
faltered. All the TCS delivery updates I am getting show 
all critical projects and activities continue to be met 
to expectations. Being able to deliver to TCS' mantra 
of Experience Certainty is tough enough during steady 
state times, let alone being able to do the same at this 
point when the world is in crisis. Thanks to your individual 
efforts, TCS is the one silver lining in this dark cloud… 
I can't help but feel just how privileged and lucky 
I am, overseeing a partnership of high performing 
and committed individuals from TCS. Once again, 
thank you for all you do…”
Strategic Relationship Director, 
Life Sciences Major
“I cannot say how proud I am of the TCS team who have 
quickly reacted to this crisis and kept everything moving. 
TCS as a company treated the health crisis seriously early, 
and you all ran with what your company gave you. 
Where we are now with 100% coverage could not have 
happened without your leadership.” 
Large US Entertainment Company
“I am so amazed at your flexibility, adaptability, creativity 
and the positive attitudes you demonstrate each day.  
What a fantastic group of people (across the globe) you are, 
during times like this, the proverbial phrase, 'cream rises to 
the top' holds so true.  Without dedicated and driven people, 
[Client Name] would simply not live up to its promise of 
securing the future for its customers. You certainly are the 
creme of the crop.” 
Operations Head, 
Large Global Insurer
“The spirit of creativity and innovations was on full display 
all through during these high-pressure times with no sleep 
or rest for most of you. I'm super proud to have a team that 
is always up for challenges and excels during these testing 
times. I couldn't THANK YOU enough for the personal 
sacrifices you made during these last 5-6 days to makes 
sure our business and customers were the priority...”
CIO, 
Large US Bank
“TCS, through all of this, has also faced the 
Work from Home challenge like us. Moving call agents 
and support engineers from offices to home environments 
was not an easy challenge. You had to be creative, 
working under unconventional circumstances. The resilience 
and flexibility of the TCS organization is duly noticed!”  
Corporate Group Director, 
Professional Services Firm
“I want to particularly call out the brilliant and heroic 
efforts of the entire TCS team in moving to remote working. 
This happened in record time almost over a weekend, with 
the result that we are getting close to 100% capacity, which 
is quite unprecedented. That this was done alongside moving 
your large workforce in such a short time was commendable. 
Please convey my deepest appreciation to your teams for the 
tremendous work to support our business world-wide.”  
CTO, 
Major Staffing firm
TCS' Response to Covid-19  I  14

TCS Annual Report 2019-20
Innovation in the time of Pandemic
At TCS' Innovation Lab in Hyderabad, India, a team 
of TCS scientists used deep neural network-based 
generative and predictive models to identify 31 new 
molecules that hold promise towards finding a cure 
for COVID-19. 
“We knew that the SARS-CoV-2 has a protease 
protein that is responsible for viral replication. 
What followed next was to ask the model to generate 
novel small molecules de novo which have protease 
inhibiting capability and could bind the target 
protease protein with high affinity,” said 
Dr Gopalakrishnan Bulusu, a principal scientist 
involved in the project. “We filtered the suggestions 
of the AI model to a set of 1,450 molecules, 
and further shortlisted 31 that we determined would 
be good to start with and that could possibly be 
synthesized for further testing.” The results from this 
research -- put together by Dr Bulusu, Dr Arijit Roy, 
Dr Navneet Bung and Ms. Sowmya Krishnan -- have 
been published in ChemRxiv. 
“The use of AI has considerably shortened the initial 
drug design process from several months to only 
a few days,” Dr Bulusu added. The TCS team is now 
working closely with India's Council for Scientific 
and Industrial Research (CSIR) that has agreed to 
provide its labs for the synthesized testing of these 
31 molecular compounds.
Uninterrupted Learning during the Lockdowns
In the wake of nation-wide lockdowns of schools 
and colleges, TCS offered free access to the TCS iON 
Digital Glass Room, a virtual learning platform, 
to educational institutes across the country so 
their students' learning journeys could continue 
uninterrupted in a secure virtual environment. 
The TCS iON Digital Glass Room is a mobile and 
web education platform for schools and colleges, 
that empowers educators to engage with students 
in real time by sharing lessons, videos, worksheets, 
assignments and assessments, using interactive 
methods like polls, debates, quiz, surveys and many 
more tools. As an add-on, the platform also provides 
an embedded live classroom, which simulates live 
classroom teaching.
TCS' Response to Covid-19  I  15

The Year Gone By  I  16
TCS Annual Report 2019-20
The Year Gone By



Rolled out the Secure Borderless Workspaces 
model in response to the lockdowns, enabling 
over 90% of the workforce to securely work from 
home. The model leverages all prior investments, 
and incorporates best practices around network 
management, an internal SOC, a standard service 
delivery environment, digitized delivery 
governance processes, and use of cloud-based 
collaboration technologies.
Israel’s first fully digital bank has signed up as the 
first customer of TCS’ Banking Service Bureau, 
powered by TCS BaNCS™. TCS was selected by 
Israel’s Ministry of Finance to build a banking 
service bureau, a shared, plug-and-play, digital 
banking operations platform to help start-up 
banks launch very quickly.
Ranked Overall Best Managed Technology 
Company in Asia, in FinanceAsia’s 2020 Asia’s 
Best Companies survey of investors across the 
region. Also ranked #1 position for Best 
Environmental Stewardship and Most Committed 
to Social Causes, #2 in Best Corporate 
Governance and Best Investor Relations, 
and #3 in Best Managed Company in India.
Q4
Europe Ranks 
 in
for 
 in a row
TCS#1
 CUSTOMER SATISFACTION
SEVENTH YEAR
European IT customer satisfaction 
survey by whitelane research
#1 GENERAL SATISFACTION
77% (TCS)
70% (Average)
#1 SERVICE DELIVERY QUALITY
78% (TCS)
71% (Average)
#1 CLOUD CAPABILITY
77% (TCS)
69% (Average)
#2 ACCOUNT MANAGEMENT
80% (TCS)
73% (Average)
#3 BUSINESS UNDERSTANDING
76% (TCS)
71% (Average)
#3 CONTRACTUAL FLEXIBILITY
78% (TCS)
69% (Average)
1600+
CXOs Polled
European
Countries
across
13
Combined
annual Value
of Contracts
over
€40
Billion
5000+
IT Contracts
* BASED ON STUDIES CONDUCTED BY WHITELANE RESEARCH, PA CONSULTING, QUINT WELLINGTON REDWOOED, NAVISCO AND VLERICK BUSINESS SCHOOL IN 2019.
TCS
77%
Accenture
74%
Infosys
69%
Cognizant
71%
IBM
65%
TCS' RANK ACROSS VARIOUS COUNTRIES*
Satisfaction by IT Domain
1. APPLICATION DEVELOPMENT
MAINTENANCE AND TESTING
TCS#1
79%
70%
average
2. INFRASTRUCTURE SERVICES
TCS#1
79%
71%
average
“TCS is topping our ranking for the 
seventh consecutive year thanks to its 
emphasis on the strength and depth 
of its customer relationships twinned 
with a relentless focus on delivery.”
JEF LOOS, HEAD OF RESEARCH, 
WHITELANE RESEARCH

TCS Annual Report 2019-20
Celebrated 
100 years 
of TCS House, 
the corporate 
head office

Recognized as a Global Top Employer by the Top Employers Institute. 
Also certified as the #1 Top Employer in Europe, MEA and APAC, 
andin 11 countries – Argentina, Australia, Belgium, Chile, Denmark, 
Germany, Hong Kong, Saudi Arabia, United Arab Emirates, 
the United Kingdom, and the United States.
Recognized as the fastest growing IT services brand of the decade 
and one of the fastest growing IT services brands of 2019, 
by Brand Finance. 
Celebrated 100 years of TCS House, the Company’s head office in 
the historic Fort precinct in Mumbai. Originally known as Ralli House, 
this Grade IIA heritage structure was acquired by TCS in 2004 from 
Rallis, a Tata Group company, and painstakingly restored and 
remodeled, while retaining the original stone facade.
Walgreens Boots Alliance, a global leader in retail and wholesale 
pharmacy, expanded its strategic partnership with TCS with a 10-year 
contract. In the new operating model for IT Run and Operational 
services, TCS will provide managed services using an approach that 
blends artificial intelligence, machine learning and advanced software 
engineering to enhance operational resilience and boost productivity. 



The Year Gone By  I  17

TCS Annual Report 2019-20
Q2
Q3







Petco, America's leading pet specialty retailer, selected TCS Optumera™, to hyper-localize 
and optimize its store products and space strategies, with greater speed and precision in 
decision-making, and deliver an improved end-to-end customer experience.
Declared a special dividend of `40 per share, amounting to over 15,000 crore 
paid out to shareholders over and above the regular dividends. 
Towards enhanced LGBTQ+ inclusion and building on the core value of ‘Respect 
for the Individual’, TCS became the first Tata group company to include gender 
reassignment surgery under its employee health cover, and redefine the word ‘spouse’ 
to include same-sex partners, regardless of marital status.
Launched the Quartz™ DevKit to accelerate enterprise adoption of blockchain technology. 
The DevKit abstracts out the complexity of blockchain programming and provides 
enterprises with a low-code means to quickly and easily build blockchain-based 
applications on popular platforms.
Consolidated all operations for Strate, the South African central securities depository 
on to TCS BaNCS for Market Infrastructure. The implementation covers all markets 
and asset classes and marks a significant transformation in the South African 
securities market. 
Expanded strategic partnership with Phoenix Group to digitally transform 
Standard Life’s pensions and savings operations by moving 4.2 million policies 
to the TCS BFSI Digital Platform. 
Recognized as the ‘Most Awarded Company of the Decade in India’, ‘Overall Most 
Outstanding Company in India’ and the ‘Most Outstanding Company in India in the 
IT Services Sector’ in Asiamoney's 2019 Asia's Outstanding Companies poll of investors 
and analysts across the region.
`




Launched TCS BaNCS Cloud for Asset Servicing, a platform that automates the servicing 
of all classes of assets across all markets, and is targeted at custodians, broker dealers, 
asset managers, and investment and private banks.
ignio™, TCS’ award-winning cognitive automation software, celebrated its fourth 
anniversary by doubling its revenue and customer base, year-on-year. FY 2020 saw 
Digitate’s AI product line expand beyond the original ignio AIOps, to include ignio 
AI.WorkloadManagement, ignio AI.ERPOps for automating ERP support operations, 
ignio AI.Digital Workspace and ignio Cognitive Procurement.
Established a strategic partnership with General Motors for global vehicle design and 
development including vehicle styling, EV battery, motor design and advanced virtual 
simulations to set new benchmarks in driving experience, safety and emissions.
Chosen by the Reserve Bank of India as its strategic partner to design and implement an 
AI-based centralized information and management system that will collect, review and 
analyze data, enabling data-driven business decision-making 
for better regulation of financial markets and better tracking 
of the country's economic growth.
Powered Jurassic Fibre’s new, ultrafast full-fiber optic 
broadband offering to towns and rural communities in the 
South West of England, with TCS HOBS. TCS will also 
implement an ERP solution for its finance, supply chain, 
talent management and field service operations.
Increased holding in TCS Japan Ltd, the Company’s joint 
venture with Mitsubishi Corporation, from 51% to 66%, 
reiterating TCS’ commitment to the Japanese market. This is 
the latest in a series of investments made by TCS in recent 
years to cater to the specific needs of Japanese corporations.


The Year Gone By  I  18
Doubling 
down on 
Japan

TCS Annual Report 2019-20



Launched TCS Pace Port™ New York, a new co-innovation and advanced research center 
that unifies the best of TCS’ global research, innovation, partner ecosystem and business 
transformation services – designed to help customers scale up their innovation efforts 
and accelerate their transformation journeys.
Helped India Post transform to a multi-service digital hub, modernize mail delivery, 
enhance customer experience, and launch innovative services that drive new revenues. 
The new system connects over 150,000 post offices, and  processes over 3 million postal 
transactions a day. Additionally, TCS implemented a POS solution across 80,000 POS 
terminals, making it one of the largest such implementations in the world.
Powered the world’s first successful cross-border real-time securities settlement between 
two central securities depositories – Maroclear (Morocco) and Kuwait Clearing Company – 
using cash coins on the TCS BaNCS Network, powered by Quartz™ Blockchain. This could 
revolutionize cross-border flows, reducing currency risks and enhancing liquidity.
Q1
TCS leadership team 
welcoming the 
Star Alliance CEO, 
Jeffrey Goh.


Canada’s food and pharmacy leader, Loblaw, successfully deployed ignio, TCS cognitive 
automation software, as part of its IT transformation program. ignio has helped reduce 
the mean time to resolve outages to 3 - 6 minutes, and automate over 20% of incidents 
and alerts in the first ten months. The reduced outages and faster resolution have resulted 
in a superior online shopping experience for end customers.
Celebrated 15 years of partnership with Star Alliance, the global airline network, 
by embarking on new digital transformation initiatives. TCS’ industry-first solutions 
have helped the Alliance drive digital innovation and provide a seamless experience 
to passengers. 
Leadership teams from 
TCS and Cornell Tech 
at the ribbon cutting 
ceremony of 
TCS Pace Port NY.
The Year Gone By  I  19

TCS Annual Report 2019-20
Damen, the Netherlands-
headquartered international shipyard 
group, has built a reputation for 
listening closely to its customers 
and innovating across its range 
of ships, yachts and other vessels. 
In the Business 4.0 era, Damen 
wanted to take its product 
innovation to the next level. 
As Damen’s innovation partner on this 
journey, TCS used its `Bringing Life 
to Things’ IoT framework to envision 
an integrated Connected Vessel 
Platform that uses IoT, cloud, edge 
computing and advanced analytics 
to make Damen’s ships smarter and 
more connected, with improved safety, 
sustainability and efficiency, and with 
which Damen can launch newer 
services and even new business 
models. The platform collects 700 data 
points from the nearly 10,000 sensors 
in each ship, giving Damen complete 
visibility into each vessel’s fuel levels, 
fresh water, oil; engine performance – 
speed, rpm, fuel consumption and 
so on. 
The new platform has enabled the 
launch of value-added services such 
as fleet management and predictive 
maintenance, helping customers 
reduce fuel consumption by 12%, 
improve safety and enhance vessel 
utilization. It also enables co-innovation 
with maritime ecosystem partners like 
suppliers, insurers and port authorities, 
to curate a more holistic customer 
experience, and potentially offer 
shipping as a service. 
Partnering with TCS for its growth 
and transformation has helped Damen 
accelerate its transformation from 
being a shipbuilder to a maritime 
solutions provider, create new revenue 
streams, boost profitability and 
reinforce its position as an innovation 
pioneer in the maritime industry.
Partnering with DAMEN to Reinforce its 
Reputation as a Maritime Innovation Pioneer
“Damen is at the forefront 
of digital innovation in the 
maritime industry, using new 
technologies for remote 
monitoring and eventually 
to build autonomous vessels. 
We selected TCS as our 
strategic partner because 
of how well their innovation 
philosophy is aligned with ours, 
and for their experience in 
successfully executing large, 
complex programs elsewhere. 
Their digital expertise, creative 
ideas and intellectual property 
have helped us scale and speed 
up our business transformation 
journey.” 
Arnout Damen
CEO, Damen Shipyards
Business 4.0 Stories  I  20

Today’s customers have higher expectations of the 
experience and the service they get from their savings and 
investment provider. However, complex, legacy IT landscapes, 
and fragmented customer data can constrain the ability 
to innovate and meet those expectations.
Taking that challenge head on, M&G plc entered into 
a 10-year strategic partnership with TCS to transform 
its heritage UK life and pensions business by building 
a simpler customer focused operating model, which is 
digitally enabled, allowing it to respond quicker and 
better to its customers’ needs.
TCS’ approach, working in partnership with M&G plc, entailed 
radically simplifying the IT landscape, reimagining customer 
engagement, redesigning operations for greater resilience 
and providing end-to-end policy administration services 
using the TCS BFSI Platform for Life and Pensions, powered 
by TCS BaNCS™. In just 15 months, TCS onboarded 1.4 million 
customers and their policies, delivered a new customer 
experience solution, CRM and complaint management 
solutions, and an online bond claim platform. 
The unified customer data and analytics on the new platform 
have enabled a more holistic approach to enhancing the 
customer experience, focused on the end-to-end customer 
journey and not just individual transactions. The new digital 
bond claim service has reduced customers’ wait time for cash 
withdrawal by almost 80%. Digitization has reduced claim 
processing time by 75%. All this has resulted in some early 
positive impacts on the Net Promoter Score as well. 
Helping M&G Innovate and Reimagine Customer Engagement 
TCS Annual Report 2019-20
“For more than 170 years, M&G has delivered good 
outcomes for savings and investment customers 
through product innovation and high-standard 
service. Our strategic partnership with TCS is an 
essential element of our ongoing work to create 
a digitally enabled M&G so that we can maintain 
this great track record. The primary focus has been 
on our Heritage business to transform the 
customer experience for our 5 million Prudential 
policyholders in the UK. We have worked together 
to build a new digital MyPru platform, transformed 
our operation to be focused on the end-to-end 
customer journey and migrated our most complex 
administration system, SALAS, to the industry 
TM
leading TCS BaNCS  platform. Leveraging the 
TCS innovation network and experience, 
we have achieved a lot together. We look forward 
to continuing to work and learn together, 
as we continue to meet the needs of customers 
and their advisers, and as we seek to exceed 
their expectations on service” 
John Foley
CEO, M&G plc
Business 4.0 Stories  I  21

Panel Discussion  I  22
TCS Annual Report 2019-20
WHAT IS THE CONNECTION BETWEEN INNOVATION, 
RESILIENCE AND ADAPTABILITY?
KAK: 
KR:
TThe pandemic has resulted in a renewed focus 
on individual, societal and organizational resilience 
and adaptability. An organization that is innovative is also 
resilient and adaptable. All three elements stem from 
a customer-centric and forward-looking worldview, and all 
three require empowered people, an enabling culture, 
and supporting structures, processes and technologies. 
Empowered employees are key to innovation. 
Such individuals take ownership of their domains, 
and come up with new ideas to deliver better outcomes 
for customers, or improvise when faced with some 
unforeseen adverse event, to ensure continuity of service. 
When customers’ needs or priorities change, innovative 
organizations adapt quickly by launching new business 
models or new services and products, and stay relevant 
in the changed market conditions. As you can see, all three 
are very closely connected in an enterprise and are critical 
to its longevity.
 In addition to an empowering culture, enterprises which 
invest in building a robust, responsive and extensible 
operations stack – consisting of the processes, systems and 
core infrastructure – will be better placed to not only respond 
to an economic shock, but also to recover faster and get back 
to their growth trajectory earlier.
Innovative. Resilient. Adaptable: 
A Panel Discussion
Featuring 
NG Subramaniam, 
Chief Operating Officer 
Krishnan Ramanujam,
Global Head – Business & 
Technology Services
K Ananth Krishnan, 
Chief Technology Officer

TCS Annual Report 2019-20
THAT MAKES SENSE. BUT HOW DOES THIS CONNECTION 
SHOW UP IN THE WORK YOU DO FOR CUSTOMERS?
NGS: If you think about it, TCS has had a track record of 
pioneering delivery model and business model innovations 
over the last two decades. These innovations have helped 
our customers enhance their resilience, scale up their 
technology adoption and reduce their total cost of 
ownership over the years.
First, it was the industrialized model of software 
development that adopted manufacturing principles, 
process controls and automation to deliver predictable 
and consistently high-quality outcomes at very competitive 
prices. Then we pioneered the Global Network Delivery 
model in the last decade, giving our customers access 
to our globally distributed delivery footprint and reducing 
their geographic risk. 
More recently, our Location Independent Agile model helped 
customers gain speed to market and reduce project risk 
by applying Agile methods even in large transformation 
programs. Our latest innovation is the Secure Borderless 
Workspace which makes our delivery model location-
agnostic at the level of the individual, while retaining the 
full rigor of our project oversight, quality and governance 
processes and security controls. This is the ultimate in 
distributed models, and infuses a tremendous amount 
of resilience and agility in the work we do for our customers.
 A big part of our incremental revenue over the last 
three years has come from growth and transformation 
engagements which are rooted in innovation. We have 
spoken about the work we have done around business model 
innovation, product innovation, or even innovation around 
customer experiences, all of which help boost the customer’s 
topline. However, such market-facing innovation doesn’t work 
if back-end processes are slow and error-prone; or if the core 
systems and underlying infrastructure are outdated and not 
scalable; or if the data is fragmented.  
Digital technologies – especially cloud, IoT, AI and Machine 
Learning – have opened tremendous opportunities to 
innovate and transform some or all the components of the 
enterprise’s operations stack – the business processes, 
the supporting systems and underlying infrastructure. 
KR:
By applying our innovation energies in such core 
transformation opportunities, we are helping customers 
build a new future-proof digital core, that is agile, efficient, 
scalable, and resilient. 
 The work we are doing for life insurance companies 
in the UK is a great example. Large insurers face the problem 
of fragile operations and patchy customer service due to the 
complexity of multiple legacy systems which are difficult 
to maintain and are prone to breakdowns. We have built 
a highly successfully and innovative business model in the UK 
wherein we administer the policies on the customer’s behalf, 
using our multi-tenant, cloud-based platform which is our 
intellectual property. The operations are much faster 
and far more resilient on this robust, modern platform, 
and the customer experience is radically transformed. 
You can read more about this in the M&G story in this year’s 
Annual Report.
Several large deals in FY 2020 were core transformation 
initiatives where we are using our Machine First Delivery 
Model to reimagine the customer’s IT operating model 
using AI and Machine Learning very innovatively. 
At the core is our cognitive automation software, ignio, 
which can autonomously pre-empt or resolve system 
failures. This makes the technology stack self-healing, and 
gives the organization a resilient digital core. The benefits 
were especially visible in the retail vertical during the holiday 
season peak and again during the panic shopping in March, 
CAN YOU PROVIDE EXAMPLES OF INNOVATION LEADING 
TO IMPROVED RESILIENCE?
NGS:
Digital technologies – especially cloud, IoT, 
AI and Machine Learning – have opened 
tremendous opportunities to innovate and 
transform some or all the components of the 
enterprise’s operations stack – the business 
processes, the supporting systems and 
underlying infrastructure. By applying our 
innovation energies in such core transformation 
opportunities, we are helping customers
 build a new future-proof digital core, 
that is agile, efficient, scalable, 
and resilient.
Panel Discussion  I  23

TCS Annual Report 2019-20
when our customers were able to handle spikes in volumes 
without their systems breaking down. 
Another aspect of such operating model transformations 
is that they can free up resources for other market-facing 
innovations that provide competitive differentiation. For one 
customer in the US, we are carrying out an operating model 
transformation on the one hand, and concurrently, a business 
transformation on the other, the former effectively paying 
for the latter. 
Let me give you an example from the Life Sciences 
vertical. We have been providing pharmacovigilance services 
to an European pharma major for the last 12 years. Our team 
goes through unstructured documents describing adverse 
events associated with the company’s various drugs, triages 
them and logs the data using standardized medical codes. 
We asked ourselves, why can’t machine intelligence be 
trained to do this? Our Life Sciences domain experts and 
our Analytics & Insights practice teamed up and built an 
innovative solution, TCS ADD Safety™, that uses our Decision 
Fabric™ AI Engine to completely automate the case intake 
and processing of adverse events. It uses AI and machine 
learning to convert natural language data into structured 
data. This is not only faster and more accurate, but can also 
easily handle volume spikes, lending greater resilience and 
scalability to their pharmacovigilance operation. The solution 
is our intellectual property and we are now offering it 
to other life sciences companies as well.
KR: 
INTERESTING. BUT WON’T THIS CANNIBALIZE THE 
MANUAL PROCESSING WORK YOU WERE DOING? 
KR:
GIVEN ITS IMPORTANCE, WHY DO CUSTOMERS ENGAGE 
TCS FOR THEIR INNOVATION INITIATIVES?
KAK:
 Yes, it will. But that is the nature of technological 
innovation. Newer technologies open up the possibility 
of accomplishing a certain task faster, better or cheaper. 
As a customer-centric organization, we will keep looking 
for newer, better ways to achieve a certain business 
outcome, and offering those innovations to our customers. 
This alignment with the customer’s business interests is what 
has helped us build long, enduring relationships founded on 
trust. That goodwill translates into incremental business that 
more than makes up for the deflation. In this case, we are 
replacing human effort with cutting edge IP which deepens 
the competitive moat as well.
And as it so happens, demand for our pharmacovigilance 
services was already growing robustly and will probably 
accelerate next year due to the increased activity around 
drug development. So displaced teams will get absorbed 
very quickly by our newer engagements.
 Well, innovation is not an exact science. Of the ten 
things you try out, one or two may succeed. To stay ahead 
in the innovation game, enterprises need to increase the 
‘yield’ on the number of bets they make, thereby increasing 
the likelihood of landing ‘winners’. By partnering with TCS, 
customers can leverage our investments in Research and 
Innovation, our large portfolio of intellectual property, 
our Pace Ports™, our Co-innovation Network of start-ups 
and academic partners, our deep contextual knowledge 
of their business, and our Location Independent Agile 
model to scale up as well as speed up their innovation. 
Customers in such diverse areas as retail, mining and energy 
have entered into innovation partnerships with us to set up 
dedicated agile innovation centers, where teams of TCS 
researchers and innovators work on finding technology 
solutions to their most critical business problems. The power 
of such partnerships gets amplified when it crosses industry 
boundaries and creates new opportunities.
This alignment with the customer’s 
business interests is what has helped 
us build long, enduring relationships 
founded on trust. That goodwill translates 
into incremental business that more than 
makes up for the deflation. In this case, 
we are replacing human effort with cutting 
edge IP which deepens the competitive 
moat as well.
Panel Discussion  I  24

TCS Annual Report 2019-20
Lastly, TCS’ innovation initiatives in community-centric 
themes, in areas like education, health, elder care and 
energy management align well with similar agendas 
at our customers and the world at large.
 Adaptability is going to be very important to our 
customers in the recovery phase, and innovation will be key 
to adapting to the new normal. All those elements that 
Ananth just described will be critical to our customers’ 
ability to scale up their innovation and by extension, their 
adaptation. Also, it is not an either-or scenario. When we 
engage in innovation work for our customers, we are not 
vacating our traditional areas of strength which are rooted 
in their run-the-business spends. This is incremental business 
that expands our addressable market, and brings in higher 
quality revenues. 
Second, those elements that Ananth listed, as well as our 
ability to stitch together different capabilities from across 
the organization into one seamless business-centric solution, 
are not easy to replicate. These capabilities are helping us 
differentiate ourselves from traditional outsourcers, and gain 
market share. 
To add to that, innovation initiatives tend to be fairly high 
profile in most organizations. By engaging in those initiatives, 
we are building strong relationships with a broader set of 
stakeholders in the enterprise – line of business heads, 
INNOVATION SPEND TENDS TO BE SMALL RELATIVE TO 
RUN-THE-BUSINESS SPEND. WHY FOCUS SO MUCH ON IT?
NGS:
KR: 
functional heads, COOs, CEOs and the Board. These connects 
give us a competitive edge even in the more traditional 
opportunities.
Of course, such initiatives often translate into core 
transformation deals which are large in scale, scope and deal 
value, and with longer tenures. That improves our business 
visibility, and brings in higher quality revenues. It also 
embeds us deeper into the core of the customer’s business, 
making us a strategic partner and sometimes the sole 
strategic partner, raising our brand visibility. 
 Innovation is a timeless business theme. It will not only 
continue to remain very relevant in the post-pandemic world, 
but might even see acceleration in some cases in the medium 
term. Even as we help customers improve their resilience 
in the immediate term, we are also having conversations 
on medium and longer term transformation plans. 
 There will be a short period of dislocation in some 
sectors due to the complete stalling of all economic activity, 
but once things settle down, you will see spending on these 
themes return. Different sectors will recover at different 
rates, but technology will remain front and center of every 
organization’s strategy to innovate, differentiate itself 
and grow.
WHAT DO YOU SEE AS THE KEY SPENDING THEMES 
AND DRIVERS OF YOUR GROWTH IN A POST-PANDEMIC 
WORLD?
KAK:
NGS:
KR: In the near term, enterprises are responding to the crisis 
by spending on workplace and collaboration tools, cyber-
security and cloud adoption. We expect to see accelerated 
rollouts of digital channels including cognitive chatbots. 
Organizations are also rapidly reconfiguring their supply 
chains with a `just in case’ orientation, for greater 
diversification and localization. 
In the next phase, customers will want to build greater 
resilience in their operations, and we expect greater interest
in our Machine First approach, and ignio. You can also expect 
heightened M&A activity in the next few months, and given 
our experience in process and IT integration, enabling time-
bound divestments and taking on commitments around 
transition services, we expect to benefit from that as well.
In the medium and longer term, there are structural 
forces acting in our favor. Technology is seen as a source 
of competitive differentiation in every industry today, 
and technology intensity – or spend on technology as 
a percentage of revenue – is rising. That expands the market 
opportunity for us. From our side, we have been steadily 
expanding our addressable market by continually launching 
new services, products and platforms, catering to the 
priorities of an expanding set of stakeholders in the 
enterprise. Between these two forces, we have immense 
confidence in our ability to sustain longer term growth 
and value creation for our stakeholders.
Panel Discussion  I  25

RBC Capital Markets, a top-10 global investment bank, 
has an extensive equity research capability covering around 
1,700 corporations across the world. Its research desk has 
been consistently ranked #1 in Canada over the years. 
To expand its reach and retain its leadership, RBC wanted 
to redesign its client-facing research portal to provide 
a better customer experience. 
As RBC’s strategic digital partner, TCS designed and 
developed a new microservices-based, cloud-ready 
research portal that provides a more engaging, intuitive 
and consistent user experience across a multitude 
of devices preferred by new-generation fund managers. 
AI-based algorithms power the intuitive search capability 
and provide personalized, context-driven research 
recommendations. The new portal supports multimedia 
formats including podcasts and videos. It also provides 
RBC’s award-winning analysts with a best-in-class platform 
to publish their research and interact with clients online. 
In-depth readership analytics have enabled identification 
of cross-selling and up-selling opportunities. The superior 
user interface has helped improve customer satisfaction. 
Integration with third party research aggregator sites has 
significantly expanded its reach. 
Partnering RBC in Reimagining its Research Portal 
for Superior Customer Experience
The new portal has significantly improved the overall client 
journey of content and led to an increase in readership 
and client visits.
“We have been maintaining our technological 
leadership by investing significantly in our digital 
and innovation strategies, enabling RBC to deliver 
superior experiences and even more insights that 
create value for our clients.
Partnering with TCS helped us innovate at scale, 
leveraging leading-edge technology to transform 
the user experience as well as the reach 
of RBC Insights, and unlock new opportunities. 
They brought a lot of domain knowledge and were 
proactive in coming up with new ideas. By working 
Agile and deploying automation wherever possible, 
they significantly improved our speed to market. 
Their deep understanding of our business, passion 
for innovation and shared values have made them 
a key part of our digital transformation journey.” 
Fardeen Khan
Head – Strategic Initiatives – Research, 
RBC Capital Markets
TCS Annual Report 2019-20
Business 4.0 Stories  I  26

Q&A  I  27
WITH SBWS AND WORKING FROM HOME, WHAT HAPPENS 
TO THE TRADITIONAL ONSITE-OFFSHORE MODEL?
ML: 
INTERESTING. BUT FOR NOW, HOW IS EMPLOYEE MORALE 
AND PRODUCTIVITY? 
ML:
With our teams as well as our customers' teams working 
from home, in-person interactions are now replaced with 
virtual collaboration. SBWS makes physical location 
irrelevant. This virtualization blurs the traditional divide 
between onsite and offshore. Traveling to onsite locations, 
particularly for initial transitions and knowledge transfer, 
will reduce further. 
At a societal level, this also means young people will 
eventually have the option of pursuing their careers 
in TCS without uprooting themselves from their home 
towns as long as they have good connectivity. Likewise, 
there will be greater opportunities for women to pursue 
fulfilling careers while managing familial responsibilities.
In the longer term, it is possible that project teams will be 
seen as part of a virtualized talent cloud and provisioned 
for in the same way that we provision for compute power 
or storage today.
 I feel the lockdowns, amidst the uncertainities and 
fears related to the pandemic, have actually brought us all 
a little closer. Daily team video calls, interaction over chats 
and email, and frequent updates from HR and senior 
management have helped mitigate any feeling of isolation. 
Q&A WITH 
MILIND LAKKAD, CHRO
AND
V RAMAKRISHNAN, CFO  
TCS Annual Report 2019-20

Through the TCS Cares initiative, we are providing counseling 
services and running educational campaigns to help 
individuals cope with stress and anxiety. We are also creating 
self help networks of our associates with similar interests, 
so they get the social interaction that the physical workplace 
used to provide.
As for productivity, the time saved on the daily commute 
is translating into increased energy levels and better 
engagement. There are some areas where teams have shown 
higher through-put, but these are still very early days.
WILL TRAVEL RESTRICTIONS OVER THE NEXT FEW 
MONTHS AFFECT YOUR ABILITY TO CLOSE DEALS? 
WHAT ABOUT RAMP-UPS ON NEW DEALS?
VR:
ML: 
 As for new deal closures, it is encouraging that 
we signed a large, multi-million dollar deal in end-March, 
entirely virtually, while both parties were under lockdown. 
Anyway, most of our incremental revenue comes from 
existing customers who know us well, and with whom 
we have ongoing conversations. Second, travel restrictions 
impact everyone and not just us. So our relative 
competitiveness is not affected. And lastly, the post-
pandemic world will see more and more activities that 
previously involved in-person interactions go virtual, 
including the sales process. Years from now, we will 
probably look back and wonder at how much time 
salespersons used to spend on the road.
Ramp-ups on some of the large deals we signed in the 
fourth quarter are progressing smoothly, with knowledge 
transfer taking place virtually. In fact, in the example that 
Ramki mentioned as well as in some other cases, the entire 
process of transition and moving to steady state operations 
are also taking place virtually. There is an added qualitative 
benefit of these virtual sessions. Now, the entire team can 
participate in these sessions, compared to the more exclusive 
`train the trainer' approach we used in the past. This reduces 
the transmission losses and makes the process more efficient.
HAVE VISA RESTRICTIONS IN THE US DISRUPTED 
YOUR BUSINESS? 
ML: Our delivery model has evolved over the last few years. 
Our Location Independent Agile™ promotes systematic 
collaboration across distributed teams and reduces the need 
for co-location. This, coupled with greater use of managed-
services contracting models have given us more flexibility 
around where our teams are based. 
We have also accelerated our localization programs. 
In the US, we have hired over 20,000 employees in 
the last five years, making us one of the top job creators 
in IT services and consulting. Every year, we hire hundreds 
of fresh engineering graduates and train them on new 
technologies. In FY 2020, we hired over 2.5 times our usual 
fresher intake, and also made the training more account-
contextual, accelerating their ability to play productive, 
client-facing roles. For very short-term assignments, 
we use sub-contractors. 
All this has brought down our use of work visas to a small 
fraction of what it used to be five years ago, de-risking our 
business significantly. Looking into the future, as I mentioned 
earlier, the virtualization of many activities with SBWS will 
reduce the need for travel and co-location even further.
Traveling to onsite locations, particularly for 
initial transitions and knowledge transfer, 
will reduce further. At a societal level, 
this also means young people will eventually 
have the option of pursuing their careers in TCS 
without uprooting themselves from their home 
towns as long as they have good connectivity. 
Likewise, there will be greater opportunities 
for women to pursue fulfilling careers while 
managing familial responsibilities.
Q&A  I  28
TCS Annual Report 2019-20

TCS Annual Report 2019-20
GIVEN THE LIKELY DEMAND COLLAPSE IN FY 2021, 
WHAT LEVERS DO YOU HAVE TO KEEP MARGINS STABLE?
VR:
AND YET, YOU PLAN TO HONOR ALL THE JOB OFFERS YOU 
HAVE MADE?
ML:
 Cost management at TCS has been devolved to the 
individual business units, and from there to the account 
and project levels. At that granular level, there are multiple 
margin management avenues available to them, starting 
from selling higher value services and solutions, getting into 
managed services contracts, superior execution leveraging 
MFDM™, replacing subcontractors with employees and so on. 
At a corporate level, we will scrutinize all expenses. 
We have frozen all new hiring, and we won't have our annual 
wage increase this year. There is some amount of relief from 
reduced spending on travel and facilities. Many big marketing 
events are likely to be canceled, bringing down the 
sponsorship expense. The Rupee depreciation, taking place 
after a fairly long gap, also provides some support.
 Yes. We will honor all the accepted job offers that 
we have already made. We have also assured our employees
that we are not planning retrenchments. This commitment 
that we have for our people is what motivates them to give 
their best for TCS.
IS THERE ANY CHANGE IN YOUR CAPITAL ALLOCATION 
POLICY DUE TO THE DOWNTURN? WHAT ABOUT M&A?
VR:
WHY IS THERE SUCH A BIG GAP BETWEEN TCS' ATTRITION 
RATE AND THAT OF PEERS'? DO YOU CALCULATE IT 
DIFFERENTLY?
ML:
 We have sufficient cash on our balance sheet for 
the proverbial rainy day, so our capital allocation policy 
continues to be one of returning most of our free cash flow 
to shareholders. This year, once again, we have paid out 
nearly 109% of our free cash flow in the form of dividends. 
We are always open to the idea of picking up the right asset 
at the right price. Economic downturns are probably the best 
time to do it, when there are fewer buyers. You might recall 
that our largest acquisition till date was executed in 
December 2008, at the peak of the Global Financial Crisis. 
 (Laughs) No, we use a standard formula that has 
remained unchanged in years. It is calculated by dividing the 
total number of departures in the prior twelve months by the 
closing headcount. 
Just to be clear, we have always had the best retention 
rate in the industry. Our purpose-driven culture, progressive 
HR policies, and philosophy of investing in people and 
empowering them have made us an industry benchmark in 
talent retention, and an employer of choice across the world. 
Our commitment to organic talent development is best 
summarized in the words of our Chairman: 
We value employees 
for their domain and customer-specific contextual 
knowledge, and invest in layering new technology skills on 
top of that, helping them stay relevant. We link learning to 
their career in explicit and transparent ways. We also give 
internal talent the first right of refusal on leadership positions 
in the company.
We have a program called Contextual Masters which 
celebrates experienced employees who use their contextual 
knowledge to create value for our customers. This gives 
junior employees role models to emulate, and encourages 
them to plan long careers in TCS. In contrast, in some other 
organizations, experienced individuals are seen as expensive 
and targeted for layoffs, affecting the morale. I believe that is 
why the retention gap has widened in recent years. 
We value employees for their domain and 
customer-specific contextual knowledge, 
and invest in layering new technology skills 
on top of that, helping them stay relevant. 
We link learning to their career in explicit 
and transparent ways. We also give 
internal talent the first right of refusal 
on leadership positions in the company.
Q&A  I  29
legacy people, only legacy technologies. 
There are no

Enabling Woolworths’ Teams to Deliver Superior 
In-Store Customer Experiences
Woolworths, Australia’s largest supermarket group, views 
building a Customer 1st brand, team and culture as its 
foremost strategic priority. In this regard, they launched 
a store transformation program that aimed to empower 
store team members with data and automate many routine 
back-office tasks, freeing up time for customer engagement 
to improve the customer experience.
TCS, as the strategic partner in this program, worked 
in close collaboration with Woolworths to help build a fully 
integrated, device-agnostic, centralized platform to enable 
this vision of a connected store and empowered store 
team members.
The platform allows store team members to orchestrate 
selected operations through mobile RF devices by digitizing 
their day to day routines. It provides intelligence in the form 
of a 360-degree view of the store inventory, real-time stock 
adjustments, efficient management of store deliveries and 
stock-takes, enhancing productivity end to end and 
ultimately providing a better customer experience.
Its intuitive user interface has allowed for quick, universal 
acceptance by the 90,000+ store users, with minimal 
training. Using targeted implementation automation 
tools, the solution was successfully deployed across 
3000+ stores across 7 different brands, within just 6 months.
In the next phase of the store transformation journey, 
TCS is working with Woolworths and its partners to pilot 
innovations such as robotics and computer vision to monitor 
safety and inventory, temperature monitoring through IoT 
and a host of other technology led innovations.
“Our store transformation program is part of the 
various investments we have made in achieving 
the Group’s strategy to enable consistently good 
customer and team experiences.
TCS has been a critical partner in this journey. 
They have demonstrated deep contextual 
knowledge of our business and come up with out 
of the box ideas to address some of our technology 
challenges and opportunities. They are key 
to ensuring that our systems run smoothly, 
and go above and beyond for our business. 
We have awarded TCS Partner of the Year based 
on their delivery and passion to provide 
extraordinary service and support.”
John Hunt
CIO, Woolworths Group
TCS Annual Report 2019-20
Business 4.0 Stories  I  30

Powering Vitality UK’s Ambition to be
an Insurance Brand that is Positively Different
Traditionally, selling health insurance does not offer too many 
opportunities for customer engagement. Post purchase, the 
interaction is usually limited to claims processing. And yet, 
one insurer has built an innovative, purpose-driven business 
model that is helping build deep relationships, support 
people in living heathier lives and become a beloved 
consumer brand.
Vitality, the wholly owned subsidiary of South African giant, 
Discovery, is a poster child of the immensely successful 
shared value business model. It engages with policyholders 
continually to incentivize preventive behaviors that promote 
wellness, and in the process, reduces costs and builds 
positive relationships between the business and its 
customers.
VitalityHealth actively promotes the adoption of healthy 
lifestyles by its members, incentivizing them to undertake 
regular activity through a generous rewards program that is 
redeemable across a curated partner ecosystem.
TCS has been its innovation partner in this transformation 
journey, helping build the enabling technology layer for this 
wellness-oriented insurance ecosystem. TCS consolidated 
and simplified its technology stack, modernized its policy 
administration system and integrated it with the Vitality 
rewards platform. A customer portal makes individuals aware 
of their risk factors and ways to improve their health, track 
their reward points and redeem them.  The analytics layer 
provides a unified customer view across customer 
relationship, client onboarding, and policy servicing. 
Vitality’s innovative model has resulted in deeper member 
engagement, driving revenue and profit.  New business 
revenue grew 15%, and operating profit grew 22% in 2019.  
Best of all, it is also well on its way to realize its ambition to 
be an insurance brand that consumers will love. In five short 
years, Vitality is among the top 5 market leaders in the UK 
and enjoys a 50% prompted brand awareness.
“The Vitality Shared Value model is based 
on the concept of interventions that will inspire 
behavioral change among our members – 
benefiting the person, us as the insurer and also 
wider society. Technology is a critical strategic 
enabler in our model. Partnering with TCS 
significantly accelerated our transformation 
journey, helping us launch newer innovations 
faster, while delivering a consistent, integrated 
experience to our members.”
Kris Tokarzewski 
CTIO, Vitality UK
TCS Annual Report 2019-20
Business 4.0 Stories  I  31

PM-JAY: Leveraging Technology to Provide Healthcare 
Coverage to India’s Poorest
TCS Annual Report 2019-20
Business 4.0 Stories  I  32
Crushing poverty can deprive the poor of access to quality 
healthcare. Ayushman Bharat was a bold and innovative 
scheme launched by the Government of India to achieve 
universal health coverage. Central to this is the Pradhan 
Mantri Jan Arogya Yojana (PM-JAY), the world’s largest 
fully funded health insurance scheme covering 500 million 
of India’s poorest.  
With its track-record in successfully executing some of India’s 
largest transformational programs, deep domain knowledge 
and experience in implementing similar schemes in three 
states, TCS was a natural partner to the National Health 
Authority (NHA) in implementing this visionary undertaking.
TCS designed a highly configurable, cloud-based solution 
architected for usability, scalability, high performance and 
security, supporting sophisticated analytics to detect fraud. 
The solution caters to all the ecosystem participants – the 
NHA, state bodies, hospitals, and TPAs, enabling multi-level 
online scrutiny of beneficiaries before pre-authorisation, 
transmission of electronic medical records, monitoring of 
treatment and outcomes, and claim verification, and ensures 
adherence to scheme SLAs. 
TCS’ successful implementation helped NHA achieve a glitch-
free rollout of the scheme within six months. Since its launch, 
the solution has processed claims pertaining to 7.3 million 
hospital admissions, demonstrating how technology can 
transform social services, and make a world of difference 
to over 5 million beneficiaries till date.
“The system is intended to be used by more 
than 20,000 hospitals, from both public and private 
sector across the country, same was accomplished 
in a short timeframe with minimal issues. 
It has been great experience for all the stake 
holders viz. NHA, SHAs, Hospitals, Insurance 
companies and TPAs working with Team TCS.
It was very heartening to see the proactive 
involvement of the Team, coming up with solutions 
acceptable to all stake holders without diluting 
the objectives of the scheme.” 
Dr Indu Bhushan
CEO, National Health Authority 
Government of India

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TCS Annual Report 2019-20
Notice I 34
Notice 
Notice is hereby given that the twenty-ﬁfth Annual General 
Meeting of Tata Consultancy Services Limited will be held 
on Thursday, June 11, 2020 at 3:30 p.m. IST through Video 
Conferencing (“VC”) / Other Audio Visual Means (“OAVM”) 
to transact the following business:
1. 
To receive, consider and adopt:
 
a. the Audited Financial Statements of the Company 
for the ﬁnancial year ended March 31, 2020, 
together with the Reports of the Board of Directors 
and the Auditors thereon; and
 
b. the Audited Consolidated Financial Statements of 
the Company for the ﬁnancial year ended  
March 31, 2020, together with the Report of the 
Auditors thereon.
2. To conﬁrm the payment of Interim Dividends (including 
a special dividend) on Equity Shares and to declare a 
Final Dividend on Equity Shares for the ﬁnancial year 
2019-20.
3. To appoint a Director in place of Aarthi Subramanian 
(DIN 07121802) who retires by rotation and, being 
eligible, offers herself for re-appointment.
Notes:
1. 
In view of the continuing Covid-19 pandemic, the 
Ministry of Corporate Affairs (“MCA”) has vide its 
circular dated May 5, 2020 read with circulars dated 
April 8, 2020 and April 13, 2020 (collectively referred 
to as “MCA Circulars”) permitted the holding of the 
Annual General Meeting (“AGM”) through VC / OAVM, 
without the physical presence of the Members at a 
common venue. In compliance with the provisions 
of the Companies Act, 2013 (“Act”), SEBI (Listing 
Obligations and Disclosure Requirements) Regulations, 
2015 (“SEBI Listing Regulations”) and MCA Circulars, 
the AGM of the Company is being held  
through VC / OAVM.
2. The relevant details, pursuant to Regulations 26(4) and 
36(3) of the SEBI Listing Regulations and Secretarial 
Standard on General Meetings issued by the Institute 
of Company Secretaries of India, in respect of Director 
seeking re-appointment at this AGM is annexed.
3. Pursuant to the provisions of the Act, a Member 
entitled to attend and vote at the AGM is entitled to 
appoint a proxy to attend and vote on his/her behalf 
and the proxy need not be a Member of the Company. 
Since this AGM is being held pursuant to the MCA 
Circulars through VC / OAVM, physical attendance of 
Members has been dispensed with. Accordingly, the 
facility for appointment of proxies by the Members will 
not be available for the AGM and hence the Proxy Form 
and Attendance Slip are not annexed to this Notice.
4. Institutional / Corporate Shareholders (i.e. other 
than individuals / HUF, NRI, etc.) are required to 
send a scanned copy (PDF/JPG Format) of its Board 
or governing body Resolution/Authorization etc., 
authorizing its representative to attend the AGM 
through VC / OAVM on its behalf and to vote through

TCS Annual Report 2019-20
Notice I 35
remote e-voting. The said Resolution/Authorization 
shall be sent to the Scrutinizer by email through its 
registered email address to tcs.scrutinizer@gmail.com 
with a copy marked to evoting@nsdl.co.in
5. The Company has ﬁxed Thursday, June 4, 2020 as the 
‘Record Date’ for determining entitlement of  
members to ﬁnal dividend for the ﬁnancial year ended  
March 31, 2020, if approved at the AGM.
6. If the ﬁnal dividend, as recommended by the Board of 
Directors, is approved at the AGM, payment of such 
dividend subject to deduction of tax at source will be 
made on Monday, June 15, 2020 as under:
 
i. 
To all Beneﬁcial Owners in respect of shares held 
in dematerialized form as per the data as may 
be made available by the National Securities 
Depository Limited (“NSDL”) and the Central 
Depository Services (India) Limited (“CDSL”), 
collectively “Depositories”, as of the close of 
business hours on Thursday, June 4, 2020.
 
ii. 
To all Members in respect of shares held in 
physical form after giving effect to valid transfer, 
transmission or transposition requests lodged with 
the Company as of the close of business hours on 
Thursday, June 4, 2020.
7. 
As per Regulation 40 of SEBI Listing Regulations, 
as amended, securities of listed companies can be 
transferred only in dematerialized form with effect 
from, April 1, 2019, except in case of request received 
for transmission or transposition of securities.  
In view of this and to eliminate all risks associated with 
physical shares and for ease of portfolio management, 
members holding shares in physical form are requested 
to consider converting their holdings to dematerialized 
form. Members can contact the Company or Company’s 
Registrars and Transfer Agents, TSR DARASHAW 
Consultants Private Limited (“TCPL”) for assistance 
in this regard. Members may also refer to Frequently 
Asked Questions (“FAQs”) on Company’s website 
https://on.tcs.com/demat-faq.
8. To support the ‘Green Initiative’, Members who have not 
yet registered their email addresses are requested to 
register the same with their DPs in case the shares are 
held by them in electronic form and with TCPL in case 
the shares are held by them in physical form.
9. Members are requested to intimate changes, if any, 
pertaining to their name, postal address, email address, 
telephone/ mobile numbers, Permanent Account 
Number (PAN), mandates, nominations, power of 
attorney, bank details such as, name of the bank and 
branch details, bank account number, MICR code, IFSC 
code, etc., to their DPs in case the shares are held by 
them in electronic form and to TCPL in case the shares 
are held by them in physical form.
10. As per the provisions of Section 72 of the Act, the 
facility for making nomination is available for the 
Members in respect of the shares held by them. 
Members who have not yet registered their nomination 
are requested to register the same by submitting Form 
No. SH-13. The said form can be downloaded from the 
Company’s website https://on.tcs.com/form-sh-13.
Members are requested to submit the said details 
to their DP in case the shares are held by them in 
electronic form and to TCPL in case the shares are held 
in physical form.
11. Members holding shares in physical form, in identical 
order of names, in more than one folio are requested to 
send to the Company or TCPL, the details of such folios 
together with the share certiﬁcates for consolidating 
their holdings in one folio. A consolidated share 
certiﬁcate will be issued to such Members after making 
requisite changes.
12. In case of joint holders, the Member whose name 
appears as the ﬁrst holder in the order of names as 
per the Register of Members of the Company will be 
entitled to vote at the AGM.
13. Members seeking any information with regard to the 
accounts or any matter to be placed at the  
AGM, are requested to write to the Company on or 
before June 10, 2020 through email on  
investor.relations@tcs.com. The same will be replied by 
the Company suitably.
14. Members are requested to note that, dividends if not 
encashed for a consecutive period of 7 years from the 
date of transfer to Unpaid Dividend Account of the 
Company, are liable to be transferred to the Investor

TCS Annual Report 2019-20
Notice I 36
Education and Protection Fund (“IEPF”). The shares 
in respect of such unclaimed dividends are also liable 
to be transferred to the demat account of the IEPF 
Authority. In view of this, Members are requested to 
claim their dividends from the Company, within the 
stipulated timeline. The Members, whose unclaimed 
dividends/shares have been transferred to IEPF, may 
claim the same by making an online application to the 
IEPF Authority in web Form No. IEPF-5 available on 
www.iepf.gov.in. For details, please refer to corporate 
governance report which is a part of this Annual Report 
and FAQ of investor page on Company’s website  
http://on.tcs.com/IR-FAQ.
15. In compliance with the aforesaid MCA Circulars and 
SEBI Circular dated May 12, 2020, Notice of the AGM 
along with the Annual Report 2019-20 is being sent 
only through electronic mode to those Members whose 
email addresses are registered with the Company/
Depositories. Members may note that the Notice and 
Annual Report 2019-20 will also be available on the 
Company’s website www.tcs.com, websites of the 
Stock Exchanges i.e. BSE Limited and National Stock 
Exchange of India Limited at www.bseindia.com and 
www.nseindia.com respectively, and on the website of 
NSDL https://www.evoting.nsdl.com
16. Members attending the AGM through VC / OAVM shall 
be counted for the purpose of reckoning the quorum 
under Section 103 of the Act.
17. At the twenty-second AGM held on June 16, 2017 
the Members approved appointment of B S R & Co 
LLP, Chartered Accountants (Firm Registration No. 
101248W/W-100022) as Statutory Auditors of the 
Company to hold office for a period of ﬁve years from 
the conclusion of that AGM till the conclusion of the 
twenty-seventh AGM, subject to ratiﬁcation of their 
appointment by Members at every AGM, if so required 
under the Act. The requirement to place the matter 
relating to appointment of auditors for ratiﬁcation 
by Members at every AGM has been done away by 
the Companies (Amendment) Act, 2017 with effect 
from May 7, 2018. Accordingly, no resolution is being 
proposed for ratiﬁcation of appointment of statutory 
auditors at the twenty-ﬁfth AGM.
18. Pursuant to Finance Act 2020, dividend income will be 
taxable in the hands of shareholders w.e.f. April 1, 2020 
and the Company is required to deduct tax at source 
from dividend paid to shareholders at the prescribed 
rates. For the prescribed rates for various categories, 
the shareholders are requested to refer to the Finance 
Act, 2020 and amendments thereof. The shareholders 
are requested to update their PAN with the Company/
TCPL (in case of shares held in physical mode) and 
depositories (in case of shares held in demat mode). 
 
A Resident individual shareholder with PAN and who 
is not liable to pay income tax can submit a yearly 
declaration in Form No. 15G/15H, to avail the beneﬁt of 
non-deduction of tax at source by email to  
Csg-exemptforms@tsrdarashaw.com by 11:59 p.m. IST 
on June 4, 2020. Shareholders are requested to note 
that in case their PAN is not registered, the tax will be 
deducted at a higher rate of 20%. 
 
Non-resident shareholders can avail beneﬁcial rates 
under tax treaty between India and their country of 
residence, subject to providing necessary documents 
i.e. No Permanent Establishment and Beneﬁcial 
Ownership Declaration, Tax Residency Certiﬁcate, 
Form 10F, any other document which may be required 
to avail the tax treaty beneﬁts by sending an email to 
Csg-exemptforms@tsrdarashaw.com. The aforesaid 
declarations and documents need to be submitted by 
the shareholders by 11:59 p.m. IST on June 4, 2020.
19. Since the AGM will be held through VC / OAVM, the 
Route Map is not annexed in this Notice.
20. Instructions for e-voting and joining the AGM are as 
follows:
A. VOTING THROUGH ELECTRONIC MEANS
 
i. 
In compliance with the provisions of Section 108 
of the Act, read with Rule 20 of the Companies 
(Management and Administration) Rules, 2014, 
as amended from time to time, and Regulation 
44 of the SEBI Listing Regulations, the Members 
are provided with the facility to cast their vote 
electronically, through the e-voting services 
provided by NSDL, on all the resolutions set forth in 
this Notice. The instructions for e-voting are given 
herein below.

TCS Annual Report 2019-20
Notice I 37
 
ii. 
The remote e-voting period commences on 
Monday, June 8, 2020 (9:00 a.m. IST) and ends 
on Wednesday, June 10, 2020 (5:00 p.m. IST). 
During this period, Members holding shares either 
in physical form or in dematerialized form, as on 
Thursday, June 4, 2020 i.e. cut-off date, may cast 
their vote electronically. The e-voting module shall 
be disabled by NSDL for voting thereafter. Those 
Members, who will be present in the AGM through 
VC / OAVM facility and have not cast their vote 
on the Resolutions through remote e-voting and 
are otherwise not barred from doing so, shall be 
eligible to vote through e-voting system during the 
AGM.
 
iii. The Board of Directors has appointed P N Parikh 
(Membership No. FCS 327) and failing him Jigyasa 
Ved (Membership No. FCS 6488) of Parikh & 
Associates, Practicing Company Secretaries as 
the Scrutinizer to scrutinize the voting during the 
AGM and remote e-voting process in a fair and 
transparent manner.
 
iv. The Members who have cast their vote by remote 
e-voting prior to the AGM may also attend/
participate in the AGM through VC / OAVM but 
shall not be entitled to cast their vote again.
 
v. 
The voting rights of Members shall be in proportion 
to their shares in the paid-up equity share capital 
of the Company as on the cut-off date.
 
vi. Any person, who acquires shares of the Company 
and becomes a Member of the Company after 
sending of the Notice and holding shares as of the 
cut-off date, may obtain the login ID and password 
by sending a request at evoting@nsdl.co.in. 
However, if he/she is already registered with NSDL 
for remote e-voting then he/she can use his/her 
existing User ID and password for casting the vote.
 
vii. The details of the process and manner for remote 
e-voting are explained herein below:
 
 
Step 1: Log-in to NSDL e-voting system at  
https://www.evoting.nsdl.com/
 
 
Step 2: Cast your vote electronically on NSDL 
e-voting system.
 
 
Details on Step 1 are mentioned below:
 
 
How to Log-in to NSDL e-voting website?
 
 
1. 
Visit the e-voting website of NSDL. Open web 
browser by typing the following URL:  
https://www.evoting. nsdl.com/ either on a 
personal computer or on a mobile.
 
 
2. Once the home page of e-voting system is 
launched, click on the icon “Login” which is 
available under “Shareholders” section.
 
 
3. A new screen will open. You will have to enter 
your User ID, your Password and a Veriﬁcation 
Code as shown on the screen. Alternatively, if 
you are registered for NSDL eservices  
i.e. IDEAS, you can log-in at  
https://eservices.nsdl.com/ with your existing 
IDEAS login. Once you log-in to NSDL 
eservices after using your log-in credentials, 
click on e-voting and you can proceed to  
Step 2 i.e. cast your vote electronically.

TCS Annual Report 2019-20
Notice I 38
4. Your User ID details are given below:
Manner of 
holding shares 
i.e. Demat  
(NSDL or CDSL) 
or Physical 
Your User ID is:
A) For Members 
who hold 
shares in 
demat 
account with 
NSDL.
8 Character DP ID followed by 8 
Digit Client ID
For example, if your DP ID 
is IN300*** and Client ID is 
12****** then your user ID is 
IN300***12******
B) For Members 
who hold 
shares in 
demat 
account with 
CDSL.
16 Digit Beneﬁciary ID
For example, if your Beneﬁciary 
ID is 12************** then your 
user ID is 12**************
c) For Members 
holding 
shares in 
Physical 
Form.
EVEN Number followed by Folio 
Number registered with the 
company
For example, if EVEN is 123456 
and folio number is 001*** then 
user ID is 123456001***
 
 
5. Your password details are given below:
 
 
 
a) If you are already registered for e-voting, 
then you can use your existing password 
to login and cast your vote.
 
 
 
b) If you are using NSDL e-voting system for 
the ﬁrst time, you will need to retrieve the 
‘initial password’ which was communicated 
to you by NSDL. Once you retrieve your 
‘initial password’, you need to enter the 
‘initial password’ and the system will force 
you to change your password.
 
 
 
c) How to retrieve your ‘initial password’?
 
 
 
 
i) 
If your email ID is registered in 
your demat account or with the 
company, your ‘initial password’ is 
communicated to you on your email 
ID. Trace the email sent to you from 
NSDL in your mailbox from  
evoting@nsdl.com. Open the email 
and open the attachment i.e. a .pdf 
ﬁle. Open the .pdf ﬁle. The password 
to open the .pdf ﬁle is your 8 digit 
client ID for NSDL account, last 8 digits 
of client ID for CDSL account or folio 
number for shares held in physical 
form. The .pdf ﬁle contains your ‘User 
ID’ and your ‘initial password’.
 
 
 
 
ii) In case you have not registered your 
email address with the Company/
Depository, please follow instructions 
mentioned below in this notice.
 
 
6. If you are unable to retrieve or have not 
received the ‘initial password’ or have 
forgotten your password:
 
 
 
a) Click on “Forgot User Details/Password?” 
(If you are holding shares in your demat 
account with NSDL or CDSL) option 
available on www.evoting.nsdl.com.
 
 
 
b) “Physical User Reset Password?” (If you 
are holding shares in physical mode) 
option available on www.evoting.nsdl.com.
 
 
 
c) If you are still unable to get the password 
by aforesaid two options, you can send a 
request at evoting@nsdl.co.in mentioning 
your demat account number/folio number, 
your PAN, your name and your registered 
address.
 
 
 
d) Members can also use the one-time 
password (OTP) based login for casting 
the votes on the e-Voting system of NSDL.
 
 
7. 
After entering your password, click on Agree 
to “Terms and Conditions” by selecting on the 
check box.

TCS Annual Report 2019-20
Notice I 39
 
 
8. Now, you will have to click on “Login” button.
 
 
9. After you click on the “Login” button, Home 
page of e-voting will open.
 
 
Details on Step 2 are mentioned below:
 
 
How to cast your vote electronically on NSDL 
e-voting system?
 
 
1. 
After successful login at Step 1, you will be able 
to see the Home page of e-voting. Click on 
e-voting. Then, click on Active Voting Cycles.
 
 
2. After click on Active Voting Cycles, you will be 
able to see all the companies “EVEN” in which 
you are holding shares and whose voting cycle 
is in active status.
 
 
3. Select “EVEN” of the Company, which is 
112923.
 
 
4. Now you are ready for e-voting as the Voting 
page opens
 
 
5. Cast your vote by selecting appropriate 
options i.e. assent or dissent, verify/modify 
the number of shares for which you wish to 
cast your vote and click on “Submit” and also 
“Conﬁrm” when prompted.
 
 
6. Upon conﬁrmation, the message “Vote cast 
successfully” will be displayed.
 
 
7. 
You can also take the printout of the votes cast 
by you by clicking on the print option on the 
conﬁrmation page.
 
 
8. Once you conﬁrm your vote on the resolution, 
you will not be allowed to modify your vote.
 
 
General Guidelines for shareholders
 
 
1. 
Institutional / Corporate shareholders (i.e. 
other than individuals, HUF, NRI, etc.) are 
required to send a scanned copy (PDF/JPG 
Format) of the relevant Board Resolution/
Authority letter etc., with attested specimen 
signature of the duly authorized signatory(ies) 
who are authorized to vote, to the Scrutinizer 
by email to tcs.scrutinizer@gmail.com with a 
copy marked to evoting@nsdl.co.in
 
 
2. It is strongly recommended not to share 
your password with any other person and 
take utmost care to keep your password 
conﬁdential. Login to the e-voting website will 
be disabled upon ﬁve unsuccessful attempts to 
key in the correct password. In such an event, 
you will need to go through the “Forgot User 
Details/Password?” or “Physical User Reset 
Password?” option available on  
https://www.evoting.nsdl.com to reset the 
password.
 
 
3. In case of any queries relating to e-voting 
you may refer to the FAQs for Shareholders 
and e-voting user manual for Shareholders 
available at the download section of  
https://www.evoting.nsdl.com or call on toll 
free no.: 1800-222-990 or send a request at 
evoting@nsdl.co.in. 
 
 
 
In case of any grievances connected with 
facility for e-voting, please contact  
Ms. Pallavi Mhatre, Manager, NSDL,  
4th Floor, ‘A’ Wing, Trade World,  
Kamala Mills Compound, Senapati Bapat Marg, 
Lower Parel, Mumbai 400 013.  
Email: evoting@nsdl.co.in/pallavid@nsdl.co.in, 
Tel: 91 22 2499 4545/ 1800-222-990

TCS Annual Report 2019-20
Notice I 40
B.  INSTRUCTIONS FOR MEMBERS FOR ATTENDING THE 
AGM THROUGH VC / OAVM ARE AS UNDER:
 
1. 
Members will be able to attend the AGM through 
VC / OAVM or view the live webcast of AGM 
provided by NSDL at https://www.evoting.nsdl.com 
by using their remote e-voting login credentials 
and selecting the EVEN for Company’s AGM.
 
 
Members who do not have the User ID and 
Password for e-voting or have forgotten the 
User ID and Password may retrieve the same 
by following the remote e-voting instructions 
mentioned in the Notice. Further Members can 
also use the OTP based login for logging into the 
e-voting system of NSDL.
 
2. Facility of joining the AGM through VC / OAVM 
shall open 30 minutes before the time scheduled 
for the AGM and will be available for Members on 
ﬁrst come ﬁrst served basis.
 
3. Members who need assistance before or during the 
AGM, can contact NSDL on evoting@nsdl.co.in/ 
1800-222-990 or contact Mr. Amit Vishal,  
Senior Manager – NSDL at amitv@nsdl.co.in/ 
022-24994360/ +91 9920264780 or  
Mr. Sagar Ghosalkar, Assistant Manager- NSDL at 
sagar.ghosalkar@nsdl.co.in/ 022-24994553/  
+91 9326781467.
Process for registration of email id for obtaining Annual Report and user id/password for e-voting and updation of bank 
account mandate for receipt of dividend:
Physical Holding
Send a request to the Registrar and Transfer Agents of the Company, TCPL at  
Csg-KYC@tsrdarashaw.com providing Folio No., Name of shareholder, scanned copy of the share 
certiﬁcate (front and back), PAN (self attested scanned copy of PAN card), AADHAR (self attested 
scanned copy of Aadhar Card) for registering email address.
Following additional details need to be provided in case of updating Bank Account Details: 
a) Name and Branch of the Bank in which you wish to receive the dividend, 
b) the Bank Account type, 
c) Bank Account Number allotted by their banks after implementation of Core Banking Solutions 
d) 9 digit MICR Code Number, and 
e) 11 digit IFSC Code 
f) a scanned copy of the cancelled cheque bearing the name of the ﬁrst shareholder.
Demat Holding
Please contact your Depository Participant (DP) and register your email address and bank account 
details in your demat account, as per the process advised by your DP.

TCS Annual Report 2019-20
Notice I 41
 
4. Members who would like to express their views 
or ask questions during the AGM may register 
themselves as a speaker by sending their request 
from their registered email address mentioning 
their name, DP ID and Client ID/folio number, PAN, 
mobile number at tcsagm.speakers@tcs.com from 
June 5, 2020 (9:00 a.m. IST) to June 7, 2020  
(5:00 p.m. IST). Those Members who have 
registered themselves as a speaker will only be 
allowed to express their views/ask questions 
during the AGM. The Company reserves the right 
to restrict the number of speakers depending on 
the availability of time for the AGM.
Other Instructions
1. 
The Scrutinizer shall, immediately after the conclusion 
of voting at the AGM, ﬁrst count the votes cast during 
the AGM, thereafter unblock the votes cast through 
remote e-voting and make, not later than 48 hours of 
conclusion of the AGM, a consolidated Scrutinizer’s 
Report of the total votes cast in favour or against, if 
any, to the Chairman or a person authorised by him in 
writing, who shall countersign the same.
2. The result declared along with the Scrutinizer’s Report 
shall be placed on the Company’s website  
www.tcs.com and on the website of NSDL  
https://www.evoting.nsdl.com immediately. The 
Company shall simultaneously forward the results to 
National Stock Exchange of India Limited and BSE 
Limited, where the shares of the Company are listed. 
 
By Order of the Board of Directors
 
RAJENDRA MOHOLKAR
 
Company Secretary
 
Membership No. ACS 8644
Mumbai, May 15, 2020
Registered Office:
9th Floor, Nirmal Building, Nariman Point, Mumbai 400 021 
CIN: L22210MH1995PLC084781
Tel: 91 22 6778 9595
Email: investor.relations@tcs.com Website: www.tcs.com

TCS Annual Report 2019-20
Notice I 42
 
Annexure to the Notice
Details of Directors seeking re-appointment at the Annual General Meeting
Particulars
Aarthi Subramanian
Date of Birth
June 26, 1967
Date of Appointment
March 12, 2015
Qualiﬁcations
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Number of shares held in the Company
5,600
For other details such as number of meetings of the board attended during the year, remuneration drawn and relationship with other directors and key managerial personnel in respect of 
above directors, please refer to the corporate governance report which is a part of this Annual Report.

TCS Annual Report 2019-20
Directors’ Report I 43
Directors’
Report 
To the Members,
The Directors present the Annual Report of Tata Consultancy Services Limited (the Company or TCS) along with the audited 
ﬁnancial statements for the ﬁnancial year ended March 31, 2020. The consolidated performance of the Company and its 
subsidiaries has been referred to wherever required.
1. 
Financial results
(` crore)
Unconsolidated
Consolidated
Financial Year 
2019-20
(FY 2020)
Financial Year 
2018-19
(FY 2019)
Financial Year 
2019-20
(FY 2020)
Financial Year 
2018-19
(FY 2019)
Revenue
131,306
123,170
156,949
146,463
Other income
8,082
7,627
4,592
4,311
Total income
139,388
130,797
161,541
150,774
Expenses
Operating expenditure
93,953
88,206
114,840
106,957
Depreciation and amortisation expense
2,701
1,716
3,529
2,056
Total expenses
96,654
89,922
118,369
109,013
Proﬁt before ﬁnance costs and tax
42,734
40,875
43,172
41,761
Finance costs
743
170
924
198
Proﬁt before tax (PBT)
41,991
40,705
42,248
41,563
Tax expense
8,731
10,640
9,801
10,001
Proﬁt for the year
33,260
30,065
32,447
31,562
Attributable to:
Shareholders of the Company
33,260
30,065
32,340
31,472
Non-controlling interests
NA
NA
107
90
Opening balance of retained earnings
77,159
74,080
85,520
79,755
Closing balance of retained earnings
71,532
77,159
78,810
85,520

TCS Annual Report 2019-20
Directors’ Report I 44
2. COVID-19
 
In the last month of FY 2020, the COVID-19 pandemic 
developed rapidly into a global crisis, forcing 
governments to enforce lock-downs of all economic 
activity. For the Company, the focus immediately 
shifted to ensuring the health and well-being of all 
employees, and on minimizing disruption to services 
for all our customers globally. From a highly centralized 
model consisting of work spaces set in large delivery 
campuses capable of accommodating thousands 
of employees, the switch to work from home for 
employees all over extending all the elements of the 
Company’s Open Agile Delivery model concept into 
a next-generation Secure Borderless Workspaces™ 
(SBWS) model was carried out seamlessly. As of 
March 31, 2020, work from home was enabled to close 
to 90 percent of the employees to work remotely 
and securely.  This response has reinforced customer 
conﬁdence in TCS and many of them have expressed 
their appreciation and gratitude for keeping their 
businesses running under most challenging conditions.  
The SBWS model ensures high quality and delivery 
certainty that the customers expect while addressing 
the issues around cyber security, project management 
practices and systems.  Going forward, this location 
independent SBWS model could be a game changer 
due to its many advantages. 
 
Although there are uncertainties due to the pandemic 
and reversal of the positive momentum gained in 
the last quarter of FY2020, the strong balance sheet 
position, best-in-class proﬁtability and inherent 
resilience of the business model position the Company 
well to navigate the challenges ahead and gain market 
share. 
3. Dividend
 
For FY 2020, based on the Company’s performance, 
the Directors have declared interim dividends of `27 
per equity share and a special dividend of `40 per 
equity share. The Directors have also recommended a 
ﬁnal dividend of `6 per equity share, taking the total 
dividend to `73 per equity share.
 
The ﬁnal dividend on equity shares, if approved by 
the Members, would involve a cash outﬂow of `2,251 
crore. The total dividend on equity shares including 
dividend tax for FY 2020 would aggregate `31,895 
crore, resulting in a dividend payout of 95.9 percent of 
the unconsolidated proﬁts of the Company. 
 
For FY 2019, the Company paid a total dividend of  
`30 per equity share. Further, the Company bought 
back 76,190,476 equity shares at a price of `2,100 per 
equity share for an aggregate consideration of `16,000 
crore and also allotted 1,914,287,591 equity shares as 
fully paid-up bonus shares in the ratio of 1:1. The total 
cash outﬂow for FY 2019 including dividend, dividend 
tax and buy-back consideration amounted to `29,148 
crore.
 
The Dividend Distribution Policy, in terms of Regulation 
43A of the Securities and Exchange Board of India 
(Listing Obligations and Disclosure Requirements) 
Regulations, 2015 (“SEBI Listing Regulations”) is 
disclosed in the Corporate Governance Report and is 
uploaded on the Company’s website  
https://on.tcs.com/Dividend
4. Transfer to reserves
 
The closing balance of the retained earnings of the 
Company for FY 2020, after all appropriation and 
adjustments was `71,532 crore.
5. Company’s performance
 
On a consolidated basis, the revenue for FY 2020 was 
`156,949 crore, higher by 7.2 percent over the previous 
year’s revenue of `146,463 crore. The proﬁt after tax 
(PAT) attributable to shareholders and non-controlling 
interests for FY 2020 and FY 2019 was `32,447 crore 
and `31,562 crore respectively. The PAT attributable 
to shareholders for FY 2020 was `32,340 crore 
registering a growth of 2.8 percent over the PAT of 
`31,472 crore for FY 2019. 
 
On an unconsolidated basis, the revenue for FY 2020 
was `131,306 crore, higher by 6.6 percent over the 
previous year’s revenue of `123,170 crore in FY 2019. 
The PAT attributable to shareholders for FY 2020 was 
`33,260 crore registering a growth of 10.6 percent over 
the PAT of `30,065 crore for FY 2019.

TCS Annual Report 2019-20
Directors’ Report I 45
6. Human resource development
 
Attracting, enabling and retaining talent have been 
the cornerstone of the Human Resource function and 
the results underscore the important role that human 
capital plays in critical strategic activities such as 
growth.
 
A robust Talent Acquisition system enables the 
Company to balance unpredictable business demands 
with a predictable resource supply through organic and 
inorganic growth.
 
The Company had a net addition of 24,179 employees 
globally, taking its total employee count to 448,464. 
Fueled by inclusive hiring and heavy investment made 
to mentor and coach women at all levels, women 
currently account for 36.2 percent of the workforce, 
making the Company one of the largest employers of 
women in the world.
 
An evolved onboarding model helped the Company 
to effectively integrate associates acquired through 
a strong localization focus. The diverse workforce 
represents 144 nationalities across 46 countries.
 
The reimagined approach to learning and development 
has helped the Company train over 335,000 employees 
on digital technologies and over 417,000 employees on 
Agile methodologies. 
 
The re-imagined focus on competency building of 
fresh recruits prior to joining through unique digital 
Initial Learning Program approach has enabled faster 
release of freshers to projects. Post-offer engagement 
activities have also witnessed increased focus. 
 
Continual pursuit to connect with associates on a 
regular basis, communicate in an open and transparent 
manner, progressive HR policies and distinctive HR 
Business Partner model, guided by OneTCS culture, are 
yielding desired results. This is evident from the high 
retention rates and improved engagement levels of the 
associates. Attrition in FY 2020 was 12.1 percent for IT 
Services. The Company’s internal employee satisfaction 
survey PULSE showed the highest employee 
satisfaction and engagement scores in the last 12 years.
7. 
Quality initiatives
 
The Company continues to sustain its commitment 
to the highest levels of quality, superior service 
management, robust information security practices and 
mature business continuity management. In FY 2020, 
the Company successfully completed the surveillance 
audits for industry speciﬁc quality certiﬁcations viz., 
AS 9100 (Aerospace Industry), ISO 13485 (Medical 
Devices) and TL 9000 (Telecom Industry). The 
Company has also successfully completed the annual 
ISO surveillance audit.  The Company is now amongst 
the world’s ﬁrst organizations to be recommended for 
certiﬁcation to ISO 22301:2019 standard. The Company 
also successfully completed SSAE 18 and ISAE 3402 
- SOC 1 & SOC 2 annual assessment for Banking, 
Financial Services and Insurance, Cognitive Business 
Operations, Life Sciences and Retail units covering 
69 locations.  The Company has been appraised at 
Maturity Level 5 of the Capability Maturity Model 
Integration for Development (CMMI® V2.0 DEV).
 
The Company was recognized as a ‘Benchmark Leader’, 
a ﬁrst of its kind achievement in the Tata Group as part 
of the Tata Business Excellence Model assessment. 
Three Industry Solutions Unit achieved the ‘Industry 
Leader’ status while one of the units crossed over to 
the ‘Benchmark Leader’ band.
 
TCS’ integrated Quality Management System 
(iQMSTM) continues to enable outstanding value and 
experience to its customers. iQMSTM is continually 
enhanced for emerging service offerings, new 
delivery methodologies, industry best practices and 
latest technologies. iQMSTM has been updated with 
handbooks and guidelines for Agile methodology. 
 
The Company has committed to become Enterprise 
Agile by 2020. To achieve this vision, the Company 
has created 417,000 Agile ready workforce and 
1000+ futuristic Agile Delivery Centres.  TCS Location 
Independent AgileTM is a Company proprietary 
methodology consisting of processes, management 
structure and the technology that enables enterprise 
wide agile transformations without the location

TCS Annual Report 2019-20
Directors’ Report I 46
constraint.  The Company has also driven agility in TCS 
internal processes that enhance competitiveness. The 
Company has also been identiﬁed as a leader in Agile 
adoption, offerings and services by several industry 
analysts. 
 
To reduce the delivery risks, the company has rolled 
out Guidelines for “Service Delivery under SBWS” 
and has been monitoring the 25,000 projects across 
the globe on a daily basis through the digitized 
dashboards. The customer-centricity, rigor in 
operations and focus on delivery excellence have 
resulted in consistent improvements in customer 
satisfaction levels in the periodic surveys conducted by 
the Company. This is validated by top rankings in third-
party surveys as well.
8. Subsidiary companies
 
The Company has 50 subsidiaries as on March 31, 2020. 
There are no associate or joint venture companies 
within the meaning of Section 2(6) of the Companies 
Act, 2013 (“Act”). There has been no material change in 
the nature of the business of the subsidiaries. 
 
y 
On June 26, 2019, pursuant to exercise of  
put option by Mitsubishi Corporation, Tata 
Consultancy Services Asia Paciﬁc Pte. Ltd.  
acquired additional 15 percent stake in its joint 
venture with Mitsubishi Corporation in  
Tata Consultancy Services Japan, Ltd. 
 
y 
TCS Financial Solutions Australia Holdings Pty 
Limited was deregistered with effect from  
January 29, 2020. Its holdings in TCS Financial 
Solutions Australia Pty Limited along with its other 
assets and liabilities were transferred to its holding 
company, TCS FNS Pty Limited which is a wholly 
owned subsidiary of the Company. 
 
y 
On March 9, 2020, Tata Consultancy Services 
Netherlands BV, a direct subsidiary of the 
Company acquired TCS Business Services GmbH in 
Dusseldorf, Germany to execute a certain special 
project. 
 
Pursuant to the provisions of Section 129(3) of the Act, 
a statement containing the salient features of ﬁnancial 
statements of the Company’s subsidiaries in Form No. 
AOC-1 is attached to the ﬁnancial statements of the 
Company. 
 
Further, pursuant to the provisions of Section 136  
of the Act, the ﬁnancial statements of the Company, 
consolidated ﬁnancial statements along with  
relevant documents and separate audited ﬁnancial 
statements in respect of subsidiaries, are  
available on the website of the Company  
https://www.tcs.com/investor-relations.
9. Directors’ responsibility statement
 
Pursuant to Section 134(5) of the Act, the Board of 
Directors, to the best of its knowledge and ability, 
conﬁrm that:
 
i. 
in the preparation of the annual accounts, the 
applicable accounting standards have been 
followed and there are no material departures;
 
ii. 
they have selected such accounting policies and 
applied them consistently and made judgments 
and estimates that are reasonable and prudent so 
as to give a true and fair view of the state of affairs 
of the Company at the end of the ﬁnancial year 
and of the proﬁt of the Company for that period; 
 
iii. they have taken proper and sufficient care for 
the maintenance of adequate accounting records 
in accordance with the provisions of the Act for 
safeguarding the assets of the Company and 
for preventing and detecting fraud and other 
irregularities; 
 
iv. they have prepared the annual accounts on a going 
concern basis; 
 
v. 
they have laid down internal ﬁnancial controls to 
be followed by the Company and such internal 
ﬁnancial controls are adequate and operating 
effectively; 
 
vi. they have devised proper systems to ensure 
compliance with the provisions of all applicable 
laws and that such systems are adequate and 
operating effectively.

TCS Annual Report 2019-20
Directors’ Report I 47
 
Based on the framework of internal ﬁnancial controls 
and compliance systems established and maintained 
by the Company, the work performed by the internal, 
statutory and secretarial auditors and external 
consultants, including the audit of internal ﬁnancial 
controls over ﬁnancial reporting by the statutory 
auditors and the reviews performed by management 
and the relevant board committees, including the 
audit committee, the Board is of the opinion that the 
Company’s internal ﬁnancial controls were adequate 
and effective during FY 2020.
10. Directors and key managerial personnel
 
O P Bhatt was re-appointed as an Independent 
Director at the twenty-fourth Annual General Meeting 
(AGM) held on June 13, 2019 for a period of ﬁve years 
w.e.f. June 27, 2019 up to June 26, 2024. 
 
During the year, Aman Mehta and Dr. Ron Sommer 
ceased to be the Directors with effect from June 26, 
2019 upon completion of their term as Independent 
Directors. The Board places on record its appreciation 
for their invaluable contribution and guidance.
 
Aarthi Subramanian retires by rotation and being 
eligible, offers herself for re-appointment. A resolution 
seeking shareholders’ approval for her re-appointment 
forms part of the Notice. 
 
Pursuant to the provisions of Section 149 of the Act, 
the independent directors have submitted declarations 
that each of them meet the criteria of independence as 
provided in Section 149(6) of the Act along with Rules 
framed thereunder and Regulation 16(1)(b) of the SEBI 
Listing Regulations. There has been no change in the 
circumstances affecting their status as independent 
directors of the Company. 
 
During the year under review, the non-executive 
directors of the Company had no pecuniary 
relationship or transactions with the Company, 
other than sitting fees, commission, if any and 
reimbursement of expenses incurred by them for 
the purpose of attending meetings of the Board / 
Committee of the Company.
 
Pursuant to the provisions of Section 203 of the Act, 
the Key Managerial Personnel of the Company as on  
March 31, 2020 are: Rajesh Gopinathan, Chief 
Executive Officer and Managing Director, N Ganapathy 
Subramaniam, Chief Operating Officer and Executive 
Director, Ramakrishnan V, Chief Financial Officer and 
Rajendra Moholkar, Company Secretary. The term of 
Ramakrishnan V as the Chief Financial Officer was 
extended up to April 30, 2021.
11. Number of meetings of the Board
 
Seven meetings of the Board were held during the year 
under review. For details of meetings of the Board, 
please refer to the Corporate Governance Report, 
which is a part of this report.
12. Board evaluation
 
The Board of Directors has carried out an annual 
evaluation of its own performance, board committees 
and individual directors pursuant to the provisions of 
the Act and SEBI Listing Regulations.
 
The performance of the Board was evaluated by the 
Board after seeking inputs from all the directors on 
the basis of criteria such as the board composition and 
structure, effectiveness of board processes, information 
and functioning, etc. 
 
The performance of the committees was evaluated 
by the board after seeking inputs from the committee 
members on the basis of criteria such as the 
composition of committees, effectiveness of committee 
meetings, etc.
 
The above criteria are broadly based on the Guidance 
Note on Board Evaluation issued by the Securities and 
Exchange Board of India on January 5, 2017.
 
In a separate meeting of independent directors, 
performance of non-independent directors, the Board 
as a whole and the Chairman of the Company was 
evaluated, taking into account the views of executive 
directors and non-executive directors.

TCS Annual Report 2019-20
Directors’ Report I 48
 
The Board and the Nomination and Remuneration 
Committee reviewed the performance of individual 
directors on the basis of criteria such as the 
contribution of the individual director to the board and 
committee meetings like preparedness on the issues to 
be discussed, meaningful and constructive contribution 
and inputs in meetings, etc. 
 
At the board meeting that followed the meeting of 
the independent directors and meeting of Nomination 
and Remuneration Committee, the performance of the 
Board, its Committees, and individual directors was 
also discussed. Performance evaluation of Independent 
Directors was done by the entire Board, excluding the 
independent director being evaluated.
13. Policy on directors’ appointment and remuneration 
and other details
 
The Company’s policy on appointment of directors is 
available on https://on.tcs.com/ApptDirectors.
 
The policy on remuneration and other matters  
provided in Section 178(3) of the Act has been 
disclosed in the Corporate Governance Report,  
which is a part of this report and is also available on  
https://on.tcs.com/remuneration-policy.
14. Internal ﬁnancial control systems and their adequacy
 
The details in respect of internal ﬁnancial control 
and their adequacy are included in the Management 
Discussion and Analysis, which is a part of this report.
15. Audit committee
 
The details pertaining to the composition of the Audit 
Committee are included in the Corporate Governance 
Report, which is a part of this report.
16. Auditors
 
At the twenty-second AGM held on June 16, 2017 
the Members approved appointment of B S R & Co. 
LLP, Chartered Accountants (Firm Registration No. 
101248W/W-100022) as Statutory Auditors of the 
Company to hold office for a period of ﬁve years from 
the conclusion of that AGM till the conclusion of the 
twenty-seventh AGM, subject to ratiﬁcation of their 
appointment by Members at every AGM, if so required 
under the Act. The requirement to place the matter 
relating to appointment of auditors for ratiﬁcation 
by Members at every AGM has been done away by 
the Companies (Amendment) Act, 2017 with effect 
from May 7, 2018. Accordingly, no resolution is being 
proposed for ratiﬁcation of appointment of statutory 
auditors at the ensuing AGM and a note in respect of 
same has been included in the Notice for this AGM.
17. Auditor’s report and Secretarial audit report
 
The statutory auditor’s report and the secretarial audit 
report do not contain any qualiﬁcations, reservations, 
or adverse remarks or disclaimer. Secretarial audit 
report is attached to this report.
18. Risk management
 
The Board of Directors of the Company has formed a 
Risk Management Committee to frame, implement and 
monitor the risk management plan for the Company. 
The Committee is responsible for monitoring and 
reviewing the risk management plan and ensuring its 
effectiveness. The Audit Committee has additional 
oversight in the area of ﬁnancial risks and controls. The 
major risks identiﬁed by the businesses and functions 
are systematically addressed through mitigating 
actions on a continuing basis. The development and 
implementation of risk management policy has been 
covered in the Management Discussion and Analysis, 
which forms part of this report.
19. Vigil Mechanism
 
The Company has a Whistle Blower Policy and has 
established the necessary vigil mechanism for directors 
and employees in conﬁrmation with Section 177(9) of 
the Act and Regulation 22 of Listing Regulations, to 
report concerns about unethical behavior. The details 
of the policy have been disclosed in the Corporate 
Governance Report, which is a part of this report and is 
also available on https://on.tcs.com/WhistleBP.
20. Particulars of loans, guarantees and investments
 
The particulars of loans, guarantees and investments as 
per Section 186 of the Act by the Company, have been 
disclosed in the ﬁnancial statements.

TCS Annual Report 2019-20
Directors’ Report I 49
21. Transactions with related parties
 
None of the transactions with related parties fall under 
the scope of Section 188(1) of the Act. The information 
on transactions with related parties pursuant to 
Section 134(3)(h) of the Act read with Rule 8(2) of 
the Companies (Accounts) Rules, 2014 are given in 
Annexure I in Form No. AOC-2 and the same forms 
part of this report.
22. Corporate Social Responsibility
 
The brief outline of the Corporate Social Responsibility 
(CSR) Policy of the Company as adopted by the Board 
and the initiatives undertaken by the Company on CSR 
activities during the year under review are set out in 
Annexure II of this report in the format prescribed 
in the Companies (Corporate Social Responsibility 
Policy) Rules, 2014. For other details regarding the CSR 
Committee, please refer to the Corporate Governance 
Report, which is a part of this report. The CSR policy is 
available on https://on.tcs.com/Global-CSR-Policy.
23. Extract of annual return
 
As per the requirements of Section 92(3) of the Act 
and Rules framed thereunder, the extract of the annual 
return for FY 2020 is given in Annexure III in the 
prescribed Form No. MGT-9, which is a part  
of this report. The same is available on  
https://on.tcs.com/annual-return-19-20.
24. Particulars of employees
 
The information required under Section 197 of the Act read with Rule 5 of the Companies (Appointment and 
Remuneration of Managerial Personnel) Rules, 2014, are given below:
 
a. The ratio of the remuneration of each director to the median remuneration of the employees of the Company and 
percentage increase in remuneration of each Director, Chief Executive Officer, Chief Financial Officer and Company 
Secretary in the ﬁnancial year:
Name
Ratio to median 
remuneration
% increase in 
remuneration in the 
ﬁnancial year
Non-executive directors
N Chandrasekaran@
-
-
Aman Mehta*
^
^
Dr Ron Sommer*
^
^
O P Bhatt**
32.09
(6.98)#
Aarthi Subramanian@@
-
-
Dr Pradeep Kumar Khosla
22.46
(6.67)#
Hanne Sorensen
22.46
^^
Keki Mistry
22.46
^^
Don Callahan
22.46
^^
Executive directors
Rajesh Gopinathan
214.65
(16.53)#
N Ganapathy Subramaniam
162.31
(12.87)#
Chief Financial Officer
Ramakrishnan V
-
(3.54)#
Company Secretary
Rajendra Moholkar
-
(0.12)#

TCS Annual Report 2019-20
Directors’ Report I 50
 
 
@ As a policy, N Chandrasekaran, Chairman, has 
abstained from receiving commission from the 
Company and hence not stated.
 
 
@@ In line with the internal guidelines of the 
Company, no payment is made towards 
commission to the Non-Executive Directors of 
the Company, who are in full time employment 
with any other Tata company and hence not 
stated.
 
 
* 
Ceased to be Directors w.e.f. June 26, 2019 
upon completion of their term as Independent 
Directors.
 
 
** Re-appointed as a Independent Director for a 
second term w.e.f. June 27, 2019.
 
 
^ 
Since the remuneration is only for part of the 
year, the ratio of their remuneration to median 
remuneration and percentage increase in 
remuneration is not comparable and hence, 
not stated.
 
 
^^ Remuneration in FY 2020 is not comparable 
with remuneration received in FY 2019 and 
hence, not stated.
 
 
# 
The remuneration for FY 2020 is lower than 
FY 2019 in view of the economic conditions 
impacted by the COVID-19 pandemic. The 
Directors have decided to moderate the 
remuneration for this year to express solidarity 
and conserve resources.
 
 
b. The percentage increase in the median 
remuneration of employees in the ﬁnancial 
year: 2 percent
 
 
c. 
The number of permanent employees on the 
rolls of Company: 448,464
 
 
d. Average percentile increase already made 
in the salaries of employees other than the 
managerial personnel in the last ﬁnancial 
year and its comparison with the percentile 
increase in the managerial remuneration and 
justiﬁcation thereof and point out if there are 
any exceptional circumstances for increase in 
the managerial remuneration:
 
 
 
The average annual increase was 6 percent 
in India. However, during the course of the 
year, the total increase is approximately 7.7 
percent, after accounting for promotions and 
other event based compensation revisions. 
Employees outside India received a wage 
increase varying from 2 percent to  
6 percent. The increase in remuneration is in 
line with the market trends in the respective 
countries.
 
 
 
The managerial remuneration for the year 
decreased by 15 percent. The executive 
remuneration for FY 2020 is lower than  
FY 2019 in view of the economic conditions 
impacted by the COVID-19 pandemic. The 
Directors have decided to moderate the 
executive remuneration for this year to express 
solidarity and conserve resources.
 
 
e. Affirmation that the remuneration is as per 
the remuneration policy of the Company:
 
 
 
The Company affirms that the remuneration 
is as per the remuneration policy of the 
Company.
 
 
f. 
The statement containing names of top ten 
employees in terms of remuneration drawn 
and the particulars of employees as required 
under Section 197(12) of the Act read with Rule 
5(2) and 5(3) of the Companies (Appointment 
and Remuneration of Managerial Personnel) 
Rules, 2014, is provided in a separate annexure 
forming part of this report. Further, the 
report and the accounts are being sent to the 
Members excluding the aforesaid annexure. 
In terms of Section 136 of the Act, the said 
annexure is open for inspection and Any 
Member interested in obtaining a copy of the 
same may write to the Company Secretary.

TCS Annual Report 2019-20
Directors’ Report I 51
25. Integrated Report
 
The Company being one of the top companies 
in the country in terms of market capitalization, 
has voluntarily provided Integrated Report, which 
encompasses both ﬁnancial and non-ﬁnancial 
information to enable the Members to take well 
informed decisions and have a better understanding of 
the Company’s long term perspective. 
 
The Report also touches upon aspects such as 
organisation’s strategy, governance framework, 
performance and prospects of value creation based 
on the six forms of capital viz. ﬁnancial capital, 
manufactured capital, intellectual capital, human 
capital, social and relationship capital and natural 
capital. 
26. Disclosure requirements
 
As per SEBI Listing Regulations, the Corporate 
Governance Report with the Auditors’ Certiﬁcate 
thereon, and the integrated Management Discussion 
and Analysis including the Business Responsibility 
Report are attached, which forms part of this report.
 
The Company has devised proper systems to ensure 
compliance with the provisions of all applicable 
Secretarial Standards issued by the Institute of 
Company Secretaries of India and that such systems 
are adequate and operating effectively.
27. Deposits from public
 
The Company has not accepted any deposits from 
public and as such, no amount on account of principal 
or interest on deposits from public was outstanding as 
on the date of the balance sheet.
28. Conservation of energy, technology absorption, 
foreign exchange earnings and outgo
 
Conservation of energy:
 
The eco-efficiency journey at TCS revolves around 
infrastructure and operations. TCS strategy to build 
green and operate optimally has led to year-on-year 
reduction in speciﬁc energy footprint by 11.9 percent 
and speciﬁc carbon footprint by ~11.8 percent, on per 
FTE basis.
 
In FY20, the Company added 2 MWp of rooftop solar 
across TCS campuses, taking the total to 7.6 MWp. 
Total renewable energy units generated from rooftop 
solar projects and sourced through power purchase 
agreements is cumulatively 59.5 million units in 
FY19-20 which is 10.9 percent of the total electricity 
consumption.
 
The shift to low carbon operations by switching over to 
energy efficient Light Emitting Diode (LED) technology 
has resulted in saving of 11 million units of electricity 
across TCS India operations.
 
The continued focus on Green IT and data center 
power management, has helped to reduce the Power 
Utilization Efficiency (PUE) of the 23 data centers to 
1.66 from 1.67 in the last year. 22 of the 23 Data Centers 
have achieved the target PUE of 1.65. Data center / 
server room consolidation, higher rack utilization, UPS 
rationalization have been the key levers. The Company 
has also reduced the distributed IT power use by 
reducing the watts per seat from 200 to 85 over the 
last 3 years.
 
Technology absorption, adaption and innovation:
 
Research & Development (R&D): Speciﬁc areas in 
which R&D was carried out by the Company
 
TCS Research and Innovation is strongly aligned with 
the Company’s vision of Growth and Transformation 
underpinned by Enterprise-wide Agile and the AI-
powered Machine First Delivery Model™.
 
TCS continues to expand its foundational research, in 
core computing areas and the intersections with other 
sciences.  New areas such as media and advertising, 
meta materials, quantum computing and sensing have 
been added. TCS Research engages with its ecosystem 
in many areas including AI and 5G. TCS Researchers 
presented 200+ papers in premier conferences and 
produced books and book chapters through the year. 
The Company released its second book of essays

TCS Annual Report 2019-20
Directors’ Report I 52
entitled ‘Reimagining Research’ describing several of 
its key research projects.
 
Research and innovation teams worked with customers 
on several new ideas aligned with their business.  
Examples include: value addition through AI for a 
retailer’s supply chain; robots to spot blast holes 
for a mining company; forklift damage detection 
using augmented reality for a forklift rental business; 
collusion and spooﬁng prevention methods for 
clearinghouses; foreign particle detection in steel 
manufacture; customer lifecycle value optimization 
with a digital twin for a communication service 
provider; multiscale modelling of digital skin for a 
pharma company.
 
The contribution to TCS’ 3P vision of patents, 
products and platforms continues. Ignio™, a cognitive 
automation solution, was signiﬁcantly enhanced this 
year. TCS MasterCraft™ products have 110+ active 
customers. New features added this year include 
TransformPlus for application translation and cloud 
migration, and DataPlus for personal data protection 
in India. Jile™ 4.0, a new version of the ﬂexible, agile 
planning and delivery offering was launched. A healthy 
pipeline of assets moved through the New Products 
and Services Development governance framework.
 
TCS Pace Port™ delivers speedy, collaborative 
innovation to customers by providing access to 
COIN accelerators and academic research, in agile 
workspaces with innovation showcases. TCS Pace 
Port™ New York, located in the Tata Innovation Center 
at Cornell Tech campus, was launched. It focuses 
on retail, travel, transportation, hospitality and life 
sciences industries. TCS Pace Port Tokyo completed a 
year in November 2019 and continues to grow in terms 
of customer visits and downstream innovation led 
engagements.
 
The Company leveraged both the academic research 
ecosystem and the emerging technology ecosystem 
for collaborative research as part of its Co-Innovation 
(TCS COINTM) Program. It has 50+ projects in emerging 
technologies with global academic institutes. The 
emerging tech COIN program is embedding itself in 
customer projects.
 
The Company continued to foster the culture of 
innovation, with one crowdsourced innovation event a 
week. The TCS Innovista competition attracted 6,500+ 
entries across business units. 
 
TCS R&I remained closely connected to customers 
through events in different geographies. The TCS 
Innovation Forum was held in Tokyo, New York City, 
Sao Paulo and London attracted 700+ customers, 
partners and technology experts.  Innovation Days for 
a number of customers were held through the year.
 
TCS won several awards related to intellectual property 
creation. TCS Advanced Drug Development (ADD),  
TCS Optumera and the SMU-TCS iCity Lab’s 
SHINESeniors project have won prestigious awards. 
 
As of March 31, 2020, the Company has applied for 
5,216 patents cumulatively. The Company has been 
granted 1,341 patents.
 
Future Plan of Action 
 
TCS Research and Innovation will enable scaling of 
the Patents, Products and Platforms strategy across 
the organization and align with the Company’s focus 
on growth and transformation. Engagement with all 
business units with its Co-Innovation Network, and 
with society at large will continue.

TCS Annual Report 2019-20
Directors’ Report I 53
 
Expenditure on R&D
 
TCS innovation Labs are located in India and other parts of the world. These R&D 
centers, as certiﬁed by Department of Scientiﬁc & Industrial Research (DSIR) function 
from Pune, Chennai, Bengaluru, Delhi- NCR, Hyderabad, Kolkata and Mumbai.
 
Expenditure incurred in the R&D centers and innovation centers of TCS during FY 2020 
and FY 2019 are given below:
(` crore)
Expenditure on R&D and 
innovation
Unconsolidated
Consolidated
FY 2020
FY 2019
FY 2020
FY 2019
a.
Capital
2
2
2
2
b.
Recurring
300
303
304
306
c.
Total R&D 
expenditure (a+b)
302
305
306
308
d.
Innovation center 
expenditure
1,458
1,285
1,561
1,352
e.
Total R&D and 
innovation 
expenditure (c+d)
1,760
1,590
1,867
1,660
f.
R&D and innovation 
expenditure as a 
percentage of total 
turnover
1.3%
1.3%
1.2%
1.1%
 
Foreign exchange earnings and outgo
 
Export revenue constituted 93.4 percent of the total unconsolidated revenue in  
FY 2020 (93.3 percent in FY 2019).
 
 
(` crore)
Foreign exchange earnings and outgo
FY 2020
FY 2019
a.
Foreign exchange earnings
128,501
119,499
b.
CIF Value of imports
569
447
c.
Expenditure in foreign currency
51,748
49,336
29. Acknowledgments
 
The Directors thank the Company’s employees, customers, vendors, investors and 
academic partners for their continuous support. 
 
The Directors also thank the Government of India, Governments of various states in 
India, Governments of various countries and concerned Government departments and 
agencies for their co-operation. 
 
The Directors regret the loss of life due to COVID-19 pandemic and are deeply grateful 
and have immense respect for every person who risked their life and safety to ﬁght this 
pandemic.
 
The Directors appreciate and value the contribution made by every member of the TCS 
family. 
 
On behalf of the Board of Directors
 
N Chandrasekaran
Mumbai, April 16, 2020 
Chairman

TCS Annual Report 2019-20
Directors’ Report I 54
Form for disclosure of particulars of contracts or 
arrangements entered into by the Company with related 
parties referred to in sub-section (1) of Section 188 of 
the Companies Act, 2013 including certain arm’s length 
transactions under fourth proviso thereto:
1. 
Details of contracts or arrangements or transactions 
not at arm’s length basis: Tata Consultancy Services 
Limited (the Company) has not entered into any 
contract/arrangement/ transaction with its related 
parties, which is not in ordinary course of business 
or at arm’s length during FY 2020. The Company has 
laid down policies and processes/ procedures so as 
to ensure compliance to the subject section in the 
Companies Act, 2013 (Act) and the corresponding 
Rules. In addition, the process goes through internal 
and external checking, followed by quarterly reporting 
to the Audit Committee.
 
(a) Name(s) of the related party and nature of 
relationship: Not Applicable
 
(b) Nature of contracts/arrangements/transactions: 
Not Applicable
 
(c) Duration of the contracts/arrangements/
transactions: Not Applicable
 
(d) Salient terms of the contracts or arrangements 
or transactions including the value, if any: Not 
Applicable
 
(e) Justiﬁcation for entering into such contracts or 
arrangements or transactions: Not Applicable
 
(f) Date(s) of approval by the Board: Not Applicable
 
(g) Amount paid as advances, if any: Not Applicable
 
(h) Date on which the special resolution was passed in 
general meeting as required under ﬁrst proviso to  
Section 188: Not Applicable
2. Details of material contracts or arrangement or 
transactions at arm’s length basis:
 
(a) Name(s) of the related party and nature of 
relationship: Not Applicable
 
(b) Nature of contracts/arrangements/transactions: 
Not Applicable
 
(c) Duration of the contracts/arrangements/
transactions: Not Applicable
 
(d) Salient terms of the contracts or arrangements 
or transactions including the value, if any: Not 
Applicable
 
(e) Date(s) of approval by the Board, if any: Not 
Applicable
 
(f) Amount paid as advances, if any: None
Note: All related party transactions are benchmarked for 
arm’s length, approved by Audit Committee and reviewed 
by Statutory Auditors. The above disclosures on material 
transactions are based on threshold of 10 percent of 
consolidated turnover and considering wholly owned 
subsidiaries are exempt for the purpose of Section 188(1) 
of the Act.
On behalf of the Board of Directors
N Chandrasekaran
Mumbai, April 16, 2020  
Chairman
Annexure I
Form No. AOC-2
(Pursuant to clause (h) of sub-section (3) of Section 134 of the Companies Act, 2013 and Rule 8(2) of the Companies (Accounts) Rules, 2014)

TCS Annual Report 2019-20
Directors’ Report I 55
A brief outline of the Company’s Corporate Social 
Responsibility (CSR) Policy, including overview of 
projects or programs proposed to be undertaken and a 
reference to the web-link to the CSR Policy and projects 
or programs:
The guiding principle of TCS’ CSR programs is “Impact 
through Empowerment”. Empowerment results in enabling 
people to lead a better life. The Company’s focus areas are 
Education and Skill Development, Health and Wellness and 
Environmental Sustainability. In addition, the Company has 
been supporting the restoration of heritage sites as well as 
participating in relief operations during natural disasters.
The Company’s participation focuses on operations where 
it can contribute meaningfully either through employee 
volunteering or by using core competency which develops 
solutions. In addition, for key engagements, it also partners 
with other Tata entities, NGOs, Government and clients.
The communities that the Company chooses are 
economically backward, and consist of marginalized groups 
(like women, children and aged) and differently abled. In 
addition, the Affirmative Action programs of the Company 
in India are directed towards SC/ST communities as deﬁned 
by the Government of India.
The projects undertaken are within the broad framework 
of Schedule VII of the Companies Act, 2013. Details of the 
CSR policy and projects or programs undertaken by the 
Company are available on links given below:
https://on.tcs.com/Global-CSR-Policy
https://www.tcs.com/community-initiatives-and-impact
1. 
The composition of the CSR committee: The Company 
has a CSR committee of directors comprising  
N Chandrasekaran, Chairman of the Committee,  
O P Bhatt and N Ganapathy Subramaniam.
2. Average net proﬁt of the company for last three 
ﬁnancial years for the purpose of computation of CSR:  
`30,003 crore.
3. Prescribed CSR Expenditure (two per cent of the 
amount as in item 2 above): `600 crore.
4. Details of CSR spent during the ﬁnancial year:
 
a. Total amount to be spent for the ﬁnancial year: 
`600 crore
 
b. Amount unspent: Nil
Annexure II
Annual Report on CSR Activities1
 
c. 
Manner in which the amount spent during the 
ﬁnancial year: Annexed
5. In case the company has failed to spend the two 
per cent of the average net proﬁt of the last three 
ﬁnancial years or any part thereof, the company shall 
provide the reasons for not spending the amount in 
its Board report.
 
Not Applicable
6. A responsibility statement of the CSR committee that 
the implementation and monitoring of CSR policy, is 
in compliance with CSR objectives and policy of the 
Company.
 
We hereby declare that implementation and 
monitoring of the CSR policy are in compliance with 
CSR objectives and CSR policy of the Company.
Rajesh Gopinathan
N Chandrasekaran
Chief Executive Officer and 
Managing Director
Chairman, Corporate Social 
Responsibility Committee
Mumbai, April 16, 2020
1 201-1

TCS Annual Report 2019-20
Directors’ Report I 56
4(c)  Manner in which amount spent during the ﬁnancial year is detailed below:
(` crore)
Sr. 
No.
CSR Project or Activity 
identiﬁed
Sector in which project is covered
Projects or programs  
(1) Local area or other 
(2) Specify the State 
and district where 
projects or programs 
was undertaken
Amount Outlay 
(budget) 
project or 
program wise 
Amount spent 
on the projects 
or program 
Subheads : 
(1) Direct 
Expenditure
(2) Overheads
Cumulative 
Expenditure 
up to the 
reporting 
period 
Amount 
Spent : Direct 
or through 
implementing 
agency
1.
Training and educating 
children, women, 
elderly, differently abled, 
scholarships, special 
education and increasing 
employability
Promoting education, including special 
education and employment enhancing 
vocation skills especially among children, 
women, elderly, and the differently abled and 
livelihood enhancement projects, measures 
for reducing inequalities faced by socially and 
economically backward groups
Pan India
 423 
114 
397 Through 
implementing 
agency
2.
Disaster Relief, technical 
support for Hospitals 
including Cancer 
Institutes, promoting 
hygenic sanitation.
Eradicating hunger, poverty and malnutrition, 
promoting preventive health care and 
sanitation including contribution to the Swach 
Bharat Kosh set-up by the Central Government 
for the promotion of sanitation and making 
available safe drinking water
Pan India
849 
176 
782 Through 
implementing 
agency

TCS Annual Report 2019-20
Directors’ Report I 57
(` crore)
Sr. 
No.
CSR Project or Activity 
identiﬁed
Sector in which project is covered
Projects or programs  
(1) Local area or other 
(2) Specify the State 
and district where 
projects or programs 
was undertaken
Amount Outlay 
(budget) 
project or 
program wise 
Amount spent 
on the projects 
or program 
Subheads : 
(1) Direct 
Expenditure
(2) Overheads
Cumulative 
Expenditure 
up to the 
reporting 
period 
Amount 
Spent : Direct 
or through 
implementing 
agency
3.
Water conservation 
through desilting, 
repair and maintenance 
of  lakes, watershed 
restoration for 
sustainability and ﬂood 
protection
Ensuring environmental sustainability, 
ecological balance, protection of ﬂora and  
fauna, animal welfare, agroforestry, 
conservation of natural resources and 
maintaining quality of soil, air and water 
including contribution to the Clean Ganga 
Fund set-up by the Central Government for 
rejuvenation of river Ganga
Pan India
18 
6 
11 Direct
4.
Contribution to 
Foundation/Trusts
Various sectors covered by Schedule VII of the 
Companies Act, 2013
Pan India
886 
303 
885 Through 
implementing 
agency
 
Sub-total
2,176
599
2,075
Overheads for various 
CSR initiatives
3
 
Total CSR Spend
 
 
602
 
Note: With respect to the projects identiﬁed by the Company as a part of its CSR activities, the Company had an outlay of `2,186 crore against which a cumulative expenditure of `2,082 
crore has been incurred up to March 31, 2020.

TCS Annual Report 2019-20
Directors’ Report I 58
Annexure III
Form No. MGT-9
Extract of Annual Return as on the ﬁnancial year ended on March 31, 2020
[Pursuant to Section 92 (3) of the Companies Act, 2013 and Rule 12(1) of the Companies (Management and Administration) Rules, 2014]
I. 
REGISTRATION AND OTHER DETAILS:
 
i. 
CIN: L22210MH1995PLC084781
 
ii. 
Registration Date: January 19, 1995
 
iii. Name of the Company: Tata Consultancy Services 
Limited
 
iv. Category / Sub-Category of the Company: 
Company Limited by shares / Indian Non-
Government Company
 
v. 
Address of the Registered office and contact details:  
 
 
9th Floor, Nirmal Building,
 
 
Nariman Point,
 
 
Mumbai 400 021
 
 
Tel: 91 22 6778 9595
 
 
Email: investor.relations@tcs.com 
 
 
Website: www.tcs.com
 
vi. Whether listed company: Yes
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
 
All the business activities contributing 10% or more of the total turnover of the Company shall be stated:
Sr. No.
Name and description of main products / services
NIC Code of the product / 
service
% to total turnover of the 
Company
1.
Computer Programming, Consultancy and Related Activities
620
100
 
vii. Name, Address and Contact details of Registrar and 
Transfer Agent, if any:  
 
 
TSR Darashaw Consultants Private Limited, 
 
 
6, Haji Moosa Patrawala Industrial Estate,
 
 
20, Dr. E. Moses Road,
 
 
Mahalaxmi, 
 
 
Mumbai 400 011
  
 
Tel: 91 22 6656 8484
  
 
Fax: 91 22 6656 8494
  
 
Email: csg-unit@tsrdarashaw.com 
  
 
Website: www.tsrdarashaw.com

TCS Annual Report 2019-20
Directors’ Report I 59
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES1
Sr. 
No.
Name and address of the Company
CIN/GLN
Holding/ 
Subsidiary/ 
Associate
% of 
shares 
held
Applicable 
Section
1.
Tata Sons Private Limited
Bombay House, 24, Homi Modi Street, Mumbai, Maharashtra 400001, India
U99999MH1917PTC000478
Holding
72
2(46)
2.
APTOnline Limited
STP Block SGA-Z4, Synergy Park (Non-SEZ) Campus, Opp. DLF Cybercity, Gachibowli, Hyderabad 500032, India
 U75142TG2002PLC039671
Subsidiary
89
2(87)
3.
C-Edge Technologies Limited
Palm Centre, Banyan Park, Suren Road, Andheri East, Mumbai, Maharashtra 400093, India
U72900MH2006PLC159038
- do -
51
2(87)
4.
MP Online Limited
No 4th Floor, OB 14 to 17 DB City Corporate Block , DB Mall Arera Hill, Bhopal 462011, Madhya Pradesh, India
U72400MP2006PLC018777
- do -
89
2(87)
5.
TCS e-Serve International Limited
9th Floor, Nirmal Building, Nariman Point, Mumbai 400021, Maharashtra, India
U72300MH2007PLC240002
- do -
100
2(87)
6.
MahaOnline Limited
Directorate of Information Technology, Mantralaya Annex, 7th Floor, Mumbai 400032, Maharashtra, India
U72900MH2010PLC206026
- do -
74
2(87)
7.
TCS Foundation
9th Floor, Nirmal Building, Nariman Point, Mumbai 400021, Maharashtra, India
U74999MH2015NPL262710
- do -
100
2(87)
8.
Tata Consultancy Services (Africa) (PTY) Ltd.
39 Ferguson Road, Illovo, Johannesburg 2196, South Africa
Not Applicable
- do -
100
2(87)
9.
Tata Consultancy Services (South Africa) (PTY) Ltd.
39 Ferguson Road, Illovo, Johannesburg 2196, South Africa
- do -
- do -
100
2(87)
10.
Tata Consultancy Services Qatar S. S. C.
Al Bidda Tower, Corniche Street, 7th ﬂoor, Building no. 56, Zone no. 60, Street no. 830, P.O. Box No. 207210, Doha, State of Qatar
- do -
- do -
100
2(87)
11.
Tata Consultancy Services Saudi Arabia
Akaria, Centre II, 7th Floor, Office No 712, Riyadh – 11372, Kingdom of Saudi Arabia
- do -
- do -
76
2(87)
1 102-45

TCS Annual Report 2019-20
Directors’ Report I 60
Sr. 
No.
Name and address of the Company
CIN/GLN
Holding/ 
Subsidiary/ 
Associate
% of 
shares 
held
Applicable 
Section
12.
Tata Consultancy Services Asia Paciﬁc Pte Ltd.
60, Anson Road, # 18-01,Mapletree Anson, Singapore 079914
- do -
- do -
100
2(87)
13.
Tata Consultancy Services Malaysia Sdn Bhd
12th Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 13, 46200 Petaling Jaya Selangor, Malaysia
- do -
- do -
100
2(87)
14.
Tata Consultancy Services (China) Co., Ltd.
1st ﬂoor, Tower D 3rd Block Zhongguancun Software Park, Building No. 9, No. 8 Dongbeiwang West Road, Haidian District, Beijing, 
People’s Republic of China
- do -
- do -
93.2
2(87)
15.
PT Tata Consultancy Services Indonesia
Gedung Menara Prima Lt.6 Unit F, Jl. Dr. Ide Anak Agung Gde Agung Blok 6.2, Kawasan Mega, Kuningan Kel. Kuningan Timur, 
Kec. Setiabudi Jakarta Selatan 12950, Indonesia
- do -
- do -
100
2(87)
16.
Tata Consultancy Services (Thailand) Limited
32/46, Sino-Thai Tower, 18th Floor, Sukhumvit 21 Road (Asoke) Road, Klongtoey-Nua Sub-District, Wattana District,  
Bangkok, Thailand
- do -
- do -
100
2(87)
17.
Tata Consultancy Services (Philippines) Inc.
10th Floor, Panorama Towers, 34th Street Corner, Lane A, Bonifacio Global City, Taguig City, Philippines 1634
- do -
- do -
100
2(87)
18.
Tata Consultancy Services Japan, Ltd.
4-1-4 Shibakoen, Minato Ku, Tokyo, Japan
- do -
- do -
66
2(87)
19.
Tata Consultancy Services Canada Inc.
400 University Avenue, 25th Floor, Toronto, Ontario M5G 1S5, Canada
- do -
- do -
100
2(87)
20. Tata Consultancy Services De Espana S.A.
C/ Santa Leonor 65, Ediﬁcio F 2a Planta 28037, Madrid, Spain
- do -
- do -
100
2(87)
21.
Tata Consultancy Services Deutschland GmbH
Messeturm, D-60308 Frankfurt a.M., Germany
- do -
- do -
100
2(87)
22. Tata Consultancy Services Netherlands BV
Symphony Towers, 20th Floor, Gustav Mahlerplein 85-91, 1082 MS Amsterdam, The Netherlands
- do -
- do -
100
2(87)

TCS Annual Report 2019-20
Directors’ Report I 61
Sr. 
No.
Name and address of the Company
CIN/GLN
Holding/ 
Subsidiary/ 
Associate
% of 
shares 
held
Applicable 
Section
23. Tata Consultancy Services Sverige AB
Mäster Samuelsgatan, 42 SE 111 57, Sweden
- do -
- do -
100
2(87)
24. Tata Consultancy Services Belgium
Lenneke Marelaan 6, 1932 Sint-Stevens-Woluwe, Belgium
- do -
- do -
100
2(87)
25. TCS Italia s.r.l.
Corso Italia 1, Milano 20122, Italy
- do -
- do -
100
2(87)
26. Diligenta Limited
Lynch Wood, Peterborough, Cambridgeshire, PE2 6FY, United Kingdom
- do -
- do -
100
2(87)
27.
Tata Consultancy Services (Portugal) Unipessoal, Limitada
Av. José Gomes Ferreira, 15.7 U, 1495-139 Algés, Portugal
- do -
- do -
100
2(87)
28. Tata Consultancy Services Luxembourg S.A.
Rue Pafebruch 89D, L - 8308 Capellen, Luxembourg
- do -
- do -
100
2(87)
29. Tata Consultancy Services Switzerland Ltd.
Thurgauerstrasse 36/38, 8050 Zurich, Switzerland
- do -
- do -
100
2(87)
30. Tata Consultancy Services Osterreich GmbH
Orbi Tower, Thomas Klestil-Platz 13, 1030 Wien, Austria
- do -
- do -
100
2(87)
31.
Tata Consultancy Services Danmark ApS
C/o CityCallCenter ApS, Hammerensgade 1, 2, 1267 Kobenhavn K, Denmark
- do -
- do -
100
2(87)
32. Tata Consultancy Services France SA
Tour Franklin-La Defense 8, 100/101 Terrasse Boieldieu -92042, La Defense Cedex, Paris, France
- do -
- do -
100
2(87)
33. TCS Business Services GmbH 
Elisabethstr 11, 40217, Dusseldorf, Germany
- do -
- do -
100
2(87)
34. TCS FNS Pty Limited
Level 6, 76 Berry Street, North Sydney, NSW 2060 Australia
- do -
- do -
100
2(87)

TCS Annual Report 2019-20
Directors’ Report I 62
Sr. 
No.
Name and address of the Company
CIN/GLN
Holding/ 
Subsidiary/ 
Associate
% of 
shares 
held
Applicable 
Section
35. TCS Financial Solutions Australia Pty Limited
Level 6, 76 Berry Street, North Sydney, NSW 2060 Australia
- do -
- do -
100
2(87)
36. TCS Financial Solutions Beijing Co., Ltd.
Unit 2509, No.23, Qinghe Anningzhuang East Road No.18, Haidian District, Beijing, Peoples Republic China 100193
- do -
- do -
100
2(87)
37.
TCS Iberoamerica SA
Monte Caseros 2600, 1329; Montevideo, Uruguay (Postal Code: 11100)
- do -
- do -
100
2(87)
38. TCS Solution Center S.A.
Ruta 8, km 17500, Zonamerica, Ed 600, Montevideo, Uruguay
- do -
- do -
100
2(87)
39. Tata Consultancy Services Argentina S.A.
Uspallata 3046; Capital Federal, Ciudad Autónoma de Buenos Aires, Argentina (CP: C1437JCJ)
- do -
- do -
100
2(87)
40. Tata Consultancy Services De Mexico S.A., De C.V.
Av. Insurgentes Sur 664, 2nd Floor, Colonia Del Valle, Ciudad de Mexico, México, DF, México (Postal Code: 03100)
- do -
- do -
100
2(87)
41.
TCS Inversiones Chile Limitada
Curico 18, Piso 3 & 5, Santiago, Chile (Postal Code: 8330088)
- do -
- do -
100
2(87)
42. Tata Consultancy Services Do Brasil Ltda
Alameda Madeira, 328 - 13° andar, Alphaville Industrial - Barueri – SP. Zip Code 06453-020
- do -
- do -
100
2(87)
43. Tata Consultancy Services Chile S.A.
Curicó 18, Piso 3 & 5, Santiago, Chile (Postal Code: 8330088)
- do -
- do -
100
2(87)
44. TATASOLUTION CENTER S.A.
Francisco Salazar E10-61 and Camilo Destruge, Building INLUXOR 7th Floor; Quito, Ecuador
- do -
- do -
100
2(87)
45. TCS Uruguay S.A.
Monte Caseros 2600, Montevideo, Uruguay (Postal Code:11100)
- do -
- do -
100
2(87)

TCS Annual Report 2019-20
Directors’ Report I 63
Sr. 
No.
Name and address of the Company
CIN/GLN
Holding/ 
Subsidiary/ 
Associate
% of 
shares 
held
Applicable 
Section
46. Technology Outsourcing S.A.C.
Las Begonisa 475, Sexto Pisa, San Isidro, Lima 27- Peru
- do -
- do -
100
2(87)
47.
MGDC S.C.
Avenue Tizoc No.97, Colonia Ciudad del Sol, Zapopan Jalisco, Guadalajara, Mexico (Postal Code 45050)
- do -
- do -
100
2(87)
48. Tata America International Corporation
101, Park Avenue, 26th Floor, New York 10178, U.S.A.
- do -
- do -
100
2(87)
49. CMC Americas, Inc.
379 Thornall Street, Edison 08837, New Jersey, U.S.A.
- do -
- do -
100
2(87)
50. TCS e-Serve America, Inc.
379 Thornall Street, Edison 08837, New Jersey, U.S.A.
- do -
- do -
100
2(87)
51.
W12 Studios Limited
75 Bayham Street, London, England, NW1 0AA
- do -
- do -
100
2(87)

TCS Annual Report 2019-20
Directors’ Report I 64
IV. SHAREHOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)
i) 
Category-wise Shareholding
Sr. 
No.
Category of shareholders
No. of shares held at the beginning of the year April 1, 2019 No. of shares held at the end of the year March 31, 2020
% 
Change 
during 
the year
Demat
Physical
Total
% of total 
Shares
Demat
Physical
Total
% of total 
Shares
(A) Promoters and Promoter Group
(1)
Indian
(a) Individuals / HUF
-
-
-
-
-
-
-
-
-
(b) Central Government/State Government(s)
-
-
-
-
-
-
-
-
-
(c) Bodies Corporate
2,703,542,000
-
2,703,542,000
72.0 2,703,542,000
-
2,703,542,000
72.0
-
(d) Financial Institutions / Banks
-
-
-
-
-
-
-
-
-
(e) Other- Trust
-
-
-
-
-
-
-
-
-
Sub-Total (A) (1)
2,703,542,000
-
2,703,542,000
72.0 2,703,542,000
-
2,703,542,000
72.0
-
(2) Foreign
(a)  Individuals (Non- Resident Individuals/Foreign Individuals)
-
-
-
-
-
-
-
-
-
(b) Bodies Corporate
-
-
-
-
-
-
-
-
-
(c) Institutions
-
-
-
-
-
-
-
-
-
(d) Qualiﬁed Foreign Investor
-
-
-
-
-
-
-
-
-
(e) Any Other (specify)
-
-
-
-
-
-
-
-
-
Sub-Total (A) (2)
-
-
-
-
-
-
-
-
-
Total Shareholding of Promoter and Promoter Group (A)
2,703,542,000
-
2,703,542,000
72.0 2,703,542,000
-
2,703,542,000
72.0
-

TCS Annual Report 2019-20
Directors’ Report I 65
Sr. 
No.
Category of shareholders
No. of shares held at the beginning of the year April 1, 2019 No. of shares held at the end of the year March 31, 2020
% 
Change 
during 
the year
Demat
Physical
Total
% of total 
Shares
Demat
Physical
Total
% of total 
Shares
(B) Public Shareholding 
(1)
Institutions 
(a) Mutual Funds / UTI
93,354,218
3,450 
93,357,668
2.5
95,695,453 
3,350 
95,698,803 
2.6
0.1 
(b) Financial Institutions / Banks
707,232
5,110 
712,342
-
1,844,729 
5,110 
1,849,839 
0.1
0.1  
(c) Central Government / State Governments(s)
2,037,771
-
2,037,771
0.1
2,420,388
-
2,420,388
0.1
-
(d) Venture Capital Funds
-
-
-
-
-
-
-
-
-
 (e) Insurance Companies
196,172,807
-
196,172,807
5.2
200,941,420
-
200,941,420
5.3
0.1
(f)
Foreign Institutional Investors
4,732,576
-
4,732,576
0.1
979,740
-
979,740
-
(0.1)
(g) Foreign Venture Capital Investors
-
-
-
-
-
-
-
-
-
(h) Qualiﬁed Foreign Investor
-
-
-
-
-
-
-
-
-
(i)
Foreign Portfolio Investors (Corporate)
588,110,025
-
588,110,025
15.7
589,641,314
-
589,641,314
15.7
-
(j)
Any Other (specify)
-
-
-
-
-
-
-
-
-
Sub-Total (B) (1)
885,114,629.0
8,560 
885,123,189.0
23.6
891,523,044
8,460
891,531,504
23.8
0.2
(2) Non-Institutions 
(a) Bodies Corporate
12,451,882
34,647
12,486,529
0.3
12,428,282
34,322
12,462,604
0.3
-
(b) Individuals -
i
Individual shareholders holding nominal share capital upto  
`1 lakh 
114,051,696
1,414,588
115,466,284
3.1
111,069,357
1,227,023
112,296,380
3.0
(0.1)

TCS Annual Report 2019-20
Directors’ Report I 66
Sr. 
No.
Category of shareholders
No. of shares held at the beginning of the year April 1, 2019 No. of shares held at the end of the year March 31, 2020
% 
Change 
during 
the year
Demat
Physical
Total
% of total 
Shares
Demat
Physical
Total
% of total 
Shares
ii
Individual shareholders holding nominal share capital in 
excess of `1 lakh
20,132,741
-
20,132,741
0.5
12,091,576
-
12,091,576
0.3
(0.2)
(c) Qualiﬁed Foreign Investor
-
-
-
-
-
-
-
-
-
(d) Any Other
i
Trusts
9,879,420
-
9,879,420
0.3
11,230,590
-
11,230,590
0.3
-
ii
Foreign Companies
56
-
56
-
56
-
56
-
- 
iii
Clearing Members / Clearing House
3,842,202
-
3,842,202
0.1
7,107,736
-
7,107,736
0.2
0.1
iv
Alternative Investment Fund 
1,663,495
-
1,663,495
0.1
1,820,360
-
1,820,360
0.1
-
v
IEPF Suspense A/c
248,790
-
248,790
-
301,900
-
301,900
-
-
Sub-total (B) (2)
162,270,282 1,449,235
163,719,517
4.4
156,049,857
1,261,345
157,311,202
4.2
(0.2)
Total Public Shareholding  
(B) = (B)(1)+(B)(2)
1,047,384,911
1,457,795
1,048,842,706
28.0
1,047,572,901 1,269,805 1,048,842,706
28.0
-
TOTAL (A)+(B)
3,750,926,911
1,457,795
3,752,384,706
100.0
3,751,114,901 1,269,805 3,752,384,706
100.0
-
(C)
Shares held by Custodians and against which Depository 
Receipts have been issued
-
-
-
-
-
-
-
-
-
GRAND TOTAL (A)+(B)+(C)
3,750,926,911
1,457,795
3,752,384,706
100.0
3,751,114,901 1,269,805 3,752,384,706
100.0
-

TCS Annual Report 2019-20
Directors’ Report I 67
ii) Shareholding of Promoters (including Promoter Group)
Sr. 
No.
Shareholder’s Name
Shareholding at the beginning of the year April 1, 2019
Shareholding at the end of the year March 31, 2020
% change in 
shareholding 
during the year
No. of shares
% of total shares 
of the Company
% of shares 
pledged/
encumbered to 
total shares
No. of shares
% of total Shares 
of the Company
% of shares 
pledged/
encumbered to 
total shares
1.
Tata Sons Private Limited (Promoter)
2,702,450,947
72.0
2.1
2,702,450,947
72.0
2.1
-
2.
Tata Industries Limited*
7,220
-
-
7,220
-
-
-
3.
Tata Investment Corporation Limited*
1,036,269
-
-
1,036,269
-
-
-
4.
Tata Steel Limited*
46,798
-
-
46,798
-
-
-
5.
The Tata Power Company Limited*
766
-
-
766
-
-
-
Total
2,703,542,000
72.0
2.1
2,703,542,000
72.0
2.1
-
*Forms part of the Promoter Group.
iii) Change in Promoter’s (including Promoter Group) Shareholding (please specify, if there is no change)
Sr. 
No. 
Name of the shareholder
Shareholding at the beginning 
of the year April 1, 2019
Date
Reason
Increase/Decrease in 
Shareholding
Cumulative shareholding 
during the year 
No. of shares
% of total 
shares of the 
Company
No. of shares
%total 
shares of the 
Company
No. of Shares
% of Total 
Shares of the 
Company
1.
Tata Sons Private Limited (Promoter)
2,702,450,947
72.0
 -
-
-
2,702,450,947
72.0 
2.
Tata Industries Limited*
7,220
-
-
-
-
7,220
-
3.
Tata Investment Corporation Limited*
1,036,269
-
-
-
-
1,036,269
-
4.
Tata Steel Limited*
46,798
-
-
-
-
46,798
-
5.
The Tata Power Company Limited*
766
-
-
-
-
766
-
*Forms part of the Promoter Group.

TCS Annual Report 2019-20
Directors’ Report I 68
iv) Shareholding Pattern of Top ten shareholders (other than Directors, Promoters and holder of GDRs and ADRs):
Sr. 
No.
Top Ten Shareholders*
Shareholding at the beginning of the year  
April 1, 2019
Cumulative shareholding at the end of the year 
March 31, 2020
No. of shares
% of total shares of the 
Company
No. of shares
% of total shares of the 
Company
1.
Life Insurance Corporation of India
152,493,927
4.1
157,538,396
4.2
2.
Invesco Oppenheimer Developing Markets Fund
16,731,906
0.4
28,045,020
0.8
3.
SBI Mutual Fund  
21,680,561
0.6
26,429,597
0.7
4.
Axis Mutual Fund Trustee Limited 
15,244,614
0.4
16,609,800
0.4
5.
Government of Singapore 
18,028,475
0.5
16,012,250
0.4
6.
Vanguard Total International Stock Index Fund
13,978,944
0.4
15,772,829
0.4
7.
Vanguard Emerging Markets Stock Index Fund, A Series Of Vanguard International 
Equity Index Funds
14,112,213
0.4
13,199,846
0.4
8.
ICICI Prudential Life Insurance Company Ltd 
16,139,316
0.4
12,868,617
0.3
9.
First State Investments Icvc- Stewart Investors Asia Paciﬁc Leaders Fund
19,248,438
0.5
12,257,728
0.3
10. Wgi Emerging Markets Fund LLC
10,193,241
0.3
11,243,846
0.3
* The shares of the Company are traded on daily basis and hence the datewise increase/decrease in shareholding is not indicated. Shareholding is consolidated based on permanent account 
number (PAN) of the shareholder.

TCS Annual Report 2019-20
Directors’ Report I 69
v) Shareholding of Directors and Key Managerial Personnel:
Sr. 
No.
Name of the Shareholder
Date
Reason
Shareholding at the beginning of the year  
April 1, 2019
Cumulative shareholding at the end of the year 
March 31, 2020
No. of shares
% of total shares of the 
Company
No. of shares
% of total shares of the 
Company
Directors
1.
N Chandrasekaran
01-Apr-2019
 
177,056
-
177,056
-
31-Mar-2020
 
 
 
177,056
-
2.
Aarthi Subramanian
01-Apr-2019
 
5,600
-
5,600
-
31-Mar-2020
 
 
 
5,600
-
3.
Rajesh Gopinathan
01-Apr-2019
 
2,260
-
2,260
-
14-Oct-2019
Purchase of 
Shares 
500 
 - 
  2,760
-
31-Mar-2020
 
 
 
 2,760
-
4.
N Ganapathy Subramaniam
01-Apr-2019
 
197,760
-
197,760
-
31-Mar-2020
 
 
 
197,760
-
5.
Keki Mistry
01-Apr-2019
 
4,078
- 
4,078
 
31-Mar-2020
 
 
 
4,078
-
Key Managerial Personnel
1.
Ramakrishnan V
01-Apr-2019
 
2,000
- 
2,000
- 
31-Mar-2020
 
 
 
2,000
- 
2.
Rajendra Moholkar
01-Apr-2019
 
364
- 
364
- 
31-Mar-2020
 
 
 
364
-

TCS Annual Report 2019-20
Directors’ Report I 70
V. INDEBTEDNESS
 
Indebtedness of the Company including interest outstanding/accrued but not due for payment
(` crore)
Secured Loans excluding 
deposits
Unsecured Loans
Deposits
Total
Indebtedness
Note 1
Note 2
Note 3
Indebtedness at the beginning of the ﬁnancial year
i) 
Principal Amount
-*
-
4
4
ii) 
Interest due but not paid
-
-
-
-
iii) 
Interest accrued but not due
-
-
-
-
Total (i+ii+iii)
-
-
4
4
Change in Indebtedness during the ﬁnancial year
đƫ
  %0%+*
 14,719 
-
-
 14,719 
đƫ
! 10%+*
 (14,719)
-
-
 (14,719)
Net Change
-
-
-
-
Indebtedness at the end of the ﬁnancial year
i) 
Principal Amount
-
-
4
4
ii) 
Interest due but not paid
-
-
-
-
iii) 
Interest accrued but not due
-
-
-
-
Total (i+ii+iii)
-
-
4
4
 
*Opening balance adjusted on account of transition to Ind AS 116 Leases.
 
Note: Deposits represent amounts received from lessee for the premises given on sub-lease and from vendors for contracts to be executed.

TCS Annual Report 2019-20
Directors’ Report I 71
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
 
A. Remuneration to Managing Director, Whole-time Directors and / or Manager:
(` lakh)
Sr. 
No.
Particulars of Remuneration
Name of MD/WTD/Manager
Rajesh Gopinathan  
Chief Executive Officer and 
Managing  Director
N Ganapathy Subramaniam 
Chief Operating Officer and
 Executive Director
Total Amount
1.
Gross salary
(a) Salary as per provisions contained in Section 17(1) of the  Income-tax Act, 1961
135.90
129.18
265.08
(b) Value of perquisites u/s 17(2) of the Income-tax Act, 1961
129.22
16.00
145.22
(c) Proﬁts in lieu of salary under Section 17(3) of the Income-tax Act, 1961
-
-
-
2.
Stock Option
-
-
-
3.
Sweat Equity
-
-
-
4.
Commission
1,000.00
700.00
1,700.00
as % of proﬁt
0.02
0.02
0.04
5.
Others, Allowances
72.82
166.51
239.33
Total (A)
 1,337.94
1,011.69
2,349.63
Ceiling as per the Act (@ 10% of proﬁts calculated under Section 198 of the 
Companies Act, 2013)
420,701.94

TCS Annual Report 2019-20
Directors’ Report I 72
 
B. Remuneration to other directors:
(` lakh)
Sr. 
No.
Particulars of Remuneration
Sitting Fees for attending 
board/ committee meetings
Commission
Others, please
 specify
Total Amount
1.
Independent Directors
Aman Mehta*
1.80
 60.00
- 
61.80
Dr. Ron Sommer*
1.80
 60.00
- 
61.80
O P Bhatt**
6.90
 200.00
- 
206.90
Dr. Pradeep Kumar Khosla
5.10
 140.00
- 
145.10
Hanne Sorensen
4.80
 140.00
- 
144.80
Keki Mistry
5.10
 140.00
- 
145.10
Don Callahan
5.10
 140.00
- 
145.10
Total (1)
 30.60
 880.00
- 
910.60
2.
Other Non-Executive Directors
N Chandrasekaran@
4.20
- 
- 
4.20
Aarthi Subramanian@@
5.40
- 
- 
5.40
Total (2)
 9.60
- 
- 
 9.60
Total (B)=(1+2)
40.20
880.00 
- 
920.20
Total Managerial Remuneration
Ceiling as per the Act (@1% of proﬁts calculated under Section 198 of the Companies 
Act, 2013)
42,070.19
 
* 
Ceased to be Directors w.e.f. June 26, 2019 upon completion of their term as Independent Director.
 
** 
Re-appointed as Independent Director for a second term w.e.f. June 27, 2019.
 
@ 
As a policy, N Chandrasekaran, Chairman, has abstained from receiving commission from the Company and hence not stated.
 
@@ 
In line with the internal guidelines of the Company, no payment is made towards commission to the Non-Executive Directors of the Company, who are in full time 
employment with any other Tata company and hence not stated.

TCS Annual Report 2019-20
Directors’ Report I 73
 
C. Remuneration to Key Managerial Personnel other than MD / Manager / WTD
(` lakh)
Sr. 
No.
Particulars of Remuneration
Key Managerial Personnel
Ramakrishnan V
Chief Financial Officer
Rajendra Moholkar
Company Secretary
Total
1.
Gross salary
(a) Salary as per provisions contained in Section 17(1) of the Income-tax Act, 1961
77.66 
23.90 
101.56 
(b) Value of perquisites u/s 17(2) of the Income-tax Act, 1961
54.82
1.55 
56.37 
(c) Proﬁts in lieu of salary under Section 17(3) of the Income-tax Act, 1961
-
-
-
2.
Stock Option
-
-
-
3.
Sweat Equity
-
-
-
4.
Commission
-
-
-
as % of proﬁt
-
-
-
5.
Others, Allowances
265.95 
114.54 
380.49 
Total
398.44 
139.99 
538.42 
 
 
Note: For more information, please refer the Corporate Governance Report.
VII. PENALTIES/ PUNISHMENT/COMPOUNDING OF OFFENCES:
 
There were no penalties, punishment or compounding of offences during the year ended March 31, 2020.

TCS Annual Report 2019-20
Directors’ Report I 74
Annexure IV
FORM No. MR-3
Secretarial Audit Report
for the ﬁnancial year ended March 31, 2020
[Pursuant to Section 204 (1) of the Companies Act, 2013 and Rule No. 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To,
The Members,
Tata Consultancy Services Limited
We have conducted the secretarial audit of the compliance 
of applicable statutory provisions and the adherence to 
good corporate practices by Tata Consultancy Services 
Limited (hereinafter called “the Company”). Secretarial 
Audit was conducted in a manner that provided us a 
reasonable basis for evaluating the corporate conducts/
statutory compliances and expressing our opinion thereon.
Based on our veriﬁcation of the Company’s books, papers, 
minute books, forms and returns ﬁled and other records 
maintained by the Company, the information provided 
by the Company, its officers, agents and authorised 
representatives during the conduct of secretarial audit, 
the explanations and clariﬁcations given to us and the 
representations made by the Management and considering 
the relaxations granted by the Ministry of Corporate Affairs 
and Securities and Exchange Board of India warranted due 
to the spread of the COVID-19 pandemic, we hereby report 
that in our opinion, the Company has during the audit 
period covering the ﬁnancial year ended on March 31, 2020, 
generally complied with the statutory provisions listed 
hereunder and also that the Company has proper Board 
processes and compliance mechanism in place to the 
extent, in the manner and subject to the reporting made 
hereinafter:
We have examined the books, papers, minute books, 
forms and returns ﬁled and other records made available 
to us and maintained by the Company for the ﬁnancial 
year ended on March 31, 2020 according to the applicable 
provisions of:
(i) The Companies Act, 2013 (the Act) and the rules made 
thereunder;
(ii) The Securities Contract (Regulation) Act, 1956 (‘SCRA’) 
and the rules made thereunder;
(iii) The Depositories Act, 1996 and the Regulations and 
Bye-laws framed thereunder;
(iv) Foreign Exchange Management Act, 1999 and the 
rules and regulations made thereunder to the extent of 
Foreign Direct Investment, Overseas Direct Investment 
and External Commercial Borrowings;
(v) The following Regulations and Guidelines prescribed 
under the Securities and Exchange Board of India Act, 
1992 (‘SEBI Act’):
 
(a) The Securities and Exchange Board of India 
(Substantial Acquisition of Shares and Takeovers) 
Regulations, 2011;
 
(b) The Securities and Exchange Board of India 
(Prohibition of Insider Trading) Regulations, 2015;
 
(c) The Securities and Exchange Board of India 
(Issue of Capital and Disclosure Requirements) 
Regulations, 2018 and amendments from time to 
time;
 
(d) The Securities and Exchange Board of India (Share 
Based Employee Beneﬁts) Regulations, 2014; 
(Not applicable to the Company during the audit 
period)

TCS Annual Report 2019-20
Directors’ Report I 75
 
(e) The Securities and Exchange Board of India (Issue 
and Listing of Debt Securities) Regulations, 2008; 
(Not applicable to the Company during the audit 
period)
 
(f) The Securities and Exchange Board of India 
(Registrars to an Issue and Share Transfer Agents) 
Regulations, 1993 regarding the Companies Act 
and dealing with client; (Not applicable to the 
Company during the audit period)
 
(g) The Securities and Exchange Board of India 
(Delisting of Equity Shares) Regulations, 2009; 
(Not applicable to the Company during the audit 
period) and
 
(h) The Securities and Exchange Board of India 
(Buyback of Securities) Regulations, 2018; (Not 
applicable to the Company during the audit 
period)
(vi) Other laws applicable speciﬁcally to the Company 
namely:-
 
(a) Information Technology Act, 2000 and the rules 
made thereunder;
 
(b) Special Economic Zones Act, 2005 and the rules 
made thereunder; 
 
(c) Software Technology Parks of India rules and 
regulations
 
(d) The Indian Copyright Act, 1957 
 
(e) The Patents Act, 1970 
 
(f) The Trade Marks Act, 1999
 
We have also examined compliance with the applicable 
clauses of the following:
 
(i) Secretarial Standards issued by The Institute of 
Company Secretaries of India with respect to 
board and general meetings.
 
(ii) The Listing Agreements entered into by the 
Company with National Stock Exchange of India 
Limited and BSE Limited read with the SEBI 
(Listing Obligations and Disclosure Requirements) 
Regulations, 2015.
During the period under review, the Company has 
complied with the provisions of the Act, Rules, Regulations, 
Guidelines, standards etc. mentioned above. 
We further report that:
The Board of Directors of the Company is duly constituted 
with proper balance of Executive Directors, Non-Executive 
Directors and Independent Directors. The changes in 
the composition of the Board of Directors that took 
place during the period under review were carried out in 
compliance with the provisions of the Act.
Adequate notice was given to all directors to schedule the 
Board Meetings, agenda and detailed notes on agenda 
were sent at least seven days in advance for meetings 
other than those held at shorter notice, and a system 
exists for seeking and obtaining further information and 
clariﬁcations on the agenda items before the meeting and 
for meaningful participation at the meeting. 
As per the minutes, the decisions at the Board Meetings 
were taken unanimously.
We further report that there are adequate systems and 
processes in the Company commensurate with the size 
and operations of the Company to monitor and ensure 
compliance with applicable laws, rules, regulations and 
guidelines etc.
We further report that during the audit period the 
Company no events occurred which had bearing on the 
Company’s affairs in pursuance of the above referred laws, 
rules, regulations, guidelines, standards etc.
 
For Parikh & Associates
 
Company Secretaries
 
P N Parikh
 
Partner
 
FCS No: 327 CP No:  1228
Mumbai, April 16, 2020 
UDIN: F000327B000161246
This Report is to be read with our letter of even date which 
is annexed as Annexure A and Forms an integral part of this 
report.

TCS Annual Report 2019-20
Directors’ Report I 76
‘Annexure A’
To, 
The Members 
Tata Consultancy Services Limited
Our report of even date is to be read along with this letter.
1. 
Maintenance of secretarial record is the responsibility 
of the management of the Company. Our responsibility 
is to express an opinion on these secretarial records 
based on our audit.
2. We have followed the audit practices and process 
as were appropriate to obtain reasonable assurance 
about the correctness of the contents of the secretarial 
records. The veriﬁcation was done on test basis to 
ensure that correct facts are reﬂected in secretarial 
records. We believe that the process and practices, we 
followed provide a reasonable basis for our opinion.
3. We have not veriﬁed the correctness and 
appropriateness of ﬁnancial records and Books of 
Accounts of the Company.
4. Where ever required, we have obtained the 
Management Representation about the Compliance of 
laws, rules and regulations and happening of events 
etc.
5. The Compliance of the provisions of Corporate and 
other applicable laws, rules, regulations, standards is 
the responsibility of management. Our examination 
was limited to the veriﬁcation of procedure on test 
basis.
6. The Secretarial Audit report is neither an assurance 
as to the future viability of the Company nor of the 
efficacy or effectiveness with which the management 
has conducted the affairs of the Company.
 
For Parikh & Associates
 
Company Secretaries
 
P N Parikh
 
Partner
 
FCS No: 327 CP No:  1228
Mumbai, April 16, 2020 
UDIN: F000327B000161246

TCS Annual Report 2019-20
Management Discussion and Analysis I 77
Management 
Discussion and 
Analysis
OVERVIEW OF THE INDUSTRY
In CY 2019, the global market for software and services 
is estimated to have grown to $1.5 trillion1. IT services is 
estimated to have grown by 3.5% YoY, characterized by 
a shift to digital technologies, and adoption of DevOps, 
and as-a-service models. Business Process Management 
grew by 4.5% over the prior year driven by a greater focus 
on robotic process automation as customers automate 
repetitive tasks and focus on strategic work. 
TCS has historically grown much faster than the market. 
In the latest ﬁve-year period, while the market for IT-BPM 
services expanded by a CAGR of 2.4% (IT Services CAGR: 
2.3%), TCS had a CAGR of 7.3% in USD terms. One reason 
for the outperformance is market share gains on account 
of superior capabilities, better execution, higher customer 
satisfaction and greater participation in our customers’ 
growth and transformation spends. 
OUR BUSINESS
An Overview2
TCS is an IT services, consulting and business solutions 
organization partnering many of the world’s largest 
businesses in their transformational journeys for the last 
50 years. It has a global presence, deep domain expertise 
in multiple industry verticals and a complete portfolio 
of offerings – grouped under consulting and service 
integration, digital transformation services, cognitive 
business operations, and products and platforms – 
targeting every C-suite stakeholder. 
The company leverages all these and its deep contextual 
knowledge of its customers’ businesses to craft unique, 
high quality, high impact solutions designed to deliver 
differentiated business outcomes. These solutions are 
delivered using the latest technologies through a unique 
Location Independent Agile™ delivery model, embedding 
a Machine First™ approach, recognized as a benchmark of 
excellence in software development.
Our geographic footprint covers North America, Latin 
America, the United Kingdom, Continental Europe, Asia-
Paciﬁc, India, and Middle-East and Africa3.
TCS considers industry verticals as its go-to-market 
business segments. The ﬁve key vertical clusters are: 
Banking, Financial Services & Insurance (BFSI), Retail 
and Consumer Business, Communications, Media and 
Technology (CMT), Manufacturing and Others. The last 
category includes Life Sciences and Healthcare, Energy, 
Resources and Utilities, Public Services and others.
1 Nasscom Strategic Review Report 2020
2 102-2
3 102-4, 102-6

TCS Annual Report 2019-20
Management Discussion and Analysis I 78
Integrated Business Model for Value Creation

TCS Annual Report 2019-20
Management Discussion and Analysis I 79
Value Creation Model4
Talent and creativity, that is represented by human capital, 
is at the core of TCS’ value creation engine. 
TCS continually enhances its human capital by acquiring 
the best talent available in each of the markets it operates 
in, providing a supportive and vibrant workplace to engage 
that talent, investing in upskilling individuals with the latest 
technology skills, and giving them career paths matching 
their aspirations. 
A ﬁrm belief in organic talent development, and of 
investing in people, has helped TCS successfully navigate 
through multiple technology cycles over the last ﬁve 
decades, pivoting and adapting each time to build relevant 
new capabilities through reskilling of the workforce at scale 
and helping customers realize the beneﬁts of emerging 
technologies. 
The company’s industry-aligned, customer-centric 
organization structure has resulted in each business unit 
acquiring tremendous domain depth, and the account 
teams within those units building up immense customer-
speciﬁc contextual knowledge. This domain expertise, 
contextual knowledge, project management experience 
and technology expertise gained on the job represents a 
conversion of human capital into intellectual capital. 
TCS applies some of its intellectual capital towards 
investments in research and innovation (R&I), exploring 
the creative use of newer technologies to solve business 
problems across different industry verticals. In addition to 
its own intellectual capital, TCS also partners with leading 
technology providers, start-ups and academic researchers 
to leverage their intellectual capital and build solutions.
The immediate tangible outcomes of TCS’ R&I, produced by 
in-house teams or co-created with customers or partners, 
are patents, proofs of concepts, and pilot solutions. The 
latter two are showcased at various innovation centers and 
Pace Ports™, and trigger conversations with customers 
on innovation in their speciﬁc business contexts. These 
often culminate in them signing up TCS as their innovation 
partner.
Some of the innovative software solutions piloted by R&I, 
that are assessed to have a material market potential are 
productized, adding to TCS’ large portfolio of products 
and platforms. These expand the organization’s intellectual 
capital; create new revenue streams, adding to the ﬁnancial 
capital; and enhance its brand positioning i.e. relationship 
capital.
Customer Engagement
TCS uses its intellectual capital and human capital to 
build impactful, customized technology and business 
solutions that address the customer’s business problems. 
Further, its ability to stitch together complex, holistic 
solutions that address the needs of all stakeholders in the 
enterprise, along with the high levels of trust engendered 
in customer relationships, helps it win large transformation 
deals. These deals bring in high quality revenues, powering 
industry-leading organic growth and margins, boosting the 
company’s ﬁnancial capital. 
These solutions create immense value for our customers by 
helping them embrace new business models, pursue new 
revenue streams, deliver superior customer experiences 
or build resilience and efficiency into their operations, and 
gain competitive differentiation. 
The company’s strong service orientation, willingness to 
invest in the relationship, commitment to deliver impactful 
outcomes and track record of execution excellence have 
resulted in consistently high customer satisfaction levels 
and long, enduring customer relationships. The resultant 
expansion in relationship capital translates into a very high 
level of repeat business that lends greater visibility and 
predictability to the business model. 
TCS constantly invests in building newer capabilities and 
expanding its offerings. By cross-selling and up-selling 
these new offerings, customer engagements continually 
expand over the years, covering newer and newer areas 
of the enterprise’s operations. This further broadens and 
deepens the contextual knowledge of customers’ business 
and IT landscapes, further enhancing TCS’ intellectual 
capital. 
4 103-2

TCS Annual Report 2019-20
Management Discussion and Analysis I 80
Over time, this combination of business knowledge, 
contextual knowledge, technology depth, and intellectual 
property has become a steadily deepening moat around 
the company’s business model and sharpened its 
differentiated positioning. 
Value Sharing
Best in class proﬁtability, reduced cost of capital due to 
a more predictable and resilient business, and high cash 
conversion on account of superior execution have resulted 
in a high return on equity. All this and a shareholder-
friendly capital allocation policy have boosted the 
company’s relationship capital with shareholders.
The investments in people, research and innovation, and 
intellectual property creation are all charged off and not 
capitalized. The company’s capital expenditure to support 
its growth – manufacturing capital – towards building 
campuses, Agile workspaces, innovation centers, and Pace 
Ports is modest relative to its size. That and the focus on 
pursuing organic business growth opportunities maximizes 
the free cash ﬂow available for distribution to shareholders. 
TCS’ physical operations consume social capital in the 
form of license to operate in each of the communities, 
and natural capital in terms of its environmental footprint. 
TCS enhances its social capital with local communities 
across the world by investing in areas such as education, 
skill development, employability, health and wellness, and 
the environment, mapped to UN Development Goals5. On 
the environmental front, TCS has a systematic program to 
reduce its carbon and resource consumption footprint – 
including the use of green IT, green buildings, intelligent 
energy management using its own IoT-based solution 
and water and waste recycling. It has also been reducing 
business travel through greater use of video and audio 
conferencing and other collaboration tools. 
TCS’ business model and strategy have resulted in deep and 
enduring customer relationships, a vibrant and engaged 
workforce, a steady expansion of its addressable market, a 
strong reputation as a responsible corporate citizen and a 
proven track record in delivering longer term stakeholder 
value. All of this has signiﬁcantly enhanced the company’s 
brand value, which is a quantiﬁable measure of its social 
and relationship capital with stakeholders.
Strategy for Sustainable Growth
Customer-centricity is at the heart of TCS’ strategy, 
organization structure and investment decisions. TCS’ 
customer-centric worldview helps spot trends early, 
embrace business opportunities by making the right 
investments and mitigating risks while discharging its social 
and environmental responsibilities. The company invests 
in broadening and deepening customer relationships 
by continually looking for new areas in their value chain 
where the company can add value, proactively investing 
in building newer capabilities, reskilling its workforce 
and launching newer services, solutions, products and 
platforms. Over time, TCS’ participation has also extended 
into the departmental budgets of other stakeholders 
within the customers’ organizations – business heads, 
CMOs, CROs, COOs, CFOs and even CEOs. This has not 
only embedded TCS deeper into their businesses but has 
also resulted in a continual increase in services consumed, 
revenues and share of wallet, as evidenced by the client 
metrics reported every quarter and every year. 
At an aggregate level, this strategy has resulted in deep 
and enduring customer relationships, a vibrant and 
engaged workforce, a steady expansion of the addressable 
market, and a proven track record in delivering longer term 
stakeholder value. 
Enabling Investments
TCS pioneered the use of the word ‘digital’ to describe 
the new family of technologies that emerged in the 
last few years. Quick to recognize their potential, the 
company made investments ahead of time6 in developing 
relevant capabilities – in terms of reskilling the workforce, 
research and innovation around the creative use of 
these technologies across different industries, building 
collaborative workspaces and innovation centers, IP in these 
new areas, and alliances and partnerships. Those early 
investments have given TCS a head start in participating in 
our customers’ growth and transformation journeys. 
5 102-12: TCS is a signatory to the UN Global Compact and aligned 
with its ten principles. It is also one of the ﬁrst companies in India 
to participate in the Carbon Disclosure Project (CDP).
6 Ref MD&A – AR FY 2011, CEO’s Letter – AR FY 2012

TCS Annual Report 2019-20
Management Discussion and Analysis I 81
In FY 2020, in addition to continued investments in the 
aforementioned areas, TCS doubled down on Japan, raising 
its equity holding in TCS Japan Ltd, its joint venture with 
Mitsubishi Corporation, from 51% to 66%. This follows the 
setting up of a TCS Pace Port in Tokyo in FY 2019, and a 
Japan-centric delivery center in Pune in FY 2016. 
The company set up its second TCS Pace Port at New 
York, at the Tata Innovation Center on the Cornell Tech 
campus. This co-innovation and advanced research center 
consists of a TCS COIN™ accelerator, an Agile workspace, an 
academic research lab and an innovation showcase, and will 
help engage customers through the discovery, deﬁnition, 
reﬁnement and delivery phases of innovation.
Thought Leadership
In 2017, TCS unveiled its Business 4.0™ thought leadership 
framework7 to guide customers in their growth and 
transformation journeys. The four deﬁning behaviors of 
successful enterprises in the Business 4.0 era are: drive 
mass personalization, leverage the ecosystem, embrace 
risk and create exponential value. They accomplish this by 
harnessing the abundance of resources – compute power, 
storage, talent, market reach – created by the convergence 
of intelligence, agility, automation and cloud. While this 
provides a way for customers to think through their digital 
transformation journeys at a business model level, TCS 
followed it up with an execution framework consisting of 
the Location Independent Agile model and the forward-
thinking Machine First™ Delivery Model. 
TCS’ Location Independent Agile model allows large 
transformational programs to be delivered by globally 
distributed teams working collaboratively in an Agile 
mode, resulting in signiﬁcant speed to market, reduced 
risk and enhanced customer experiences. The underlying 
project management methodology, governance structures, 
processes and controls, and security protocols have been 
extended to implement Secure Borderless Workspaces™, a 
fully location-agnostic model that lends further resilience to 
the delivery model. 
Concurrently, TCS has been helping customers transform 
their IT and business operations using the Machine First 
approach that embeds analytics, automation and AI 
deep within the enterprise to reimagine entire slices of 
operations at a time to make them lighter, smarter and 
more resilient. This operations transformation unlocks 
signiﬁcant value, helping the enterprise fund growth and 
transformation initiatives that are critical for its competitive 
differentiation.
Outcomes
TCS’ thought leadership and investments have made it 
the preferred innovation and transformation partner to 
progressive enterprises across different industry verticals. 
Customers bank on TCS’ contextual knowledge and 
solutioning capabilities to leverage new technologies to 
change their business models, drive new revenue streams, 
strengthen customer relationships by offering superior 
experiences, or transform their operations. 
This has increased demand for the entire gamut of services, 
solutions, products and platforms offered by TCS, resulting 
in a stronger order book, more robust revenue growth, 
and improved market share. These transformational 
engagements are raising TCS’ proﬁle within C-suites, 
embedding its teams more deeply within customers’ 
businesses and resulting in greater predictability and 
resilience.
7 Ref AR FY 2018

TCS Annual Report 2019-20
Management Discussion and Analysis I 82
TCS Approach
Outcomes
TCS Strategy
More and more industries are leveraging technology to 
differentiate themselves
Customers want solutions to business problems and 
not just technology skills
Non-CIO buyers emerging in enterprises
Position as a growth and transformation partner
More investment in research and innovation, 
co-innovation and collaboration
Domain-speciﬁc IP
Greater focus on contextual knowledge
Proactive solution selling
Full stakeholder services and solutions
Industry-deﬁning mega deals
Thinner competitive set
Higher quality revenue
More fulﬁlling work; better retention
Expansion of addressable market
More deeply embedded in customer’s business; 
greater resilience and visibility
Higher proﬁle, strategically more important 
engagements
Transformational partners selected based on solution 
quality and time to market
Greater platformization of business
Launch of cloud based platforms and new business 
models
Leverage IP portfolio
Leverage TCS’ contextual knowledge, Location 
Independent Agile, Machine First Delivery Model and 
Intellectual Property
Large deals that improve business visibility
Expansion of addressable market
Frees up spends for systems of differentiation
Thinner competitive set
Higher quality revenue
Pandemic disruption highlights need for operational 
resilience and enterprise adaptability
Launch of SBWS
Greater focus on Location Independent Agile and 
MFDM
Promote operating model transformation using AI
Highlights company’s responsiveness 
Market share expansion
Market Trends

TCS Annual Report 2019-20
Management Discussion and Analysis I 83
FY 2020 PERFORMANCE OVERVIEW:  
HUMAN CAPITAL8
Talent Management 
The ability to attract, motivate, develop and retain talent 
is critical to TCS’ continued success. The company’s HR 
strategy is focused on attracting the best talent globally, 
reskilling and transforming the workforce and providing a 
stimulating work environment which is ﬂexible, nurtures 
social contract, fosters innovation, and builds a result-
oriented, high performance culture. The progressive 
policies, continual investment in upgrading employees’ 
skills and the philosophy of empowering individuals and 
helping them realize their potential have made TCS’ HR 
processes and outcomes an industry benchmark.
Talent Management
448,464
employees
36.2%
women
144
nationalities
31
years average age
4.7
million learning days 
335K
employees trained 
in digital
417K
trained in Agile
679,805
certiﬁcations acquired
12.1%
Attrition in IT services
Talent 
Retention
Young, Global, 
Diverse Workforce
Talent 
Development
8 103-2, 103-3

TCS Annual Report 2019-20
Management Discussion and Analysis I 84
9
Male
Female
India
<30
Years
28%
24%
28%
11%
7%
1%
1%
0%
30-40
40-50
>50
North America
12%
4%
22%
8%
27%
6%
17%
4%
United Kingdom
15%
14%
28%
8%
5%
5%
22%
4%
Europe
<30
Years
13%
12%
20%
20%
14%
7%
11%
3%
30-40
40-50
>50
APAC
15%
17%
23%
20%
13%
6%
5%
1%
Emerging Markets
23%
27%
12%
14%
13%
5%
4%
2%
A break-up of the workforce by region, age and gender is provided in the ﬁgure below. 
9  102-8
TALENT MANAGEMENT

TCS Annual Report 2019-20
Management Discussion and Analysis I 85
Talent Acquisition10
TCS’ talent acquisition strategy is to hire candidates with the right competencies required by the business at the right time, a judicious mix of lateral hires and trainees. TCS continues 
to remain the preferred employer at leading engineering campuses in India. The company’s college recruitment efforts in USA, Canada, Latin America, China and Hungary have been 
progressing well with very encouraging outcomes. TCS has also been recruiting graduates from the Top 10 B-Schools in the US for key business roles. Including both fresher and lateral hires, 
TCS was one of the largest job creators in IT services in several major markets. 
This nationwide online test 
administered by TCS iONTM has 
democratized the opportunity to work 
for TCS. It has helped TCS tap into the 
larger national talent pool and 
signiﬁcantly boosted the quality of 
entry-level talent.
 Participation by over 336,000 
students.
 2,500 colleges represented
TCS partners with academic institutions 
to enhance their curriculum and 
pedagogy. Activities include workshops, 
internships, sponsorship of contests, 
faculty development programs, research 
scholarships, curriculum review and 
launch of new programs.
 2,181 internships across 711 institutes 
in India and 352 institutes outside 
 885 workshops; 73,146 students
 404 faculty development programs; 
14,774 members of the faculty
 1,794 employees pursuing higher 
education under TCS Higher 
Education Program
Programming contests to spot 
top talent
 3,000+ job offers made to toppers 
of six contests - EnQuode, EngiNx, 
Codevita, HackQuest, Inframind, 
HumAIn
 230,000+ registrations from 88 
countries in CodeVita’s 8th season
A unique student engagement portal 
for collaboration and peer networking, 
featuring webinars, educational videos 
and expert blogs
 ~2.3 million engineering students
TCS National Qualiﬁer Test
Academic Interface Program
Campus Commune
Gamiﬁed hiring
10  102-9

TCS Annual Report 2019-20
Management Discussion and Analysis I 86
Reimagining Fresher Onboarding 
In FY 2020, TCS reimagined the fresher onboarding 
process. In a departure from the past, where campus 
recruits used to be onboarded in batches staggered across 
the entire year, TCS onboarded all campus recruits, adding 
up to over 30,000 trainees, in just the ﬁrst two quarters of 
the year. 
This feat of unprecedented scale was accomplished by 
front-loading the fresher training program even before 
they were onboarded, through TCS Xplore, a digital 
training program that leverages the TCS iON platform. This 
program provides video courses on technology topics, TCS 
processes and soft skills. Through live webinars, trainee 
candidates interact with TCS SMEs and have their questions 
answered. 
Proctored assessments test the candidates’ theoretical and 
practical knowledge. High performers are rewarded with 
monetary incentives and early joining dates, incentivizing 
better preparation and performance. Documents are 
veriﬁed digitally, and physical onboarding takes place 
at multiple locations across India. On joining TCS, a 
customized and differential training program is conducted 
based on each candidate’s performance in the Xplore 
proctored assessment. Exit tests, conducted twice a week, 
help ensure that the trainees are competent and can be 
deployed on billable assignments. 
Competitive Compensation
TCS’ model depends on its ability to attract and retain 
talent in the highly competitive, global market for software 
engineers with graduate or post-graduate degrees in 
engineering and with relevant technical skills. The company 
regularly benchmarks its compensation plans and beneﬁts 
with the market to ensure competitiveness.
Compensation structures are driven by prevailing practices 
in each country that TCS operates in. However, across the 
enterprise, remuneration is the same for men and women 
working full-time, in the same grade, in the same role, 
and at the same location11. Where relevant, the company 
publishes the raw mean and median pay differences 
between genders (not normalized for part-timers or grade 
and role differences) on its own website as well as on public 
sites. There is also a skill-based allowance for employees 
possessing niche skills, designed to motivate employees to 
acquire marketable skills, thereby beneﬁting themselves as 
well as TCS. 
The company offers a variety of beneﬁts to full time 
employees including parental leave12. In FY 2020, a total 
of 8,331 employees availed of parental leave. Of these, 92 
were men and 8,239 were women. Of the 4,693 employees 
whose parental leave ended during the year, 92 were 
men and 4,601 were women. Of these, 89 men and 4,502 
women employees rejoined work, amounting to a retention 
rate of 97% and 98% respectively.
At TCS, three months’ notice is required from either side 
for termination13. In India, less than 0.03% of the workforce 
is unionized14. Although most of the organization’s 
activities are performed by full-time employees, TCS uses 
contractors, especially for short-term assignments or those 
requiring skills not internally available.
Talent Diversity15
TCS is an equal opportunity employer, embracing diversity 
in race, nationality, religion, ancestry, marital status, gender, 
age, ethnic origin, physical ability, and sexual orientation. 
Compensation levels are merit based, determined by 
qualiﬁcation, experience levels, special skills if any, and 
individual performance. 
Through a variety of initiatives and campaigns, the 
company celebrates the diversity within the workforce 
and promotes inclusion. The company has a well-deﬁned 
and progressive Diversity and Inclusion Policy with a 
focus on gender diversity (men, women, non-binary 
gender), persons with disability and neuro diversity, 
sexual orientation, diversity of the mind, and generational 
diversity. This includes parental leave and insurance cover 
for LGBTQ+ partners and gender re-assignment surgery, 
11  405-2
12 401-3
13  402-1
14 102-41
15 103-2, 103-3

TCS Annual Report 2019-20
Management Discussion and Analysis I 87
Talent Development
TCS takes a purpose-based approach to learning and 
development that leverages horizontal collaboration and 
the abundance of internal talent in an ecosystem where the 
training is just-in-time, just-for-me and just-enough. 
The company’s self-sustaining model for building a 
competency in any new area is by first seeding a core pool 
of experts who go on to guide other individuals thereby 
creating a pipeline of expertise. Complementing this, the 
learning ecosystem uses a phy-gital (physical and digital) 
model to guide self-paced, gamified digital learning 
through learning platforms, bootcamps and hackathons, 
with a feedback loop of robust data analytics that shapes 
investment decisions.
besides equal opportunity and fair practice. TCS’ Center 
of Excellence for Accessibility works on IT solutions for 
differently abled individuals, aiding their integration into 
the workforce. 
The company has multiple initiatives for helping women 
employees realize their potential, while striking a good 
work-life balance. These include: discussion circles to 
help women through major life stages, re-orientation 
programs to reconnect employees after long leave, 
interactions with inspirational women leaders, and special 
leadership development programs to address the needs 
and aspirations of women (Presence, ImaginAll and 
iExcel), learning modules to equip mid-level managers to 
work with diverse teams, tie-ups with day care centers 
near the workplace, virtual support groups and parenting 
workshops. 
These targeted initiatives have helped TCS make 
tremendous progress in fostering gender diversity. It is 
today one of the world’s largest employers of women. A 
few key outcomes are detailed below:
 Participation: There has been significant improvement 
in women’s participation across different levels over the 
last five years: 
 Role Mobility: 63% of the participants in the iExcel 
program reported role movements thereafter. 41% 
experienced upward progression while 14% had lateral 
movements. 
 Mentorship: Participants in these programs are also 
helping develop and advance others. 228 iExcellers are 
active mentors, having mentored 1,825 associates till 
date, an average of 8 mentees per iExcel mentor. 
 Innovation: This is a high focus area, helping TCS gain 
a differentiated positioning in the market. Of the 2,571 
unique inventors responsible for the 1,341 granted 
patents till date, 544 are women.
 Quality of life: An internal poll showed that 76.3% 
women were satisfied with their work-life balance 
(versus 69.8% among men).
16 	103-2, 103-3
17 	404-1
Women in workforce (%)
FY - 2020
FY - 2015
37.8
21.3
11.5
42.5
24.1
12.4
Junior
Middle
Senior
Male
Female
79
83
42
40
33
36
Average learning hours per associate
Junior
Middle
Senior
17
16

TCS Annual Report 2019-20
Management Discussion and Analysis I 88
Associates are encouraged to embrace continuous learning 
across experience levels through our inclusive learning 
pyramid with programs spanning technology, domain, 
process, function, culture and leadership. These programs 
are at different proﬁciency levels, enabling associates to 
learn, apply and grow in the organization. TCS’ virtual-ﬁrst 
learning model democratizes access to skills by enabling 
any content, anytime, anywhere, anyone, and on any device. 
Career Management
TCS has multiple initiatives to help employees grow in their 
careers:
iConnect is a highly collaborative tool designed to help 
employees reach out to senior mentors for guidance 
on career paths, and have face-to-face dialogues about 
their role and career. It provides ﬂexibility for group 
mentoring as well as individual mentoring. 
 Inspire is the high potential program for mid-level 
employees. It helps identify high potentials as early 
as possible, invest in them continuously, enable 
accelerated growth, and transition them to leadership 
roles, and reward and recognize their efforts and 
success. 
 Talent Review is TCS’ process to assess and review the 
leadership pool in the organization. It enables leaders 
to share their career aspirations and preferences of 
mobility, followed by an assessment of their leadership 
attributes. The objective of the program is to create 
and sustain a healthy leadership pipeline.
 Opportunities is the internal platform to publish niche 
and critical requirements to the leadership and high 
potential communities, thereby facilitating talent 
mobility. This embodies the company’s philosophy 
of giving the ﬁrst right of refusal for all leadership 
positions to internal candidates, thereby enabling 
better leadership development and building strong 
organizational loyalty. 
Talent Engagement
Some of the platforms and initiatives used by TCS to 
enhance and enrich employee engagement are:
 
Cara: AI-based HR assistant that answers employee 
questions on HR policies.
 
Milo: Chatbot to facilitate the mentoring process.
 
Knome, KnowMax, GEMS: Platforms for social 
collaboration within the organization, learning, sharing 
and for rewards and recognition.
 
Safety First: Initiative focused on employee safety and 
security. 
 
Fit4life: Builds a fraternity of health and ﬁtness 
conscious employees and creates a culture of ﬁtness
 
Purpose4life: Forum for volunteering for community 
projects in the areas of education, health and 
environment. 
 
Maitree: Community of TCSers and their families 
who plan activities that help create a bond among 
employees and promote work-life balance.
 
PULSE: Our annual employee engagement and 
satisfaction survey is the organization’s formal listening 
forum. 
 
TCS Cares: Program aimed at creating robust avenues 
to build an emotionally strong and mentally resilient 
workforce.
Talent Retention
TCS’ empowering culture, philosophy of investing in 
people, career growth opportunities, and progressive HR 
policies have resulted in consistently high retention levels 
and developed a strong employer brand. In recent years, 
the company’s investments in organic talent development 
and initiatives like Contextual Masters have further 
reassured employees that the company values them for 
the contextual knowledge they possess, and is prepared to 
invest in equipping them with new-age technology skills 
that they do not have. This has made TCS the employer 
of choice, and its employee retention record an industry 
benchmark. In FY 2020, TCS’ IT services attrition rate was 
12.1%.

TCS Annual Report 2019-20
Management Discussion and Analysis I 89
Occupational Health and Safety18
TCS has a well-deﬁned Occupational Health and Safety 
policy and supporting processes to ensure the safety and 
well-being of its employees. Safety lead and lag indicators 
are measured across the organization and reported. The 
board-level Stakeholders’ Relationship Committee reviews 
the company’s health and safety performance on a regular 
basis. Over 96% of our workforce is represented in joint 
management-employee health and safety committees19 
that monitor, advise and drive occupational, health and 
safety initiatives.
In FY 2020, TCS migrated to the ISO 45001:2018 
Occupational Health and Safety Management System 
standard and successfully completed external certiﬁcation 
for 126 of its facilities worldwide. A key initiative was the 
implementation of real-time indoor air quality monitoring 
across 100+ facilities, leveraging IoT. Medical support and 
emergency preparedness was further strengthened, with 
health centers across all locations including nurses, medical 
equipment, AEDs, on-site ACLS ambulances, and visiting 
doctors covering all operational shifts.
Workplace safety remains a key focus area. In addition 
to induction training, and mandatory annual refreshers, a 
variety of employee engagement activities were conducted 
round the year. The themes covered included road safety, 
ergonomics, ﬁre safety, workplace safety, women’s safety, 
self-harm, and street crime. Employee satisfaction index on 
health and safety has consistently increased over the years, 
reﬂecting the success of these engagement initiatives.
FY 2020 PERFORMANCE OVERVIEW: 
INTELLECTUAL CAPITAL
Sustained investments over the years have resulted in a 
signiﬁcant scaling up of TCS’ Research and Innovation (R&I) 
capability and assets, reaching deep into the individual 
business units. The company now has 4,000+ inventors 
and innovators across the enterprise. The Chief Technology 
Officer orchestrates investments across the organization, 
spread across three horizons: 
 
Horizon 1 or derivative innovations: Consist of newer 
adjunct offerings around an established intellectual 
property. Mature IP based solutions from TCS R&I 
relating to Accessibility and Privacy, as well as ignio™, 
MasterCraft™ and Jile™ saw new features and releases 
this year. 
 
Horizon 2 or platform innovations: Examples in the 
AI area include enterprise digital twins, drones and 
machine vision, semantic systems and automation, 
which enable a number of platforms created with 
business units. 
 
Horizon 3 or disruptive innovations: New areas for 
foundational research in domains such as media and 
advertising, metamaterials, quantum computing and 
sensing, and space technology. 
TCS R&I is building a rich pipeline of IP based assets 
consisting of patents, products and platforms. To enable 
business alignment and to de-risk emerging technology 
use, the company rigorously deployed its New Products 
and Services Development framework. This has resulted 
in a further expansion of its IP portfolio across a range of 
technologies and industry domain processes. As of March 
31, 2020, the company has ﬁled for 5,216 patents and has 
been granted 1,341 patents. TCS researchers presented 170+ 
papers at premier research conferences this year.
Broad-basing Innovation
Every key business unit has its own innovation program, 
led by a unit-level CTO. These units leverage their deep 
domain expertise, customer-speciﬁc contextual knowledge 
and the research outcomes in emerging technologies from 
Corporate R&I as well as the TCS Co-Innovation Network 
to come up with innovative solutions for customers in their 
respective segments. Examples include:
 
TCS Digital Workplace Studio: This is a cognitive 
platform designed to accelerate digital workplace 
transformation. It hosts a complete suite of digital 
workplace components that enhances user experience 
with persona-based delivery, predictive healing, 
advanced analytics, cognitive IT support, chatbot 
assistance, knowledge as a service, and modern device 
management. 
18  103-2, 103-3 
19 403-1

TCS Annual Report 2019-20
Management Discussion and Analysis I 90
 
TCS Enterprise Digital Twin (TwinX™): This uses AI 
(machine learning, deep learning and reinforcement 
learning) and TCS’ proprietary Enterprise Simulation 
to deliver a holistic reﬂection or a ‘digital twin’ of the 
enterprise.
 
AlgoRetail™: Combining AI and machine learning 
techniques AlgoRetail creates a paradigm shift in 
how retailers do business, seamlessly integrating and 
orchestrating data across the retail value chain to 
unlock exponential value.
Innovation Ecosystem
TCS’ Co-Innovation (COIN)™ ecosystem continues to 
expand. It now consists of over 1,900 start-ups distributed 
across innovation hubs all around the world. The global 
Academic COIN program now has 55 active partnerships 
with various institutions and 43 active research projects. 
This year, the company entered into research partnership 
in Life Sciences and Materials with the Council of Scientiﬁc 
and Industrial Research, India. Additionally, it strengthened 
engagements with existing partners like the IISc, IITs, 
IIITs and ISI in India, Cornell Tech and Carnegie Mellon 
University, USA and University of Tokyo, Japan.
Customer Engagement
The TCS Innovation Forum 2019 was held in Tokyo, 
London, New York and Sao Paulo and attracted over 700 
participants. Customized Innovation Days were held for 
several anchor customers. Both these serve as channels for 
reaching out to customers and jointly exploring the art of 
the possible with new technologies. 
Customers also leveraged the innovation ecosystem 
through TCS Pace Ports™. Pace Ports offer access to COIN 
accelerators, academic research, design thinking and agile 
workspaces and innovation showcases, enabling faster 
innovation. TCS Pace Port New York, was launched this year 
in the Cornell Tech campus. 
TCS runs ideathons and hackathons almost every week 
to build an innovation culture within the organization and 
offer employees opportunities to innovate within and 
outside their current assignments. These crowdsource 
innovative ideas from within TCS and have been very 
popular with customers. Several customers have run 
challenges and have been impressed by the number of 
novel solutions or ideas TCSers have come up with.
Social Good
TCS’ R&I also has been working on an accessibility suite 
of solutions to extend digital services to people with 
accessibility issues, making computing solutions inclusive.
The TCS Research Scholar Program has supported 321 
scholars from 41 premier institutes till date; 71 scholars 
are currently covered by the program. TCS’ researchers 
mentor young social entrepreneurs solving socially relevant 
problems at the TCS Foundation’s Digital Impact Square 
(DISQ), Nashik. This program has nurtured 360 innovators 
till date.

TCS Annual Report 2019-20
Management Discussion and Analysis I 91
23 new wins (7 for TCS BaNCS Cloud) and 24 go-lives in FY 2020
Highlights:
 - Banking: Serves ~25% of the world population. 
 - Capital Markets: Records 10 million trades per day (peak), represents $40 trillion worth  
   of AUC across 100 countries
 - Insurance: Administers over 20 million life, annuity and pension policies; 135 million   
 
  property and casualty policies
AI powered system of actionable intelligence – powered by an enterprise digital 
twin (customer, product, process) to help business leaders simulate and optimise 
enterprise decisions, predict and proactively manage outcomes
 2 new wins and go-lives in FY 2020
Uniﬁed store suite which leverages AI to help deliver personalized, interconnected 
journeys across various touch points for frictionless customer experience and 
predictive operations
 4 new wins and 2 go-lives in FY 2020
Digital platform to optimally automate and manage IT processes
 FY 2020 Highlights: 29 new wins, 1 billion+ records cleansed, 110 billion records masked, 
500+ million lines of code (mloc) analyzed, 25+ mloc generated
 Successfully delivered 60+ modernization projects so far
SaaS-based, scalable Agile DevOps platform to accelerate software development and 
delivery and integrate DevOps tools
 8 new wins and go-lives in FY 2020
AI and ML powered merchandise optimization platform that enables retailers to unlock 
exponential value by optimizing their space, mix and price in an integrated manner.
 4 new wins and  1 go-live in FY 2020 
Digital Glass room: Virtual learning platform, made available to educational institutions 
across the country shut down by lockdown, free of cost. 2,000 institutions resumed their 
teaching sessions in a span of one week since launch 
Assessment: 200 million+ candidates assessed till date; 2.4 million candidates assessed in 
largest single shift in FY 2020
Learning: 3 million+ learners on the platform, 47,000 courses available, 18,000 communities 
Process Management: 500+ SMB clients, 1 million+ users
World leading cognitive automation software for enterprise IT and business operations
 54 new wins  and 34 go-lives in FY 2020
 12 VARs and distributors and 13 tech and cloud partners in FY 2020
 Manages over 1.5 million technology resources autonomously  
Comprehensive suite for digital transformation of drug development and clinical trials
 9 new wins in FY 2020
 6 new offerings enabled by AI and predictive analytics launched in Site Feasibility, Safety 
Leveraging Decision Fabric, Clinical Analytics and Insights Platform, Regulatory Insights, 
Metadata Registry, Digital Documents
Plug and play SaaS based business platform to digitally transform business, network and 
revenue management domains of subscription based businesses.
 Serving 27+ clients, across Communications, Utilities, Manufacturing and Personal Care; 
Serving 21 million+ subscribers, handling 125,000+ devices and processing 1 billion+ events.
 5 new wins and 4 go-lives in FY 2020
TCS BaNCS
TCS iON
Ignio
TCS ADD 
TCS HOBS
TCS TwinX
TCS TwinX
TCS Optumera
TCS OmniStore
Mastercraft
Jile
TCS
ADD
TCS
HOBS
OptumeraTM
OmnistoreTM
TM
TCS Suite of Products and Platforms

TCS Annual Report 2019-20
Management Discussion and Analysis I 92
Suppliers20
TCS’ Sustainable Supply Chain policy and Green 
Procurement policy outline its commitment to making 
its supply chain more responsible and sustainable. In 
FY 2020, the company integrated sustainability, safety 
and environmental requirements in its online vendor 
management system across the various stages of vendor 
lifecycle – selection, review and renewal. 
Supplier engagement includes deﬁning product 
speciﬁcations on safety/environment, vendor 
compliance review, outlining mandatory policy and 
process requirements, desktop assessments, audits and 
performance review on these criteria. TCS’ responsible 
sourcing program encourages its suppliers to go beyond 
100% regulatory compliance, and strive for better 
sustainability performance.
Investors
TCS is seen as a benchmark in transparency and 
disclosures, publicly communicating its longer-term 
strategy, qualitative aspects of the demand outlook, risks 
and opportunities. The company has a robust investor 
outreach program through which it engages with a broad 
range of investors domestically and overseas. These efforts 
towards removing information asymmetries and helping 
investors arrive at a fair valuation of the company’s stock 
have resulted in TCS topping various regional investor polls 
conducted by publications such as Institutional Investor, 
FinanceAsia and AsiaMoney.
The following table provides the number of investor and 
analyst interactions by category in FY 2020:
Particulars
Q1
Q2
Q3
Q4
FY 20
Meetings and 
Calls
20
46
41
151
258
Conferences
93
99
119
47
358
Road Shows
16
7
4
27
Sell Side 
Analyst
15
40
32
9
96
Total
144
192
196
207
739
Client metrics  
73
$50 Mn+ Clients
$100 Mn+ Clients
37
FY
2016
FY
2017
FY
2018
FY
2019
FY
2020
84
97
35
38
99
44
105
49
120
100
80
60
40
20
0
FY 2020 PERFORMANCE OVERVIEW: 
RELATIONSHIP CAPITAL
Customers 
Customer-centricity is at the core of TCS’ business model, 
organization structure and investment decisions. The 
philosophy has been to delight them by accommodating 
their needs and delivering superior outcomes, and build 
strong, enduring relationships. Additionally, the company 
seeks to expand and deepen customer engagements by 
continually looking for new areas in the customer’s business 
where the company can add value, proactively invest in 
building newer capabilities, and launch new services and 
solutions to participate in those opportunities. 
Over time, this has resulted in an expanding participation in 
the departmental spends of a broad range of stakeholders 
across the enterprise, including business heads, CMOs, 
CROs, COOs, CFOs and even CEOs. It has also resulted in 
a continual expansion of customer relationships in terms 
of the services consumed, revenue and share of wallet, as 
evidenced by the client metrics that the company reports 
every quarter and every year. 
20  308-1

TCS Annual Report 2019-20
Management Discussion and Analysis I 93
Quarterly, half-yearly, and annual results are intimated to the 
stock exchanges, published in leading Indian newspapers, 
emailed to analysts and investors who subscribe to the 
service, and posted on the website. Half-yearly results are 
mailed to shareholders, along with a message from the MD 
on the company’s performance. 
The quarterly earnings release is accompanied by a press 
conference, which is streamed live on www.tcs.com, and 
an earnings call that is webcast on the website. Material 
developments during the quarter that might impact revenue 
or earnings are intimated to the stock exchanges and 
through the website. Quarterly results, regulatory ﬁlings, 
transcripts of earnings call, Investor Relations presentations 
and schedules of analyst and investor interactions are 
available at https://www.tcs.com/investor-relations
Brand Value
TCS’ reputation for customer-centricity, domain depth and 
execution excellence have made it the preferred growth and 
transformation partner to leading corporations across the 
world. It is also recognized as a top employer brand across 
the major markets it operates in, including North America, 
Europe, UK, India, Latin America and Australia, among 
others. 
The company’s long-standing research and innovation 
program has resulted in an industry-leading portfolio of 
patents, products and platforms. It has gained more visibility 
due to investments in innovation centers, design studios and 
PacePorts. Partnerships with leading technology providers, 
promising start-ups and top academic institutions in India 
and across the world, have further boosted its credentials 
for research and innovation. 
Its purpose-driven community outreach and corporate 
social responsibility initiatives across the world have earned 
it local recognition and goodwill. The company’s high 
standing in the investor community is evidenced by the top 
ranking it has been consistently receiving in surveys across 
the region. 
The cumulative effect of all the goodwill and recognition 
from these different stakeholders has helped put TCS 
among the Top 3 brands in IT Services by brand value.
In recent years, TCS has signiﬁcantly built its presence 
and strengthened its brand across all major markets. It 
is a strategic partner to the World Economic Forum and 
European Business Summit, and hosts a range of annual 
industry forums for C-suite customers and partners. TCS 
also signiﬁcantly invests in a comprehensive portfolio of 
brand sponsorship platforms, from the TCS New York City 
Marathon and TCS Amsterdam Marathon, to several other 
running events in the United Kingdom, Sweden, Japan, 
Singapore, Australia, India, and the Philippines. Together, 
these annual events engage more than 10,000 leading 
business executives. 
According to Brand Finance, TCS’ brand value grew 476% 
from 2010-2020, the highest percentage growth in the 
IT services industry; year-on-year brand value grew from 
$12.8bn to $13.5bn in FY 2020, making TCS the fastest 
growing among the top three IT services brands for the 
second year running.
$ billion
Source: Brand Finance
p
p
TCS Brand Valuation 
$2.3
FY
2010
$5.2
FY
2013
$8.2
FY
2014
$8.7
FY
2015
$9.4
FY
2016
$9.1
FY
2017
$10.4
FY
2018
$12.8
FY
2019
$13.5
FY
2020

TCS Annual Report 2019-20
Management Discussion and Analysis I 94
FY 2020 PERFORMANCE OVERVIEW: MANUFACTURED CAPITAL
To support the large-scale adoption of the Location 
Independent Agile delivery model, TCS has invested 
in transforming its conventional delivery centers into 
Agile delivery centers. These are characterized by 
visual openness and are designed to enable greater 
collaboration among Agile teams. Variable-height 
workstations, multimedia conference tables, on-
demand mobile video conferencing facilities and huddle 
spaces help create an open, vibrant, and collaborative 
workspace.
Using advanced planning, preparatory work, order 
consolidation and by optimizing logistics for on-
premises ADC creation, TCS has been able to complete 
the conversion over 2-3 weekends, without impacting 
ongoing work at those centers. The larger transformation 
program is being run using Agile principles. Till date, over 
1,000 Agile delivery centers have been created till date, 
250 of them in FY 2020.
To support the various stages of the innovation lifecycle, 
TCS has also created many Open Agile Collaborative 
Workspaces within its campuses, each featuring an 
ideation zone, an innovation zone, a design thinking 
zone, a prototype-demo area, and social collaboration 
zones. The technology resources, software, and 
necessary tools are available in a self-provisioning mode, 
fulﬁlling on-demand requirements in a highly secure 
manner, driving greater productivity. These workspaces 
also feature software deﬁned networks, enabling greater 
mobility and ﬂexibility.
Open Agile collaborative workspaces to support all stages of the innovation lifecycle

TCS Annual Report 2019-20
Management Discussion and Analysis I 95
FY 2020 PERFORMANCE OVERVIEW: FINANCIAL CAPITAL21
The discussions in this section relate to the consolidated, Rupee-denominated ﬁnancial results pertaining to the year that 
ended March 31, 2020. The ﬁnancial statements of Tata Consultancy Services Limited and its subsidiaries (collectively 
referred to as ‘TCS’ or ‘the company’ are prepared in accordance with the Indian Accounting Standards (referred to as `Ind 
AS’) prescribed under section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) 
Rules, as amended from time to time. Signiﬁcant accounting policies used in the preparation of the ﬁnancial statements are 
disclosed in the notes to the consolidated ﬁnancial statements.
The following table gives an overview of the consolidated ﬁnancial results of the company:
` crore
 
FY 2020
% of Revenue
% Growth 
FY 2019
% of Revenue
Revenue
156,949
100.0
7.2
146,463
100.0
Earnings before interest, tax, depreciation and 
amortization (EBITDA) before other income
42,109
26.8
6.6
39,506
27.0
Proﬁt Before Tax (PBT)
42,248
26.9
1.6
41,563
28.4
Proﬁt after tax attributable to shareholders of the 
company
32,340
20.6
2.8
31,472
21.5
Earnings per share (in `)
86.19
3.8
83.05
 
 
 
 
 
 
 
 
 
Analysis of revenue growth
On a reported basis, TCS’ revenue grew 7.2% in FY 2020, compared to 19.0% in the prior year. Much of the year on year 
deceleration is on account of the lesser currency beneﬁt received in FY 2020 (7.6% currency beneﬁt in FY 2019 vs 0.1% 
beneﬁt in FY 2020). Additionally, there was volatility in demand in the ﬁnancial services and retail verticals.
Average currency exchange rates during FY 2020 for the 
three major currencies are given below:
Currency
Weightage 
(%)
FY 
2020 
`
FY 2019 
`
% 
Change 
YoY
USD
 53.0 
71.23
70.07
 1.7 
GBP
 14.0 
90.15
91.60
 (1.6)
EUR
 10.7 
78.94
80.82
 (2.3)
Movements in currency exchange rates through the year 
resulted in a positive impact of 0.1% on the reported 
revenue. The constant currency revenue growth for the 
year, which is the reported revenue growth stripped of the 
currency impact, was 7.1%.
Growth attributable to
FY 2020 (%)
FY 2019 (%)
Business growth
7.1
11.4
Impact of Exchange rate
0.1
7.6
Total Growth
7.2
19.0
21  103-3

TCS Annual Report 2019-20
Management Discussion and Analysis I 96
Segmental Performance 
The revenue break-up by Industry Vertical and Geography is provided below:
 
Others
17.3%
Manufacturing
10.5%
Communication
Media &
Technology
16.6%
Retail &
Consumer
Business
16.7%
Banking
Financial
Services
and 
Insurance
38.9%
Americas
52.2%
Others
11.5%
India
5.7%
Europe
30.6%
Revenue by 
Vertical
Revenue by 
Geography

TCS Annual Report 2019-20
Management Discussion and Analysis I 97
Segment revenues, year on year growth, a brief commentary and segment margins are provided below:
Industry Vertical
Segment Revenue 
FY 2020
(FY 2019)
` crore
YoY Revenue 
Growth
%
Commentary
Segment 
Margin
FY 2020 
(FY 2019)
%
Banking, Financial Services and 
Insurance
61,095
(57,938)
5.4
• 
Growth and transformation spends gained priority over cost optimization spends in FY 
2020. There was more focus on innovation and ecosystem play to deliver more fulﬁlling 
customer journeys. 
• 
Future readiness remained a key theme. Legacy estate modernization and cloud enablement 
for greater agility and reduced cost of ownership continued to be signiﬁcant drivers.
• 
Other key areas of spend included adoption of open banking, payments, insights-driven 
customer experience, automation, and robo-advisory systems.
• 
On the compliance front, new standards like IFRS 17, FRTB, Deﬁnition of Default and LIBOR 
transition drove spend.
27.7
(27.8)
Communication, Media and 
Technology
25,978
(23,925)
8.6
• 
Key drivers of spend were continued investments in analytics and superior customer 
experience for growth in subscription centric business models, simpliﬁcation and automation 
of core operations to improve efficiencies, OTT platforms and services, roll outs of ﬁber 
networks for high bandwidth connectivity, and mergers, acquisitions and divestitures. 
• 
Customers invested more on re-architecting existing products on cloud native platforms, 
and in transforming their marketing, sales, customer service and supply chain operations to 
support changing business models.
29.7
(27.8)
Retail and Consumer Business
26,280
(25,164)
4.4
• 
Retail – The North American market was under stress, with store closures and bankruptcies. 
Growth was driven by operating model transformation initiatives for greater agility, 
efficiency and resilience; and to enhance customer experience. 
• 
CPG – Companies are focused on strengthening consumer relationship with the brand. 
Technology investments were driven by direct-to-consumer initiatives including mass 
personalization. 
• 
Travel, Transportation & Hospitality – The transportation sector was subdued due to the 
slowdown in global trade. Overall, growth was driven by investments in analytics, customer 
experience, ecosystem leverage and M&A. 
26.1
(27.3)

TCS Annual Report 2019-20
Management Discussion and Analysis I 98
Industry Vertical
Segment Revenue 
FY 2020
(FY 2019)
` crore
YoY Revenue 
Growth
%
Commentary
Segment 
Margin
FY 2020 
(FY 2019)
%
Manufacturing
16,468
(15,682)
5.0
• 
Across the sub-segments, a common thread was the effort to mitigate commoditization 
of traditional business by adopting B2B2C business models or ‘asset as a service’ business 
models.
• 
Enhancing customer experience and engagement, as well as ecosystem partnering were the 
strong investment themes.
• 
Some segments saw cost optimization, and focus on M&A, driving demand for process 
harmonization and global rollouts of enterprise software. 
• 
Investments were around the shift to cloud, CRM, portals, extended mobility, and application 
development using Agile methods.
27.0
(27.5)
Others
27,128
(23,754)
14.2
• 
Growth in the Life Sciences segment has been led by continued M&A, need for business 
agility, need for improved R&D outcomes and patient-centricity.
• 
Key areas of spend across verticals included user experience, compliance, IT operating 
model transformation, ERP transformations, digital workplace, digitization of clinical trials, 
process automation and Intelligence, cloud enablement and cyber security.
22.6
(23.4)
Business Outlook
Global economic growth is projected to contract sharply 
from 3.3% in 2019 to -3%22 in 2020, much worse than 
during the 2008-09 ﬁnancial crisis. Rolling lockdowns and 
social distancing restrictions on account of the pandemic 
are expected to signiﬁcantly impact economic activity in 
all major markets, and cause demand compression. In the 
immediate aftermath, enterprises are expected to downscale 
22  World Economic Outlook, April 2020, International Monetary Fund
current investments, defer planned initiatives, cut costs and 
conserve cash. While this could inject volatility into TCS’ 
revenue growth, the company expects to gain market share 
from ensuing vendor consolidations. 
Demand is expected to increase for services around digital 
channels, collaboration and workplace transformation, 
online learning and workforce analytics. Companies are 
also expected to invest more towards building operational 
resilience, leveraging analytics, intelligent automation, 
cloud and cyber security. This is expected to accelerate the 
adoption of TCS’ Location Independent Agile and Machine 
First Delivery Model. Increased M&A activity in certain 
sectors are expected to result in integration and transitional 
service opportunities for TCS.

TCS Annual Report 2019-20
Management Discussion and Analysis I 99
As economic recovery progresses, enterprises operating with pared down workforces are likely to increase outsourcing to build scale in operations to meet rising demand. Spending on 
growth and transformation initiatives is also expected to start picking up from that point on.
Enterprise Risk Management
TCS’ global operations bring in considerable complexities and in response to that, it has established a robust enterprise risk and compliance management framework and process to ensure 
achievement of its strategic objectives. This process is enabled by a digital platform that provides an enterprise-wide view of risks and compliance which enables a more holistic approach 
towards informed decision making. Risks are assessed and managed at various levels with a top-down and bottom-up approach covering the enterprise, the business units, the geographies, 
the functions and projects.
Listed below are some of the key risks, anticipated impact on the company and mitigation strategies.

TCS Annual Report 2019-20
Management Discussion and Analysis I 100
Key Risks
Impact on the Company
Mitigation
Disruption and Uncertainty in Business 
due to Covid-19 pandemic
The company’s operations might be adversely impacted due 
to incapacitation of sections of the global workforce due 
to exposure to the pandemic, reduced productivity due to 
employee stress and impact on emotional wellbeing while 
under local lockdowns or quarantines, inability to provide 
work from home access to some employees due to logistical 
or security or contractual reasons, and suppliers’ inability to 
service TCS. These could impact revenue growth and lead to 
potential customer claims on grounds of non-adherence to 
service delivery commitments.
Demand for the company’s services may be adversely 
affected not only in industry segments directly impacted by 
the pandemic – like travel and hospitality, but across other 
segments as well due to a sharp slowing down of the world’s 
major economies. This is likely to affect the company’s earnings 
in the short and medium term. 
However, the company’s relative competitiveness is expected 
to increase because of its traditional value focus and its strong 
track record in helping customers improve the efficiency and 
resilience of their business and IT operations through core 
transformation initiatives and the Machine First Delivery Model.
• 
Establishment of a Covid-19 Emergency Response Apex committee at 
Enterprise level to drive a holistic action plan and coordinate global 
efforts
• 
Deployment of TCS’ Secure Borderless Workspaces infrastructure 
enabling associates to work from home and ensure business continuity. 
Digital communication channels and collaboration platforms set up for 
them to stay connected with colleagues and customers
• 
24*7 dedicated helpline for associates to address their Covid-19 related 
queries and for emotional support. Organization of regular webinars, 
interactive sessions, group and one-on-one counseling services 
(including their ergonomic health) for associates with HR and medical 
specialists
• 
Guidance and mandate of appropriate social distancing measures and 
workplace and home functioning advisories 
• 
Rigorous review and execution of Business Continuity and Crisis 
Management capability which is benchmarked with ISO 22301 
certiﬁcation
• 
Regular coordination with key suppliers for expeditious provisioning of 
assets critical for business services
• 
Regular communication with customers about measures taken to 
maintain business services and reporting of status 
• 
Drawing up of plans and identiﬁcation of opportunities for proposing 
new and re-purposed offerings and solutions during and post the 
Covid-19 disruption

TCS Annual Report 2019-20
Management Discussion and Analysis I 101
Key Risks
Impact on the Company
Mitigation
Volatile global political and economic 
scenario
Corporate spending on technology has shown strong 
correlations with GDP growth. The company derives a material 
portion of its revenues from customers’ discretionary spending 
which is linked to their business outlook. Political disruptions 
or volatile economic conditions (trade tensions, post-Brexit 
uncertainty, Covid-19 pandemic impacts on the global 
economy, US presidential elections etc.) may adversely affect 
that outlook resulting in reduced spending which could restrict 
revenue growth opportunities.
• 
Broad-based business mix, well diversiﬁed across geographies and 
industry verticals
• 
Offerings and value propositions targeting all stakeholders (in addition 
to the CIO) in the customer organization, covering discretionary as well 
as non-discretionary spends, and relevant at every point in the business 
cycle
• 
Cater to market segments which might provide counter-cyclical support
• 
Long term contracting models
• 
Leverage business ecosystem through collaboration with partners, start-
ups and alliances to participate in transformation initiatives of customers
Restrictions on global mobility, location 
strategies
Distributed software development models require the free 
movement of people across countries and any restrictions 
in key markets pose a threat to the global mobility of skilled 
professionals. Legislations which restrict the availability of work 
visas or apply onerous eligibility criteria or costs could lead to 
project delays and increased costs.
The impact of Covid-19 pandemic may further aggravate 
restrictions on global mobility in the coming year.
• 
Ongoing monitoring of the global environment, working with advisors, 
partners and governments
• 
Material reduction in dependency on work visas through increased hiring 
of local talent including freshers, use of contractors, local mobility and 
training in all major markets 
• 
Use of Location Independent Agile to promote systematic collaboration 
and reduce the need for co-location
• 
Active engagement in Science, Technology, Engineering and Math 
(STEM) initiatives designed to structurally increase the availability of 
engineering talent in major markets
• 
Greater brand visibility through event sponsorships, community 
outreach, showcasing of investments, innovation capabilities and 
employment generation
• 
Increased outreach to government stakeholders, trade bodies, think 
tanks and research institutes

TCS Annual Report 2019-20
Management Discussion and Analysis I 102
Key Risks
Impact on the Company
Mitigation
Business model challenges
Rapidly evolving technologies are changing technology 
consumption patterns, creating new classes of buyers within 
the enterprise, giving rise to entirely new business models 
and therefore new kinds of competitors. This is resulting in 
increased demands on the company’s agility to keep pace with 
the changing customer expectations. Failure to cope may result 
in loss of market share and impact business growth.
• 
Strong customer-centricity which results in a strategy, investments and 
enabling organization structure that are always aligned to customer 
needs
• 
Early and continued investments in building scale and differentiated 
capabilities on emerging technologies through large scale reskilling, 
external hiring, research and innovation, solution development and IP 
asset creation leveraging deep contextual knowledge
• 
Staying relevant to customers by constantly launching new service 
practices and technology solutions and modernizing existing offerings 
and solutions
• 
Thought leadership by propagating the Business 4.0 framework 
leveraging the Machine First Delivery Model. Developing industry-
speciﬁc best practices and artiﬁcial intelligence-led products to enable 
customers to derive greater business value and discover opportunities 
to transform and grow their businesses
• 
Implementing Location Independent Agile methods to mitigate location 
constraints and pricing and margin pressures
• 
Constant scouring of the technology landscape through alliance 
partnerships, and strong connections in academia and the start-up 
ecosystem to spot new trends and technologies and launch offerings 
around them

TCS Annual Report 2019-20
Management Discussion and Analysis I 103
Key Risks
Impact on the Company
Mitigation
Litigation risks
Given the scale and geographic spread of the company’s 
operations, litigation risks can arise from commercial disputes, 
perceived violation of intellectual property rights and 
employment related matters. Our rising proﬁle and scale also 
make us a target to litigations without any legal merit. This 
risk is inherent to doing business across various countries and 
commensurate with the risk faced by other players similarly 
placed in the industry. In addition to incurring legal costs and 
distracting management, litigations garner negative media 
attention and pose reputation risk. Adverse rulings can result in 
substantive damages.
• 
Strengthening internal processes and controls to adequately ensure 
compliance with contractual obligations, information security and 
protection of intellectual property 
• 
Improved governance and controls over immigration process /increasing 
localization and sensitization of business managers
• 
Potential disputes are promptly brought to the attention of management 
and dealt with appropriately
• 
The company has a team of in-house counsels in all major geographies 
it operates in. It also has a network of highly reputed global law ﬁrms in 
countries it operates in
• 
There is a robust mechanism to track and respond to notices as well as 
defend the company’s position in all claims and litigation
Currency volatility
Volatility in currency exchange movements results in 
transaction and translation exposure. TCS’ functional currency 
is the Indian Rupee. Appreciation of the Rupee against any 
major currency could impact the reported revenue in Rupee 
terms, the proﬁtability and also result in collection losses.
• 
TCS follows a currency hedging policy that is aligned with market 
best practices, to limit impact of exchange volatility on receivables, 
forecasted revenue and other current assets and liabilities
• 
Hedging strategies are decided and monitored periodically by the Risk 
Management Committee of the Board convened on a regular basis
Breach of data protection laws
Data privacy and protection of personal data is an area of 
increasing concern globally. Legislations like GDPR in Europe 
carry severe consequences for non-compliance or breach. Many 
other countries are also enacting their Data Privacy regulations 
to ensure protection of personal data. Violation of data 
protection laws or security breaches can result in substantive 
liabilities, ﬁnes or penalties and reputational impact.
• 
A global privacy policy is in place covering all applicable geographies 
and areas of operations, which sets out the privacy principles within TCS
• 
A Global Privacy Office is in place to oversee and deploy data privacy 
obligations and support initiatives across the enterprise. DPOs (Data 
Protection Officers) have been appointed for TCS entities in the UK and 
Ireland and in Europe as required by GDPR. Privacy leads have been 
appointed in all units

TCS Annual Report 2019-20
Management Discussion and Analysis I 104
Key Risks
Impact on the Company
Mitigation
• 
Embedding privacy by design and privacy by default principles in 
development of new or changed internal processes or services or 
products. Robust and continued governance of personal data
• 
Data protection controls and robust risk response mechanisms to 
cater to protection of personal data in the TCS ecosystem as well as 
protection of such data in client-managed networks in Global Delivery 
Centers 
• 
Industry standard data masking technologies to protect personal data in 
sensitive customer engagements, as applicable 
• 
Reviewing and negotiating vendor contracts to support compliance with 
privacy obligations
• 
Mandatory online training and other workshops on data privacy and 
protection and on GDPR. Awareness campaigns through blog posts, 
email broadcasts, gamiﬁcation and roadshows to foster a culture of 
responsibility among associates 
• 
Implementing and maintaining data transfer agreements, where required 
for the transfer of data across jurisdictions 
• 
Periodic reviews and audits to verify compliance to obligations
Cyber attacks
Risks of cyber-attacks are forever a threat on account of 
the fast-evolving nature of the threat. In addition to impact 
on business operations, a security breach could result in 
reputational damage, penalties and legal and ﬁnancial 
liabilities.
• 
Investments in automated prevention and detection solutions, including 
perimeter security controls with advanced tools, enhanced internal 
vulnerability detection, data leak prevention tools, deﬁned and tested 
incident management and recovery process in compliance with ISO 
27001 standard
• 
Compliance to security controls for cloud services as per ISO 27017:2015 
/ 27018 : 2014 standard 
• 
Continued reinforcement of stringent security policies and procedures

TCS Annual Report 2019-20
Management Discussion and Analysis I 105
Key Risks
Impact on the Company
Mitigation
• 
Collaboration with Computer Emergency Response Team (CERT) and 
other private Cyber Intelligence agencies, and enhanced awareness of 
emerging cyber threats
• 
Enterprise-wide training and awareness programs on Information 
Security with refresher courses 
• 
Strict access controls including dynamic passwords for secure access to 
enterprise applications and special handling of privileged administrator 
accounts. Rigorous access management on all cloud deployments 
• 
Encryption of data, data back-up and recovery mechanisms for ensuring 
business continuity
• 
Ability to isolate TCS enterprise network from client network and 
deﬁned escalation mechanisms to handle security incidents in client 
environment
• 
Periodic rigorous testing to validate effectiveness of controls through 
vulnerability assessment and penetration testing
• 
Internal and external audits and forensics
Non-compliance to complex and 
changing global regulations
As a global organization, the company has to comply with 
complex and changing laws and regulations across multiple 
jurisdictions, covering areas such as HR, Employment and 
Immigration, Taxation, Foreign Exchange & Export Controls, 
Health Safety and Environment (HSE), Anti-Bribery and 
Corruption, Data Privacy etc. The fast pace of changes in the 
regulatory environment also requires quick understanding 
of their implications and adaptation in business operations. 
Failure to comply could result in penalties, reputational 
damage and criminal prosecution.
• 
Deployment of a comprehensive global compliance management 
framework that enables tracking of changes to applicable regulations 
globally across various jurisdictions and functional areas and managing 
compliance obligations 
• 
Global regulatory compliance certiﬁcation is fully digitized and covers 
compliance across all the locations of the company
• 
Strong governance at executive and board level through compliance 
committees
• 
Awareness through web-based compliance training courses for all staff 
and regular notiﬁcations/alerts on regulatory changes communicated to 
stakeholders

TCS Annual Report 2019-20
Management Discussion and Analysis I 106
Key Risks
Impact on the Company
Mitigation
Intellectual Property (IP) infringement
Risk of infringement of third-party IPs by TCS may lead 
to potential liabilities, increased litigation and impact on 
reputation. 
Inadequate protection of TCS’ IP may lead to loss of IP leading 
to potential loss of ownership rights, revenue and value.
• 
Dedicated IP Management and Software Product Engineering group
• 
TCS IP Protection: IP Safe assessment and readiness program governing 
the creation of proprietary software and other IP assets across all asset 
types, patent management and contract management, IP audits and 
integrated IP compliance checks for TCS products 
• 
IP Governance program that ensures that there is correct access and 
correct use of TCS IP, customer IP, partner IP, and third-party IP in 
service and partner engagements 
• 
Employee engagement: Employee conﬁdentiality agreement, training 
and awareness for IP protection and prevention of IP contamination 
and infringement. Digitized system to enable strict controls around 
movement of people and information across TCS’ product teams and 
customer account teams

TCS Annual Report 2019-20
Management Discussion and Analysis I 107
Internal Financial Control Systems and their Adequacy
TCS has aligned its current systems of internal ﬁnancial 
control with the requirement of Companies Act 2013, on the 
lines of the globally accepted risk-based framework issued 
by the Committee of Sponsoring Organizations (COSO) of 
the Treadway Commission. The Internal Control – Integrated 
Framework (the 2013 framework) is intended to increase 
transparency and accountability in an organization’s 
process of designing and implementing a system of internal 
control. The framework requires a company to identify 
and analyze risks and manage appropriate responses. The 
company has successfully laid down the framework and 
ensured its effectiveness. 
TCS’ internal controls are commensurate with its size and 
the nature of its operations. These have been designed to 
provide reasonable assurance with regard to recording and 
providing reliable ﬁnancial and operational information, 
complying with applicable statutes, safeguarding assets 
from unauthorized use, executing transactions with proper 
authorization and ensuring compliance with corporate 
policies. TCS has a well-deﬁned delegation of power 
with authority limits for approving contracts as well as 
expenditure. Processes for formulating and reviewing 
annual and long-term business plans have been laid down. 
TCS uses a state-of-the-art enterprise resource planning 
(ERP) system that connects all parts of the organization, to 
record data for accounting, consolidation and management 
information purposes. It has continued its efforts to align all 
its processes and controls with global best practices.
statutory auditors to ascertain, inter alia, their views on the 
adequacy of internal control systems and keeps the board 
of directors informed of its major observations periodically.
Based on its evaluation (as deﬁned in section 177 of 
Companies Act 2013 and Clause 18 of SEBI Regulations 
2015), our audit committee has concluded that, as of March 
31, 2020, our internal ﬁnancial controls were adequate and 
operating effectively.
 
Our management assessed the effectiveness of the 
company’s internal control over ﬁnancial reporting (as 
deﬁned in Clause 17 of SEBI Regulations 2015) as of March 
31, 2020. 
BSR & Co. LLP, the statutory auditors of TCS have audited 
the ﬁnancial statements included in this annual report and 
have issued an attestation report on our internal control 
over ﬁnancial reporting (as deﬁned in section 143 of 
Companies Act 2013).
TCS has appointed Ernst & Young LLP to oversee and 
carry out internal audit of its activities. The audit is based 
on an internal audit plan, which is reviewed each year in 
consultation with the statutory auditors and approved by 
the audit committee. In line with international practice, the 
conduct of internal audit is oriented towards the review of 
internal controls and risks in the company’s operations such 
as software delivery, accounting and ﬁnance, procurement, 
employee engagement, travel, insurance, IT processes, 
including most of the subsidiaries and foreign branches.
TCS also undergoes periodic audit by specialized third 
party consultants and professionals for business speciﬁc 
compliances such as quality management, service 
management, information security, etc. The audit 
committee reviews reports submitted by the management 
and audit reports submitted by internal auditors and 
statutory auditors. Suggestions for improvement are 
considered and the audit committee follows up on 
corrective action. The audit committee also meets TCS’

TCS Annual Report 2019-20
Management Discussion and Analysis I 108
 Ind AS 
 Indian GAAP 
Amounts in ` Crore
FY 2020
FY 2019
FY 2018
FY 2017
FY 2016
FY 2015*
FY 2015
FY 2014
FY 2013
FY 2012
FY 2011
Revenues
Total revenue
 156,949 
 146,463 
 123,104 
 117,966 
 108,646 
 94,648 
 94,648 
 81,809 
 62,989 
 48,894 
 37,325 
Revenue by geographic segments
Americas
 82,000 
 77,562 
 66,145 
 66,091 
 60,011 
 51,053 
 51,053 
 45,259 
 35,247 
 27,570 
 21,457 
Europe
 48,037 
 43,456 
 34,155 
 30,038 
 29,092 
 26,730 
 26,730 
 23,433 
 16,813 
 12,382 
 9,251 
India
 8,964 
 8,393 
 7,921 
 7,415 
 6,729 
 6,108 
 6,108 
 5,488 
 4,890 
 4,202 
 3,435 
Others
 17,948 
 17,052 
 14,883 
 14,422 
 12,814 
 10,757 
 10,757 
 7,629 
 6,039 
 4,740 
 3,182 
Cost
Employee cost
 85,952 
 78,246 
 66,396 
 61,621 
 55,348 
 48,296 
 50,924 
 40,486 
 31,922 
 24,683 
 18,806 
Other operating cost
 28,888 
 28,711 
 24,192 
 24,034 
 22,621 
 19,242 
 19,242 
 16,170 
 13,027 
 9,776 
 7,341 
Total cost (excluding interest & depreciation)
 114,840 
 106,957 
 90,588 
 85,655 
 77,969 
 67,538 
 70,166 
 56,656 
 44,949 
 34,459 
 26,147 
Proﬁtability
EBITDA (Before other income)
 42,109 
 39,506 
 32,516 
 32,311 
 30,677 
 27,110 
 24,482 
 25,153 
 18,040 
 14,435 
 11,178 
Proﬁt before tax
 42,248 
 41,563 
 34,092 
 34,513 
 31,840 
 28,437 
 25,809 
 25,402 
 18,090 
 13,923 
 11,021 
Proﬁt after tax attributable to shareholders of the company
 32,340 
 31,472 
 25,826 
 26,289 
 24,270 
 21,912 
 19,852 
 19,164 
 13,917 
 10,413 
 9,068 
Financial Position
Equity share capital
 375 
 375 
 191 
 197 
 197 
 196 
 196 
 196 
 196 
 196 
 196 
Reserves and surplus
 83,751 
 89,071 
 84,937 
 86,017 
 70,875 
 52,499 
 50,439 
 48,999 
 38,350 
 29,284 
 24,209 
Gross block of property, plant and equipment
 26,444 
 24,522 
 22,720 
 20,891 
 19,308 
 16,624 
 16,624 
 13,162 
 10,996 
 8,844 
 7,199 
Total investments 
 26,356 
 29,330 
 36,008 
 41,980 
 22,822 
 1,662 
 1,662 
 3,434 
 1,897 
 1,350 
 1,763 
Net current assets
 63,177 
 70,047 
 63,396 
 65,804 
 47,644 
 30,726 
 28,495 
 27,227 
 19,734 
 12,673 
 9,790 
Earnings per share in `
EPS - as reported
 86.19 
 83.05 
 134.19 
 133.41 
 123.18 
 111.87 
 101.35 
 97.67 
 70.99 
 53.07 
 46.27 
EPS - adjusted for Bonus Issue
 86.19 
 83.05 
 67.10 
 66.71 
 61.59 
 55.94 
 50.68 
 48.84 
 35.50 
 26.54 
 23.14 
Headcount (number)
Headcount (including subsidiaries) as on March 31st
 448,464 
 424,285  394,998 
 387,223 
 353,843 
 319,656 
 319,656 300,464 
 276,196  238,583 
 198,614 
Performance Trend 10 yrs
 Note : The company transitioned into Ind AS from April 1, 2015. 
*Excluding the impact of one-time employee reward.

TCS Annual Report 2019-20
Management Discussion and Analysis I 109
OVERVIEW OF FUNDS INVESTED 
 
 
 
 
 
 
 
Funds invested exclude earmarked balances with banks and equity shares measured at fair value through other comprehensive income.   
 
 
 
 
FY 2020
FY 2019
FY 2020
FY 2019
FY 2020
FY 2019
Current
Non-current
Total funds invested
Investments in mutual funds, Government securities and others
 26,140 
 29,091 
 174 
 181 
 26,314 
 29,272 
Deposits with banks
 1,210 
 6,161 
 348 
 -  
 1,558 
 6,161 
Inter-corporate depoits
 8,171 
 7,667 
 27 
 58 
 8,198 
 7,725 
Cash and bank balances
 8,241 
 6,491 
 - 
 -  
 8,241 
 6,491 
Total
 43,762 
 49,410 
 549 
 239 
 44,311 
 49,649 
 
 
 
 
 
 
 
 
Total invested funds include `1,195 crore and `907 crore for FY 2020 and 2019, respectively, pertaining to trusts and TCS Foundation held for speciﬁed purposes. 
 
 
 
 
 
 
 
(Amount in ` Crore)

TCS Annual Report 2019-20
Management Discussion and Analysis I 110
 
 
Ind AS 
Indian GAAP
Ratio Analysis
Units
 FY 2020  FY 2019 
 FY 2018 
 FY 2017 
 FY 2016 
 FY 2015* 
 FY 2015 
 FY 2014 
 FY 2013 
 FY 2012 
 FY 2011 
Ratios - Financial Performance
Employee Cost / Total Revenue 
%
 54.8 
 53.4 
 53.9 
 52.2 
 50.9 
 51.0 
 53.8 
 49.5 
 50.7 
 50.5 
 50.4 
Other Operating Cost / Total Revenue 
%
 18.4 
 19.6 
 19.7 
 20.4 
 20.9 
 20.4 
 20.3 
 19.8 
 20.7 
 20.0 
 19.6 
Total Cost / Total Revenue 
%
 73.2 
 73.0 
 73.6 
 72.6 
 71.8 
 71.4 
 74.1 
 69.3 
 71.4 
 70.5 
 70.0 
EBITDA (Before Other Income) / Total Revenue 
%
 26.8 
 27.0 
 26.4 
 27.4 
 28.2 
 28.6 
 25.9 
 30.7 
 28.6 
 29.5 
 30.0 
Proﬁt Before Tax / Total Revenue 
%
 26.9 
 28.4 
 27.7 
 29.3 
 29.3 
 30.0 
 27.3 
 31.1 
 28.7 
 28.5 
 29.5 
Tax / Total Revenue 
%
 6.2 
 6.8 
 6.7 
 6.9 
 6.9 
 7.2 
 6.6 
 7.4 
 6.4 
 7.0 
 4.9 
Effective Tax Rate - Tax / PBT 
%
 23.2 
 24.1 
 24.1 
 23.6 
 23.6 
 23.5 
 23.7 
 23.9 
 22.2 
 24.4 
 16.6 
Proﬁt After Tax / Total Revenue 
%
 20.6 
 21.5 
 21.0 
 22.3 
 22.3 
 23.2 
 21.0 
 23.4 
 22.1 
 21.3 
 24.3 
Ratios - Growth
Total Revenue 
%
 7.2 
 19.0 
 4.4 
 8.6 
 14.8 
 15.7 
 15.7 
 29.9 
 28.8 
 31.0 
 24.3 
EBITDA (Before Other Income) 
%
 6.6 
 21.5 
 0.6 
 5.3 
 25.3 
 7.8 
 (2.7)
 39.4 
 25.0 
 29.1 
 28.6 
Proﬁt After Tax 
%
 2.8 
 21.9 
 (1.8)
 8.3 
 22.3 
 14.3 
 3.6 
 37.7 
 33.6 
 14.8 
 29.5 
Ratios - Balance Sheet
Debt-Equity Ratio
Times
 - 
 -  
 0.0 
 0.0 
 0.0 
 0.0 
 0.0 
 0.0 
 0.0 
 0.0 
 0.0 
Current Ratio
Times
 3.3 
 4.2 
 4.6 
 5.5 
 4.1 
 3.9 
 2.4 
 2.7 
 2.7 
 2.2 
 2.4 
Days Sales Outstanding (DSO) in ` terms
Days
 71 
 68 
 74 
 70 
 81 
 79 
 79 
 81 
 82 
 86 
 80 
Days Sales Outstanding (DSO) in $ terms
Days
 67 
 69 
 74 
 73 
 80 
 78 
 78 
 82 
 82 
 81 
 82 
Invested Funds / Capital Employed
%
 47.2 
 53.5 
 53.9 
 54.6 
 44.2 
 38.0 
 43.5 
 43.0 
 36.4 
 34.8 
 36.8 
Capital Expenditure / Total Revenue 
%
 2.0 
 1.5 
 1.5 
 1.7 
 1.8 
 3.1 
 3.1 
 3.8 
 4.2 
 4.1 
 4.9 
Operating Cash Flows / Total Revenue 
%
 20.6 
 19.5 
 20.4 
 21.4 
 17.6 
 20.5 
 20.5 
 18.0 
 18.4 
 14.3 
 17.7 
Free Cash Flow / Operating Cash Flow Ratio  
%
 90.5 
 92.5 
 92.8 
 92.3 
 89.7 
 84.8 
 84.8 
 78.9 
 77.3 
 71.5 
 72.7 
Depreciation of Property, Plant and Equipment / 
Average Gross Block of Property, Plant and Equipment
%
 8.6 
 8.5 
 9.1 
 9.5 
 10.0 
 11.7 
 11.7 
 10.6 
 10.2 
 10.7 
 10.5 
Ratio Analysis 10 yrs

TCS Annual Report 2019-20
Management Discussion and Analysis I 111
 
 
Ind AS 
Indian GAAP
Ratio Analysis
Units
 FY 2020  FY 2019 
 FY 2018 
 FY 2017 
 FY 2016 
 FY 2015* 
 FY 2015 
 FY 2014 
 FY 2013 
 FY 2012 
 FY 2011 
Ratios - Per Share
EPS - adjusted for Bonus
`
 86.19 
 83.05 
 67.10 
 66.71 
 61.59 
 55.94 
 50.68 
 48.84 
 35.50 
 26.54 
 23.14 
Price Earning Ratio, end of year
Times
 21.2 
 24.1 
 21.2 
 18.2 
 20.4 
 22.8 
 25.1 
 21.8 
 22.1 
 22.0 
 25.6 
Dividend Per Share
`
 73.00 
 30.00 
 50.00 
 47.00 
 43.50 
 79.00 
 79.00 
 32.00 
 22.00 
 25.00 
 14.00 
Dividend Per Share - adjusted for Bonus
`
 73.00 
 30.00 
 25.00 
 23.50 
 21.75 
 39.50 
 39.50 
 16.00 
 11.00 
 12.50 
 7.00 
Market Capitalization / Total Revenue 
Times
 4.4 
 5.1 
 4.4 
 4.1 
 4.6 
 5.3 
 5.3 
 5.1 
 4.9 
 4.7 
 6.2

TCS Annual Report 2019-20
Management Discussion and Analysis I 112
FY 2020 PERFORMANCE OVERVIEW: SOCIAL CAPITAL 
TCS’ Corporate Social Responsibility (CSR)23 commitment stems 
from the 151-year-old legacy of the Tata Group and the founder’s 
vision that: In a free enterprise, the community is not just another 
stakeholder in business, but is in fact the very purpose of its existence. 
TCS’ vision is to empower communities by connecting people to 
opportunities in the digital economy. The company has focused on 
education, skilling, employability and village entrepreneurship, to help 
individuals and communities bridge the opportunity gap. In addition, 
it supports the health, wellness, water, sanitation and hygiene needs of 
communities.
The company’s approach is to support large scale, sustainable, 
multi-year programs that build inclusive, equitable and sustainable 
pathways for youth, women and marginalized groups and which can 
have a strategic impact on the community. In India, these programs 
are aligned with the Government of India’s Affirmative Action Policy 
and the Tata Group’s Affirmative Action Program.
In FY 2020, the global community initiatives of TCS reached more 
than 840,000 beneﬁciaries. 
TCS’ purpose-driven worldview is shared by its employees who 
contribute their time and expertise for social and environmental 
causes in their local communities. In FY 2020, TCSers contributed 
more than 780,000 volunteering hours.
Education 
Digital technologies are transforming every 
industry around the world. In this new world of 
work, companies across almost all sectors have 
the responsibility to develop talent that engages 
in computational thinking and innovation 
excellence and is digitally ﬂuent.
In North America, Ignite My Future in School 
(IMFIS), is a pioneering effort to empower 
educators through a transdisciplinary approach 
that integrates computational thinking into 
core subjects like English, Math, Science, Art, 
and Social Studies. Computational Thinking is a 
higher-level process, whereby students can learn 
how to collect and analyze data, ﬁnd patterns, 
decompose complex problems, abstract, 
build models and develop algorithms – the 
fundamental building blocks of innovation in 
an increasingly digital world. The program also 
offers year-round assistance through its Learning 
Leaders Network – a responsive and involved 
nationwide network of teachers, Community 
Nights – an immersive and interactive event for 
students, teachers and families to experience the 
curriculum and Days of Discovery – an in-person 
professional development training for educators 
to meet with program experts and understand 
the curriculum. 
TCS volunteers work with Charlotte, NC middle school students, 
integrating computational thinking and Ignite My Future in  
School content
23  103-2, 103-3, 413-1
Ignite My Future in School has engaged over 176,792 
students in FY 2020.

TCS Annual Report 2019-20
Management Discussion and Analysis I 113
Pete Delgado is a middle 
school teacher from the El 
Paso Independent School 
District in Texas. One of 
the tools that Pete has to 
empower these students is 
Ignite My Future in School, 
which offers lesson plans 
and study material that 
weave computational 
thinking into core curriculum subjects like math, sciences, 
and social studies.
“IMFIS provides a type of learning that goes beyond 
the classroom,” says Pete. “It empowers students to 
apply computational and problem-solving thinking to 
all aspects of their lives and that’s especially valuable, 
because many of these students wouldn’t have had 
access to this kind of learning before.”
In addition to being a participating teacher, Pete is also 
a Learning Leader within the IMFIS teacher network. 
“I’ve been able to collaborate with educators across the 
US, Canada and Mexico,” Pete explains, “which means 
students leave my classroom as global citizens.” 
In India, TCS’ ‘Lab on Bike’ is providing a similar experience 
to teachers in government schools and children from 
low-income, disadvantaged communities. The program 
introduces novel learning opportunities that foster a 
scientiﬁc mind-set. The Lab on Bike instructors travel to 
government schools with a set of science experiment 
kits with which they demonstrate experiments in physics, 
chemistry and biology. The program has been implemented 
in 12 schools around Bengaluru, beneﬁting 1,291 students 
and 10 schools in Ahmedabad impacting 1,140 students. 
A key issue confronting India is the lack of literacy, 
especially among adults. TCS empowers entire 
communities, especially those marginalized, by 
implementing the Adult Literacy Program, which creates 
access to literacy, enhances earning potential and unlocks 
the entrepreneurial spirit. 
The Adult Literacy Program was set up to help the 
Government of India improve adult literacy rates, using the 
Computer Based Functional Literacy (CBFL) solution. Using 
the CBFL model, non-literate adult learners can achieve 
functional literacy (reading, writing, arithmetic) within 50 
hours, over a period of three months, which is about 1/6th 
the time demanded by conventional learning methods. 
Learners acquire a vocabulary of 500 words, which when 
put into use, allow them to access essential government 
policies and form self-help groups and in some cases, even 
set up entrepreneurial ventures. 
The CBFL software is available in nine Indian and three 
foreign languages. TCS fosters strategic partnerships 
with local governments, jail authorities, NGOs and other 
companies to enhance the reach. 143,323 learners were 
made literate across 17 states of India and in Burkina Faso, 
Western Africa in FY 2020.

TCS Annual Report 2019-20
Management Discussion and Analysis I 114
She was instantly drawn to arithmetic and after completing the 
program, used her new-found skills to begin selling vegetables 
in her community. Her income grew to ` 300/400 a day, which 
provided much needed ﬁnancial security for her family.
Nurabati also credits ALP with wealth you cannot measure, namely, 
improved self-conﬁdence, the respect of her friends and neighbors 
in the village, and the opportunity to become a role model and 
demonstrate how ALP can empower women just like her.
Literacy remains an issue for millions of Indians, and women are 
impacted the most. In one example, 40-year-old Nurabati Putel had 
to rely on her husband to support their three daughters because she 
lacked the basic literacy skills to earn an income herself. 
This changed thanks to the Adult Literacy Program provided by 
TCS. After hearing about ALP, Nurabati enrolled in the program and 
attended regularly. ALP leverages the digital expertise of TCS to offer 
computer-based learning which quickly provided Nurabati with basic 
literacy skills.
Skilling
Working in partnership with schools, universities, industry 
and the non-proﬁt sector, TCS’ various skills programs have 
helped youth realize they can both work in and help create 
the digital future of our world. In FY 2020, TCS reached 
over 310,000 xstudents through these STEM initiatives.
goIT, which is TCS’ ﬂagship student engagement program 
is implemented across markets (North America, LATAM, 
Europe, APAC and Australia) and is tailored in each region 
to meet the speciﬁc needs of that community. 
goIT participants are introduced to computational thinking 
as a problem-solving framework, acquire the experience in 
critical evaluation while troubleshooting designs, improve 
their ability to cooperate and coordinate, and reﬁne 
their communication skills through public presentations. 
Students, across the globe, learn the steps to produce 
inventive technology-enabled solutions to real-life 
problems, then go a step ahead by benchmarking their 
solutions against those that exist in the market and ﬁnally 
presenting their solutions to experts within the ﬁeld.
Mentorship forms a large part of the engagement, 
bringing in TCS associates and their expertise to the fore. 
Collaborating with TCS associates to develop these apps, 
helps students visualize a future career and understand 
the pathways available to them. TCS combines its core 
capabilities of research excellence in consulting, technology 
expertise, skill-based volunteering and philanthropic 
investments into the program design of goIT.
Students experience the use of technology through GoIT Girls at  
the Customer Experience Centre, Sydney, Australia

TCS Annual Report 2019-20
Management Discussion and Analysis I 115
Young people at Digital Explorers learning how  
to code with Ozobots
In North America, the 3rd Annual goIT Student Technology 
Competition was held in partnership with the Toronto 
District School Board and the 4th annual goIT Regional 
Competition was hosted at the NYC Marathon pavilion.
TCS Norway conducted a four-week program for 9th 
graders at Jordal school in Oslo to introduce them to the 
possibilities within IT and help them explore career paths 
in technology.
TCS Singapore partnered with ITE West College (an 
educational institution under the Institute of Technical 
Education) to raise STEM awareness and to contribute to 
Singapore’s transition into a Smart Nation. GoIT was the 
ﬁrst program that was launched with ITE West College as 
a result. 
TCS Australia’s GoIT Girls program is a week-long work 
experience program aimed at female students in Years 10 
and 11. The participants meet senior executives from TCS 
and from client organizations, who provide insight into the 
various STEM roles that exist across the business spectrum, 
with the hope of inspiring a new generation of innovators, 
problem solvers and technology professionals. The aim 
is to provide insight into and challenge stereotypes of 
the technology industry, particularly gender occupational 
stereotypes.
GoIT Challenge was held at the University of New South 
Wales. This initiative is designed to encourage high 
school students to immerse themselves in the world of 
technology and inspire them to think creatively to apply 
technological understanding to support the community 
around them. This year, 29 schools across Australia 
registered for the program submitting over 40 projects. 
At the ﬁnals, the GoIT Challenge had a record of 11 teams 
showcasing technology solutions to community challenges.
In the United Kingdom and Ireland, the TCS Digital 
Explorers program offers young people an insight into 
the world of work in digital industries. The program is 
run in seven cities across the UK and aims to tackle the 
digital skills gap by giving young people from diverse 
backgrounds an opportunity to experience work and gain 
a real understanding of tech careers. Digital Explorers is 
rooted in a robust evidence-based intervention designed 
to engage young people with employers who otherwise 
would not have such an opportunity. Such interventions are 
shown to increase learning potential as well as lower the 
chances of becoming NEET (Not in Education, Employment 
or Training) as young adults. In FY 2020 more than 8,500 
youth were directly engaged across 7 cities.
goIT Reaches 12,000+ Students across the World: Key Highlights

TCS Annual Report 2019-20
Management Discussion and Analysis I 116
LaunchPad provides foundational skills for technology 
jobs through a gamiﬁed learning of C++ and Python. This 
is provided to students in schools and universities through 
a free online course. Designed as a self-learning course, 
it focuses on improving the analytical and logical skills of 
students, and nurtures the concept of lifelong learning 
where students develop the essential skills of investing in 
their own learning journeys throughout their careers.
The program dovetails into TCS’ InsighT intervention 
which includes advanced programming concepts. InsighT 
provides access to quality programming courses in schools 
and colleges, thereby raising the quality of professionals 
accessible to the IT Industry. This program is available 
online, is free of cost and covers advanced concepts in two 
months. 
Drawing from the company’s focus on providing 
experiential learning, in South Africa, hands-on technology 
and STEM learning pathways are created by connecting 
learners to the International Space Station (ISS). The 
ExoLab program allows students to conduct integrated 
STEM experiments alongside identical live experiments 
which are conducted at the ISS’ national laboratory. This 
extraordinary exobiology experiment brings together 
classrooms and the ISS in a collaborative investigation of 
the effects of microgravity on living things. 
With a focus on equity and inclusion, TCS has developed 
programs to enhance the capacity and utilize the potential 
of individuals with visual impairment. The Advanced 
Computer Training (ACTC) program, aided by technology 
and mentorship, provides training opportunities aimed 
at creating access to employment in highly skilled roles 
including those in the technology sector. ACTC offers 
courses that are in sync with industry requirements, 
subsequently providing trainees with employment 
opportunities. 
Hardware Training provided for ACTC candidates
Students learn next generation competencies through a hands-on, 
experiential program linked to the International  
Space Station
Insight orientation session conducted in Satyabama College  
for ~ 2,000 students

TCS Annual Report 2019-20
Management Discussion and Analysis I 117
Village Entrepreneurship
Around 300 million individuals in India belong to 
historically disadvantaged and marginalized communities. 
Lack of proper digital infrastructure, knowledge and 
resources in villages often prevent these communities 
from accessing the opportunities presented by the 
digital economy, making up the so-called digital divide. 
Implemented in 2014 in 6 villages of Jhansi district and 
later expanded across several states, BridgeIT was created 
in response to the need to address prevailing social 
inequities in India by empowering communities with digital 
knowledge and tools, enabling entrepreneurship and 
innovation. 
Youth who undergo training through BridgeIT are 
empowered to take up digital entrepreneurship in their 
village. They also deploy Computer Aided Learning in 
local government schools and support literacy among 
adults using the CBFL modules. Till date, this program has 
developed 236 entrepreneurs across 265 rural locations in 
9 states. 
“If it wasn’t for BridgeIT, I would never have seen so much success in my life.”
Ujjwal Mondal pursued multiple post graduate degrees, 
but few opportunities existed for him to use his education 
back home in West Bengal. He worked for local NGOs for 
nearly nine years, but never earned more than ` 3,000 a 
month.
That changed, when Ujjwal applied for the BridgeIT 
program. He was equipped with laptops and software and 
was also trained to provide valuable digital services to his 
community.
Ujjwal now earns revenue through various sources such 
as online banking, hardware / software sales and services, 
data entry work of government departments, carrying out 
NGO audits with the help of Subject Matter Experts and 
various other activities through the two shops he has set 
up in his locality.
Gaining access to the digital economy has economically 
empowered Ujjwal and his income has increased 
manifold. He is looking forward to developing new lines 
of revenue in the coming weeks. He is also seen as a 
community leader, as he provides employment to others 
in his village. 
Ujjwal now feels more conﬁdent and respected in his 
community, and his neighbors speak proudly of what 
hasn’t changed about him – how he remains kind-hearted, 
gentle and always eager to help.
Digital Impact Square (DISQ), is an open social innovation center located in Nashik, Maharashtra, which encourages 
innovation using digital technologies to address social challenges. These challenges are drawn from the voice of citizens, 
domain experts, the local administration and government. The initiative fosters a culture of innovation through a series of 
sustained innovation cycles, provides an opportunity to bring research and technology from academia and business to life, 
and accelerate the journey of young innovators from being ideators to entrepreneurs.

TCS Annual Report 2019-20
Management Discussion and Analysis I 118
Employment and Employability
Lack of access to industry relevant skills often has a 
negative impact on the employment aspects of students 
from rural and underserved areas. Through employment 
focused interventions, TCS helps undergraduate students 
from rural, socially and economically marginalized 
communities develop the necessary skills needed for a job. 
Engineering students are trained on three modules covering 
business communication, general aptitude, and technical 
skills for a duration of 18-24 months (192 hours). Non-
engineering students receive 100 hours of training on math, 
analytics, general knowledge, English, and computers. It 
introduces Business English, imparts corporate etiquette, 
improves soft skills, sharpens aptitude and strengthens core 
subjects pertinent to the industry. At the end of training, 
the youth are much better placed to gain employment.
In FY 2020, nearly 22,880 youth across India gained 
industry-relevant skills and 4,470 secured jobs in the 
services sector.
Sayali Deshmukh was 
encouraged to attend 
school and university 
by her parents, so 
she wouldn’t face 
the same economic 
situation as them. She 
studied Electronics and 
Telecommunication Engineering at the Government 
College of Engineering and Research in Maharashtra but 
struggled to articulate her ideas when presenting to her 
class. 
The solution came in the form of TCS’ IT Employability 
Program. In her pre-ﬁnal year at college, Sayali joined the 
program and learned valuable skills, like how to present 
her ideas in an interview or meeting.
Sayali then took part in the TCS National Qualiﬁer Test 
prior to graduation and her hard work paid off. She 
was selected for a position with TCS upon graduation, 
wherein she spring-boarded right from college to the 
beginnings of a bright, new career in the IT industry.
“I had employment waiting for me before I graduated, 
and the interview skills sessions and role plays really 
helped me to improve my conﬁdence and overcome my 
stage fright,” says Sayali, who also encourages other 
rural students to join the program.
Graduates from rural 
communities are often 
described as ‘the invisible 
talent pool’ because 
lack of conﬁdence and 
communication skills hinder 
their access to the growing 
number of jobs in cities and 
urban centers.
The BPS Employability program is designed to bridge 
that gap, offering coaching and mentorship, and 
employment with TCS for suitable applicants.
Divya and Vidya both participated in this program. 
Twin sisters, they graduated with degrees from Mercy 
College, Palakkad, and while in school also enrolled in 
the program. Both took advantage of the coaching and 
mentorship, which transformed their conﬁdence and 
communication skills. They met the criteria to work at 
TCS and have held positions there for more than a year.
“We moved to Bangalore – and while the journey wasn’t 
easy, the learning was priceless,” Vidya explains.
“That one chance TCS offered us, It changed our life,” 
says Divya, who also credits their mother – a anganwadi 
childcare teacher – for pushing them to pursue education 
and embrace a new future ﬁlled with economic 
opportunity.

TCS Annual Report 2019-20
Management Discussion and Analysis I 119
Thought Leadership, Research and Insights
TCS believes that companies across almost all sectors 
have the responsibility to develop talent that engages 
in computational thinking and innovation excellence; 
embrace diversity and support inclusion and provide 
access to underserved populations. The company’s thought 
leadership initiatives address the opportunity gap through 
research, insights, advocacy and policy. Through these 
consultation forums, TCS has mobilized the public-, private- 
and not for proﬁt sector to address gender, ethnic and 
socioeconomic inequities, and has led discussions around 
pioneering solutions that will democratize learning and 
unlock opportunities.
Digital Empowers, a partnership between TCS and the U.S. 
Chamber of Commerce Foundation, explores the ways in 
which technologies such as blockchain, cloud, Internet of 
Things, robotics, artiﬁcial intelligence  augmented reality/
virtual reality, data analytics, and human centered design 
can be leveraged to solve social issues including workforce 
development and education, food safety and distribution, 
microﬁnance, the opioid epidemic, community recycling, 
non-proﬁt capacity building, refugee resettlement, 
natural and human-made disasters, criminal justice reform 
and healthcare and bring greater access and equity to 
individuals and communities. 
The Future Leaders Summit, organized as part of the TCS 
APAC Summit and now in its fourth year, brings together 
delegates from customer organizations who are identiﬁed 
as high performers and are passionate about harnessing 
the power of digital technologies to create a fairer, 
more inclusive society. The theme this year was ‘Digital 
empowering a sustainable world’, and explored how digital 
technologies can empower communities across the world 
– how drones are helping to save endangered animals and 
protect forests in Australia; how technology is supporting a 
culture of health and wellbeing in Indigenous Australia with 
children being encouraged to become the next generation 
of innovators through STEM education. 
Health
TCS’ Digital Nerve Centre (DiNC) is a unique and innovative 
delivery model designed to connect, communicate, 
coordinate and deliver care by leveraging people, 
infrastructure and a robust digital platform. DiNC has 
opened new avenues of connection and real time 
communication at The Cancer Institute (CI) - Chennai and 
Tata Medical Center (TMC) – Kolkata. These two premier 
cancer hospitals are also part of the National Cancer 
Grid. The North-East region via the State Cancer Institute, 
Guwahati (Assam), is also leveraging DiNC for enhanced 
reach and accessibility.
In FY 2020, DiNC services expanded with a Virtual Tumor 
Board for quick diagnosis and expedited treatment. 
Currently, this service is operational at the Cancer Institute 
and Assam State Cancer Institute. Additionally, new 
services have been launched, such as occupational therapy 
notes in CI-Chennai and pre-consultation services at TMC-
Kolkata.
Meanwhile, the TCS team has been supporting the 
Tata Memorial Hospital, Mumbai, locally, with its online 
registration process and enquiries. This has signiﬁcantly 
improved data quality with zero reported issues. 
DiNC works at all level of healthcare – Tertiary, Secondary 
and Primary – leading to a well-connected and integrated 
healthcare system. At the Primary Care level, DiNC is 
currently operating in Kolar, Karnataka and in Kullu, 
Himachal Pradesh. These states have roped in DiNC 
to facilitate Primary Healthcare Transformation for 
the identiﬁed districts, wherein DiNC-enabled Primary 
Healthcare Transformation has been helping augment key 
Primary Care programs and efforts. 
Accompanied by a strong awareness mechanism – the 
Known Citizen Drive, DiNC with its unique phygital 
approach of physical /human connect and cutting-edge 
digital technologies is slowly helping alleviate the issue of 
healthcare accessibility, care continuum and management 
for the rural / underprivileged. With DiNC, care seekers are 
able to access the right care, through the right healthcare 
center at the right time, which otherwise was a huge 
challenge for them.

TCS Annual Report 2019-20
Management Discussion and Analysis I 120
The Tata Translational Cancer Research Centre (TTCRC) 
was set up in partnership with TMC in Kolkatta. TTCRC 
aims to create an interactive environment for clinicians, 
scientists and the industry to work together to deliver 
a better future for cancer patients in India. TCS has 
been providing operational solutions for TTCRC since its 
inception. Clinicians, scientists and industry are developing 
partnerships at TTCRC so patients not only beneﬁt from 
modern affordable cancer therapy but also from the cost-
effective models of care.
Employee Engagement 
TCS’ Employee Volunteer Program channels the unique 
skillset of our employees and their energies to address 
some of the most pressing issues facing Education, 
Health, and Planet, in countries where we live and work. 
The programs below summarize the key partners and 
achievements of this work in the last year. 
In North America, associates are directly involved in 
supporting the mission of our national partners, the 
American and Canadian Red Crosses, the American Heart 
Association, and Heart & Stroke Foundation. Since 2011, 
TCS has partnered with the American Heart Association in 
the United States and the Heart and Stroke Foundation in 
Canada, to ﬁght heart disease and stroke. Annual initiatives 
such as Go Red for Women, Heart Walks, Big Bike events 
and Heart Month aid in fundraising and also increases 
awareness around cardiovascular research and public policy 
advocacy.
In the United Kingdom, The Wildlife Trust became TCS’ 
new corporate charity partner. In this two-year partnership, 
the focus is on employee mental health and wellbeing. The 
overall campaign theme in the partnership is ‘Disconnect 
to reconnect’, which raises awareness of the importance 
of disconnecting from our everyday digital lives and use 
nature to improve both mental and physical health. 
Over 2,500 children 
returned to a new 
school due to the efforts 
and contributions of 
TCSers worldwide, who 
collaborated with ´Strong 
Mexico´ campaign, 
developed to provide aid 
and support to the victims 
of the 2017 earthquake. 
TCS’ interventions 
enabled the building 
of a new school for the 
children of Cintalapa in 
Chiapas, Mexico.

TCS Annual Report 2019-20
Management Discussion and Analysis I 121
 
(b)  
Number of National Locations: 115
10.  
Markets served by the Company – Local/State/National/International: North 
America, Latin America, United Kingdom and Ireland, Continental Europe, Asia 
Paciﬁc, Middle East and Africa, and India.
Section B: Financial details of the company 
1.  
Paid up Capital (INR): 375 crore
2.  
Total Turnover (INR): 156,949 crore
3.  
Total proﬁt after taxes (INR): 32,340 crore
4.  
Total Spending on Corporate Social Responsibility (CSR) as percentage of proﬁt 
after tax (%): 2.01% of average net proﬁt for previous three years in respect of 
standalone TCS (India Initiatives only) 
5.  
List of activities in which expenditure in 4 above has been incurred:
 
 
Including overseas spend, the company’s total spending on Corporate Social 
Responsibility is ` 755 Crore
Category CSR in India only)
` crore
Health and Wellness 
175
Education and Skill Building 
116
Environmental Sustainability 
6
Disaster Relief
2
Contribution to Foundations/Trusts
303
Total
602
Business Responsibility Report 
Section A: General information about the company
1.  
Corporate Identity Number (CIN) of the Company: L22210MH1995PLC084781
2.  
Name of the Company: Tata Consultancy Services Limited
3.  
Registered address: 9th Floor, Nirmal Building, Nariman Point, Mumbai - 400 021, 
India
4.  
Website: www.tcs.com
5.  
E-mail id: corporate.sustainability@tcs.com 
6.  
Financial Year reported: April 1, 2019 to March 31, 2020
7.  
Sector(s) that the Company is engaged in (industrial activity code-wise): ITC 
CODE: 85249009 Product Description: Computer Software
8.  
List three key products/services that the Company manufactures/provides (as in 
balance sheet): Consulting and Service Integration, Digital Transformation Services 
and Cognitive Business Operations.
9.  
Total number of locations where business activity is undertaken by the Company: 
 
(a)  
Number of International Locations (Provide details of major 5): 72 delivery 
centers
Region
# of Delivery Centers
UK and Ireland
20
Latin America
15
North America
18
Asia Paciﬁc
12
Europe
6
This section is as per Regulation 34 of the SEBI (Listing Obligations and Disclosure 
Requirements) Regulations, 2015.

TCS Annual Report 2019-20
Management Discussion and Analysis I 122
Section C: Other details
1.  
Does the Company have any Subsidiary Company/ Companies? Yes
2.  
Do the Subsidiary Company/ Companies participate in the BR Initiatives of the 
parent company? If yes, then indicate the number of such subsidiary company(s): 
Yes, 36 subsidiaries participated
3.  
Do any other entity/entities (e.g. suppliers, distributors etc.) that the Company 
does business with, participate in the BR initiatives of the Company? If yes, then 
indicate the percentage of such entity/entities? [Less than 30%, 30-60%, More 
than 60%] No.
Section D: BR information
1.  
Details of Director/Directors responsible for BR
 
(a)  
Details of the Director/Directors responsible for implementation of the BR 
policy/policies
 
 
The Corporate Social Responsibility (CSR) Committee of the Board of 
Directors is responsible for implementation of BR policies. The members of 
the CSR Committee are as follows:
 
(b)  
Details of the BR head
 
 
Name: Milind Lakkad
 
 
Designation: Executive Vice President and CHRO
 
 
Telephone number: 022 67789999
 
 
E-mail id: corporate.sustainability@tcs.com
2.  
Principle wise (as per NVGs) BR Policy/policies
 
The National Voluntary Guidelines on Social, Environmental and Economic 
Responsibilities of Business (NVGs) released by the Ministry of Corporate Affairs 
has adopted nine areas of Business Responsibility. These brieﬂy are as follows:
 
P1  
Business should conduct and govern themselves with Ethics, Transparency 
and Accountability
 
P2  
Businesses should provide goods and services that are safe and contribute 
to sustainability throughout their life cycle
 
P3  
Businesses should promote the wellbeing of all employees
 
P4  
Businesses should respect the interests of, and be responsive towards all 
stakeholders, especially those who are disadvantaged, vulnerable and 
marginalized
 
P5  
Businesses should respect and promote human rights
 
P6  
Business should respect, protect, and make efforts to restore the 
environment
 
P7  
Businesses, when engaged in inﬂuencing public and regulatory policy, 
should do so in a responsible manner
 
P8  
Businesses should support inclusive growth and equitable development
 
P9  
Businesses should engage with and provide value to their customers and 
consumers in a responsible manner
DIN Number
Name
Designation
00121863
N Chandrasekaran
Chairman
00548091
O P Bhatt
Independent Director
07006215
N Ganapathy Subramaniam
Chief Operating Officer

TCS Annual Report 2019-20
Management Discussion and Analysis I 123
S.N.
Questions
P1
P2
P3
P4
P5
P6
P7
P8
P9
1
Do you have a policy / policies for....
Y
Y
Y
Y
Y
Y
Y
Y
Y
2
Has the policy being formulated in consultation with the relevant stakeholders?
Y
Y
Y
Y
Y
Y
Y
Y
Y
3
Does the policy conform to any national / international standards?
Y
Y
Y
Y
Y
Y
Y
Y
Y
4
Has the policy been approved by the Board? If yes, has it been signed by MD/owner/ CEO/
appropriate Board Director?
Y
Y
Y
Y
Y
Y
Y
Y
Y
5
Does the company have a speciﬁed committee of the Board/ Director/ Official to oversee the 
implementation of the policy? Indicate the link for the policy to be viewed online? 
Y*
Y*
Y*
Y**
Y*
Y***
Y*
Y*
Y*
6
Has the policy been formally communicated to all relevant internal and external stakeholders?
Y
Y
Y
Y
Y
Y
Y
Y
Y
7
Does the company have in-house structure to implement the policy/ policies?
Y
Y
Y
Y
Y
Y
Y
Y
Y
8
Does the Company have a grievance redressal mechanism related to the policy/policies to 
address stakeholders’ grievances related to the policy/ policies?
Y
Y
Y
Y
Y
Y
Y
Y
Y
9
Has the company carried out independent audit/ evaluation of the working of this policy by an 
internal or external agency?
Y
N
Y
N
N
Y
N
N
Y
* TATA Code of Conduct (https://on.tcs.com/Tata-Code-Of-Conduct)
 
** CSR Policy (https://on.tcs.com/Global-CSR-Policy)
 
*** Environment Policy (https://on.tcs.com/Environmental-Policy)
3.  
Governance related to BR
 
(a)  
Indicate the frequency with which the Board of Directors, Committee of 
the Board or CEO to assess the BR performance of the Company. Within 3 
months, 3-6 months, Annually, More than 1 year: 
 
 
Seven Board Meetings were held during the year.
 
(b)  
Does the Company publish a BR or a Sustainability Report? What is the 
hyperlink for viewing this report? How frequently it is published? 
 
 
Yes, the company publishes its Sustainability Report annually. In FY 2020, 
the Sustainability Report is part of this Annual Report. The hyperlink is: 
https://on.tcs.com/Annual-Report-2020

TCS Annual Report 2019-20
Management Discussion and Analysis I 124
SECTION E: PRINCIPLE WISE PERFORMANCE
Principle 1  
1.  
Does the policy relating to ethics, bribery and corruption cover only the 
company? No
 
Does it extend to the Group/Joint Ventures/Suppliers/Contractors/NGOs/ 
Others? Yes
2.  
How many stakeholder complaints have been received in the past ﬁnancial year 
and what percentage was satisfactorily resolved by the management? If so, 
provide details thereof, in about 50 words or so: 
 
In FY 2020, 149 concerns from various stakeholders were received in the ethics 
channels. Of these, 136 (91.3%) were satisfactorily resolved as on March 31, 2020, and 
the remaining concerns were work in progress to be resolved following due process.
Principle 2 
1.  
List up to 3 of your products or services whose design has incorporated social or 
environmental concerns, risks and/or opportunities: 
 
Three instances of work done by TCS that results in social or environmental good are
 
a) 
Intelligent Speech to Text Solution: Verbose is an intelligent solution for 
the hearing impaired. It enables end-to-end speech to text conversion. It 
converts live lectures into real-time data that can be viewed in different 
formats such as animated video, comic strips, notes etc. More than 1,000 
children are using the solution. It is also part of many “Assistive Conference” 
kits, for hearing-impaired conference attendees, to engage with conference 
content at their own pace.
 
b) 
Research Scholarship Program: TCS’ Research Scholarship Program continues 
to support PhD scholars in Computer Sciences in India. In FY 2020, 40 new 
scholars were included in the program and a stipend hike was announced. 
TCS Researchers continue to mentor scholars who are a part of the program. 
The total number of scholars supported by the program is 322.
 
c) 
Digital Impact Square - The Digital Impact Square, based in Nasik, provides 
internships to young innovators to build solutions that solve social problems 
using Digital technologies and human-centric design principles. The FY 2020 
cohort had 60 innovators in 10 teams. Four DISQ initiatives moved to the 
sustain phase (successful exit from DISQ). Total 10 successful exits from DISQ 
so far.  ` 6.2 crore was raised by DISQ startups and more than one lakh lives 
were impacted this year. Three new design schools joined DISQ this year.
2.  
For each such product, provide the following details in respect of resource used 
(Energy, Water, Raw material etc.) per unit of product (optional)
 
a)  
Reduction during sourcing/production/ distribution achieved since the 
previous year throughout the value chain?
 
 
Not applicable.
 
b)  
Reduction during usage by consumers (energy, water) has been achieved 
since the previous year: 
 
 
Not applicable.
3.  
Does the company have procedures in place for sustainable sourcing (including 
transportation)? 
 
(a)  
If yes, what percentage of your inputs was sourced sustainably? Also, 
provide details thereof, in about 50 words or so.
 
 
Our suppliers sign the Supplier Code of Conduct and the Tata Code of 
Conduct. Our policy on supply chain sustainability can be found here: https://
on.tcs.com/Sustainable-Supply-Chain-Policy
4.  
Has the company taken any steps to procure goods and services from local & 
small producers, including communities surrounding their place of work? Yes
 
(a)  
If yes, what steps have been taken to improve their capacity and capability 
of local and small vendors?

TCS Annual Report 2019-20
Management Discussion and Analysis I 125
 
 
While the criteria for selection of goods and services is quality, reliability and 
price, TCS gives preference to small organizations, particularly promoted by 
entrepreneurs from socially backward communities.
 
 
Under the BridgeIT program, TCS has trained digital entrepreneurs who have 
established themselves as key resources in the villages within which they 
operate. 
 
 
TCS promotes the exhibition and sale of goods produced by socially and 
economically underprivileged men/women supported by Non-Governmental 
Organizations. TCS facilitated stalls for organizations like Etasha Society and 
Maher to sell various products that were made by destitute and mentally 
challenged men and women from the slums of National Capital Region, 
Haryana and Maharashtra. TCS provided a platform for selling products made 
by the inmates of Tihar Jail and enabled their sale in Tata Power, Delhi as well.
5.  
Does the company have a mechanism to recycle products and waste? If yes what 
is the percentage of recycling of products and waste (separately as 10%). Also, 
provide details thereof, in about 50 words or so: 
 
Yes. For more details please refer to the FY 2020 Performance Overview: Natural 
Capital which forms part of this Annual Report
Principle 3 
1.  
Please indicate the Total number of employees: 448,464 as on March 31, 2020
2.  
Please indicate the Total number of employees hired on temporary/ contractual/ 
casual basis: 17,273 as on March 31, 2020
3.  
Please indicate the Number of permanent women employees: 162,220 as on March 
31, 2020
4.  
Please indicate the Number of permanent employees with disabilities: 661 as on 
March 31, 2020
5.  
Do you have an employee association that is recognized by management? Yes
6.  
What percentage of your permanent employees are members of this recognized 
employee association? 0.03% (For India)
7.  
Please indicate the Number of complaints relating to child labour, forced labour, 
involuntary labour, sexual harassment in the last ﬁnancial year and pending, as on 
the end of the ﬁnancial year: 
 
The company has adopted a policy on prevention, prohibition and redressal of sexual 
harassment at workplace in line with the provisions of the Sexual Harassment of 
Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (India) and 
the Rules thereunder. 
 
During FY 2020, the company has received 86 complaints on sexual harassment, 
out of which 77 complaints have been resolved with appropriate action taken and 9 
complaints remain pending as on March 31, 2020. Internal review is under progress 
for the pending complaints, following due process.
 
There have been no complaints in other areas.
8.  
What percentage of your under mentioned employees were given safety & skill 
upgradation training in the last year?
 
(a)  
Permanent Employees - 95%
 
(b)  
Permanent Women Employees - 94% 
 
(c)  
Casual/Temporary/Contractual Employees - 64%
 
(d)  
Employees with Disabilities - 95%

TCS Annual Report 2019-20
Management Discussion and Analysis I 126
Principle 4 
1.  
Has the company mapped its internal and external stakeholders? Yes
2.  
Out of the above, has the company identiﬁed the disadvantaged, vulnerable & 
marginalized stakeholders: Yes
3.  
Are there any special initiatives taken by the company to engage with the 
disadvantaged, vulnerable and marginalized stakeholders? If so, provide details 
thereof, in about 50 words or so: 
 
Yes. Please refer to the section on FY 2020 Performance Overview: Social Capital 
in this Annual Report for details on our Adult Literacy Program, Bridge IT, BPS/IT 
Employability programs, Advanced Computer Training Centre, etc.
Principle 5 
1.  
Does the policy of the company on human rights cover only the company or 
extend to the Group/Joint Ventures/ Suppliers/Contractors/NGOs/Others? 
 
The principles stated in our code and policies which include respect for human rights 
and dignity of all stakeholders, extend to the group, joint venture, suppliers and all 
those who work with us.
2.  
How many stakeholder complaints have been received in the past ﬁnancial year 
and what percent was satisfactorily resolved by the management? 
 
No material complaint related to violation of fundamental human rights of individuals 
was received during the ﬁnancial year.
Principle 6  
1)  
Does the policy related to Principle 6 cover only the company or extends to the 
Group/Joint Ventures/Suppliers/Contractors/NGOs/others.
 
The policy is applicable to TCS, its subsidiaries and vendors. 
2)  
Does the company have strategies/ initiatives to address global environmental 
issues such as climate change, global warming, etc? Y/N. If yes, please give 
hyperlink for webpage etc: 
 
Yes. TCS’ Environmental Policy is available on https://on.tcs.com/Environmental-
Policy
3)  
Does the company identify and assess potential environmental risks? Yes.
4)  
Does the company have any project related to Clean Development Mechanism? 
If so, provide details thereof, in about 50 words or so. Also, if Yes, whether any 
environmental compliance report is ﬁled? 
 
Not Applicable
5)  
Has the company undertaken any other initiatives on – clean technology, energy 
efficiency, renewable energy, etc. Y/N. If yes, please give hyperlink for web page 
etc..
 
Yes. Please refer to the section on FY 2020 Performance Overview: Natural Capital in 
this Annual Report.
6)  
Are the Emissions/Waste generated by the company within the permissible limits 
given by CPCB/SPCB for the ﬁnancial year being reported? Yes.
7)  
Number of show cause/ legal notices received from CPCB/SPCB which are 
pending (i.e. not resolved to satisfaction) as on end of Financial Year. None
Principle 7  
1.  
Is your company a member of any trade and chamber or association? If Yes, Name 
only those major ones that your business deals with: 
 
Yes. National Association of Software and Services Companies (NASSCOM), 
Confederation of Indian Industries (CII), Federation of India Chambers of Commerce 
and Industry (FICCI), US India Business Council (USIBC) US Chamber of Commerce 
and Confederation of British Industry (CBI)

TCS Annual Report 2019-20
Management Discussion and Analysis I 127
2.  
Have you advocated/lobbied through above associations for the advancement 
or improvement of public good? Yes/ No; if yes specify the broad areas (drop 
box: Governance and Administration, Economic Reforms, Inclusive Development 
Policies, Energy security, Water, Food Security, Sustainable Business Principles, 
Others): 
 
Yes. TCS participates in consultations on governance and administration, sustainable 
business principles, inclusive development policies (with a focus on skill building and 
literacy), economic reforms and tax and other legislations. TCS uses the Tata Code of 
Conduct as a guide for its actions in inﬂuencing public and regulatory policy.
Principle 8 
1.  
Does the company have speciﬁed program/initiatives/ projects in pursuit of the 
policy related to Principle 8? If yes details thereof?
 
Yes. Please refer to the preceding section on FY 2020 Performance Overview: Social 
Capital in this Annual Report.
2.  
Are the program/projects undertaken through in-house team/own foundation/
external NGO/government structures/any other organization? 
 
TCS uses all of these modes.
3.  
Have you done any impact assessment of your initiative? 
 
Yes. 
4.  
What is your company’s direct contribution to community development projects- 
Amount in INR and the details of the projects undertaken? ` 755 crore, including 
overseas spend. For more details, please refer to Annexure II of Directors’ Report in 
this Annual Report.
5.  
Have you taken steps to ensure that this community development initiative is 
successfully adopted by the community? Please explain in 50 words, or so. 
 
Yes. Initiatives conducted under CSR are tracked to determine the outcomes achieved 
and the beneﬁts to the community. Internal tracking mechanisms, monthly reports 
and follow-up ﬁeld visits, telephonic and email communications are regularly carried 
out. The company has engaged highly trained employees to drive and monitor the 
CSR activities.
Principle 9 
1.  
What percentage of customer complaints/consumer cases are pending as on the 
end of ﬁnancial year. 
 
8% of the complaints received are pending resolution as on March 31, 2020
2.  
Does the company display product information on the product label, over and 
above what is mandated as per local laws? Yes/No/N.A./Remarks (additional 
information): 
 
Not Applicable
3.  
Is there any case ﬁled by any stakeholder against the company regarding unfair 
trade practices, irresponsible advertising and/or anticompetitive behavior during 
the last ﬁve years and pending as on end of ﬁnancial year? If so, provide details 
thereof, in about 50 words or so:
 
No
4.  
Did your company carry out any consumer survey/ consumer satisfaction trends?
 
Yes

TCS Annual Report 2019-20
Management Discussion and Analysis I 128
FY 2020 PERFORMANCE OVERVIEW: 
NATURAL CAPITAL
TCS views its responsibility for environmental stewardship 
seriously and has taken a `beyond compliance’ approach, 
setting a bold vision for environmental sustainability, 
articulated in the Environmental Policy. This translates into 
a strong focus on operational efficiency and concern for the 
environment across the organization and in the value chain. 
The objective is to grow sustainably by successfully 
decoupling business growth and the impact on the 
environment from our operations, effectively doing more 
with less through better design, planning and operational 
efficiency. The company’s environmental sustainability 
strategy is implemented through its policy, standardized 
processes, impact assessment, performance monitoring and 
strong partnerships with stakeholders, including employees.
TCS measures, manages and reports on energy, carbon, 
water and waste – the most material environmental 
aspects of its operations. The three key focus areas of the 
company’s environmental strategy are:
• 
Carbon footprint reduction: Energy efficiency and use 
of renewable energy
• 
Water management: Efficient use, recycling and 
rainwater harvesting
• 
Waste management: Reduction, Reuse and Recycling
Beyond its own footprint, the company also drives supply 
chain sustainability through responsible sourcing, covered 
elsewhere in this report.
TCS is certiﬁed under the ISO 14001:2015 Environmental 
Management System (EMS) standard, across 126 locations 
globally. The management system has integrated 
environmental risks and opportunities with TCS’ business 
strategy. 
Managing the Carbon Footprint24
Long before it became an established science, TCS 
embraced the precautionary principle and recognized 
carbon footprint mitigation as a high priority area25. With 
an operational footprint that consists largely of campuses 
of office blocks for the delivery organization, and sales 
offices, direct emissions from operations – also referred 
to as Scope 1 emissions – are a very small part of the 
company’s carbon footprint, amounting to just 6.5% of the 
overall carbon footprint. The rest is made up of indirect 
emissions, referred to as Scope 2 emissions, associated with 
purchased electricity26. 
24  103-2, 103-3
25 102-11; Earliest reference on Page 5, TCS Corporate Sustainability 
Report 2006-07
26 302-1, In FY 2020, TCS consumed 547 GWh of electricity of which 
10.9% was from renewable sources, ~3.5% from onsite utilities 
and the remaining was purchased electricity. Total direct energy 
used was 0.13 Million GJ and total direct plus indirect energy 
used was 2.08 GJ. The total electricity consumed, as well as 
direct energy usage, have gone down, indicating better controls.
Specific Electricity Consumption (KWH/FTE/MONTH)
400
300
200
100
0
2007-08
2008-09
2010-11
2009-10
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
2017-18
2018-19
2019-20
319
275 267 246 231 216 196 186 177 162 155 145
128
Specific Scope 1 + Scope 2 Emissions (TCO2E/FTE/ANNUM)
4.00
3.00
2.00
1.00
0.00
2007-08
2008-09
2010-11
2009-10
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
2017-18
2018-19
2019-20
3.00
2.712.442.35 2.121.991.97 1.82 1.69 1.53 1.42 1.31
1.15

TCS Annual Report 2019-20
Management Discussion and Analysis I 129
Other Emissions 
Emissions of Ozone-depleting substances are primarily 
in the form of system losses or fugitive emissions during 
maintenance and repair of air conditioning systems. TCS 
is committed to using zero-ozone depleting potential 
(ODP) refrigerants in its operations. New facilities have 
HVAC systems based on zero-ODP refrigerants. All ODP 
refrigerant gases will be phased out and replaced with 
zero-ODP refrigerants, in line with country-speciﬁc 
timelines agreed to as per the Montreal Protocol and local 
regulations. 
Value Chain Emissions
All other indirect emissions are accounted by TCS as 
Scope 3 emissions. These are also known as value chain 
emissions because they are caused by sources not owned 
or controlled by TCS, but are relevant to its operations and 
within its value chain. By applying an expansive boundary 
and using standard Scope 3 emission factors, the company 
estimates that value chain emissions amounted to 1.57 
tCO2e per FTE, in FY 2020. 
The largest contributors, amounting to ~60%, were business 
travel intrinsic to the consultancy business model, and daily 
workplace commutes of employees. TCS has been investing 
in superior communications and video conferencing 
infrastructure to promote greater collaboration across 
remote teams, and with lesser in-person attendance for 
meetings and business discussions. This has helped reduce 
The Path to Energy Efficiency29
The reduction in speciﬁc energy consumption was achieved 
by adding more green buildings to the company’s real 
estate portfolio, installing roof top solar power plants across 
campuses, optimizing IT system power usage, upgrading 
legacy equipment with state-of-the-art technology, and 
improving operational efficiency through the inhouse-built, 
IoT-based Remote Energy Management System. All these 
efforts have resulted in year-on-year energy reduction, 
despite the growth in employees, commissioning of new 
facilities and ramping up within existing facilities. 
Over 57% of the total office space currently occupied by 
TCS in India is designed as per green building standards. 
In FY 2020, the company added 2 MWp of rooftop solar, 
taking the total on-site roof top solar capacity across its 
campuses to 7.6 MWp. This contributed 6.4 million units 
of electricity generated from in-house solar plants. About 
53 million units of renewable energy were sourced in FY 
2020 through power purchase agreements. Total renewable 
energy units generated from rooftop solar projects and 
sourced through power purchase agreements was ~10.9% of 
the total electricity consumption.
The company has saved ~11 million units of electricity by 
switching over to energy-efficient LED lighting across 
90% of its operations in India. Over the last 3 years, TCS 
has been able to reduce the distributed IT power demand 
from 200 watts to 85 watts per seat. Data center power 
management initiatives have helped reduce the power 
utilization efficiency (PUE) of its 23 data centers to 1.66 
(versus 1.67 in the prior year). Of the 23 data centers, 22 
have achieved the target PUE of 1.65. Data center/server 
room consolidation, higher rack utilization, and UPS 
rationalization have been the key levers.
TCS has been able to reduce its speciﬁc energy 
consumption by over 60% over baseline year FY 2008, and 
bring down its greenhouse gas emissions (Scope 1 + Scope 
2)27 from 3 tCO2E/FTE/Annum in FY 2008 to 1.15 tCO2e/
FTE/Annum in the current reporting year, a reduction of 
61.6%. 
Compared to the prior year, the speciﬁc energy 
consumption is down 11.9% and speciﬁc carbon footprint 
is down 11.8% YoY. Additionally, absolute (Scope 1 + Scope 
2) emissions have reduced by 6% YoY28, for the fourth 
consecutive year. Having achieved the previous target 
of halving the speciﬁc carbon footprint by 2020 (versus 
baseline year FY 2008) ahead of schedule, the company is 
now working on setting new targets for the next decade. 
27 Scope 1 emissions have been calculated using the emissions 
factors published by the GHG (greenhouse) Protocol All Sector 
Tools version released in 2017. For Scope 2 emissions – that is, 
purchased electricity-related carbon emissions – for India, the 
source is the emissions factor in the CO2 Baseline Database for 
the Indian Power Sector, User Guide, Version 13.0, June 2018, 
published by the Central Electricity Authority of India. For 
Scope 2 emissions of locations other than India, emission factors 
published by DEFRA 2015 have been used.
28 305-1, 410,971 tCO2e in FY 2020 vs 437,366 tCO2e in FY 2019 
29 103-2, 103-3

TCS Annual Report 2019-20
Management Discussion and Analysis I 130
the speciﬁc carbon footprint from business air travel by 
more than 67% over the baseline year and by 19% over FY 
2019. This is expected to further dip in FY 2021 given the 
reduced travel and commutes.
Water Conservation30
TCS optimizes water consumption through conservation, 
sewage treatment and reuse, and rainwater harvesting. All 
new campuses have been designed for 50% higher water 
efficiency, 100% treatment and recycling of sewage, and 
rainwater harvesting. Employee engagement also plays 
a big role in the company’s water sustainability strategy. 
In FY 2020, consistent water management measures, 
consolidation of offices and increased occupancy of 
green-ﬁeld centers helped reduce speciﬁc freshwater 
consumption by over 9% compared to FY 2019. 
Of the 3.9 million kL31 of fresh water consumed by TCS in 
FY 2020, 56% came from municipal sources, 28% from 
third party suppliers, 14% from groundwater and 2% from 
rainwater harvest at our campuses. Consistent water 
efficiency measures have helped the company reduce 
freshwater consumption by over 27% over baseline year FY 
2008. Total treated sewage recycled as a percentage of the 
total sewage generated was ~70% in FY 202032.
The company continues to pursue groundwater 
replenishment initiatives through on-campus rainwater 
harvesting systems, and community water shed 
management projects. TCS continues to support initiatives 
on surface water body rejuvenation at Siruseri in Chennai, 
Kasalganga in Solapur and Malguzari ponds in Vidarbha.
Waste Reduction and Reuse
As an IT services and consulting organization, TCS’ 
facilities mostly generate electronic, electrical, and office 
consumables waste and municipal solid waste. Generation 
of potentially hazardous wastes such as lead-acid batteries 
and waste lube oil is in relatively smaller proportions. In 
FY 2020, despite the growth in business, the company 
was able to achieve material reductions in the absolute 
quantities across all key wastes: paper wastes, cafeteria dry 
waste, and canteen biodegradable waste. 
Per capita paper consumption reduced by ~16% over the 
prior year and ~89% over the baseline year FY 2008. The 
success of this drive can be attributed to the awareness 
created among employees, and the enforcement of printing 
discipline through automated and manual means. TCS 
continues to achieve 100% recycling of its paper waste. 
TCS’ waste management practices seek to maximize 
segregation at source, as well as reuse and recycle as 
possible. All the hazardous and regulated waste is disposed 
30 103-2, 103-3
31 303-1
32 306-1
of through government-authorized vendors as per the 
regulatory requirements. Engaging employees and raising 
their awareness to encourage responsible consumption is a 
key lever in the organization’s strategy. 
TCS’ waste management practices
Biodegradable waste is treated onsite for biogas recovery 
or manure generation through bio-digesters or composting. 
All TCS campuses, owned offices and leased offices that 
have the required space have been provided with on-site 
food waste management facilities. In FY 2020, 72.6% of 
the total food waste generated across all TCS facilities was 
treated using onsite composting methods or bio-digester 
treatment. In locations lacking space for these systems, the 
waste is disposed of as fodder for livestock or sent to the 
municipal waste collection system. 
Dry waste is categorized, segregated, and sent for 
recycling. Garden waste is composted onsite. Over 336 
tons of compost were generated in FY 2020, reducing 
the need for chemical fertilizers and the resultant soil 
and groundwater pollution. Used printer cartridges 
and photocopier toner bottles are sent back to the 
manufacturers for proper disposal.

TCS Annual Report 2019-20
Management Discussion and Analysis I 131
0
20
9-20
19-20
019-
2019
t 20
ort 2
port 
epor
Repo
l Rep
ual R
nual 
nnua
Annu
 Ann
CS An
TCS A
TCS
TC
T
Employee Engagement
TCS has a year-round calendar for engaging with 
employees to create environmental awareness and 
sensitizing them towards nature and conserving its 
resources. The company has run communication campaigns 
around World Bio-diversity Day, World Environment Week, 
World Ozone Day, Green Consumer Day, World Wildlife 
Week, Pollution Control Day, Energy Conservation Day, 
World Water Day and the Earth hour campaign. 
The company’s purpose-driven worldview inspires many 
employees to undertake volunteering in their local 
communities around environmental themes. A month-long 
campaign to encourage the elimination of single use plastic 
saw over 80,000 TCSers participate in 256 cleanliness 
drives and 130 awareness sessions in the community, across 
90 cities in India. Elsewhere, employees at TCS Mexico 
participated in reforestation activities to save ‘Guadalajara’s 
lungs’, planting saplings in designated areas to increase the 
green cover.
As part of the Tata Sustainability Month, the company ran 
a campaign to create awareness among employees on 
the UN Sustainable Development Goals, and inspire them 
to take small actions in their lives to contribute towards 
those goals. It saw participation by over 120,000 associates 
participate in such activities as plantation drives, cleanliness 
drives, cyclathon, walkathon, external sessions, clean (food) 
plate drive, community initiatives and several contests.

TCS Annual Report 2019-20
Corporate Governance Report I 132
Corporate
Governance 
Report 
I. 
Company’s Philosophy on Corporate Governance
 
Effective corporate governance practices constitute 
the strong foundation on which successful commercial 
enterprises are built to last. The Company’s philosophy 
on corporate governance oversees business strategies 
and ensures ﬁscal accountability, ethical corporate 
behaviour and fairness to all stakeholders comprising 
regulators, employees, customers, vendors, investors 
and the society at large.
 
Strong leadership and effective corporate governance 
practices have been the Company’s hallmark inherited 
from the Tata culture and ethos.
 
The Company has a strong legacy of fair, transparent 
and ethical governance practices.
 
The Company has adopted a Code of Conduct for 
its employees including the Managing Director and 
the Executive Directors. In addition, the Company 
has adopted a Code of Conduct for its non-executive 
directors which includes Code of Conduct for 
Independent Directors which suitably incorporates 
the duties of Independent Directors as laid down in 
the Companies Act, 2013 (“the Act”). The Company’s 
corporate governance philosophy has been further 
strengthened through the Tata Business Excellence 
Model, the TCS Code of Conduct for Prevention of 
Insider Trading and the Code of Corporate Disclosure 
Practices (“Insider Trading Code”). The Company has 
in place an Information Security Policy that ensures 
proper utilisation of IT resources.
 
The Company is in compliance with the requirements 
stipulated under Regulation 17 to 27 read with 
Schedule V and clauses (b) to (i) of sub-regulation 
(2) of Regulation 46 of Securities and Exchange 
Board of India (Listing Obligations and Disclosure 
Requirements) Regulations, 2015 (“SEBI Listing 
Regulations”), as applicable, with regard to corporate 
governance.
 
Details of TCS’ board structure and the various 
committees that constitute the governance structure1 
of the organization are covered in detail in this report. 
1 102-18

TCS Annual Report 2019-20
Corporate Governance Report I 133
 
The various material aspects of corporate governance and TCS’ approach to them are discussed in the table below:
Material Aspect
TCS’ Approach
Avoidance of 
conﬂict of interest
Chairmanship of the Board is a non-executive position, and 
separate from that of the Chief Executive Officer and Managing 
Director. The Code of Conduct (https://www.tcs.com/tata-code-
of-conduct) for non-executive directors, and for Independent 
Directors, carries explicit clauses covering avoidance of conﬂict 
of interest. Likewise, there are explicit clauses in the Tata Code 
of Conduct (TCoC) prohibiting any employee – including the 
Managing Director and executive directors – from accepting any 
position of responsibility, with or without remuneration, with 
any other organization without TCS’ prior written approval. For 
executive directors and the Managing Director, such approval 
must be obtained from the Board.
Board 
independence 
and minority 
shareholders’ 
interests
The TCoC, which deﬁnes the governance philosophy at TCS, 
emphasizes fairness and transparency to all stakeholders. The 
Company also has a variety of channels including a structured 
global investor outreach program, through which minority 
shareholders can interact with the management or Board and 
express their concerns. Shareholders can communicate any 
grievance to the Company Secretary’s office through a  
well-publicized channel, where complaints are tracked to closure. 
The Stakeholders’ Relationship Committee oversees the redressal 
of these complaints. The Annual General Meeting is another 
forum where they can interact with the Board.
Material Aspect
TCS’ Approach
Values, Ethics and 
compliance2
Over the last ﬁve decades, TCS has consistently adhered to the 
highest principled conduct and has earned its reputation for 
trust and integrity in the course of building a highly successful 
global business. The Company’s core values are: Leading change, 
Integrity, Respect for the individual, Excellence, and Learning and 
sharing.
TCoC, which every employee signs at the time of joining the 
Company, serves as a moral guide and a governing framework 
for responsible corporate citizenship. Periodic refresher courses 
are conducted to ensure continued awareness of the code, and 
employee communications from the leadership reiterate the 
importance of our values and the TCoC.
Customers and suppliers are made aware of the TCoC principles 
in contract discussions, and through inclusion of speciﬁc clauses 
in proposals and contracts. The TCS Supplier Code of Conduct is 
shared with suppliers as part of the procurement process and is 
published on the TCS website. 
Compliance to laws of the countries in which we operate, as well 
as global legislation such as FCPA, UKBA is monitored through 
formal compliance procedures led by the corporate compliance 
office. Changes to legislation are closely monitored, risks are 
evaluated and effectively managed across our operations. 
Avenues have been provided for all employees and stakeholders 
to report concerns or non-compliance which are investigated and 
addressed by following due process. At the apex level, the Audit 
Committee oversees compliance to internal policies and external 
regulations.
2 102-16

TCS Annual Report 2019-20
Corporate Governance Report I 134
Material Aspect
TCS’ Approach
Succession 
planning
Succession planning is an integral part of the operations of the 
Company.
Succession planning of senior management is reviewed by 
the Board. Business or unit heads are invited to present on 
speciﬁc topics at Board meetings from time to time, offering 
an opportunity for the directors to assess their values, 
competencies, and capabilities.
II. Board of Directors
 
i. 
As on March 31, 2020, the Company has nine Directors. Of the nine Directors, seven 
(i.e. 77.8 percent) are Non-Executive Directors out of which ﬁve (i.e. 55.6 percent) 
are Independent Directors. The proﬁles of Directors can be found on https://www.
tcs.com/ir-corporate-governance. The composition of the Board is in conformity 
with Regulation 17 of the SEBI Listing Regulations read with Section 149 of the Act.
 
ii. 
None of the Directors on the Board holds directorships in more than ten public 
companies. None of the Independent Directors serves as an independent director 
on more than seven listed entities. Necessary disclosures regarding Committee 
positions in other public companies as on March 31, 2020 have been made by 
the Directors. None of the Directors is related to each other except N Ganapathy 
Subramaniam and N Chandrasekaran.
 
iii. Independent Directors are non-executive directors as deﬁned under Regulation 
16(1)(b) of the SEBI Listing Regulations read with Section 149(6) of the Act 
along with rules framed thereunder. In terms of Regulation 25(8) of SEBI Listing 
Regulations, they have conﬁrmed that they are not aware of any circumstance or 
situation which exists or may be reasonably anticipated that could impair or impact 
their ability to discharge their duties. Based on the declarations received from the 
Independent Directors, the Board of Directors has conﬁrmed that they meet the 
criteria of independence as mentioned under Regulation 16(1)(b) of the SEBI Listing 
Regulations and that they are independent of the management.
 
iv. Seven board meetings were held during the year under review and the gap 
between two meetings did not exceed one hundred and twenty days. The said 
meetings were held on:
 
 
April 12, 2019; June 13, 2019; July 9, 2019; October 10, 2019; January 17, 2020; 
February 13, 2020 and March 10, 2020. The necessary quorum was present for all 
the meetings.
 
v. 
The names and categories of the Directors on the Board, their attendance at 
board meetings held during the year under review and at the last Annual General 
Meeting (“AGM”), name of other listed entities in which the Director is a director 
and the number of Directorships and Committee Chairmanships / Memberships 
held by them in other public limited companies as on March 31, 2020 are given 
herein below. Other directorships do not include directorships of private limited 
companies, foreign companies and companies registered under Section 8 of the 
Act. Further, none of them is a member of more than ten committees or chairman 
of more than ﬁve committees across all the public companies in which he / she 
is a Director. For the purpose of determination of limit of the Board Committees, 
chairpersonship and membership of the Audit Committee and Stakeholders’ 
Relationship Committee has been considered as per Regulation 26(1)(b) of SEBI 
Listing Regulations.

TCS Annual Report 2019-20
Corporate Governance Report I 135
Name of the 
Director
Category
Number of 
Board Meetings 
attended 
during the  
FY 2020
Whether 
attended last 
AGM held on 
June 13, 2019
Number of 
Directorships 
in other Public 
Companies 
Number of 
Committee positions 
held in other Public 
Companies
Directorship in other  
listed entity  
(Category of Directorship)
Chairman
Member
Chairman
Member
N Chandrasekaran 
(Chairman)
DIN 00121863
Non-Independent,
Non-Executive
7
Yes
5
-
-
-
1.  Tata Steel Limited (Non-Independent, Non-Executive)
2.  Tata Motors Limited (Non-Independent, Non-Executive)
3.  Tata Consumer Products Limited (Formerly known as Tata 
Global Beverages Limited) (Non-Independent, Non-Executive)
4.  The Tata Power Company Limited (Non-Independent,  
Non-Executive)
5.  The Indian Hotels Company Limited (Non-Independent,  
Non-Executive)
Rajesh Gopinathan  
(Chief Executive 
Officer and 
Managing Director) 
DIN 06365813
Non-Independent,
Executive
7
Yes
-
-
-
-
-
N Ganapathy 
Subramaniam 
(Chief Operating 
Officer and 
Executive Director)  
DIN 07006215
Non-Independent,
Executive
7
Yes
1
-
-
-
Tata Elxsi Limited (Non-Independent, Non-Executive)
Aman Mehta*
DIN 00009364
Independent, 
Non-Executive
2
Yes
N.A.
N.A.
N.A.
N.A.
N.A.
Dr Ron Sommer* 
DIN 00621387
Independent,
Non-Executive
2
Yes
N.A.
N.A.
N.A.
N.A.
N.A.

TCS Annual Report 2019-20
Corporate Governance Report I 136
Name of the 
Director
Category
Number of 
Board Meetings 
attended 
during the  
FY 2020
Whether 
attended last 
AGM held on 
June 13, 2019
Number of 
Directorships 
in other Public 
Companies 
Number of 
Committee positions 
held in other Public 
Companies
Directorship in other  
listed entity  
(Category of Directorship)
Chairman
Member
Chairman
Member
O P Bhatt**
DIN 00548091
Independent,
Non-Executive
7
Yes
-
4
2
4
1.  Hindustan Unilever Limited (Independent, Non- Executive)
2.  Tata Steel Limited (Independent, Non- Executive)
3.  Tata Motors Limited (Independent, Non- Executive)
4.  Aadhar Housing Finance Limited (Debt Listed)  
(Independent, Non-Executive)
Aarthi Subramanian 
DIN 07121802
Non-Independent,
Non-Executive
7
Yes
-
5
1
1
Tata Capital Limited (Debt Listed) (Non-Independent,  
Non-Executive)
Dr Pradeep Kumar 
Khosla
DIN 03611983
Independent,
Non-Executive
7
Yes
-
-
-
-
-
Hanne Sorensen 
DIN 08035439
Independent, 
Non-Executive
7
Yes
-
1
-
2
Tata Motors Limited (Independent, Non-Executive)
Keki Mistry
DIN 00008886
Independent, 
Non-Executive
6
Yes
-
6
2
6
1.  Housing Development Finance Corporation Limited  
(Executive Director)
2.  Torrent Power Limited (Independent, Non- Executive)
3.  HDFC Life Insurance Company Limited  
(Nominee, Non-Executive)
4.  HDFC Asset Management Company Limited  
(Non-Independent, Non-Executive)
Don Callahan
DIN 08326836
Independent, 
Non-Executive
7
Yes
-
-
-
-
-
 
* 
Ceased to be Directors w.e.f. June 26, 2019 upon completion of their term as Independent Directors.
 
** Re-appointed as Independent Director for a second term w.e.f. June 27, 2019.

TCS Annual Report 2019-20
Corporate Governance Report I 137
 
Video-conferencing facilities are also used to facilitate 
Directors travelling / residing abroad or at other 
locations to participate in the meetings.
 
vi. During FY 2020, information as mentioned in Part 
A of Schedule II of the SEBI Listing Regulations, 
has been placed before the Board for its 
consideration.
 
vii. During FY 2020, one meeting of the Independent 
Directors was held on April 12, 2019. The 
Independent Directors, inter-alia, reviewed the 
performance of Non-Independent Directors, Board 
as a whole and Chairman of the Company, taking 
into account the views of Executive Directors and 
Non-Executive Directors.
 
viii. The Board periodically reviews the compliance 
reports of all laws applicable to the Company.
 
ix. Details of equity shares of the Company held by the Directors as on March 31, 2020 are given below:
Name
Category
Number of equity 
shares
N Chandrasekaran
Non-Independent, Non-Executive
177,056
Aarthi Subramanian
Non-Independent, Non-Executive
5,600
Rajesh Gopinathan
Non-Independent, Executive
2,760
N Ganapathy Subramaniam
Non-Independent, Executive
197,760
Keki Mistry
Independent, Non-Executive
4,078
 
 
The Company has not issued any convertible instruments.
 
x. The Board has identiﬁed the following skills / expertise / competencies fundamental for the effective functioning of 
the Company which are currently available with the Board:
Global Business
Understanding, of global business dynamics, across various geographical markets, industry 
verticals and regulatory jurisdictions.
Strategy and 
Planning
Appreciation of long-term trends, strategic choices and experience in guiding and leading 
management teams to make decisions in uncertain environments.
Governance
Experience in developing governance practices, serving the best interests of all stakeholders, 
maintaining board and management accountability, building long-term effective stakeholder 
engagements and driving corporate ethics and values.
 
 
The eligibility of a person to be appointed as a Director of the Company is dependent on whether the person 
possesses the requisite skill sets identiﬁed by the Board as above and whether the person is a proven leader in 
running a business that is relevant to the Company’s business or is a proven academician in the ﬁeld relevant to the 
Company’s business. Being an IT service provider, the Company’s business runs across different industry verticals, 
geographical markets and is global in nature. The Directors so appointed are drawn from diverse backgrounds and 
possess special skills with regard to the industries / ﬁelds from where they come.

TCS Annual Report 2019-20
Corporate Governance Report I 138
III. Committees of the Board
 
i. 
With effect from April 1, 2019, Ethics and Compliance Committee, Health Safety and Sustainability Committee, Software Technology Parks of India (STPI) / Special Economic Zone 
(SEZ) Committee, Bank Account Committee were dissolved and the Terms of Reference of these Committees have been transferred to the Statutory Committees. There are six 
Board Committees as on March 31, 2020, which comprises ﬁve statutory committees and one other non-statutory committee,  details of which are as follows:
Name of the 
Committee
Extract of terms of reference
Category and composition 
Other details
Statutory Committees
Audit Committee Committee is constituted in line with the 
provisions of Regulation 18 of SEBI Listing 
Regulations and Section 177 of the Act.
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ﬁnancial statements and auditors’ report 
thereon before submission to the Board for 
approval.
đƫ
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risk management systems.
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remuneration and terms of appointment of 
auditors of the Company.
đƫ
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implementation of the Insider Trading Code 
and to supervise implementation of the same.
đƫ
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Code of Conduct, Anti-bribery and  
Anti-Corruption Policy and Gifts Policy.
Name
Category
đƫ
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were held during the year under review 
and the gap between two meetings did not 
exceed one hundred and twenty days.
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it considers appropriate, representatives of 
the statutory auditors and internal auditors, 
to be present at its meetings.
đƫ
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Secretary to the Audit Committee.
đƫ
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Officer to ensure compliance and effective 
implementation of the Insider Trading Code.
đƫ
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of the Committee on matters relating to the 
Insider Trading Code.
đƫ
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on June 13, 2019 and was attended by Aman 
Mehta, the then Chairman of the Audit 
Committee.
Keki Mistry (Chairman)*
Independent, Non-Executive
O P Bhatt
Independent, Non-Executive
Aarthi Subramanian
Non-Independent,  
Non-Executive
Dr Pradeep Kumar Khosla
Independent, Non-Executive
Hanne Sorensen**
Independent, Non-Executive
Don Callahan**
Independent, Non-Executive
Aman Mehta^
Independent, Non-Executive
Dr Ron Sommer^^
Independent, Non-Executive
 * Appointed as a member w. e. f. April 12, 2019 and 
Chairman w.e.f. June 27, 2019 of this Committee.
 ** Appointed as a member of this Committee w.e.f.  
April 12, 2019.
 ^ Ceased to be a member and Chairman of this 
Committee consequent to the completion of his term 
as Independent Director w.e.f. June 26, 2019.
 ^^ Ceased to be a member of this Committee consequent 
to the completion of his term as Independent Director 
w.e.f. June 26, 2019.

TCS Annual Report 2019-20
Corporate Governance Report I 139
Name of the 
Committee
Extract of terms of reference
Category and composition 
Other details
Nomination and 
Remuneration 
Committee
Committee is constituted in line with the 
provisions of Regulation 19 of SEBI Listing 
Regulations and Section 178 of the Act.
đƫ
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composition of the Board and its committees.
đƫ
!+))!* ƫ0+ƫ0$!ƫ+. ƫ0$!ƫ,,+%*0)!*0ƫĥƫ 
re-appointment of Directors and Key 
Managerial Personnel.
đƫ
1,,+.0ƫ0$!ƫ+. ƫ* ƫ	* !,!* !*0ƫ
Directors in evaluation of the performance 
of the Board, its Committees and individual 
Directors.
đƫ
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Policy for Directors, executive team or Key 
Managerial Personnel as well as the rest of 
employees.
đƫ
2!./!!ƫ")%(%.%/0%+*ƫ,.+#.)/ƫ"+.ƫ
Directors.
Name
Category
đƫ
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Committee meetings were held during the 
year under review.
đƫ
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Stock Option Scheme.
đƫ
!0%(/ƫ+"ƫ!."+.)*!ƫ2(10%+*ƫ.%0!.%ƫ
and Remuneration Policy are provided at 
serial no. III(iii) below.
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on June 13, 2019 and was attended by Aman 
Mehta, the then Chairman of the Nomination 
and Remuneration Committee.
O P Bhatt (Chairman)*
Independent,  
Non-Executive
N Chandrasekaran
Non-Independent,  
Non-Executive
Aarthi Subramanian**
Non-Independent,  
Non-Executive
Hanne Sorensen**
Independent,  
Non-Executive
Aman Mehta^
Independent,  
Non-Executive
Dr Ron Sommer^^
Independent,  
Non-Executive
 * Appointed as  Chairman of this Committee  
w. e. f. June 27, 2019.
 ** Appointed as a member of this Committee w.e.f.  
April 12, 2019.
 ^ Ceased to be a member and Chairman of this 
Committee consequent to the completion of his term as 
Independent Director w.e.f. June 26, 2019.
 ^^ Ceased to be a member of this Committee consequent 
to the completion of his term as Independent Director 
w.e.f. June 26, 2019.

TCS Annual Report 2019-20
Corporate Governance Report I 140
Name of the 
Committee
Extract of terms of reference
Category and composition 
Other details
Stakeholders’ 
Relationship 
Committee
Committee is constituted in line with the 
provisions of Regulation 20 of SEBI Listing 
Regulations and Section 178 of the Act. 
The broad terms of reference are as under:
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security holders.
đƫ
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certiﬁcates, transfer and transmission of 
securities, etc.
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Safety and Sustainability initiatives of the 
Company
Name
Category
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Relationship Committee were held during 
the year under review.
đƫ
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Compliance Officer are provided at serial no. 
III(ii) below.
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held on June 13, 2019 and was attended by 
Dr Ron Sommer the then Chairman of the 
Stakeholders’ Relationship Committee.
Dr Pradeep Kumar Khosla* 
(Chairman)
Independent,  
Non-Executive
Rajesh Gopinathan
Non-Independent, Executive
Keki Mistry**
Independent,  
Non-Executive
Dr Ron Sommer^
Independent,  
Non-Executive
N Ganapathy 
Subramaniam^^
Non-Independent, Executive
 *  Appointed as Chairman of this Committee w.e.f.  
June 27, 2019.
 **  Appointed as a member of this Committee w.e.f.  
April 12, 2019.
 ^  Ceased to be a member and Chairman of this 
Committee consequent to the completion of his term as 
Independent Director w.e.f. June 26, 2019.
 ^^  Ceased to be a member of this Committee w.e.f.  
April 12, 2019.

TCS Annual Report 2019-20
Corporate Governance Report I 141
Name of the 
Committee
Extract of terms of reference
Category and composition 
Other details
Corporate Social 
Responsibility 
(“CSR”) 
Committee
Committee is constituted in line with the 
provisions of Section 135 of the Act.
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a CSR Policy indicating the activities to be 
undertaken by the Company as speciﬁed in 
Schedule VII of the Act.
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be incurred on the activities mentioned in the 
CSR Policy.
đƫ
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Name
Category
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held during the year under review.
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Section 8  company which was incorporated 
with sole objective of carrying on Corporate 
Social Responsibility (CSR) activities of the 
Company were held during the year.
N Chandrasekaran 
(Chairman)
Non-Independent,  
Non-Executive
O P Bhatt
Independent,  
Non-Executive
N Ganapathy Subramaniam* Non-Independent, Executive
Rajesh Gopinathan**
Non-Independent, 
Executive
Aarthi Subramanian**
Non-Independent,  
Non-Executive
 *  Appointed as a member of this Committee w.e.f.  
April 12, 2019.
 **  Ceased to be a member of this Committee w.e.f.  
April 12, 2019.

TCS Annual Report 2019-20
Corporate Governance Report I 142
Name of the 
Committee
Extract of terms of reference
Category and composition 
Other details
Risk Management 
Committee 
(“RMC”)
Committee is constituted in line with the 
provisions of Regulation 21 of SEBI Listing 
Regulations.
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management policy and plan, inter alia 
covering investment of surplus funds, 
management of foreign exchange risks, 
cyber security risks, data privacy risks and 
intellectual property infringements risks.
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time to time for carrying out Treasury 
transactions and delegate the said power to 
such person as may deem ﬁt.
Name
Category
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the year under review.
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foreign exchange risks are made available to 
the members of the RMC.
Keki Mistry* (Chairman)
Independent,  
Non-Executive
Don Callahan**
Independent,  
Non-Executive
Rajesh Gopinathan
Non-Independent, Executive
N Ganapathy 
Subramaniam**
Non-Independent, Executive
O P Bhatt^
Independent,  
Non-Executive
Aarthi Subramanian^^
Non-Independent,  
Non- Executive
Ramakrishnan V
Chief Financial Officer
 *  Appointed as a member and Chairman of this 
Committee w.e.f. April 12, 2019.
 **  Appointed as a member of this Committee w.e.f.  
April 12, 2019.
 ^  Ceased to be a member and Chairman of the 
Committee w.e.f. April 12, 2019.
 ^^  Ceased to be a member of the Committee w.e.f.  
April 12, 2019.

TCS Annual Report 2019-20
Corporate Governance Report I 143
Name of the 
Committee
Extract of terms of reference
Category and composition 
Other details
Other Committees
Executive 
Committee
Detailed review of the following matters which 
form part of terms of Executive Committee, were 
presented to the Board:
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ﬂows;
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expenditure programmes;
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restructuring proposals;
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Board.
Name
Category
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Board meetings held during the year under 
review in the presence of the Executive 
Committee Members with the intent to avail 
expertise of all Board members.
N Chandrasekaran 
(Chairman)
Non-Independent,  
Non-Executive
Rajesh Gopinathan
Non-Independent, Executive
Dr Ron Sommer*
Independent,  
Non-Executive
 * Ceased to be a member of this Committee consequent 
to the completion of his term as Independent Director 
w.e.f. June 26, 2019
The terms of reference of these committees are available on the website (https://www.tcs.com/ir-corporate-governance)

TCS Annual Report 2019-20
Corporate Governance Report I 144
 
ii.  Stakeholders’ Relationship Committee-other 
details
 
 
a. Name, designation and address of Compliance 
Officer:
 
 
 
Rajendra Moholkar
 
 
 
Company Secretary
 
 
 
Tata Consultancy Services Limited
 
 
 
9th Floor, Nirmal Building,
 
 
 
Nariman Point, Mumbai 400 021.
 
 
 
Telephone: 91 22 6778 9595
 
 
b. Details of investor complaints received and 
redressed during FY 2020 are as follows:
Opening 
balance
Received during 
the year
Resolved 
during the year
Closing 
balance
1
99
100
-
 
iii.  Nomination and Remuneration Committee - other 
details
 
 
Performance Evaluation Criteria for Independent 
Directors:
 
 
The performance evaluation criteria for 
independent directors is determined by the 
Nomination and Remuneration Committee. An 
indicative list of factors on which evaluation was 
carried out includes participation and contribution 
by a director, commitment, effective deployment 
of knowledge and expertise, integrity and 
maintenance of conﬁdentiality and independence 
of behavior and judgment.
 
 
Remuneration Policy:
 
 
Remuneration policy of the Company is designed 
to create a high-performance culture. It enables 
the Company to attract, retain and motivate 
employees to achieve results. Our business 
model promotes customer centricity and requires 
employee mobility to address project needs. 
The remuneration policy supports such mobility 
through pay models that are compliant to local 
regulations. In each country where the Company 
operates, the remuneration structure is tailored 
to the regulations, practices and benchmarks 
prevalent in the IT industry.
 
 
The Company pays remuneration by way of 
salary, beneﬁts, perquisites and allowances (ﬁxed 
component) and commission (variable component) 
to its Managing Director and the Executive 
Directors. Annual increments are recommended 
by the Nomination and Remuneration Committee 
within the salary scale approved by the Board and 
Members and are effective April 1, each year.
 
 
The Board of Directors, on the recommendation 
of the Nomination and Remuneration Committee, 
decides the commission payable to the Managing 
Director and the Executive Directors out of the 
proﬁts for the ﬁnancial year and within the ceilings 
prescribed under the Act, based on the Board 
evaluation process considering the criteria such as 
the performance of the Company as well as that of 
the Managing Director and each Executive Director.
 
 
The Company pays sitting fees of `30,000 
per meeting to its Non-Executive Directors for 
attending meetings of the Board and meetings 
of committees of the Board. The Company 
also pays commission to the Non-Executive 
Directors within the ceiling of 1 percent of the 
net proﬁts of the Company as computed under 
the applicable provisions of the Act, with the 
approval of the members. The said commission 
is decided each year by the Board of Directors, 
on the recommendation of the Nomination and 
Remuneration Committee and distributed amongst 
the Non-Executive Directors based on the Board 
evaluation process, considering criteria such as 
their attendance and contribution at the Board 
and Committee meetings, as well as the time spent 
on operational matters other than at meetings. 
The Company also reimburses the out-of-pocket 
expenses incurred by the Directors for attending 
the meetings. The Remuneration policy is available 
on https://on.tcs.com/remuneration-policy.

TCS Annual Report 2019-20
Corporate Governance Report I 145
 
iv. Details of the Remuneration for the year ended March 31, 2020:
 
 
a. Non-Executive Directors:
(` lakh)
Name
Commission
Sitting fees
N Chandrasekaran, Chairman@
-
4.20
Aman Mehta*
60.00
1.80
Dr Ron Sommer*
60.00
1.80
O P Bhatt
200.00
6.90
Aarthi Subramanian@@
-
5.40
Dr Pradeep Kumar Khosla
140.00
5.10
Hanne Sorensen
140.00
4.80
Keki Mistry
140.00
5.10
Don Callahan
140.00
5.10
Total
880.00
40.20
 
 
@ 
As a policy, N Chandrasekaran, Chairman, has abstained from receiving 
commission from the Company.
 
 
* 
Ceased to be Directors w.e.f. June 26, 2019 upon completion of their term as 
Independent Directors.
 
 
@@ In line with the internal guidelines of the Company, no payment is made 
towards commission to the Non-Executive Directors of the Company, who are 
in full time employment with any other Tata company.
 
 
b. Managing Director and Executive Director
(` lakh)
Name of Director
Salary
Beneﬁts, perquisites
and allowances
Commission
ESPS
Rajesh Gopinathan
Chief Executive 
Officer and Managing 
Director (w.e.f. 
February 21, 2017 for 
a period of 5 years)
135.90
202.04
1,000.00
-
N Ganapathy 
Subramaniam
Chief Operating 
Officer and Executive 
Director (w.e.f. 
February 21, 2017 for 
a period of 5 years)
129.18
182.51
700.00
-
 
 
The above ﬁgures do not include provisions for encashable leave, gratuity and 
premium paid for group health insurance, as separate actuarial valuation / premium 
paid are not available.
 
 
Services of the Managing Director and Executive Director may be terminated by 
either party, giving the other party six months’ notice or the Company paying 
six months’ salary in lieu thereof. There is no separate provision for payment of 
severance pay.

TCS Annual Report 2019-20
Corporate Governance Report I 146
 
v. 
Number of committee meetings held and attendance records
Name of the Committee
Audit
Committee
Nomination
and Remuneration
Committee
Stakeholders’
Relationship
Committee
Corporate Social 
Responsibility 
Committee
Risk
Management
Committee
No. of meetings held 
7
3
2
4
4
Date of meetings 
April 12, 2019;
June 13, 2019;
July 9, 2019;
August 13, 2019;
October 10, 2019;
January 17, 2020 and  
February 13, 2020
April 12, 2019;
January 17, 2020 and  
February 13, 2020
July 9, 2019 and  
January 16, 2020
April 11, 2019;
July 16, 2019;  
October 25, 2019 and  
February 11, 2020 @
April 4, 2019;
June 13, 2019;  
October 9, 2019 and  
January 16, 2020
No. of meetings attended
Name of Member
N Chandrasekaran
-
3
-
4
-
Rajesh Gopinathan*
-
-
2
1
4
Aman Mehta**
2
1
-
-
-
Dr Ron Sommer***
2
1
-
-
-
O P Bhatt^
7
3
-
4
1
N Ganapathy Subramaniam^^
-
-
-
3
3
Aarthi Subramanian^^^
7
2
-
1
1
Dr Pradeep Kumar Khosla
7
-
2
-
-
Hanne Sorensen#
6
2
-
-
-
Keki Mistry##
6
-
2
-
3
Don Callahan###
6
-
-
-
3

TCS Annual Report 2019-20
Corporate Governance Report I 147
Name of the Committee
Audit
Committee
Nomination
and Remuneration
Committee
Stakeholders’
Relationship
Committee
Corporate Social 
Responsibility 
Committee
Risk
Management
Committee
No. of meetings held 
7
3
2
4
4
Date of meetings 
April 12, 2019;
June 13, 2019;
July 9, 2019;
August 13, 2019;
October 10, 2019;
January 17, 2020 and  
February 13, 2020
April 12, 2019;
January 17, 2020 and  
February 13, 2020
July 9, 2019 and  
January 16, 2020
April 11, 2019;
July 16, 2019;  
October 25, 2019 and  
February 11, 2020 @
April 4, 2019;
June 13, 2019;  
October 9, 2019 and  
January 16, 2020
No. of meetings attended
Ramakrishnan V
-
-
-
-
4
Whether quorum was present for 
all the meetings
The necessary quorum was present for all the above committee meetings.
 
*  
Rajesh Gopinathan ceased to be a member of 
Corporate Social Responsibility Committee w.e.f. 
April 12, 2019.
 
** Aman Mehta ceased to be Chairman of Audit 
Committee and Nomination and Remuneration 
Committee consequent to the completion of his 
term as Independent Director w.e.f. June 26, 2019.
 
*** Dr Ron Sommer ceased to be Chairman of 
Stakeholders’ Relationship Committee  and 
member of Audit Committee and the Nomination 
and Remuneration Committee w.e.f. June 26, 
2019 consequent to the completion of his term as 
Independent Director of the Company.
 
^ 
O P Bhatt ceased to be a member of Risk 
Management Committee w.e.f. April 12, 2019 and 
was appointed as Chairman of Nomination and 
Remuneration Committee w.e.f. June 27, 2019.
 
^^ N Ganapathy Subramaniam was appointed as 
a member of Risk Management Committee 
and Corporate Social Responsibility Committee 
and ceased to be a member of Stakeholder 
Relationship Committee w.e.f. April 12, 2019.
 
^^^ Aarthi Subramanian was appointed as member 
of Nomination and Remuneration Committee 
and ceased to be a member of Corporate Social 
Responsibility Committee and Risk Management 
Committee w.e.f. April 12, 2019.
 
# 
Hanne Sorensen was appointed as a member 
of Audit Committee and Nomination and 
Remuneration Committee w.e.f. April 12, 2019.
 
## Keki Mistry was appointed as a member of Audit 
Committee, Stakeholders’ Relationship Committee 
and Risk Management Committee w.e.f. April 12, 
2019 and Chairman of Audit Committee and Risk 
Management Committee w.e.f. June 27, 2019 and 
April 12, 2019 respectively.

TCS Annual Report 2019-20
Corporate Governance Report I 148
 
### Don Callahan was appointed as a member of Audit Committee and of Risk 
Management Committee w.e.f. April 12, 2019.
 
@ TCS Foundation, a Section 8 company incorporated in 2015 with sole objective of 
carrying on Corporate Social Responsibility (CSR) activities of the Company, has 
held four meetings during the FY 2020.
IV. General Body Meetings
 
i. 
General Meeting
 
 
a. Annual General Meeting (“AGM”):
Financial Year
Date
Time
Venue
2017
June 16, 2017
3.30 p.m.
Birla Matushri Sabhagar 19,  
Sir Vithaldas Thackersey Marg,  
New Marine Lines,  
Mumbai – 400 020
2018
June 15, 2018
2019
June 13, 2019
 
 
b. Extraordinary General Meeting:
 
 
 
No extraordinary general meeting of the members was held during FY 2020.
 
 
c. 
Special resolution:
 
 
 
Special resolution for re-appointment of O P Bhatt as an Independent Director 
was passed at the AGM held in 2019 and no special resolution was passed in 
the previous AGMs held in 2017 and 2018.
 
ii. 
Details of special resolution passed through postal ballot, the persons who 
conducted the postal ballot exercise, details of the voting pattern and procedure of 
postal ballot:
 
 
No postal ballot was conducted during the FY 2020.
 
iii. Details of special resolution proposed to be conducted through postal ballot:
 
 
None of the businesses proposed to be transacted at the ensuing AGM requires 
passing of a special resolution through postal ballot.
V.  None of the Directors of the Company have been debarred or disqualiﬁed from being 
appointed or continuing as directors of companies by the Securities and Exchange 
Board of India or the Ministry of Corporate Affairs or any such statutory authority.  
A Certiﬁcate to this effect, duly signed by the Practicing Company Secretary is annexed 
to this Report.
VI. B S R & Co. LLP, Chartered Accountants (Firm Registration No. 101248W/W – 100022) 
have been appointed as the Statutory Auditors of the Company. The particulars of 
payment of Statutory Auditors’ fees, on consolidated basis is given below: 
 
(` lakh)
Particulars
Amount
Services as statutory auditors (including quarterly audits)
729.5
Tax audit
53.4
Services for tax matters
20.5
Other matters
402.8
Re-imbursement of out-of-pocket expenses
70.6
Total
1,276.8

TCS Annual Report 2019-20
Corporate Governance Report I 149
VII. Other Disclosure
Particulars
Regulations
Details
Website link for details/policy
Related party transactions
Regulation 23 of SEBI 
Listing Regulations 
and as deﬁned under 
the Act
There are no material related party transactions during the year under review 
that have conﬂict with the interest of the Company. Transactions entered into 
with related parties during FY2020 were in the ordinary course of business and 
at arms’ length basis and were approved by the Audit Committee. The Board’s 
approved policy for related party transactions is uploaded on the website of the 
Company.
https://on.tcs.com/RPT
Details of non - compliance by 
the Company, penalty, strictures 
imposed on the Company by the 
stock exchange, or Securities and 
Exchange Board of India (‘SEBI’) 
or any statutory authority on any 
matter related to capital markets 
during the last three ﬁnancial 
years.
Schedule V (C) 10(b) 
to the SEBI Listing 
Regulations
Nil
Whistle Blower Policy and Vigil 
Mechanism
Regulation 22 of SEBI 
Listing Regulations
The Company has a this Policy and has established the necessary vigil mechanism 
for directors and employees to report concerns about unethical behavior. No 
person has been denied access to the Chairman of the Audit Committee. The said 
policy has been uploaded on the website of the Company.
https://on.tcs.com/WhistleBP
Discretionary requirements
Schedule II Part E 
of the SEBI Listing 
Regulations
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half-yearly ﬁnancial performance of the Company including a summary of the 
signiﬁcant events in the six month period ended September 30, 2019 was sent 
to every member in October 2019.
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committee on their reports.

TCS Annual Report 2019-20
Corporate Governance Report I 150
Particulars
Regulations
Details
Website link for details/policy
Subsidiary companies
Regulation 24 of 
the SEBI Listing 
Regulations
The audit committee reviews the consolidated ﬁnancial statements of the 
Company and the investments made by its unlisted subsidiary companies. The 
minutes of the Board meetings along with a report on signiﬁcant developments 
of the unlisted subsidiary companies are periodically placed before the Board of 
Directors of the Company.
The Company does not have any material unlisted subsidiary company.
The Company has a policy for determining ‘material subsidiaries’ which is 
disclosed on its website.
https://on.tcs.com/Subsidiary
Policy on Determination of 
Materiality for Disclosures
Regulation 30 of SEBI 
Listing Regulations
The Company has adopted this policy.
https://on.tcs.com/Material
Policy on Archival and 
Preservation of Documents
Regulation 9 of SEBI 
Listing Regulations
The Company has adopted this policy.
https://on.tcs.com/Archival
Reconciliation of Share Capital 
Audit Report
Regulation 76 of  
the Securities and 
Exchange Board of 
India (Depositories 
and Participants) 
Regulations, 2018 
and SEBI Circular 
No D&CC / FITTC/ 
Cir- 16/2002 dated 
December 31, 2002.
A qualiﬁed practicing Company Secretary carried out a share capital audit to 
reconcile the total admitted equity share capital with the National Securities 
Depository Limited (“NSDL”) and the Central Depository Services (India) Limited 
(“CDSL”) and the total issued and listed equity share capital. The audit report 
conﬁrms that the total issued / paid-up capital is in agreement with the total 
number of shares in physical form and the total number of dematerialized shares 
held with NSDL and CDSL.
https://www.tcs.com/corporate-
governance

TCS Annual Report 2019-20
Corporate Governance Report I 151
Particulars
Regulations
Details
Website link for details/policy
Code of Conduct
Regulation 17 of  
the SEBI Listing 
Regulations
The members of the Board and Senior Management Personnel have affirmed 
compliance with the Code of Conduct applicable to them during the year ended 
March 31, 2020. The Annual Report of the Company contains a certiﬁcate by the 
Chief Executive Officer and Managing Director, on the compliance declarations 
received from the members of the Board and Senior Management.
https://www.tcs.com/tata-code-of-
conduct
Dividend Distribution Policy
Regulation 43A of 
the SEBI Listing 
Regulations
A regular annual dividend generally consists of three interim dividends after each 
of the ﬁrst three quarters of the ﬁscal year, topped up with a ﬁnal dividend after 
the fourth quarter. In addition, every second or third year, the accumulated surplus 
cash has been returned to shareholders through a special dividend.
https://on.tcs.com/Dividend
Terms of Appointment of 
Independent Directors
Regulation 46 of SEBI 
Listing Regulations 
and Section 149 read 
with Schedule IV of 
the Act
Terms and conditions of appointment /  
re-appointment of Independent Directors are available on the Company’s website.
https://on.tcs.com/ApptID
Familiarisation Program
Regulations 25(7) 
and 46 of SEBI Listing 
Regulations
Details of familiarisation program imparted to Independent Directors are available 
on the Company’s website.
https://on.tcs.com/Familiarization
Disclosure under the Sexual 
Harassment of Women at 
Workplace (Prevention, 
Prohibition and Redressal) Act, 
2018
The details have been disclosed in the Business Responsibility Report forming part 
of the Annual Report.

TCS Annual Report 2019-20
Corporate Governance Report I 152
VIII. 
Means of Communication
 
The quarterly, half-yearly and annual ﬁnancial results of the Company are published 
in leading newspapers in India which include The Indian Express, Financial Express, 
Loksatta, Business Standard, The Hindu Business Line, Hindustan Times and Sandesh. 
The results are also displayed on the Company’s website www.tcs.com. Statutory 
notices are published in The Free Press Journal, Business Standard and Navshakti.  
The Company also issues press releases from time to time. Financial results, statutory 
notices, press releases and presentations made to the institutional investors/ analysts 
after the declaration of the quarterly, half-yearly and annual results are submitted to 
the National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) as well 
/ƫ1,(+ ! ƫ+*ƫ0$!ƫ+),*5Ě/ƫ3!/%0!ċƫ.!-1!*0(5ƫƫ/'! ƫ1!/0%+*/ƫĨ/ĩƫ#%2%*#ƫ
details about the Company and its shares is uploaded on the Company’s website 
https://www.tcs.com/investor-relations. A Management Discussion and Analysis report 
is a part of this Annual Report.
IX. General shareholder information
 
i. 
Annual General Meeting for FY 2020
Date
: June 11, 2020
Time
: 3.30 p.m.
Venue
: The Company is conducting meeting through VC / OAVM 
pursuant to the MCA Circular dated May 5, 2020 and as such 
there is no requirement to have a venue for the AGM. For 
details please refer to the Notice of this AGM.
 
 
As required under Regulation 36(3) of the SEBI Listing Regulations and Secretarial 
Standard 2, particulars of Directors seeking re-appointment at this AGM are given 
in the Annexure to the Notice of this AGM.
 
ii. 
Financial Calendar
Year ending
: March 31
AGM in
: June
Dividend 
Payment
: The ﬁnal dividend, if approved, shall be paid/credited on  
June 15, 2020
 
iii. Date of Book Closure / Record Date : 
As mentioned in the Notice of this AGM
 
iv. Listing on Stock Exchanges  
 
: 
National Stock Exchange of India Limited
 
 
 
 
 
 
 
 
 
 
 
 
Exchange Plaza, C-1, Block G, 
 
 
 
 
 
 
 
 
 
 
 
 
Bandra Kurla Complex
 
 
 
 
 
 
 
 
 
 
 
 
Bandra (East), Mumbai 400 051
 
 
 
 
 
 
 
 
 
 
 
 
BSE Limited
 
 
 
 
 
 
 
 
 
 
 
 
P. J. Towers, Dalal Street, Mumbai 400 001
 
v. 
Stock Codes / Symbol
NSE
:
TCS
BSE
:
532540
 
 
Listing Fees as applicable have been paid.
 
vi. Corporate Identity Number (CIN) of the Company: L22210MH1995PLC084781

TCS Annual Report 2019-20
Corporate Governance Report I 153
 
vii. Market Price Data:
 
 
High, Low (based on daily closing prices) and number of equity shares traded 
during each month in the FY 2020 on NSE and BSE:
Month
NSE
BSE
High (`)
Low (`)
Total number 
of equity 
shares traded
High (`)
Low (`)
Total number 
of equity 
shares traded
Apr-2019
2,260.35
2,014.50
67,089,639 2,254.95
2,013.75
3,232,471
May-2019
2,215.40 2,048.00
60,480,346 2,214.40
2,049.65
2,859,620 
Jun-2019
2,277.95
2,166.10
46,280,351 2,279.00
2,167.40
2,060,686
Jul-2019
2,252.10
2,065.95
60,441,617 2,252.75 2,065.60
4,300,813 
Aug-2019
2,276.30
2,163.00
44,449,609
2,275.10
2,163.50
2,088,400 
Sep-2019
2,251.60
2,015.80
56,752,600 2,252.25
2,014.75
2,349,328 
Oct-2019
2,269.65
1,986.85
73,272,420 2,270.20
1,987.05
2,513,926 
Nov-2019
2,201.85 2,046.65
59,754,775 2,202.05 2,046.90
2,341,916 
Dec-2019
2,231.70
2,012.85
86,634,118 2,232.45
2,012.50
3,728,749 
Jan-2020
2,255.25
2,079.05
63,370,917 2,255.05
2,079.30
2,460,473
Feb-2020
2,215.75
2,000.15
50,645,330 2,215.30 2,000.95
2,264,640
Mar-2020
2,125.05
1,636.35
115,641,660 2,124.90
1,636.10
5,405,600
 
viii. Performance of the share price of the Company in comparison to the BSE Sensex:
 
 
 
ix. Registrars and Transfer Agents
Name and Address
:
TSR DARASHAW CONSULTANTS PRIVATE LIMITED  
(formerly known as TSR Darashaw Limited*)
6, Haji Moosa Patrawala Industrial Estate,
20, Dr. E. Moses Road, Mahalaxmi,
Mumbai 400 011.
Telephone
:
022  6656 8484
Fax
:
022  6656 8494
E-mail
:
csg-unit@tsrdarashaw.com
Website
:
www.tsrdarashaw.com
 
 
*Pursuant to the de-merger, the Registry business of TSR Darashaw Limited stands 
transferred to a new entity TSR Darashaw Consultants Private Limited (“TCPL”) 
with effect from May 28, 2019.
TCS Share price and BSE Sensex Movement
60.00
70.00
80.00
90.00
100.00
110.00
120.00
TCS Share Price
BSE Sensex
Base 100 = Monday, April 1, 2019
Mar-20
Feb-20
Jan-20
Dec-19
Nov-19
Oct-19
Sep-19
Aug-19
Jul-19
Jun-19
May-19
Apr-19

TCS Annual Report 2019-20
Corporate Governance Report I 154
 
x. Places for acceptance of documents :
 
 
Documents will be accepted at the above address 
between 10.00 a.m. and 3.30 p.m. (Monday to 
Friday except bank holidays).
 
 
For the convenience of the shareholders, 
documents will also be accepted at the following 
branches / agencies of TCPL:
 
 
a. Branches of TCPL:
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503, Barton Centre, 5th Floor
 
84, Mahatma Gandhi Road
 
Bengaluru  560 001
 
Telephone:  080 2532 0321
 
Fax:  080 2558 0019
 
E-mail: tsrdlbang@tsrdarashaw.com
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)/$! ,1.
 
‘E’ Road, Northern Town
 
Bistupur
 
Jamshedpur 831 001
 
Telephone: 0657 2426616
 
Fax: 0657 2426937
 
E-mail: tsrdljsr@tsrdarashaw.com
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Tata Centre, 1st Floor
 
43, J. L. Nehru Road
 
Kolkata 700 071
 
Telephone: 033 2288 3087
 
Fax: 033 2288 3062
 
E-mail: tsrdlcal@tsrdarashaw.com
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2/42, Ansari Road, 1st Floor
 
Daryaganj, Sant Vihar
 
New Delhi 110 002
 
Telephone: 011 2327 1805
 
Fax: 011 2327 1802
 
E-mail: tsrdldel@tsrdarashaw.com
 
 
b. Agent of TCPL:
 
 
 
Shah Consultancy Services Limited
 
 
 
3, Sumatinath Complex,
 
 
 
2nd Dhal, Pritam Nagar,  
Ellisbridge Ahmedabad 380 006
 
 
 
Telefax: 079 2657 6038
 
 
 
E-mail: shahconsultancy8154@gmail.com
 
xi. Share Transfer System:
 
 
In terms of Regulation 40(1) of SEBI Listing 
Regulations, as amended, securities can be 
transferred only in dematerialized form w.e.f. 
April 1, 2019, except in case of request received 
for transmission or transposition of securities. 
Members holding shares in physical form are 
requested to consider converting their holdings 
to dematerialized form. Transfers of equity shares 
in electronic form are effected through the 
depositories with no involvement of the Company. 
The Directors and certain Company officials 
(including Chief Financial Officer and Company 
Secretary) are authorised by the Board severally to 
approve transfers, which are noted at subsequent 
Board Meetings.

TCS Annual Report 2019-20
Corporate Governance Report I 155
 
xii. Shareholding as on March 31, 2020:
 
 
a. Distribution of equity shareholding as on March 31, 2020:
Number of 
shares
Holding
Percentage 
to capital 
Number of 
accounts
Percentage 
to total 
accounts 
1 - 100
20,115,961
0.5
665,322
74.5
101 - 500
38,477,212
1.1
189,237
21.2
501 - 1000
15,092,620
0.4
21,036
2.3
1001 - 5000
27,630,749
0.7
14,188
1.6
5001 - 10000
9,258,207
0.3
1,304
0.2
10001 - 20000
9,076,541
0.2
637
0.1
20001 - 30000
6,327,283
0.2
258
-
30001 - 40000
4,943,531
0.1
142
-
40001- 50000
4,314,857
0.1
95
-
50001 -100000
23,478,095
0.6
325
-
100001 - above
3,593,669,650
95.8
902
0.1
GRAND TOTAL
3,752,384,706
100.0
893,446
100.0
 
 
b. Categories of equity shareholding as on March 31, 2020:
Category
Number of 
equity shares 
held
Percentage of 
holding
Promoters
2,702,450,947
72.0
Other Entities of the Promoter Group
1,091,053
-
Mutual Funds and UTI
95,698,803
2.6
Banks, Financial Institutions, States and 
Central Government
4,270,227
0.1
Insurance Companies
200,941,420
5.4
Foreign Institutional Investors and 
Foreign Portfolio Investors - Corporate
590,621,054
15.7
NRI's / OCB's / Foreign Nationals
5,307,647
0.1
Corporate Bodies / Trust
23,696,580
0.6
Indian Public and Others
126,184,715
3.4
Alternate Investment Fund
1,820,360
0.1
IEPF account
301,900
-
GRAND TOTAL
3,752,384,706
100.0

TCS Annual Report 2019-20
Corporate Governance Report I 156
 
 
c.  Top ten equity shareholders of the Company as on March 31, 2020:
Sr. No.
Name of the shareholder*
Number of equity 
shares held
Percentage of 
holding
1
Tata Sons Private Limited
2,702,450,947
72.0
2
Life Insurance Corporation of 
India
157,538,396
4.2
3
Invesco Oppenheimer 
Developing Markets Fund
28,045,020
0.8
4
SBI Mutual Fund
26,429,597
0.7
5
Axis Mutual Fund Trustee Limited
16,609,800
0.4
6
Government Of Singapore
16,012,250
0.4
7
Vanguard Total International 
Stock Index Fund
15,772,829
0.4
8
Vanguard Emerging Markets 
Stock Index Fund, A Series Of 
Vanguard International Equity 
Index Funds
13,199,846
0.4
9
ICICI Prudential Life Insurance 
Company Limited
12,868,617
0.3
10
First State Investments Icvc- 
Stewart Investors Asia Paciﬁc 
Leaders Fund
12,257,728
0.3
 
 
 
*  Shareholding is consolidated based on Permanent Account Number (PAN) of 
the shareholder.
 
xiii. Dematerialization of shares and liquidity:
 
 
The Company’s shares are compulsorily traded in dematerialized form on NSE and 
BSE. Equity shares of the Company representing 99.97 percent of the Company’s 
equity share capital are dematerialized as on March 31, 2020. Under the Depository 
System, the International Securities Identiﬁcation Number (ISIN) allotted to the 
Company’s shares is INE467B01029.
 
xiv. Outstanding GDRs/ADRs/Warrants or any convertible instruments, conversion 
date and likely impact on equity:
 
 
The Company has not issued any GDRs/ADRs/Warrants or any convertible 
instruments in the past and hence, as on March 31, 2020, the Company does not 
have any outstanding GDRs/ADRs/Warrants or any convertible instruments.
 
xv. Commodity price risk or foreign exchange risk and hedging activities:
 
 
The Company does not deal in commodities and hence the disclosure pursuant 
to SEBI Circular dated November 15, 2018 is not required to be given. For a 
detailed discussion on foreign exchange risk and hedging activities, please refer to 
Management Discussion and Analysis Report.

TCS Annual Report 2019-20
Corporate Governance Report I 157
 
xvi. Equity shares in the suspense account:
 
 
In accordance with the requirement of Regulation 34(3) and Part F of Schedule V 
to the SEBI Listing Regulations, details of equity shares in the suspense account are 
as follows:
Particulars
Number of 
shareholders
Number of 
equity shares
Aggregate number of shareholders and the 
outstanding shares in the suspense account 
lying as on April 1, 2019
26
1,640
Shareholders who approached the Company 
for transfer of shares from suspense account 
during the year
-
-
Shareholders to whom shares were 
transferred from the suspense account 
during the year
-
-
Shareholders whose shares are transferred to 
the demat account of the IEPF Authority as 
per Section 124 of the Act
-
-
Aggregate number of shareholders and the 
outstanding shares in the suspense account 
lying as on March 31, 2020
26
1,640
 
 
The voting rights on the shares outstanding in the suspense account as on  
March 31, 2020 shall remain frozen till the rightful owner of such shares claims the 
shares.
 
xvii.  Transfer of unclaimed / unpaid amounts to the Investor Education and Protection 
Fund:
 
 
Pursuant to Sections 124 and 125 of the Act read with the Investor Education and 
Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 
(“IEPF Rules”), dividend, if not claimed for a period of 7 years from the date of 
transfer to Unpaid Dividend Account of the Company, are liable to be transferred to 
the Investor Education and Protection Fund (“IEPF”).
 
 
Further, all the shares in respect of which dividend has remained unclaimed for 
seven consecutive years or more from the date of transfer to unpaid dividend 
account shall also be transferred to IEPF Authority. The said requirement does not 
apply to shares in respect of which there is a speciﬁc order of Court, Tribunal or 
Statutory Authority, restraining any transfer of the shares.
 
 
In the interest of the shareholders, the Company sends periodical reminders to the 
shareholders to claim their dividends in order to avoid transfer of dividends /  
shares to IEPF Authority. Notices in this regard are also published in the 
newspapers and the details of unclaimed dividends and shareholders whose shares 
are liable to be transferred to the IEPF Authority, are uploaded on the Company’s 
website($00,/čĥĥ+*ċ0/ċ+)ĥāĉ).
 
 
In light of the aforesaid provisions, the Company has during the year under review, 
transferred to IEPF the unclaimed dividends, outstanding for 7 years, of the 
Company, erstwhile TCS e-Serve Limited and CMC Limited (since amalgamated 
with the Company). Further, shares of the Company, in respect of which dividend 
has not been claimed for 7 consecutive years or more from the date of transfer to 
unpaid dividend account, have also been transferred to the demat account of IEPF 
Authority.

TCS Annual Report 2019-20
Corporate Governance Report I 158
 
 
The details of unclaimed dividends and shares transferred to IEPF during FY 2020 
are as follows:
Financial year
Amount of unclaimed dividend 
transferred  
(` lakh)
Number of shares 
transferred
2011-12
173.5*
35,251
2012-13
73.2
19,535
TOTAL
246.7
54,786
 
 
*Includes ﬁnal dividend of erstwhile TCS e-Serve Limited and erstwhile CMC 
Limited.
 
 
The members who have a claim on above dividends and shares may claim the same 
from IEPF Authority by submitting an online application in web Form No. IEPF-5 
available on the website www.iepf.gov.in and sending a physical copy of the same, 
duly signed to the Company, along with requisite documents enumerated in the 
Form No. IEPF-5. No claims shall lie against the Company in respect of the dividend 
/ shares so transferred. 
 
 
The following tables give information relating to various outstanding dividends and 
the dates by which they can be claimed by the shareholders from the Company’s 
Registrar and Transfer Agent:
 
 
a. For shareholders of Tata Consultancy Service Limited (TCS):
Financial Year
Date of declaration
Last date for claiming unpaid 
dividend
2012-13
June 28, 2013
July 28, 2020
2013-14
July 18, 2013
August 18, 2020
October 15, 2013
November 14, 2020
January 16, 2014
February 16, 2021
June 27, 2014
July 27, 2021
2014-15
July 17, 2014
August 18, 2021
October 16, 2014
November 16, 2021
January 15, 2015
February 15, 2022
June 30, 2015
July 30, 2022
2015-16
July 9, 2015
August 9, 2022
October 13, 2015
November 12, 2022
January 12, 2016
February 11, 2023
June 17, 2016
July 17, 2023
2016-17
July 14, 2016
August 15, 2023
October 13, 2016
November 16, 2023
January 12, 2017
February 12, 2024
June 16, 2017
July 16, 2024

TCS Annual Report 2019-20
Corporate Governance Report I 159
Financial Year
Date of declaration
Last date for claiming unpaid 
dividend
2017-18
July 13, 2017
August 13, 2024
October 12, 2017
November 12, 2024
January 11, 2018
February 10, 2025
June 15, 2018
July 15, 2025
2018-19
July 10, 2018
August 9, 2025
October 11, 2018
November 10, 2025
January 10, 2019
February 9, 2026
June 17, 2019
July 13, 2026
2019-20
July 9, 2019
August 8, 2026
October 10, 2019
November 9, 2026
January 17, 2020
February 16, 2027
March 10, 2020
April 9, 2027
 
 
b. For shareholders of erstwhile TCS e-Serve Limited which has merged with the 
Company:
Financial Year
Date of declaration
Last date for claiming unpaid 
dividend
2012-13
May 30, 2013
July 3, 2020
 
 
c. For shareholders of erstwhile CMC Limited which has merged with the 
Company:
Financial Year
Date of declaration
Last date for claiming unpaid 
dividend
2012-13
June 26, 2013
July 25, 2020
2013-14
June 23, 2014
July 22, 2021
2014-15
June 11, 2015
July 10, 2022
2015-16
July 16, 2015
August 18, 2022
 
xviii. Plant locations:
 
 
In view of the nature of the Company’s business viz. Information Technology (IT) 
Services and IT Enabled Services, the Company operates from various offices 
in India and abroad. The Company has a manufacturing facility at 17-B, Tivim 
Industrial Estate, Karaswada, Mapusa– Bardez, Goa 403 526.
 
xix. Address for correspondence:
 
 
Tata Consultancy Services Limited
 
 
9th Floor, Nirmal Building, Nariman Point, Mumbai 400 021
 
 
Telephone: 91 22 6778 9595
 
 
Designated e-mail address for Investor Services: investor.relations@tcs.com 
 
 
For queries on IEPF related matters: iepf.assist@tcs.com
 
 
Website: www.tcs.com

TCS Annual Report 2019-20
Corporate Governance Report I 160
DECLARATION REGARDING 
COMPLIANCE BY BOARD MEMBERS 
AND SENIOR MANAGEMENT 
PERSONNEL WITH THE COMPANY’S 
CODE OF CONDUCT
This is to conﬁrm that the Company has adopted a Code of 
Conduct for its employees including the Managing Director 
and Executive Directors. In addition, the Company has 
adopted a Code of Conduct for its Non-Executive Directors 
and Independent Directors. These Codes are available on 
the Company’s website.
I conﬁrm that the Company has in respect of the 
year ended March 31, 2020, received from the Senior 
Management Team of the Company and the Members of 
the Board a declaration of compliance with the Code of 
Conduct as applicable to them.
For the purpose of this declaration, Senior Management 
Team means the Chief Financial Officer, Global Head - HR, 
Global Business Unit Heads, Global Head - Legal and the 
Company Secretary as on March 31, 2020.
 
Rajesh Gopinathan
 
Chief Executive Officer and Managing Director 
Mumbai, April 16, 2020
To the Members of
Tata Consultancy Services Limited
We have examined the compliance of the conditions 
of Corporate Governance by Tata Consultancy Services 
Limited  
(‘the Company’) for the year ended on March 31, 2020, as 
stipulated under Regulations 17 to 27, clauses (b) to (i) of  
sub- regulation (2) of Regulation 46 and para C, D and E 
of Schedule V of the Securities and Exchange Board of 
India (Listing Obligations and Disclosure Requirements) 
Regulations, 2015 (“SEBI Listing Regulations”).
The compliance of the conditions of Corporate Governance 
is the responsibility of the management of the Company. 
Our examination was limited to the review of procedures 
and implementation thereof, as adopted by the Company 
for ensuring compliance with conditions of Corporate 
Governance. It is neither an audit nor an expression of 
opinion on the ﬁnancial statements of the Company.
In our opinion and to the best of our information 
and according to the explanations given to us, and 
the representations made by the Directors and the 
PRACTISING COMPANY SECRETARIES’ CERTIFICATE ON  
CORPORATE GOVERNANCE
Management and considering the relaxations granted 
by the Ministry of Corporate Affairs and Securities and 
Exchange Board of India warranted due to the spread of 
the COVID-19 pandemic, we certify that the Company has 
complied with the conditions of Corporate Governance 
as stipulated in the SEBI Listing Regulations for the year 
ended on March 31, 2020.
We further state that such compliance is neither an 
assurance as to the future viability of the Company nor of 
the efficiency or effectiveness with which the management 
has conducted the affairs of the Company.
 
 
For Parikh & Associates
Company Secretaries
 
 
P N Parikh
Partner
FCS No: 327 CP No: 1228
Mumbai, April 16, 2020 
UDIN:  F000327B000161686

TCS Annual Report 2019-20
Corporate Governance Report I 161
CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS
(pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015)
To, 
The Members
Tata Consultancy Services Limited
9th Floor, Nirmal Building,
Nariman Point, Mumbai 400 021
We have examined the relevant registers, records, forms, 
returns and disclosures received from the Directors 
of Tata Consultancy Services Limited having CIN 
L22210MH1995PLC084781 and having registered office 
at 9th Floor, Nirmal Building, Nariman Point, Mumbai 400 
021 (hereinafter referred to as ‘the Company’), produced 
before me / us by the Company for the purpose of 
issuing this Certiﬁcate, in accordance with Regulation 
34(3) read with Schedule V Para-C Sub clause 10(i) of the 
Securities Exchange Board of India (Listing Obligations and 
Disclosure Requirements) Regulations, 2015.
In our opinion and to the best of our information and 
according to the veriﬁcations (including Directors 
Identiﬁcation Number (DIN) status at the portal  
www.mca.gov.in) as considered necessary and explanations 
furnished to us by the Company & its officers and 
considering the relaxations granted by the Ministry of 
Corporate Affairs and Securities and Exchange Board 
of India warranted due to the spread of the COVID-19 
pandemic, We hereby certify that none of the Directors on 
the Board of the Company as stated below for the Financial 
Year ending on March 31, 2020 have been debarred 
or disqualiﬁed from being appointed or continuing as 
Directors of companies by the Securities and Exchange 
Board of India, Ministry of Corporate Affairs, or any such 
other Statutory Authority.
S. 
No.
Name of Director
DIN
Date of 
Appointment 
in Company *
1.
N Chandrasekaran 
00121863
September 6, 
2007
2.
Rajesh Gopinathan
06365813
February 21, 
2017
3.
N Ganapathy 
Subramaniam 
07006215
February 21, 
2017
4.
O P Bhatt
00548091
April 2, 2012
5.
Aarthi Subramanian
07121802
March 12, 2015
6.
Dr Pradeep Kumar 
Khosla
03611983
January 11, 
2018
7.
Hanne Sorensen
08035439
December 18, 
2018
8.
Keki Mistry
00008886
December 18, 
2018
9.
Don Callahan
08326836
January 10, 
2019
*the date of appointment is as per the MCA Portal.
Ensuring the eligibility of for the appointment / continuity 
of every Director on the Board is the responsibility of the 
management of the Company. Our responsibility is to 
express an opinion on these based on our veriﬁcation. This 
certiﬁcate is neither an assurance as to the future viability 
of the Company nor of the efficiency or effectiveness with 
which the management has conducted the affairs of the 
Company.
 
 
For Parikh & Associates
Company Secretaries
 
 
P N Parikh
Partner
FCS No: 327 CP No: 1228
Mumbai, April 16, 2020 
UDIN:  F000327B000161686

TCS Annual Report 2019-20
Awards and Accolades I 162
Awards 
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TCS Annual Report 2019-20
Awards and Accolades I 163
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TCS Annual Report 2019-20
Awards and Accolades I 164
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"+.ƫ!4!,0%+*(ƫ,.+#.!//%2!ƫ3+.',(!ƫ,+(%%!/Čƫ
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One Top Employer in Europe, MEA and APAC, and 
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TCS Annual Report 2019-20
Consolidated Financial Statements I 165
Independent Auditors' Report
To the Members of
Tata Consultancy Services Limited
Report on the Audit of the Consolidated Financial 
Statements
Opinion
We have audited the consolidated ﬁnancial statements of 
Tata Consultancy Services Limited (hereinafter referred 
to as “the Holding Company”) and its subsidiaries listed 
in Annexure I (Holding Company and its subsidiaries 
together referred to as “the Group”), which comprise 
the consolidated balance sheet as at 31 March 2020, and 
the consolidated statement of proﬁt and loss (including 
other comprehensive income), consolidated statement 
of changes in equity and consolidated statement of 
cash ﬂows for the year then ended, and notes to the 
consolidated ﬁnancial statements, including a summary 
of signiﬁcant accounting policies and other explanatory 
information (hereinafter referred to as “the consolidated 
ﬁnancial statements”).
In our opinion and to the best of our information and 
according to the explanations given to us, the aforesaid 
consolidated ﬁnancial statements give the information 
required by the Companies Act, 2013 (‘the Act’) in the 
manner so required and give a true and fair view in 
conformity with the accounting principles generally 
Consolidated  
Financial  
Statements
accepted in India, of the consolidated state of affairs of 
the Group as at 31 March 2020, of its consolidated proﬁt 
and other comprehensive income, consolidated changes 
in equity and consolidated cash ﬂows for the year then 
ended.
Basis for Opinion
We conducted our audit in accordance with the Standards 
on Auditing (SAs) speciﬁed under Section 143(10) of 
the Act. Our responsibilities under those SAs are further 
described in the Auditor’s Responsibilities for the Audit 
of the Consolidated Financial Statements section of our 
report. We are independent of the Group in accordance 
with the Code of Ethics issued by the Institute of Chartered 
Accountants of India (‘ICAI’), and we have fulﬁlled our 
other ethical responsibilities in accordance with the 
provisions of the Act. We believe that the audit evidence 
we have obtained is sufficient and appropriate to provide a 
basis for our opinion.
Key Audit Matters
Key audit matters (‘KAM’) are those matters that, in 
our professional judgment, were of most signiﬁcance 
in our audit of the consolidated ﬁnancial statements of 
the current period. These matters were addressed in 
the context of our audit of the consolidated ﬁnancial 
statements as a whole, and in forming our opinion thereon, 
and we do not provide a separate opinion on these 
matters.

TCS Annual Report 2019-20
Consolidated Financial Statements I 166
Description of Key Audit Matters
Key audit matters
How our audit addressed the key audit matter
Revenue recognition – Fixed price contracts
The Group inter alia engages in Fixed-price 
contracts, wherein, revenue is recognized using 
the percentage of completion computed as per 
the input method based on the Group’s estimate 
of contract costs (Refer Note 5(a) and Note 12 to 
the consolidated ﬁnancial statements).
Our audit procedures on revenue recognized 
from ﬁxed price contracts included:
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processes and controls implemented by the 
Group for recording and computing revenue 
and the associated contract assets, unearned 
and deferred revenue balances.
We identiﬁed revenue recognition of ﬁxed price 
contracts as a Key Audit Matter since –
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specialists:

¾ Assessed the IT environment in which 
the business systems operate and tested 
system controls over computation of 
revenue recognised;
 
¾ Tested the IT controls over 
appropriateness of cost and revenue 
reports generated by the system; and
 
¾ Tested the controls pertaining to 
allocation of resources and budgeting 
systems which prevent the unauthorized 
recording/changes to costs incurred and 
controls relating to the estimation of 
contract costs required to complete the 
respective projects.
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around the accuracy and existence of revenues 
recognised considering the customised 
and complex nature of these contracts and 
signiﬁcant inputs of IT systems;
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standard (Ind AS 115 Revenue from Contracts 
with customers) is complex and involves a 
*1)!.ƫ+"ƫ'!5ƫ&1 #)!*0/ƫ* ƫ!/0%)0!/ƫ%*ƫ
mainly identifying performance obligations, 
related transaction price and estimating the 
future cost-to-completion of these contracts, 
which is used to determine the percentage 
of completion of the relevant performance 
obligation;
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obligations which requires critical assessment 
of foreseeable losses to be made by the 
Group; and
Key audit matters
How our audit addressed the key audit matter
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progress (Contract assets), related to these 
contracts are recognised on the balance 
sheet.
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of contracts, we tested that the revenue 
recognized is in accordance with the revenue 
recognition accounting standard – 
 ¾ Evaluated the identiﬁcation of 
performance obligations and the 
ascribed transaction price;
 
¾ Tested the Group’s computation of the 
estimation of contract costs and onerous 
obligations, if any. We:
 
 
¾ assessed that the estimates of costs 
to complete were reviewed and 
approved by appropriate designated 
management personnel;
 
 
¾ performed a retrospective analysis of 
costs incurred with estimated costs 
to identify signiﬁcant variations and 
challenged whether those variations 
are required to be considered in 
estimating the remaining costs to 
complete the contract; 
 
 
¾ assessed the appropriateness of 
3+.'ƫ%*ƫ,.+#.!//ƫĨ+*0.0ƫ//!0/ĩƫ+*ƫ
balance sheet date by evaluating the 
underlying documentation to identify 
possible changes in estimated 
costs to complete the remaining 
performance obligations; and
 
 
¾ inspected underlying documents and 
performed analytics to determine 
reasonableness of contract costs.

TCS Annual Report 2019-20
Consolidated Financial Statements I 167
Key audit matters
How our audit addressed the key audit matter
Evaluation of key tax matters
The Group operates in multiple jurisdictions 
and is subject to periodic challenges by local 
tax authorities on a range of tax matters 
during the normal course of business including 
transfer pricing and indirect tax matters. These 
involve signiﬁcant judgment by the Group to 
determine the possible outcome of the uncertain 
tax positions, consequently having an impact 
on related accounting and disclosures in the 
consolidated ﬁnancial statements.  
Refer Note 5(e) and Note 20 to the consolidated 
ﬁnancial statements. 
Our audit procedures include the following 
substantive procedures:
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matters; and
đƫ
$!ƫ1 %0ƫ0!)Čƫ(+*#ƫ3%0$ƫ+1.ƫ%*0!.*(ƫ04ƫ
experts -
 
¾ƫ .! ƫ* ƫ*(5/! ƫ/!(!0ƫ'!5ƫ
correspondences, external legal opinions/ 
consultations obtained by the Group for 
'!5ƫ04ƫ)00!./Ďƫ
 
¾ƫ !2(10! ƫ* ƫ$((!*#! ƫ'!5ƫ
assumptions made by the Group in 
estimating the current and deferred tax 
balances; 
 
¾ assessed and challenged the Group’s 
estimate of the possible outcome of 
the disputed cases by considering legal 
precedence and other judicial rulings; and
 
¾ Assessed and tested the presentation and 
disclosures relating to taxes.
Adoption of Ind AS 116 Leases
As described in Note 9 to the consolidated 
ﬁnancial statements, the Group has adopted  
Ind AS 116 Leases (Ind AS 116) in the current year. 
The application and transition to this accounting 
standard is complex and is an area of focus in 
our audit since the Group has a large number of 
leases with different contractual terms.
Our audit procedures on adoption of Ind AS 116 
include:
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controls in respect of the lease accounting 
standard (Ind AS 116);
Key audit matters
How our audit addressed the key audit matter
Ind AS 116 introduces a new lease accounting 
model, wherein lessees are required to recognise 
a right-of-use (ROU) asset and a lease liability 
arising from a lease on the balance sheet. 
The lease liabilities are initially measured by 
discounting future lease payments during the 
lease term as per the contract/ arrangement. 
Adoption of the standard involves signiﬁcant 
judgements and estimates including, 
determination of the discount rates and the lease 
term.  
Additionally, the standard mandates detailed 
disclosures in respect of transition.
Refer Note 5(h) and Note 9 to the consolidated 
ﬁnancial statements.
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identiﬁcation of leases based on the 
+*0.01(ƫ#.!!)!*0/ƫ* ƫ+1.ƫ'*+3(! #!ƫ
of the business;
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	*2+(2! ƫ+1.ƫ/,!%(%/0/ƫ0+ƫ!2(10!ƫ0$!ƫ
reasonableness of the discount rates applied 
in determining the lease liabilities;
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¾ Evaluated the method of transition and 
related adjustments;
 
¾ Tested completeness of the lease data by 
reconciling the Group’s operating lease 
commitments to data used in computing 
ROU asset and the lease liabilities.
đƫ
*ƫƫ/00%/0%(ƫ/),(!Čƫ3!ƫ,!."+.)! ƫ0$!ƫ
following procedures:
 
¾ƫ //!//! ƫ0$!ƫ'!5ƫ0!.)/ƫ* ƫ+* %0%+*/ƫ
of each lease with the underlying lease 
contracts; and
 
¾ evaluated computation of lease liabilities 
* ƫ$((!*#! ƫ0$!ƫ'!5ƫ!/0%)0!/ƫ/1$ƫ/Čƫ
discount rates and the lease term.
đƫ
//!//! ƫ* ƫ0!/0! ƫ0$!ƫ,.!/!*00%+*ƫ* ƫ
disclosures relating to Ind AS 116 including, 
disclosures relating to transition.

TCS Annual Report 2019-20
Consolidated Financial Statements I 168
Other Information
The Holding Company’s management and Board of 
Directors are responsible for the other information. The 
other information comprises the information included 
in the Holding Company’s Annual Report, but does not 
include the ﬁnancial statements and our auditor’s report 
thereon. 
Our opinion on the consolidated ﬁnancial statements does 
not cover the other information and we do not express any 
form of assurance conclusion thereon.
In connection with our audit of the consolidated ﬁnancial 
statements, our responsibility is to read the other 
information and, in doing so, consider whether the other 
information is materially inconsistent with the consolidated 
ü**%(ƫ/00!)!*0/ƫ+.ƫ+1.ƫ'*+3(! #!ƫ+0%*! ƫ%*ƫ0$!ƫ
audit or otherwise appears to be materially misstated. If, 
/! ƫ+*ƫ0$!ƫ3+.'ƫ3!ƫ$2!ƫ,!."+.)! Čƫ3!ƫ+*(1 !ƫ0$0ƫ
there is a material misstatement of this other information, 
we are required to report that fact. We have nothing to 
report in this regard.
Responsibilities of Management and Those Charged with 
Governance for the Consolidated Financial Statements
The Holding Company's management and Board of 
Directors are responsible for the preparation and 
presentation of these consolidated ﬁnancial statements in 
terms of the requirements of the Act that give a true and 
fair view of the consolidated state of affairs, consolidated 
proﬁt/loss and other comprehensive income, consolidated 
statement of changes in equity and consolidated cash 
ﬂows of the Group in accordance with the accounting 
principles generally accepted in India, including the 
Indian Accounting Standards (Ind AS) speciﬁed under 
Section 133 of the Act. The respective management and 
Board of Directors of the entities included in the Group 
are responsible for maintenance of adequate accounting 
records in accordance with the provisions of the Act for 
safeguarding the assets of each entity and for preventing 
and detecting frauds and other irregularities; the selection 
* ƫ,,(%0%+*ƫ+"ƫ,,.+,.%0!ƫ+1*0%*#ƫ,+(%%!/Ďƫ)'%*#ƫ
judgments and estimates that are reasonable and prudent; 
and the design, implementation and maintenance of 
adequate internal ﬁnancial controls that were operating 
effectively for ensuring the accuracy and completeness 
of the accounting records, relevant to the preparation 
and presentation of the consolidated ﬁnancial statements 
that give a true and fair view and are free from material 
misstatement, whether due to fraud or error, which 
have been used for the purpose of preparation of the 
consolidated ﬁnancial statements by the management and 
Board of Directors of the Holding Company, as aforesaid.
In preparing the consolidated ﬁnancial statements, the 
respective management and Board of Directors of the 
entities included in the Group are responsible for assessing 
the ability of each entity to continue as a going concern, 
disclosing, as applicable, matters related to going concern 
and using the going concern basis of accounting unless 
the respective management and Board of Directors either 
intends to liquidate the entity or to cease operations, or 
has no realistic alternative but to do so.
The respective Board of Directors of the entities included 
in the Group are responsible for overseeing the ﬁnancial 
reporting process of each entity.
Auditor’s Responsibilities for the Audit of the 
Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about 
whether the consolidated ﬁnancial statements as a whole 
are free from material misstatement, whether due to fraud 
or error, and to issue an auditors’ report that includes 
our opinion. Reasonable assurance is a high level of 
assurance, but is not a guarantee that an audit conducted 
in accordance with SAs will always detect a material 
misstatement when it exists. Misstatements can arise from 
fraud or error and are considered material if, individually 
or in the aggregate, they could reasonably be expected 
0+ƫ%*ý1!*!ƫ0$!ƫ!+*+)%ƫ !%/%+*/ƫ+"ƫ1/!./ƫ0'!*ƫ+*ƫ0$!ƫ
basis of these consolidated ﬁnancial statements.
As part of an audit in accordance with SAs, we exercise 
professional judgment and maintain professional 
/'!,0%%/)ƫ0$.+1#$+10ƫ0$!ƫ1 %0ċƫ!ƫ(/+č
đƫ
	 !*0%"5ƫ* ƫ//!//ƫ0$!ƫ.%/'/ƫ+"ƫ)0!.%(ƫ
misstatement of the consolidated ﬁnancial 
statements, whether due to fraud or error, design 
and perform audit procedures responsive to those 
.%/'/Čƫ* ƫ+0%*ƫ1 %0ƫ!2% !*!ƫ0$0ƫ%/ƫ/1þ%!*0ƫ
and appropriate to provide a basis for our opinion.

TCS Annual Report 2019-20
Consolidated Financial Statements I 169
$!ƫ.%/'ƫ+"ƫ*+0ƫ !0!0%*#ƫƫ)0!.%(ƫ)%//00!)!*0ƫ
resulting from fraud is higher than for one resulting 
from error, as fraud may involve collusion, forgery, 
intentional omissions, misrepresentations, or the 
override of internal control.
đƫ
0%*ƫ*ƫ1* !./0* %*#ƫ+"ƫ%*0!.*(ƫ+*0.+(ƫ.!(!2*0ƫ
to the audit in order to design audit procedures that 
are appropriate in the circumstances. Under Section 
143(3)(i) of the Act, we are also responsible for 
expressing our opinion on whether the entity has 
adequate internal ﬁnancial controls system in place 
and the operating effectiveness of such controls.
đƫ
2(10!ƫ0$!ƫ,,.+,.%0!*!//ƫ+"ƫ+1*0%*#ƫ
policies used and the reasonableness of accounting 
estimates and related disclosures made by 
management and Board of Directors of the Holding 
Company.
đƫ
+*(1 !ƫ+*ƫ0$!ƫ,,.+,.%0!*!//ƫ+"ƫ)*#!)!*0Ě/ƫ
and Board of Director’s of the Holding Company 
use of the going concern basis of accounting in 
preparation of consolidated ﬁnancial statements 
and, based on the audit evidence obtained, whether 
a material uncertainty exists related to events or 
conditions that may cast signiﬁcant doubt on the 
appropriateness of this assumption. If we conclude 
that a material uncertainty exists, we are required 
to draw attention in our auditors’ report to the 
related disclosures in the consolidated ﬁnancial 
statements or, if such disclosures are inadequate, 
to modify our opinion. Our conclusions are based 
on the audit evidence obtained up to the date of 
our auditors’ report. However, future events or 
conditions may cause the Group (Holding company 
and subsidiaries) to cease to continue as a going 
concern.
đƫ
2(10!ƫ0$!ƫ+2!.((ƫ,.!/!*00%+*Čƫ/0.101.!ƫ* ƫ
content of the consolidated ﬁnancial statements, 
including the disclosures, and whether the 
consolidated ﬁnancial statements represent the 
underlying transactions and events in a manner that 
achieves fair presentation.
đƫ
0%*ƫ/1þ%!*0ƫ,,.+,.%0!ƫ1 %0ƫ!2% !*!ƫ
regarding the ﬁnancial information of such 
entities within the Group to express an opinion 
on the consolidated ﬁnancial statements. We are 
responsible for the direction, supervision and 
performance of the audit of ﬁnancial information of 
the entities included in the consolidated ﬁnancial 
statements. We remain solely responsible for our 
audit opinion.
We believe that the audit evidence obtained by us is 
sufficient and appropriate to provide a basis for our audit 
opinion on the consolidated ﬁnancial statements. 
We communicate with those charged with governance of 
the Holding Company and such other entities included in 
the consolidated ﬁnancial statements of which we are the 
independent auditors regarding, among other matters, the 
planned scope and timing of the audit and signiﬁcant audit 
ﬁndings, including any signiﬁcant deﬁciencies in internal 
control that we identify during our audit.
We also provide those charged with governance with 
a statement that we have complied with relevant 
ethical requirements regarding independence, and to 
communicate with them all relationships and other 
matters that may reasonably be thought to bear on our 
independence, and where applicable, related safeguards.
From the matters communicated with those charged with 
governance, we determine those matters that were of 
most signiﬁcance in the audit of the consolidated ﬁnancial 
/00!)!*0/ƫ+"ƫ0$!ƫ1..!*0ƫ,!.%+ ƫ* ƫ.!ƫ0$!.!"+.!ƫ0$!ƫ'!5ƫ
audit matters. We describe these matters in our auditors’ 
report unless law or regulation precludes public disclosure 
about the matter or when, in extremely rare circumstances, 
we determine that a matter should not be communicated 
in our report because the adverse consequences of doing 
so would reasonably be expected to outweigh the public 
interest beneﬁts of such communication.
Report on Other Legal and Regulatory Requirements
A. 
As required by Section 143(3) of the Act, based on 
our audit, we report, to the extent applicable, that:
 
a) 
We have sought and obtained all the 
information and explanations which to the 
!/0ƫ+"ƫ+1.ƫ'*+3(! #!ƫ* ƫ!(%!"ƫ3!.!ƫ
necessary for the purposes of our audit of the 
aforesaid consolidated ﬁnancial statements.

TCS Annual Report 2019-20
Consolidated Financial Statements I 170
 
b) 
In our opinion, properƫ++'/ƫ+"ƫ+1*0ƫ/ƫ
required by law relating to preparation of the 
aforesaid consolidated ﬁnancial statements 
$2!ƫ!!*ƫ'!,0ƫ/+ƫ".ƫ/ƫ%0ƫ,,!./ƫ".+)ƫ+1.ƫ
!4)%*0%+*ƫ+"ƫ0$+/!ƫ++'/ċ
 
c) 
The consolidated balance sheet, the 
consolidated statement of proﬁt and loss 
(including other comprehensive income), 
the consolidated statement of changes in 
equity and the consolidated statement of 
cash ﬂows dealt with by this Report are in 
#.!!)!*0ƫ3%0$ƫ0$!ƫ.!(!2*0ƫ++'/ƫ+"ƫ+1*0ƫ
maintained for the purpose of preparation of 
the consolidated ﬁnancial statements. 
 
d) 
In our opinion, the aforesaid consolidated 
ﬁnancial statements comply with the Ind AS 
speciﬁed under Section 133 of the Act.
 
e) 
On the basis of the written representations 
received from the directors of the Holding 
+),*5ƫ/ƫ+*ƫăāƫ.$ƫĂĀĂĀƫ0'!*ƫ+*ƫ
record by the Board of Directors of  the 
Holding Company and on the basis of written 
representations received by the management 
from directors of its subsidiaries which 
are incorporated in India, as on 31 March 
2020, none of the directors of the Group’s 
companies incorporated in India is disqualiﬁed 
as on 31 March 2020 from being appointed 
as a director in terms of Section 164(2) of the 
Act.
 
f) 
With respect to the adequacy of the 
internal ﬁnancial controls with reference 
to consolidated ﬁnancial statements of 
the Holding Company and its subsidiary 
companies incorporated in India and the 
operating effectiveness of such controls, refer 
to our separate report in ‘Annexure A’.
B. 
With respect to the other matters to be included in 
the Auditors’ Report in accordance with Rule 11 of 
the Companies (Audit and Auditors) Rules, 2014, in 
our opinion and to the best of our information and 
according to the explanations given to us:
 
i. 
The consolidated ﬁnancial statements 
disclose the impact of pending litigations 
as at 31 March 2020 on the consolidated 
ﬁnancial position of the Group. Refer Note 20 
to the consolidated ﬁnancial statements.
 
ii. 
The Group did not have any material 
foreseeable losses on long-term contracts 
including derivative contracts during the year 
ended 31 March 2020.
 
iii. 
There has been no delay in transferring 
amounts to the Investor Education and 
Protection Fund by the Holding Company 
and its subsidiary companies incorporated in 
India during the year ended 31 March 2020. 
 
iv. 
The disclosures in the consolidated ﬁnancial 
statements regarding holdings as well as 
 !(%*#ƫ%*ƫ/,!%ü! ƫ*'/ƫ*+0!/ƫ 1.%*#ƫ 
the period from 8 November 2016 to  
30 December 2016 have not been made 
since they do not pertain to the ﬁnancial year 
ended 31 March 2020.
C. 
With respect to the matter to be included in the 
Auditors’ report under Section 197(16) of the Act:
 
In our opinion and according to the information 
and explanation given to us, the remuneration paid 
during the current year by the Holding Company and 
its subsidiaries which are incorporated in India to 
its directors is in accordance with the provisions of 
Section 197 of the Act. The remuneration paid to any 
director by the Holding Company and its subsidiaries 
which are incorporated in India, is not in excess of 
the limit laid down under Section 197 of the Act. The 
Ministry of Corporate Affairs has not prescribed other 
details under Section 197(16) of the Act which are 
required to be commented upon by us.
For B S R & Co. LLP 
Chartered Accountants 
Firm’s Registration No: 101248W/W-100022
 
Yezdi Nagporewalla 
 
Mumbai 
Partner 
 
16 April 2020 
Membership No: 049265 
UDIN: 20049265AAAAAL7719

TCS Annual Report 2019-20
Consolidated Financial Statements I 171
Annexure A to the Independent Auditors’ Report on the 
consolidated financial statements of Tata Consultancy 
Services Limited
Report on the Internal Financial Controls with reference 
to the aforesaid consolidated financial statements 
under Clause (i) of Sub-section 3 of Section 143 of the 
Companies Act, 2013 (“the Act”)
(Referred to in paragraph A(f) under ‘Report on Other 
Legal and Regulatory Requirements’ section of our 
report of even date).
Opinion
In conjunction with our audit of the consolidated 
financial statements of Tata Consultancy Services Limited 
(“the Holding Company”) as of 31 March 2020, we have 
audited the internal financial controls with reference 
to the consolidated financial statements of the Holding 
Company and such companies incorporated in India 
under the Companies Act, 2013 which are its subsidiary 
companies, as of that date.
In our opinion, the Holding Company and such 
companies incorporated in India which are its subsidiary 
companies, have, adequate internal financial controls 
with reference to consolidated financial statements 
and such internal financial controls were operating 
effectively as at 31 March 2020, based on the internal 
financial controls with reference to consolidated financial 
statements criteria established by such companies 
considering the essential components of such internal 
controls stated in the Guidance Note on Audit of Internal 
Financial Controls Over Financial Reporting issued by 
the Institute of Chartered Accountants of India (the 
“Guidance Note”).
Management’s Responsibility for Internal Financial 
Controls 
The respective company’s management and the Board 
of Directors are responsible for establishing and 
maintaining internal financial controls with reference to 
consolidated financial statements based on the criteria 
established by the respective company considering the 
essential components of internal control stated in the 
Guidance Note. These responsibilities include the design, 
implementation and maintenance of adequate internal 
financial controls that were operating effectively for 
ensuring the orderly and efficient conduct of its business, 
including adherence to the respective company’s 
policies, the safeguarding of its assets, the prevention 
and detection of frauds and errors, the accuracy and 
completeness of the accounting records, and the timely 
preparation of reliable financial information, as required 
under the Companies Act, 2013 (hereinafter referred to 
as “the Act”).
Auditor’s Responsibility
Our responsibility is to express an opinion on the 
internal financial controls with reference to consolidated 
financial statements based on our audit. We conducted 
our audit in accordance with the Guidance Note and 
the Standards on Auditing, prescribed under section 
143(10) of the Act, to the extent applicable to an 
audit of internal financial controls with reference to 
consolidated financial statements. Those Standards and 
the Guidance Note require that we comply with ethical 
requirements and plan and perform the audit to obtain 
reasonable assurance about whether adequate internal 
financial controls with reference to consolidated financial 
statements were established and maintained and if such 
controls operated effectively in all material respects.
Our audit involves performing procedures to obtain 
audit evidence about the adequacy of the internal 
financial controls with reference to consolidated 
financial statements and their operating effectiveness. 
Our audit of internal financial controls with reference 
to consolidated financial statements included obtaining 
an understanding of internal financial controls with 
reference to consolidated financial statements, assessing

TCS Annual Report 2019-20
Consolidated Financial Statements I 172
0$!ƫ.%/'ƫ0$0ƫƫ)0!.%(ƫ3!'*!//ƫ!4%/0/Čƫ* ƫ0!/0%*#ƫ
and evaluating the design and operating effectiveness 
+"ƫ0$!ƫ%*0!.*(ƫ+*0.+(/ƫ/! ƫ+*ƫ0$!ƫ//!//! ƫ.%/'ċƫ$!ƫ
procedures selected depend on the auditor’s judgement, 
%*(1 %*#ƫ0$!ƫ//!//)!*0ƫ+"ƫ0$!ƫ.%/'/ƫ+"ƫ)0!.%(ƫ
misstatement of the consolidated financial statements, 
whether due to fraud or error. 
We believe that the audit evidence we have obtained is 
sufficient and appropriate to provide a basis for our audit 
opinion on the internal financial controls with reference 
to consolidated financial statements.
Meaning of Internal Financial Controls with reference to 
Consolidated Financial Statements
A company's internal financial controls with reference 
to consolidated financial statements is a process 
designed to provide reasonable assurance regarding the 
reliability of financial reporting and the preparation of 
consolidated financial statements for external purposes 
in accordance with generally accepted accounting 
principles. A company's internal financial controls 
with reference to consolidated financial statements 
includes those policies and procedures that (1) pertain 
to the maintenance of records that, in reasonable 
detail, accurately and fairly reflect the transactions and 
dispositions of the assets of the company; (2) provide 
reasonable assurance that transactions are recorded as 
necessary to permit preparation of consolidated financial 
statements in accordance with generally accepted 
accounting principles, and that receipts and expenditures 
of the company are being made only in accordance 
with authorisations of management and directors of 
the company; and (3) provide reasonable assurance 
regarding prevention or timely detection of unauthorised 
acquisition, use, or disposition of the company's assets 
that could have a material effect on the consolidated 
financial statements.
Inherent Limitations of Internal Financial Controls with 
reference to Consolidated Financial Statements
Because of the inherent limitations of internal financial 
controls with reference to consolidated financial 
statements, including the possibility of collusion or 
improper management override of controls, material 
misstatements due to error or fraud may occur and not 
be detected. Also, projections of any evaluation of the 
internal financial controls with reference to consolidated 
financial statements to future periods are subject to the 
.%/'ƫ0$0ƫ0$!ƫ%*0!.*(ƫ"%**%(ƫ+*0.+(/ƫ3%0$ƫ.!"!.!*!ƫ
to consolidated financial statements may become 
inadequate because of changes in conditions, or that the 
degree of compliance with the policies or procedures 
may deteriorate.
For B S R & Co. LLP 
Chartered Accountants 
Firm’s Registration No: 101248W/W-100022
 
Yezdi Nagporewalla 
Mumbai 
Partner 
16 April 2020 
Membership No: 049265 
UDIN: 20049265AAAAAL7719

TCS Annual Report 2019-20
Consolidated Financial Statements I 173
Annexure I: List of entities consolidated
1
APTOnline Limited
17
TCS FNS Pty Limited
2
C-Edge Technologies Limited
18
TCS Foundation
3
CMC Americas, Inc.
19
TCS Iberoamerica SA
4
Diligenta Limited
20
PT Tata Consultancy Services Indonesia
5
MahaOnline Limited
21
Tata Consultancy Services (China) Co., Ltd.
6
MP Online Limited
22
Tata Consultancy Services (Philippines) Inc.
7
Tata America International Corporation
23
Tata Consultancy Services (Thailand) Limited
8
Tata Consultancy Services (Africa) (PTY) Ltd.
24
Tata Consultancy Services Japan, Ltd.
9
Tata Consultancy Services Asia Paciﬁc Pte Ltd.
25
Tata Consultancy Services Malaysia Sdn Bhd
10
Tata Consultancy Services Belgium 
26
TCS Italia s.r.l.
11
Tata Consultancy Services Canada Inc.
27
Tata Consultancy Services (South Africa) (PTY) Ltd.
12
Tata Consultancy Services Deutschland GmbH
28
TCS e-Serve America, Inc.
13
Tata Consultancy Services Netherlands BV
29
Tata Consultancy Services Chile S.A.
14
Tata Consultancy Services Qatar S.S.C.
30
TATASOLUTION CENTER S.A.
15
Tata Consultancy Services Sverige AB
31
Technology Outsourcing S.A.C.
16
TCS e-Serve International Limited
32
Tata Consultancy Services (Portugal) Unipessoal, Limitada

TCS Annual Report 2019-20
Consolidated Financial Statements I 174
33
TCS Financial Solutions Australia Pty Limited
44
0ƫ+*/1(0*5ƫ!.2%!/ƫ*).'ƫ,
34
TCS Financial Solutions Beijing Co., Ltd.
45
Tata Consultancy Services De Espana S.A.
35
TCS Financial Solutions Australia Holdings Pty Limited
46
Tata Consultancy Services Luxembourg S.A.
36
MGDC S.C.
47
Tata Consultancy Services Osterreich GmbH
37
Tata Consultancy Services Argentina S.A.
48
Tata Consultancy Services Saudi Arabia
38
Tata Consultancy Services De Mexico S.A., De C.V.
49
Tata Consultancy Services Switzerland Ltd.
39
Tata Consultancy Services Do Brasil Ltda
50
Tata Sons & Consultancy Services Employees’ Welfare Trust
40
TCS Inversiones Chile Limitada
51
TCS e-Serve Limited – Employees’ Welfare Trust
41
Tata Consultancy Services France SA 
52
TCS e-Serve International Limited – Employees’ Welfare Beneﬁt Trust
42
TCS Uruguay S.A.
53
W12 Studios Limited
43
TCS Solution Center S.A.
54
TCS Business Services GmbH

TCS Annual Report 2019-20
Consolidated Financial Statements I 175
Consolidated Balance Sheet
(` crore)
Note
As at 
March 31, 2020
As at 
March 31, 2019
ASSETS
Non-current assets
Property, plant and equipment
10(a)
10,941 
10,411 
,%0(ƫ3+.'ġ%*ġ,.+#.!//
906 
963 
Right-of-use assets
9
7,994 
 -  
Goodwill
10(b)
1,710 
1,700 
Other intangible assets
10(c)
283 
179 
Financial assets
 Investments
8(a)
216 
239 
 Trade receivables
8(b)
74 
95 
 Unbilled receivables 
324 
391 
 Loans receivables
8(e)
29 
60 
 Other ﬁnancial assets
8(f)
1,184 
738 
Income tax assets (net)
2,462 
4,017 
Deferred tax assets (net)
17
2,828 
2,656 
Other assets
10(d)
1,711 
1,363 
Total non-current assets
30,662 
22,812 
(` crore)
Note
As at 
March 31, 2020
As at 
March 31, 2019
Current assets
Inventories
10(e)
5 
10 
Financial assets
 Investments
8(a)
26,140 
29,091 
 Trade receivables
8(b)
30,532 
27,346 
 Unbilled receivables 
5,732 
5,157 
 Cash and cash equivalents
8(c)
8,646 
7,224 
ƫ 0$!.ƫ(*!/ƫ3%0$ƫ*'/
8(d)
1,020 
5,624 
 Loans receivables
8(e)
8,475 
8,029 
 Other ﬁnancial assets
8(f)
1,473 
1,769 
Income tax assets (net)
8 
1,853 
Other assets
10(d)
8,206 
6,028 
Total current assets
90,237 
92,131 
TOTAL ASSETS
120,899 
114,943 
EQUITY AND LIABILITIES
Equity
Share capital
8(l)
375 
375 
Other equity
11
83,751 
89,071 
Equity attributable to shareholders of the Company
84,126 
89,446 
Non-controlling interests
623 
453 
Total equity
84,749 
89,899

TCS Annual Report 2019-20
Consolidated Financial Statements I 176
NOTES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS
As per our report of even date attached
For and on behalf of the Board
For B S R & Co. LLP
N Chandrasekaran
Rajesh Gopinathan
Keki M Mistry
Chartered Accountants
Chairman
CEO and Managing Director
Director
Firm's registration no:  
101248W/W-100022
Yezdi Nagporewalla
V Ramakrishnan
Rajendra Moholkar
Partner
CFO
Company Secretary
Membership No: 049265
Mumbai, April 16, 2020
(` crore)
Note
As at 
March 31, 2020
As at 
March 31, 2019
Liabilities
Non-current liabilities
Financial liabilities
 Lease liabilities
6,906 
 44 
 Other ﬁnancial liabilities
8(g)
291 
287 
Unearned and deferred revenue
697 
 844 
Employee beneﬁt obligations 
14
417 
330 
Deferred tax liabilities (net)
17
779 
1,042 
Other liabilities
10(g)
 - 
413 
Total non-current liabilities
9,090 
2,960 
Current liabilities
Financial liabilities
 Lease liabilities
1,268 
 -  
 Trade payables
6,740 
6,292 
 Other ﬁnancial liabilities
8(g)
6,100 
4,903 
Unearned and deferred revenue
2,915 
2,392 
Provisions
10(f)
293 
239 
Employee beneﬁt obligations
14
2,749 
2,356 
Income tax liabilities(net)
3,712 
2,667 
Other liabilities
10(g)
3,283 
3,235 
Total current liabilities
27,060 
22,084 
TOTAL EQUITY AND LIABILITIES
120,899 
114,943 
Consolidated Balance Sheet

TCS Annual Report 2019-20
Consolidated Financial Statements I 177
NOTES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS
As per our report of even date attached
For and on behalf of the Board
For B S R & Co. LLP
N Chandrasekaran
Rajesh Gopinathan
Keki M Mistry
Chartered Accountants
Chairman
CEO and Managing Director
Director
Firm's registration no:  
101248W/W-100022
Yezdi Nagporewalla
V Ramakrishnan
Rajendra Moholkar
Partner
CFO
Company Secretary
Membership No: 049265
Mumbai, April 16, 2020
Consolidated Statement of Proﬁt and Loss
(` crore)
Note
Year ended  
March 31, 2020
Year ended  
March 31, 2019
Revenue
12 
 156,949 
146,463 
Other income
13 
 4,592 
4,311 
TOTAL INCOME
 161,541 
 150,774 
Expenses
 
Employee beneﬁt expenses
14 
 85,952 
78,246 
 
Cost of equipment and software licences
15(a)
 1,905 
2,270 
 
Depreciation and amortisation expense
 3,529 
2,056 
 
Other expenses
15(b)
 26,983 
26,441 
 
Finance costs
16 
 924 
198 
TOTAL EXPENSES
 119,293 
 109,211 
PROFIT BEFORE TAX 
 42,248 
 41,563 
Tax expense
 
Current tax
17 
 10,378 
 9,502 
 
Deferred tax 
17 
(577)
499 
TOTAL TAX EXPENSE
 9,801 
 10,001 
PROFIT FOR THE YEAR
 32,447 
 31,562 
OTHER COMPREHENSIVE INCOME (OCI)
 
Items that will not be reclassiﬁed subsequently to 
proﬁt or loss
 
Remeasurement of deﬁned employee beneﬁt plans
(429)
(51)
 
Net change in fair values of investments in equity 
shares carried at fair value through OCI
 (20)
 (1)
 
Income tax on items that will not be reclassiﬁed 
subsequently to proﬁt or loss
 90 
 11 
 
Items that will be reclassiﬁed subsequently to proﬁt or 
loss
 
 Net change in fair values of investments other than 
equity shares carried at fair value through OCI
958 
425 
 
Net change in intrinsic value of derivatives designated 
as cash ﬂow hedges  
(94)
153 
(` crore)
Note
Year ended  
March 31, 2020
Year ended  
March 31, 2019
 
 Net change in time value of derivatives designated as 
cash ﬂow hedges
 (52)
44 
 
Exchange differences on translation of ﬁnancial 
statements of foreign operations
326 
(86)
 
Income tax on items that will be reclassiﬁed 
subsequently to proﬁt or loss
(315)
(171)
TOTAL OTHER COMPREHENSIVE INCOME / (LOSSES)
464 
324 
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
32,911 
 31,886 
Proﬁt for the year attributable to: 
 
Shareholders of the Company
 32,340 
31,472 
 
Non-controlling interests
 107 
90 
 32,447 
 31,562 
Total comprehensive income for the year attributable to:
 
Shareholders of the Company
32,764 
31,787 
 
Non-controlling interests
147 
99 
32,911 
 31,886 
Earnings per equity share:- Basic and diluted (`)
18
 86.19 
 83.05 
Weighted average number of equity shares
375,23,84,706
378,97,49,350

TCS Annual Report 2019-20
Consolidated Financial Statements I 178
Consolidated Statement of Changes in Equity
A. 
EQUITY SHARE CAPITAL 
(` crore)
Balance as at April 1, 2018
Changes in equity share capital during the year*
Balance as at March 31, 2019
 191 
184 
 375 
(` crore)
Balance as at April 1, 2019
Changes in equity share capital during the year
Balance as at March 31, 2020
 375 
 -   
 375 
 
*Refer note 8(l).
B.  
OTHER EQUITY  
(` crore)
Reserves and surplus
Items of other comprehensive income 
Equity 
attributable to 
shareholders of 
the Company
Non-
controlling 
interests
Total 
equity 
Capital 
reserve
Capital 
redemption 
reserve
General 
reserve
Special 
Economic Zone 
re-investment 
reserve
Retained 
earnings
Statutory 
reserve
Investment 
revaluation 
reserve
Cash ﬂow  
hedging reserve
Foreign 
currency 
translation 
reserve
 Intrinsic 
value 
 Time 
value 
Balance as at April 1, 2018
 75 
 529 
 1,423 
 1,578 
 79,755 
 258 
(84)
(2)
(69)
 1,474 
 84,937 
 402 
 85,339 
Proﬁt for the year
 -  
 -  
 -  
 -  
 31,472 
 -  
 -  
 -  
 - 
 -  
 31,472 
 90 
 31,562 
Other comprehensive income / (losses)
 -  
 -  
 -  
 -  
(41)
 -  
275 
136 
39 
(94)
315 
9 
324 
Total comprehensive income
 - 
 -  
 -  
 - 
 31,431 
 -  
275 
136 
39 
(94)
 31,787 
 99 
 31,886 
Dividend (including tax on dividend of `1,342 crore)
 -  
 -  
 -  
 -  
(11,424)
 -  
 -  
 -  
 - 
 - 
(11,424)
(48)
(11,472)
15ġ'ƫ+"ƫ!-1%05ƫ/$.!/1
 - 
 8 
 -  
 - 
(16,000)
 -  
 -  
 -  
 - 
 -  
(15,992)
 -  (15,992)
4,!*/!/ƫ"+.ƫ15ġ'ƫ+"ƫ!-1%05ƫ/$.!/1
 - 
 -  
 -  
 - 
(45)
 -  
 -  
 -  
 - 
 -  
(45)
 -  
(45)
Issue of bonus shares1
 - 
(106)
 -  
 - 
(86)
 -  
 -  
 -  
 - 
 -  
(192)
 -  
(192)
Realised loss on equity shares carried at fair value through OCI
 -  
 -  
 -  
 - 
(1)
 -  
1 
 -  
 - 
 -  
 - 
 -  
 -  
Transfer to Special Economic Zone re-investment reserve
 -  
 -  
 -  
2,750 
(2,750)
 -  
 - 
 -  
 - 
 - 
 -  
 -  
 -  
Transfer from Special Economic Zone  
re-investment reserve 
 - 
 -  
 -  
(3,334)
 3,334 
 -  
 - 
 -  
 - 
 - 
 -  
 -  
 -  
Transfer to reserves
 -  
 -  
(1,396)
 -  
1,306 
 90 
 -  
 -  
 - 
 -  
 - 
 -  
 -  
Balance as at March 31, 2019
 75 
 431 
 27 
 994 
 85,520 
 348 
192 
134 
(30)
 1,380 
 89,071 
453 
 89,524

TCS Annual Report 2019-20
Consolidated Financial Statements I 179
(` crore)
Reserves and surplus
Items of other comprehensive income 
Equity 
attributable to 
shareholders of 
the Company
Non-
controlling 
interests
Total 
equity 
Capital 
reserve
Capital 
redemption 
reserve
General 
reserve
Special 
Economic Zone 
re-investment 
reserve
Retained 
earnings
Statutory 
reserve
Investment 
revaluation 
reserve
Cash ﬂow  
hedging reserve
Foreign 
currency 
translation 
reserve
 Intrinsic 
value 
 Time 
value 
Balance as at April 1, 2019
   75
   431
 27 
 994 
 85,520 
   348
192 
134 
(30)
 1,380 
 89,071 
   453
 89,524 
Transition impact of Ind AS 116, net of tax2
 -  
 - 
 - 
 - 
(357)
 - 
 - 
 - 
 - 
 - 
(357)
(2)
(359)
Restated balance as at April 1, 2019
75 
431 
27 
994 
85,163 
348 
192 
134 
(30)
1,380 
 88,714 
451 
 89,165 
Proﬁt for the year
 -  
 - 
 - 
 - 
 32,340 
 - 
 - 
 - 
 - 
 - 
 32,340 
 107 
 32,447 
Other comprehensive income / (losses)
 -  
 - 
 - 
 - 
(339)
 - 
604 
(89)
(38)
286 
424 
40 
464 
Total comprehensive income
 - 
 - 
 - 
 - 
32,001 
 - 
604 
(89)
(38)
286 
 32,764 
 147 
 32,911 
Dividend (including tax on dividend of `5,742 crore)
 - 
 - 
 - 
 - 
(37,634)
 - 
 - 
 - 
 - 
 - 
(37,634)
(68) (37,702)
Impact on purchase of non-controlling interests
 - 
 - 
 - 
 - 
(93)
 - 
 - 
 - 
 - 
 - 
(93)
93 
 - 
Transfer to Special Economic Zone re-investment reserve
 - 
 - 
 - 
2,947 
(2,947)
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Transfer from Special Economic Zone  
re-investment reserve 
 - 
 - 
 - 
(2,347)
2,347 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Transfer to reserves
 - 
 - 
 - 
 - 
(27)
27 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Balance as at March 31, 2020
 75 
 431 
 27 
 1,594 
 78,810 
 375 
 796 
45 
(68)
 1,666 
 83,751 
623 
 84,374 
 
1 Refer note 8(l).
 
2 Refer note 9.
 
Total equity (primarily retained earnings) includes `1,258 crore and `864 crore as at March 31, 2020 and 2019, respectively, pertaining to trusts and TCS Foundation held for speciﬁed purposes.
Consolidated Statement of Changes in Equity

TCS Annual Report 2019-20
Consolidated Financial Statements I 180
Nature and purpose of reserves
a. 
Capital reserve
 
The Group recognises proﬁt and loss on purchase, 
sale, issue or cancellation of the Group’s own equity 
instruments to capital reserve.
b. 
Capital redemption reserve
 
As per Companies Act, 2013, capital redemption 
reserve is created when company purchases its own 
shares out of free reserves or securities premium. 
A sum equal to the nominal value of the shares 
so purchased is transferred to capital redemption 
reserve. The reserve is utilised in accordance with the 
provisions of section 69 of the Companies Act, 2013.
c. 
General reserve
 
The general reserve is a free reserve which is used 
from time to time to transfer proﬁts from / to 
retained earnings for appropriation purposes. As 
the general reserve is created by a transfer from one 
component of equity to another and is not an item of 
other comprehensive income, items included in the 
general reserve will not be reclassiﬁed subsequently 
to statement of proﬁt and loss.
d. 
Special Economic Zone re-investment reserve
 
The Special Economic Zone (SEZ) re-investment 
reserve is  created out of the proﬁt of eligible SEZ 
units in terms of the provisions of section 10AA(1)
(ii) of the Income-tax Act, 1961. The reserve will be 
utilised by the Group for acquiring new assets for the 
purpose of its business as per the terms of section 
10AA(2) of Income-tax Act, 1961.
e. 
Statutory reserve
 
Statutory reserves are created to adhere to 
requirements of applicable laws.
f. 
Investment revaluation reserve
 
This reserve represents the cumulative gains and 
losses arising on the revaluation of equity and debt 
instruments on the balance sheet date measured at 
fair value through other comprehensive income. The 
reserves accumulated will be reclassiﬁed to retained 
earnings and proﬁt and loss respectively, when such 
instruments are disposed.
g. 
Cash ﬂow hedging reserve
 
The cash ﬂow hedging reserve represents the 
cumulative effective portion of gains or losses arising 
on changes in fair value of designated portion of 
hedging instruments entered into for cash ﬂow 
hedges. Such gains or losses will be reclassiﬁed to 
statement of proﬁt and loss in the period in which 
the underlying hedged transaction occurs.
h. 
Foreign currency translation reserve
 
The exchange differences arising from the translation 
of ﬁnancial statements of foreign operations with 
functional currency other than Indian Rupee is 
recognised in other comprehensive income and 
is presented within equity in the foreign currency 
translation reserve.
NOTES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS
As per our report of even date attached
For and on behalf of the Board
For B S R & Co. LLP
N Chandrasekaran
Rajesh Gopinathan
Keki M Mistry
Chartered Accountants
Chairman
CEO and Managing Director
Director
Firm's registration no:  
101248W/W-100022
Yezdi Nagporewalla
V Ramakrishnan
Rajendra Moholkar
Partner
CFO
Company Secretary
Membership No: 049265
Mumbai, April 16, 2020
Consolidated Statement of Changes in Equity

TCS Annual Report 2019-20
Consolidated Financial Statements I 181
Consolidated Statement of Cash Flows
(` crore)
Year ended  
March 31, 2020
Year ended  
March 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Proﬁt for the year
32,447 
 31,562 
Adjustments to reconcile proﬁt and loss to net cash provided by 
operating activities
Depreciation and amortisation expense
3,529 
 2,056 
Bad debts and advances written off, allowance for doubtful trade 
receivables and advances (net) 
144 
 187 
Tax expense
9,801 
10,001 
Net gain on lease modiﬁcation
(14)
 -  
Unrealised foreign exchange (gain) / loss
(117)
7 
Net gain on disposal of property, plant and equipment
(46)
(84)
Net gain on investments 
(214)
(427)
Interest income
(3,562)
(2,762)
Dividend income
(10)
(18)
Finance costs
924 
 198 
Operating proﬁt before working capital changes
 42,882 
 40,720 
Net change in
Inventories
 5 
16 
Trade receivables
(3,295)
(2,883)
Unbilled receivables
(508)
1,286 
Loans receivables and other ﬁnancial assets
(2)
(499)
Other assets 
(3,492)
(3,687)
Trade payables
446 
1,496 
Unearned and deferred revenue
375 
679 
Other ﬁnancial liabilities
1,208 
791 
Other liabilities and provisions
596 
 632 
Cash generated from operations
 38,215 
 38,551 
Taxes paid (net of refunds)
(5,846)
(9,958)
Net cash generated from operating activities
 32,369 
 28,593 
CASH FLOWS FROM INVESTING ACTIVITIES
*'ƫ !,+/%0/ƫ,(! 
(7,663)
(6,029)
Inter-corporate deposits placed
(14,905)
(13,724)
Purchase of investments*
(80,002)
(96,751)
Payment for purchase of property, plant and equipment 
(2,538)
(2,053)
Payment including advances for acquiring right-of-use assets
(519)
 -  
Payment for purchase of intangible assets
(192)
(178)
Purchase of subsidiary, net of cash of NIL and `16 crore respectively
 - 
(50)
.+!! /ƫ".+)ƫ*'ƫ !,+/%0/ƫ
11,965 
 2,715 
Proceeds from inter-corporate deposits 
14,432 
 10,797 
Proceeds from disposal / redemption of investments*
84,089 
 104,133 
(` crore)
Year ended  
March 31, 2020
Year ended  
March 31, 2019
Proceeds from disposal of property, plant and equipment
 161 
 99 
Interest received
3,729 
 2,619 
Dividend received
 8 
 18 
Net cash generated from investing activities
8,565 
1,596 
CASH FLOWS FROM FINANCING ACTIVITIES
15ġ'ƫ+"ƫ!-1%05ƫ/$.!/ƫ
-
(16,000)
4,!*/!/ƫ"+.ƫ15ġ'ƫ+"ƫ!-1%05ƫ/$.!/ƫ
-
(45)
Short-term borrowings (net)
-
(181)
Dividend paid (including tax on dividend)
(37,634)
(11,424)
Dividend paid to non-controlling interests (including tax on 
dividend)
(68)
(48)
Purchase of non-controlling interests
(227)
 -  
Repayment of lease liabilities
(1,062)
(13)
Interest paid
(924)
(186)
Net cash used in ﬁnancing activities
 (39,915)
 (27,897)
Net change in cash and cash equivalents 
 1,019 
2,292 
Cash and cash equivalents at the beginning of the year
 7,224 
 4,883 
Exchange difference on translation of foreign currency cash and 
cash equivalents
 403 
49 
Cash and cash equivalents at the end of the year (Refer note 8(c))
 8,646 
7,224 
*Purchase of investments include `503 crore and `352 crore for the years ended March 31, 2020 and 2019, 
respectively, and proceeds from disposal / redemption of investments include `542 crore and `281 crore 
for the years ended March 31, 2020 and 2019, respectively, held by trusts and TCS Foundation held for 
speciﬁed purposes.
NOTES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS
As per our report of even date attached
For and on behalf of the Board
For B S R & Co. LLP
N Chandrasekaran
Rajesh Gopinathan
Keki M Mistry
Chartered Accountants
Chairman
CEO and Managing Director
Director
Firm's registration no:  
101248W/W-100022
Yezdi Nagporewalla
V Ramakrishnan
Rajendra Moholkar
Partner
CFO
Company Secretary
Membership No: 049265
Mumbai, April 16, 2020

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 182
1) 
Corporate information
 
Tata Consultancy Services Limited (“the Company”) 
and its subsidiaries (collectively together with the 
employee welfare trusts referred to as “the Group”) 
provide IT services, consulting and business solutions 
and have been partnering with many of the world’s 
largest businesses in their transformation journeys 
for the last ﬁfty years. The Group offers a consulting-
led, cognitive powered, integrated portfolio of IT, 
business and engineering services and solutions. This 
is delivered through its unique Location-Independent 
#%(!ƫ !(%2!.5ƫ)+ !(ƫ.!+#*%/! ƫ/ƫƫ!*$).'ƫ+"ƫ
excellence in software development.
 
The Company is a public limited company 
incorporated and domiciled in India. The address of 
its corporate office is TCS House, Raveline Street, 
Fort, Mumbai 400001. As at March 31, 2020, Tata 
Sons Private Limited, the holding company owned 
72.02% of the Company’s equity share capital.
 
The Board of Directors approved the consolidated 
ﬁnancial statements for the year ended March 31, 
2020 and authorised for issue on April 16, 2020.
2) 
Statement of compliance
 
These consolidated ﬁnancial statements have been 
prepared in accordance with the Indian Accounting 
Standards (referred to as “Ind AS”) prescribed under 
section 133 of the Companies Act, 2013 read with the 
Companies (Indian Accounting Standards) Rules as 
amended from time to time.
3) 
Basis of preparation
 
These consolidated ﬁnancial statements have been 
prepared on historical cost basis except for certain 
ﬁnancial instruments and deﬁned beneﬁt plans 
which are measured at fair value or amortised cost 
at the end of each reporting period. Historical cost is 
generally based on the fair value of the consideration 
given in exchange for goods and services. Fair value 
is the price that would be received to sell an asset or 
paid to transfer a liability in an orderly transaction 
!03!!*ƫ).'!0ƫ,.0%%,*0/ƫ0ƫ0$!ƫ)!/1.!)!*0ƫ
date. All assets and liabilities have been classiﬁed as 
current and non-current as per the Group’s normal 
operating cycle. Based on the nature of services 
rendered to customers and time elapsed between 
deployment of resources and the realisation in cash 
and cash equivalents of the consideration for such 
services rendered, the Group has considered an 
operating cycle of 12 months.   
 
The statement of cash ﬂows have been prepared 
under indirect method.
 
The functional currency of the Company and its 
Indian subsidiaries is the Indian Rupee (`).  
The functional currency of foreign subsidiaries is 
the currency of the primary economic environment 
in which the entity operates. Foreign currency 
transactions are recorded at exchange rates 
prevailing on the date of the transaction. Foreign 
currency denominated monetary assets and liabilities 
are retranslated at the exchange rate prevailing on 
the balance sheet date and exchange gains and 
losses arising on settlement and restatement are 
recognised in the consolidated statement of proﬁt 
and loss. Non-monetary assets and liabilities that 
are measured in terms of historical cost in foreign 
currencies are not retranslated.
 
The signiﬁcant accounting policies used in 
preparation of the consolidated ﬁnancial statements 
have been discussed in the respective notes.
4) 
 Basis of consolidation
 
The Company consolidates all entities which are 
controlled by it.
 
The Company establishes control when; it has power 
over the entity, is exposed, or has rights, to variable 
returns from its involvement with the entity and has 
the ability to affect the entity’s returns by using its 
power over relevant activities of the entity.
 
Entities controlled by the Company are consolidated 
from the date control commences until the date 
control ceases.

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 183
 
The results of subsidiaries acquired, or sold, during 
the year are consolidated from the effective date of 
acquisition and up to the effective date of disposal, 
as appropriate.
 
All inter-company transactions, balances, income and 
expenses are eliminated in full on consolidation.
 
Changes in the Company’s interests in subsidiaries 
that do not result in a loss of control are accounted 
for as equity transactions. The carrying amount of 
the Company’s interests and the non-controlling 
interests are adjusted to reﬂect the changes in their 
relative interests in the subsidiaries. Any difference 
between the amount by which the non-controlling 
interests are adjusted and the fair value of the 
consideration paid or received is recognised directly 
in equity and attributed to shareholders of the 
Company.
 
Assets and liabilities of entities with functional 
currency other than the functional currency of the 
Company have been translated using exchange rates 
prevailing on the balance sheet date. Statement of 
proﬁt and loss of such entities has been translated 
using weighted average exchange rates. Translation 
adjustments have been reported as foreign currency 
translation reserve in the statement of changes in 
equity. When a foreign operation is disposed off in 
its entirety or partially such that control, signiﬁcant 
inﬂuence or joint control is lost, the cumulative 
amount of exchange differences related to that 
foreign operation recognised in OCI is reclassiﬁed 
to statement of proﬁt and loss as part of the gain or 
loss on disposal.
5) 
Use of estimates and judgements
 
The preparation of consolidated ﬁnancial statements 
in conformity with the recognition and measurement 
principles of Ind AS requires the management to 
)'!ƫ!/0%)0!/ƫ* ƫ//1),0%+*/ƫ0$0ƫû!0ƫ0$!ƫ
reported balances of assets and liabilities, disclosures 
of contingent liabilities as at the date of the 
consolidated ﬁnancial statements and the reported 
amounts of income and expenses for the periods 
presented.
 
Estimates and underlying assumptions are reviewed 
on an ongoing basis. Revisions to accounting 
estimates are recognised in the period in which the 
estimates are revised and future periods are affected.
 
The Group uses the following critical accounting 
estimates in preparation of its consolidated ﬁnancial 
statements:
 
a. 
Revenue recognition
ƫ
ƫ
đƫ
$!ƫ.+1,Ě/ƫ+*0.0/ƫ3%0$ƫ1/0+)!./ƫ
could include promises to transfer 
multiple products and services to 
a customer. The Group assesses 
the products / services promised 
in a contract and identiﬁes distinct 
performance obligations in the 
contract. Identiﬁcation of distinct 
performance obligation involves 
judgement to determine the 
deliverables and the ability of the 
customer to beneﬁt independently 
from such deliverables.
ƫ
ƫ
đƫ

1 #!)!*0ƫ%/ƫ(/+ƫ.!-1%.! ƫ0+ƫ
determine the transaction price for the 
contract and to ascribe the transaction 
price to each distinct performance 
obligation. The transaction price 
could be either a ﬁxed amount of 
customer consideration or variable 
consideration with elements such 
as volume discounts, service level 
credits, performance bonuses, price 
concessions and incentives. The 
transaction price is also adjusted 
for the effects of the time value of 
money if the contract includes a 
signiﬁcant ﬁnancing component. Any 
consideration payable to the customer 
is adjusted to the transaction price,

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 184
unless it is a payment for a distinct 
product or service from the customer. 
The estimated amount of variable 
consideration is adjusted in the 
transaction price only to the extent that 
it is highly probable that a signiﬁcant 
reversal in the amount of cumulative 
revenue recognised will not occur 
and is reassessed at the end of each 
reporting period. The Group allocates 
the elements of variable considerations 
to all the performance obligations of 
the contract unless there is observable 
evidence that they pertain to one or 
more distinct performance obligations.
ƫ
ƫ
đƫ
$!ƫ.+1,ƫ!4!.%/!/ƫ&1 #!)!*0ƫ%*ƫ
determining whether the performance 
obligation is satisﬁed at a point in 
time or over a period of time. The 
Group considers indicators such as 
how customer consumes beneﬁts as 
services are rendered or who controls 
the asset as it is being created or 
existence of enforceable right to 
payment for performance to date 
and alternate use of such product or 
/!.2%!Čƫ0.*/"!.ƫ+"ƫ/%#*%ü*0ƫ.%/'/ƫ* ƫ
rewards to the customer, acceptance of 
delivery by the customer, etc.
ƫ
ƫ
đƫ
!2!*1!ƫ"+.ƫü4! ġ,.%!ƫ+*0.0/ƫ
is recognised using percentage-of-
completion method. The Group uses 
judgement to estimate the future 
cost-to-completion of the contracts 
which is used to determine the degree 
of the completion of the performance 
obligation. 
 
 
b. 
Useful lives of property, plant and equipment
 
 
The Group reviews the useful life of property, 
plant and equipment at the end of each 
reporting period. This reassessment may 
result in change in depreciation expense in 
future periods.
 
c. 
Impairment of goodwill
 
 
The Group estimates the value-in-use of the 
cash generating unit (CGU) based on the 
future cash ﬂows after considering current 
economic conditions and trends, estimated 
future operating results and growth rate and 
anticipated future economic and regulatory 
conditions. The estimated cash ﬂows are 
developed using internal forecasts. The 
discount rate used for the CGU’s represent 
the weighted average cost of capital based on 
0$!ƫ$%/0+.%(ƫ).'!0ƫ.!01.*/ƫ+"ƫ+),.(!ƫ
companies.
 
d. 
Fair value measurement of ﬁnancial 
instruments
 
 
When the fair value of ﬁnancial assets and 
ﬁnancial liabilities recorded in the balance 
sheet cannot be measured based on quoted 
,.%!/ƫ%*ƫ0%2!ƫ).'!0/Čƫ0$!%.ƫ"%.ƫ2(1!ƫ
is measured using valuation techniques 
including the Discounted Cash Flow model. 
$!ƫ%*,10/ƫ0+ƫ0$!/!ƫ)+ !(/ƫ.!ƫ0'!*ƫ".+)ƫ
+/!.2(!ƫ).'!0/ƫ3$!.!ƫ,+//%(!Čƫ10ƫ3$!.!ƫ
this is not feasible, a degree of judgement 
is required in establishing fair values. 
Judgements include considerations of inputs 
/1$ƫ/ƫ(%-1% %05ƫ.%/'Čƫ.! %0ƫ.%/'ƫ* ƫ2+(0%(%05ċƫ
Changes in assumptions about these factors 
could affect the reported fair value of ﬁnancial 
instruments.
 
e. 
Provision for income tax and deferred tax 
assets
 
 
The Group uses estimates and judgements 
based on the relevant rulings in the areas 
of allocation of revenue, costs, allowances 
and disallowances which is exercised while 
determining the provision for income tax.  
A deferred tax asset is recognised to the 
extent that it is probable that future taxable 
proﬁt will be available against which the 
deductible temporary differences and tax

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 185
losses can be utilised. Accordingly, the Group 
exercises its judgement to reassess the 
carrying amount of deferred tax assets at the 
end of each reporting period.
 
f. 
Provisions and contingent liabilities
 
 
The Group estimates the provisions that have 
present obligations as a result of past events 
and it is probable that outﬂow of resources 
will be required to settle the obligations. 
These provisions are reviewed at the end of 
each reporting date and are adjusted to reﬂect 
the current best estimates. 
 
 
The Group uses signiﬁcant judgement to 
disclose contingent liabilities. Contingent 
liabilities are disclosed when there is a 
possible obligation arising from past events, 
the existence of which will be conﬁrmed only 
by the occurrence or non-occurrence of one 
or more uncertain future events not wholly 
within the control of the Group or a present 
obligation that arises from past events where 
it is either not probable that an outﬂow 
of resources will be required to settle the 
obligation or a reliable estimate of the amount 
cannot be made. Contingent assets are neither 
recognised nor disclosed in the ﬁnancial 
statements.
 
g. 
Employee beneﬁts 
 
 
The accounting of employee beneﬁt plans 
in the nature of deﬁned beneﬁt requires the 
Group to use assumptions. These assumptions 
have been explained under employee beneﬁts 
note.  
 
h. 
Leases
 
 
The Group evaluates if an arrangement 
qualiﬁes to be a lease as per the requirements 
of Ind AS 116. Identiﬁcation of a lease requires 
signiﬁcant judgment. The Group uses 
signiﬁcant judgement in assessing the lease 
term (including anticipated renewals) and the 
applicable discount rate. 
 
 
The Group determines the lease term as the 
non-cancellable period of a lease, together 
with both periods covered by an option to 
extend the lease if the Group is reasonably 
certain to exercise that option; and periods 
covered by an option to terminate the lease if 
the Group is reasonably certain not to exercise 
that option. In assessing whether the Group 
is reasonably certain to exercise an option to 
extend a lease, or not to exercise an option to 
terminate a lease, it considers all relevant facts 
and circumstances that create an economic 
incentive for the Group to exercise the option 
to extend the lease, or not to exercise the 
option to terminate the lease. The Group 
revises the lease term if there is a change in 
the non-cancellable period of a lease.
 
 
The discount rate is generally based on the 
incremental borrowing rate speciﬁc to the 
lease being evaluated or for a portfolio of 
leases with similar characteristics.
6) 
Recent Indian Accounting Standards (Ind AS)
 
Ministry of Corporate Affairs ("MCA") notifies 
new standard or amendments to the existing 
standards. There is no such notification which 
would have been applicable from April 1, 2020.
7) 
Business combinations
 
The Group accounts for its business combinations 
under acquisition method of accounting. 
Acquisition related costs are recognised in the 
consolidated statement of profit and loss as 
incurred. The acquiree’s identifiable assets, 
liabilities and contingent liabilities that meet the 
condition for recognition are recognised at their 
fair values at the acquisition date.
 
Purchase consideration paid in excess of the 
fair value of net assets acquired is recognised

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 186
as goodwill. Where the fair value of identifiable 
assets and liabilities exceed the cost of 
acquisition, after reassessing the fair values of the 
net assets and contingent liabilities, the excess is 
recognised as capital reserve.
 
The interest of non-controlling shareholders is 
initially measured either at fair value or at the 
non-controlling interests’ proportionate share of 
the acquiree’s identifiable net assets. The choice 
of measurement basis is made on an acquisition-
by-acquisition basis. Subsequent to acquisition, 
the carrying amount of non-controlling interests 
is the amount of those interests at initial 
recognition plus the non-controlling interests’ 
share of subsequent changes in equity of 
subsidiaries.
 
Business combinations arising from transfers 
of interests in entities that are under common 
control are accounted at historical cost. The 
difference between any consideration given 
and the aggregate historical carrying amounts 
of assets and liabilities of the acquired entity is 
recorded in shareholders’ equity.
 
The Company acquired W12 Studios Limited, an 
award-winning digital design studio based in 
London on October 31, 2018. The Company paid 
`66 crore (GBP 7 million) to acquire 100% equity 
shares of W12 Studios Limited.
 
Purchase consideration paid for this acquisition 
has been allocated as follows:
(` crore)
Purchase 
Consideration
Cash and cash equivalents
16 
Net assets acquired, at fair 
value other than cash and cash 
equivalents
8 
Intangible assets
28 
Goodwill
14 
66 
 
Revenues and net proﬁt of the acquiree included in 
the consolidated ﬁnancial statements and proforma 
revenue and net proﬁt information as at the 
beginning of April 1, 2018 have not been presented 
because the amounts are immaterial.
8) 
Financial assets, ﬁnancial liabilities and equity 
instruments
 
Financial assets and liabilities are recognised when 
the Group becomes a party to the contractual 
provisions of the instrument. Financial assets 
and liabilities are initially measured at fair value. 
Transaction costs that are directly attributable to the 
acquisition or issue of ﬁnancial assets and ﬁnancial 
liabilities (other than ﬁnancial assets and ﬁnancial 
liabilities at fair value through proﬁt or loss) are 
added to or deducted from the fair value measured 
on initial recognition of ﬁnancial asset or ﬁnancial 
liability. 
 
The Group derecognises a ﬁnancial asset only 
when the contractual rights to the cash ﬂows from 
the asset expire, or when it transfers the ﬁnancial 
//!0ƫ* ƫ/1/0*0%((5ƫ((ƫ0$!ƫ.%/'/ƫ* ƫ.!3. /ƫ
of ownership of the asset to another entity. The 
Group derecognises ﬁnancial liabilities when, and 
only when, the Group’s obligations are discharged, 
cancelled or have expired.
 
Cash and cash equivalents
 
The Group considers all highly liquid ﬁnancial 
%*/0.1)!*0/Čƫ3$%$ƫ.!ƫ.! %(5ƫ+*2!.0%(!ƫ%*0+ƫ'*+3*ƫ
amounts of cash that are subject to an insigniﬁcant 
.%/'ƫ+"ƫ$*#!ƫ%*ƫ2(1!ƫ* ƫ$2%*#ƫ+.%#%*(ƫ)01.%0%!/ƫ
of three months or less from the date of purchase, 
to be cash equivalents. Cash and cash equivalents 
+*/%/0ƫ+"ƫ(*!/ƫ3%0$ƫ*'/ƫ3$%$ƫ.!ƫ1*.!/0.%0! ƫ
for withdrawal and usage.
 
Financial assets at amortised cost
 
Financial assets are subsequently measured at 
amortised cost if these ﬁnancial assets are held

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 187
within a business whose objective is to hold these 
assets in order to collect contractual cash ﬂows and 
the contractual terms of the ﬁnancial asset give 
rise on speciﬁed dates to cash ﬂows that are solely 
payments of principal and interest on the principal 
amount outstanding.
 
Financial assets at fair value through other 
comprehensive income
 
Financial assets are measured at fair value through 
other comprehensive income if these ﬁnancial 
assets are held within a business whose objective is 
achieved by both collecting contractual cash ﬂows on 
speciﬁed dates that are solely payments of principal 
and interest on the principal amount outstanding and 
selling ﬁnancial assets.
 
The Group has made an irrevocable election to 
present subsequent changes in the fair value of 
equity investments not held for trading in other 
comprehensive income.
 
Financial assets at fair value through proﬁt or loss
 
Financial assets are measured at fair value through 
proﬁt or loss unless they are measured at amortised 
cost or at fair value through other comprehensive 
income on initial recognition. The transaction costs 
directly attributable to the acquisition of ﬁnancial 
assets and liabilities at fair value through proﬁt or 
loss are immediately recognised in statement of 
proﬁt and loss. 
 
Financial liabilities
 
Financial liabilities are measured at amortised cost 
using the effective interest method.
 
Equity instruments
 
An equity instrument is a contract that evidences 
residual interest in the assets of the company after 
deducting all of its liabilities. Equity instruments 
issued by the Group are recognised at the proceeds 
received net of direct issue cost.
 
Derivative accounting
ƫ
đƫ
Instruments in hedging relationship
 
 
The Group designates certain foreign 
exchange forward, currency options and 
futures contracts as hedge instruments in 
.!/,!0ƫ+"ƫ"+.!%#*ƫ!4$*#!ƫ.%/'/ċƫ$!/!ƫ
hedges are accounted for as cash ﬂow 
hedges.
 
 
The Group uses hedging instruments that are 
governed by the policies of the Company and 
its subsidiaries which are approved by their 
respective Board of Directors. The policies 
provide written principles on the use of such 
ü**%(ƫ !.%20%2!/ƫ+*/%/0!*0ƫ3%0$ƫ0$!ƫ.%/'ƫ
management strategy of the Company and its 
subsidiaries.
 
 
The hedge instruments are designated and 
documented as hedges at the inception of the 
contract. The Group determines the existence 
of an economic relationship between the 
hedging instrument and hedged item based 
on the currency, amount and timing of their 
respective cash ﬂows. The effectiveness 
+"ƫ$! #!ƫ%*/0.1)!*0/ƫ0+ƫ.! 1!ƫ0$!ƫ.%/'ƫ
associated with the exposure being hedged is 
assessed and measured at inception and on 
an ongoing basis. If the hedged future cash 
ﬂows are no longer expected to occur, then 
the amounts that have been accumulated in 
other equity are immediately reclassiﬁed in 
net foreign exchange gains in the statement of 
proﬁt and loss.
 
 
The effective portion of change in the fair 
value of the designated hedging instrument 
is recognised in other comprehensive income 
and accumulated under the heading cash ﬂow 
hedging reserve.
 
 
The Group separates the intrinsic value and 
time value of an option and designates as

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 188
hedging instruments only the change in 
intrinsic value of the option. The change 
in fair value of the time value and intrinsic 
value of an option is recognised in other 
comprehensive income and accounted as a 
separate component of equity. Such amounts 
are reclassiﬁed into the statement of proﬁt 
and loss when the related hedged items affect 
proﬁt and loss.
 
 
Hedge accounting is discontinued when 
the hedging instrument expires or is sold, 
terminated or no longer qualiﬁes for hedge 
accounting. Any gain or loss recognised 
in other comprehensive income and 
accumulated in equity till that time remains 
and is recognised in statement of proﬁt 
and loss when the forecasted transaction 
ultimately affects the proﬁt and loss. Any 
gain or loss is recognised immediately in the 
statement of proﬁt and loss when the hedge 
becomes ineffective.
ƫ
đƫ
Instruments not in hedging relationship
 
 
The Group enters into the contracts that 
are effective as hedges from an economic 
perspective but they do not qualify for 
hedge accounting. The change in the fair 
value of such instrument is recognised in the 
statement of proﬁt and loss.
 
Impairment of Financial assets (other than at fair 
value)
 
The Group assesses at each date of balance 
sheet whether a ﬁnancial asset or a group of 
ﬁnancial assets is impaired. Ind AS 109 requires 
expected credit losses to be measured through 
a loss allowance. The Group recognises lifetime 
expected losses for all contract assets and / or all 
trade receivables that do not constitute a ﬁnancing 
transaction. In determining the allowances for 
doubtful trade receivables, the Group has used a 
practical expedient by computing the expected 
credit loss allowance for trade receivables based 
+*ƫƫ,.+2%/%+*ƫ)0.%4ċƫ$!ƫ,.+2%/%+*ƫ)0.%4ƫ0'!/ƫ
into account historical credit loss experience and 
%/ƫ &1/0! ƫ"+.ƫ"+.3. ƫ(++'%*#ƫ%*"+.)0%+*ċƫ$!ƫ
expected credit loss allowance is based on the ageing 
of the receivables that are due and allowance rates 
used in the provision matrix. For all other ﬁnancial 
assets, expected credit losses are measured at an 
amount equal to the 12-month expected credit losses 
or at an amount equal to the life time expected credit 
(+//!/ƫ%"ƫ0$!ƫ.! %0ƫ.%/'ƫ+*ƫ0$!ƫü**%(ƫ//!0ƫ$/ƫ
increased signiﬁcantly since initial recognition.

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 189
(a) 
Investments
 
Investments consist of the following:
  
Investments – Non-current
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Investments designated at fair value through 
OCI
Fully paid equity shares (unquoted)
 
Mozido LLC
 75 
 69 
 
FCM LLC
 55 
 52 
 
Taj Air Limited
 19 
 19 
 
Philippine Dealing System Holdings 
Corporation
 7 
 6 
 
Less: Impairment in value of investments
(114)
(88)
Investments carried at amortised cost
Government bonds and securities (quoted)
 164 
 165 
Corporate bonds (quoted)
 10 
 16 
 216 
 239 
 
Investments – Non-current includes `174 crore and `181 crore as at March 31, 2020 
and 2019, respectively, pertaining to trusts held for speciﬁed purposes.
 
Investments – current
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Investments carried at fair value through 
proﬁt or loss
Mutual fund units (quoted)
 1,692 
 3,745 
Mutual fund units (unquoted)
 - 
 63 
Investments carried at fair value through OCI
Government bonds and securities (quoted)
 24,290 
 23,566 
Corporate bonds (quoted)
 132 
 1,206 
Investments carried at amortised cost
Certiﬁcate of deposits (quoted)
 - 
 490 
Corporate bonds (quoted)
 26 
 21 
 26,140 
 29,091 
 
Investments – Current includes `95 crore and `121 crore as at March 31, 2020 and 
2019, respectively, pertaining to trusts and TCS Foundation held for speciﬁed 
purposes.
 
Aggregate value of quoted and unquoted investments is as follows:
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Aggregate value of quoted investments
 26,314 
 29,209 
Aggregate value of unquoted investments 
(net of impairment)
 42 
 121 
##.!#0!ƫ).'!0ƫ2(1!ƫ+"ƫ-1+0! ƫ
investments
 26,336 
 29,222 
Aggregate value of impairment of 
investments
 114 
88

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 190
ƫ
.'!0ƫ2(1!ƫ+"ƫ-1+0! ƫ%*2!/0)!*0/ƫ..%! ƫ0ƫ)+.0%/! ƫ+/0ƫ%/ƫ/ƫ"+((+3/č
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Government bonds and securities
186 
177
Certiﬁcate of deposits 
- 
491
Corporate bonds 
36 
36
(` crore)
In numbers
Currency
Face 
value per 
share
Investments
As at  
March 31, 2020
As at  
March 31, 2019
Fully paid 
equity shares 
(unquoted)
1,00,00,000
USD
1
Mozido LLC
75
69
15
USD
5,00,000
FCM LLC
55
52
1,90,00,000
INR
10
Taj Air Limited
19 
19 
5,00,000
PHP
100
Philippine 
Dealing 
System 
Holdings 
Corporation
7 
6 
Less: 
Impairment 
in value of 
investments
(114)
(88)
42
58 
 
The movement in fair value of investments carried / designated at fair value through 
OCI is as follows:
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Balance at the beginning of the year 
 192 
(84)
Net loss arising on revaluation of ﬁnancial 
assets carried at fair value
(20)
(1)
Net cumulative loss reclassiﬁed to retained 
earnings on sale of ﬁnancial assets carried at 
fair value
 - 
 1 
Net gain / (loss) arising on revaluation of 
investments other than equities carried at fair 
value through other comprehensive income
 972 
 425 
Deferred tax relating to net gain / (loss) 
arising on revaluation of investments other 
than equities carried at fair value through 
other comprehensive income
(340)
(149)
Net cumulative (gain) / loss  reclassiﬁed 
to statement of proﬁt and loss on sale of 
investments other than equities carried at fair 
value through other comprehensive income
(14)
 -  
Deferred tax relating to net cumulative (gain) 
/ loss  reclassiﬁed to statement of proﬁt 
and loss on sale of investments other than 
equities carried at fair value through other 
comprehensive income
 6 
 -  
Balance at the end of the year 
 796 
 192

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 191
(b) 
Trade receivables
 
Trade receivables (unsecured) consist of the following:
 
Trade receivables – Non-current
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Trade receivables
 656 
569 
Less: Allowance for doubtful trade receivables
(582)
(474)
Considered good
 74 
   95
 
Trade receivables – Current
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Trade receivables
 30,747 
 27,629 
Less: Allowance for doubtful trade receivables
 (306)
 (340)
Considered good
 30,441 
 27,289 
Trade receivables
 340 
 263 
Less: Allowance for doubtful trade receivables
 (249)
 (206)
Credit impaired
 91 
 57 
 30,532 
 27,346 
(c) 
Cash and cash equivalents
 
Cash and cash equivalents consist of the following:
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
(*!/ƫ3%0$ƫ*'/
 
In current accounts
 8,237 
 6,463 
 
In deposit accounts 
 405 
 733 
Cheques on hand
 1 
 2 
Cash on hand
 1 
 19 
Remittances in transit
 2 
 7 
 8,646 
 7,224 
ƫ
(*!/ƫ3%0$ƫ*'/ƫ%*ƫ1..!*0ƫ+1*0/ƫ%*(1 !ƫ`4 crore and `5 crore as at March 31, 
2020 and 2019, respectively, pertaining to trusts held for speciﬁed purposes.
(d) 
Other balances with banks
ƫ
0$!.ƫ(*!/ƫ3%0$ƫ*'/ƫ+*/%/0ƫ+"ƫ0$!ƫ"+((+3%*#č
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
.).'! ƫ(*!/ƫ3%0$ƫ*'/
 215 
 196 
$+.0ġ0!.)ƫ*'ƫ !,+/%0/
 805 
 5,428 
 1,020 
 5,624 
ƫ
.).'! ƫ(*!/ƫ3%0$ƫ*'/ƫ,.%).%(5ƫ.!(0!/ƫ0+ƫ).#%*ƫ)+*!5ƫ"+.ƫ,1.$/!ƫ+"ƫ
investments, margin money for derivative contracts and unclaimed dividends.

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 192
(e) 
Loans receivables
 
Loans receivables (unsecured) consist of the following:
 
Loans receivables – Non-current
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Considered good
Inter-corporate deposits
 27 
 58 
Loans and advances to employees
 2 
 2 
 29 
 60 
 
Loans receivables – Current
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Considered good
Inter-corporate deposits
 8,171 
 7,667 
Loans and advances to employees
 304 
 362 
Credit impaired
Loans and advances to employees
 15 
 63 
Less: Allowance on loans and advances to 
employees
(15)
(63)
 8,475 
 8,029 
 
Inter-corporate deposits placed with ﬁnancial institutions yield ﬁxed interest rate.
 
Inter-corporate deposits includes `922 crore and `600 crore as at March 31, 2020 
and 2019, respectively, pertaining to trusts and TCS Foundation held for speciﬁed 
purposes.
(f) 
Other ﬁnancial assets
 
Other ﬁnancial assets consist of the following:
 
Other ﬁnancial assets – Non-current
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Security deposits
 824 
 737 
.).'! ƫ(*!/ƫ3%0$ƫ*'/
 1 
1 
+*#ġ0!.)ƫ*'ƫ !,+/%0/
 348 
 -  
Others
 11 
 -  
 1,184 
 738 
 
Other ﬁnancial assets – Current
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Security deposits
 170 
 154 
Fair value of foreign exchange derivative 
assets
 425 
 585 
Interest receivable
 744 
 834 
Others
 134 
 196 
 1,473 
 1,769 
 
Interest receivable includes  `43 crore and `46 crore as at March 31, 2020 and 2019, 
respectively, pertaining to trusts and TCS Foundation.

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 193
(g) 
Other ﬁnancial liabilities
 
Other ﬁnancial liabilities consist of the following:
 
Other ﬁnancial liabilities – Non-current
(` crore)
As at  
March 31, 2020
As at  
March 31, 2019
Capital creditors
 3 
 3 
Others
 288 
 284 
 291 
 287 
 
Others include advance taxes paid of `226 crore and `226 crore as at March 31, 
2020 and 2019, respectively, by the seller of TCS e-Serve Limited (merged with the 
Company) which, on refund by the tax authorities, is payable to the seller.
 
Other ﬁnancial liabilities – Current
(` crore)
As at  
March 31, 2020
As at  
March 31, 2019
Accrued payroll
 3,907 
 3,203 
Current maturities of ﬁnance lease obligations  
 - 
 18 
Unclaimed dividends
 53 
 41 
Fair value of foreign exchange derivative 
liabilities 
 693 
 60 
Capital creditors
 502 
 303 
Liabilities towards customer contracts
 807 
 895 
Others
 138 
 383 
 6,100 
 4,903 
 
In the previous year, ‘Others’ include a liability accrued towards exercise of put / call 
option for acquisition by  
0ƫ+*/1(0*5ƫ!.2%!/ƫ/%ƫ%üƫ0!ƫ0 ċƫ+"ƫ  %0%+*(ƫāĆŌƫ/0'!ƫ%*ƫ%0/ƫ&+%*0ƫ
venture with Mitsubishi Corporation in Tata Consultancy Services Japan, Ltd.  
On June 26, 2019, pursuant to exercise of put option by Mitsubishi Corporation,  
0ƫ+*/1(0*5ƫ!.2%!/ƫ/%ƫ%üƫ0!ƫ0 ċƫ-1%.! ƫ  %0%+*(ƫāĆŌƫ/0'!ƫ"+.ƫ*ƫ
amount of `227 crore  (JPY 3,500 million).
(h) 
Financial instruments by category
 
The carrying value of ﬁnancial instruments by categories as at March 31, 2020 is as 
follows:
(` crore)
 Fair value 
through 
proﬁt or 
loss 
 Fair value 
through other 
comprehensive 
income 
 Derivative 
instruments 
in hedging 
relationship 
 Derivative 
instruments 
not in hedging 
relationship 
Amortised 
cost 
 Total 
carrying 
value 
Financial assets
Cash and cash 
equivalents
 - 
 - 
 - 
 - 
 8,646 
 8,646 
*'ƫ !,+/%0/
 - 
 - 
 - 
 - 
 1,153 
 1,153 
.).'! ƫ(*!/ƫ
3%0$ƫ*'/
 - 
 - 
 - 
 - 
 216 
 216 
Investments
 1,692 
 24,464 
 -   
 -   
 200 
 26,356 
Trade receivables
 - 
 - 
 - 
 - 
 30,606 
 30,606 
Unbilled receivables
 - 
 - 
 - 
 - 
 6,056 
 6,056 
Loans receivables
 - 
 - 
 - 
 - 
 8,504 
 8,504 
Other ﬁnancial assets
 - 
 -   
 146 
 279 
 1,883 
 2,308 
Total
 1,692 
 24,464 
 146 
 279 
 57,264 
 83,845 
Financial liabilities
Trade payables
 - 
 - 
 - 
 - 
 6,740 
 6,740 
Lease liabilities
 - 
 - 
 - 
 - 
 8,174 
 8,174 
Other ﬁnancial 
liabilities
 -  
 - 
 34 
 659 
 5,698 
 6,391 
Total
 - 
 - 
 34 
 659 
 20,612 
 21,305 
 
Loans receivables include inter-corporate deposits of `8,198 crore, with original 
maturity period within 36 months.

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 194
 
The carrying value of ﬁnancial instruments by categories as at March 31, 2019 is as 
follows:
(` crore)
 Fair value 
through 
proﬁt or 
loss 
 Fair value 
through other 
comprehensive 
income 
 Derivative 
instruments 
in hedging 
relationship 
 Derivative 
instruments 
not in hedging 
relationship 
 Amortised 
cost 
 Total 
carrying 
value 
Financial assets
Cash and cash 
equivalents
 -  
 -  
 - 
 -  
7,224 
7,224 
*'ƫ !,+/%0/
 - 
 -  
 -  
 -  
5,428 
5,428 
.).'! ƫ(*!/ƫ
3%0$ƫ*'/
 - 
 -  
 -  
 -  
197 
197 
Investments
3,808 
24,830 
 -  
 - 
692 
29,330 
Trade receivables
 -  
 -  
 -  
 -  
27,441 
27,441 
Unbilled receivables
 - 
 -  
 -  
 -  
5,548 
5,548 
Loans receivables
 - 
 -  
 -  
 -  
8,089 
8,089 
Other ﬁnancial assets
 -  
 -  
237 
348 
1,921 
2,506 
Total
3,808 
24,830 
237 
348 
56,540 
85,763 
Financial liabilities
Trade payables
 -  
 -  
 - 
 -  
6,292 
6,292 
Lease liabilities
 -  
 -  
 -  
 -  
44 
44 
Other ﬁnancial 
liabilities
218 
 -  
 -  
60 
4,912 
5,190 
Total
218 
 - 
 - 
60 
11,248 
11,526 
 
Loans receivables include inter-corporate deposits of `7,725 crore, with original 
maturity period within 50 months.
 
Carrying amounts of cash and cash equivalents, trade receivables, unbilled 
receivables, loans receivables and trade payables as at March 31, 2020 and 2019, 
approximate the fair value. Difference between carrying amounts and fair values 
+"ƫ*'ƫ !,+/%0/Čƫ!.).'! ƫ(*!/ƫ3%0$ƫ*'/Čƫ+0$!.ƫü**%(ƫ//!0/ƫ* ƫ+0$!.ƫ
ﬁnancial liabilities subsequently measured at amortised cost is not signiﬁcant in each 
of the years presented. Fair value measurement of lease liabilities is not required. 
Fair value of investments carried at amortised cost is `222 crore and `704 crore as at 
March 31, 2020 and 2019, respectively.
(i) 
Fair value hierarchy
 
The fair value hierarchy is based on inputs to valuation techniques that are used to 
measure fair value that are either observable or unobservable and consist of the 
following three levels:
ƫ
đƫ
!2!(ƫāƫģƫ	*,10/ƫ.!ƫ-1+0! ƫ,.%!/ƫĨ1* &1/0! ĩƫ%*ƫ0%2!ƫ).'!0/ƫ"+.ƫ% !*0%(ƫ
assets or liabilities.
ƫ
đƫ
!2!(ƫĂƫģƫ	*,10/ƫ.!ƫ+0$!.ƫ0$*ƫ-1+0! ƫ,.%!/ƫ%*(1 ! ƫ3%0$%*ƫ!2!(ƫāƫ0$0ƫ.!ƫ
observable for the asset or liability, either directly (i.e. as prices) or indirectly 
(i.e. derived from prices).
ƫ
đƫ
!2!(ƫăƫģƫ	*,10/ƫ.!ƫ*+0ƫ/! ƫ+*ƫ+/!.2(!ƫ).'!0ƫ 0ƫĨ1*+/!.2(!ƫ
inputs). Fair values are determined in whole or in part using a valuation model 
based on assumptions that are neither supported by prices from observable 
1..!*0ƫ).'!0ƫ0.*/0%+*/ƫ%*ƫ0$!ƫ/)!ƫ%*/0.1)!*0ƫ*+.ƫ.!ƫ0$!5ƫ/! ƫ+*ƫ
2%((!ƫ).'!0ƫ 0ċ
 
The cost of unquoted investments included in Level 3 of fair value hierarchy 
approximate their fair value because there is a wide range of possible fair value 
measurements and the cost represents estimate of fair value within that range.
 
The following table summarises ﬁnancial assets and liabilities measured at fair value 
on a recurring basis and ﬁnancial assets that are not measured at fair value on a 
recurring basis (but fair value disclosures are required):
(` crore)
As at March 31, 2020
Level 1
Level 2
Level 3
Total
Financial assets
Mutual fund units
1,692 
 - 
 - 
1,692 
Equity shares
 - 
 - 
42 
42 
Government bonds and securities
24,476 
 - 
 - 
24,476 
Corporate bonds
168 
 - 
 - 
168 
Derivative ﬁnancial assets
 - 
425 
 - 
425 
Total
26,336 
425 
42 
26,803 
Financial liabilities
Derivative ﬁnancial liabilities
 - 
693 
 - 
693 
Total
 - 
693 
 - 
693

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 195
(` crore)
As at March 31, 2019
Level 1
Level 2
Level 3
Total
Financial assets
Mutual fund units
3,745 
63 
 -  
3,808 
Equity shares
 -  
 -  
58 
58 
Government bonds and securities
23,743 
 -  
 -  
23,743 
Certiﬁcate of deposits
491 
 -  
 -  
491 
Corporate bonds
1,243 
 -  
 -  
1,243 
Derivative ﬁnancial assets
 -  
585 
 -  
585 
Total
29,222 
648 
58 
29,928 
Financial liabilities
Derivative ﬁnancial liabilities
 -  
60 
 -  
60 
Other ﬁnancial liabilities
 -  
 -  
218 
218 
Total
 -  
 60 
 218 
 278 
 
Reconciliation of Level 3 fair value measurement of ﬁnancial assets is as follows:
(` crore)
Year ended 
March 31, 2020
Year ended 
March 31, 2019
Balance at the beginning of the year
58
58
Disposals during the year
 - 
(3)
Impairment in value of investments
(20)
 -  
Translation exchange difference
 4 
 3 
Balance at the end of the year
42
58
 
Reconciliation of Level 3 fair value measurement of ﬁnancial liabilties is as follows:
(` crore)
Year ended 
March 31, 2020
Year ended 
March 31, 2019
Balance at the beginning of the year
218
203
Additions during the year
 - 
13 
Repayment during the year
(227)
 -  
Translation exchange difference
9 
 2 
Balance at the end of the year
 - 
218
(j) 
Derivative ﬁnancial instruments and hedging activity
 
The Group’s revenue is denominated in various foreign currencies. Given the nature 
of the business, a large portion of the costs are denominated in Indian Rupee. This 
exposes the Group to currency ﬂuctuations. 
ƫ
$!ƫ+. ƫ+"ƫ%.!0+./ƫ$2!ƫ+*/0%010! ƫƫ%/'ƫ*#!)!*0ƫ+))%00!!ƫĨĩƫ0+ƫ
".)!Čƫ%),(!)!*0ƫ* ƫ)+*%0+.ƫ0$!ƫ.%/'ƫ)*#!)!*0ƫ,(*ƫ+"ƫ0$!ƫ.+1,ƫ3$%$ƫ%*0!.ġ
(%ƫ+2!./ƫ.%/'/ƫ.%/%*#ƫ+10ƫ+"ƫ!4,+/1.!ƫ0+ƫ"+.!%#*ƫ1..!*5ƫý1010%+*/ċƫ* !.ƫ0$!ƫ
#1% *!ƫ* ƫ".)!3+.'ƫ,.+2% ! ƫ5ƫ0$!ƫČƫ0$!ƫ.+1,ƫ1/!/ƫ2.%+1/ƫ !.%20%2!ƫ
instruments such as foreign exchange forward, currency options and futures 
+*0.0/ƫ%*ƫ3$%$ƫ0$!ƫ+1*0!.ƫ,.05ƫ%/ƫ#!*!.((5ƫƫ*'ċ

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 196
 
The following are outstanding currency options contracts, which have been 
designated as cash ﬂow hedges:
As at March 31, 2020
As at March 31, 2019
Foreign 
currency
No. of 
contracts
Notional 
amount of 
contracts  
(In million)
Fair value 
(` crore)
No. of 
contracts
Notional 
amount of 
contracts 
(In million)
Fair value  
(` crore)
US Dollar
 55 
 1,420 
 20 
 28 
 1,000 
 128 
Great Britain 
Pound
 71 
 384 
 59 
 24 
 177 
23 
Euro
 38 
 363 
(31)
 33 
 239 
 50 
Australian Dollar
 26 
 192 
 48 
 26 
 181 
22 
Canadian Dollar
 19 
 104 
 16 
 21 
 99 
 14 
 
The movement in cash ﬂow hedging reserve for derivatives designated as cash ﬂow 
hedges is as follows:
(` crore)
Year ended  
March 31, 2020
Year ended  
March 31, 2019
Intrinsic 
value
Time 
value
Intrinsic 
value
Time 
value
Balance at the beginning of the year
134 
(30)
(2)
(69)
(Gain) / loss transferred to proﬁt and loss on 
occurrence of forecasted hedge transactions
 (449)
 513 
(488)
458 
Deferred tax on (gain) / loss transferred to 
proﬁt and loss on occurrence of forecasted 
hedge transactions
 54 
 (38)
94 
(25)
Change in the fair value of effective portion of 
cash ﬂow hedges
 355 
 (565)
641 
(414)
Deferred tax on fair value of effective portion 
of cash ﬂow hedges
 (49)
 52 
 (111)
20 
Balance at the end of the year
45 
(68)
134 
(30)
 
The Group has entered into derivative instruments not in hedging relationship by  
way of foreign exchange forward, currency options and futures contracts. As at  
March 31, 2020 and 2019, the notional amount of outstanding contracts aggregated 
to  `40,298 crore and `34,939 crore, respectively and the respective fair value of 
these contracts have a net loss of `380 crore and net gain of `288 crore. 
 
Exchange loss of `461 crore and exchange gain of `408 crore on foreign exchange 
forward, currency options and futures contracts that do not qualify for hedge 
accounting have been recognised in the consolidated statement of proﬁt and loss for 
the years ended March 31, 2020 and 2019, respectively.
 
Net foreign exchange gains include loss of `64 crore and gain of `30 crore 
transferred from cash ﬂow hedging reserve for the years ended March 31, 2020 and 
2019, respectively.
 
Net loss on derivative instruments of `23 crore recognised in cash ﬂow hedging 
reserve as at March 31, 2020, is expected to be transferred to the statement of proﬁt 
and loss by March 31, 2021. The maximum period over which the exposure to cash 
ﬂow variability has been hedged is through calendar year 2020.
 
Following table summarises approximate gain / (loss) on Group’s other 
comprehensive income on account of appreciation / depreciation of the underlying 
foreign currencies:
(` crore)
As at  
March 31, 2020
As at  
March 31, 2019
10% Appreciation of the underlying foreign 
currencies
(407)
(64)
10% Depreciation of the underlying foreign 
currencies
1,261
1,370

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 197
(k) 
Financial risk management
 
The Group is exposed primarily to ﬂuctuations in foreign currency exchange rates, 
.! %0Čƫ(%-1% %05ƫ* ƫ%*0!.!/0ƫ.0!ƫ.%/'/Čƫ3$%$ƫ)5ƫ 2!./!(5ƫ%),0ƫ0$!ƫ"%.ƫ2(1!ƫ+"ƫ
%0/ƫü**%(ƫ%*/0.1)!*0/ċƫ$!ƫ.+1,ƫ$/ƫƫ.%/'ƫ)*#!)!*0ƫ,+(%5ƫ3$%$ƫ+2!./ƫ.%/'/ƫ
//+%0! ƫ3%0$ƫ0$!ƫü**%(ƫ//!0/ƫ* ƫ(%%(%0%!/ċƫ$!ƫ.%/'ƫ)*#!)!*0ƫ,+(%5ƫ%/ƫ
,,.+2! ƫ5ƫ0$!ƫ+. ƫ+"ƫ%.!0+./ċƫ$!ƫ"+1/ƫ+"ƫ0$!ƫ.%/'ƫ)*#!)!*0ƫ+))%00!!ƫ%/ƫ
to assess the unpredictability of the ﬁnancial environment and to mitigate potential 
adverse effects on the ﬁnancial performance of the Group.
  
Market risk
ƫ
.'!0ƫ.%/'ƫ%/ƫ0$!ƫ.%/'ƫ0$0ƫ0$!ƫ"%.ƫ2(1!ƫ+.ƫ"101.!ƫ/$ƫý+3/ƫ+"ƫƫü**%(ƫ%*/0.1)!*0ƫ
3%((ƫý1010!ƫ!1/!ƫ+"ƫ$*#!/ƫ%*ƫ).'!0ƫ,.%!/ċƫ1$ƫ$*#!/ƫ%*ƫ0$!ƫ2(1!/ƫ+"ƫ
ﬁnancial instruments may result from changes in the foreign currency exchange rates, 
%*0!.!/0ƫ.0!/Čƫ.! %0Čƫ(%-1% %05ƫ* ƫ+0$!.ƫ).'!0ƫ$*#!/ċƫ$!ƫ.+1,Ě/ƫ!4,+/1.!ƫ0+ƫ
).'!0ƫ.%/'ƫ%/ƫ,.%).%(5ƫ+*ƫ+1*0ƫ+"ƫ"+.!%#*ƫ1..!*5ƫ!4$*#!ƫ.0!ƫ.%/'ċ
ƫ
đƫ
+.!%#*ƫ1..!*5ƫ!4$*#!ƫ.0!ƫ.%/'
 
 
The ﬂuctuation in foreign currency exchange rates may have potential impact 
on the consolidated statement of proﬁt and loss and other comprehensive 
income and equity, where any transaction references more than one currency 
or where assets / liabilities are denominated in a currency other than the 
functional currency of the respective entities. Considering the countries and 
economic environment in which the Group operates, its operations are subject 
0+ƫ.%/'/ƫ.%/%*#ƫ".+)ƫý1010%+*/ƫ%*ƫ!4$*#!ƫ.0!/ƫ%*ƫ0$+/!ƫ+1*0.%!/ċƫ
ƫ
ƫ
$!ƫ.+1,Čƫ/ƫ,!.ƫ%0/ƫ.%/'ƫ)*#!)!*0ƫ,+(%5Čƫ1/!/ƫ !.%20%2!ƫ%*/0.1)!*0/ƫ
primarily to hedge foreign exchange. Further, any movement in the functional 
currencies of the various operations of the Group against major foreign 
currencies may impact the Group’s revenue in international business.
 
 
The Group evaluates the impact of foreign exchange rate ﬂuctuations by 
//!//%*#ƫ%0/ƫ!4,+/1.!ƫ0+ƫ!4$*#!ƫ.0!ƫ.%/'/ċƫ	0ƫ$! #!/ƫƫ,.0ƫ+"ƫ0$!/!ƫ.%/'/ƫ5ƫ
1/%*#ƫ !.%20%2!ƫü**%(ƫ%*/0.1)!*0/ƫ%*ƫ(%*!ƫ3%0$ƫ%0/ƫ.%/'ƫ)*#!)!*0ƫ,+(%%!/ċ
 
 
The foreign exchange rate sensitivity is calculated by aggregation of the net 
foreign exchange rate exposure and a simultaneous parallel foreign exchange 
rates shift of all the currencies by 10% against the respective functional 
currencies of Tata Consultancy Services Limited and its subsidiaries.
ƫ
ƫ
$!ƫ"+((+3%*#ƫ*(5/%/ƫ$/ƫ!!*ƫ3+.'! ƫ+10ƫ/! ƫ+*ƫ0$!ƫ*!0ƫ!4,+/1.!/ƫ"+.ƫ
each of the subsidiaries and Tata Consultancy Services Limited as of the date 
of balance sheet which could affect the statement of proﬁt and loss and other 
comprehensive income and equity. Further the exposure as indicated below 
is mitigated by some of the derivative contracts entered into by the Group as 
disclosed in note 8(j).
 
 
The following table sets forth information relating to unhedged foreign 
currency exposure as at March 31, 2020:
(` crore)
USD
EUR
GBP
Others
Net ﬁnancial assets
 2,140 
 239 
 82 
 1,145 
Net ﬁnancial 
liabilities
 (3,257)
 (325)
 (160)
 (249)
 
 
10% appreciation / depreciation of the respective functional currency of  
Tata Consultancy Services Limited and its subsidiaries with respect to various 
foreign currencies would result in increase / decrease in the Group’s proﬁt 
before taxes by approximately `39 crore for the year ended March 31, 2020.

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 198
 
 
The following table sets forth information relating to unhedged foreign 
currency exposure as at March 31, 2019:
(` crore)
USD
EUR
GBP
Others
Net ﬁnancial assets
 2,519 
 321 
 500 
 1,285 
Net ﬁnancial 
liabilities
 (82)
 -   
 (10)
 (308)
 
 
10% appreciation / depreciation of the respective functional currency of  
Tata Consultancy Services Limited and its subsidiaries with respect to 
various foreign currencies would result in decrease / increase in the  
Group’s proﬁt before taxes by approximately `423 crore for the year  
ended March 31, 2019.
 
 
Impact of COVID-19 (Global pandemic)
 
 
The Group basis their assessment believes that the probability of the 
occurrence of their forecasted transactions is not impacted by COVID-19 
pandemic. The Group has also considered the effect of changes, if any, in 
+0$ƫ+1*0!.,.05ƫ.! %0ƫ.%/'ƫ* ƫ+3*ƫ.! %0ƫ.%/'ƫ3$%(!ƫ//!//%*#ƫ$! #!ƫ
effectiveness and measuring hedge ineffectiveness.  The Group continues to 
believe that there is no impact on effectiveness of its hedges.
ƫ
đƫ
	*0!.!/0ƫ.0!ƫ.%/'
 
 
The Group’s investments are primarily in ﬁxed rate interest bearing 
%*2!/0)!*0/ċƫ!*!Čƫ0$!ƫ.+1,ƫ%/ƫ*+0ƫ/%#*%ü*0(5ƫ!4,+/! ƫ0+ƫ%*0!.!/0ƫ.0!ƫ.%/'ċƫ
 
Credit risk
 
.! %0ƫ.%/'ƫ%/ƫ0$!ƫ.%/'ƫ+"ƫü**%(ƫ(+//ƫ.%/%*#ƫ".+)ƫ+1*0!.,.05ƫ"%(1.!ƫ0+ƫ.!,5ƫ
+.ƫ/!.2%!ƫ !0ƫ+. %*#ƫ0+ƫ0$!ƫ+*0.01(ƫ0!.)/ƫ+.ƫ+(%#0%+*/ċƫ.! %0ƫ.%/'ƫ
!*+),//!/ƫ+"ƫ+0$Čƫ0$!ƫ %.!0ƫ.%/'ƫ+"ƫ !"1(0ƫ* ƫ0$!ƫ.%/'ƫ+"ƫ !0!.%+.0%+*ƫ+"ƫ
.! %03+.0$%*!//ƫ/ƫ3!((ƫ/ƫ+*!*0.0%+*ƫ+"ƫ.%/'/ċƫ.! %0ƫ.%/'ƫ%/ƫ+*0.+((! ƫ5ƫ
analysing credit limits and creditworthiness of customers on a continuous basis to 
whom the credit has been granted after obtaining necessary approvals for credit.
ƫ
%**%(ƫ%*/0.1)!*0/ƫ0$0ƫ.!ƫ/1&!0ƫ0+ƫ+*!*0.0%+*/ƫ+"ƫ.! %0ƫ.%/'ƫ,.%*%,((5ƫ
consist of trade receivables, unbilled receivables, loan receivables,investments, 
 !.%20%2!ƫü**%(ƫ%*/0.1)!*0/Čƫ/$ƫ* ƫ/$ƫ!-1%2(!*0/Čƫ*'ƫ !,+/%0/ƫ* ƫ+0$!.ƫ
ﬁnancial assets. Inter-corporate deposits of `8,198 crore are with a ﬁnancial institution 
$2%*#ƫƫ$%#$ƫ.! %0ġ.0%*#ƫ//%#*! ƫ5ƫ.! %0ġ.0%*#ƫ#!*%!/ċƫ*'ƫ !,+/%0/ƫ%*(1 !ƫ
an amount of `āČāăĆƫ.+.!ƫ$!( ƫ3%0$ƫ03+ƫ	* %*ƫ*'/ƫ$2%*#ƫ$%#$ƫ.! %0ƫ.0%*#ƫ3$%$ƫ
.!ƫ%* %2% 1((5ƫ%*ƫ!4!//ƫ+"ƫāĀŌƫ+.ƫ)+.!ƫ+"ƫ0$!ƫ.+1,Ě/ƫ0+0(ƫ*'ƫ !,+/%0/ƫ/ƫ0ƫ5!.ƫ
ended March 31, 2020. None of the other ﬁnancial instruments of the Group result in 
)0!.%(ƫ+*!*0.0%+*ƫ+"ƫ.! %0ƫ.%/'ċ
ƫ
đƫ
4,+/1.!ƫ0+ƫ.! %0ƫ.%/'
 
 
The carrying amount of ﬁnancial assets and contract assets represents the 
)4%)1)ƫ.! %0ƫ!4,+/1.!ċƫ$!ƫ)4%)1)ƫ!4,+/1.!ƫ0+ƫ.! %0ƫ.%/'ƫ3/ƫ 
`88,291 crore and `89,172 crore as at March 31, 2020 and 2019, respectively, 
!%*#ƫ0$!ƫ0+0(ƫ+"ƫ0$!ƫ..5%*#ƫ)+1*0ƫ+"ƫ(*!/ƫ3%0$ƫ*'/Čƫ*'ƫ
deposits, investments, trade receivables, unbilled receivables,loan 
receivables,contract assets and other ﬁnancial assets.
 
 
The Group’s exposure to customers is diversiﬁed and no single customer 
contributes to more than 10% of outstanding trade receivables, unbilled 
receivables and contract assets as at March 31, 2020 and 2019.

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 199
 
 
Geographic concentration of credit risk
 
 
Geographic concentration of trade receivables (gross and net of allowances), 
unbilled receivables and contract assets is as follows:
As at March 31, 2020
As at March 31, 2019
Gross%
Net%
Gross%
Net%
United States of 
America
44.94
45.66
 45.95 
 46.67 
India
11.56
10.01
 11.83 
 10.37 
United Kingdom
14.74
15.02
 14.12 
 14.30 
 
 
Geographical concentration of trade receivables, unbilled receivables and 
contract assets is allocated based on the location of the customers.
 
 
The allowance for lifetime expected credit loss on trade receivables for 
the years ended March 31, 2020 and 2019 was `133 crore and `187 crore 
respectively. The reconciliation of allowance for doubtful trade receivables  
is as follows:
(` crore)
Year ended 
March 31, 2020
Year ended 
March 31, 2019
Balance at the beginning of 
the year
 1,020 
 831 
Change during the year
 133 
 187 
Bad debts written off
 (43)
 (9)
Translation exchange difference
 27 
 11 
Balance at the end of the year
 1,137 
 1,020 
 
 
Liquidity risk
ƫ
ƫ
%-1% %05ƫ.%/'ƫ.!"!./ƫ0+ƫ0$!ƫ.%/'ƫ0$0ƫ0$!ƫ.+1,ƫ**+0ƫ)!!0ƫ%0/ƫü**%(ƫ
+(%#0%+*/ċƫ$!ƫ+&!0%2!ƫ+"ƫ(%-1% %05ƫ.%/'ƫ)*#!)!*0ƫ%/ƫ0+ƫ)%*0%*ƫ/1þ%!*0ƫ
liquidity and ensure that funds are available for use as per requirements. The 
Group consistently generated sufficient cash ﬂows from operations to meet its 
ﬁnancial obligations including lease liabilities as and when they fall due.
 
 
The tables below provide details regarding the contractual maturities of 
signiﬁcant ﬁnancial liabilities as of:
(` crore)
March 31, 2020
Due in 
1st year 
Due in 
2nd year 
Due in  
3rd to  
5th year 
Due 
after 
5th year 
Total 
Non-derivative ﬁnancial 
liabilities
Trade payables
 6,740 
 - 
 - 
 - 
 6,740 
Lease liabilities
 1,722 
 1,514 
 3,517 
 4,034 
10,787 
Other ﬁnancial liabilities
 5,407 
 12 
 279 
 - 
5,698 
13,869 
1,526 
3,796 
4,034 
23,225 
Derivative ﬁnancial 
liabilities
 693 
 - 
 - 
 - 
 693 
Total
14,562 
1,526 
3,796 
4,034 
23,918

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 200
(` crore)
March 31, 2019
Due in 
1st year 
Due in 
2nd year 
Due in 
3rd to 
5th year 
Due after 
5th year 
Total 
Non-derivative ﬁnancial 
liabilities
Trade payables
6,292 
 -  
 -  
 -  
6,292 
Lease liabilities
 -  
18 
37 
 - 
55 
Other ﬁnancial liabilities
4,843 
12 
227 
48 
5,130 
11,135 
30 
264 
48 
11,477 
Derivative ﬁnancial 
liabilities
60 
 -  
 -  
 -  
60 
Total
11,195 
30 
264 
48 
11,537 
 
 
Other risk - Impact of COVID-19
 
 
Financial assets carried at fair value as at March 31, 2020 is `26,581 crore  
and ﬁnancial assets are carried at amortised cost as at March 31, 2020 is 
`57,264 crore. A signiﬁcant part of the ﬁnancial assets are classiﬁed as Level 
1 having fair value of `26,336 crore as at March 31, 2020. The fair value of 
0$!/!ƫ//!0/ƫ%/ƫ).'! ƫ0+ƫ*ƫ0%2!ƫ).'!0ƫ3$%$ƫ"0+./ƫ0$!ƫ1*!.0%*0%!/ƫ
arising out of COVID-19. The ﬁnancial assets carried at fair value by the Group 
are mainly investments in liquid debt securities and accordingly, any material 
volatility is not expected.
 
 
Financial assets of `10,015 crore as at March 31, 2020 carried at amortised 
+/0ƫ%/ƫ%*ƫ0$!ƫ"+.)ƫ+"ƫ/$ƫ* ƫ/$ƫ!-1%2(!*0/Čƫ*'ƫ !,+/%0/ƫ* ƫ!.).'! ƫ
(*!/ƫ3%0$ƫ*'/ƫ3$!.!ƫ0$!ƫ.+1,ƫ$/ƫ//!//! ƫ0$!ƫ+1*0!.,.05ƫ
.! %0ƫ.%/'ċƫ. !ƫ.!!%2(!/ƫ+"ƫ`30,606 crore as at March 31, 2020 forms 
a signiﬁcant part of the ﬁnancial assets carried at amortised cost which is 
valued considering provision for allowance using expected credit loss method. 
In addition to the historical pattern of credit loss, we have considered the 
(%'!(%$++ ƫ+"ƫ%*.!/! ƫ.! %0ƫ.%/'ƫ* ƫ+*/!-1!*0%(ƫ !"1(0ƫ+*/% !.%*#ƫ
emerging situations due to COVID-19. This assessment is not based on 
any mathematical model but an assessment considering the nature of 
2!.0%(/Čƫ%),0ƫ%))! %0!(5ƫ/!!*ƫ%*ƫ0$!ƫ !)* ƫ+10(++'ƫ+"ƫ0$!/!ƫ2!.0%(/ƫ
and the ﬁnancial strength of the customers in respect of whom amounts 
are receivable. The Group has speciﬁcally evaluated the potential impact 
with respect to customers in Retail, Travel, Transportation and Hospitality, 
Manufacturing and Energy verticals which could have an immediate impact 
and the rest which could have an impact with a lag.  The Group closely 
monitors its customers who are going through ﬁnancial stress and assesses 
actions such as change in payment terms, discounting of receivables with 
institutions on no-recourse basis, recognition of revenue on collection basis 
etc., depending on severity of each case. The same assessment is done in 
respect of unbilled receivables and contract assets of `10,545 crore as at 
March 31, 2020 while arriving at the level of provision that is required. Basis 
this assessment, the allowance for doubtful trade receivables of `1,137 crore as 
at March 31, 2020 is considered adequate.

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 201
(l) 
Equity instruments
 
The authorised, issued, subscribed and fully paid-up share capital consist of the 
following:
(` crore)
As at  
March 31, 2020
As at  
March 31, 2019
Authorised 
460,05,00,000 equity shares of `1 each
 460 
 460 
(March 31, 2019: 460,05,00,000 equity shares 
of `1 each)
105,02,50,000  preference shares of  `1 each
 105 
 105 
(March 31, 2019: 105,02,50,000  preference 
shares of `1 each)
 565 
 565 
Issued, Subscribed and Fully paid up
375,23,84,706 equity shares of `1 each
 375 
 375 
(March 31, 2019: 375,23,84,706 equity shares 
of `1 each)
 375 
 375 
 
The Company’s objective for capital management is to maximise shareholder value, 
safeguard business continuity and support the growth of the Company. The Company 
determines the capital requirement based on annual operating plans and long-term 
and other strategic investment plans. The funding requirements are met through 
equity and operating cash ﬂows generated. The Company is not subject to any 
externally imposed capital requirements.
 
In the previous year, the Company allotted 191,42,87,591 equity shares as fully paid 
up bonus shares by capitalisation of proﬁts transferred from retained earnings 
amounting to `86 crore and capital redemption reserve amounting to `106 crore.
ƫ
$!ƫ+),*5ƫ+1#$0ƫ'ƫĈČćāČĊĀČąĈćƫ!-1%05ƫ/$.!/ƫ"+.ƫ*ƫ##.!#0!ƫ)+1*0ƫ+"ƫ
`16,000 crore being 1.99% of the total paid up equity share capital at `2,100 per 
!-1%05ƫ/$.!ƫ%*ƫ0$!ƫ,.!2%+1/ƫ5!.ċƫ$!ƫ!-1%05ƫ/$.!/ƫ+1#$0ƫ'ƫ3!.!ƫ!40%*#1%/$! ƫ
on September 26, 2018.
 
I. 
Reconciliation of number of shares
As at March 31, 2020
As at March 31, 2019
Number of 
shares
Amount  
(` crore)
Number of 
shares
Amount 
(` crore)
Equity shares
Opening balance
375,23,84,706
375 
191,42,87,591
191 
Issued during the year
 - 
 - 
191,42,87,591
192 
Shares extinguished on 
15ġ'
 - 
 - 
(7,61,90,476)
(8)
Closing balance
375,23,84,706
375 
375,23,84,706
375 
 
II. 
Rights, preferences and restrictions attached to shares
 
 
The Company has one class of equity shares having a par value of `1 each. 
Each shareholder is eligible for one vote per share held and carry a right to 
dividend. 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.

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 202
 
III. 
Shares held by Holding company, its Subsidiaries and Associates
(` crore)
As at  
March 31, 2020
As at  
March 31, 2019
Equity shares
Holding company
270,24,50,947 equity shares (March 31, 
2019: 270,24,50,947 equity shares) are 
held by Tata Sons Private Limited
270
270
Subsidiaries and Associates of 
Holding company
7,220 equity shares (March 31, 2019: 
7,220 equity shares) are held by  
Tata Industries Limited*
 - 
 -  
10,36,269 equity shares (March 31, 
2019: 10,36,269 equity shares) are 
held by Tata Investment Corporation 
Limited*
 - 
 -  
46,798 equity shares (March 31, 2019:  
46,798 equity shares) are held by  
Tata Steel Limited*
 - 
 -  
766 equity shares (March 31, 2019:  
766 equity shares) are held by  
The Tata Power Company Limited*
 - 
 -  
270
270
 
 
*Equity shares having value less than `0.50 crore.
 
IV. 
Details of shares held by shareholders holding more than 5% of the 
aggregate shares in the Company
As at  
March 31, 2020
As at  
March 31, 2019
Equity shares
Tata Sons Private Limited, the holding 
company
270,24,50,947
270,24,50,947
% of shareholding
72.02%
72.02%
 
V. 
Equity shares movement during 5 years preceding March 31, 2020
ƫ
ƫ
đƫ
-1%05ƫ/$.!/ƫ%//1! ƫ/ƫ+*1/
 
 
 
The Company allotted 191,42,87,591 equity shares as fully paid up bonus 
shares by capitalisation of proﬁts transferred from retained earnings 
amounting to `86 crore and capital redemption reserve amounting to 
`āĀćƫ.+.!Čƫ,1./1*0ƫ0+ƫ*ƫ+. %*.5ƫ.!/+(10%+*ƫ,//! ƫ"0!.ƫ0'%*#ƫ0$!ƫ
consent of shareholders through postal ballot.
 
 
đƫ
-1%05ƫ/$.!/ƫ!40%*#1%/$! ƫ+*ƫ15ġ'
 
 
ƫ
$!ƫ+),*5ƫ+1#$0ƫ'ƫĈČćāČĊĀČąĈćƫ!-1%05ƫ/$.!/ƫ"+.ƫ*ƫ##.!#0!ƫ
amount of  `16,000 crore being 1.99% of the total paid up equity share 
capital at `ĂČāĀĀƫ,!.ƫ!-1%05ƫ/$.!ċƫ$!ƫ!-1%05ƫ/$.!/ƫ+1#$0ƫ'ƫ3!.!ƫ
extinguished on September 26, 2018.
 
 
 
5,61,40,350 equity shares of `āƫ!$ƫ3!.!ƫ!40%*#1%/$! ƫ+*ƫ15ġ'ƫ
by the Company pursuant to a Letter of Offer made to all eligible 
shareholders of the Company at `2,850 per equity share. The equity 
/$.!/ƫ+1#$0ƫ'ƫ3!.!ƫ!40%*#1%/$! ƫ+*ƫ
1*!ƫĈČƫĂĀāĈċ

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 203
 
 
đƫ
-1%05ƫ/$.!/ƫ((+00! ƫ/ƫ"1((5ƫ,% ġ1,ƫ%*(1 %*#ƫ!-1%05ƫ/$.!/ƫ"1((5ƫ
paid pursuant to contract without payment being received in cash
 
 
 
1,16,99,962 equity shares issued to the shareholders of CMC Limited  
in terms of the scheme of amalgamation (‘the Scheme’) sanctioned  
by the High Court of Judicature at Bombay vide its Order dated  
August 14, 2015 and the High Court of Judicature at Hyderabad vide  
its Order dated July 20, 2015.
9) 
Leases
 
A contract is, or contains, a lease if the contract conveys the right to control the use 
of an identiﬁed asset for a period of time in exchange for consideration. 
 
Group as a lessee
 
The Group accounts for each lease component within the contract as a lease 
separately from non-lease components of the contract and allocates the 
consideration in the contract to each lease component on the basis of the relative 
stand-alone price of the lease component and the aggregate stand-alone price of the 
non-lease components. 
 
The Group recognises right-of-use asset representing its right to use the underlying 
asset for the lease term at the lease commencement date. The cost of the right-
of-use asset measured at inception shall comprise of the amount of the initial 
measurement of the lease liability adjusted for any lease payments made at or before 
the commencement date less any lease incentives received, plus any initial direct 
costs incurred and an estimate of costs to be incurred by the lessee in dismantling 
and removing the underlying asset or restoring the underlying asset or site on which 
it is located. The right-of-use assets is subsequently measured at cost less any 
accumulated depreciation, accumulated impairment losses, if any and adjusted for 
any remeasurement of the lease liability. The right-of-use assets is depreciated using 
the straight-line method from the commencement date over the shorter of lease term 
or useful life of right-of-use asset. The estimated useful lives of right-of-use assets 
are determined on the same basis as those of property, plant and equipment. Right-
of-use assets are tested for impairment whenever there is any indication that their 
carrying amounts may not be recoverable. Impairment loss, if any, is recognised in 
the statement of proﬁt and loss.
 
The Group measures the lease liability at the present value of the lease payments 
that are not paid at the commencement date of the lease. The lease payments are 
discounted using the interest rate implicit in the lease, if that rate can be readily 
determined. If that rate cannot be readily determined, the Group uses incremental 
borrowing rate. For leases with reasonably similar characteristics, the Group, on a 
lease by lease basis, may adopt either the incremental borrowing rate speciﬁc to 
the lease or the incremental borrowing rate for the portfolio as a whole. The lease 
payments shall include ﬁxed payments, variable lease payments, residual value 
guarantees, exercise price of a purchase option where the Group is reasonably certain 
to exercise that option and payments of penalties for terminating the lease, if the 
lease term reﬂects the lessee exercising an option to terminate the lease. The lease 
liability is subsequently remeasured by increasing the carrying amount to reﬂect 
interest on the lease liability, reducing the carrying amount to reﬂect the lease 
payments made and remeasuring the carrying amount to reﬂect any reassessment 
or lease modiﬁcations or to reﬂect revised in-substance ﬁxed lease payments. 
The Group recognises the amount of the re-measurement of lease liability due to 
modiﬁcation as an adjustment to the right-of-use asset and statement of proﬁt 
and loss depending upon the nature of modiﬁcation. Where the carrying amount 
of the right-of-use asset is reduced to zero and there is a further reduction in the 
measurement of the lease liability, the Group recognises any remaining amount of the 
re-measurement in statement of proﬁt and loss.
 
The Group has elected not to apply the requirements of Ind AS 116 Leases to short-
term leases of all assets that have a lease term of 12 months or less and leases for 
which the underlying asset is of low value. The lease payments associated with these 
leases are recognised as an expense on a straight-line basis over the lease term.

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 204
 
Group as a lessor
 
At the inception of the lease the Group classiﬁes each of its leases as either an 
operating lease or a ﬁnance lease. The Group recognises lease payments received 
under operating leases as income on a straight-line basis over the lease term. In 
case of a ﬁnance lease, ﬁnance income is recognised over the lease term based on 
a pattern reﬂecting a constant periodic rate of return on the lessor’s net investment 
in the lease. When the Group is an intermediate lessor it accounts for its interests in 
the head lease and the sub-lease separately. It assesses the lease classiﬁcation of a 
sub-lease with reference to the right-of-use asset arising from the head lease, not 
with reference to the underlying asset. If a head lease is a short term lease to which 
the Group applies the exemption described above, then it classiﬁes the sub-lease as 
an operating lease. 
 
If an arrangement contains lease and non-lease components, the Group applies Ind 
AS 115 Revenue from contracts with customers to allocate the consideration in the 
contract.
 
Transition to Ind AS 116
 
Ministry of Corporate Affairs (“MCA”) through Companies (Indian Accounting 
Standards) Amendment Rules, 2019 and Companies (Indian Accounting Standards) 
Second Amendment Rules, has notiﬁed Ind AS 116 Leases which replaces the existing 
lease standard, Ind AS 17 Leases and other interpretations. Ind AS 116 sets out the 
principles for the recognition, measurement, presentation and disclosure of leases 
for both lessees and lessors. It introduces a single, on-balance sheet lease accounting 
model for lessees.
 
The Group has adopted Ind AS 116, effective annual reporting period beginning  
April 1, 2019 and applied the standard to its leases, retrospectively, with the 
cumulative effect of initially applying the standard, recognised on the date of initial 
application (April 1, 2019). Accordingly, the Group has not restated comparative 
information, instead, the cumulative effect of initially applying this standard has been 
recognised as an adjustment to the opening balance of retained earnings as on  
April 1, 2019. 
 
Refer note 2(h) – Signiﬁcant accounting policies – Leases in the Annual report of the 
Group for the year ended March 31, 2019, for the policy as per Ind AS 17.
 
Group as a lessee
 
Operating leases
 
For transition, the Group has elected not to apply the requirements of Ind AS 116 to 
leases which are expiring within 12 months from the date of transition by class of 
asset and leases for which the underlying asset is of low value on a lease-by-lease 
basis. The Group has also used the practical expedient provided by the standard 
when applying Ind AS 116 to leases previously classiﬁed as operating leases under  
Ind AS 17 and therefore, has not reassessed whether a contract, is or contains a 
lease, at the date of initial application, relied on its assessment of whether leases are 
onerous, applying Ind AS 37 immediately before the date of initial application as an 
alternative to performing an impairment review, excluded initial direct costs from 
measuring the right-of-use asset at the date of initial application and used hindsight 
when determining the lease term if the contract contains options to extend or 
terminate the lease. The Group has used a single discount rate to a portfolio of leases 
with similar characteristics.
 
On transition, the Group recognised a lease liability measured at the present value 
of the remaining lease payments. The right-of-use asset is recognised at its carrying 
amount as if the standard had been applied since the commencement of the lease, 
but discounted using the lessee’s incremental borrowing rate as at April 1, 2019. 
Accordingly, a right-of-use asset of `6,360 crore and lease liability of `6,831 crore has 
been recognised. The cumulative effect on transition in retained earnings net of taxes 
is  `359 crore (including the deferred tax of `170 crore). The principal portion of the 
lease payments have been disclosed under cash ﬂow from ﬁnancing activities. The 
lease payments for operating leases as per Ind AS 17 - Leases, were earlier reported 
under cash ﬂow from operating activities. The weighted average incremental

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 205
borrowing rate of 6.78% has been applied to lease liabilities recognised in the balance 
sheet at the date of initial application.
 
On application of Ind AS 116, the nature of expenses has changed from lease rent in 
previous periods to depreciation cost for the right-of-use asset, and ﬁnance cost for 
interest accrued on lease liability.
 
The difference between the future minimum lease rental commitments towards 
non-cancellable operating leases and ﬁnance leases reported as at March 31, 2019 
compared to the lease liability as accounted as at April 1, 2019 is primarily due to 
inclusion of present value of the lease payments for the cancellable term of the 
leases, reduction due to discounting of the lease liabilities as per the requirement of 
Ind AS 116 and exclusion of the commitments for the leases to which the Group has 
chosen to apply the practical expedient as per the standard.
 
Finance lease
 
The Group has leases that were classiﬁed as ﬁnance leases applying Ind AS 17. For 
such leases, the carrying amount of the right-of-use asset and the lease liability at 
the date of initial application of Ind AS 116 is the carrying amount of the lease asset 
and lease liability on the transition date as measured applying Ind AS 17. Accordingly, 
an amount of `31 crore has been reclassiﬁed from property, plant and equipment to 
right-of-use assets. An amount of `18 crore has been reclassiﬁed from other current 
ﬁnancial liabilities to lease liability – current and an amount of `44 crore has been 
reclassiﬁed from borrowings – non-current to lease liability – non-current.
 
Group as a lessor
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$!ƫ.+1,ƫ%/ƫ*+0ƫ.!-1%.! ƫ0+ƫ)'!ƫ*5ƫ &1/0)!*0/ƫ+*ƫ0.*/%0%+*ƫ0+ƫ	* ƫƫāāćƫ"+.ƫ
leases in which it acts as a lessor, except for a sub-lease. The Group accounted for its 
leases in accordance with Ind AS 116 from the date of initial application. The Group 
does not have any signiﬁcant impact on account of sub-lease on the application of 
this standard.
 
The details of the right-of-use asset held by the Group is as follows: 
(` crore)
Additions for year 
ended March 31, 2020
Net carrying amount 
as at March 31, 2020
Leasehold land
 474 
 690 
Buildings
 2,443 
 7,218 
Leasehold improvements
 15 
 46 
Computer equipment
 7 
 13 
Vehicles
 5 
 16 
Office equipment
 7 
 11 
 2,951 
 7,994 
 
Depreciation on right-of-use asset is as follows: 
(` crore)
Year ended          
March 31, 2020
Leasehold land
 4 
Buildings
 1,225 
Leasehold improvements
 10 
Computer equipment
 17 
Vehicles
 10 
Office equipment
 2 
 1,268 
 
Interest on lease liabilities is `492 crore for the year ended on March 31, 2020.

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 206
 
The Group incurred `392 crore for the year ended March 31, 2020 towards expenses 
relating to short-term leases and leases of low-value assets. The total cash outﬂow 
for leases is `2,465 crore for the year ended March 31, 2020, including cash outﬂow 
of short-term leases and leases of low-value assets. The Group has lease term 
extension options that are not reﬂected in the measurement of lease liabilities. The 
present value of future cash outﬂows for such extension periods as at March 31, 2020 
is `457 crore.
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!/!ƫ+*0.0/ƫ!*0!.! ƫ5ƫ0$!ƫ.+1,ƫ)&+.(5ƫ,!.0%*/ƫ"+.ƫ1%( %*#/ƫ0'!*ƫ+*ƫ(!/!ƫ
to conduct its business in the ordinary course. The Group does not have any lease 
restrictions and commitment towards variable rent as per the contract.
 
Impact of COVID-19
 
The Group does not foresee any large-scale contraction in demand which could result 
in signiﬁcant down-sizing of its employee base rendering the physical infrastructure 
redundant. The leases that the Group has entered with lessors towards properties 
used as delivery centers / sales offices are long term in nature and no changes in 
terms of those leases are expected due to the COVID-19.  
10) 
Non-ﬁnancial assets and liabilities
 
(a) 
Property, plant and equipment
 
 
Property, plant and equipment are stated at cost comprising of purchase price 
* ƫ*5ƫ%*%0%(ƫ %.!0(5ƫ00.%10(!ƫ+/0ƫ+"ƫ.%*#%*#ƫ0$!ƫ//!0ƫ0+ƫ%0/ƫ3+.'%*#ƫ
condition for its intended use, less accumulated depreciation (other than 
freehold land) and impairment loss, if any.
 
 
Depreciation is provided for property, plant and equipment on a straight-line 
basis so as to expense the cost less residual value over their estimated useful 
lives based on a technical evaluation. The estimated useful lives and residual 
values are reviewed at the end of each reporting period, with the effect of any 
change in estimate accounted for on a prospective basis. 
 
 
The estimated useful lives are as mentioned below:
Type of asset
Useful lives
Buildings 
20 years
Leasehold improvements
Lease term
Plant and equipment
10 years
Computer equipment
4 years
Vehicles
4 years
Office equipment
5 years
Electrical installations
4-10 years
Furniture and ﬁxtures
5 years
ƫ
ƫ
!,.!%0%+*ƫ%/ƫ*+0ƫ.!+. ! ƫ+*ƫ,%0(ƫ3+.'ġ%*ġ,.+#.!//ƫ1*0%(ƫ+*/0.10%+*ƫ
and installation are complete and the asset is ready for its intended use. 
 
 
Property, plant and equipment with ﬁnite life are evaluated for recoverability 
whenever there is any indication that their carrying amounts may not be 
recoverable. If any such indication exists, the recoverable amount (i.e. higher 
of the fair value less cost to sell and the value-in-use) is determined on an 
individual asset basis unless the asset does not generate cash ﬂows that are 
largely independent of those from other assets. In such cases, the recoverable 
amount is determined for the cash generating unit (CGU) to which the asset 
belongs. 
 
 
If the recoverable amount of an asset (or CGU) is estimated to be less than 
its carrying amount, the carrying amount of the asset (or CGU) is reduced to 
its recoverable amount. An impairment loss is recognised in the statement of 
proﬁt and loss.

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 207
Property, plant and equipment consist of the following:
 
(` crore)
Freehold land
Buildings
Leasehold 
improvements
Plant and 
equipment
Computer 
equipment
Vehicles
Office 
equipment
Electrical 
installations
Furniture and 
ﬁxtures
Total
Cost as at  
April 1, 2019
 345 
 7,429 
 2,403 
 552 
 7,687 
 39 
 2,377 
 1,935 
 1,755 
 24,522 
Transition impact of Ind AS 116 (Refer note 9)
 -  
 -  
(106)
 -  
(130)
 -  
(5)
 -  
(2)
(243)
Restated cost as at April 1, 2019
 345 
 7,429 
 2,297 
 552 
 7,557 
 39 
 2,372 
 1,935 
 1,753 
 24,279 
Additions
 -  
 290 
 302 
 134 
 1,620 
 5 
 223 
 119 
 165 
 2,858 
Disposals
 -  
(7)
(185)
 -  
(379)
(2)
(90)
(19)
(51)
(733)
Translation exchange difference
 2 
 7 
13 
(5)
(4)
 -  
4 
 4 
 19 
40 
Cost as at March 31, 2020
 347 
 7,719 
 2,427 
 681 
 8,794 
 42 
 2,509 
 2,039 
 1,886 
 26,444 
Accumulated depreciation as at April 1, 2019
 -  
(2,187)
(1,396)
(172)
(5,906)
(31)
(1,921)
(1,132)
(1,366)
(14,111)
Transition impact of Ind AS 116 (Refer note 9)
 -  
 -  
60 
 -  
129 
 -  
4 
 -  
1 
194 
Restated accumulated depreciation as at  
April 1, 2019
 -  
(2,187)
(1,336)
(172)
(5,777)
(31)
(1,917)
(1,132)
(1,365)
(13,917)
Depreciation for the year
 -  
(379)
(191)
(60)
(998)
(5)
(232)
(147)
(160)
(2,172)
Disposals
 -  
 6 
99 
 -   
357 
2 
85 
 18 
51 
618 
Translation exchange difference
 -  
(3)
(13)
 4 
4 
 -  
(4)
(5)
(15)
(32)
Accumulated depreciation as at March 31, 2020
 -  
(2,563)
(1,441)
(228)
(6,414)
(34)
(2,068)
(1,266)
(1,489)
(15,503)
Net carrying amount as at March 31, 2020
 347 
 5,156 
 986 
 453 
 2,380 
 8 
 441 
 773 
 397 
 10,941

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 208
(` crore)
Freehold land
Buildings
Leasehold 
improvements
Plant and 
equipment
Computer 
equipment
Vehicles
Office 
equipment
Electrical 
installations
Furniture and 
ﬁxtures
Total
Cost as at April 1, 2018
 348 
 7,102 
 2,257 
 501 
 6,786 
 34 
 2,221 
 1,831 
 1,640 
 22,720 
Additions
 (4)
 335 
 236 
 56 
 1,120 
 7 
 200 
 130 
 150 
 2,230 
Disposals
 - 
 (13)
 (95)
 (3)
 (194)
 (2)
 (46)
 (30)
 (45)
 (428)
Translation exchange difference
 1 
 5 
 5 
 (2)
 (25)
 - 
 2 
 4 
 10 
 - 
Cost as at March 31, 2019
 345 
 7,429 
 2,403 
 552 
 7,687 
 39 
 2,377 
 1,935 
 1,755 
 24,522 
Accumulated depreciation as at April 1, 2018
 - 
 (1,821)
 (1,283)
 (122)
 (5,292)
 (28)
 (1,720)
 (1,004)
 (1,234)
 (12,504)
Depreciation for the year
 -  
 (374)
 (205)
 (54)
 (820)
 (4)
 (245)
 (147)
 (168)
 (2,017)
Disposals
 -  
 10 
 94 
 2 
 194 
 1 
 46 
 23 
 43 
 413 
Translation exchange difference
 -  
 (2)
 (2)
 2 
 12 
 - 
 (2)
 (4)
 (7)
 (3)
Accumulated depreciation as at March 31, 2019
 -  
 (2,187)
 (1,396)
 (172)
 (5,906)
 (31)
 (1,921)
 (1,132)
 (1,366)
 (14,111)
Net carrying amount as at March 31, 2019
 345 
 5,242 
 1,007 
 380 
 1,781 
 8 
 456 
 803 
 389 
 10,411

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 209
 
 
Net carrying amount of property, plant and equipment under ﬁnance lease 
arrangements are as follows:
(` crore)
As at  
March 31, 2019
Leasehold improvements 
 27 
Computer equipment
 2 
Office equipment
 1 
Furniture and ﬁxtures
 1 
Leased assets
 31 
 
(b) 
Goodwill 
 
 
Goodwill represents the cost of acquired business as established at the date 
of acquisition of the business in excess of the acquirer’s interest in the net 
fair value of the identiﬁable assets, liabilities and contingent liabilities less 
accumulated impairment losses, if any. Goodwill is tested for impairment 
annually or when events or circumstances indicate that the implied fair value 
of goodwill is less than its carrying amount. 
 
 
CGUs to which goodwill has been allocated are tested for impairment annually, 
or more frequently when there is indication for impairment. The ﬁnancial 
projections basis which the future cash ﬂows have been estimated consider 
the increase in economic uncertainties due to COVID-19, reassessment of the 
discount rates, revisiting the growth rates factored while arriving at terminal 
value and subjecting these variables to sensitivity analysis. If the recoverable 
amount of a CGU is less than its carrying amount, the impairment loss is 
allocated ﬁrst to reduce the carrying amount of any goodwill allocated to the 
unit and then to the other assets of the unit on a pro-rata basis of the carrying 
amount of each asset in the unit.
 
 
Goodwill consist of the following:
(` crore)
As at  
March 31, 2020
As at  
March 31, 2019
Balance at the beginning of the year
 1,700 
 1,745 
Additional amount recognised from 
business combination during the year
 - 
 14 
Translation exchange difference
10 
(59)
Balance at the end of the year
 1,710 
 1,700 
 
 
Goodwill of `636 crore and `594 crore as at March 31, 2020 and 2019, 
respectively, has been allocated to the TCS business in France. The estimated 
value-in-use of this CGU is based on the future cash ﬂows using a 1.50% 
annual growth rate for periods subsequent to the forecast period of 5 years 
and discount rate of 9.30%. An analysis of the sensitivity of the computation 
0+ƫƫ$*#!ƫ%*ƫ'!5ƫ,.)!0!./ƫĨ+,!.0%*#ƫ).#%*Čƫ %/+1*0ƫ.0!/ƫ* ƫ(+*#ƫ
term average growth rate), based on reasonable assumptions, did not identify 
any probable scenario in which the recoverable amount of the CGU would 
decrease below its carrying amount.
 
 
The remaining amount of goodwill of `1,074  crore and `1,106 crore as at 
March 31, 2020 and 2019, respectively, (relating to different CGUs individually 
immaterial) has been evaluated based on the cash ﬂow forecasts of the 
related CGUs and the recoverable amounts of these CGUs exceeded their 
carrying amounts.
 
(c) 
Other intangible assets
 
 
Intangible assets purchased including acquired in business combination, are 
measured at cost as at the date of acquisition, as applicable, less accumulated 
amortisation and accumulated impairment, if any.

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 210
 
 
Intangible assets consist of rights under licensing agreement and software 
licences and customer-related intangibles. 
 
 
Following table summarises the nature of intangibles and their estimated 
useful lives:
Type of asset
Useful lives
Rights under licensing agreement 
and software licences
Lower of licence period and  
2-5 years
Customer-related intangibles
3 years
 
 
Intangible assets are amortised on a straight-line basis over the period of its 
economic useful life.
 
 
Intangible assets with ﬁnite life are evaluated for recoverability whenever there 
is any indication that their carrying amounts may not be recoverable. If any 
such indication exists, the recoverable amount (i.e. higher of the fair value less 
cost to sell and the value-in-use) is determined on an individual asset basis 
unless the asset does not generate cash ﬂows that are largely independent of 
those from other assets. In such cases, the recoverable amount is determined 
for the cash generating unit (CGU) to which the asset belongs. 
 
 
If the recoverable amount of an asset (or CGU) is estimated to be less than 
its carrying amount, the carrying amount of the asset (or CGU) is reduced to 
its recoverable amount. An impairment loss is recognised in the statement of 
proﬁt and loss.
 
 
Intangible assets consist of the following:
(` crore)
Rights under 
licensing 
agreement 
and software 
licences
Customer-
related 
intangibles
Total
Cost as at April 1, 2019
 256 
 115 
 371 
Additions
 192 
 - 
 192 
Translation exchange 
difference
 - 
 5 
 5 
Cost as at March 31, 2020
 448 
 120 
 568 
Accumulated amortisation as 
at April 1, 2019
 (102)
 (90)
 (192)
Amortisation for the year
 (80)
 (9)
(89)
Translation exchange 
difference
 2 
 (6)
 (4)
Accumulated amortisation as 
at March 31, 2020
 (180)
 (105)
 (285)
Net carrying amount as at 
March 31, 2020
 268 
 15 
 283

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 211
(` crore)
Rights under 
licensing 
agreement 
and software 
licences
Customer-
related 
intangibles
Total
Cost as at April 1, 2018
 80 
 89 
 169 
Additions
 178 
 -  
 178 
Acquisition through a business 
combination
 - 
 28 
 28 
Translation exchange 
difference
 (2)
 (2)
 (4)
Cost as at March 31, 2019
 256 
 115 
 371 
Accumulated amortisation as 
at April 1, 2018
 (68)
 (89)
 (157)
Amortisation for the year
 (35)
 (4)
 (39)
Translation exchange 
difference
 1 
 3 
 4 
Accumulated amortisation as 
at March 31, 2019
 (102)
 (90)
 (192)
Net carrying amount as at 
March 31, 2019
 154 
 25 
 179 
 
 
The estimated amortisation for the years subsequent to March 31, 2020 is as 
follows: 
 
(` crore)
Year ending March 31,
Amortisation expense
2021
103
2022
98
2023
65
2024
17
Thereafter
- 
283
 
(d) 
Other assets
 
 
Other assets consist of the following:
 
 
Other assets – Non-current
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Considered good
Contract assets
 197 
 190 
Prepaid expenses
 839 
 351 
Prepaid rent
 - 
 339 
Contract fulﬁllment costs
 286 
 174 
Capital advances
 55 
 276 
Advances to related parties
 36 
 3 
Others
 298 
 30 
 1,711 
 1,363 
Advances to related parties, 
considered good, comprise:
Voltas Limited
 3 
 2 
Tata Realty and Infrastructure Ltd*
 - 
 -  
Concorde Motors (India) Limited
 - 
 1 
Tata Projects Limited
 33 
 -  
Titan Engineering and Automation 
Limited*
 - 
 -  
 
 
*Represents value less than `0.50 crore.

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 212
 
 
Other assets – Current
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Considered good
Contract assets
 4,292 
3,238 
Prepaid expenses
 1,498 
614 
Prepaid rent
 15 
50 
Contract fulﬁllment costs
 621 
 537 
Advance to suppliers
 136 
139 
Advance to related parties
 11 
2 
Indirect taxes recoverable
 1,374 
1,170 
Other advances
 130 
142 
Others
 129 
136 
Considered doubtful
Advance to suppliers
 3 
3 
Indirect taxes recoverable
 2 
4 
Other advances
 3 
4 
Less: Allowance on doubtful assets
(8)
(11)
 8,206 
 6,028 
Advance to related parties, 
considered good comprise:
The Titan Company Limited
 3 
 1 
Tata AIG General Insurance Company 
Limited
 - 
 1 
Tata AIA Life Insurance Company 
Limited 
 1 
 -  
Tata Sons Private Limited
 7 
 -  
 
 
Prepaid rent of `366 crore has been reclassiﬁed to right-of-use asset pursuant 
to transition to Ind AS 116.
 
 
Non-current - Others includes advance of `271 crore towards acquiring  
right-of-use of leasehold land in the current year.
 
 
Contract fulﬁllment costs of `510 crore and `665 crore for the years ended 
March 31, 2020 and 2019, respectively, have been amortised in the statement 
of proﬁt and loss. Refer note 12 for changes in contract assets.
 
(e) 
Inventories
 
 
Inventories consists of a) Raw materials, sub-assemblies and components, 
ĩƫ+.'ġ%*ġ,.+#.!//Čƫĩƫ0+.!/ƫ* ƫ/,.!ƫ,.0/ƫ* ƫ ĩƫ%*%/$! ƫ#++ /ċƫ
Inventories are carried at lower of cost and net realisable value. The cost of 
raw materials, sub-assemblies and components is determined on a weighted 
average basis. Cost of ﬁnished goods produced or purchased by the Group 
includes direct material and labour cost and a proportion of manufacturing 
overheads.
 
 
Inventories consist of the following:
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Raw materials, sub-assemblies and 
components
 5 
9 
%*%/$! ƫ#++ /ƫ* ƫ3+.'ġ%*ġ,.+#.!//ĵ
 - 
 -  
Stores and spares
 - 
 1 
 5 
 10 
 
 
*Represents value less than `0.50 crore.

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 213
 
(f) 
Provisions
 
 
Provisions consist of the following:
 
 
Provisions – Current
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Provision for foreseeable loss
 238 
 184 
Other provisions
 55 
 55 
 293 
 239 
 
(g) 
Other liabilities
 
 
Other liabilities consist of the following:
 
 
Other liabilities – Non-current 
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Operating lease liabilities
 - 
 413 
 - 
 413 
 
 
Other liabilities – Current
(` crore)
As at  
March 31, 2020
As at  
March 31, 2019
Advance received from customers
 345 
 575 
Indirect taxes payable and other 
statutory liabilities 
 2,874 
 2,526 
Operating lease liabilities
 2 
 60 
Others
 62 
 74 
 3,283 
 3,235 
 
 
Operating lease liability of `462 crore has been reclassiﬁed to retained 
earnings pursuant to transition to Ind AS 116.
11) 
Other equity
 
Other equity consist of the following:
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Capital reserve
 75 
 75 
Capital redemption reserve
(i) 
Opening balance
 431 
 529 
(ii) 
Transfer from retained earnings*
 - 
 8 
(iii) 
Issue of bonus shares*
 - 
(106)
   431
   431
General reserve
(i) 
Opening balance
 27 
 1,423 
(ii) 
Transfer to retained earnings
 - 
(1,396)
 27 
 27 
Special Economic Zone re-investment reserve
(i) 
Opening balance 
 994 
 1,578 
(ii) 
Transfer from retained earnings
 2,947 
 2,750 
(iii) 
Transfer to retained earnings
(2,347)
(3,334)
 1,594 
 994 
Retained earnings
(i)   
Opening balance
 85,520 
 79,755 
(ii)  
Transition impact of Ind AS 116 
(Refer note 9) 
(357)
 -  
(iii)  
Proﬁt for the year
32,340 
 31,472 
(iv)  
Remeasurement of deﬁned employee 
beneﬁt plans 
(339)
(41)

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 214
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Ĩ2ĩƫƫ
0%%(%/! ƫ"+.ƫ15ġ'ƫ+"ƫ!-1%05ƫ/$.!/ĵ
 - 
(15,992)
Ĩ2%ĩƫƫ
4,!*/!ƫ.!(0%*#ƫ0+ƫ15ġ'ƫ+"ƫ!-1%05ƫ
shares*
 - 
(45)
(vii)  Issue of bonus shares*
 - 
(86)
(viii)  Realised loss on equity shares carried 
at fair value through OCI
 - 
(1)
(ix) 
Transfer from Special Economic Zone 
re-investment reserve 
2,347 
 3,334 
(x) 
Transfer from general reserve*
 - 
 1,396 
(xi) 
Purchase of non-controlling interests
(93)
 -  
 119,418 
 99,792 
(xii) 
Less: Appropriations
 
(a) 
Dividend on equity shares
 31,896 
 10,085 
 
(b) 
Tax on dividend
 5,738 
 1,339 
 
(c) 
Transfer to capital redemption 
reserve* 
 - 
 8 
 
(d) 
Transfer to Special Economic 
Zone re-investment reserve
 2,947 
 2,750 
 
(e) 
Transfer to statutory reserve
 27 
 90 
 78,810 
 85,520 
Statutory reserve
(i) 
Opening balance
 348 
 258 
(ii) 
Transfer from retained earnings
 27 
 90 
 375 
 348 
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Investment revaluation reserve
(i) 
Opening balance
192 
(84)
(ii) 
Realised loss on equity shares carried 
at fair value through OCI
 - 
1 
(iii) 
Change during the year (net)
604 
275 
796 
192 
Cash ﬂow hedging reserve (Refer note 8(j))
(i) 
Opening balance
104 
(71)
(ii) 
Change during the year (net)
(127)
175 
(23)
104 
Foreign currency translation reserve
(i) 
Opening balance
 1,380 
1,474 
(ii) 
Change during the year (net)
286 
(94)
 1,666 
 1,380 
83,751 
89,071 
 
*Refer note 8(l).
12) 
Revenue recognition 
 
The Group earns revenue primarily from providing IT services, consulting and 
business solutions. The Group offers a consulting-led, cognitive powered, integrated 
portfolio of IT, business and engineering services and solutions.
 
Revenue is recognised upon transfer of control of promised products or services to 
customers in an amount that reﬂects the consideration which the Group expects to 
receive in exchange for those products or services.

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 215
ƫ
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basis measured by units delivered, efforts expended, number of transactions 
processed, etc. 
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where the Group is standing ready to provide services is recognised based 
on time elapsed mode and revenue is straight lined over the period of 
performance. 
ƫ
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percentage-of-completion method (‘POC method’) of accounting with 
contract costs incurred determining the degree of completion of the 
performance obligation. The contract costs used in computing the revenues 
include cost of fulﬁlling warranty obligations.  
ƫ
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manufactured systems and third party software is recognised upfront at the 
point in time when the system / software is delivered to the customer. In cases 
where implementation and / or customisation services rendered signiﬁcantly 
modiﬁes or customises the software, these services and software are 
accounted for as a single performance obligation and revenue is recognised 
over time on a POC method. 
ƫ
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point in time when control is transferred to the customer. 
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equipment or software. In such cases, revenue for supply of such third party 
products are recorded at gross or net basis depending on whether the Group 
is acting as the principal or as an agent of the customer. The Group recognises 
revenue in the gross amount of consideration when it is acting as a principal 
and at net amount of consideration when it is acting as an agent.  
 
Revenue is measured based on the transaction price, which is the consideration, 
adjusted for volume discounts, service level credits, performance bonuses, price 
concessions and incentives, if any, as speciﬁed in the contract with the customer. 
Revenue also excludes taxes collected from customers.
 
Contract fulﬁlment costs are generally expensed as incurred except for certain 
software licence costs which meet the criteria for capitalisation. Such costs are 
amortised over the contractual period or useful life of the licence, whichever is less. 
The assessment of this criteria requires the application of judgement, in particular 
when considering if costs generate or enhance resources to be used to satisfy future 
performance obligations and whether costs are expected to be recovered.
 
Contract assets are recognised when there is excess of revenue earned over billings 
on contracts. Contract assets are classiﬁed as unbilled receivables (only act of 
invoicing is pending) when there is unconditional right to receive cash, and only 
passage of time is required, as per contractual terms. 
 
Unearned and deferred revenue (“contract liability”) is recognised when there is 
billings in excess of revenues.
 
The billing schedules agreed with customers include periodic performance based 
payments and / or milestone based progress payments. Invoices are payable within 
contractually agreed credit period.
 
In accordance with Ind AS 37, the Group recognises an onerous contract provision 
when the unavoidable costs of meeting the obligations under a contract exceed the 
economic beneﬁts to be received. 
 
Contracts are subject to modiﬁcation to account for changes in contract speciﬁcation 
and requirements. The Group reviews modiﬁcation to contract in conjunction with 
the original contract, basis which the transaction price could be allocated to a new 
performance obligation, or transaction price of an existing obligation could undergo 
a change. In the event transaction price is revised for existing obligation, a cumulative 
adjustment is accounted for.

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 216
 
The Group disaggregates revenue from contracts with customers by nature of 
services, industry verticals and geography.
 
Revenue disaggregation by nature of services is as follows:
(` crore)
Year ended 
March 31, 2020
Year ended 
March 31, 2019
Consultancy services
 154,829 
 143,935 
Sale of equipment and software licences
 2,120 
 2,528 
 156,949 
 146,463 
 
Revenue disaggregation by industry vertical and geography has been included in 
segment information (Refer note 19).
 
While disclosing the aggregate amount of transaction price yet to be recognised as 
revenue towards unsatisﬁed (or partially satisﬁed) performance obligations, along 
with the broad time band for the expected time to recognise those revenues, the 
Group has applied the practical expedient in Ind AS 115. Accordingly, the Group has 
not disclosed the aggregate transaction price allocated to unsatisﬁed (or partially 
satisﬁed) performance obligations which pertain to contracts where revenue 
recognised corresponds to the value transferred to customer typically involving time 
and material, outcome based and event based contracts. 
 
Unsatisﬁed (or partially satisﬁed) performance obligations are subject to variability 
due to several factors such as terminations, changes in scope of contracts, periodic 
revalidations of the estimates, economic factors (changes in currency rates, tax 
laws etc). The aggregate value of transaction price allocated to unsatisﬁed (or 
partially satisﬁed) performance obligations is `112,266 crore out of which 49.55% is 
expected to be recognised as revenue in the next year and the balance thereafter. No 
consideration from contracts with customers is excluded from the amount mentioned 
above.
 
Changes in contract assets are as follows:
(` crore)
Year ended 
March 31, 2020
Year ended 
March 31, 2019
Balance at the beginning of the year
 3,428 
 2,882 
Revenue recognised during the year
 13,548 
 11,404 
Invoices raised during the year
 (12,715)
 (10,893)
Translation exchange difference
 228 
 35 
Balance at the end of the year
 4,489 
 3,428 
 
Changes in unearned and deferred revenue are as follows:
(` crore)
Year ended 
March 31, 2020
Year ended 
March 31, 2019
Balance at the beginning of the year
 3,236 
 2,535 
Revenue recognised that was included in the 
unearned and deferred revenue balance at 
the beginning of the year
 (2,421)
 (2,376)
Increase due to invoicing during the year, 
excluding amounts recognised as revenue 
during the year
 2,618 
 2,996 
Translation exchange difference
 179 
 81 
Balance at the end of the year
 3,612 
 3,236

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 217
 
Reconciliation of revenue recognised with the contracted price is as follows:
(` crore)
Year ended 
March 31, 2020
Year ended 
March 31, 2019
Contracted price
 158,977 
 148,649 
Reductions towards variable consideration 
components
(2,028)
(2,186)
Revenue recognised
 156,949 
 146,463 
 
The reduction towards variable consideration comprises of volume discounts, service 
level credits, etc.
 
Impact of COVID-19
 
While the Group believes strongly that it has a rich portfolio of services to partner 
with customers, the impact on future revenue streams could come from 
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resource constraints or their services no-longer being availed by their 
customers
ƫ
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different locations due to restrictions in mobility
ƫ
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+. !.(!//ƫ+.',!/
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The Group has assessed that customers in Retail, Travel, Transportation and 
Hospitality, Energy and Manufacturing verticals are more prone to immediate 
impact due to disruption in supply chain and drop in demand while  customers in 
*'%*#Čƫ%**%(ƫ!.2%!/ƫ* ƫ	*/1.*!ƫ3+1( ƫ.!ġ,.%+.%0%/!ƫ0$!%.ƫ %/.!0%+*.5ƫ
spend in immediate future to conserve resources and assess the impact that they 
would have due to dependence of revenues from the impacted verticals.  The Group 
$/ƫ+*/% !.! ƫ/1$ƫ%),0ƫ0+ƫ0$!ƫ!40!*0ƫ'*+3*ƫ* ƫ2%((!ƫ1..!*0(5ċƫ+3!2!.Čƫ
the impact assessment of COVID-19 is a continuing process given the uncertainties 
associated with its nature and duration.
ƫ
$!ƫ.+1,ƫ$/ƫ0'!*ƫ/0!,/ƫ0+ƫ//!//ƫ0$!ƫ+/0ƫ1 #!0/ƫ.!-1%.! ƫ0+ƫ+),(!0!ƫ%0/ƫ
performance obligations in respect of ﬁxed price contracts and incorporated the 
%),0ƫ+"ƫ(%'!(5ƫ !(5/ƫĥƫ%*.!/! ƫ+/0ƫ%*ƫ)!!0%*#ƫ%0/ƫ+(%#0%+*/ċƫ1$ƫ%),0ƫ+1( ƫ
be in the form of provision for onerous contracts or re-setting of revenue recognition 
in ﬁxed price contracts where revenue is recognised on percentage-of-completion 
basis. The Group has also assessed the impact of any delays and inability to meet 
+*0.01(ƫ+))%0)!*0/ƫ* ƫ$/ƫ0'!*ƫ0%+*/ƫ/1$ƫ/ƫ!*##%*#ƫ3%0$ƫ0$!ƫ1/0+)!./ƫ
0+ƫ#.!!ƫ+*ƫ.!2%/! ƫ/ƫ%*ƫ(%#$0ƫ+"ƫ1..!*0ƫ.%/%/Čƫ%*2+'%*#ƫ+"ƫ"+.!ġ)&!1.!ƫ(1/!ƫ
etc., to ensure that revenue recognition in such cases reﬂect realisable values.
13) 
Other income
 
Dividend income is recorded when the right to receive payment is established. 
Interest income is recognised using the effective interest method.
 
Other income consists of the following:
(` crore)
Year ended 
March 31, 2020
Year ended 
March 31, 2019
Interest income
 3,562 
2,762 
Dividend income
 10 
 18 
Net gain on investments carried at fair value 
through proﬁt or loss
 200 
427 
Net gain on sale of investments other than 
equity shares carried at fair value through OCI
 14 
 -

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 218
(` crore)
Year ended 
March 31, 2020
Year ended 
March 31, 2019
Net gain / (loss) on disposal of property, 
plant and equipment
 46 
 84 
Net foreign exchange gain / (loss)
 727 
967 
Rent income
 1 
6 
Other income
 32 
47 
 4,592 
4,311 
Interest income comprise:
	*0!.!/0ƫ+*ƫ*'ƫ(*!/ƫ* ƫ*'ƫ !,+/%0/
 519 
188 
Interest on ﬁnancial assets carried at 
amortised cost
 613 
576 
Interest on ﬁnancial assets carried at fair 
value through OCI
 1,878 
1,838 
Other interest (including interest on tax 
refunds)
 552 
160 
Dividend income comprises:
Dividend from mutual fund units and other 
investments
 10 
 18 
14) 
Employee beneﬁts
 
Deﬁned beneﬁt plans
 
For deﬁned beneﬁt plans, the cost of providing beneﬁts is determined using the 
Projected Unit Credit Method, with actuarial valuations being carried out at each 
balance sheet date. Remeasurement, comprising actuarial gains and losses, the effect 
of the changes to the asset ceiling and the return on plan assets (excluding interest), 
is reﬂected immediately in the balance sheet with a charge or credit recognised in 
other comprehensive income in the period in which they occur. Past service cost, 
both vested and unvested, is recognised as an expense at the earlier of  
(a) when the plan amendment or curtailment occurs; and (b) when the entity 
recognises related restructuring costs or termination beneﬁts. 
 
The retirement beneﬁt obligations recognised in the balance sheet represents the 
present value of the deﬁned beneﬁt obligations 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.
 
The Group provides beneﬁts such as gratuity, pension and provident fund (Company 
managed fund) to its employees which are treated as deﬁned beneﬁt plans.
 
Deﬁned contribution plans
 
Contributions to deﬁned contribution plans are recognised as expense when 
employees have rendered services entitling them to such beneﬁts.
 
The Group provides beneﬁts such as superannuation, provident fund (other than 
Company managed fund) and foreign deﬁned contribution plans to its employees 
which are treated as deﬁned contribution plans.
 
Short-term employee beneﬁts
 
All employee beneﬁts payable wholly within twelve months of rendering the 
service are classiﬁed as short-term employee beneﬁts. Beneﬁts such as salaries, 
wages etc. and the expected cost of ex-gratia are recognised in the period in which 
the employee renders the related service. A liability is recognised for the amount 
expected to be paid when there is a present legal or constructive obligation to pay 
this amount as a result of past service provided by the employee and the obligation 
can be estimated reliably.

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 219
 
Compensated absences
 
Compensated absences which are expected to occur within twelve months after the 
end of the period in which the employee renders the related services are recognised 
as undiscounted liability at the balance sheet date. 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.
 
Employee beneﬁt expenses consist of the following:
(` crore)
Year ended 
March 31, 2020
Year ended 
March 31, 2019
Salaries, incentives and allowances
 77,660 
 70,642 
Contributions to provident and other funds
 5,834 
 5,308 
Staff welfare expenses
 2,458 
 2,296 
 85,952 
 78,246 
 
Employee beneﬁt obligations consist of the following:
 
Employee beneﬁt obligations – Non-current
(` crore)
As at  
March 31, 2020
As at  
March 31, 2019
Gratuity liability
 8 
 11 
Foreign deﬁned beneﬁt plans
 308 
 232 
Other employee beneﬁt obligations
 101 
 87 
 417 
 330 
 
Employee beneﬁt obligations – Current
(` crore)
As at  
March 31, 2020
As at  
March 31, 2019
Compensated absences
 2,720 
 2,330 
Other employee beneﬁt obligations
 29 
 26 
 2,749 
 2,356 
 
Employee beneﬁts plans consists of the following:
 
Gratuity and pension
 
In accordance with Indian law, Tata Consultancy Services Limited and its subsidiaries 
in India operate a scheme of Gratuity which is a deﬁned beneﬁt plan. The gratuity plan 
provides for a lump sum payment to vested employees at retirement, death while in 
employment or on termination of employment of an amount equivalent to 15 to 30 days’ 
salary payable for each completed year of service. Vesting occurs upon completion of ﬁve 
continuous years of service. The Company manages the plan through a trust. Trustees 
administer contributions made to the trust. Certain overseas subsidiaries of the Company 
also provide for retirement beneﬁt pension plans in accordance with the local laws.

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 220
 
The following table sets out the details of the deﬁned beneﬁt retirement plans and the amounts recognised in the ﬁnancial statements:
(` crore)
Year ended March 31, 2020
Year ended March 31, 2019
Domestic 
plans 
Funded
Domestic 
plans 
Unfunded
Foreign 
plans 
Funded
Foreign 
plans 
Unfunded
Total
Domestic 
plans 
Funded
Domestic 
plans 
Unfunded
Foreign 
plans 
Funded
Foreign 
plans 
Unfunded
Total
Change in beneﬁt obligations
Beneﬁt obligations, beginning of the 
year
 2,679 
 4 
 629 
 120 
 3,432 
 2,308 
 3 
 626 
 103 
 3,040 
Translation exchange difference
 - 
 - 
 55 
 5 
 60 
 - 
 - 
 (5)
 1 
 (4)
Plan assumed on insourcing of 
employees
 30 
 - 
 - 
 - 
 30 
 - 
 - 
 - 
 - 
 - 
Plan participants’ contribution
 - 
 - 
 9 
 - 
 9 
 - 
 - 
 9 
 - 
 9 
Service cost
 358 
 1 
 16 
 22 
 397 
 289 
 1 
 14 
 19 
 323 
Interest cost
 222 
 - 
 11 
 5 
 238 
 190 
 - 
 9 
 4 
 203 
Remeasurement of the net deﬁned 
beneﬁt liability
 520 
 4 
 43 
 2 
 569 
 39 
 - 
 25 
 (2)
 62 
Past service cost / (credit)
 - 
 - 
 - 
 1 
 1 
 - 
 - 
 (35)
 1 
 (34)
Beneﬁts paid
 (171)
 (1)
 (10)
 (10)
 (192)
 (147)
 - 
 (14)
 (6)
 (167)
Beneﬁt obligations, 
end of the year
 3,638 
 8 
 753 
 145 
 4,544 
 2,679 
 4 
 629 
 120 
 3,432

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 221
(` crore)
Year ended March 31, 2020
Year ended March 31, 2019
Domestic 
plans 
Funded
Domestic 
plans 
Unfunded
Foreign 
plans 
Funded
Foreign 
plans 
Unfunded
Total
Domestic 
plans 
Funded
Domestic 
plans 
Unfunded
Foreign 
plans 
Funded
Foreign 
plans 
Unfunded
Total
Change in plan assets
Fair value of plan assets, beginning of 
the year
 2,672 
 - 
 532 
 - 
 3,204 
 2,433 
 - 
 529 
 - 
 2,962 
Translation exchange difference
 - 
 - 
 41 
 - 
 41 
 - 
 - 
 (3)
 - 
 (3)
Plan assumed on insourcing of 
employees
 30 
 - 
 - 
 - 
 30 
 - 
 - 
 - 
 - 
 - 
Interest income
 235 
 - 
 9 
 - 
 244 
 193 
 - 
 7 
 - 
 200 
Employers’ contributions
 766 
 - 
 17 
 - 
 783 
 171 
 - 
 15 
 - 
 186 
Plan participants’ contribution
 - 
 - 
 9 
 - 
 9 
 - 
 - 
 9 
 - 
 9 
Beneﬁts paid
 (171)
 - 
 (10)
 - 
 (181)
 (147)
 - 
 (14)
 - 
 (161)
Remeasurement - return on plan assets 
excluding amount included in interest 
income
 111 
 - 
 29 
 - 
 140 
 22 
 - 
 (11)
 - 
 11 
Fair value of plan assets, end of the year
 3,643 
 - 
 627 
 - 
 4,270 
 2,672 
 - 
 532 
 - 
 3,204

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 222
(` crore)
As at March 31, 2020
As at March 31, 2019
Domestic 
plans 
Funded
Domestic 
plans 
Unfunded
Foreign 
plans 
Funded
Foreign 
plans 
Unfunded
Total
Domestic 
plans 
Funded
Domestic 
plans 
Unfunded
Foreign 
plans 
Funded
Foreign 
plans 
Unfunded
Total
Funded status
Deﬁcit of plan assets over obligations
 - 
 (8)
 (163)
 (145)
 (316)
 (7)
 (4)
 (112)
 (120)
 (243)
Surplus of plan assets over obligations
 5 
 - 
 37 
 - 
 42 
 - 
 - 
 15 
 - 
 15 
 5 
 (8)
 (126)
 (145)
 (274)
 (7)
 (4)
 (97)
 (120)
 (228)
(` crore)
As at March 31, 2020
As at March 31, 2019
Domestic 
plans 
Funded
Domestic 
plans 
Unfunded
Foreign 
plans 
Funded
Foreign 
plans 
Unfunded
Total
Domestic 
plans 
Funded
Domestic 
plans 
Unfunded
Foreign 
plans 
Funded
Foreign 
plans 
Unfunded
Total
Category of assets
Corporate bonds
 1,004 
 - 
 137 
 - 
 1,141 
 684 
 - 
 101 
 - 
785 
Equity instruments
 17 
 - 
 - 
 - 
 17 
 20 
 - 
 67 
 - 
87 
Government bonds and securities
 1,695 
 - 
 - 
 - 
 1,695 
 1,150 
 - 
 - 
 - 
1,150 
Insurer managed funds
 852 
 - 
 275 
 - 
 1,127 
 760 
 - 
 32 
 - 
792 
*'ƫ(*!/
 - 
 - 
 6 
 - 
 6 
 6 
 - 
 16 
 - 
22 
Others
 75 
 - 
 209 
 - 
 284 
 52 
 - 
 316 
 - 
368 
3,643 
 - 
627 
 - 
4,270 
2,672 
 -  
532 
 -  
3,204

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 223
 
Net periodic gratuity / pension cost, included in employee cost consists of the following components:
(` crore)
Year ended March 31, 2020
Year ended March 31, 2019
Domestic 
plans 
Funded
Domestic 
plans 
Unfunded
Foreign 
plans 
Funded
Foreign 
plans 
Unfunded
Total
Domestic 
plans 
Funded
Domestic 
plans 
Unfunded
Foreign 
plans 
Funded
Foreign 
plans 
Unfunded
Total
Service cost
358 
 1 
16 
22 
 397 
289 
1 
14 
19 
323 
Net interest on net deﬁned beneﬁt 
(asset) / liability
(13)
 - 
2 
5 
 (6)
(3)
 - 
2 
4 
3 
Past service cost / (credit)
 - 
 - 
 - 
1 
 1 
 - 
 - 
(35)
1 
(34)
Net periodic gratuity / pension cost
 345 
 1 
 18 
 28 
 392 
286 
1 
 (19)
24 
292 
Actual return on plan assets
 346 
 - 
 38 
 - 
 384 
215 
 -  
(4)
 - 
211 
 
Remeasurement of the net deﬁned beneﬁt (asset) / liability:
(` crore)
Year ended March 31, 2020
 Domestic 
plans 
Funded 
 Domestic 
plans 
Unfunded 
 Foreign 
plans 
Funded 
 Foreign 
plans 
Unfunded 
 Total 
Actuarial (gains) and losses arising from changes in demographic assumptions
 (5)
 - 
 (5)
 (9)
 (19)
Actuarial (gains) and losses arising from changes in ﬁnancial assumptions
 345 
 1 
 47 
 10 
 403 
Actuarial (gains) and losses arising from changes in experience adjustments
 180 
 3 
 1 
 1 
 185 
Remeasurement of the net deﬁned beneﬁt liability
 520 
 4 
 43 
 2 
 569 
Remeasurement - return on plan assets excluding amount included in interest income
 (111)
 - 
 (29)
 - 
 (140)
 409 
 4 
 14 
 2 
 429

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 224
(` crore)
Year ended March 31, 2019
Domestic 
plans 
Funded 
Domestic 
plans 
Unfunded 
 Foreign 
plans 
Funded 
 Foreign 
plans 
Unfunded 
 Total 
Actuarial (gains) and 
losses arising from 
changes in demographic 
assumptions
 (17)
 - 
 9 
 (3)
 (11)
Actuarial (gains) and 
losses arising from 
changes in ﬁnancial 
assumptions
 - 
 - 
 (15)
 2 
 (13)
Actuarial (gains) and 
losses arising from 
changes in experience 
adjustments
 56 
 - 
 31 
 (1)
 86 
Remeasurement of the 
net deﬁned beneﬁt 
liability
 39 
 - 
 25 
 (2)
 62 
Remeasurement - return 
on plan assets excluding 
amount included in 
interest income
 (22)
 - 
 11 
 - 
 (11)
 17 
 - 
 36 
 (2)
 51 
 
The assumptions used in accounting for the deﬁned beneﬁt plan are set out below:
Year ended March 31, 2020
Year ended March 31, 2019
Domestic 
plans
Foreign  
plans
Domestic 
plans
Foreign  
plans
Discount rate 
5.25%-6.75%
0.60%-8.05%
7.00%-7.75%
0.75%-9.00%
Rate of increase in 
compensation levels 
of  covered employees
4.00%-7.00%
1.25%-7.00%
6.00%-8.00%
1.25%-7.00%
Rate of return on plan 
assets
5.25%-6.75%
0.60%-8.05%
7.00%-7.75%
 0.75%-9.00% 
Weighted average 
duration of deﬁned 
beneﬁt obligations
3-18 years
6-26.10 years
8-11 years
6.25-27 years
 
The expected beneﬁts are based on the same assumptions as are used to measure 
Group’s deﬁned beneﬁt plan obligations as at March 31, 2020. The Group is expected 
to contribute `445 crore to deﬁned beneﬁt plan obligations funds for the year 
ended March 31, 2021 comprising domestic component of `425 crore and foreign 
component of `20 crore.
 
The signiﬁcant actuarial assumptions for the determination of the deﬁned beneﬁt 
obligations are discount rate and expected salary increase. The sensitivity analysis 
below have been determined based on reasonably possible changes of the respective 
assumptions occurring at the end of the reporting period, while holding all other 
assumptions constant.

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 225
 
If the discount rate increases / decreases by 0.50%, the deﬁned beneﬁt obligations 
would increase / (decrease) as follows:
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Increase of 0.50%
 (236)
 (157)
Decrease of 0.50%
 262 
 175 
 
If the expected salary growth increases / decreases by 0.50%, the deﬁned beneﬁt 
obligations would increase / (decrease) as follows:
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Increase of 0.50%
177
 120 
Decrease of 0.50%
 (165)
 (113)
 
The sensitivity analysis presented above may not be representative of the actual 
$*#!ƫ%*ƫ0$!ƫ !ü*! ƫ!*!ü0ƫ+(%#0%+*/ƫ/ƫ%0ƫ%/ƫ1*(%'!(5ƫ0$0ƫ0$!ƫ$*#!ƫ%*ƫ
assumptions would occur in isolation of one another as some of the assumption may 
be correlated.
 
Furthermore, in presenting the above sensitivity analysis, the present value of the 
deﬁned beneﬁt obligations has been calculated using the Projected Unit Credit 
Method at the end of the reporting period, which is the same as that applied in 
calculating the deﬁned beneﬁt obligation liability recognised in the balance sheet.
 
Each year an Asset-Liability matching study is performed in which the consequences 
+"ƫ0$!ƫ/0.0!#%ƫ%*2!/0)!*0ƫ,+(%%!/ƫ.!ƫ*(5/! ƫ%*ƫ0!.)/ƫ+"ƫ.%/'ƫ* ƫ.!01.*ƫ,.+ü(!/ċƫ
Investment and contribution policies are integrated within this study.
 
The deﬁned beneﬁt obligations shall mature after year ended March 31, 2020 as 
follows:
(` crore)
Year ending March 31,
Deﬁned beneﬁt obligations
2021
 312 
2022
 327 
2023
 360 
2024
 395 
2025
 450 
Thereafter
 2,746 
 
Provident fund
 
In accordance with Indian law, all eligible employees of Tata Consultancy Services 
Limited in India are entitled to receive beneﬁts under the provident fund plan in 
which both the employee and employer (at a determined rate) contribute monthly 
to a Trust set up by the Company to manage the investments and distribute the 
amounts entitled to employees. This plan is a deﬁned beneﬁt plan as the Company 
is obligated to provide its members a rate of return which should, at the minimum, 
meet the interest rate declared by Government administered provident fund. A part 
of the Company’s contribution is transferred to Government administered pension 
fund. The contributions made by the Company and the shortfall of interest, if any, 
are recognised as an expense in proﬁt and loss under employee beneﬁt expenses. 
In accordance with an actuarial valuation of provident fund liabilities on the basis 
of guidance issued by Actuarial Society of India and based on the assumptions as 
mentioned below, there is no deﬁciency in the interest cost as the present value of 
the expected future earnings of the fund is greater than the expected amount to 
be credited to the individual members based on the expected guaranteed rate of 
interest of Government administered provident fund.

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 226
 
All eligible employees of Indian subsidiaries of the Company are entitled to receive 
beneﬁts under the provident fund plan in which both the employee and employer (at 
a determined rate) contribute monthly to the Government administered provident 
fund plan. A part of the company’s contribution is transferred to Government 
administered pension fund. This plan is a deﬁned contribution plan as the obligation 
of the employer is limited to the monthly contributions made to the fund. The 
contributions made to the fund are recognised as an expense in proﬁt and loss under 
employee beneﬁt expenses.
 
The details of fund and plan assets are given below:
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Fair value of plan assets
17,072 
14,555 
Present value of deﬁned beneﬁt obligations
(17,072)
(14,555)
Net excess / (shortfall)
 - 
 -  
 
The plan assets have been primarily invested in Government securities and corporate 
bonds.
 
The principal assumptions used in determining the present value obligations of 
interest guarantee under the deterministic approach are as follows:
As at 
March 31, 2020
As at 
March 31, 2019
Discount rate
6.50%
7.75%
Average remaining tenure of investment 
portfolio
7.73 years
8.38 years
Guaranteed rate of return
8.50%
8.65%
 
The Group contributed `1,106 crore and `917 crore for the years ended March 31, 
2020 and 2019, respectively, to the provident fund.
 
Superannuation
 
All eligible employees on Indian payroll are entitled to beneﬁts under Superannuation, 
ƫ !ü*! ƫ+*0.%10%+*ƫ,(*ċƫ$!ƫ.+1,ƫ)'!/ƫ)+*0$(5ƫ+*0.%10%+*/ƫ1*0%(ƫ.!0%.!)!*0ƫ
or resignation of the employee. The Group recognises such contributions as an 
expense when incurred. The Group has no further obligation beyond its monthly 
contribution.
 
The Group contributed `356 crore and `324 crore for the years ended March 31, 2020 
and 2019, respectively, to the Employees’ Superannuation Fund.
 
Foreign deﬁned contribution plans 
 
The Group contributed `1,260 crore and `1,161 crore for the years ended March 31, 
2020 and 2019, respectively, towards foreign deﬁned contribution plans.
15) 
Cost recognition
 
Costs and expenses are recognised when incurred and have been classiﬁed according 
to their nature. 
 
The costs of the Group are broadly categorised into employee beneﬁt expenses, 
cost of equipment and software licences, depreciation and amortisation and other 
expenses. Other expenses mainly include fees to external consultants, facility 
expenses, travel expenses, communication expenses, bad debts and advances written 
off, allowance for doubtful trade receivables and advances (net) and other expenses. 
Other expenses is an aggregation of costs which are individually not material such as 
+))%//%+*ƫ* ƫ.+'!.#!Čƫ.!.1%0)!*0ƫ* ƫ0.%*%*#Čƫ!*0!.0%*)!*0Čƫ!0ċ

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 227
 
(a) 
Cost of equipment and software licences
 
 
Cost of equipment and software licences consist of the following: 
(` crore)
Year ended          
March 31, 2020
Year ended           
March 31, 2019
Raw materials, sub-assemblies and 
components consumed
 18 
 40 
Equipment and software licences 
purchased
 1,888 
 2,230 
 1,906 
 2,270 
Finished goods and work-in-progress
,!*%*#ƫ/0+'ĵ
 - 
 -  
!//čƫ(+/%*#ƫ/0+'ĵ
 1 
 -  
 (1)
 -  
 1,905 
 2,270 
 
 
*Represents value less than `0.50 crore.
 
(b) 
Other expenses
 
 
Other expenses consist of the following: 
(` crore)
Year ended          
March 31, 2020
Year ended           
March 31, 2019
Fees to external consultants
 12,937 
 11,330 
Facility expenses
 2,702 
 4,262 
Travel expenses
 3,296 
 3,474 
Communication expenses
 1,592 
 1,321 
Bad debts and advances written 
off, allowance for doubtful trade 
receivables and advances (net)
 144 
 187 
Other expenses
 6,312 
 5,867 
 26,983 
 26,441 
 
 
The Company made a contribution to an electoral trust of NIL and `220 crore 
for the years ended March 31, 2020 and 2019, respectively, which is included in 
other expenses.
 
(c) 
Research and development expenditure
 
 
Research and development expenditure including capital expenditure 
aggregating `306 crore and `308 crore was incurred in the years ended  
March 31, 2020 and 2019, respectively.
16) 
Finance costs
 
Finance costs consist of the following: 
(` crore)
Year ended          
March 31, 2020
Year ended           
March 31, 2019
Interest on lease liabilities
 492 
 8 
Interest on tax matters
 354 
 169 
Other interest costs
 78 
 21 
 924 
 198 
17) 
Income taxes
 
Income tax expense comprises current tax expense and the net change in the 
deferred tax asset or liability during the year. Current and deferred taxes are 
recognised in statement of proﬁt and loss, except when they relate to items that 
are recognised in other comprehensive income or directly in equity, in which case, 
the current and deferred tax are also recognised in other comprehensive income or 
directly in equity, respectively.
 
Current income taxes
 
The current income tax expense includes income taxes payable by the Company, 
its overseas branches and its subsidiaries in India and overseas. The current tax 
payable by the Company and its subsidiaries in India is Indian income tax payable on

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 228
3+.( 3% !ƫ%*+)!ƫ"0!.ƫ0'ing credit for tax relief available for export operations in 
Special Economic Zones (SEZs).
 
Current income tax payable by overseas branches of the Company is computed in 
accordance with the tax laws applicable in the jurisdiction in which the respective 
branch operates. The taxes paid are generally available for set off against the Indian 
income tax liability of the Company’s worldwide income.
 
The current income tax expense for overseas subsidiaries has been computed based 
on the tax laws applicable to each subsidiary in the respective jurisdiction in which it 
operates.
 
Advance taxes and provisions for current income taxes are presented in the balance 
sheet after off-setting advance tax paid and income tax provision arising in the same 
tax jurisdiction and where the relevant tax paying unit intends to settle the asset and 
liability on a net basis.
 
Deferred income taxes
 
Deferred income tax is recognised using the balance sheet approach. Deferred 
income tax assets and liabilities are recognised for deductible and taxable temporary 
differences arising between the tax base of assets and liabilities and their carrying 
amount, except when the deferred income tax arises from the initial recognition of 
goodwill or an asset or liability in a transaction that is not a business combination and 
affects neither accounting nor taxable proﬁt or loss at the time of the transaction. 
 
Deferred income tax assets are recognised to the extent that it is probable that 
taxable proﬁt will be available against which the deductible temporary differences 
and the carry forward of unused tax credits and unused tax losses can be utilised. 
 
The carrying amount of deferred income tax assets is reviewed at each reporting date 
and reduced to the extent that it is no longer probable that sufficient taxable proﬁt 
will be available to allow all or part of the deferred income tax asset to be utilised.
 
Deferred income tax liabilities are recognised for all taxable temporary differences 
except in respect of taxable temporary differences associated with investments in 
subsidiaries where the timing of the reversal of the temporary difference can be 
controlled and it is probable that the temporary difference will not reverse in the 
foreseeable future. 
 
Deferred tax assets and liabilities are measured using substantively enacted tax rates 
expected to apply to taxable income in the years in which the temporary differences 
are expected to be received or settled.
 
For operations carried out in SEZs, deferred tax assets or liabilities, if any, have been 
established for the tax consequences of those temporary differences between the 
carrying values of assets and liabilities and their respective tax bases that reverse 
after the tax holiday ends.
 
Deferred tax assets and liabilities are offset when they relate to income taxes levied 
by the same taxation authority and the relevant entity intends to settle its current tax 
assets and liabilities on a net basis.
 
Deferred tax assets include Minimum Alternate Tax (MAT) paid in accordance with 
the tax laws in India, to the extent it would be available for set off against future 
current income tax liability. Accordingly, MAT is recognised as deferred tax 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.

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 229
 
The income tax expense consists of the following: 
(` crore)
Year ended          
March 31, 2020
Year ended           
March 31, 2019
Current tax
Current tax expense for current year
 9,730 
 10,024 
Current tax expense / (beneﬁt) pertaining to 
prior years
648 
(522)
 10,378 
 9,502 
Deferred tax
Deferred tax expense for current year
899 
 607 
Deferred tax beneﬁt pertaining to prior years
(1,476)
(108)
(577)
 499 
Total income tax expense recognised in 
current year
 9,801 
 10,001 
 
The reconciliation of estimated income tax expense at Indian statutory income tax 
rate to income tax expense reported in consolidated statement of proﬁt and loss is as 
follows:
(` crore)
Year ended          
March 31, 2020
Year ended           
March 31, 2019
Proﬁt before tax
 42,248 
41,563 
Indian statutory income tax rate
34.94%
34.94%
Expected income tax expense
 14,764 
14,524 
Tax effect of adjustments to reconcile 
expected income tax expense to reported 
income tax expense
Tax holidays
(4,879)
(4,829)
Income exempt from tax
(285)
(151)
Undistributed earnings in branches and 
subsidiaries
 428 
605 
Tax on income at different rates
 152 
674 
Tax pertaining to prior years
(828)
(630)
Others (net)
449 
(192)
Total income tax expense
 9,801 
10,001 
 
Tata Consultancy Services Limited beneﬁts from the tax holiday available for units set 
up under the Special Economic Zone Act, 2005. These tax holidays are available for 
a period of ﬁfteen years from the date of commencement of operations. Under the 
SEZ scheme, the unit which begins providing services on or after April 1, 2005 will be 
eligible for deductions of 100% of proﬁts or gains derived from export of services for 
the ﬁrst ﬁve years, 50% of such proﬁts or gains for a further period of ﬁve years and 
50% of such proﬁts or gains for the balance period of ﬁve years subject to fulﬁlment 
of certain conditions. From April 1, 2011, proﬁts from units set up under SEZ scheme 
are subject to Minimum Alternate Tax (MAT).

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 230
 
Signiﬁcant components of net deferred tax assets and liabilities for the year ended 
March 31, 2020 are as follows:
(` crore)
Opening 
balance
Recognised 
in proﬁt and 
loss
Recognised  
in / reclassiﬁed 
from other 
comprehensive 
income
Exchange 
difference
Closing 
balance
Deferred tax assets / 
(liabilities) in relation to
Property, plant and 
equipment and intangible 
assets
95 
50 
 -   
 -   
145 
Provision for employee 
beneﬁts 
531 
101 
5 
17 
654 
Cash ﬂow hedges
(12)
 -   
19 
 -   
7 
Receivables, ﬁnancial 
assets at amortised cost
340 
46 
 -   
2 
388 
MAT credit entitlement
1,170 
(96)
 -   
- 
1,074 
Branch proﬁt tax
(299)
15 
 -   
 -   
(284)
Undistributed earnings of 
subsidiaries
(574)
288 
 -   
 -   
(286)
Unrealised gain on 
securities carried at fair 
value through proﬁt or loss 
/ other comprehensive 
income
(149)
(1)
(334)
 - 
(484)
Lease liabilities*
264 
80 
 -   
1 
345 
Others 
418 
94 
 -  
(22)
490 
Total deferred tax assets / 
(liabilities)
1,784 
577 
(310)
(2)
2,049 
 
*Opening balance of deferred tax on lease liabilities has been restated by `170 crore 
to give impact of transition to Ind AS 116 (Refer note 9).
 
Gross deferred tax assets and liabilities are as follows:
(` crore)
As at March 31, 2020
Assets
Liabilities
Net
Deferred tax assets / (liabilities) in relation to
Property, plant and equipment and intangible 
assets
279 
134 
145 
Provision for employee beneﬁts 
663 
9 
654 
Cash ﬂow hedges
7 
 - 
7 
Receivables, ﬁnancial assets at amortised cost
387 
(1)
388 
MAT credit entitlement
1,074 
 - 
1,074 
Branch proﬁt tax
 - 
284 
(284)
Undistributed earnings of subsidiaries
 - 
286 
(286)
Unrealised gain on securities carried at 
fair value through proﬁt or loss / other 
comprehensive income
(483)
1 
(484)
Lease liabilities
342 
(3)
345 
Others 
559 
69 
490 
Total deferred tax assets / (liabilities)
2,828 
779 
2,049

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 231
 
Signiﬁcant components of net deferred tax assets and liabilities for the year ended 
March 31, 2019 are as follows:
(` crore)
Opening 
balance
Recognised 
in proﬁt and 
loss
Recognised  
in / reclassiﬁed 
from other 
comprehensive 
income
Exchange 
difference
Closing 
balance
Deferred tax assets / 
(liabilities) in relation to
Property, plant and 
equipment and intangible 
assets
43 
50 
 -  
2 
95 
Provision for employee 
beneﬁts 
395 
128 
8 
 -  
531 
Cash ﬂow hedges
10 
 -  
(22)
 -  
(12)
Receivables, ﬁnancial 
assets at amortised cost
301 
42 
 -  
(3)
340 
MAT credit entitlement
2,217 
(1,047)
 -  
 -  
1,170 
Branch proﬁt tax
(400)
101 
 -  
 -  
(299)
Undistributed earnings of 
subsidiaries
(605)
31 
 -  
 -  
(574)
Unrealised gain on 
securities carried at fair 
value through proﬁt or loss 
/ other comprehensive 
income
(2)
 -  
(149)
2 
(149)
Lease liabilities
85 
8 
 -  
1 
94 
Others 
235 
188 
 -  
(5)
418 
Total deferred tax assets / 
(liabilities)
 2,279 
 (499)
 (163)
 (3)
 1,614 
 
Gross deferred tax assets and liabilities are as follows:
(` crore)
As at March 31, 2019
Assets
Liabilities
Net
Deferred tax assets / (liabilities) in relation to
Property, plant and equipment and intangible 
assets
212 
117 
95 
Provision for employee beneﬁts 
532 
1 
531 
Cash ﬂow hedges
(12)
 -  
(12)
Receivables, ﬁnancial assets at amortised cost
339 
(1)
340 
MAT credit entitlement
1,170 
 -  
1,170 
Branch proﬁt tax
 -  
299 
(299)
Undistributed earnings of subsidiaries
 -  
574 
(574)
Unrealised gain on securities carried at 
fair value through proﬁt or loss / other 
comprehensive income
(149)
 -  
(149)
Lease liabilities
94 
 -  
94 
Others 
470 
52 
418 
Total deferred tax assets / (liabilities)
2,656 
1,042 
1,614 
 
Under the Income-tax Act, 1961, unabsorbed business losses expire 8 years after 
the year in which they originate. In respect of certain foreign subsidiaries, business 
losses can be carried forward indeﬁnitely unless there is a substantial change in the 
ownership.

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 232
 
Unrecognised deferred tax assets relate primarily to business losses and tax credit 
entitlements which do not qualify for recognition as per the applicable accounting 
standards. These unexpired business losses will expire based on the year of 
origination as follows:
(` crore)
March 31,
Unabsorbed business losses
2021
 11 
2022
 4 
2023
 5 
2024
 12 
2025
 7 
Thereafter
 - 
 39 
 
Under the Income-tax Act, 1961, Tata Consultancy Services Limited is liable to pay 
Minimum Alternate Tax in the tax holiday period. MAT paid can be carried forward 
for a period of 15 years and can be set off against the future tax liabilities. MAT is 
recognised as a deferred tax asset only when the asset can be measured reliably 
and it is probable that the future economic beneﬁt associated with the asset will be 
realised. Accordingly, Tata Consultancy Services Limited has recognised a deferred 
tax asset of `1,074 crore.
 
Deferred tax liability on temporary differences of `8,932 crore as at March 31, 2020, 
associated with investments in subsidiaries, has not been recognised, as it is the 
intention of Tata Consultancy Services Limited to reinvest the earnings of these 
subsidiaries for the foreseeable future.
 
Direct tax contingencies 
 
The Company and its subsidiaries have ongoing disputes with income tax authorities 
in India and in some of the jurisdictions where they operate. The disputes relate to 
tax treatment of certain expenses claimed as deductions, computation or eligibility 
of tax incentives or allowances, and characterisation of fees for services received. The 
Company and its subsidiaries have contingent liability of `1,512 crore and  
`1,504 crore as at March 31, 2020 and 2019, respectively, in respect of tax 
demands which are being contested by the Company and its subsidiaries based 
on the management evaluation and advice of tax consultants. In respect of 
tax contingencies of `318 crore and `318 crore as at March 31, 2020 and 2019, 
respectively, not included above, the Company is entitled to an indemniﬁcation from 
the seller of TCS e-Serve Limited.
 
The Group periodically receives notices and inquiries from income tax authorities 
related to the Group's operations in the jurisdictions it operates in. The Group has 
evaluated these notices and inquiries and has concluded that any consequent income 
tax claims or demands by the income tax authorities will not succeed on ultimate 
resolution.
 
The number of years that are subject to tax assessments varies depending on tax 
jurisdiction. The major tax jurisdictions of Tata Consultancy Services Limited include 
India, United States of America and United Kingdom. In India, tax ﬁlings from  
ﬁscal 2017 are generally subject to examination by the tax authorities. In United 
States of America, the federal statute of limitation applies to ﬁscals 2016 and earlier 
and applicable state statutes of limitation vary by state. In United Kingdom, the 
statute of limitation generally applies to ﬁscal 2017 and earlier.

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 233
18) 
Earnings per share
 
Basic earnings per share is computed by dividing proﬁt or loss attributable to equity 
shareholders of the Company by the weighted average number of equity shares 
outstanding during the period. The Company did not have any potentially dilutive 
securities in any of the years presented.
Year ended          
March 31, 2020
Year ended           
March 31, 2019
Proﬁt for the year attributable to shareholders 
of the Company (` crore)
 32,340 
 31,472 
Weighted average number of equity shares
375,23,84,706
378,97,49,350
Basic and diluted earnings per share (`)
86.19
83.05
Face value per equity share  (`)
 1 
 1 
19) 
Segment information
 
Operating segments are deﬁned as components of an enterprise for which discrete 
ﬁnancial information is available that is evaluated regularly by the chief operating 
 !%/%+*ƫ)'!.Čƫ%*ƫ !% %*#ƫ$+3ƫ0+ƫ((+0!ƫ.!/+1.!/ƫ* ƫ//!//%*#ƫ,!."+.)*!ċƫ 
$!ƫ.+1,Ě/ƫ$%!"ƫ+,!.0%*#ƫ !%/%+*ƫ)'!.ƫ%/ƫ0$!ƫ$%!"ƫ4!10%2!ƫþ!.ƫ* ƫ
Managing Director.
 
The Group has identiﬁed business segments (‘industry vertical’) as reportable 
/!#)!*0/ċƫ$!ƫ1/%*!//ƫ/!#)!*0/ƫ+),.%/!čƫāĩƫ*'%*#Čƫ%**%(ƫ!.2%!/ƫ* ƫ
Insurance, 2) Manufacturing, 3) Retail and Consumer Business, 4) Communication, 
Media and Technology and 5) Others such as Energy, Resources and Utilities, Life 
Sciences and Healthcare, s-Governance and Products. 
 
Revenue and expenses directly attributable to segments are reported under each 
reportable segment. Expenses which are not directly identiﬁable to each reporting 
segment have been allocated on the basis of associated revenue of the segment 
or manpower efforts. All other expenses which are not attributable or allocable to 
segments have been disclosed as unallocable expenses.
 
The assets and liabilities of the Group are used interchangeably amongst segments. 
Allocation of such assets and liabilities is not practicable and any forced allocation 
would not result in any meaningful segregation. Hence assets and liabilities have not 
been identiﬁed to any of the reportable segments.
 
Summarised segment information for the years ended March 31, 2020 and 2019 is as 
follows:
(` crore)
Year ended March 31, 2020
Banking, 
Financial 
Services and 
Insurance
Manufacturing
Retail and 
Consumer 
Business
Communication, 
Media and 
Technology
Others
Total
Revenue
61,095 
16,468 
26,280 
25,978 
27,128  156,949 
Segment result
16,950 
4,445 
6,870 
7,703 
6,141 
42,109 
Total unallocable 
expenses
4,453 
Operating 
income
37,656 
Other income
4,592 
Proﬁt before tax
42,248 
Tax expense
9,801 
Proﬁt for the 
year
32,447 
Depreciation 
and amortisation 
expense 
(unallocable)
3,529 
Signiﬁcant 
non-cash items 
(allocable)
(2)
 -  
18 
8 
120 
144

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 234
(` crore)
Year ended March 31, 2019
*'%*#Čƫ
Financial 
Services and 
Insurance
Manufacturing
Retail and 
Consumer 
Business
Communication, 
Media and 
Technology
Others
Total
Revenue
57,938 
15,682 
25,164 
23,925 
23,754  146,463 
Segment result
16,089 
4,311 
6,871 
6,644 
5,554 
39,469 
Total unallocable 
expenses
2,217 
Operating 
income
37,252 
Other income
4,311 
Proﬁt before tax
41,563 
Tax expense
10,001 
Proﬁt for the 
year
31,562 
Depreciation 
and amortisation 
expense
35 
 -  
 -  
 -  
2 
37
Depreciation 
and amortisation 
expense 
(unallocable)
2,019
Signiﬁcant 
non-cash items 
(allocable)
6
3
27
27
124
187
 
Unallocable expenses for current year include impact of Ind AS 116 adoption.
 
Geographical revenue is allocated based on the location of the customers.
 
Information regarding geographical revenue is as follows:
(` crore)
Geography
Year ended          
March 31, 2020
Year ended           
March 31, 2019
Americas (1)
 82,000 
 77,562 
Europe (2)
 48,037 
 43,456 
India
 8,964 
 8,393 
Others
 17,948 
 17,052 
 156,949 
 146,463 
 
Geographical non-current assets (property, plant and equipment, right-of-use assets, 
goodwill, other intangible assets, income tax assets and other non-current assets) are 
allocated based on the location of the assets.
 
Information regarding geographical non-current assets is as follows:
(` crore)
Geography
As at  
March 31, 2020
As at  
March 31, 2019
Americas (3)
2,596
1,531
Europe (4)
3,382
2,250
India
18,920
14,313
Others
1,109
539
26,007
18,633
ƫ
đƫ
Ĩāĩƫ* ƫĨăĩƫ.!ƫ/1/0*0%((5ƫ.!(0! ƫ0+ƫ+,!.0%+*/ƫ%*ƫ0$!ƫ*%0! ƫ00!/ƫ+"ƫ
America.
ƫ
đƫ
ĨĂĩƫ%*(1 !/ƫ.!2!*1!ƫ%*ƫ0$!ƫ*%0! ƫ%*# +)ƫ+"ƫ`24,899 crore and  
`22,862 crore for the years ended March 31, 2020 and 2019, respectively.

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 235
ƫ
đƫ
Ĩąĩƫ%*(1 !/ƫ*+*ġ1..!*0ƫ//!0/ƫ%*ƫ0$!ƫ*%0! ƫ%*# +)ƫ+"ƫ`1,245 crore and 
`891 crore as at March 31, 2020 and 2019, respectively.
 
Information about major customers
 
No single customer represents 10% or more of the Group’s total revenue for the years 
ended March 31, 2020 and 2019, respectively.
20) 
Commitments and contingent liabilities
 
Capital commitments
 
The Group has contractually committed (net of advances) `1,396 crore and  
`1,289 crore as at March 31, 2020 and 2019, respectively, for purchase of property, 
plant and equipment.
 
Contingencies
 
đƫ
Direct tax matters
 
 
Refer note 17.
ƫ
đƫ
Indirect tax matters
 
 
The Company and its subsidiaries have ongoing disputes with Indian tax 
authorities mainly relating to treatment of characterisation and classiﬁcation 
of certain items. The Company and its subsidiaries in India have demands 
amounting to `517 crore and `392 crore as at March 31, 2020 and 2019, 
respectively, from various indirect tax authorities which are being contested 
by the Company and its subsidiaries based on the management evaluation 
and advice of tax consultants. 
ƫ
đƫ
Other claims
 
 
Claims aggregating `211 crore and `185 crore as at March 31, 2020 and 2019, 
.!/,!0%2!(5Čƫ#%*/0ƫ0$!ƫ.+1,ƫ$2!ƫ*+0ƫ!!*ƫ'*+3(! #! ƫ/ƫ !0/ċ
 
 
In addition to above in October 2014, Epic Systems Corporation (referred to as 
Epic) ﬁled a legal claim against the Company in the Court of Western District 
Madison, Wisconsin for alleged infringement of Epic’s proprietary information. 
In April 2016, the Company received an unfavourable jury verdict awarding 
damages totalling `7,091 crore (US $940 million) to Epic. In September 2017, 
the Company received a Court order reducing the damages from `7,091 crore 
(US $940 million) to `3,168 crore (US $420 million) to Epic. Pursuant to  
US Court procedures, a Letter of Credit has been made available to Epic for  
`3,319 crore (US $440 million) as ﬁnancial security in order to stay execution 
of the judgment pending post-judgment proceedings and appeal. Pursuant  
to reaffirmation of the Court order in March 2019, the Company has ﬁled a 
notice of appeal in the superior Court to fully set aside the Order. Epic has  
also ﬁled a cross appeal challenging the reduction by the trial judge of  
`754 crore (US $100 million) award and `1,509 crore (US $200 million) in 
punitive damages. The Company has received legal advice to the effect that 
the order and the reduced damages awarded are not supported by evidence 
presented during the trial.
ƫ
đƫ
Letter of comfort
ƫ
ƫ
$!ƫ+),*5ƫ$/ƫ#%2!*ƫ(!00!.ƫ+"ƫ+)"+.0ƫ0+ƫ*'ƫ"+.ƫ.! %0ƫ"%(%0%!/ƫ2%(! ƫ
by its subsidiary Tata America International Corporation. As per the terms of 
(!00!.ƫ+"ƫ+)"+.0Čƫ0$!ƫ+),*5ƫ1* !.0'!/ƫ*+0ƫ0+ƫ %2!/0ƫ%0/ƫ+3*!./$%,ƫ%*0!.!/0ƫ
directly or indirectly in the subsidiary and provide such managerial, technical 
and ﬁnancial assistance to ensure continued successful operations of the 
subsidiary.
 
The amounts assessed as contingent liability do not include interest that could be 
claimed by counter parties.

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 236
21) 
Statement of net assets, proﬁt and loss and other comprehensive income attributable to owners and non-controlling interests
Name of the entity
Country of 
incorporation
% of voting 
power as at  
March 31, 
2020
% of voting 
power as at  
March 31, 
2019
Net assets, i.e. total 
assets minus total 
liabilities
Share in proﬁt or loss
Share in other comprehensive 
income
Share in total comprehensive 
income
As % of 
consolidated 
net assets
Amount 
(` crore)
As % of 
consolidated 
proﬁt or loss
Amount 
(` crore)
As % of 
consolidated other 
comprehensive 
income
Amount 
(` crore)
As % of total 
comprehensive 
income
Amount 
(` crore)
Tata Consultancy Services Limited
India
 -  
 -  
 81.97 
74,368 
 89.63 
 33,260 
 124.29 
 174 
 89.76 
 33,434 
Subsidiaries (held directly)
Indian
APTOnline Limited
India
 89.00 
 89.00 
 0.11 
103 
 0.08 
 31 
 -  
 - 
 0.08 
 31 
MP Online Limited
India
 89.00 
 89.00 
 0.11 
99 
 0.05 
 17 
 -  
 - 
 0.05 
 17 
C-Edge Technologies Limited
India
 51.00 
 51.00 
 0.27 
246 
 0.22 
 81 
 -  
 - 
 0.22 
 81 
MahaOnline Limited 
India
 74.00 
 74.00 
 0.09 
79 
 0.06 
 21 
 -  
 - 
 0.06 
 21 
TCS e-Serve International Limited
India
 100.00 
 100.00 
 0.02 
19 
 (0.34)
 (125)
 (2.14)
 (3)
 (0.34)
 (128)
TCS Foundation
India
 100.00 
 100.00 
 1.10 
995 
 0.76 
 282 
 -  
 - 
 0.76 
 282 
Foreign
Diligenta Limited
UK
 100.00 
 100.00 
 1.20 
1,091 
 0.77 
 284 
 10.00 
 14 
 0.80 
 298 
Tata Consultancy Services Canada Inc.
Canada
 100.00 
 100.00 
 0.70 
631 
 1.33 
 494 
 -  
 -  
 1.33 
 494 
Tata America International Corporation
USA
 100.00 
 100.00 
 1.72 
1,557 
 2.34 
 868 
 (14.29)
 (20)
 2.28 
 848 
Tata Consultancy Services Asia Paciﬁc Pte Ltd.
Singapore
 100.00 
 100.00 
 0.75 
676 
 0.58 
 217 
 -  
 - 
 0.58 
 217 
Tata Consultancy Services Belgium
Belgium
 100.00 
 100.00 
 0.37 
333 
 0.24 
 90 
 -  
 - 
 0.24 
 90 
Tata Consultancy Services Deutschland GmbH
Germany
 100.00 
 100.00 
 0.52 
470 
 0.51 
 188 
 0.71 
 1 
 0.51 
 189 
Tata Consultancy Services Netherlands BV
Netherlands
 100.00 
 100.00 
 3.03 
2,750 
 (1.15)
 (425)
 -  
 -  
 (1.14)
 (425)
Tata Consultancy Services Sverige AB
Sweden
 100.00 
 100.00 
 0.59 
539 
 0.21 
 77 
 -  
 - 
 0.21 
 77 
TCS FNS Pty Limited
Australia
 100.00 
 100.00 
 0.13 
121 
 0.20 
 73 
 -  
 - 
 0.20 
 73

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 237
Name of the entity
Country of 
incorporation
% of voting 
power as at  
March 31, 
2020
% of voting 
power as at  
March 31, 
2019
Net assets, i.e. total 
assets minus total 
liabilities
Share in proﬁt or loss
Share in other comprehensive 
income
Share in total comprehensive 
income
As % of 
consolidated 
net assets
Amount 
(` crore)
As % of 
consolidated 
proﬁt or loss
Amount 
(` crore)
As % of 
consolidated other 
comprehensive 
income
Amount 
(` crore)
As % of total 
comprehensive 
income
Amount 
(` crore)
TCS Iberoamerica SA
Uruguay
 100.00 
 100.00 
 1.78 
1,618 
 0.99 
 367 
 -  
 - 
 0.99 
 367 
Tata Consultancy Services (Africa) (PTY) Ltd.
South Africa
 100.00 
 100.00 
 0.05 
45 
 0.09 
 33 
 -  
 - 
 0.09 
 33 
CMC Americas, Inc.
USA
 100.00 
 100.00 
 0.03 
27 
 0.07 
 25 
 -  
 - 
 0.07 
 25 
Tata Consultancy Services Qatar S.S.C.
Qatar
 100.00 
 100.00 
 0.04 
32 
 0.04 
 13 
 -  
 - 
 0.03 
 13 
W12 Studios Limited
UK
 100.00 
 100.00 
 0.03 
26 
 0.01 
 2 
 -  
 - 
 0.01 
 2 
Subsidiaries (held indirectly)
Foreign
TCS e-Serve America, Inc.
USA
 100.00 
 100.00 
 0.09 
85 
 0.07 
 25 
 -  
 - 
 0.07 
 25 
Tata Consultancy Services (China) Co., Ltd.
China
 93.20 
 93.20 
 0.19 
 169 
 (0.03)
 (11)
 -  
 - 
 (0.03)
 (11)
Tata Consultancy Services Japan, Ltd.
Japan
 66.00 
 51.00 
 1.50 
 1,360 
 0.51 
 188 
 -  
 - 
 0.50 
 188 
Tata Consultancy Services Malaysia Sdn Bhd
Malaysia
 100.00 
 100.00 
 0.10 
 87 
 (0.03)
 (10)
 -  
 - 
 (0.03)
 (10)
PT Tata Consultancy Services Indonesia
Indonesia
 100.00 
 100.00 
 0.03 
 26 
 0.04 
 13 
 -  
 - 
 0.03 
 13 
Tata Consultancy Services (Philippines) Inc.
Philippines
 100.00 
 100.00 
 0.18 
 164 
 0.04 
 13 
 -  
 -  
 0.03 
 13 
Tata Consultancy Services (Thailand) Limited
Thailand
 100.00 
 100.00 
 0.01 
 12 
 0.04 
 13 
 -  
 - 
 0.03 
 13 
TCS Italia s.r.l.
Italy
 100.00 
 100.00 
 0.03 
 30 
 0.02 
 8 
 -  
 - 
 0.02 
 8 
Tata Consultancy Services Luxembourg S.A.
Capellen 
(G.D. de 
Luxembourg)
 100.00 
 100.00 
 0.13 
 121 
 0.14 
 51 
 -  
 -  
 0.14 
 51 
Tata Consultancy Services Switzerland Ltd.
Switzerland
 100.00 
 100.00 
 0.43 
 391 
 0.44 
 164 
 (17.87)
 (25)
 0.37 
 139 
Tata Consultancy Services Osterreich GmbH
Austria
 100.00 
 100.00 
 0.01 
 5 
 -  
 -  
 - 
 - 
 - 
 -

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 238
Name of the entity
Country of 
incorporation
% of voting 
power as at  
March 31, 
2020
% of voting 
power as at  
March 31, 
2019
Net assets, i.e. total 
assets minus total 
liabilities
Share in proﬁt or loss
Share in other comprehensive 
income
Share in total comprehensive 
income
As % of 
consolidated 
net assets
Amount 
(` crore)
As % of 
consolidated 
proﬁt or loss
Amount 
(` crore)
As % of 
consolidated other 
comprehensive 
income
Amount 
(` crore)
As % of total 
comprehensive 
income
Amount 
(` crore)
0ƫ+*/1(0*5ƫ!.2%!/ƫ*).'ƫ,
!*).'
 100.00 
 100.00 
 0.01 
 5 
 -  
 1 
 -  
 - 
 - 
 1 
Tata Consultancy Services De Espana S.A.
Spain
 100.00 
 100.00 
 0.04 
 39 
 0.03 
 12 
 -  
 - 
 0.03 
 12 
Tata Consultancy Services (Portugal) Unipessoal, 
Limitada
Portugal
 100.00 
 100.00 
 -  
 -  
 0.01 
 3 
 -  
 - 
 0.01 
 3 
Tata Consultancy Services France SA
France
 100.00 
 100.00 
 (0.45)
 (404)
 -  
 (1)
 1.43 
 2 
 -  
 1 
Tata Consultancy Services Saudi Arabia
Saudi Arabia
 76.00 
 76.00 
 0.28 
 250 
 0.16 
 58 
 (0.01)
 -  
 0.16 
 58 
TCS Business Services GmbH (w.e.f.  
March 9, 2020)
Germany
 100.00 
 -  
 -  
 -  
 -  
 -  
-
 -  
 -  
 - 
Tata Consultancy Services (South Africa) (PTY) 
Ltd.
South Africa
 100.00 
 100.00 
 0.07 
 66 
 0.07 
 27 
 -  
 - 
 0.07 
 27 
TCS Financial Solutions Beijing Co., Ltd.
China
 100.00 
 100.00 
 0.03 
 26 
 0.02 
 9 
 -  
 - 
 0.02 
 9 
TCS Financial Solutions Australia Holdings Pty 
Limited (w.e.f. January 29, 2020)
Australia
 -  
 100.00 
 -  
 -  
 0.20 
 73 
 -  
 - 
 0.20 
 73 
TCS Financial Solutions Australia Pty Limited
Australia
 100.00 
 100.00 
 0.11 
 100 
 0.13 
 48 
 -  
 - 
 0.13 
 48 
TCS Solution Center S.A.
Uruguay
 100.00 
 100.00 
 0.28 
 250 
 0.31 
 117 
 -  
 - 
 0.31 
 117 
TCS Uruguay S.A.
Uruguay
 100.00 
 100.00 
 0.10 
 91 
 0.34 
 126 
 -  
 - 
 0.34 
 126 
Tata Consultancy Services Argentina S.A.
Argentina
 100.00 
 100.00 
 0.01 
 6 
 (0.03)
 (10)
 -  
 - 
 (0.03)
 (10)
Tata Consultancy Services Do Brasil Ltda
Brazil
 100.00 
 100.00 
 0.17 
 152 
 0.08 
 30 
 -  
 - 
 0.08 
 30 
Tata Consultancy Services De Mexico S.A., De C.V.
Mexico
 100.00 
 100.00 
 0.80 
 722 
 0.49 
 184 
 -  
 - 
 0.49 
 184 
MGDC S.C.
Mexico
 100.00 
 100.00 
 0.19 
 168 
 0.01 
 5 
 (6.43)
 (9)
 (0.01)
 (4)
TCS Inversiones Chile Limitada
Chile
 100.00 
 100.00 
 0.31 
 285 
 0.24 
 88 
 -  
 - 
 0.24 
 88

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 239
Name of the entity
Country of 
incorporation
% of voting 
power as at  
March 31, 
2020
% of voting 
power as at  
March 31, 
2019
Net assets, i.e. total 
assets minus total 
liabilities
Share in proﬁt or loss
Share in other comprehensive 
income
Share in total comprehensive 
income
As % of 
consolidated 
net assets
Amount 
(` crore)
As % of 
consolidated 
proﬁt or loss
Amount 
(` crore)
As % of 
consolidated other 
comprehensive 
income
Amount 
(` crore)
As % of total 
comprehensive 
income
Amount 
(` crore)
Tata Consultancy Services Chile S.A.
Chile
 100.00 
 100.00 
 0.39 
 352 
 0.05 
 18 
 -  
 - 
 0.05 
 18 
Technology Outsourcing S.A.C.
Peru
 100.00 
 100.00 
 0.02 
 20 
 0.02 
 8 
 -  
 - 
 0.02 
 8 
TATASOLUTION CENTER S.A.
Ecuador
 100.00 
 100.00 
 0.07 
 59 
 (0.08)
 (21)
 4.31 
 6 
 (0.05)
 (15)
Trusts
India
 -  
 - 
 0.26 
 263 
 0.02 
 7 
 -  
 - 
 0.02 
 7 
TOTAL
100.00
 90,725 
100.00
 37,109 
100.00
 140 
100.00
 37,249 
a)  Adjustments arising out of consolidation
 (5,976)
 (4,662)
 324 
 (4,338)
b)  Non-controlling interests
  
Indian subsidiaries
 
APTOnline Limited
 (11)
 (3)
 -  
 (3)
 
MP Online Limited
 (10)
 (2)
 -  
 (2)
  
C-Edge Technologies Limited
 (116)
 (39)
 -  
 (39)
  
MahaOnline Limited
 (19)
 (5)
 -  
 (5)
  
Foreign subsidiaries
  
Tata Consultancy Services (China) Co., Ltd.
 (11)
 2 
 3 
 5 
  
Tata Consultancy Services Japan, Ltd.
 (456)
 (60)
 (43)
 (103)
TOTAL
 (623)
 (107)
 (40)
 (147)
TOTAL
 84,126 
 32,340 
424 
 32,764

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 240
22) 
Related party transactions
 
Tata Consultancy Services Limited’s principal related parties consist of its holding 
company Tata Sons Private Limited and its subsidiaries, its own subsidiaries, affiliates 
* ƫ'!5ƫ)*#!.%(ƫ,!./+**!(ċƫ$!ƫ.+1,Ě/ƫ)0!.%(ƫ.!(0! ƫ,.05ƫ0.*/0%+*/ƫ
and outstanding balances are with related parties with whom the Group routinely 
enter into transactions in the ordinary course of business. Refer note 21 for list of 
subsidiaries of the Company.
 
Transactions and balances with its own subsidiaries are eliminated on consolidation.
 
Transactions with related parties are as follows:
(` crore)
Year ended March 31, 2020
 Tata Sons 
Private 
Limited  
 Subsidiaries 
of Tata Sons 
Private 
Limited 
 Associates / 
joint ventures of 
Tata Sons Private 
Limited and their 
subsidiaries 
 Other 
related 
parties 
 Total 
Revenue
 31 
 432 
 2,193 
 - 
 2,656 
Purchases of goods 
and services (including 
reimbursements)
 1 
 556 
 457 
 -   
 1,014 
Brand equity contribution
 162 
 - 
 - 
 - 
 162 
Facility expenses
 -  
 3 
 1 
 - 
 4 
Lease rental
 2 
 68 
 26 
 - 
 96 
Bad debts and advances 
written off, allowance for 
doubtful trade receivables 
and advances (net)
 1 
 - 
 - 
 - 
 1 
(` crore)
Year ended March 31, 2020
 Tata Sons 
Private 
Limited  
 Subsidiaries 
of Tata Sons 
Private 
Limited 
 Associates / 
joint ventures of 
Tata Sons Private 
Limited and their 
subsidiaries 
 Other 
related 
parties 
 Total 
Contribution and advance 
to post employment 
beneﬁt plans
 - 
 - 
 - 
 2,684 
 2,684 
Purchase of property, plant 
and equipment
 -  
 219 
 110 
 - 
 329 
Loans and advances given
 - 
 4 
 85 
 - 
 89 
Loans and advances 
recovered
 -  
 3 
 30 
 - 
 33 
Dividend paid
 22,971 
 9 
 - 
 - 
22,980

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 241
(` crore)
Year ended March 31, 2019
 Tata Sons 
Private 
Limited  
 Subsidiaries 
of Tata Sons 
Private 
Limited 
 Associates / 
joint ventures of 
Tata Sons Private 
Limited and their 
subsidiaries 
 Other 
related 
parties 
 Total 
Revenue
 27 
 298 
 2,241 
 -  
 2,566 
Purchases of goods 
and services (including 
reimbursements)
 1 
 447 
 378 
 -  
 826 
Brand equity contribution
 167 
 -  
 -  
 - 
 167 
Facility expenses
 1 
 37 
 17 
 -  
 55 
Bad debts and advances 
written off, allowance for 
doubtful trade receivables 
and advances (net)
 - 
 (7)
 1 
 -  
 (6)
Contribution and advance 
to post employment 
beneﬁt plans
 - 
 - 
 - 
 816 
 816 
Purchase of property, plant 
and equipment
 - 
 2 
 48 
 -  
 50 
Loans and advances given
 -  
 2 
 2 
 -  
 4 
Loans and advances 
recovered
 - 
 - 
 3 
 -  
 3 
Dividend paid
 7,254 
 3 
 -  
 - 
 7,257 
15ġ'ƫ+"ƫ/$.!/
 10,455 
 4 
 -  
 - 
10,459 
Issue of bonus shares*
 -  
 - 
 - 
 -  
 - 
 
*Refer note 8(l). 
 
Material related party transactions are as follows:
(` crore)
Year ended          
March 31, 2020
Year ended           
March 31, 2019
Revenue
Jaguar Land Rover Limited 
 1,142 
 652 
Jaguar Cars Limited (dormant)
 9 
 679 
 
Material related party balances are as follows:
(` crore)
As at  
March 31, 2020
As at  
March 31, 2019
Trade receivables, unbilled receivables and 
contract assets
Jaguar Land Rover Limited 
 209 
 362

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 242
 
Balances receivable from related parties are as follows:
(` crore)
As at March 31, 2020 
 Tata Sons 
Private 
Limited  
 Subsidiaries 
of Tata Sons 
Private 
Limited 
 Associates / joint 
ventures of Tata Sons 
Private Limited and 
their subsidiaries 
 Total 
Trade receivables, 
unbilled receivables and 
contract assets
 4 
 246 
 681 
 931 
Loans receivables, other 
ﬁnancial assets and other 
assets 
 10 
 30 
 65 
 105 
 14 
 276 
 746 
 1,036 
(` crore)
As at March 31, 2019
 Tata Sons 
Private 
Limited  
 Subsidiaries 
of Tata Sons 
Private 
Limited 
 Associates / joint 
ventures of Tata Sons 
Private Limited and 
their subsidiaries 
 Total 
Trade receivables, 
unbilled receivables and 
contract assets
 8 
 118 
 647 
 773 
Loans receivables, other 
ﬁnancial assets and other 
assets 
 3 
 28 
 6 
 37 
 11 
 146 
 653 
 810 
 
Balances payable to related parties are as follows:
(` crore)
As at March 31, 2020
 Tata Sons 
Private 
Limited  
 Subsidiaries 
of Tata Sons 
Private 
Limited 
 Associates / joint 
ventures of Tata Sons 
Private Limited and 
their subsidiaries 
 Total 
Trade payables, unearned 
and deferred revenue, 
other ﬁnancial liabilities 
and other liabilities
 148 
 246 
 244 
 638 
Commitments
 -  
 11 
 367 
 378 
(` crore)
As at March 31, 2019
 Tata Sons 
Private 
Limited  
 Subsidiaries 
of Tata Sons 
Private 
Limited 
 Associates / joint 
ventures of Tata Sons 
Private Limited and 
their subsidiaries 
 Total 
Trade payables, unearned 
and deferred revenue, 
other ﬁnancial liabilities 
and other liabilities
 170 
 106 
 129 
 405 
Commitments
 -  
14
53
 67

Notes forming part of the Consolidated Financial Statements
TCS Annual Report 2019-20
Consolidated Financial Statements I 243
ƫ
.*/0%+*/ƫ3%0$ƫ'!5ƫ)*#!)!*0ƫ,!./+**!(ƫ.!ƫ/ƫ"+((+3/č
(` crore)
 Year ended          
March 31, 2020 
 Year ended           
March 31, 2019 
Short-term beneﬁts
 28 
 33 
Dividend paid during the year
 2 
 1 
 30 
 34 
ƫ
$!ƫ.!)1*!.0%+*ƫ+"ƫ %.!0+./ƫ* ƫ'!5ƫ!4!10%2!/ƫ%/ƫ !0!.)%*! ƫ5ƫ0$!ƫ.!)1*!.0%+*ƫ
+))%00!!ƫ$2%*#ƫ.!#. ƫ0+ƫ0$!ƫ,!."+.)*!ƫ+"ƫ%* %2% 1(/ƫ* ƫ).'!0ƫ0.!* /ċƫ
 
The above ﬁgures do not include provisions for encashable leave, gratuity and 
premium paid for group health insurance, as separate actuarial valuation / premium 
paid are not available.
23) 
The sitting fees and commission paid to non-executive directors is `9 crore and  
`12 crore as at March 31, 2020 and 2019, respectively.
24) 
The proposed Social Security Code, 2019, when promulgated, would subsume 
labour laws including Employees' Provident Funds and Miscellaneous Provisions Act 
and amend the deﬁnition of wages on which the organisation and its employees 
are to contribute towards Provident Fund. The Group believes that there will be 
no signiﬁcant impact on its contributions to Provident Fund due to the proposed 
amendments. Additionally, there is uncertainty and ambiguity in interpreting and 
giving effect to the guidelines of Hon. Supreme Court vide its ruling in February 2019, 
in relation to the scope of compensation on which the organisation and its employees 
are to contribute towards Provident Fund. The Group will evaluate its position and 
act, as clarity emerges.
25) 
Subsequent event
 
Dividends paid during the year ended March 31, 2020 include an amount of `18 per 
equity share towards ﬁnal dividend for the year ended March 31, 2019 and an amount 
of `67 per equity share towards interim dividends (including special dividend) for 
the year ended March 31, 2020. Dividends paid during the year ended March 31, 2019 
include an amount of `29 per equity share towards ﬁnal dividend for the year ended 
March 31, 2018 and an amount of `12 per equity share towards interim dividends for 
the year ended March 31, 2019.
 
Dividends declared by the Company are based on proﬁts available for distribution. 
On April 16, 2020, the Board of Directors of the Company have proposed a ﬁnal 
dividend of `6 per share in respect of the year ending March 31, 2020 subject to the 
approval of shareholders at the Annual General Meeting. The proposal is subject to 
the approval of shareholders at the Annual General Meeting, and if approved, would 
result in a cash outﬂow of approximately `2,251 crore.
As per our report of even date attached
For and on behalf of the Board
For B S R & Co. LLP
N Chandrasekaran
Rajesh Gopinathan
Keki M Mistry
Chartered Accountants
Chairman
CEO and Managing Director
Director
Firm's registration no:  
101248W/W-100022
Yezdi Nagporewalla
V Ramakrishnan
Rajendra Moholkar
Partner
CFO
Company Secretary
Membership No: 049265
Mumbai, April 16, 2020

TCS Annual Report 2019-20
Unconsolidated Financial Statements I 244
Independent Auditors' Report
To the Members of
Tata Consultancy Services Limited
Report on the Audit of the Standalone Financial 
Statements
Opinion
We have audited the standalone financial statements 
of Tata Consultancy Services Limited (“the Company”), 
which comprise the Standalone Balance Sheet as at  
31 March 2020, and the Standalone Statement of Profit 
and Loss (including other comprehensive income), 
Standalone Statement of Changes in Equity and 
Standalone Statement of Cash Flows for the year then 
ended, and notes to the standalone financial statements, 
including a summary of the significant accounting 
policies and other explanatory information (hereinafter 
referred to as “the standalone financial statements”).
In our opinion and to the best of our information and 
according to the explanations given to us, the aforesaid 
standalone financial statements give the information 
required by the Companies Act, 2013 (“the Act”) in 
the manner so required and give a true and fair view 
in conformity with the accounting principles generally 
accepted in India, of the state of affairs of the Company 
as at 31 March 2020, and profit and other comprehensive 
Unconsolidated  
Financial  
Statements
income, changes in equity and its cash flows for the year 
ended on that date.
Basis for Opinion
We conducted our audit in accordance with the 
Standards on Auditing (SAs) specified under Section 
143(10) of the Act. Our responsibilities under those SAs 
are further described in the Auditor’s Responsibilities for 
the Audit of the Standalone Financial Statements section 
of our report. We are independent of the Company 
in accordance with the Code of Ethics issued by the 
Institute of Chartered Accountants of India together with 
the ethical requirements that are relevant to our audit of 
the standalone financial statements under the provisions 
of the Act and the Rules thereunder, and we have fulfilled 
our other ethical responsibilities in accordance with 
these requirements and the Code of Ethics. We believe 
that the audit evidence we have obtained is sufficient 
and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters (‘KAM’) are those matters that, in 
our professional judgment, were of most significance 
in our audit of the standalone financial statements of 
the current period. These matters were addressed in 
the context of our audit of the standalone financial 
statements as a whole, and in forming our opinion 
thereon, and we do not provide a separate opinion on 
these matters.

TCS Annual Report 2019-20
Unconsolidated Financial Statements I 245
Description of Key Audit Matters
Key audit matters
How our audit addressed the key audit matter
Revenue recognition – Fixed price contracts
The Company inter alia engages in Fixed-price 
contracts, wherein, revenue is recognized using 
the percentage of completion computed as 
per the input method based on the Company’s 
estimate of contract costs (Refer Note 4(a) and 
Note 10 to the standalone ﬁnancial statements). 
Our audit procedures on revenue recognized 
from ﬁxed price contracts included:
đƫ
0%*! ƫ*ƫ1* !./0* %*#ƫ+"ƫ0$!ƫ/5/0!)/Čƫ
processes and controls implemented by 
Company for recording and computing 
revenue and the associated contract assets, 
unearned and deferred revenue balances.
We identiﬁed revenue recognition of ﬁxed price 
contracts as a Key Audit Matter since –
đƫ
0$!.!ƫ%/ƫ*ƫ%*$!.!*0ƫ.%/'ƫ* ƫ,.!/1)! ƫ".1 ƫ
.%/'ƫ.+1* ƫ0$!ƫ1.5ƫ* ƫ!4%/0!*!ƫ
of revenues recognised considering the 
customised and complex nature of these 
contracts and signiﬁcant inputs of IT systems;
đƫ
,,(%0%+*ƫ+"ƫ.!2!*1!ƫ.!+#*%0%+*ƫ+1*0%*#ƫ
standard (Ind AS 115 Revenue from Contracts 
with customers) is complex and involves 
ƫ*1)!.ƫ+"ƫ'!5ƫ&1 #)!*0/ƫ* ƫ!/0%)0!/ƫ
mainly in identifying performance obligations, 
related transaction price and estimating the 
future cost-to-completion of these contracts, 
which is used to determine the percentage 
of completion of the relevant performance 
obligation; 
đƫ
0$!/!ƫ+*0.0/ƫ)5ƫ%*2+(2!ƫ+*!.+1/ƫ
obligations which requires critical assessment 
of foreseeable losses to be made by the 
Company; and
đƫ
	*2+(2! ƫ+1.ƫ	*"+.)0%+*ƫ0!$*+(+#5ƫĨę	Ěĩƫ
specialists:

¾ Assessed the IT environment in which 
the business systems operate and tested 
system controls over computation of 
revenue recognised;
 
¾ Tested the IT controls over 
appropriateness of cost and revenue 
reports generated by the system; and

¾ Tested the controls pertaining to 
allocation of resources and budgeting 
systems which prevent the unauthorized 
recording/changes to costs incurred and 
controls relating to the estimation of 
contract costs required to complete the 
respective projects.
Key audit matters
How our audit addressed the key audit matter
đƫ
0ƫ5!.ġ!* Čƫ/%#*%ü*0ƫ)+1*0ƫ+"ƫ3+.'ƫ%*ƫ
progress (Contract assets), related to these 
contracts are recognised on the balance 
sheet.
đƫ
*ƫ/!(!0! ƫ/,!%üĥƫ/00%/0%(ƫ/),(!/ƫ
of contracts, we tested that the revenue 
recognized is in accordance with the revenue 
recognition accounting standard –  

¾ Evaluated the identiﬁcation of 
performance obligations and the ascribed 
transaction price;
 
¾Tested Company’s computation of the 
estimation of contract costs and onerous 
obligations, if any. We:
 
 
¾ assessed that the estimates of costs 
to complete were reviewed and 
approved by appropriate designated 
management personnel;
 
 
¾ performed a retrospective analysis of 
costs incurred with estimated costs 
to identify signiﬁcant variations and 
challenged whether those variations 
are required to be considered in 
estimating the remaining costs to 
complete the contract; 
 
 
¾ assessed the appropriateness of 
3+.'ƫ%*ƫ,.+#.!//ƫĨ+*0.0ƫ//!0/ĩƫ+*ƫ
balance sheet date by evaluating the 
underlying documentation to identify 
possible changes in estimated 
costs to complete the remaining 
performance obligations; and
 
 
¾ inspected underlying documents and 
performed analytics to determine 
reasonableness of contract costs.

TCS Annual Report 2019-20
Unconsolidated Financial Statements I 246
Key audit matters
How our audit addressed the key audit matter
Evaluation of key tax matters
The Company operates in multiple jurisdictions 
and is subject to periodic challenges by local 
tax authorities on a range of tax matters 
during the normal course of business including 
transfer pricing and indirect tax matters. These 
involve signiﬁcant judgment by the Company to 
determine the possible outcome of the uncertain 
tax positions, consequently having an impact 
on related accounting and disclosures in the 
standalone ﬁnancial statements.  
Refer Note 4(e) and Note 19 to the standalone 
ﬁnancial statements. 
Our audit procedures include the following 
substantive procedures:
đƫ
0%*! ƫ*ƫ1* !./0* %*#ƫ+"ƫ'!5ƫ04ƫ
matters; and
đƫ
$!ƫ1 %0ƫ0!)Čƫ(+*#ƫ3%0$ƫ+1.ƫ%*0!.*(ƫ04ƫ
experts -
 ¾ƫ .! ƫ* ƫ*(5/! ƫ/!(!0ƫ'!5ƫ
correspondences, external legal opinions/ 
consultations obtained by Company for 
'!5ƫ04ƫ)00!./Ďƫ
 ¾ƫ !2(10! ƫ* ƫ$((!*#! ƫ'!5ƫ
assumptions made by the Company in 
estimating the current and deferred tax 
balances; 
 ¾ assessed and challenged the Company’s 
estimate of the possible outcome of 
the disputed cases by considering legal 
precedence and other judicial rulings; and
 ¾ Assessed and tested the presentation and 
disclosures relating to taxes.
Adoption of Ind AS 116 Leases
As described in Note 7 to the standalone ﬁnancial 
statements, the Company has adopted Ind AS 
116  Leases (Ind AS 116) in the current year. The 
application and transition to this accounting 
standard is complex and is an area of focus in our 
audit since the Company has a large number of 
leases with different contractual terms. 
Our audit procedures on adoption of Ind AS 116 
include:
đƫ
//!//! ƫ* ƫ0!/0! ƫ*!3ƫ,.+!//!/ƫ* ƫ
controls in respect of the lease accounting 
standard (Ind AS 116);
đƫ
//!//! ƫ0$!ƫ+),*5Ě/ƫ!2(10%+*ƫ+*ƫ
the identiﬁcation of leases based on the 
+*0.01(ƫ#.!!)!*0/ƫ* ƫ+1.ƫ'*+3(! #!ƫ
of the business;
Key audit matters
How our audit addressed the key audit matter
Ind AS 116 introduces a new lease accounting 
model, wherein lessees are required to recognise 
a right-of-use (ROU) asset and a lease liability 
arising from a lease on the balance sheet. 
The lease liabilities are initially measured by 
discounting future lease payments during the 
lease term as per the contract/ arrangement. 
Adoption of the standard involves signiﬁcant 
judgements and estimates including, 
determination of the discount rates and the lease 
term.  
Additionally, the standard mandates detailed 
disclosures in respect of transition.
Refer Note 4(h) and Note 7 to the standalone 
ﬁnancial statements.
đƫ
	*2+(2! ƫ+1.ƫ/,!%(%/0/ƫ0+ƫ!2(10!ƫ0$!ƫ
reasonableness of the discount rates applied 
in determining the lease liabilities;
đƫ
,+*ƫ0.*/%0%+*ƫ/ƫ0ƫāƫ,.%(ƫĂĀāĊč
 
¾ Evaluated the method of transition and 
related adjustments;
 
¾ Tested completeness of the lease data 
by reconciling the Company’s operating 
lease commitments to data used in 
computing ROU asset and the lease 
liabilities.
đƫ
*ƫƫ/00%/0%(ƫ/),(!Čƫ3!ƫ,!."+.)! ƫ0$!ƫ
following procedures:
 
¾ƫ //!//! ƫ0$!ƫ'!5ƫ0!.)/ƫ* ƫ+* %0%+*/ƫ
of each lease with the underlying lease 
contracts; and
 
¾ evaluated computation of lease liabilities 
* ƫ$((!*#! ƫ0$!ƫ'!5ƫ!/0%)0!/ƫ/1$ƫ/Čƫ
discount rates and the lease term.
đƫ
//!//! ƫ* ƫ0!/0! ƫ0$!ƫ,.!/!*00%+*ƫ* ƫ
disclosures relating to Ind AS 116 including, 
disclosures relating to transition.

TCS Annual Report 2019-20
Unconsolidated Financial Statements I 247
Other Information
The Company’s management and Board of Directors 
are responsible for the other information. The other 
information comprises the information included in the 
Company’s annual report, but does not include the 
standalone financial statements and our auditors’ report 
thereon.
Our opinion on the standalone financial statements does 
not cover the other information and we do not express 
any form of assurance conclusion thereon. 
In connection with our audit of the standalone financial 
statements, our responsibility is to read the other 
information and, in doing so, consider whether the other 
information is materially inconsistent with the standalone 
"%**%(ƫ/00!)!*0/ƫ+.ƫ+1.ƫ'*+3(! #!ƫ+0%*! ƫ%*ƫ0$!ƫ
audit or otherwise appears to be materially misstated. 
	"Čƫ/! ƫ+*ƫ0$!ƫ3+.'ƫ3!ƫ$2!ƫ,!."+.)! Čƫ3!ƫ+*(1 !ƫ
that there is a material misstatement of this other 
information, we are required to report that fact. We have 
nothing to report in this regard.
Management’s Responsibility for the Standalone 
Financial Statements
The Company’s management and Board of Directors 
are responsible for the matters stated in Section 134(5) 
of the Act with respect to the preparation of these 
standalone financial statements that give a true and fair 
view of the state of affairs, profit/loss (including other 
comprehensive income), changes in equity and cash 
flows of the Company in accordance with the accounting 
principles generally accepted in India, including the 
Indian Accounting  Standards  (Ind AS) specified 
under  Section 133 of the Act. This responsibility 
also includes maintenance of adequate accounting 
records in accordance with the provisions of the Act 
for safeguarding of the assets of the Company and for 
preventing and detecting frauds and other irregularities; 
selection and application of appropriate accounting 
,+(%%!/Ďƫ)'%*#ƫ&1 #)!*0/ƫ* ƫ!/0%)0!/ƫ0$0ƫ.!ƫ
reasonable and prudent; and design, implementation and 
maintenance of adequate internal financial controls that 
were operating effectively for ensuring the accuracy and 
completeness of the accounting records, relevant to the 
preparation and presentation of the standalone financial 
statements that give a true and fair view and are free 
from material misstatement, whether due to fraud or 
error.
In preparing the standalone financial statements, 
management and Board of Directors are responsible 
for assessing the Company’s ability to continue as a 
going concern, disclosing, as applicable, matters related 
to going concern and using the going concern basis 
of accounting unless management either intends to 
liquidate the Company or to cease operations, or has no 
realistic alternative but to do so.
The Board of Directors is also responsible for overseeing 
the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the 
Standalone Financial Statements
Our objectives are to obtain reasonable assurance about 
whether the standalone financial statements as a whole 
are free from material misstatement, whether due to 
fraud or error, and to issue an auditor’s report that 
includes our opinion. Reasonable assurance is a high 
level of assurance, but is not a guarantee that an audit 
conducted in accordance with SAs will always detect a 
material misstatement when it exists. Misstatements can 
arise from fraud or error and are considered material if, 
individually or in the aggregate, they could reasonably 
be expected to influence the economic decisions of 
1/!./ƫ0'!*ƫ+*ƫ0$!ƫ/%/ƫ+"ƫ0$!/!ƫ/0* (+*!ƫ"%**%(ƫ
statements.
As part of an audit in accordance with SAs, we exercise 
professional judgment and maintain professional 
/'!,0%%/)ƫ0$.+1#$+10ƫ0$!ƫ1 %0ċƫ!ƫ(/+čƫ
đƫ
	 !*0%"5ƫ* ƫ//!//ƫ0$!ƫ.%/'/ƫ+"ƫ)0!.%(ƫ
misstatement of the standalone financial 
statements, whether due to fraud or error, design 
and perform audit procedures responsive to 
0$+/!ƫ.%/'/Čƫ* ƫ+0%*ƫ1 %0ƫ!2% !*!ƫ0$0ƫ%/ƫ
sufficient and appropriate to provide a basis for 
+1.ƫ+,%*%+*ċƫ$!ƫ.%/'ƫ+"ƫ*+0ƫ !0!0%*#ƫƫ)0!.%(ƫ
misstatement resulting from fraud is higher 
than for one resulting from error, as fraud may 
involve collusion, forgery, intentional omissions, 
misrepresentations, or the override of internal 
control.

TCS Annual Report 2019-20
Unconsolidated Financial Statements I 248
đƫ
0%*ƫ*ƫ1* !./0* %*#ƫ+"ƫ%*0!.*(ƫ+*0.+(ƫ
relevant to the audit in order to design 
audit procedures that are appropriate in the 
circumstances. Under Section 143(3)(i) of the Act, 
we are also responsible for expressing our opinion 
on whether the Company has adequate internal 
financial controls with reference to standalone 
financial statements in place and the operating 
effectiveness of such controls. 
đƫ
2(10!ƫ0$!ƫ,,.+,.%0!*!//ƫ+"ƫ+1*0%*#ƫ
policies used and the reasonableness of 
accounting estimates and related disclosures 
made by management. 
đƫ
+*(1 !ƫ+*ƫ0$!ƫ,,.+,.%0!*!//ƫ+"ƫ
management’s use of the going concern basis 
of accounting and, based on the audit evidence 
obtained, whether a material uncertainty exists 
related to events or conditions that may cast 
significant doubt on the Company’s ability to 
continue as a going concern. If we conclude that 
a material uncertainty exists, we are required 
to draw attention in our auditor’s report to the 
related disclosures in the standalone financial 
statements or, if such disclosures are inadequate, 
to modify our opinion. Our conclusions are based 
on the audit evidence obtained up to the date of 
our auditor’s report. However, future events or 
conditions may cause the Company to cease to 
continue as a going concern.
đƫ
2(10!ƫ0$!ƫ+2!.((ƫ,.!/!*00%+*Čƫ/0.101.!ƫ* ƫ
content of the standalone financial statements, 
including the disclosures, and whether the 
standalone financial statements represent the 
underlying transactions and events in a manner 
that achieves fair presentation. 
We communicate with those charged with governance 
regarding, among other matters, the planned scope 
and timing of the audit and significant audit findings, 
including any significant deficiencies in internal control 
that we identify during our audit.
We also provide those charged with governance with 
a statement that we have complied with relevant 
ethical requirements regarding independence, and to 
communicate with them all relationships and other 
matters that may reasonably be thought to bear on our 
independence, and where applicable, related safeguards. 
From the matters communicated with those charged 
with governance, we determine those matters that 
were of most significance in the audit of the standalone 
financial statements of the current period and are 
0$!.!"+.!ƫ0$!ƫ'!5ƫ1 %0ƫ)00!./ċƫ!ƫ !/.%!ƫ0$!/!ƫ
matters in our auditors’ report unless law or regulation 
precludes public disclosure about the matter or when, 
in extremely rare circumstances, we determine that 
a matter should not be communicated in our report 
because the adverse consequences of doing so would 
reasonably be expected to outweigh the public interest 
benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. 
As required by the Companies (Auditors’ Report) 
Order, 2016 (“the Order”) issued by the  Central 
Government of India in terms of Section 143(11) of 
the Act, we give in the “Annexure A” a statement 
on the matters specified in paragraphs 3 and 4 of 
the Order, to the extent applicable.
 
(A) 
 As required by Section 143(3) of the Act, 
we report that:
 
 
(a) 
We have sought and obtained all 
the information and explanations 
3$%$ƫ0+ƫ0$!ƫ!/0ƫ+"ƫ+1.ƫ'*+3(! #!ƫ
and belief were necessary for the 
purposes of our audit.
ƫ
ƫ
Ĩĩƫ
	*ƫ+1.ƫ+,%*%+*Čƫ,.+,!.ƫ++'/ƫ+"ƫ
account as required by law have 
!!*ƫ'!,0ƫ5ƫ0$!ƫ+),*5ƫ/+ƫ".ƫ/ƫ
it appears from our examination of 
0$+/!ƫ++'/ċ
 
 
(c) 
The Standalone Balance Sheet, the 
Standalone Statement of Profit and 
Loss (including other comprehensive 
income), the Standalone Statement 
of Changes in Equity and the 
Standalone Statement of Cash 
Flows dealt with by this Report are 
%*ƫ#.!!)!*0ƫ3%0$ƫ0$!ƫ++'/ƫ+"ƫ
account.

TCS Annual Report 2019-20
Unconsolidated Financial Statements I 249
 
 
(d) 
In our opinion, the aforesaid 
standalone financial statements 
comply with the Ind AS specified 
under Section 133 of the Act.
 
 
(e) 
On the basis of the written 
representations received from the 
 %.!0+./ƫ/ƫ+*ƫăāƫ.$ƫĂĀĂĀƫ0'!*ƫ
on record by the Board of Directors, 
none of the directors is disqualified 
as on 31 March 2020 from being 
appointed as a director in terms of 
Section 164(2) of the Act.
 
 
(f) 
With respect to the adequacy of 
the internal financial controls with 
reference to standalone financial 
statements of the Company and 
the operating effectiveness of such 
controls, refer to our separate Report 
in “Annexure B”.
 
(B) 
With respect to the other matters to 
be included in the Auditors’ Report in 
accordance with Rule 11 of the Companies 
(Audit and Auditors) Rules, 2014, in our 
opinion and to the best of our information 
and according to the explanations given to 
us:
 
 
i. 
The Company has disclosed the 
impact of pending litigations as at 31 
March 2020 on its financial position 
in its standalone financial statements 
- Refer Note 19 to the standalone 
financial statements;
 
 
ii. 
The Company did not have any long-
term contracts including derivative 
contracts for which there were any 
material foreseeable losses;
 
 
iii. 
There has been no delay in 
transferring amounts, required 
to be transferred, to the Investor 
Education and Protection Fund by 
the Company; and
 
 
iv. 
The disclosures in the standalone 
financial statements regarding 
holdings as well as dealings in 
/,!%"%! ƫ*'ƫ*+0!/ƫ 1.%*#ƫ0$!ƫ
period from 8 November 2016 to 
30 December 2016 have not been 
made in these standalone financial 
statements since they do not pertain 
to the financial year ended 31 March 
2020.
 
(C) 
 With respect to the matter to be included in 
the Auditors’ Report under Section 197(16) 
of the Act:
 
 
In our opinion and according to the 
information and explanations given to us, 
the remuneration paid by the Company 
to its directors during the current year 
is in accordance with the provisions of 
Section 197 of the Act. The remuneration 
paid to any director is not in excess of 
the limit laid down under Section 197 of 
the Act. The Ministry of Corporate Affairs 
has not prescribed other details under 
Section 197(16) which are required to be 
commented upon by us.
For B S R & Co. LLP 
Chartered Accountants 
Firm's Registration No: 101248W/W-100022
 
Yezdi Nagporewalla 
 
Mumbai 
Partner 
 
16 April 2020 
Membership No: 049265 
UDIN: 20049265AAAAAK1814

TCS Annual Report 2019-20
Unconsolidated Financial Statements I 250
Annexure A to the Independent Auditors’ Report
With reference to the Annexure A referred to in the 
Independent Auditors’ Report to the members of the 
Company on the standalone financial statements for the 
year ended 31 March 2020, we report the following:
(i) 
(a) 
The Company has maintained proper records 
showing full particulars, including quantitative 
details and situation of ﬁxed assets.
 
(b) 
The Company has a regular programme of 
physical veriﬁcation of its ﬁxed assets, by 
which all ﬁxed assets are veriﬁed in a phased 
manner over a period of three years. In our 
opinion, this periodicity of physical veriﬁcation 
is reasonable having regard to the size of 
the Company and the nature of its assets. 
Pursuant to the programme, certain ﬁxed 
assets were physically veriﬁed during the year 
and no material discrepancies were noticed on 
such veriﬁcation. 
 
(c) 
According to the information and explanations 
given to us and on the basis of our 
examination of the records of the Company, 
the title deeds of immovable properties 
included in property, plant and equipment are 
held in the name of the Company. 
ƫ
ƫ
	*ƫ.!/,!0ƫ+"ƫ%))+2(!ƫ,.+,!.0%!/ƫ0'!*ƫ+*ƫ
lease and disclosed as right-of-use-assets in 
the standalone ﬁnancial statements, the lease 
agreements are in the name of the Company.
(ii) 
The inventory has been physically veriﬁed by 
the management during the year. In our opinion, 
the frequency of such veriﬁcation is reasonable. 
The Company has maintained proper records of 
inventory. The discrepancies noticed on veriﬁcation 
!03!!*ƫ0$!ƫ,$5/%(ƫ/0+'ƫ* ƫ0$!ƫ++'ƫ.!+. /ƫ
were not material. 
(iii) 
According to the information and explanations 
given to us, the Company has not granted any loans, 
secured or unsecured to companies, ﬁrms, limited 
liability partnerships or other parties covered in the 
register maintained under Section 189 of the Act. 
Accordingly, the provisions of clause 3(iii) (a), (b) and 
(c) of the Order are not applicable to the Company.  
(iv) 
In our opinion and according to the information and 
explanations given to us, the Company has complied 
with the provisions of Section 185 and 186 of the 
Act, with respect to the loans given, investments 
made, guarantees and securities given. Accordingly, 
paragraph 3(iv) of the Order is not applicable to the 
Company.
(v) 
The Company has not accepted any deposits from 
the public within the meaning of the directives issued 
5ƫ0$!ƫ!/!.2!ƫ*'ƫ+"ƫ	* %Čƫ,.+2%/%+*/ƫ+"ƫ!0%+*ƫĈăƫ
to 76 of the Act, any other relevant provisions of the 
Act and the relevant rules framed thereunder.
(vi) 
The Central Government has not prescribed the 
maintenance of cost records under Section 148 of the 
Act for any of the services rendered by the Company. 
(vii) 
(a) 
According to the information and explanations 
given to us and on the basis of our 
examination of the records of the Company, 
)+1*0/ƫ ! 10! ĥƫ.1! ƫ%*ƫ0$!ƫ++'/ƫ+"ƫ
account in respect of undisputed statutory 
dues including Provident fund, Employees’ 
State Insurance, Income-tax, Goods and 
Services tax, duty of Customs, Cess and other 
material statutory dues have generally been 
regularly deposited during the year by the 
Company with the appropriate authorities. 
 
 
According to the information and 
explanations given to us, no undisputed 
amounts payable in respect of Provident 
fund, Employees’ State Insurance, Income-
tax, Goods and Services tax, duty of 
Customs, Cess and other material statutory 
dues were in arrears as at 31 March 2020, 
for a period of more than six months from 
the date they became payable.

TCS Annual Report 2019-20
Unconsolidated Financial Statements I 251
 
(b) 
According to the information and explanations given to us, there are no dues of Income-tax or Sales tax or Service tax or Goods and Services tax or duty of Customs 
or duty of Excise or Value added tax which have not been deposited by the Company on account of disputes, except for the following:
Name of the Statute
Nature of 
the Dues
Amount  
(` in crore) **
Period 
Forum where dispute is pending
The Income-tax Act, 
1961
Income-tax
1,222
Assessment Year - 2007-08, 2011-12, 2015-16
Commissioner of Income Tax (Appeals)
193
Assessment Year - 2006-07
Income-Tax Appellate Tribunal
The Central Sales Tax 
Act, 1956 and Value 
Added Tax Act
Sales tax and 
VAT
218
Financial Year - 1994-1995, 2001-2002, 2002-2003, 2003-2004, 
2004-2005, 2005-2006, 2007-2008, 2008-2009, 2009-2010,  
2010-2011, 2011-2012, 2012-2013, 2013-2014, 2014-2015, 2015-2016
High Court
8
Financial Year - 1990-1991, 2002-2003, 2003-2004, 2004-2005, 
2005-2006, 2006-2007, 2011-2012, 2012-2013
Tribunal
-*
Financial Year - 1995-1996, 1997-1998, 2004-2005, 2005-2006,  
2011-2012
Assistant Commissioner
5
Financial Year - 1994-1995, 2005-2006, 2008-2009, 2010-2011, 2011-
2012, 2012-2013, 2013-2014, 2014-2015, 2015-2016, 2016-2017
Deputy Commissioner
9
Financial Year - 1997-1998, 2005-2006, 2013-2014, 2014-2015,  
2015-2016, 2016-2017
Joint Commissioner
-*
Financial Year - 2007-2008
Additional Commissioner
-*
Financial Year - 2012-2013
Commissioner
The Finance Act, 1994
Service tax
-*
Financial Year - 2002-2003, 2003-2004, 2004-2005
Commissioner Appeals
207.49
Financial Year - 2006-2007, 2007-2008, 2009-2010, 2010-2011, 
2012-2013, 2013-2014, 2014-2015, 2015-2016, 2016-2017, 2017-2018
Tribunal
 
 
*Indicates amount less than `0.50 crore
 
 
**These amounts are net of amount paid/ adjusted under protest `766 crore

TCS Annual Report 2019-20
Unconsolidated Financial Statements I 252
(viii) In our opinion and according to the information 
and explanations given to us, the Company has not 
defaulted in the repayment of loans or borrowings to 
*'/ċƫ$!ƫ+),*5ƫ % ƫ*+0ƫ$2!ƫ*5ƫ+10/0* %*#ƫ
loans or borrowings from ﬁnancial institutions or 
government and there are no dues to debenture 
holders during the year.
(ix) 
In our opinion and according to the information and 
explanations given to us, the Company did not raise 
any money by way of initial public offer or further 
public offer (including debt instruments) and term 
loans during the year. Accordingly, paragraph 3(ix) of 
the Order is not applicable to the Company. 
Ĩ4ĩƫ
+ƫ0$!ƫ!/0ƫ+"ƫ+1.ƫ'*+3(! #!ƫ* ƫ+. %*#ƫ0+ƫ0$!ƫ
information and explanations given to us, no material 
fraud by the Company or on the Company by its 
officers or employees has been noticed or reported 
during the course of our audit.
(xi) 
In our opinion and according to the information and 
explanations given to us and based on examination 
of the records of the Company, the Company 
has paid/provided managerial remuneration in 
accordance with the requisite approvals mandated by 
the provisions of Section 197 read with Schedule V to 
the Act.
(xii) 
According to the information and explanations given 
to us, in our opinion, the Company is not a Nidhi 
Company as prescribed under Section 406 of the 
Act. Accordingly, paragraph 3(xii) of the Order is not 
applicable to the Company.
(xiii) According to the information and explanations given 
to us and based on our examination of the records 
of the Company, all transactions with the related 
parties are in compliance with Sections 177 and 188 
of the Act, where applicable, and details of such 
transactions have been disclosed in the standalone 
ﬁnancial statements as required by the applicable 
accounting standards.
(xiv) According to the information and explanations given 
to us and based on our examination of the records 
of the Company, the Company has not made any 
preferential allotment or private placement of shares 
or fully or partly convertible debentures during the 
year. Accordingly, paragraph 3(xiv) of the Order is 
not applicable to the Company.
(xv) 
According to the information and explanations given 
to us and based on our examination of the records 
of the Company, the Company has not entered into 
non-cash transactions with directors or persons 
connected with him. Accordingly, paragraph 3(xv) of 
the Order is not applicable to the Company.
(xvi) According to the information and explanations given 
to us, the Company is not required to be registered 
1* !.ƫ!0%+*ƫąĆġ	ƫ+"ƫ0$!ƫ!/!.2!ƫ*'ƫ+"ƫ	* %ƫ0Čƫ
1934.
For B S R & Co. LLP 
Chartered Accountants 
Firm's Registration No: 101248W/W-100022
 
Yezdi Nagporewalla 
 
Mumbai 
Partner 
 
16 April 2020 
Membership No: 049265 
UDIN: 20049265AAAAAK1814

TCS Annual Report 2019-20
Unconsolidated Financial Statements I 253
Annexure B to the Independent Auditors' Report 
Annexure B to the Independent Auditors’ Report on the 
standalone ﬁnancial statements of Tata Consultancy 
Services Limited
Report on the internal financial controls with reference 
to the aforesaid standalone financial statements 
under Clause (i) of Sub-section 3 of Section 143 of the 
Companies Act, 2013
(Referred to in paragraph 1(A)(f) under ‘Report on Other 
Legal and Regulatory Requirements’ section of our 
report of even date)
Opinion
We have audited the internal financial controls with 
reference to standalone financial statements of Tata 
Consultancy Services Limited (“the Company”) as of 
31 March 2020 in conjunction with our audit of the 
standalone financial statements of the Company for the 
year ended on that date.
In our opinion, the Company has, in all material respects, 
adequate internal financial controls with reference 
to standalone financial statements and such internal 
financial controls were operating effectively as at 31 
March 2020, based on the internal financial controls with 
reference to standalone financial statements criteria 
established by the Company considering the essential 
components of internal control stated in the Guidance 
Note on Audit of Internal Financial Controls Over 
Financial Reporting issued by the Institute of Chartered 
Accountants of India (the “Guidance Note”).
Management’s Responsibility for Internal Financial 
Controls
The Company’s management and the Board of Directors 
are responsible for establishing and maintaining internal 
financial controls based on the internal financial controls 
with reference to standalone financial statements 
criteria established by the Company considering the 
essential components of internal control stated in 
the Guidance Note. These responsibilities include the 
design, implementation and maintenance of adequate 
internal financial controls that were operating effectively 
for ensuring the orderly and efficient conduct of 
its business, including adherence to the Company’s 
policies, the safeguarding of its assets, the prevention 
and detection of frauds and errors, the accuracy and 
completeness of the accounting records, and the timely 
preparation of reliable financial information, as required 
under the Companies Act, 2013 (hereinafter referred to 
as “the Act”).
Auditor’s Responsibility
Our responsibility is to express an opinion on the 
Company's internal financial controls with reference to 
standalone financial statements based on our audit. We 
conducted our audit in accordance with the Guidance 
Note and the Standards on Auditing, prescribed under 
Section 143(10) of the Act, to the extent applicable to 
an audit of internal financial controls with reference to 
standalone financial statements. Those Standards and 
the Guidance Note require that we comply with ethical 
requirements and plan and perform the audit to obtain 
reasonable assurance about whether adequate internal 
financial controls with reference to standalone financial 
statements were established and maintained and 
whether such controls operated effectively in all material 
respects.
Our audit involves performing procedures to obtain 
audit evidence about the adequacy of the internal 
financial controls with reference to standalone financial 
statements and their operating effectiveness. Our audit 
of internal financial controls with reference to standalone 
financial statements included obtaining an understanding 
+"ƫ/1$ƫ%*0!.*(ƫ"%**%(ƫ+*0.+(/Čƫ//!//%*#ƫ0$!ƫ.%/'ƫ0$0ƫ
ƫ)0!.%(ƫ3!'*!//ƫ!4%/0/Čƫ* ƫ0!/0%*#ƫ* ƫ!2(10%*#ƫ
the design and operating effectiveness of internal control 
/! ƫ+*ƫ0$!ƫ//!//! ƫ.%/'ċƫ$!ƫ,.+! 1.!/ƫ/!(!0! ƫ

TCS Annual Report 2019-20
Unconsolidated Financial Statements I 254
depend on the auditor’s judgement, including the 
//!//)!*0ƫ+"ƫ0$!ƫ.%/'/ƫ+"ƫ)0!.%(ƫ)%//00!)!*0ƫ+"ƫ0$!ƫ
standalone financial statements, whether due to fraud or 
error.
We believe that the audit evidence we have obtained is 
sufficient and appropriate to provide a basis for our audit 
opinion on the Company’s internal financial controls with 
reference to standalone financial statements.
Meaning of Internal Financial Controls with Reference 
to Standalone Financial Statements
A company's internal financial controls with reference 
to standalone financial statements is a process 
designed to provide reasonable assurance regarding the 
reliability of financial reporting and the preparation of 
standalone financial statements for external purposes 
in accordance with generally accepted accounting 
principles. A company's internal financial controls with 
reference to standalone financial statements include 
those policies and procedures that (1) pertain to the 
maintenance of records that, in reasonable detail, 
accurately and fairly reflect the transactions and 
dispositions of the assets of the company; (2) provide 
reasonable assurance that transactions are recorded as 
necessary to permit preparation of standalone financial 
statements in accordance with generally accepted 
accounting principles, and that receipts and expenditures 
of the company are being made only in accordance 
with authorisations of management and directors of 
the company; and (3) provide reasonable assurance 
regarding prevention or timely detection of unauthorised 
acquisition, use, or disposition of the company's assets 
that could have a material effect on the standalone 
financial statements.
Inherent Limitations of Internal Financial Controls with 
Reference to Standalone Financial Statements
Because of the inherent limitations of internal financial 
controls with reference to standalone financial 
statements, including the possibility of collusion or 
improper management override of controls, material 
misstatements due to error or fraud may occur and not 
be detected. Also, projections of any evaluation of the 
internal financial controls with reference to standalone 
financial statements to future periods are subject to the 
.%/'ƫ0$0ƫ0$!ƫ%*0!.*(ƫ"%**%(ƫ+*0.+(/ƫ3%0$ƫ.!"!.!*!ƫ0+ƫ
standalone financial statements may become inadequate 
because of changes in conditions, or that the degree 
of compliance with the policies or procedures may 
deteriorate.
For B S R & Co. LLP 
Chartered Accountants 
Firm's Registration No: 101248W/W-100022
 
Yezdi Nagporewalla 
Mumbai 
Partner 
16 April 2020 
Membership No: 049265 
UDIN: 20049265AAAAAK1814

TCS Annual Report 2019-20
Unconsolidated Financial Statements I 255
(` crore)
Note
As at 
March 31, 2020
As at 
March 31, 2019
ASSETS
Non-current assets
Property, plant and equipment
8(a)
 9,835 
 9,522 
,%0(ƫ3+.'ġ%*ġ,.+#.!//
 781 
 834 
Right-of-use assets
7
 6,048 
 -  
Intangible assets
8(b)
 239 
 139 
Financial assets
 Investments
6(a)
 2,189 
 2,189 
 Trade receivables
6(b)
 74 
 95 
 Unbilled receivables 
 324 
 387 
 Loans receivables
6(e)
 2 
 2 
 Other ﬁnancial assets
6(f)
 624 
 565 
Income tax assets (net)
 2,020 
 3,598 
Deferred tax assets (net)
15
 2,219 
 2,097 
Other assets
8(c)
 1,426 
 1,040 
Total non-current assets
 25,781 
 20,468 
Standalone Balance Sheet
(` crore)
Note
As at 
March 31, 2020
As at 
March 31, 2019
Current assets
Inventories
8(d)
 5 
 10 
Financial assets
 Investments
6(a)
 25,686 
 28,280 
 Trade receivables
6(b)
 28,660 
 24,029 
 Unbilled receivables 
 4,763 
 4,389 
 Cash and cash equivalents
6(c)
 3,852 
 3,327 
ƫ 0$!.ƫ(*!/ƫ3%0$ƫ*'/
6(d)
 972 
 5,573 
 Loans receivables
6(e)
 7,270 
 7,018 
 Other ﬁnancial assets
6(f)
 1,448 
 1,613 
Other assets
8(c)
 6,538 
 4,793 
Total current assets
 79,194 
 79,032 
TOTAL ASSETS
 104,975 
 99,500 
EQUITY AND LIABILITIES
Equity
Share capital
6(m)
 375 
 375 
Other equity
9
 73,993 
 78,523 
Total equity
 74,368 
 78,898

TCS Annual Report 2019-20
Unconsolidated Financial Statements I 256
(` crore)
Note
As at 
March 31, 2020
As at 
March 31, 2019
Liabilities
Non-current liabilities
Financial liabilities
 Lease liabilities
 5,262 
 33 
 Other ﬁnancial liabilities
6(h)
 237 
 232 
Unearned and deferred revenue
 644 
 662 
Employee beneﬁt obligations 
12
 91 
 82 
Deferred tax liabilities (net)
15
 347 
 339 
Other liabilities
8(f)
 - 
 358 
Total non-current liabilities
 6,581 
 1,706 
Current liabilities
Financial liabilities
 Lease liabilities
 848 
 -  
 Trade payables
 
Dues of micro enterprises and small enterprises
6(g)
 -  
 22 
 
Dues of creditors other than micro enterprises and 
small enterprises
 8,734 
 7,670 
 Other ﬁnancial liabilities
6(h)
 4,694 
 3,351 
Unearned and deferred revenue
 2,271 
 1,804 
Provisions
8(e)
 235 
 174 
Employee beneﬁt obligations
12
 2,057 
 1,776 
Income tax liabilities (net)
 3,139 
 2,157 
Other liabilities
8(f)
 2,048 
 1,942 
Total current liabilities
 24,026 
 18,896 
TOTAL EQUITY AND LIABILITIES
 104,975 
 99,500 
Standalone Balance Sheet
NOTES FORMING PART OF THE STANDALONE FINANCIAL STATEMENTS
As per our report of even date attached
For and on behalf of the Board
For B S R & Co. LLP
N Chandrasekaran
Rajesh Gopinathan
Keki M Mistry
Chartered Accountants
Chairman
CEO and Managing Director
Director
Firm's registration no:  
101248W/W-100022
Yezdi Nagporewalla
V Ramakrishnan
Rajendra Moholkar
Partner
CFO
Company Secretary
Membership No: 049265
Mumbai, April 16, 2020

TCS Annual Report 2019-20
Unconsolidated Financial Statements I 257
(` crore)
Note
Year ended  
March 31, 2020
Year ended  
March 31, 2019
Revenue
10 
 131,306 
 123,170 
Other income
11 
 8,082 
 7,627 
TOTAL INCOME
 139,388 
 130,797 
Expenses
Employee beneﬁt expenses
12 
 64,906 
 59,377 
Cost of equipment and software licences
13(a)
 1,596 
 2,003 
Depreciation and amortisation expense
 2,701 
 1,716 
Other expenses
13(b)
 27,451 
 26,826 
Finance costs
14 
 743 
 170 
TOTAL EXPENSES
 97,397 
 90,092 
PROFIT BEFORE TAX 
 41,991 
 40,705 
Tax expense
Current tax
15 
 9,012 
 9,943 
Deferred tax 
15 
 (281)
 697 
TOTAL TAX EXPENSE
 8,731 
 10,640 
PROFIT FOR THE YEAR
 33,260 
 30,065 
OTHER COMPREHENSIVE INCOME (OCI)
 Items that will not be reclassiﬁed subsequently to 
proﬁt or loss
  
Remeasurement of deﬁned employee beneﬁt plans
(409)
(17)
  
Net change in fair values of investments in equity 
shares carried at fair value through OCI
 - 
(1)
 Income tax on items that will not be reclassiﬁed 
subsequently to proﬁt or loss
 86 
 3 
NOTES FORMING PART OF THE STANDALONE FINANCIAL STATEMENTS
As per our report of even date attached
For and on behalf of the Board
For B S R & Co. LLP
N Chandrasekaran
Rajesh Gopinathan
Keki M Mistry
Chartered Accountants
Chairman
CEO and Managing Director
Director
Firm's registration no:  
101248W/W-100022
Yezdi Nagporewalla
V Ramakrishnan
Rajendra Moholkar
Partner
CFO
Company Secretary
Membership No: 049265
Mumbai, April 16, 2020
Standalone Statement of Proﬁt and Loss
(` crore)
Note
Year ended  
March 31, 2020
Year ended  
March 31, 2019
 Items that will be reclassiﬁed subsequently to proﬁt 
or loss
  
Net change in fair values of investments other than 
equity shares carried at fair value through OCI
958 
425 
  
 Net change in intrinsic value of derivatives 
designated as cash ﬂow hedges 
(94)
153 
  
 Net change in time value of derivatives designated 
as cash ﬂow hedges
 (52)
44 
 Income tax on items that will be reclassiﬁed 
subsequently to proﬁt or loss
(315)
 (171)
TOTAL OTHER COMPREHENSIVE INCOME / (LOSSES)
174 
436 
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
33,434 
 30,501 
Earnings per equity share:- Basic and diluted (`)
16
 88.64 
 79.34 
Weighted average number of equity shares
375,23,84,706
378,97,49,350

TCS Annual Report 2019-20
Unconsolidated Financial Statements I 258
A. 
EQUITY SHARE CAPITAL 
(` crore)
Balance as at April 1, 2018
Changes in equity share capital during the year*
Balance as at March 31, 2019
 191 
184 
 375 
(` crore)
Balance as at April 1, 2019
Changes in equity share capital during the year
Balance as at March 31, 2020
 375 
 -   
 375 
 
*Refer note 6(m).
B. 
OTHER EQUITY 
(` crore)
Reserves and surplus 
Items of other comprehensive income 
Total 
equity
Capital 
reserve3 
Capital redemption 
reserve
Special Economic Zone 
re-investment reserve
Retained 
earnings 
Investment 
revaluation reserve
Cash ﬂow hedging reserve
Intrinsic value 
Time value
Balance as at April 1, 2018
 -  
 106 
 1,578 
 74,080 
(18)
(2)
(69)
 75,675 
Proﬁt for the year
 -  
 -  
 -  
 30,065 
 -  
 - 
 - 
 30,065 
Other comprehensive income / (losses)
 -  
 -  
 -  
(14)
275 
136 
39 
436 
Total comprehensive income
 -  
 -  
 -  
 30,051 
275 
136 
39 
 30,501 
Dividend (including tax on dividend of `1,339 crore)
 -  
 -  
 -  
(11,424)
 -  
 - 
 - 
(11,424)
15ġ'ƫ+"ƫ!-1%05ƫ/$.!/1
 -  
 8 
 -  
(16,000)
 -  
 - 
 - 
(15,992)
4,!*/!/ƫ"+.ƫ15ġ'ƫ+"ƫ!-1%05ƫ/$.!/1
 -  
 -  
 -  
(45)
 - 
 - 
 - 
(45)
Issue of bonus shares1
 -  
(106)
 -  
(86)
 -  
 - 
 -  
(192)
Realised loss on equity shares carried at fair value through OCI
 -  
 -  
 -  
(1)
 1 
 -  
 - 
 -  
Transfer to Special Economic Zone re-investment reserve
 -  
 -  
 2,750 
(2,750)
 -  
 - 
 - 
 -  
Transfer from Special Economic Zone re-investment reserve 
 -  
 -  
(3,334)
 3,334 
 -  
 - 
 - 
 -  
Balance as at March 31, 2019
 -  
 8 
 994 
 77,159 
258 
134 
(30)
 78,523 
Standalone Statement of Changes in Equity

TCS Annual Report 2019-20
Unconsolidated Financial Statements I 259
Standalone Statement of Changes in Equity
Reserves and surplus 
Items of other comprehensive income 
Total 
equity
Capital 
reserve3 
Capital redemption 
reserve
Special Economic Zone 
re-investment reserve
Retained 
earnings 
Investment 
revaluation reserve
Cash ﬂow hedging reserve
Intrinsic value 
Time value
Balance as at April 1, 2019
 -  
   8
 994 
 77,159 
258 
134 
(30)
 78,523 
Transition impact of Ind AS 116, net of tax2
 -   
 -   
 -   
(330)
 -   
 -   
 -   
(330)
Restated balance as at April 1, 2019
 -  
   8
 994 
 76,829 
258 
134 
(30)
 78,193 
Proﬁt for the year
 -   
 -   
 -   
 33,260 
 -   
 -   
 -   
 33,260 
Other comprehensive income / (losses)
 - 
 - 
 - 
(323)
624 
(89)
(38)
174 
Total comprehensive income
 - 
 - 
 -  
 32,937 
 624 
(89)
(38)
 33,434 
Dividend (including tax on dividend of `5,738 crore)
 -   
 -   
 -   
(37,634)
 -   
 -   
 -   
(37,634)
Transfer to Special Economic Zone re-investment reserve
 -   
 -   
2,947 
(2,947)
 -   
 -   
 -   
 -   
Transfer from Special Economic Zone re-investment reserve
 -   
 -   
(2,347)
2,347 
 -   
 -   
 -   
 -   
Balance as at March 31, 2020
 - 
 8 
 1,594 
 71,532 
882 
45 
(68)
 73,993 
 
1Refer note 6(m).
 
2Refer note 7.
 
3Represents values less than `0.50 crore.
(` crore)

TCS Annual Report 2019-20
Unconsolidated Financial Statements I 260
Nature and purpose of reserves
a. 
Capital reserve
 
The Company recognises proﬁt and loss on purchase, 
sale, issue or cancellation of the Company’s own 
equity instruments to capital reserve.
b. 
Capital redemption reserve
 
As per Companies Act, 2013, capital redemption 
reserve is created when company purchases its own 
shares out of free reserves or securities premium. 
A sum equal to the nominal value of the shares 
so purchased is transferred to capital redemption 
reserve. The reserve is utilised in accordance with the 
provisions of section 69 of the Companies Act, 2013.
c. 
Special Economic Zone re-investment reserve
 
The Special Economic Zone (SEZ) re-investment 
reserve is created out of the proﬁt of eligible SEZ 
units in terms of the provisions of section 10AA(1)
(ii) of the Income-tax Act, 1961. The reserve will be 
utilised by the Company for acquiring new assets 
for the purpose of its business as per the terms of 
section 10AA(2) of Income-tax Act, 1961.
d. 
Investment revaluation reserve
 
This reserve represents the cumulative gains and 
losses arising on the revaluation of equity and debt 
instruments on the balance sheet date measured at 
fair value through other comprehensive income. The 
reserves accumulated will be reclassiﬁed to retained 
earnings and proﬁt and loss respectively, when such 
instruments are disposed.
e. 
Cash ﬂow hedging reserve
 
The cash ﬂow hedging reserve represents the 
cumulative effective portion of gains or losses arising 
on changes in fair value of designated portion of 
hedging instruments entered into for cash ﬂow 
hedges. Such gains or losses will be reclassiﬁed to 
statement of proﬁt and loss in the period in which 
the underlying hedged transaction occurs.
NOTES FORMING PART OF THE STANDALONE FINANCIAL STATEMENTS
As per our report of even date attached
For and on behalf of the Board
For B S R & Co. LLP
N Chandrasekaran
Rajesh Gopinathan
Keki M Mistry
Chartered Accountants
Chairman
CEO and Managing Director
Director
Firm's registration no:  
101248W/W-100022
Yezdi Nagporewalla
V Ramakrishnan
Rajendra Moholkar
Partner
CFO
Company Secretary
Membership No: 049265
Mumbai, April 16, 2020
Standalone Statement of Changes in Equity

TCS Annual Report 2019-20
Unconsolidated Financial Statements I 261
(` crore)
Year ended  
March 31, 2020
Year ended  
March 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Proﬁt for the year
33,260 
 30,065 
Adjustments to reconcile proﬁt and loss to net cash provided by 
operating activities
Depreciation and amortisation expense
2,701 
 1,716 
Bad debts and advances written off, allowance for doubtful trade 
receivables and advances (net)
132 
 188 
Tax expense
8,731 
 10,640 
Net gain on lease modiﬁcation
(4)
 -  
Unrealised foreign exchange (gain) / loss
(130)
7 
Net gain on disposal of property, plant and equipment
(50)
(84)
Net gain on investments 
(197)
(416)
Interest income
(3,197)
(2,651)
Dividend income (Including exchange gain)
(3,995)
(3,574)
Finance costs
743 
 170 
Operating proﬁt before working capital changes
 37,994 
 36,061 
Net change in
Inventories
5 
16 
Trade receivables
(4,736)
(5,335)
Unbilled receivables
(311)
733 
Loans receivables and other ﬁnancial assets 
(72)
(417)
Other assets 
(3,072)
(3,036)
Trade payables
1,042 
2,915 
Unearned and deferred revenue
449 
755 
Other ﬁnancial liabilities
1,183 
610 
Other liabilities and provisions
487 
 400 
Cash generated from operations
 32,969 
 32,702 
Taxes paid (net of refunds)
(6,366)
(8,704)
Net cash generated from operating activities
 26,603 
 23,998 
CASH FLOWS FROM INVESTING ACTIVITIES
*'ƫ !,+/%0/ƫ,(! 
(6,999)
(5,690)
Inter-corporate deposits placed
(13,694)
(13,222)
Purchase of investments
(77,191)
(92,020)
Payment for purchase of property, plant and equipment 
(1,951)
(1,556)
Payment including advances for acquiring right-of-use assets
(519)
 -  
Standalone Statement of Cash Flows
(` crore)
Year ended  
March 31, 2020
Year ended  
March 31, 2019
Payment for purchase of intangible assets
(172)
(161)
.+!! /ƫ".+)ƫ*'ƫ !,+/%0/ƫ
 11,612 
 2,339 
Proceeds from inter-corporate deposits 
 13,400 
 10,472 
Proceeds from disposal / redemption of investments
 80,865 
 99,561 
Proceeds from disposal of property, plant and equipment
 130 
 98 
Interest received
3,353 
 2,554 
Dividend received from subsidiaries
 3,995 
 3,574 
Acquisition of subsidiary
 -  
(66)
Net cash generated from investing activities
12,829 
5,883 
CASH FLOWS FROM FINANCING ACTIVITIES
15ġ'ƫ+"ƫ!-1%05ƫ/$.!/ƫ
 -  
(16,000)
4,!*/!/ƫ"+.ƫ15ġ'ƫ+"ƫ!-1%05ƫ/$.!/ƫ
 -  
(45)
Short-term borrowings (net)
 -  
(181)
Dividend paid (including tax on dividend)
(37,634)
(11,424)
Repayment of lease liabilities
(668)
(5)
Interest paid
(743)
(170)
Net cash used in ﬁnancing activities
 (39,045)
 (27,825)
Net change in cash and cash equivalents 
 387 
2,056 
Cash and cash equivalents at the beginning of the year
 3,327 
 1,278 
Exchange difference on translation of foreign currency cash and 
cash equivalents
 138 
(7)
Cash and cash equivalents at the end of the year (Refer note 6(c))
3,852 
3,327 
NOTES FORMING PART OF THE STANDALONE FINANCIAL STATEMENTS
As per our report of even date attached
For and on behalf of the Board
For B S R & Co. LLP
N Chandrasekaran
Rajesh Gopinathan
Keki M Mistry
Chartered Accountants
Chairman
CEO and Managing Director
Director
Firm's registration no:  
101248W/W-100022
Yezdi Nagporewalla
V Ramakrishnan
Rajendra Moholkar
Partner
CFO
Company Secretary
Membership No: 049265
Mumbai, April 16, 2020

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 262
1) 
Corporate information
 
Tata Consultancy Services Limited (referred to 
as “TCS Limited” or “the Company”) provides IT 
services, consulting and business solutions and has 
been partnering with many of the world’s largest 
businesses in their transformation journeys for the 
last ﬁfty years. The Company offers a consulting-
led, cognitive powered, integrated portfolio of IT, 
business and engineering services and solutions. This 
is delivered through its unique Location-Independent 
#%(!ƫ !(%2!.5ƫ)+ !(ƫ.!+#*%/! ƫ/ƫƫ!*$).'ƫ+"ƫ
excellence in software development.
 
The Company is a public limited company 
incorporated and domiciled in India. The address of 
its corporate office is TCS House, Raveline Street, 
Fort, Mumbai - 400001. As at March 31, 2020,  
Tata Sons Private Limited, the holding company 
owned 72.02% of the Company’s equity share capital.
 
The Board of Directors approved the standalone 
ﬁnancial statements for the year ended March 31, 
2020 and authorised for issue on April 16, 2020.
2) 
Statement of compliance
 
These standalone ﬁnancial statements have been 
prepared in accordance with the Indian Accounting 
Standards (referred to as “Ind AS”) as prescribed 
under section 133 of the Companies Act, 2013 read 
with Companies (Indian Accounting Standards) Rules 
as amended from time to time.
3) 
Basis of preparation
 
These standalone ﬁnancial statements have been 
prepared on historical cost basis, except for certain 
ﬁnancial instruments and deﬁned beneﬁt plans 
which are measured at fair value or amortised cost 
at the end of each reporting period. Historical cost is 
generally based on the fair value of the consideration 
given in exchange for goods and services. Fair value 
is the price that would be received to sell an asset or 
paid to transfer a liability in an orderly transaction 
!03!!*ƫ).'!0ƫ,.0%%,*0/ƫ0ƫ0$!ƫ)!/1.!)!*0ƫ
date. All assets and liabilities have been classiﬁed 
as current and non-current as per the Company’s 
normal operating cycle. Based on the nature of 
services rendered to customers and time elapsed 
between deployment of resources and the realisation 
in cash and cash equivalents of the consideration for 
such services rendered, the Company has considered 
an operating cycle of 12 months.
 
The statement of cash ﬂows have been prepared 
under indirect method.
 
These standalone ﬁnancial statements have been 
prepared in Indian Rupee (`) which is the functional 
currency of the Company. Foreign currency 
transactions are recorded at exchange rates 
prevailing on the date of the transaction. Foreign 
currency denominated monetary assets and liabilities 
are retranslated at the exchange rate prevailing on 
the balance sheet date and exchange gains and 
losses arising on settlement and restatement are 
recognised in the statement of proﬁt and loss.  
Non-monetary assets and liabilities that are 
measured in terms of historical cost in foreign 
currencies are not retranslated.
 
The signiﬁcant accounting policies used in 
preparation of the standalone ﬁnancial statements 
have been discussed in the respective notes.
4) 
Use of estimates and judgements
 
The preparation of these standalone ﬁnancial 
statements in conformity with the recognition and 
measurement principles of Ind AS requires the 
)*#!)!*0ƫ+"ƫ0$!ƫ+),*5ƫ0+ƫ)'!ƫ!/0%)0!/ƫ
and assumptions that affect the reported balances 
of assets and liabilities, disclosures of contingent 
liabilities as at the date of the ﬁnancial statements 
and the reported amounts of income and expense for 
the periods presented.
 
Estimates and underlying assumptions are reviewed 
on an ongoing basis. Revisions to accounting 
estimates are recognised in the period in which the 
estimates are revised and future periods are affected.
 
The Company uses the following critical accounting 
estimates in preparation of its ﬁnancial statements: 
 
a. 
Revenue recognition
ƫ
ƫ
đƫ
$!ƫ+),*5Ě/ƫ+*0.0/ƫ3%0$ƫ
customers could include promises 
to transfer multiple products and 
services to a customer. The Company 
assesses the products / services

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 263
promised in a contract and identiﬁes 
distinct performance obligations 
in the contract. Identiﬁcation of 
distinct performance obligation 
involves judgement to determine the 
deliverables and the ability of the 
customer to beneﬁt independently 
from such deliverables.
ƫ
ƫ
đƫ

1 #!)!*0ƫ%/ƫ(/+ƫ.!-1%.! ƫ0+ƫ
determine the transaction price for the 
contract and to ascribe the transaction 
price to each distinct performance 
obligation. The transaction price 
could be either a ﬁxed amount of 
customer consideration or variable 
consideration with elements such 
as volume discounts, service level 
credits, performance bonuses, price 
concessions and incentives. The 
transaction price is also adjusted 
for the effects of the time value of 
money if the contract includes a 
signiﬁcant ﬁnancing component. 
Any consideration payable to the 
customer is adjusted to the transaction 
price, unless it is a payment for a 
distinct product or service from the 
customer. The estimated amount of 
variable consideration is adjusted 
in the transaction price only to the 
extent that it is highly probable that 
a signiﬁcant reversal in the amount of 
cumulative revenue recognised will not 
occur and is reassessed at the end of 
each reporting period. The Company 
allocates the elements of variable 
considerations to all the performance 
obligations of the contract unless 
there is observable evidence that 
they pertain to one or more distinct 
performance obligations.
ƫ
ƫ
đƫ
$!ƫ+),*5ƫ!4!.%/!/ƫ&1 #!)!*0ƫ%*ƫ
determining whether the performance 
obligation is satisﬁed at a point in 
time or over a period of time. The 
Company considers indicators such 
as how customer consumes beneﬁts 
as services are rendered or who 
controls the asset as it is being created 
or existence of enforceable right to 
payment for performance to date 
and alternate use of such product or 
/!.2%!Čƫ0.*/"!.ƫ+"ƫ/%#*%ü*0ƫ.%/'/ƫ* ƫ
rewards to the customer, acceptance of 
delivery by the customer, etc.
ƫ
ƫ
đƫ
!2!*1!ƫ"+.ƫü4! ġ,.%!ƫ+*0.0ƫ%/ƫ
recognised using percentage-of-
completion method. The Company 
uses judgement to estimate the future 
cost-to-completion of the contracts 
which is used to determine the degree 
of completion of the performance 
obligation.
 
b. 
Useful lives of property, plant and equipment
 
 
The Company reviews the useful life of 
property, plant and equipment at the end of 
each reporting period. This reassessment may 
result in change in depreciation expense in 
future periods.
 
c. 
Impairment of investments in subsidiaries
 
 
The Company reviews its carrying value 
of investments carried at cost (net of 
impairment, if any) annually, or more 
frequently when there is indication for 
impairment. If the recoverable amount is less 
than its carrying amount, the impairment loss 
is accounted for in the statement of proﬁt and 
loss.
 
d. 
Fair value measurement of ﬁnancial 
instruments
 
 
When the fair value of ﬁnancial assets and 
ﬁnancial liabilities recorded in the balance 
sheet cannot be measured based on quoted 
,.%!/ƫ%*ƫ0%2!ƫ).'!0/Čƫ0$!%.ƫ"%.ƫ2(1!ƫ
is measured using valuation techniques 
including the Discounted Cash Flow model. 
$!ƫ%*,10/ƫ0+ƫ0$!/!ƫ)+ !(/ƫ.!ƫ0'!*ƫ".+)ƫ
+/!.2(!ƫ).'!0/ƫ3$!.!ƫ,+//%(!Čƫ10ƫ3$!.!ƫ
this is not feasible, a degree of judgement 
is required in establishing fair values. 
Judgements include considerations of inputs 
/1$ƫ/ƫ(%-1% %05ƫ.%/'Čƫ.! %0ƫ.%/'ƫ* ƫ2+(0%(%05ċƫ

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 264
Changes in assumptions about these factors 
could affect the reported fair value of ﬁnancial 
instruments.
 
e. 
Provision for income tax and deferred tax 
assets
 
 
The Company uses estimates and judgements 
based on the relevant rulings in the areas 
of allocation of revenue, costs, allowances 
and disallowances which is exercised while 
determining the provision for income tax. A 
deferred tax asset is recognised to the extent 
that it is probable that future taxable proﬁt 
will be available against which the deductible 
temporary differences and tax losses can be 
utilised. Accordingly, the Company exercises 
its judgement to reassess the carrying amount 
of deferred tax assets at the end of each 
reporting period.
 
f. 
Provisions and contingent liabilities
 
 
The Company estimates the provisions 
that have present obligations as a result of 
past events and it is probable that outﬂow 
of resources will be required to settle the 
obligations. These provisions are reviewed 
at the end of each reporting period and are 
adjusted to reﬂect the current best estimates. 
 
 
The Company uses signiﬁcant judgements 
to disclose contingent liabilities. Contingent 
liabilities are disclosed when there is a 
possible obligation arising from past events, 
the existence of which will be conﬁrmed 
only by the occurrence or non-occurrence 
of one or more uncertain future events not 
wholly within the control of the Company or a 
present obligation that arises from past events 
where it is either not probable that an outﬂow 
of resources will be required to settle the 
obligation or a reliable estimate of the amount 
cannot be made. Contingent assets are neither 
recognised nor disclosed in the ﬁnancial 
statements.
 
g. 
Employee beneﬁts
 
 
The accounting of employee beneﬁt plans 
in the nature of deﬁned beneﬁt requires 
the Company to use assumptions. These 
assumptions have been explained under 
employee beneﬁts note.
 
h. 
Leases
 
 
The Company evaluates if an arrangement 
qualiﬁes to be a lease as per the requirements 
of Ind AS 116. Identiﬁcation of a lease requires 
signiﬁcant judgment. The Company uses 
signiﬁcant judgement in assessing the lease 
term (including anticipated renewals) and the 
applicable discount rate. 
 
 
The Company determines the lease term as 
the non-cancellable period of a lease, together 
with both periods covered by an option to 
extend the lease if the Company is reasonably 
certain to exercise that option; and periods 
covered by an option to terminate the lease 
if the Company is reasonably certain not to 
exercise that option. In assessing whether the 
Company is reasonably certain to exercise an 
option to extend a lease, or not to exercise 
an option to terminate a lease, it considers all 
relevant facts and circumstances that create 
an economic incentive for the Company to 
exercise the option to extend the lease, or not 
to exercise the option to terminate the lease. 
The Company revises the lease term if there 
is a change in the non-cancellable period of a 
lease.
 
 
The discount rate is generally based on the 
incremental borrowing rate speciﬁc to the 
lease being evaluated or for a portfolio of 
leases with similar characteristics.
5) 
Recent Indian Accounting Standards (Ind AS)
 
Ministry of Corporate Affairs ("MCA") notiﬁes new 
standard or amendments to the existing standards. 
There is no such notiﬁcation which would have been 
applicable from April 1, 2020.
6) 
Financial assets, ﬁnancial liabilities and equity 
instruments
 
Financial assets and liabilities are recognised when 
the Company becomes a party to the contractual 
provisions of the instrument. Financial assets

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 265
and liabilities are initially measured at fair value. 
Transaction costs that are directly attributable to the 
acquisition or issue of ﬁnancial assets and ﬁnancial 
liabilities (other than ﬁnancial assets and ﬁnancial 
liabilities at fair value through proﬁt or loss) are 
added to or deducted from the fair value measured 
on initial recognition of ﬁnancial asset or ﬁnancial 
liability.
 
The Company derecognises a ﬁnancial asset only 
when the contractual rights to the cash ﬂows from 
the asset expire, or when it transfers the ﬁnancial 
//!0ƫ* ƫ/1/0*0%((5ƫ((ƫ0$!ƫ.%/'/ƫ* ƫ.!3. /ƫ
of ownership of the asset to another entity. The 
Company derecognises ﬁnancial liabilities when, 
and only when, the Company’s obligations are 
discharged, cancelled or have expired.
 
Cash and cash equivalents
 
The Company considers all highly liquid ﬁnancial 
%*/0.1)!*0/Čƫ3$%$ƫ.!ƫ.! %(5ƫ+*2!.0%(!ƫ%*0+ƫ'*+3*ƫ
amounts of cash that are subject to an insigniﬁcant 
.%/'ƫ+"ƫ$*#!ƫ%*ƫ2(1!ƫ* ƫ$2%*#ƫ+.%#%*(ƫ)01.%0%!/ƫ
of three months or less from the date of purchase, 
to be cash equivalents. Cash and cash equivalents 
+*/%/0ƫ+"ƫ(*!/ƫ3%0$ƫ*'/ƫ3$%$ƫ.!ƫ1*.!/0.%0! ƫ
for withdrawal and usage.
 
Financial assets at amortised cost
 
Financial assets are subsequently measured at 
amortised cost if these ﬁnancial assets are held 
within a business whose objective is to hold these 
assets to collect contractual cash ﬂows and the 
contractual terms of the ﬁnancial assets give rise 
on speciﬁed dates to cash ﬂows that are solely 
payments of principal and interest on the principal 
amount outstanding.
 
Financial assets at fair value through other 
comprehensive income
 
Financial assets are measured at fair value through 
other comprehensive income if these ﬁnancial 
assets are held within a business whose objective is 
achieved by both collecting contractual cash ﬂows on 
speciﬁed dates that are solely payments of principal 
and interest on the principal amount outstanding and 
selling ﬁnancial assets.
 
The Company has made an irrevocable election 
to present subsequent changes in the fair value of 
equity investments not held for trading in other 
comprehensive income.
 
Financial assets at fair value through proﬁt or loss
 
Financial assets are measured at fair value through 
proﬁt or loss unless they are measured at amortised 
cost or at fair value through other comprehensive 
income on initial recognition. The transaction costs 
directly attributable to the acquisition of ﬁnancial 
assets and liabilities at fair value through proﬁt or 
loss are immediately recognised in statement of 
proﬁt and loss.
 
Investment in subsidiaries
 
Investment in subsidiaries are measured at cost less 
impairment loss, if any.
 
Financial liabilities
 
Financial liabilities are measured at amortised cost 
using the effective interest method.
 
Equity instruments
 
An equity instrument is a contract that evidences 
residual interest in the assets of the company after 
deducting all of its liabilities. Equity instruments 
issued by the Company are recognised at the 
proceeds received net of direct issue cost.
 
Derivative accounting
 
đƫ
	*/0.1)!*0/ƫ%*ƫ$! #%*#ƫ.!(0%+*/$%,
 
 
The Company designates certain foreign 
exchange forward, currency options and 
futures contracts as hedge instruments in 
.!/,!0ƫ+"ƫ"+.!%#*ƫ!4$*#!ƫ.%/'/ċƫ$!/!ƫ
hedges are accounted for as cash ﬂow 
hedges.
 
 
The Company uses hedging instruments that 
are governed by the policies of the Company 
which are approved by the Board of Directors. 
The policies provide written principles on the 
use of such ﬁnancial derivatives consistent

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 266
3%0$ƫ0$!ƫ.%/'ƫ)*#!)!*0ƫ/0.0!#5ƫ+"ƫ0$!ƫ
Company.
 
 
The hedge instruments are designated and 
documented as hedges at the inception 
of the contract. The Company determines 
the existence of an economic relationship 
between the hedging instrument and hedged 
item based on the currency, amount and 
timing of their respective cash ﬂows. The 
effectiveness of hedge instruments to reduce 
0$!ƫ.%/'ƫ//+%0! ƫ3%0$ƫ0$!ƫ!4,+/1.!ƫ!%*#ƫ
hedged is assessed and measured at inception 
and on an ongoing basis. If the hedged future 
cash ﬂows are no longer expected to occur, 
then the amounts that have been accumulated 
in other equity are immediately reclassiﬁed in 
net foreign exchange gains in the statement of 
proﬁt and loss. 
 
 
The effective portion of change in the fair 
value of the designated hedging instrument 
is recognised in the other comprehensive 
income and accumulated under the heading 
cash ﬂow hedging reserve.
 
 
The Company separates the intrinsic value 
and time value of an option and designates 
as hedging instruments only the change in 
intrinsic value of the option. The change in 
fair value of the time value and intrinsic value 
of an option is recognised in the statement of 
other comprehensive income and accounted 
as a separate component of equity. Such 
amounts are reclassiﬁed into the statement of 
proﬁt and loss when the related hedged items 
affect proﬁt or loss.
 
 
Hedge accounting is discontinued when 
the hedging instrument expires or is sold, 
terminated or no longer qualiﬁes for hedge 
accounting. Any gain or loss recognised 
in other comprehensive income and 
accumulated in equity till that time remains 
and is recognised in statement of proﬁt 
and loss when the forecasted transaction 
ultimately affects the proﬁt or loss. Any gain 
or loss is recognised immediately in statement 
of proﬁt and loss when the hedge becomes 
ineffective.
ƫ
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	*/0.1)!*0/ƫ*+0ƫ%*ƫ$! #%*#ƫ.!(0%+*/$%,
 
 
The Company enters into contracts that 
are effective as hedges from an economic 
perspective, but they do not qualify for hedge 
accounting. The change in the fair value of 
such instrument is recognised in statement of 
proﬁt and loss.
 
Impairment of ﬁnancial assets (other than at fair 
value)
 
The Company assesses at each date of balance sheet 
whether a ﬁnancial asset or a group of ﬁnancial 
assets is impaired. 
 
Ind AS 109 requires expected credit losses to be 
measured through a loss allowance. The Company 
recognises lifetime expected losses for all contract 
assets and / or all trade receivables that do not 
constitute a ﬁnancing transaction. In determining 
the allowances for doubtful trade receivables, 
the Company has used a practical expedient by 
computing the expected credit loss allowance for 
trade receivables based on a provision matrix. The 
,.+2%/%+*ƫ)0.%4ƫ0'!/ƫ%*0+ƫ+1*0ƫ$%/0+.%(ƫ.! %0ƫ
(+//ƫ!4,!.%!*!ƫ* ƫ%/ƫ &1/0! ƫ"+.ƫ"+.3. ƫ(++'%*#ƫ
information. The expected credit loss allowance is 
based on the ageing of the receivables that are due 
and allowance rates used in the provision matrix. 
For all other ﬁnancial assets, expected credit losses 
are measured at an amount equal to the 12-months 
expected credit losses or at an amount equal to the 
(%"!ƫ0%)!ƫ!4,!0! ƫ.! %0ƫ(+//!/ƫ%"ƫ0$!ƫ.! %0ƫ.%/'ƫ+*ƫ
the ﬁnancial asset has increased signiﬁcantly since 
initial recognition.

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 267
(a) 
Investments
 
Investments consist of the following:
  
Investments – Non-current
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Investment in subsidiaries
Fully paid equity shares (unquoted)
 2,189 
 2,189 
Investments designated at fair value through OCI
Fully paid equity shares (unquoted)
 
Taj Air Limited
 19 
 19 
 
Less: Impairment in value of investments
 (19)
 (19)
 2,189 
 2,189 
 
Investments – Current
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Investments carried at fair value through proﬁt 
or loss
Mutual fund units (quoted)
 1,264 
 2,955 
Mutual fund units (unquoted)
 - 
 63 
Investments carried at fair value through OCI
Government bonds and securities (quoted)
 24,290 
 23,566 
Corporate bonds (quoted)
 132 
 1,206 
Investments carried at amortised cost
Certiﬁcate of deposits (quoted)
 - 
 490 
 25,686 
 28,280 
 
Aggregate value of quoted and unquoted investments is as follows:
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Aggregate value of quoted investments
 25,686 
 28,217 
Aggregate value of unquoted investments (net 
of impairment)
 2,189 
 2,252 
##.!#0!ƫ).'!0ƫ2(1!ƫ+"ƫ-1+0! ƫ%*2!/0)!*0/
 25,686 
 28,218 
Aggregate value of impairment of investments
 19 
 19 
ƫ
.'!0ƫ2(1!ƫ+"ƫ-1+0! ƫ%*2!/0)!*0/ƫ..%! ƫ0ƫ)+.0%/! ƫ+/0ƫ%/ƫ/ƫ"+((+3/č
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Certiﬁcate of deposits
 - 
 491 
(` crore)
In numbers
Currency
Face value 
per share
Investment in 
subsidiaries
As at  
March 31, 2020
As at  
March 31, 2019
Fully paid equity 
shares (unquoted) 
212,27,83,424
UYU
1 TCS Iberoamerica SA
 461 
 461 
15,75,300
INR
10 APTOnline Limited
 - 
 -  
1,300
EUR
 -  Tata Consultancy 
Services Belgium
 1 
 1 
66,000
EUR
 1,000 Tata Consultancy 
Services Netherlands 
BV
 403 
 403

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 268
(` crore)
In numbers
Currency
Face value 
per share
Investment in 
subsidiaries
As at  
March 31, 2020
As at  
March 31, 2019
1,000
SEK
100 Tata Consultancy 
Services Sverige AB
 19 
 19 
1
EUR
 -  Tata Consultancy 
Services Deutschland 
GmbH
 2 
 2 
20,000
USD
10 Tata America 
International 
Corporation
 453 
 453 
75,82,820
SGD
1 Tata Consultancy 
Services Asia Paciﬁc 
Pte Ltd.
 19 
 19 
3,72,58,815
AUD
1 TCS FNS Pty Limited
 212 
 212 
10,00,001
GBP
1 Diligenta Limited
 429 
 429 
1,000
USD
- Tata Consultancy 
Services Canada 
Inc.*
 -  
 - 
100
CAD
70,653.61 Tata Consultancy 
Services Canada Inc.
 31 
 31 
51,00,000
INR
10 C-Edge Technologies 
Limited
 5 
 5 
8,90,000
INR
10 MP Online Limited
 1 
 1 
1,40,00,000
ZAR
1 Tata Consultancy 
Services (Africa) 
(PTY) Ltd.
 66 
 66 
18,89,005
INR
10 MahaOnline Limited
 2 
 2 
 - 
QAR
 -  Tata Consultancy 
Services Qatar S.S.C.
 2 
 2 
(` crore)
In numbers
Currency
Face value 
per share
Investment in 
subsidiaries
As at  
March 31, 2020
As at  
March 31, 2019
16,00,01,000 
USD
0.01 CMC Americas, Inc.
 8 
 8 
10,00,000
INR
100 TCS e-Serve 
International Limited
 10 
 10 
1,00,500
GBP
0.00001 W12 Studios Limited 
(w.e.f. October 31, 
2018)
 66 
 66 
10,00,000
INR
10 TCS Foundation
 -  
 -  
 2,189 
 2,189 
(` crore) 
In numbers
Currency
Face value 
per share
Investments 
designated at fair 
value  
through OCI
As at  
March 31, 2020
As at  
March 31, 2019
Fully paid equity 
shares (unquoted) 
1,90,00,000
INR
10
Taj Air Limited
 19 
 19 
Less : Impairment 
in value of 
investments
 (19)
 (19)
 - 
 -  
 
*Represents value less than `0.50 crore.

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 269
 
The movement in fair value of investments carried / designated at fair value through 
OCI is as follows:
(` crore)
Year ended  
March 31, 2020
Year ended  
March 31, 2019
Balance at the beginning of the year
 258 
(18)
Net gain / (loss) arising on revaluation of 
ﬁnancial assets carried at fair value
 - 
(1)
Net cumulative (gain) / loss reclassiﬁed to 
retained earnings on sale of ﬁnancial assets 
carried at fair value
 - 
 1 
Net gain / (loss) arising on revaluation of 
investments other than equities carried at fair 
value through other comprehensive income
 972 
425 
Deferred tax relating to net gain / (loss) arising 
on revaluation of investments other than 
equities carried at fair value through other 
comprehensive income
(340)
(149)
Net cumulative (gain) / loss reclassiﬁed 
to statement of proﬁt and loss on sale of 
investments other than equities carried at fair 
value through other comprehensive income
(14)
 -  
Deferred tax relating to net cumulative (gain) 
/ loss reclassiﬁed to statement of proﬁt 
and loss on sale of investments other than 
equities carried at fair value through other 
comprehensive income
 6 
 -  
Balance at the end of the year
 882 
258 
(b) 
Trade receivables
 
Trade receivables (unsecured) consist of the following:
 
Trade receivables – Non-current
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Trade receivables
 656 
 569 
Less: Allowance for doubtful trade receivables
(582)
(474)
Considered good
 74 
95 
 
Trade receivables – Current
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Trade receivables
 28,822 
 24,227 
Less: Allowance for doubtful trade receivables
(227)
(222)
Considered good
 28,595 
 24,005 
Trade receivables
 194 
 165 
Less: Allowance for doubtful trade receivables
(129)
(141)
Credit impaired
 65 
24 
 28,660 
24,029 
 
Above balances of trade receivables include balances with related parties  
(Refer note 21).

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 270
(c) 
Cash and cash equivalents
 
Cash and cash equivalents consist of the following:
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
(*!/ƫ3%0$ƫ*'/
 
In current accounts
 3,848 
 2,919 
 
In deposit accounts 
 4 
 406 
Cheques on hand*
 - 
 2 
Cash on hand*
 - 
 -  
Remittances in transit*
 - 
 -  
 3,852 
 3,327 
 
*Represents value less than `0.50 crore.
(d) 
Other balances with banks
 
0$!.ƫ(*!/ƫ3%0$ƫ*'/ƫ+*/%/0ƫ+"ƫ0$!ƫ"+((+3%*#č
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
.).'! ƫ(*!/ƫ3%0$ƫ*'/
 185 
 173 
$+.0ġ0!.)ƫ*'ƫ !,+/%0/
 787 
 5,400 
 972 
 5,573 
ƫ
.).'! ƫ(*!/ƫ3%0$ƫ*'/ƫ,.%).%(5ƫ.!(0!ƫ0+ƫ).#%*ƫ)+*!5ƫ"+.ƫ,1.$/!ƫ+"ƫ
investments, margin money for derivative contracts and unclaimed dividends.
(e) 
Loans receivables
 
Loans receivables (unsecured) consist of the following:
 
Loans receivables – Non-current
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Considered good
Loans and advances to employees
 2 
 2 
 2 
 2 
 
Loans receivables – Current
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Considered good
Inter-corporate deposits
 7,044 
 6,750 
Loans and advances to employees
 226 
 268 
Credit impaired
Loans and advances to employees
 14 
 61 
Less: Allowance on loans and advances to 
employees
(14)
(61)
 7,270 
 7,018 
 
Inter-corporate deposits placed with ﬁnancial institutions yield ﬁxed interest rate.

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 271
(f) 
Other ﬁnancial assets
 
Other ﬁnancial assets consist of the following:
 
Other ﬁnancial assets – Non-current
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Security deposits
 617 
 565 
Others
 7 
 -  
 624 
 565 
 
Other ﬁnancial assets – Current
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Security deposits
 148 
 101 
Fair value of foreign exchange derivative assets
 425 
 584 
Interest receivable
 691 
 770 
Others
 184 
 158 
 1,448 
 1,613 
(g) 
Micro and small enterprises
(` crore)
As at March 31, 2020
As at March 31, 2019
Principal
Interest
Principal
Interest
Amount due to vendor
 - 
 - 
 22 
 -  
Principal amount paid (includes 
unpaid) beyond the appointed date
 140 
 2 
 33 
 -  
Interest due and payable for the year
 - 
 - 
 -  
 -  
Interest accrued and remaining 
unpaid (includes interest 
disallowable of NIL crore 
(March 31, 2019: `1 crore))
 - 
-
 -  
 1 
 
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.
(h) 
Other ﬁnancial liabilities
 
Other ﬁnancial liabilities consist of the following:
 
Other ﬁnancial liabilities – Non-current
(` crore)
As at  
March 31, 2020
As at  
March 31, 2019
Capital creditors
 3 
 3 
Others
 234 
 229 
 237 
 232 
 
Others include advance taxes paid of `226 crore and `226 crore as at March 31, 2020 
and March 31, 2019, respectively, by the seller of TCS e-Serve Limited (merged with 
the Company) which, on refund by the tax authorities is payable to the seller.

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 272
 
Other ﬁnancial liabilities – Current
(` crore)
As at  
March 31, 2020
As at  
March 31, 2019
Accrued payroll
 2,745 
 2,151 
Current maturities of ﬁnance lease obligations     
 - 
 6 
Unclaimed dividends
 53 
 41 
Fair value of foreign exchange derivative liabilities 
 693 
 59 
Capital creditors
 383 
 257 
Liabilities towards customer contracts
 759 
 810 
Others
 61 
 27 
 4,694 
 3,351 
(i) 
Financial instruments by category
 
The carrying value of ﬁnancial instruments by categories as at March 31, 2020 is as follows:
(` crore)
 Fair value 
through 
proﬁt or loss 
 Fair value 
through other 
comprehensive 
income 
 Derivative 
instruments 
in hedging 
relationship 
 Derivative 
instruments 
not in hedging 
relationship 
Amortised 
cost 
 Total 
carrying 
value 
Financial assets
Cash and cash equivalents
 -  
 -  
 -  
 -  
 3,852 
 3,852 
*'ƫ !,+/%0/
 -   
 -   
 -   
 -  
 787 
 787 
.).'! ƫ(*!/ƫ3%0$ƫ*'/
 -  
 -  
 -  
 -  
 185 
 185 
Investments (other than in subsidiary)
 1,264 
 24,422 
 -   
 -  
 -  
 25,686 
Trade receivables
 -  
 -  
 -  
 -  
 28,734 
 28,734 
Unbilled receivables
 -  
 -  
 -  
 -  
 5,087 
 5,087 
Loans receivables
 -   
 -   
 -   
 -  
 7,272 
 7,272 
Other ﬁnancial assets
 -   
 -   
 146 
 279 
 1,647 
 2,072 
Total
 1,264 
 24,422 
 146 
 279 
 47,564 
 73,675 
Financial liabilities
Trade payables
 -   
 -   
 -   
 -  
 8,734 
 8,734 
Lease liabilities
 -  
 -  
 -  
 -  
 6,110 
 6,110 
Other ﬁnancial liabilities
 -  
 -  
 34 
 659 
 4,238 
 4,931 
Total
 -   
 -   
 34 
 659 
 19,082 
 19,775 
 
Loans receivables include inter-corporate deposits of `7,044 crore, with original maturity period 
within 12 months.
 
The carrying value of ﬁnancial instruments by categories as at March 31, 2019 is as follows:
(` crore)
 Fair value 
through proﬁt 
or loss 
 Fair value 
through other 
comprehensive 
income 
 Derivative 
instruments 
in hedging 
relationship 
 Derivative 
instruments 
not in hedging 
relationship 
 
Amortised 
cost 
 Total 
carrying 
value 
Financial assets
Cash and cash equivalents
 -   
 -   
 -   
 -  
3,327 
3,327 
*'ƫ !,+/%0/
 -  
 -   
 -   
 -  
5,400 
5,400 
.).'! ƫ(*!/ƫ3%0$ƫ*'/
 -  
 -   
 -   
 -  
173 
173 
Investments (other than in subsidiary)
3,018 
24,772 
 -   
 -  
 490 
28,280 
Trade receivables
 -   
 -   
 -   
 -  
24,124 
24,124 
Unbilled receivables
 -   
 -   
 -   
 -  
4,776 
4,776 
Loans receivables
 -   
 -   
 -   
 -  
7,020 
7,020 
Other ﬁnancial assets
 -   
 -   
237 
347 
1,594 
2,178 
Total
3,018 
24,772 
237 
347 
46,904 
75,278 
Financial liabilities
Trade payables
 -  
 -   
 -   
 -  
7,692 
7,692 
Lease liabilities
 -  
 -   
 -   
 -  
33 
33 
Other ﬁnancial liabilities
 -   
 -   
 -   
59 
3,524 
3,583 
Total
 -  
 -  
 -  
59 
11,249 
11,308 
 
Loans receivables include inter-corporate deposits of `6,750 crore, with original maturity period 
within 24 months.
 
Carrying amounts of cash and cash equivalents, trade receivables, unbilled receivables, loans 
receivables and trade payables as at March 31, 2020 and March 31, 2019 approximate the fair 
2(1!ċƫ%û!.!*!ƫ!03!!*ƫ..5%*#ƫ)+1*0/ƫ* ƫ"%.ƫ2(1!/ƫ+"ƫ*'ƫ !,+/%0/Čƫ!.).'! ƫ
(*!/ƫ3%0$ƫ*'/Čƫ+0$!.ƫü**%(ƫ//!0/ƫ* ƫ+0$!.ƫü**%(ƫ(%%(%0%!/ƫ/1/!-1!*0(5ƫ)!/1.! ƫ
at amortised cost is not signiﬁcant in each of the periods presented. Fair value measurement of 
lease liabilities is not required. Fair value of investments carried at amortised cost is NIL and  
`491 crore as at March 31, 2020 and March 31, 2019, respectively.

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 273
(j) 
Fair value hierarchy
 
The fair value hierarchy is based on inputs to valuation techniques that are used to 
measure fair value that are either observable or unobservable and consists of the 
following three levels:
ƫ
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ƫ!2!(ƫāƫģƫ	*,10/ƫ.!ƫ-1+0! ƫ,.%!/ƫĨ1* &1/0! ĩƫ%*ƫ0%2!ƫ).'!0/ƫ"+.ƫ% !*0%(ƫ
assets or liabilities.
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!2!(ƫĂƫģƫ	*,10/ƫ.!ƫ+0$!.ƫ0$*ƫ-1+0! ƫ,.%!/ƫ%*(1 ! ƫ3%0$%*ƫ!2!(ƫāƫ0$0ƫ.!ƫ
observable for the asset or liability, either directly (i.e. as prices) or indirectly 
(i.e. derived from prices).
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!2!(ƫăƫģƫ	*,10/ƫ.!ƫ*+0ƫ/! ƫ+*ƫ+/!.2(!ƫ).'!0ƫ 0ƫĨ1*+/!.2(!ƫ
inputs). Fair values are determined in whole or in part using a valuation model 
based on assumptions that are neither supported by prices from observable 
1..!*0ƫ).'!0ƫ0.*/0%+*/ƫ%*ƫ0$!ƫ/)!ƫ%*/0.1)!*0ƫ*+.ƫ.!ƫ0$!5ƫ/! ƫ+*ƫ
2%((!ƫ).'!0ƫ 0ċ
 
The cost of unquoted investments included in Level 3 of fair value hierarchy 
approximate their fair value because there is a wide range of possible fair value 
measurements and the cost represents estimate of fair value within that range.
 
The following table summarises ﬁnancial assets and liabilities measured at fair value 
on a recurring basis and ﬁnancial assets that are not measured at fair value on a 
recurring basis (but fair value disclosure are required):
(` crore)
As at March 31, 2020
Level 1 
Level 2 
Level 3 
Total 
Financial assets
Mutual fund units
 1,264 
 - 
 - 
 1,264 
Equity shares
 - 
 - 
 - 
 - 
Government bonds and securities
 24,290 
 - 
 -  24,290 
Corporate bonds
 132 
 - 
 - 
 132 
Derivative ﬁnancial assets
 - 
 425 
 - 
 425 
Total
 25,686 
 425 
 - 
 26,111 
Financial liabilities
Derivative ﬁnancial liabilities
 - 
 693 
 - 
 693 
Total
 - 
 693 
 - 
 693 
(` crore)
As at March 31, 2019
Level 1 
Level 2 
Level 3 
Total 
Financial assets
Mutual fund units
2,955 
63 
 -  
3,018 
Equity shares
 -  
 -  
 -  
 -  
Government bonds and securities
23,566 
 -  
 -  
23,566 
Certiﬁcate of deposits
491 
 -  
 -  
491 
Corporate bonds
1,206 
 -  
 -  
1,206 
Derivative ﬁnancial assets
 -  
584 
 -  
584 
Total
28,218 
647 
 -  
28,865 
Financial liabilities
Derivative ﬁnancial liabilities
 -  
59 
 -  
59 
Total
 -  
 59 
 -  
 59 
 
Reconciliation of Level 3 fair value measurement is as follows:
(` crore)
Year ended 
March 31, 2020
Year ended 
March 31, 2019
Balance at the beginning of the year
 - 
3
Disposals during the year
 - 
 (3)
Impairment in value of investments
 - 
 -  
Balance at the end of the year
 - 
 -

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 274
(k) 
Derivative ﬁnancial instruments and hedging activity
 
The Company’s revenue is denominated in various foreign currencies. Given the 
nature of the business, a large portion of the costs are denominated in Indian Rupee. 
This exposes the Company to currency ﬂuctuations. 
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$!ƫ+. ƫ+"ƫ%.!0+./ƫ$2!ƫ+*/0%010! ƫƫ%/'ƫ*#!)!*0ƫ+))%00!!ƫĨĩƫ0+ƫ
".)!Čƫ%),(!)!*0ƫ* ƫ)+*%0+.ƫ0$!ƫ.%/'ƫ)*#!)!*0ƫ,(*ƫ+"ƫ0$!ƫ+),*5ƫ3$%$ƫ
%*0!.ġ(%ƫ+2!./ƫ.%/'/ƫ.%/%*#ƫ+10ƫ+"ƫ!4,+/1.!ƫ0+ƫ"+.!%#*ƫ1..!*5ƫý1010%+*/ċƫ* !.ƫ
0$!ƫ#1% *!ƫ* ƫ".)!3+.'ƫ,.+2% ! ƫ5ƫ0$!ƫČƫ0$!ƫ+),*5ƫ1/!/ƫ2.%+1/ƫ
derivative instruments such as foreign exchange forward, currency options and 
"101.!/ƫ+*0.0/ƫ%*ƫ3$%$ƫ0$!ƫ+1*0!.ƫ,.05ƫ%/ƫ#!*!.((5ƫƫ*'ċ
 
The following are outstanding currency options contracts, which have been 
designated as cash ﬂow hedges:
Foreign currency
As at March 31, 2020
As at March 31, 2019
No. of 
contracts
Notional 
amount of 
contracts  
(In million)
Fair 
value  
(` crore)
No. of 
contracts
Notional 
amount of 
contracts  
(In million)
Fair 
value 
(` crore)
US Dollar
 55 
 1,420 
 20 
 28 
 1,000 
 128 
Great Britain Pound
 71 
 384 
 59 
 24 
 177 
23 
Euro
 38 
 363 
 (31)
 33 
 239 
 50 
Australian Dollar
 26 
 192 
 48 
 26 
 181 
22 
Canadian Dollar
 19 
 104 
 16 
 21 
 99 
 14 
 
The movement in cash ﬂow hedging reserve for derivatives designated as cash ﬂow 
hedges is as follows:
Year ended  
March 31, 2020
Year ended  
March 31, 2019
Intrinsic 
value
Time 
value
Intrinsic 
value
Time 
value
Balance at the beginning of the year
134 
(30)
(2)
(69)
(Gain) / loss transferred to proﬁt and loss on occurrence of 
forecasted hedge transactions
 (449)
 513 
(488)
458 
Deferred tax on (gain) / loss transferred to proﬁt and loss 
on occurrence of forecasted hedge transactions
 54 
 (38)
94 
(25)
Change in the fair value of effective portion of cash ﬂow 
hedges
 355 
 (565)
641 
(414)
Deferred tax on fair value of effective portion of cash ﬂow 
hedges
 (49)
 52 
 (111)
20 
Balance at the end of the year
45 
(68)
134 
(30)
 
The Company has entered into derivative instruments not in hedging relationship 
by way of foreign exchange forward, currency options and futures contracts. As at 
March 31, 2020 and 2019, the notional amount of outstanding contracts aggregated 
to `40,109 crore and `34,593 crore, respectively and the respective fair value of these 
contracts have a net loss of `380 crore and net gain of `288 crore.
 
Exchange loss of `451 crore and exchange gain of `405 crore on foreign exchange 
forward, currency options and futures contracts that do not qualify for hedge 
accounting have been recognised in the standalone statement of proﬁt and loss for 
the years ended March 31, 2020 and 2019, respectively.
 
Net foreign exchange gains include loss of `64 crore and gain of `30 crore 
transferred from cash ﬂow hedging reserve for the years ended March 31, 2020 and 
2019, respectively.
 
Net loss on derivative instruments of `23 crore recognised in cash ﬂow hedging 
reserve as at March 31, 2020, is expected to be transferred to the statement of proﬁt 
and loss by March 31, 2021. The maximum period over which the exposure to cash 
ﬂow variability has been hedged is through calendar year 2020.

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 275
 
Following table summarises approximate gain / (loss) on the Company’s other 
comprehensive income on account of appreciation / depreciation of the underlying 
foreign currencies.
(` crore)
As at  
March 31, 2020
As at  
March 31, 2019
10% Appreciation of the underlying foreign 
currencies
(407)
(64)
10% Depreciation of the underlying foreign 
currencies
1,261
1,370
(l) 
Financial risk management
 
The Company is exposed primarily to ﬂuctuations in foreign currency exchange rates, 
.! %0Čƫ(%-1% %05ƫ* ƫ%*0!.!/0ƫ.0!ƫ.%/'/Čƫ3$%$ƫ)5ƫ 2!./!(5ƫ%),0ƫ0$!ƫ"%.ƫ2(1!ƫ+"ƫ
%0/ƫü**%(ƫ%*/0.1)!*0/ċƫ$!ƫ+),*5ƫ$/ƫƫ.%/'ƫ)*#!)!*0ƫ,+(%5ƫ3$%$ƫ+2!./ƫ
.%/'/ƫ//+%0! ƫ3%0$ƫ0$!ƫü**%(ƫ//!0/ƫ* ƫ(%%(%0%!/ċƫ$!ƫ.%/'ƫ)*#!)!*0ƫ,+(%5ƫ%/ƫ
,,.+2! ƫ5ƫ0$!ƫ+. ƫ+"ƫ%.!0+./ċƫ$!ƫ"+1/ƫ+"ƫ0$!ƫ.%/'ƫ)*#!)!*0ƫ+))%00!!ƫ%/ƫ
to assess the unpredictability of the ﬁnancial environment and to mitigate potential 
adverse effects on the ﬁnancial performance of the Company.
 
Market risk
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.'!0ƫ.%/'ƫ%/ƫ0$!ƫ.%/'ƫ0$0ƫ0$!ƫ"%.ƫ2(1!ƫ+.ƫ"101.!ƫ/$ƫý+3/ƫ+"ƫƫü**%(ƫ%*/0.1)!*0ƫ
3%((ƫý1010!ƫ!1/!ƫ+"ƫ$*#!/ƫ%*ƫ).'!0ƫ,.%!/ċƫ1$ƫ$*#!/ƫ%*ƫ0$!ƫ2(1!/ƫ+"ƫ
ﬁnancial instruments may result from changes in the foreign currency exchange rates, 
%*0!.!/0ƫ.0!/Čƫ.! %0Čƫ(%-1% %05ƫ* ƫ+0$!.ƫ).'!0ƫ$*#!/ċƫ$!ƫ+),*5Ě/ƫ!4,+/1.!ƫ0+ƫ
).'!0ƫ.%/'ƫ%/ƫ,.%).%(5ƫ+*ƫ+1*0ƫ+"ƫ"+.!%#*ƫ1..!*5ƫ!4$*#!ƫ.0!ƫ.%/'ċ
 
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+.!%#*ƫ1..!*5ƫ!4$*#!ƫ.0!ƫ.%/'
 
 
The ﬂuctuation in foreign currency exchange rates may have potential impact 
on the statement of proﬁt and loss and other comprehensive income and 
equity, where any transaction references more than one currency or where 
assets / liabilities are denominated in a currency other than the functional 
currency of the Company.
 
 
Considering the countries and economic environment in which the Company 
+,!.0!/Čƫ%0/ƫ+,!.0%+*/ƫ.!ƫ/1&!0ƫ0+ƫ.%/'/ƫ.%/%*#ƫ".+)ƫý1010%+*/ƫ%*ƫ
exchange rates in those countries. 
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$!ƫ+),*5Čƫ/ƫ,!.ƫ%0/ƫ.%/'ƫ)*#!)!*0ƫ,+(%5Čƫ1/!/ƫ !.%20%2!ƫ%*/0.1)!*0/ƫ
primarily to hedge foreign exchange. Further, any movement in the functional 
currency of the various operations of the Company against major foreign 
currencies may impact the Company’s revenue in international business.
 
 
The Company evaluates the impact of foreign exchange rate ﬂuctuations by 
//!//%*#ƫ%0/ƫ!4,+/1.!ƫ0+ƫ!4$*#!ƫ.0!ƫ.%/'/ċƫ	0ƫ$! #!/ƫƫ,.0ƫ+"ƫ0$!/!ƫ.%/'/ƫ5ƫ
1/%*#ƫ !.%20%2!ƫü**%(ƫ%*/0.1)!*0/ƫ%*ƫ(%*!ƫ3%0$ƫ%0/ƫ.%/'ƫ)*#!)!*0ƫ,+(%%!/ċ
 
 
The foreign exchange rate sensitivity is calculated by aggregation of the net 
foreign exchange rate exposure and a simultaneous parallel foreign exchange 
rates shift of all the currencies by 10% against the functional currency of the 
Company.
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$!ƫ"+((+3%*#ƫ*(5/%/ƫ$/ƫ!!*ƫ3+.'! ƫ+10ƫ/! ƫ+*ƫ0$!ƫ*!0ƫ!4,+/1.!/ƫ+"ƫ0$!ƫ
Company as of the date of balance sheet which could affect the statements 
of proﬁt and loss and other comprehensive income and equity. Further the 
exposure as indicated below is mitigated by some of the derivative contracts 
!*0!.! ƫ%*0+ƫ5ƫ0$!ƫ+),*5ƫ/ƫ %/(+/! ƫ%*ƫ*+0!ƫćĨ'ĩċ
 
 
The following table sets forth information relating to unhedged foreign 
currency exposure as at March 31, 2020:
(` crore)
USD
EUR
GBP
Others
Net ﬁnancial assets
 4,002 
 274 
 329 
 1,595 
Net ﬁnancial liabilities
 (7,097)
 (596)
 (475)
 (678)
 
 
10% appreciation / depreciation of the functional currency of the Company 
with respect to various foreign currencies would result in increase / decrease 
in the Company’s proﬁt before taxes by approximately `265 crore for the year 
ended March 31, 2020.

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 276
 
 
The following table sets forth information relating to unhedged foreign 
currency exposure as at March 31, 2019:
(` crore)
USD
EUR
GBP
Others
Net ﬁnancial assets
 4,431 
 275 
 837 
 1,203 
Net ﬁnancial liabilities
 (4,044)
 (178)
 (414)
 (377)
 
 
10% appreciation / depreciation of the functional currency of the Company 
with respect to various foreign currencies would result in decrease / increase 
in the Company’s proﬁt before taxes by approximately `173 crore for the year 
ended March 31, 2019.
 
 
Impact of COVID-19 (Global pandemic)
 
 
The Company basis their assessment believes that the probability of the 
occurrence of their forecasted transactions is not impacted by COVID-19 
pandemic. The Company has also considered the effect of changes, if any, 
in both co1*0!.,.05ƫ.! %0ƫ.%/'ƫ* ƫ+3*ƫ.! %0ƫ.%/'ƫ3$%(!ƫ//!//%*#ƫ$! #!ƫ
effectiveness and measuring hedge ineffectiveness.  The Company continues 
to believe that there is no impact on effectiveness of its hedges.
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Interest rate risk
 
 
The Company’s investments are primarily in ﬁxed rate interest bearing 
investments. Hence, the Company is not signiﬁcantly exposed to interest rate 
.%/'ċ
 
 
Credit risk
ƫ
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.! %0ƫ.%/'ƫ%/ƫ0$!ƫ.%/'ƫ+"ƫü**%(ƫ(+//ƫ.%/%*#ƫ".+)ƫ+1*0!.,.05ƫ"%(1.!ƫ0+ƫ.!,5ƫ
+.ƫ/!.2%!ƫ !0ƫ+. %*#ƫ0+ƫ0$!ƫ+*0.01(ƫ0!.)/ƫ+.ƫ+(%#0%+*/ċƫ.! %0ƫ.%/'ƫ
!*+),//!/ƫ+"ƫ+0$Čƫ0$!ƫ %.!0ƫ.%/'ƫ+"ƫ !"1(0ƫ* ƫ0$!ƫ.%/'ƫ+"ƫ !0!.%+.0%+*ƫ
+"ƫ.! %03+.0$%*!//ƫ/ƫ3!((ƫ/ƫ+*!*0.0%+*ƫ+"ƫ.%/'/ċƫ.! %0ƫ.%/'ƫ%/ƫ+*0.+((! ƫ
by analysing credit limits and creditworthiness of customers on a continuous 
basis to whom the credit has been granted after obtaining necessary 
approvals for credit.
ƫ
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%**%(ƫ%*/0.1)!*0/ƫ0$0ƫ.!ƫ/1&!0ƫ0+ƫ+*!*0.0%+*/ƫ+"ƫ.! %0ƫ.%/'ƫ
principally consist of trade receivables, unbilled receivables, loans receivables, 
%*2!/0)!*0/Čƫ !.%20%2!ƫü**%(ƫ%*/0.1)!*0/Čƫ/$ƫ* ƫ/$ƫ!-1%2(!*0/Čƫ*'ƫ
deposits and other ﬁnancial assets. Inter-corporate deposits of `7,044 crore 
are with a ﬁnancial institution having a high credit-rating assigned by credit-
.0%*#ƫ#!*%!/ċƫ*'ƫ !,+/%0/ƫ%*(1 !ƫ*ƫ)+1*0ƫ+"ƫ`787 crore held with one 
	* %*ƫ*'ƫ$2%*#ƫ$%#$ƫ.! %0ƫ.0%*#ƫ3$%$ƫ%/ƫ%* %2% 1((5ƫ%*ƫ!4!//ƫ+"ƫāĀŌƫ+.ƫ
)+.!ƫ+"ƫ0$!ƫ+),*5Ě/ƫ0+0(ƫ*'ƫ !,+/%0/ƫ/ƫ0ƫ.$ƫăāČƫĂĀĂĀċƫ+*!ƫ+"ƫ0$!ƫ
other ﬁnancial instruments of the Company result in material concentration of 
.! %0ƫ.%/'ċ
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Exposure to credit risk 
 
 
 
The carrying amount of ﬁnancial assets and contract assets represents 
0$!ƫ)4%)1)ƫ.! %0ƫ!4,+/1.!ċƫ$!ƫ)4%)1)ƫ!4,+/1.!ƫ0+ƫ.! %0ƫ.%/'ƫ
was `71,975 crore and `75,278 crore as at March 31, 2020 and 2019, 
respectively, being the total of the carrying amount of balances with 
*'/Čƫ*'ƫ !,+/%0/Čƫ%*2!/0)!*0/ƫ!4(1 %*#ƫ!-1%05ƫ* ƫ,.!"!.!*!ƫ
investments, trade receivables, unbilled receivables, loans receivables, 
contract assets and other ﬁnancial assets.
 
 
 
The Company’s exposure to customers is diversiﬁed and no single 
customer contributes to more than 10% of outstanding trade receivable, 
unbilled receivables and contract assets as at March 31, 2020 and  
March 31, 2019.
 
 
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!+#.,$%ƫ+*!*0.0%+*ƫ+"ƫ.! %0ƫ.%/'
 
 
 
Geographic concentration of trade receivables (gross and net of

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 277
allowances), unbilled receivables and contract assets is as follows:
As at March 31, 2020
As at March 31, 2019
Gross%
Net%
Gross%
Net%
United States of 
America
47.95
48.96
 49.42 
 50.53 
India
14.45
12.80
 16.45 
 14.87 
United Kingdom
15.03
15.26
 15.39 
 15.55 
 
 
 
Geographic concentration of trade receivables (gross and net of 
allowances), unbilled receivables and contract assets is allocated based 
on the location of the customers.
 
 
 
The allowance for lifetime expected credit loss on trade receivables for 
the years ended March 31, 2020 and 2019 was `125 crore and  
`187 crore, respectively. The reconciliation of allowance for doubtful 
trade receivables is as follows:
(` crore)
Year ended 
March 31, 2020
Year ended 
March 31, 2019
Balance at the beginning of the year
 837 
 651 
Change during the year
 125 
 187 
Bad debts written off
(40)
(3)
Translation exchange difference
 16 
 2 
Balance at the end of the year
   938
   837
 
 
Liquidity risk
ƫ
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%-1% %05ƫ.%/'ƫ.!"!./ƫ0+ƫ0$!ƫ.%/'ƫ0$0ƫ0$!ƫ+),*5ƫ**+0ƫ)!!0ƫ%0/ƫü**%(ƫ
+(%#0%+*/ċƫ$!ƫ+&!0%2!ƫ+"ƫ(%-1% %05ƫ.%/'ƫ)*#!)!*0ƫ%/ƫ0+ƫ)%*0%*ƫ/1þ%!*0ƫ
liquidity and ensure that funds are available for use as per requirements. The 
Company consistently generated sufficient cash ﬂows from operations to meet 
its ﬁnancial obligations including lease liabilities as and when they fall due.
 
 
The tables below provide details regarding the contractual maturities of 
signiﬁcant ﬁnancial liabilities as at: 
(` crore)
March 31, 2020
 Due in 
1st year 
 Due in 
2nd year 
 Due in 3rd 
to 5th year 
 Due after 
5th year 
 Total 
Non-derivative ﬁnancial liabilities
Trade payables
 8,734 
 - 
 - 
 - 8,734 
Lease liabilities
 1,261 
 1,099 
 2,638 
 3,507 8,505 
Other ﬁnancial liabilities
 4,001 
 10 
 227 
 -   4,238 
13,996 
1,109 
2,865 
3,507 21,477 
Derivative ﬁnancial liabilities
 693 
 -  
 - 
 - 
693 
Total
14,689 
1,109 
2,865 
3,507 22,170 
(` crore)
March 31, 2019
 Due in 
1st year 
 Due in 
2nd year 
 Due in 3rd 
to 5th year 
 Due after 
5th year 
 Total 
Non-derivative ﬁnancial 
liabilities
Trade payables
7,692 
 -  
 -  
 - 
7,692 
Lease liabilities
 -  
11 
33 
 -  
44 
Other ﬁnancial liabilities
3,286 
1 
227 
4 
3,518 
10,978 
12 
260 
4 
11,254 
Derivative ﬁnancial liabilities
59 
 -  
 -  
 - 
59 
Total
11,037 
12 
260 
4 
11,313

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 278
 
 
Other risk – Impact of COVID-19
 
 
Financial instruments carried at fair value as at March 31, 2020 is `26,111 crore 
and ﬁnancial instruments carried at amortised cost as at March 31, 2020 is 
`45,864 crore. A signiﬁcant part of the ﬁnancial assets are classiﬁed as Level 1 
having fair value of `25,686 crore as at March 31, 2020. The fair value of these 
//!0/ƫ%/ƫ).'! ƫ0+ƫ*ƫ0%2!ƫ).'!0ƫ3$%$ƫ"0+./ƫ0$!ƫ1*!.0%*0%!/ƫ.%/%*#ƫ
out of COVID-19. The ﬁnancial assets carried at fair value by the Company 
are mainly investments in liquid debt securities and accordingly, any material 
volatility is not expected.
 
 
Financial assets of `4,824 crore as at March 31, 2020 carried at amortised cost 
%/ƫ%*ƫ0$!ƫ"+.)ƫ+"ƫ/$ƫ* ƫ/$ƫ!-1%2(!*0/Čƫ*'ƫ !,+/%0/ƫ* ƫ!.).'! ƫ
(*!/ƫ3%0$ƫ*'/ƫ3$!.!ƫ0$!ƫ+),*5ƫ$/ƫ//!//! ƫ0$!ƫ+1*0!.,.05ƫ
.! %0ƫ.%/'ċƫƫ. !ƫ.!!%2(!/ƫ+"ƫ`28,734 crore as at March 31, 2020 forms 
a signiﬁcant part of the ﬁnancial assets carried at amortised cost, which is 
valued considering provision for allowance using expected credit loss method. 
In addition to the historical pattern of credit loss, we have considered the 
(%'!(%$++ ƫ+"ƫ%*.!/! ƫ.! %0ƫ.%/'ƫ* ƫ+*/!-1!*0%(ƫ !"1(0ƫ+*/% !.%*#ƫ
emerging situations due to COVID-19. This assessment is not based on any 
mathematical model but an assessment considering the nature of verticals, 
%),0ƫ%))! %0!(5ƫ/!!*ƫ%*ƫ0$!ƫ !)* ƫ+10(++'ƫ+"ƫ0$!/!ƫ2!.0%(/ƫ* ƫ
the ﬁnancial strength of the customers in respect of whom amounts are 
receivable. The Company has speciﬁcally evaluated the potential impact 
with respect to customers in Retail, Travel, Transportation and Hospitality, 
Manufacturing and Energy verticals which could have an immediate impact 
and the rest which could have an impact with a lag. The Company closely 
monitors its customers who are going through ﬁnancial stress and assesses 
actions such as change in payment terms, discounting of receivables with 
institutions on no-recourse basis, recognition of revenue on collection basis 
etc., depending on severity of each case. The same assessment is done in 
respect of unbilled receivables and contract assets of `8,573 crore as at  
March 31, 2020 while arriving at the level of provision that is required. Basis 
this assessment, the allowance for doubtful trade receivables of `938 crore as 
at March 31, 2020 is considered adequate.
(m) 
Equity instruments
 
The authorised, issued, subscribed and fully paid-up share capital consist of the 
following:
(` crore)
As at  
March 31, 2020
As at  
March 31, 2019
Authorised 
460,05,00,000 equity shares of `1 each
 460 
 460 
(March 31, 2019: 460,05,00,000 equity shares of 
`1 each)
105,02,50,000  preference shares of  `1 each
 105 
 105 
(March 31, 2019: 105,02,50,000 preference 
shares of  `1 each)
 565 
 565 
Issued, Subscribed and Fully paid up
375,23,84,706 equity shares of `1 each
 375 
 375 
(March 31, 2019: 375,23,84,706 equity shares of 
`1 each)
 375 
 375 
 
The Company’s objective for capital management is to maximise shareholder value, 
safeguard business continuity and support the growth of the Company. The Company 
determines the capital requirement based on annual operating plans and long-term 
and other strategic investment plans. The funding requirements are met through 
equity and operating cash ﬂows generated. The Company is not subject to any 
externally imposed capital requirements.

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 279
 
In the previous year, the Company allotted 191,42,87,591 equity shares as fully paid 
up bonus shares by capitalisation of proﬁts transferred from retained earnings 
amounting to `86 crore and capital redemption reserve amounting to `106 crore.
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$!ƫ+),*5ƫ+1#$0ƫ'ƫĈČćāČĊĀČąĈćƫ!-1%05ƫ/$.!/ƫ"+.ƫ*ƫ##.!#0!ƫ)+1*0ƫ+"ƫ
`16,000 crore being 1.99% of the total paid up equity share capital at `2,100 per 
!-1%05ƫ/$.!ƫ%*ƫ0$!ƫ,.!2%+1/ƫ5!.ċƫ$!ƫ!-1%05ƫ/$.!/ƫ+1#$0ƫ'ƫ3!.!ƫ!40%*#1%/$! ƫ
on September 26, 2018.
 
I. 
Reconciliation of number of shares
As at March 31, 2020
As at March 31, 2019
Number of 
shares
Amount  
(` crore)
Number of 
shares
Amount 
(` crore)
Equity shares
Opening balance
375,23,84,706
375 
191,42,87,591
191 
Issued during the year
 - 
 - 
191,42,87,591
192 
Shares extinguished on 
15ġ'
 - 
 - 
(7,61,90,476)
(8)
Closing balance
375,23,84,706
375 375,23,84,706
375 
 
II. 
Rights, preferences and restrictions attached to shares
 
 
The Company has one class of equity shares having a par value of `1 each. 
Each shareholder is eligible for one vote per share held and carry a right to 
dividend. 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.
 
III. 
Shares held by Holding Company, its Subsidiaries and Associates
(` crore)
As at  
March 31, 2020
As at  
March 31, 2019
Equity shares
Holding company
270,24,50,947 equity shares (March 31, 
2019: 270,24,50,947 equity shares) are 
held by Tata Sons Private Limited
 270 
270
Subsidiaries and Associates of Holding 
company
7,220 equity shares (March 31, 2019: 7,220 
equity shares) are held by Tata Industries 
Limited*
 - 
 -  
10,36,269 equity shares (March 31, 2019: 
10,36,269 equity shares) are held by  
Tata Investment Corporation Limited*
 - 
 -  
46,798 equity shares (March 31, 2019:  
46,798 equity shares) are held by  
Tata Steel Limited*
 - 
 -  
766 equity shares (March 31, 2019: 766 
equity shares) are held by The Tata Power 
Company Limited*
 - 
 -  
 270 
270
 
 
*Equity shares having value less than `0.50 crore.

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 280
 
IV. 
Details of shares held by shareholders holding more than 5% of the 
aggregate shares in the Company
As at  
March 31, 2020
As at  
March 31, 2019
Equity shares
Tata Sons Private Limited, the holding 
company
270,24,50,947
270,24,50,947
% of shareholding
72.02%
72.02%
 
V. 
Equity shares movement during the 5 years preceding March 31, 2020
ƫ
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đƫ
-1%05ƫ/$.!/ƫ%//1! ƫ/ƫ+*1/
 
 
 
The Company allotted 191,42,87,591 equity shares as fully paid up bonus 
shares by capitalisation of proﬁts transferred from retained earnings 
amounting to `86 crore and capital redemption reserve amounting to  
`āĀćƫ.+.!Čƫ,1./1*0ƫ0+ƫ*ƫ+. %*.5ƫ.!/+(10%+*ƫ,//! ƫ"0!.ƫ0'%*#ƫ0$!ƫ
consent of shareholders through postal ballot.
 
 
đƫ
-1%05ƫ/$.!/ƫ!40%*#1%/$! ƫ+*ƫ15ġ'
 
 
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$!ƫ+),*5ƫ+1#$0ƫ'ƫĈČćāČĊĀČąĈćƫ!-1%05ƫ/$.!/ƫ"+.ƫ*ƫ##.!#0!ƫ
amount of `16,000 crore being 1.99% of the total paid up equity share 
capital at `ĂČāĀĀƫ,!.ƫ!-1%05ƫ/$.!ċƫ$!ƫ!-1%05ƫ/$.!/ƫ+1#$0ƫ'ƫ3!.!ƫ
extinguished on September 26, 2018.
ƫ
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$!ƫ+),*5ƫ+1#$0ƫ'ƫĆČćāČąĀČăĆĀƫ!-1%05ƫ/$.!/ƫ"+.ƫ*ƫ##.!#0!ƫ
amount of `16,000 crore being 2.85% of the total paid up equity share 
capital at `ĂČĉĆĀƫ,!.ƫ!-1%05ƫ/$.!ċƫ$!ƫ!-1%05ƫ/$.!/ƫ+1#$0ƫ'ƫ3!.!ƫ
extinguished on June 7, 2017.
ƫ
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đƫ
-1%05ƫ/$.!/ƫ((+00ed as fully-paid including equity shares fully paid 
pursuant to contract without payment being received in cash
 
 
 
1,16,99,962 equity shares issued to the shareholders of CMC Limited in 
terms of the scheme of amalgamation (‘the Scheme’) sanctioned by 
the High Court of Judicature at Bombay vide its Order dated  
August 14, 2015 and the High Court of Judicature at Hyderabad vide  
its Order dated July 20, 2015.
7) 
Leases
 
A contract is, or contains, a lease if the contract conveys the right to control the use 
of an identiﬁed asset for a period of time in exchange for consideration. 
 
Company as a lessee
 
The Company accounts for each lease component within the contract as a 
lease separately from non-lease components of the contract and allocates the 
consideration in the contract to each lease component on the basis of the relative 
stand-alone price of the lease component and the aggregate stand-alone price of the 
non-lease components. 
 
The Company recognises right-of-use asset representing its right to use the 
underlying asset for the lease term at the lease commencement date. The cost of the 
right-of-use asset measured at inception shall comprise of the amount of the initial 
measurement of the lease liability adjusted for any lease payments made at or before 
the commencement date less any lease incentives received, plus any initial direct 
costs incurred and an estimate of costs to be incurred by the lessee in dismantling 
and removing the underlying asset or restoring the underlying asset or site on which 
it is located. The right-of-use assets is subsequently measured at cost less any 
accumulated depreciation, accumulated impairment losses, if any and adjusted for 
any remeasurement of the lease liability. The right-of-use assets is depreciated using 
the straight-line method from the commencement date over the shorter of lease term

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 281
or useful life of right-of-use asset. The estimated useful lives of right-of-use assets 
are determined on the same basis as those of property, plant and equipment.  
Right-of-use assets are tested for impairment whenever there is any indication that 
their carrying amounts may not be recoverable. Impairment loss, if any, is recognised 
in the statement of proﬁt and loss.
 
The Company measures the lease liability at the present value of the lease payments 
that are not paid at the commencement date of the lease. The lease payments are 
discounted using the interest rate implicit in the lease, if that rate can be readily 
determined. If that rate cannot be readily determined, the Company uses incremental 
borrowing rate. For leases with reasonably similar characteristics, the Company, on 
a lease by lease basis, may adopt either the incremental borrowing rate speciﬁc to 
the lease or the incremental borrowing rate for the portfolio as a whole. The lease 
payments shall include ﬁxed payments, variable lease payments, residual value 
guarantees, exercise price of a purchase option where the Company is reasonably 
certain to exercise that option and payments of penalties for terminating the lease, 
if the lease term reﬂects the lessee exercising an option to terminate the lease. The 
lease liability is subsequently remeasured by increasing the carrying amount to 
reﬂect interest on the lease liability, reducing the carrying amount to reﬂect the lease 
payments made and remeasuring the carrying amount to reﬂect any reassessment 
or lease modiﬁcations or to reﬂect revised in-substance ﬁxed lease payments. The 
company recognises the amount of the re-measurement of lease liability due to 
modiﬁcation as an adjustment to the right-of-use asset and statement of proﬁt 
and loss depending upon the nature of modiﬁcation. Where the carrying amount 
of the right-of-use asset is reduced to zero and there is a further reduction in the 
measurement of the lease liability, the Company recognises any remaining amount of 
the re-measurement in statement of proﬁt and loss.
 
The Company has elected not to apply the requirements of Ind AS 116 Leases to 
short-term leases of all assets that have a lease term of 12 months or less and leases 
for which the underlying asset is of low value. The lease payments associated with 
these leases are recognized as an expense on a straight-line basis over the lease 
term.
 
Company as a lessor
 
At the inception of the lease the Company classiﬁes each of its leases as either an 
operating lease or a ﬁnance lease. The Company recognises lease payments received 
under operating leases as income on a straight-line basis over the lease term.  In 
case of a ﬁnance lease, ﬁnance income is recognised over the lease term based on 
a pattern reﬂecting a constant periodic rate of return on the lessor’s net investment 
in the lease. When the Company is an intermediate lessor it accounts for its interests 
in the head lease and the sub-lease separately. It assesses the lease classiﬁcation of 
a sub-lease with reference to the right-of-use asset arising from the head lease, not 
with reference to the underlying asset. If a head lease is a short term lease to which 
the Company applies the exemption described above, then it classiﬁes the sub-lease 
as an operating lease. 
 
If an arrangement contains lease and non-lease components, the Company applies 
Ind AS 115 Revenue from contracts with customers to allocate the consideration in the 
contract.
 
Transition to Ind AS 116
 
Ministry of Corporate Affairs (“MCA”) through Companies (Indian Accounting 
Standards) Amendment Rules, 2019 and Companies (Indian Accounting Standards) 
Second Amendment Rules, has notiﬁed Ind AS 116 Leases which replaces the existing 
lease standard, Ind AS 17 Leases, and other interpretations. Ind AS 116 sets out the 
principles for the recognition, measurement, presentation and disclosure of leases 
for both lessees and lessors. It introduces a single, on-balance sheet lease accounting 
model for lessees.
 
The Company has adopted Ind AS 116, effective annual reporting period beginning 
April 1, 2019 and applied the standard to its leases, retrospectively, with the

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 282
cumulative effect of initially applying the standard, recognised on the date of initial 
application (April 1, 2019). Accordingly, the Company has not restated comparative 
information, instead, the cumulative effect of initially applying this standard has  
been recognised as an adjustment to the opening balance of retained earnings  
as on April 1, 2019. 
 
Refer note 2(f) – Signiﬁcant accounting policies – Leases in the Annual report of the 
Company for the year ended March 31, 2019, for the policy as per Ind AS 17.
 
Company as a lessee
 
Operating leases
 
For transition, the Company has elected not to apply the requirements of Ind AS 116 
to leases which are expiring within 12 months from the date of transition by class of 
asset and leases for which the underlying asset is of low value on a lease-by-lease 
basis. The Company has also used the practical expedient provided by the standard 
when applying Ind AS 116 to leases previously classiﬁed as operating leases under  
Ind AS 17 and therefore, has not reassessed whether a contract, is or contains a 
lease, at the date of initial application, relied on its assessment of whether leases 
are onerous, applying Ind AS 37 immediately before the date of initial application 
as an alternative to performing an impairment review, excluded initial direct costs 
from measuring the right-of-use asset at the date of initial application and used 
hindsight when determining the lease term if the contract contains options to extend 
or terminate the lease. The Company has used a single discount rate to a portfolio of 
leases with similar characteristics.
 
On transition, the Company recognised a lease liability measured at the present  
value of the remaining lease payments. The right-of-use asset is recognised at its 
carrying amount as if the standard had been applied since the commencement  
of the lease, but discounted using the lessee’s incremental borrowing rate as at  
April 1, 2019. Accordingly, a right-of-use asset of `4,786 crore and a corresponding 
lease liability of `5,179 crore has been recognized. The cumulative effect on transition 
in retained earnings net off taxes is `330 crore (including a deferred tax of  
`147 crore). The principal portion of the lease payments have been disclosed under 
cash ﬂow from ﬁnancing activities. The lease payments for operating leases as per 
Ind AS 17 Leases, were earlier reported under cash ﬂow from operating activities.  
The weighted average incremental borrowing rate of 7.80% has been applied to lease 
liabilities recognised in the balance sheet at the date of initial application.
 
On application of Ind AS 116, the nature of expenses has changed from lease rent in 
previous periods to depreciation cost for the right-of-use asset, and ﬁnance cost for 
interest accrued on lease liability.
 
The difference between the future minimum lease rental commitments towards 
non-cancellable operating leases and ﬁnance leases reported as at March 31, 2019 
compared to the lease liability as accounted as at April 1, 2019 is primarily due to 
inclusion of present value of the lease payments for the cancellable term of the 
leases, reduction due to discounting of the lease liabilities as per the requirement of 
Ind AS 116 and exclusion of the commitments for the leases to which the Company 
has chosen to apply the practical expedient as per the standard.
 
Finance lease
 
The Company has leases that were classiﬁed as ﬁnance leases applying Ind AS 17. For 
such leases, the carrying amount of the right-of-use asset and the lease liability at 
the date of initial application of Ind AS 116 is the carrying amount of the lease asset 
and lease liability on the transition date as measured applying Ind AS 17. Accordingly, 
an amount of `25 crore has been reclassiﬁed from property, plant and equipment to 
right-of-use assets. An amount of `6 crore has been reclassiﬁed from other current 
ﬁnancial liabilities to lease liability – current and an amount of `33 crore has been 
reclassiﬁed from borrowings – non-current to lease liability – non-current.

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 283
 
Company as a lessor
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leases in which it acts as a lessor, except for a sub-lease. The Company accounted 
for its leases in accordance with Ind AS 116 from the date of initial application. The 
Company does not have any signiﬁcant impact on account of sub-lease on the 
application of this standard.
 
The details of the right-of-use asset held by the Company is as follows: 
(` crore)
Additions for year 
ended March 31, 2020
Net carrying amount 
as at March 31, 2020
Leasehold land
 474 
 690 
Buildings
 1,689 
 5,336 
Leasehold improvement
 - 
 20 
Vehicles
 - 
 2 
Total
 2,163 
 6,048 
 
Depreciation on right-of-use assets is as follows: 
(` crore)
Year ended          
March 31, 2020
Leasehold land
 4 
Buildings
 837 
Leasehold improvement
 5 
Vehicles
 1 
 847 
 
Interest on lease liabilities is `416 crore for the year ended March 31, 2020.
 
The Company incurred `190 crore for the year ended March 31, 2020 towards 
expenses relating to short-term leases and leases of low-value assets. The total cash 
outﬂow for leases is `1,793 crore for the year ended March 31, 2020, including cash 
outﬂow for short term and low value leases. The Company has lease term extension 
options that are not reﬂected in the measurement of lease liabilities. The present 
value of future cash outﬂows for such extension periods as at March 31, 2020 is  
`457 crore.
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lease to conduct its business in the ordinary course. The Company does not have any 
lease restrictions and commitment towards variable rent as per the contract.
 
Impact of COVID-19
 
The Company does not foresee any large-scale contraction in demand which 
could result in signiﬁcant down-sizing of its employee base rendering the physical 
infrastructure redundant. The leases that the Company has entered with lessors 
towards properties used as delivery centers / sales offices are long term in nature and 
no changes in terms of those leases are expected due to the COVID-19.
8) 
Non-ﬁnancial assets and non-ﬁnancial liabilities
 
(a) 
Property, plant and equipment
 
 
Property, plant and equipment are stated at cost comprising of purchase price 
* ƫ*5ƫ%*%0%(ƫ %.!0(5ƫ00.%10(!ƫ+/0ƫ+"ƫ.%*#%*#ƫ0$!ƫ//!0ƫ0+ƫ%0/ƫ3+.'%*#ƫ
condition for its intended use, less accumulated depreciation (other than 
freehold land) and impairment loss, if any.
 
 
Depreciation is provided for property, plant and equipment on a straight-line 
basis so as to expense the cost less residual value over their estimated useful 
lives based on a technical evaluation. The estimated useful lives and residual 
value are reviewed at the end of each reporting period, with the effect of any 
change in estimate accounted for on a prospective basis.

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 284
 
 
The estimated useful lives are as mentioned below:
Type of asset
Useful lives
Buildings
20 years
Leasehold improvements
Lease term
Plant and equipment
10 years
Computer equipment
4 years
Vehicles
4 years
Office equipment
5 years
Electrical installations
4-10 years
Furniture and ﬁxtures
5 years
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and installation is complete and the asset is ready for its intended use.
 
 
Property, plant and equipment with ﬁnite life are evaluated for recoverability 
whenever there is any indication that their carrying amounts may not be 
recoverable. If any such indication exists, the recoverable amount  
(i.e. higher of the fair value less cost to sell and the value-in-use) is determined 
on an individual asset basis unless the asset does not generate cash ﬂows 
that are largely independent of those from other assets. In such cases, the 
recoverable amount is determined for the Cash Generating Unit (CGU) to 
which the asset belongs.
 
 
If the recoverable amount of an asset (or CGU) is estimated to be less than 
its carrying amount, the carrying amount of the asset (or CGU) is reduced to 
its recoverable amount. An impairment loss is recognised in the statement of 
proﬁt and loss.

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 285
Property, plant and equipment consist of the following:  
(` crore)
Freehold land Buildings Leasehold improvements Plant and equipment Computer equipment Vehicles Office equipment Electrical installations Furniture and ﬁxtures
Total
Cost as at April 1, 2019
 323 
 7,348 
 1,820 
 539 
 6,273 
 36 
 2,164 
 1,802 
 1,420 
 21,725 
Transition impact of Ind AS 116 (Refer note 7)
 - 
 - 
 (61)
 - 
 - 
 - 
 - 
 - 
 - 
 (61)
Restated cost as at April 1, 2019
 323 
 7,348 
 1,759 
 539 
 6,273 
 36 
 2,164 
 1,802 
 1,420 
 21,664 
Additions
 -  
 287 
 188 
 128 
 1,190 
 5 
 174 
 98 
 130 
 2,200 
Disposals
 - 
 (7)
 (123)
 - 
 (190)
 (2)
 (75)
 (18)
 (40)
 (455)
Cost as at March 31, 2020
 323 
 7,628 
 1,824 
 667 
 7,273 
 39 
 2,263 
 1,882 
 1,510  23,409 
Accumulated depreciation as at April 1, 2019
 -   
(2,150)
(1,010)
(166)
(4,975)
(29)
(1,740)
(1,029)
(1,104) (12,203)
Transition impact of Ind AS 116 (Refer note 7)
 - 
 - 
 36 
 - 
 - 
 - 
 - 
 - 
 - 
 36 
Restated accumulated depreciation as at  
April 1, 2019
- 
(2,150)
(974)
(166)
(4,975)
(29)
(1,740)
(1,029)
(1,104)
(12,167)
Depreciation for the year
 -  
 (374)
 (115)
 (58)
 (750)
 (5)
 (203)
 (140)
 (137)
 (1,782)
Disposals
 -   
 6 
 47 
 - 
 189 
 2 
 75 
 17 
 39 
 375 
Accumulated depreciation as at March 31, 2020
 - 
 (2,518)
 (1,042)
 (224)
 (5,536)
 (32)
 (1,868)
 (1,152)
 (1,202)  (13,574)
Net carrying amount as at March 31, 2020
 323 
 5,110 
 782 
 443 
 1,737 
 7 
 395 
 730 
 308 
 9,835 
(` crore)
Freehold land Buildings Leasehold improvements
Plant and equipment Computer equipment Vehicles
Office equipment
Electrical installations Furniture and ﬁxtures
Total
Cost as at April 1, 2018
 327 
 7,026 
 1,702 
 489 
 5,695 
 32 
 2,038 
 1,711 
 1,308 
 20,328 
Additions
 (4)
 335 
 212 
 53 
 758 
 6 
 171 
 120 
 139 
 1,790 
Disposals
 -  
 (13)
 (94)
 (3)
 (180)
 (2)
 (45)
 (29)
 (27)
 (393)
Cost as at March 31, 2019
 323 
 7,348 
 1,820 
 539 
 6,273 
 36 
 2,164 
 1,802 
 1,420 
 21,725 
Accumulated depreciation as at April 1, 2018
 - 
 (1,792)
 (970)
 (116)
 (4,526)
 (26)
 (1,572)
 (910)
 (986)  (10,898)
Depreciation for the year
 -  
 (368)
 (134)
 (52)
 (626)
 (4)
 (213)
 (142)
 (145)
 (1,684)
Disposals
 -  
 10 
 94 
 2 
 177 
 1 
 45 
 23 
 27 
 379 
Accumulated depreciation as at March 31, 2019
 - 
 (2,150)
 (1,010)
 (166)
 (4,975)
 (29)
 (1,740)
 (1,029)
 (1,104)  (12,203)
Net carrying amount as at March 31, 2019
 323 
 5,198 
 810 
 373 
 1,298 
 7 
 424 
 773 
 316 
 9,522 
!0ƫ++'ƫ2(1!ƫ+"ƫ(!/!$+( ƫ%),.+2!)!*0/ƫ+"ƫ`25 crore as at March 31, 2019 were under ﬁnance lease.

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 286
 
(b) 
Intangible assets
 
 
Intangible assets purchased are measured at cost as of the date of acquisition, 
as applicable, less accumulated amortisation and accumulated impairment, if 
any.
 
 
Intangible assets consist of rights under licensing agreement and software 
licences which are amortised over licence period which equates the economic 
useful life ranging between 2-5 years on a straight-line basis over the period of 
its economic useful life.
 
 
Intangible assets with ﬁnite life are evaluated for recoverability whenever there 
is any indication that their carrying amounts may not be recoverable. If any 
such indication exists, the recoverable amount (i.e. higher of the fair value less 
cost to sell and the value-in-use) is determined on an individual asset basis 
unless the asset does not generate cash ﬂows that are largely independent of 
those from other assets. In such cases, the recoverable amount is determined 
for the Cash Generating Unit (CGU) to which the asset belongs.
 
 
If the recoverable amount of an asset (or CGU) is estimated to be less than 
its carrying amount, the carrying amount of the asset (or CGU) is reduced to 
its recoverable amount. An impairment loss is recognised in the statement of 
proﬁt and loss.
 
 
Intangible assets consist of the following:
(` crore)
Rights under licensing 
agreement and software licences
Cost as at April 1, 2019
 229 
Additions
 172 
Disposals / Derecognised
 -  
Cost as at March 31, 2020
 401 
Accumulated amortisation as at April 1, 2019
 (90)
Amortisation for the year
 (72)
Disposals / Derecognised
 - 
Accumulated amortisation as at March 31, 2020
 (162)
Net carrying amount as at March 31, 2020
 239 
(` crore)
Rights under licensing 
agreement and software licences
Cost as at April 1, 2018
 68 
Additions
 161 
Disposals / Derecognised
 -  
Cost as at March 31, 2019
 229 
Accumulated amortisation as at April 1, 2018
 (58)
Amortisation for the year
 (32)
Disposals / Derecognised
 - 
Accumulated amortisation as at March 31, 2019
 (90)
Net carrying amount as at March 31, 2019
 139 
 
 
The estimated amortisation for the years subsequent to March 31, 2020 is as 
follows: 
 
(` crore)
Year ending March 31,
Amortisation expense
2021
83
2022
83
2023
57
2024
16
Thereafter
- 
239

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 287
 
(c) 
Other assets
 
 
Other assets consist of the following:
 
 
Other assets – Non-current
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Considered good
Contract assets
 145 
 100 
Prepaid expenses
 737 
 151 
Prepaid rent
 - 
 339 
Contract fulﬁllment costs
 186 
 174 
Capital advances
 50 
 272 
Advances to related parties
 36 
 3 
Others
 272 
 1 
 1,426 
 1,040 
Advances to related parties, considered 
good, comprise:
Voltas Limited
 3 
 2 
Tata Realty and Infrastructure Ltd*
 -  
 -  
Concorde Motors (India) Limited
 -  
 1 
Tata Projects Limited
 33 
 -  
Titan Engineering and Automation 
Limited*
 -  
 -  
 
 
*Represents value less than `0.50 crore.  
 
 
Other assets – Current
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Considered good
Contract assets
 3,341 
2,723 
Prepaid expenses
 1,381 
344 
Prepaid rent
 4 
35 
Contract fulﬁllment costs
 396 
 468 
Advance to suppliers
 75 
79 
Advance to related parties
 11 
8 
Indirect taxes recoverable
 1,131 
962 
Other advances
 114 
123 
Others
 85 
51 
Considered doubtful
Advance to suppliers
 3 
3 
Indirect taxes recoverable
 2 
2 
Other advances
 3 
3 
Less: Allowance on doubtful assets
(8)
(8)
 6,538 
4,793 
Advance to related parties, considered 
good comprise:
TCS e-Serve International Limited
 - 
 7 
The Titan Company Limited
 3 
 1 
Tata AIG General Insurance Company 
Limited
 - 
 1 
Tata AIA Life Insurance Company Limited 
 1 
 -  
Tata Sons Private Limited
 7 
 -

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 288
 
 
Prepaid rent of `366 crore has been reclassiﬁed to right-of-use asset pursuant 
to transition to Ind AS 116.
 
 
Non-current - Others includes advance of `271 crore towards acquiring  
right-of-use of leasehold land in the current year.
 
 
Contract fulﬁllment costs of `406 crore and `479 crore for the years ended 
March 31, 2020 and 2019, respectively, have been amortised in the statement 
of proﬁt and loss. Refer note 10 for the changes in contract asset.
 
(d) 
Inventories
 
 
Inventories consists of a) Raw materials, sub-assemblies and components, 
ĩƫ+.'ġ%*ġ,.+#.!//Čƫĩƫ0+.!/ƫ* ƫ/,.!ƫ,.0/ƫ* ƫ ĩƫ%*%/$! ƫ#++ /ċƫ
Inventories are carried at lower of cost and net realisable value. The cost of 
raw materials, sub-assemblies and components is determined on a weighted 
average basis. Cost of ﬁnished goods produced or purchased by the Company 
includes direct material and labour cost and a proportion of manufacturing 
overheads.
 
 
Inventories consist of the following:
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Raw materials, sub-assemblies and 
components
 5 
 9 
%*%/$! ƫ#++ /ƫ* ƫ3+.'ġ%*ġ,.+#.!//ĵ
 - 
 -  
Stores and spares
 - 
 1 
 5 
   10
 
 
*Represents value less than `0.50 crore.
 
(e) 
Provisions
 
 
Provisions consist of the following:
Provisions – Current
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Provision for foreseeable loss
 199 
 150 
Other provisions
 36 
 24 
 235 
   174
 
(f) 
Other liabilities
 
 
Other liabilities consist of the following:
Other liabilities – Non-current
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Operating lease liabilities
 - 
 358 
 - 
 358 
Other liabilities – Current
(` crore)
As at  
March 31, 2020
As at  
March 31, 2019
Advance received from customers
 226 
 269 
Indirect taxes payable and other statutory 
liabilities
 1,762 
 1,556 
Operating lease liabilities
 2 
 47 
Others
 58 
 70 
 2,048 
 1,942 
 
 
Operating lease liability of `395 crore has been reclassiﬁed to retained 
earnings pursuant to transition to Ind AS 116.

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 289
9) 
Other equity
 
Other equity consist of the following:
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Capital reserve#
 - 
 -  
Capital redemption reserve
(i) 
Opening balance
 8 
 106 
(ii) 
Transfer from retained earnings
 - 
 8 
(iii) 
Issue of bonus shares*
 - 
(106)
   8
   8
Special Economic Zone re-investment reserve
(i) 
Opening balance 
 994 
 1,578 
(ii) 
Transfer from retained earnings
2,947 
 2,750 
(iii) 
Transfer to retained earnings
(2,347)
(3,334)
 1,594 
 994 
Retained earnings
(i)   
Opening balance
 77,159 
 74,080 
(ii) 
Transition impact of Ind AS 116 (Refer 
note 7)
(330)
 -  
(iii)  
Proﬁt for the year
33,260 
 30,065 
(iv)  
Remeasurement of deﬁned employee 
beneﬁt plans 
(323)
(14)
Ĩ2ĩƫƫ
0%%(%/! ƫ"+.ƫ15ġ'ƫ+"ƫ!-1%05ƫ/$.!/ĵ
 - 
(15,992)
Ĩ2%ĩƫƫ
4,!*/!ƫ.!(0%*#ƫ0+ƫ15ġ'ƫ+"ƫ!-1%05ƫ
shares*
 - 
(45)
(vii) 
Issue of bonus shares*
 - 
(86)
(viii) Realised loss on equity shares carried at 
fair value through OCI
 - 
(1)
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
(ix) 
Transfer from Special Economic Zone  
re-investment reserve
2,347
 3,334
 112,113 
 91,341 
(x) 
Less: Appropriations
 
(a) 
Dividend  on equity shares
 31,896 
 10,085 
 
(b) 
Tax on dividend
 5,738 
 1,339 
 
(c) 
Transfer to capital redemption 
reserve*
 - 
 8 
 
(d) 
Transfer to Special Economic Zone 
re-investment reserve
2,947 
 2,750 
 71,532 
 77,159 
Investment revaluation reserve
(i) 
Opening balance
258 
(18)
(ii) 
Realised loss on equity shares carried at 
fair value through OCI
 - 
 1 
(iii) 
Change during the year (net)
624 
275 
882 
258 
/$ƫý+3ƫ$! #%*#ƫ.!/!.2!ƫĨ!"!.ƫ*+0!ƫćĨ'ĩĩ
(i) 
Opening balance
104 
(71)
(ii) 
Change during the year (net)
(127)
175 
(23)
104 
73,993 
78,523 
 
*Refer note 6(m).
 
#Represents value less than `0.50 crore.

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 290
10) 
Revenue recognition 
 
The Company earns revenue primarily from providing IT services, consulting and 
business solutions. The Company offers a consulting-led, cognitive powered, 
integrated portfolio of IT, business and engineering services and solutions. 
 
Revenue is recognised upon transfer of control of promised products or services to 
customers in an amount that reﬂects the consideration which the Company expects 
to receive in exchange for those products or services.
ƫ
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basis measured by units delivered, efforts expended, number of transactions 
processed, etc. 
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!2!*1!ƫ.!(0! ƫ0+ƫü4! ƫ,.%!ƫ)%*0!**!ƫ* ƫ/1,,+.0ƫ/!.2%!/ƫ+*0.0/ƫ
where the Company is standing ready to provide services is recognised 
based on time elapsed mode and revenue is straight-lined over the period of 
performance. 
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	*ƫ.!/,!0ƫ+"ƫ+0$!.ƫü4! ġ,.%!ƫ+*0.0/Čƫ.!2!*1!ƫ%/ƫ.!+#*%/! ƫ1/%*#ƫ
percentage-of-completion method (‘POC method’) of accounting with 
contract costs incurred determining the degree of completion of the 
performance obligation. The contract costs used in computing the revenues 
include cost of fulﬁlling warranty obligations.  
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manufactured systems and third party software is recognised upfront at the 
point in time when the system / software is delivered to the customer. In cases 
where implementation and / or customisation services rendered signiﬁcantly 
modiﬁes or customises the software, these services and software are 
accounted for as a single performance obligation and revenue is recognised 
over time on a POC method.
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point in time when control is transferred to the customer. 
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$!ƫ/+(10%+*/ƫ+û!.! ƫ5ƫ0$!ƫ+),*5ƫ)5ƫ%*(1 !ƫ/1,,(5ƫ+"ƫ0$%. ġ,.05ƫ
equipment or software. In such cases, revenue for supply of such third 
party products are recorded at gross or net basis depending on whether 
the Company is acting as the principal or as an agent of the customer. The 
Company recognises revenue in the gross amount of consideration when it is 
acting as a principal and at net amount of consideration when it is acting as an 
agent.  
 
Revenue is measured based on the transaction price, which is the consideration, 
adjusted for volume discounts, service level credits, performance bonuses, price 
concessions and incentives, if any, as speciﬁed in the contract with the customer. 
Revenue also excludes taxes collected from customers.
 
Revenue from subsidiaries is recognised based on transaction price which is at arm’s 
length.
 
Contract fulﬁlment costs are generally expensed as incurred except for certain 
software licence costs which meet the criteria for capitalisation. Such costs are 
amortised over the contractual period or useful life of licence whichever is less. 
The assessment of this criteria requires the application of judgement, in particular 
when considering if costs generate or enhance resources to be used to satisfy future 
performance obligations and whether costs are expected to be recovered.
 
Contract assets are recognised when there is excess of revenue earned over billings 
on contracts. Contract assets are classiﬁed as unbilled receivables (only act of 
invoicing is pending) when there is unconditional right to receive cash, and only 
passage of time is required, as per contractual terms. 
 
Unearned and deferred revenue (“contract liability”) is recognised when there is 
billings in excess of revenues.
 
The billing schedules agreed with customers include periodic performance based 
payments and / or milestone based progress payments. Invoices are payable within 
contractually agreed credit period.
 
In accordance with Ind AS 37, the Company recognises an onerous contract provision 
when the unavoidable costs of meeting the obligations under a contract exceed the 
economic beneﬁts to be received. 
 
Contracts are subject to modiﬁcation to account for changes in contract speciﬁcation 
and requirements. The Company reviews modiﬁcation to contract in conjunction with 
the original contract, basis which the transaction price could be allocated to a new

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 291
performance obligation, or transaction price of an existing obligation could undergo 
a change. In the event transaction price is revised for existing obligation, a cumulative 
adjustment is accounted for.
 
The Company disaggregates revenue from contracts with customers by nature of 
services, industry verticals and geography.
 
Revenue disaggregation by nature of services is as follows:
(` crore)
Year ended 
March 31, 2020
Year ended 
March 31, 2019
Consultancy services
 129,565 
 121,033 
Sale of equipment and software licences
 1,741 
 2,137 
 131,306 
 123,170 
 
Revenue disaggregation by industry vertical is as follows:
(` crore)
Industry vertical
Year ended 
March 31, 2020
Year ended 
March 31, 2019
*'%*#Čƫ%**%(ƫ!.2%!/ƫ* ƫ	*/1.*!
 47,811 
 45,558 
Manufacturing 
 12,161 
 11,568 
Retail and Consumer Business
 22,882 
 22,379 
Communication, Media and Technology
 23,132 
 21,131 
Others
 25,320 
 22,534 
 131,306 
 123,170 
 
Revenue disaggregation by geography is as follows:
(` crore)
Geography
Year ended 
March 31, 2020
Year ended 
March 31, 2019
Americas
 74,882 
 71,554 
Europe
 35,999 
 32,120 
India
 8,716 
 8,277 
Others
 11,709 
 11,219 
 131,306 
 123,170 
 
Geographical revenue is allocated based on the location of the customers.
 
Information about major customers
 
No single customer represents 10% or more of the Company’s total revenue during 
the year ended March 31, 2020 and March 31, 2019.
  
While disclosing the aggregate amount of transaction price yet to be recognised as 
revenue towards unsatisﬁed (or partially) satisﬁed performance obligations, along 
with the broad time band for the expected time to recognise those revenues, the 
Company has applied the practical expedient in Ind AS 115. Accordingly, the Company 
has not disclosed the aggregate transaction price allocated to unsatisﬁed (or 
partially satisﬁed) performance obligations which pertain to contracts where revenue 
recognised corresponds to the value transferred to customer typically involving time 
and material, outcome based and event based contracts. 
 
Unsatisﬁed (or partially satisﬁed) performance obligations are subject to variability 
due to several factors such as terminations, changes in scope of contracts, periodic 
revalidations of the estimates, economic factors (changes in currency rates, tax laws 
etc). The aggregate value of transaction price allocated to unsatisﬁed (or partially 
satisﬁed) performance obligations is `94,910 crore out of which 48.31% is expected to 
be recognised as revenue in the next year and the balance thereafter. No consideration 
from contracts with customers is excluded from the amount mentioned above.

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 292
 
Changes in contract assets are as follows:
(` crore)
Year ended 
March 31, 2020
Year ended 
March 31, 2019
Balance at the beginning of the year
 2,823 
 2,281 
Revenue recognised during the year
 11,514 
 9,578 
Invoices raised during the year
 (10,999)
 (9,093)
Translation exchange difference
 148 
 57 
Balance at the end of the year
 3,486 
 2,823 
 
Changes in unearned and deferred revenue are as follows:
(` crore)
Year ended 
March 31, 2020
Year ended 
March 31, 2019
Balance at the beginning of the year
 2,466 
 1,711 
Revenue recognised that was included in the 
unearned and deferred revenue at the beginning 
of the year 
 (1,934)
 (1,648)
Increase due to invoicing during the year, 
excluding amounts recognised as revenue during 
the year
2,240
 2,418 
Translation exchange difference
143
 (15)
Balance at the end of the year
 2,915 
 2,466 
 
Reconciliation of revenue recognised with the contracted price is as follows:
(` crore)
Year ended 
March 31, 2020
Year ended 
March 31, 2019
Contracted price
 133,098 
 125,101 
Reductions towards variable consideration 
components
 (1,792)
 (1,931)
Revenue recognised
 131,306 
 123,170 
 
The reduction towards variable consideration comprises of volume discounts, service 
level credits, etc.
 
Impact of COVID-19
 
While the Company believes strongly that it has a rich portfolio of services to partner 
with customers, the impact on future revenue streams could come from 
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resource constraints or their services no-longer being availed by their 
customers
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,.+(+*#! ƫ(+'ġ +3*ƫ/%010%+*ƫ.!/1(0%*#ƫ%*ƫ%0/ƫ%*%(%05ƫ0+ƫ !,(+5ƫ.!/+1.!/ƫ0ƫ
different locations due to restrictions in mobility
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1/0+)!./ƫ*+0ƫ%*ƫƫ,+/%0%+*ƫ0+ƫ!,0ƫ(0!.*0!ƫ !(%2!.5ƫ)+ !/ƫ1/%*#ƫ!1.! ƫ
+. !.(!//ƫ+.',!/
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1/0+)!./ƫ,+/0,+*%*#ƫ0$!%.ƫ %/.!0%+*.5ƫ/,!* ƫ 1!ƫ0+ƫ$*#!ƫ%*ƫ,.%+.%0%!/
 
The Company has assessed that customers in Retail, Travel, Transportation and 
Hospitality, Energy and Manufacturing verticals are more prone to immediate impact 
 1!ƫ0+ƫ %/.1,0%+*ƫ%*ƫ/1,,(5ƫ$%*ƫ* ƫ .+,ƫ%*ƫ !)* ƫ3$%(!ƫ1/0+)!./ƫ%*ƫ*'%*#Čƫ
Financial Services and Insurance would re-prioritise their discretionary spend in 
immediate future to conserve resources and assess the impact that they would 
have due to dependence of revenues from the impacted verticals. The Company 
$/ƫ+*/% !.! ƫ/1$ƫ%),0ƫ0+ƫ0$!ƫ!40!*0ƫ'*+3*ƫ* ƫ2%((!ƫ1..!*0(5ċƫ+3!2!.Čƫ
the impact assessment of COVID-19 is a continuing process given the uncertainties 
associated with its nature and duration.

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 293
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$!ƫ+),*5ƫ$/ƫ0'!*ƫ/0!,/ƫ0+ƫ//!//ƫ0$!ƫ+/0ƫ1 #!0/ƫ.!-1%.! ƫ0+ƫ+),(!0!ƫ%0/ƫ
performance obligations in respect of ﬁxed price contracts and incorporated the 
%),0ƫ+"ƫ(%'!(5ƫ !(5/ƫĥƫ%*.!/! ƫ+/0ƫ%*ƫ)!!0%*#ƫ%0/ƫ+(%#0%+*/ċƫ1$ƫ%),0ƫ+1( ƫ
be in the form of provision for onerous contracts or re-setting of revenue recognition 
in ﬁxed price contracts where revenue is recognised on percentage-completion-
basis. The Company has also assessed the impact of any delays and inability to meet 
+*0.01(ƫ+))%0)!*0/ƫ* ƫ$/ƫ0'!*ƫ0%+*/ƫ/1$ƫ/ƫ!*##%*#ƫ3%0$ƫ0$!ƫ1/0+)!./ƫ
0+ƫ#.!!ƫ+*ƫ.!2%/! ƫ/ƫ%*ƫ(%#$0ƫ+"ƫ1..!*0ƫ.%/%/Čƫ%*2+'%*#ƫ+"ƫ"+.!ġ)&!1.!ƫ(1/!ƫ
etc., to ensure that revenue recognition in such cases reﬂect realisable values.
11) 
Other Income
 
Dividend income is recorded when the right to receive payment is established. 
Interest income is recognised using the effective interest method.
 
Other income consist of the following:
(` crore)
Year ended 
March 31, 2020
Year ended 
March 31, 2019
Interest income
 3,197 
 2,651 
Dividend income
 3,980 
 3,571 
Net gain on investments carried at fair value 
through proﬁt or loss
 183 
 416 
Net gain on sale of investments other than 
equity shares carried at fair value through OCI
 14 
 -  
Net gain on disposal of property, plant and 
equipment
 50 
 84 
Net foreign exchange gain / (loss)
 632 
 844 
Rent income
 2 
 7 
Other income
 24 
 54 
 8,082 
 7,627 
(` crore)
Year ended 
March 31, 2020
Year ended 
March 31, 2019
Interest income comprise:
	*0!.!/0ƫ+*ƫ*'ƫ(*!/ƫ* ƫ*'ƫ !,+/%0/
 479 
157 
Interest on ﬁnancial assets carried at amortised 
cost
 531 
506 
Interest on ﬁnancial assets carried at fair value 
through OCI
 1,878 
1,838 
Other interest (including interest on tax refunds)
 309 
150 
Dividend income comprise:
Dividends from subsidiaries
 3,980 
3,571 
Dividend from mutual fund units*
 - 
 -  
 
*Represents value less than `0.50 crore.
12) 
Employee beneﬁts
 
Deﬁned beneﬁt plans
 
For deﬁned beneﬁt plans, the cost of providing beneﬁts is determined using the 
Projected Unit Credit Method, with actuarial valuations being carried out at each 
balance sheet date. Remeasurement, comprising actuarial gains and losses, the effect 
of the changes to the asset ceiling and the return on plan assets (excluding interest), 
is reﬂected immediately in the balance sheet with a charge or credit recognised in 
other comprehensive income in the period in which they occur. Past service cost, 
both vested and unvested, is recognised as an expense at the earlier of  
(a) when the plan amendment or curtailment occurs; and (b) when the entity 
recognises related restructuring costs or termination beneﬁts.

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 294
 
The retirement beneﬁt obligations recognised in the balance sheet represents the 
present value of the deﬁned beneﬁt obligations 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.
 
The Company provides beneﬁts such as gratuity, pension and provident fund 
(Company managed fund) to its employees, which are treated as deﬁned beneﬁt 
plans.
 
Deﬁned contribution plans
 
Contributions to deﬁned contribution plans are recognised as expense when 
employees have rendered services entitling them to such beneﬁts.
 
The Company provides beneﬁts such as superannuation, provident fund (other than 
Company managed fund) and foreign deﬁned contribution plans to its employees 
which are treated as deﬁned contribution plans.
 
Short-term employee beneﬁts
 
All employee beneﬁts payable wholly within twelve months of rendering the 
service are classiﬁed as short-term employee beneﬁts. Beneﬁts such as salaries, 
wages etc. and the expected cost of ex-gratia are recognised in the period in which 
the employee renders the related service. A liability is recognised for the amount 
expected to be paid when there is a present legal or constructive obligation to pay 
this amount as a result of past service provided by the employee and the obligation 
can be estimated reliably.
 
Compensated absences
 
Compensated absences which are expected to occur within twelve months after the 
end of the period in which the employee renders the related services are recognised 
as undiscounted liability at the balance sheet date. 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.
 
Employee beneﬁt expenses consist of the following:
(` crore)
Year ended 
March 31, 2020
Year ended 
March 31, 2019
Salaries, incentives and allowances
 59,140 
 54,080 
Contributions to provident and other funds
 4,020 
 3,665 
Staff welfare expenses
 1,746 
 1,632 
 64,906 
 59,377 
 
Employee beneﬁt obligations consist of the following:
 
Employee beneﬁt obligations – Non-current
(` crore)
As at  
March 31, 2020
As at  
March 31, 2019
Gratuity liability
 - 
 7 
Other employee beneﬁt obligations
 91 
75
 91 
82
 
Employee beneﬁt obligations – Current
(` crore)
As at  
March 31, 2020
As at  
March 31, 2019
Compensated absences
 2,034 
1,756 
Other employee beneﬁt obligations
 23 
 20 
 2,057 
1,776

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 295
 
Employee beneﬁt plans consist of the following:
 
Gratuity and pension
 
In accordance with Indian law, the Company operates a scheme of gratuity which 
is a deﬁned beneﬁt plan. The gratuity plan provides for a lump sum payment to 
vested employees at retirement, death while in employment or on termination of 
employment of an amount equivalent to 15 to 30 days’ salary payable for each 
completed year of service. Vesting occurs upon completion of ﬁve continuous years 
of service. The Company manages the plan through a trust. Trustees administer 
contributions made to the trust. 
 
The following table sets out the details of the deﬁned beneﬁt retirement plans and 
the amounts recognised in the ﬁnancial statements:
(` crore)
Year ended 
March 31, 2020
Year ended 
March 31, 2019
Change in beneﬁt obligations
Beneﬁt obligations, beginning of the year
 2,678 
 2,307 
Plan assumed on insourcing of employees
 30 
-
Service cost
 357 
 289 
Interest cost
 222 
 190 
Remeasurement of the net deﬁned beneﬁt 
liability
 520 
 39 
Beneﬁts paid
 (171)
 (147)
Beneﬁt obligations, end of the year
 3,636 
 2,678 
(` crore)
Year ended 
March 31, 2020
Year ended 
March 31, 2019
Change in plan assets
Fair value of plan assets, beginning of the year
 2,671 
 2,432 
Plan assumed on insourcing of employees
 30 
-
Interest income
 234 
 193 
Employers’ contributions
 766 
 171 
Beneﬁts paid
 (171)
 (147)
Remeasurement - return on plan assets 
excluding amount included in interest income
 111 
 22 
Fair value of plan assets, end of the year
 3,641 
 2,671 
(` crore)
As at  
March 31, 2020
As at  
March 31, 2019
Funded status
Deﬁcit of plan assets over obligations
 - 
 (7)
Surplus of plan assets over obligations
 5 
 - 
 5 
 (7)

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 296
(` crore)
As at  
March 31, 2020
As at  
March 31, 2019
Category of assets
Corporate bonds
 1,004 
684 
Equity instruments
 17 
20 
Government bonds and securities
 1,695 
1,150 
Insurer managed funds
 850 
759 
*'ƫ(*!/
 - 
6 
Others
 75 
52 
 3,641 
2,671 
 
Net periodic gratuity cost, included in employee cost consists of the following 
components: 
(` crore)
Year ended 
March 31, 2020
Year ended 
March 31, 2019
Service cost
 357 
289 
Net interest on net deﬁned beneﬁt (asset) / 
liability
 (12)
(3)
Net periodic gratuity cost
 345 
286 
Actual return on plan assets
 345 
215 
 
Remeasurement of the net deﬁned beneﬁt (asset) / liability:
(` crore)
As at  
March 31, 
2020
As at  
March 31, 2019
Actuarial (gains) and losses arising from changes 
in demographic assumptions
(5)
(17)
Actuarial (gains) and losses arising from changes 
in ﬁnancial assumptions
 345 
 -  
Actuarial (gains) and losses arising from changes 
in experience adjustments
180
56 
Remeasurement of the net deﬁned beneﬁt 
liability
520 
39 
Remeasurement - return on plan assets excluding 
amount included in interest income
(111)
(22)
409 
17 
 
The assumptions used in accounting for the deﬁned beneﬁt plan are set out below:
Year ended 
March 31, 
2020
Year ended 
March 31, 2019
Discount rate 
6.50%
7.75%
Rate of increase in compensation levels of  
covered employees
6.00%
6.00%
Rate of return on plan assets
6.50%
7.75%
Weighted average duration of deﬁned beneﬁt 
obligations
8 Years
8 Years

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 297
 
The expected beneﬁts are based on the same assumptions as are used to measure 
the Company’s deﬁned beneﬁt plan obligations as at March 31, 2020. The Company 
is expected to contribute `424 crore to deﬁned beneﬁt plan obligations funds for the 
year ending March 31, 2021.
 
The signiﬁcant actuarial assumptions for the determination of the deﬁned beneﬁt 
obligations are discount rate and expected salary increase. The sensitivity analysis 
below have been determined based on reasonably possible changes of the respective 
assumptions occurring at the end of the reporting period, while holding all other 
assumptions constant.
 
If the discount rate increases / decreases by 0.50%, the deﬁned beneﬁt obligations 
would increase / (decrease) as follows:
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Increase of 0.50%
(151)
(100)
Decrease of 0.50%
163
108
 
If the expected salary growth increases / decreases by 0.50%, the deﬁned beneﬁt 
obligations would increase / (decrease) as follows:
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Increase of 0.50%
163
109
Decrease of 0.50%
(152)
(102)
 
The sensitivity analysis presented above may not be representative of the actual 
$*#!ƫ%*ƫ0$!ƫ !ü*! ƫ!*!ü0ƫ+(%#0%+*/ƫ/ƫ%0ƫ%/ƫ1*(%'!(5ƫ0$0ƫ0$!ƫ$*#!ƫ%*ƫ
assumptions would occur in isolation of one another as some of the assumption may 
be correlated.
 
Furthermore, in presenting the above sensitivity analysis, the present value of the 
deﬁned beneﬁt obligations has been calculated using the Projected Unit Credit 
Method at the end of the reporting period, which is the same as that applied in 
calculating the deﬁned beneﬁt obligation liability recognised in the balance sheet.
 
Each year an Asset-Liability matching study is performed in which the consequences 
+"ƫ0$!ƫ/0.0!#%ƫ%*2!/0)!*0ƫ,+(%%!/ƫ.!ƫ*(5/! ƫ%*ƫ0!.)/ƫ+"ƫ.%/'ƫ* ƫ.!01.*ƫ,.+ü(!/ċƫ
Investment and contribution policies are integrated within this study.
 
The deﬁned beneﬁt obligations shall mature after year ended March 31, 2020 as 
follows:
(` crore)
Year ending March 31,
Deﬁned beneﬁt obligations
2021
279
2022
294
2023
332
2024
363
2025
411
2026-2030
 2,584 
 
Provident fund
 
In accordance with Indian law, all eligible employees of the Company in India 
are entitled to receive beneﬁts under the provident fund plan in which both the 
employee and employer (at a determined rate) contribute monthly to a Trust set up 
by the Company to manage the investments and distribute the amounts entitled 
to employees. This plan is a deﬁned beneﬁt plan as the Company is obligated 
to provide its members a rate of return which should, at the minimum, meet the 
interest rate declared by Government administered provident fund. A part of the 
Company’s contribution is transferred to Government administered pension fund.

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 298
The contributions made by the Company and the shortfall of interest, if any, are 
recognised as an expense in statement of proﬁt and loss under employee beneﬁt 
expenses. In accordance with an actuarial valuation of provident fund liabilities on the 
basis of guidance issued by Actuarial Society of India and based on the assumptions 
as mentioned below, there is no deﬁciency in the interest cost as the present value 
of the expected future earnings of the fund is greater than the expected amount to 
be credited to the individual members based on the expected guaranteed rate of 
interest of Government administered provident fund.
 
The details of fund and plan assets are given below:
(` crore)
As at 
March 31, 2020
As at 
March 31, 2019
Fair value of plan assets
17,072 
14,555 
Present value of deﬁned beneﬁt obligations
(17,072)
(14,555)
Net excess / (shortfall) 
 - 
 -  
 
The plan assets have been primarily invested in Government securities and corporate 
bonds. 
 
The principal assumptions used in determining the present value obligation of 
interest guarantee under the deterministic approach are as follows:
As at 
March 31, 2020
As at 
March 31, 2019
Discount rate
6.50%
7.75%
Average remaining tenure of investment 
portfolio
7.73 years
8.38  years
Guaranteed rate of return
8.50%
8.65%
 
The Company contributed `1,035 crore and `856 crore for the years ended March 31, 
2020 and 2019, respectively, to the provident fund.
 
Superannuation
 
All eligible employees on Indian payroll are entitled to beneﬁts under 
1,!.**10%+*Čƫƫ !ü*! ƫ+*0.%10%+*ƫ,(*ċƫ$!ƫ+),*5ƫ)'!/ƫ)+*0$(5ƫ
contributions until retirement or resignation of the employee. The Company 
recognises such contributions as an expense when incurred. The Company has no 
further obligation beyond its monthly contribution.
 
The Company contributed `248 crore and `232 crore for the years ended March 31, 
2020 and 2019, respectively, to the Employees’ Superannuation Fund.
 
Foreign deﬁned contribution plan
 
The Company contributed `549 crore and `475 crore for the years ended March 31, 
2020 and 2019, respectively, towards foreign deﬁned contribution plans.
13) 
Cost recognition
 
Costs and expenses are recognised when incurred and have been classiﬁed according 
to their nature.
 
The costs of the Company are broadly categorised in employee beneﬁt expenses, 
cost of equipment and software licences, depreciation and amortisation expense and 
other expenses. Other expenses mainly include fees to external consultants, facility 
expenses, travel expenses, communication expenses, bad debts and advances written 
off, allowance for doubtful trade receivable and advances (net) and other expenses. 
Other expenses is an aggregation of costs which are individually not material such as 
+))%//%+*ƫ* ƫ.+'!.#!Čƫ.!.1%0)!*0ƫ* ƫ0.%*%*#Čƫ!*0!.0%*)!*0Čƫ!0ċ

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 299
 
(a) 
Cost of equipment and software licences
 
 
Cost of equipment and software licences consist of the following: 
(` crore)
Year ended          
March 31, 2020
Year ended           
March 31, 2019
Raw materials, sub-assemblies and 
components consumed
 18 
 40 
Equipment and software licences 
purchased
 1,578 
 1,963 
 1,596 
 2,003 
Finished goods and work-in-progress
,!*%*#ƫ/0+'ĵ
 - 
 -  
!//čƫ(+/%*#ƫ/0+'ƫ
 1 
 -  
 (1)
 -  
 
 
*Represents value less than `0.50 crore.
 
(b) 
Other expenses
 
 
Other expenses consist of the following: 
(` crore)
Year ended          
March 31, 2020
Year ended           
March 31, 2019
Fees to external consultants
 13,916 
 12,259 
Facility expenses
 2,175 
 3,275 
Travel expenses
 2,569 
 2,718 
Communication expenses
 985 
 837 
Bad debts and advances written off, 
allowance for doubtful trade receivables 
and advances (net)
 132 
 188 
Other expenses
 7,674 
 7,549 
 27,451 
 26,826 
 
 
Other expenses include `3,547 crore and `3,897 crore for the years ended 
.$ƫăāČƫĂĀĂĀƫ* ƫĂĀāĊČƫ.!/,!0%2!(5Čƫ0+3. /ƫ/(!/Čƫ).'!0%*#ƫ* ƫ
advertisement expenses.
 
 
The Company made a contribution to an electoral trust of NIL and `220 crore 
for the years ended March 31, 2020 and 2019, respectively, which is included in 
other expenses.
 
(c) 
Research and development expenditure
 
 
Research and development expenditure including capital expenditure 
aggregating `302 crore and `305 crore was incurred in the years ended  
March 31, 2020 and 2019, respectively.
 
(d) 
Corporate Social Responsibility (CSR) expenditure
 
 
As per section 135 of the Companies Act, 2013, amount required to be spent 
by the Company during the year ended March 31, 2020 and 2019 is  
`600 crore and `542 crore, respectively, computed at 2% of its average 
net proﬁt for the immediately preceding three ﬁnancial years, on CSR. The 
Company incurred an amount of `602 crore and `434 crore during the years 
ended March 31, 2020 and 2019, respectively, towards CSR expenditure for 
purposes other than construction / acquisition of any asset.
14) 
Finance costs
 
Finance costs consist of the following: 
(` crore)
Year ended          
March 31, 2020
Year ended           
March 31, 2019
Interest on lease liabilities
 416 
 7 
Interest on tax matters
 256 
 162 
Other interest costs
 71 
 1 
 743 
   170

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 300
15) 
Income taxes
 
Income tax expense comprises current tax expense and the net change in the 
deferred tax asset or liability during the year. Current and deferred taxes are 
recognised in statement of proﬁt and loss, except when they relate to items that 
are recognised in other comprehensive income or directly in equity, in which case, 
the current and deferred tax are also recognised in other comprehensive income or 
directly in equity, respectively.
 
Current income taxes
 
The current income tax expense includes income taxes payable by the Company and 
its branches in India and overseas. The current tax payable by the Company in India 
%/ƫ	* %*ƫ%*+)!ƫ04ƫ,5(!ƫ+*ƫ3+.( 3% !ƫ%*+)!ƫ"0!.ƫ0'%*#ƫ.! %0ƫ"+.ƫ04ƫ.!(%!"ƫ
available for export operations in Special Economic Zones (SEZs).
 
Current income tax payable by overseas branches of the Company is computed in 
accordance with the tax laws applicable in the jurisdiction in which the respective 
branch operates. The taxes paid are generally available for set off against the Indian 
income tax liability of the Company’s worldwide income.
 
Advance taxes and provisions for current income taxes are presented in the balance 
sheet after off-setting advance tax paid and income tax provision arising in the same 
tax jurisdiction and where the relevant tax paying unit intends to settle the asset and 
liability on a net basis.
 
Deferred income taxes
 
Deferred income tax is recognised using the balance sheet approach. Deferred 
income tax assets and liabilities are recognised for deductible and taxable temporary 
differences arising between the tax base of assets and liabilities and their carrying 
amount, except when the deferred income tax arises from the initial recognition of 
an asset or liability in a transaction that is not a business combination and affects 
neither accounting nor taxable proﬁt or loss at the time of the transaction.
 
Deferred income tax assets are recognised to the extent that it is probable that 
taxable proﬁt will be available against which the deductible temporary differences 
and the carry forward of unused tax credits and unused tax losses can be utilised.
 
The carrying amount of deferred income tax assets is reviewed at each reporting date 
and reduced to the extent that it is no longer probable that sufficient taxable proﬁt 
will be available to allow all or part of the deferred income tax asset to be utilised.
 
Deferred tax assets and liabilities are measured using substantively enacted tax rates 
expected to apply to taxable income in the years in which the temporary differences 
are expected to be received or settled.
 
For operations carried out in SEZs, deferred tax assets or liabilities, if any, have been 
established for the tax consequences of those temporary differences between the 
carrying values of assets and liabilities and their respective tax bases that reverse 
after the tax holiday ends.
 
Deferred tax assets and liabilities are offset when they relate to income taxes levied 
by the same taxation authority and the relevant entity intends to settle its current tax 
assets and liabilities on a net basis.
 
Deferred tax assets include Minimum Alternate Tax (MAT) paid in accordance with 
the tax laws in India, to the extent it would be available for set off against future 
current income tax liability. Accordingly, MAT is recognised as deferred tax 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.

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 301
 
The income tax expense consists of the following: 
(` crore)
Year ended          
March 31, 2020
Year ended           
March 31, 2019
Current tax
Current tax expense for current year
 8,440 
 8,672 
Current tax expense pertaining to prior years
 572 
 1,271 
 9,012 
 9,943 
Deferred tax
Deferred tax expense for current year
 1,168 
 697 
Deferred tax beneﬁt pertaining to prior years
 (1,449)
 -  
 (281)
 697 
Total income tax expense recognised in current year
 8,731 
 10,640 
 
The reconciliation of estimated income tax expense at statutory income tax rate to 
income tax expense reported in statement of proﬁt and loss is as follows:
(` crore)
Year ended          
March 31, 2020
Year ended           
March 31, 2019
Proﬁt before taxes
 41,991 
 40,705 
Indian statutory income tax rate
34.94%
34.94%
Expected income tax expense
 14,673 
 14,224 
Tax effect of adjustments to reconcile expected 
income tax expense to reported income tax 
expense
Tax holidays
 (4,856)
 (4,735)
Income exempt from tax
 (14)
 (21)
(` crore)
Year ended          
March 31, 2020
Year ended           
March 31, 2019
Undistributed earnings in branches
 (15)
 299 
Tax on income at different rates
 (300)
 (403)
Tax pertaining to prior years
 (877)
 1,271 
Others (net)
 120 
 5 
Total income tax expense
 8,731 
 10,640 
 
The Company beneﬁts from the tax holiday available for units set up under the 
Special Economic Zone Act, 2005. These tax holidays are available for a period of 
ﬁfteen years from the date of commencement of operations. Under the SEZ scheme, 
the unit which begins providing services on or after April 1, 2005 will be eligible for 
deductions of 100% of proﬁts or gains derived from export of services for the ﬁrst 
ﬁve years, 50% of such proﬁt or gains for a further period of ﬁve years and 50% of 
such proﬁts or gains for the balance period of ﬁve years subject to fulﬁllment of 
certain conditions. From April 1, 2011 proﬁts from units set up under SEZ scheme are 
subject to Minimum Alternate Tax (MAT).

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 302
 
Signiﬁcant components of net deferred tax assets and liabilities for the year ended 
March 31, 2020 are as follows:
(` crore)
Opening 
balance
Recognised 
in proﬁt 
and loss
Recognised in 
/ reclassiﬁed 
from other 
comprehensive 
income
Closing 
balance
Deferred tax assets / (liabilities) in 
relation to
Property, plant and equipment and 
intangible assets
97 
 65 
 - 
162 
Provision for employee beneﬁts 
368 
 100 
 - 
468 
Cash ﬂow hedges
(12)
 - 
19 
7 
Receivables, ﬁnancial assets at 
amortised cost
284 
43 
 - 
327 
MAT credit entitlement
1,157 
(108)
 - 
1,049 
Branch proﬁt tax
(299)
 15 
 - 
(284)
Unrealised gain on securities carried 
at fair value through proﬁt or loss / 
other comprehensive income
(149)
 - 
(334)
(483)
Lease liabilities*
235 
73 
 - 
308 
Others 
225 
 93 
 - 
318 
Total deferred tax assets / 
(liabilities)
1,905 
281 
(315)
1,872 
 
*Opening balance of deferred tax on lease liabilities has been restated by `147 crore 
to give impact of transition to Ind AS 116 (Refer note 7).
 
Gross deferred tax assets and liabilities are as follows:
(` crore)
As at March 31, 2020
Assets
Liabilities
Net
Deferred tax assets / (liabilities) in relation to
Property, plant and equipment and Intangible 
assets
225 
63 
162 
Provision for employee beneﬁts 
468 
 - 
468 
Cash ﬂow hedges
7 
 - 
7 
Receivables, ﬁnancial assets at amortised cost
327 
 - 
327 
MAT credit entitlement
1,049 
 - 
1,049 
Branch proﬁt tax
 - 
284 
(284)
Unrealised gain on securities carried at 
fair value through proﬁt or loss / other 
comprehensive income
(483)
 - 
(483)
Lease liabilities
308 
 - 
308 
Others 
318 
 - 
318 
Total deferred tax assets / (liabilities)
2,219 
347 
1,872

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 303
 
Signiﬁcant components of net deferred tax assets and liabilities for the year ended 
March 31, 2019 are as follows:
(` crore)
Opening 
balance
Recognised 
in proﬁt 
and loss
Recognised  
in / reclassiﬁed 
from other 
comprehensive 
income
Closing 
balance
Deferred tax assets / 
(liabilities) in relation to
Property, plant and equipment 
and intangible assets
67 
30 
 -  
97 
Provision for employee beneﬁts 
311 
57 
 -  
368 
Cash ﬂow hedges
10 
 -  
(22)
(12)
Receivables, ﬁnancial assets at 
amortised cost
238 
46 
 - 
284 
MAT credit entitlement
2,204 
(1,047)
 -  
1,157 
Branch proﬁt tax
(400)
101 
 -  
(299)
Unrealised gain on securities 
carried at fair value through 
proﬁt or loss / other 
comprehensive income
 -  
 - 
(149)
(149)
Lease liabilities
80 
 8 
 - 
 88 
Others 
117 
108 
 -  
225 
Total deferred tax assets / 
(liabilities)
 2,626 
 (697)
 (171)
 1,758 
 
Gross deferred tax assets and liabilities are as follows:
(` crore)
As at March 31, 2019 
Assets
Liabilities
Net
Deferred tax assets / (liabilities) in relation to
Property, plant and equipment and Intangible 
assets
137 
40 
97 
Provision for employee beneﬁts 
368 
 -  
368 
Cash ﬂow hedges
(12)
 -  
(12)
Receivables, ﬁnancial assets at amortised cost
284 
 -  
284 
MAT credit entitlement
1,157 
 -  
1,157 
Branch proﬁt tax
 - 
299 
(299)
Unrealised gain on securities carried at 
fair value through proﬁt or loss / other 
comprehensive income
(149)
 -  
(149)
Lease liabilities
 88 
 -  
 88 
Others 
224 
 -  
224 
Total deferred tax assets / (liabilities)
2,097 
339 
1,758 
 
Under the Income-tax Act, 1961, the Company is liable to pay Minimum Alternate Tax 
in the tax holiday period. MAT paid can be carried forward for a period of 15 years 
and can be set off against the future tax liabilities. MAT is recognised as a deferred 
tax asset only when the asset can be measured reliably and it is probable that the 
future economic beneﬁt associated with the asset will be realised. Accordingly, the 
Company has recognised a deferred tax asset of `1,049 crore.

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 304
 
Direct tax contingencies
 
The Company has ongoing disputes with income tax authorities relating to tax 
treatment of certain items. The disputes relate to tax treatment of certain expenses 
claimed as deductions, computation or eligibility of tax incentives or allowances, and 
characterisation of fees for services received.
 
The Company has contingent liability in respect of demands from direct tax 
authorities in India and other jurisdictions, which are being contested by the 
Company on appeal amounting `1,453 crore and `1,501 crore as at March 31, 2020 
and March 31, 2019 respectively. In respect of tax contingencies of `318 crore and 
`318 crore as at March 31, 2020 and March 31, 2019, respectively, not included above, 
the Company is entitled to an indemniﬁcation from the seller of TCS e-Serve Limited.
 
The Company periodically receives notices and inquiries from income tax authorities 
related to the Company’s operations in the jurisdictions it operates in. The Company 
has evaluated these notices and inquiries and has concluded that any consequent 
income tax claims or demands by the income tax authorities will not succeed on 
ultimate resolution.
 
The number of years that are subject to tax assessments varies depending on tax 
jurisdiction. The major tax jurisdictions of Tata Consultancy Services Limited include 
India, United States of America and United Kingdom. In India, tax ﬁlings from ﬁscal 
2017 are generally subject to examination by the tax authorities. In United States 
of America, the federal statute of limitation applies to ﬁscals 2016 and earlier and 
applicable state statutes of limitation vary by state. In United Kingdom, the statute of 
limitation generally applies to ﬁscal 2017 and earlier.
16) 
Earnings per share
 
Basic earnings per share is computed by dividing proﬁt or loss attributable to equity 
shareholders of the Company by the weighted average number of equity shares 
outstanding during the year. The Company did not have any potentially dilutive 
securities in any of the years presented.
Year ended          
March 31, 2020
Year ended           
March 31, 2019
Proﬁt for the year (` crore)
 33,260 
 30,065 
Weighted average number of equity shares
375,23,84,706
378,97,49,350
Basic and diluted earnings per share (`)
88.64
79.34
Face value per equity share  (`)
 1 
 1 
17) 
Auditors remuneration
(` crore)
Year ended          
March 31, 2020
Year ended           
March 31, 2019
Services as statutory auditors (including 
quarterly audits)
7
7
Tax audit
1
1
Services for tax matters
-*
-*
Other services
4
4
!ġ%)1./!)!*0ƫ+"ƫ+10ġ+"ġ,+'!0ƫ!4,!*/!/
1
-*
 
*Represents value less than `0.50 crore.
18) 
Segment information
 
The Company publishes the standalone ﬁnancial statements of the Company along 
with the consolidated ﬁnancial statements. In accordance with Ind AS 108, Operating 
Segments, the Company has disclosed the segment information in the consolidated 
ﬁnancial statements.

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 305
19) 
Commitments and Contingencies
 
Capital commitments
 
The Company has contractually committed (net of advances) `1,272 crore and  
`1,258 crore as at March 31, 2020 and March 31, 2019, respectively, for purchase of 
property, plant and equipment.
 
Contingencies
 
đƫ
%.!0ƫ04ƫ)00!./
 
 
Refer note 15.
 
đƫ
	* %.!0ƫ04ƫ)00!./
 
 
The Company has ongoing disputes with tax authorities mainly relating to 
treatment of characterisation and classiﬁcation of certain items. The Company 
has demands amounting to `464 crore and `325 crore as at March 31, 2020 
and March 31, 2019, respectively from various indirect tax authorities which  
are being contested by the Company based on the management evaluation 
and on the advice of tax consultants. 
 
đƫ
0$!.ƫ(%)/
 
 
Claims aggregating `133 crore and `96 crore as at March 31, 2020 and  
March 31, 2019, respectively, against the Company have not been 
'*+3(! #! ƫ/ƫ !0/ċ
 
 
In addition to above in October 2014, Epic Systems Corporation (referred to as 
Epic) ﬁled a legal claim against the Company in the Court of Western District 
Madison, Wisconsin for alleged infringement of Epic’s proprietary information. 
In April 2016, the Company received an unfavourable jury verdict awarding 
damages totalling `7,091 crore (US $940 million) to Epic. In September 2017, 
the Company received a Court order reducing the damages from `7,091 crore 
(US $940 million) to `3,168 crore (US $420 million) to Epic. Pursuant to  
US Court procedures, a Letter of Credit has been made available to Epic for  
`3,319 crore (US $440 million) as ﬁnancial security in order to stay execution 
of the judgment pending post-judgment proceedings and appeal. Pursuant to 
reaffirmation of the Court order in March 2019, the Company has ﬁled a  
notice of appeal in the superior Court to fully set aside the Order. Epic has  
also ﬁled a cross appeal challenging the reduction by the trial judge of  
`754 crore (US $100 million) award and `1,509 crore (US $200 million) in 
punitive damages. The Company has received legal advice to the effect that 
the order and the reduced damages awarded are not supported by evidence 
presented during the trial.
 
đƫ
*'ƫ#1.*0!!/ƫ* ƫ(!00!.ƫ+"ƫ+)"+.0
ƫ
ƫ
$!ƫ+),*5ƫ$/ƫ#%2!*ƫ(!00!.ƫ+"ƫ+)"+.0ƫ0+ƫ*'/ƫ"+.ƫ.! %0ƫ"%(%0%!/ƫ2%(! ƫ
by its subsidiaries. As per the terms of letter of comfort, the Company 
1* !.0'!/ƫ*+0ƫ0+ƫ %2!/0ƫ%0/ƫ+3*!./$%,ƫ%*0!.!/0ƫ %.!0(5ƫ+.ƫ%* %.!0(5ƫ%*ƫ0$!ƫ
subsidiary and provide such managerial, technical and ﬁnancial assistance to 
ensure continued successful operations of the subsidiary.
 
 
The Company has provided guarantees to third parties on behalf of its 
subsidiaries. The Company does not expect any outﬂow of resources in 
respect of the above.
 
The amounts assessed as contingent liability do not include interest that could be 
claimed by counter parties.
20) 
The proposed Social Security Code, 2019, when promulgated, would subsume labour 
laws including Employees' Provident Funds and Miscellaneous Provisions Act and 
amend the deﬁnition of wages on which the organisation and its employees are 
to contribute towards Provident Fund.  The Company believes that there will be 
no signiﬁcant impact on its contributions to Provident Fund due to the proposed 
amendments.  Additionally, there is uncertainty and ambiguity in interpreting  
and giving effect to the guidelines of Hon. Supreme Court vide its ruling in  
February 2019, in relation to the scope of compensation on which the organisation 
and its employees are to contribute towards Provident Fund. The Company will 
evaluate its position and act, as clarity emerges.

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 306
21) 
Related party transactions
ƫ
$!ƫ+),*5Ě/ƫ,.%*%,(ƫ.!(0! ƫ,.0%!/ƫ+*/%/0ƫ+"ƫ%0/ƫ$+( %*#ƫ+),*5Čƫ0ƫ+*/ƫ.%20!ƫ%)%0! ƫ* ƫ%0/ƫ/1/% %.%!/Čƫ%0/ƫ+3*ƫ/1/% %.%!/Čƫþ(%0!/ƫ* ƫ'!5ƫ)*#!.%(ƫ,!./+**!(ċƫ
The Company’s material related party transactions and outstanding balances are with related parties with whom the Company routinely enter into transactions in the ordinary course 
of business. Refer note 21 of consolidated ﬁnancial statement for list of subsidiaries of the Company.
 
Transactions with related parties are as follows:
(` crore)
Year ended March 31, 2020
 Tata Sons 
Private Limited  
 Subsidiaries of the 
Company 
 Subsidiaries of  Tata 
Sons Private Limited 
 Associates / joint ventures of Tata 
Sons Private Limited and their 
subsidiaries 
 Other 
related 
parties 
 Total 
Revenue
 31 
 16,998 
 409 
 1,859 
 - 
19,297 
Dividend income
 - 
 3,979 
 - 
 - 
 - 
 3,979 
Rent income*
 - 
 - 
 - 
 - 
 - 
 - 
Other income
 - 
 39 
 - 
 - 
 - 
 39 
Purchases of goods and services (including 
reimbursements)
 1 
 8,943 
 550 
 448 
 - 
 9,942 
Brand equity contribution
 100 
 - 
 - 
 - 
 - 
 100 
Facility expenses
 - 
 28 
 2 
 1 
 - 
 31 
Lease rental
 2 
 - 
 68 
 26 
 - 
 96 
Bad debts and advances written off, allowance for doubtful 
trade receivables and advances (net)
 1 
 - 
 - 
 1 
 - 
 2 
Contribution and advance to post employment beneﬁt 
plans
 - 
 - 
 - 
 - 
 2,684 
 2,684 
Purchase of property, plant and equipment
 - 
 - 
 219 
 110 
 - 
 329 
Loans and advances given
 - 
 1 
 4 
 85 
 - 
 90 
Loans and advances recovered
 - 
 7 
 3 
 30 
 - 
 40 
Dividend paid
 22,971 
 - 
 9 
 - 
 - 
22,980 
Guarantees given
 - 
 2 
 - 
 - 
 - 
 2 
Cost recovery
 - 
 2,998 
 - 
 - 
 - 
 2,998 
 
*Represents value less than `0.50 crore.

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 307
(` crore)
Year ended March 31, 2019
 Tata Sons 
Private Limited  
 Subsidiaries of the 
Company 
 Subsidiaries of  Tata 
Sons Private Limited 
 Associates / joint ventures of Tata 
Sons Private Limited and their 
subsidiaries 
 Other 
related 
parties 
 Total 
Revenue
 27 
 15,999 
 266 
 2,215 
 -  
 18,507 
Dividend income
 -  
 3,571 
 -  
 - 
 - 
 3,571 
Rent income
 -  
 7 
 -  
 - 
 - 
 7 
Other income
 -  
 38 
 -  
 - 
 - 
 38 
Purchases of goods and services (including 
reimbursements)
 1 
 8,178 
 415 
 369 
 -  
 8,963 
Brand equity contribution
 101 
 -  
 - 
 - 
 - 
 101 
Facility expense
 1 
 -  
 37 
 15 
 -  
 53 
Bad debts and advances written off, allowance for doubtful 
trade receivables and advances (net)
 - 
 -  
 (7)
 -  
 - 
 (7)
Contribution and advance to post employment beneﬁt 
plans
 - 
 -  
 -  
 -  
 816 
 816 
Purchase of property, plant and equipment
 -  
 -  
 2 
 48 
 -  
 50 
Loans and advances given
 -  
 6 
 2 
 1 
 -  
 9 
Loans and advances recovered
 -  
 1 
 -  
 3 
 -  
 4 
Dividend paid
 7,254 
 -  
 3 
 - 
 -  
 7,257 
Guarantees given
 -  
 13 
 -  
 -  
 - 
 13 
15ġ'ƫ+"ƫ/$.!/
 10,455 
 -  
 4 
 -  
 - 
 10,459 
Cost recovery
 -  
 2,302 
 -  
 - 
 -  
 2,302 
Issue of bonus shares1
 - 
 -  
 - 
 - 
 -  
 -  
 
1Refer note 6(m).

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 308
 
Material related party transactions are as follows:
(` crore)
As at  
March 31, 2020
As at  
March 31, 2019
Revenue
Tata Consultancy Services Sverige AB 
 1,713 
 1,657 
Tata Consultancy Services Canada Inc.
 1,934 
 1,919 
Tata Consultancy Services Deutschland GmbH 
 2,020 
 1,924 
Tata Consultancy Services Netherlands BV
 3,364 
 2,449 
Jaguar Land Rover Limited 
 1,142 
 651 
Jaguar Cars Limited (dormant)
 9 
 671 
Purchases of goods and services (including 
reimbursements)
Tata America International Corporation 
 3,416 
 3,898 
Tata Consultancy Services De Mexico S.A.,De C.V.
 1,414 
 1,314 
TCS Foundation
552
91
Dividend income
Tata America International Corporation 
 1,752 
 2,747 
Tata Consultancy Services Canada Inc.
694
236
 
Material related party balances are as follows:
(` crore)
As at  
March 31, 2020
As at  
March 31, 2019
Trade receivables
Tata America International Corporation 
98
627
Tata Consultancy Services Sverige AB 
650
362
Tata Consultancy Services France SA
900
710
Tata Consultancy Services Netherlands BV
727
233
Tata Consultancy Services Asia Paciﬁc Pte Ltd. 
635
245
Jaguar Land Rover Limited 
 209 
 362 
Trade payables
Tata America International Corporation 
 1,314 
 1,413 
Tata Consultancy Services De Mexico S.A.,De C.V.
402
284
Unbilled receivables and contract assets
Diligenta Limited 
311
173

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 309
 
Balances receivable from related parties are as follows:
(` crore)
As at March 31, 2020 
 Tata Sons 
Private Limited  
 Subsidiaries of the 
Company 
 Subsidiaries of  Tata Sons 
Private Limited 
 Associates / joint 
ventures of Tata Sons 
Private Limited and their 
subsidiaries 
 Other related 
parties 
 Total 
Trade receivables, unbilled receivables and 
contract assets
 4 
 6,582 
 223 
 449 
 -  
 7,258 
Loans receivables, other ﬁnancial assets and other 
assets 
 10 
 62 
 30 
 65 
 -  
 167 
 14 
 6,644 
 253 
 514 
 - 
 7,425 
(` crore)
As at March 31, 2019
 Tata Sons 
Private Limited  
 Subsidiaries of the 
Company 
 Subsidiaries of  Tata Sons 
Private Limited 
 Associates / joint 
ventures of Tata Sons 
Private Limited and their 
subsidiaries 
 Other related 
parties 
 Total 
Trade receivables, unbilled receivables and 
contract assets
 6 
 4,332 
 97 
 644 
 -  
 5,079 
Loans receivables, other ﬁnancial assets and other 
assets
 2 
 6 
 28 
 6 
 -  
 42 
 8 
 4,338 
 125 
 650 
 - 
 5,121

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 310
 
Balances payable to related parties are as follows:
(` crore)
As at March 31, 2020 
 Tata Sons 
Private Limited  
 Subsidiaries of the 
Company 
 Subsidiaries of  Tata Sons 
Private Limited 
 Associates / joint 
ventures of Tata Sons 
Private Limited and their 
subsidiaries 
 Other related 
parties 
 Total 
Trade payables, unearned and deferred revenue, 
other ﬁnancial liabilities and other liabilities
 93 
 4,152 
 245 
 215 
 - 
 4,705 
Commitments and guarantees
 -   
 4,302 
 11 
 367 
 - 
 4,680 
(` crore)
As at March 31, 2019
 Tata Sons 
Private Limited  
 Subsidiaries of the 
Company 
 Subsidiaries of  Tata Sons 
Private Limited 
 Associates / joint 
ventures of Tata Sons 
Private Limited and their 
subsidiaries 
 Other related 
parties 
 Total 
Trade payables, unearned and deferred revenue, 
other ﬁnancial liabilities and other liabilities
 91 
 3,195 
 102 
 129 
 -  
 3,517 
Commitments and guarantees
 -  
 4,263 
 14 
 53 
 -  
 4,330

Notes forming part of the Standalone Financial Statements
TCS Annual Report 2019-20
Unconsolidated Financial Statements I 311
ƫ
.*/0%+*/ƫ3%0$ƫ'!5ƫ)*#!)!*0ƫ,!./+**!(ƫ.!ƫ/ƫ"+((+3/č
(` crore)
 Year ended          
March 31, 2020 
 Year ended           
March 31, 2019 
Short-term beneﬁts
 28 
 33 
Dividend paid during the year
 2 
 1 
 30 
 34 
ƫ
$!ƫ.!)1*!.0%+*ƫ+"ƫ %.!0+./ƫ* ƫ'!5ƫ!4!10%2!/ƫ%/ƫ !0!.)%*! ƫ5ƫ0$!ƫ.!)1*!.0%+*ƫ
+))%00!!ƫ$2%*#ƫ.!#. ƫ0+ƫ0$!ƫ,!."+.)*!ƫ+"ƫ%* %2% 1(/ƫ* ƫ).'!0ƫ0.!* /ċƫ
 
The above ﬁgures do not include provisions for encashable leave, gratuity and 
premium paid for group health insurance, as separate actuarial valuation / premium 
paid are not available.
22) 
The sitting fees and commission paid to non-executive directors is `9 crore and  
`12 crore as at March 31, 2020 and 2019, respectively.
23) 
Subsequent event
 
Dividends paid during the year ended March 31, 2020 include an amount of `18 per 
equity share towards ﬁnal dividend for the year ended March 31, 2019 and an amount 
of `67 per equity share towards interim dividends (including special dividend) for 
the year ended March 31, 2020. Dividends paid during the year ended March 31, 2019 
include an amount of `29 per equity share towards ﬁnal dividend for the year ended 
March 31, 2018 and an amount of `12 per equity share towards interim dividends for 
the year ended March 31, 2019.
 
Dividends declared by the Company are based on the proﬁt available for distribution. 
On April 16, 2020, the Board of Directors of the Company have proposed a ﬁnal 
dividend of `6 per share in respect of the year ended March 31, 2020 subject to the 
approval of shareholders at the Annual General Meeting. The proposal is subject to 
the approval of shareholders at the Annual General Meeting, and if approved, would 
result in a cash outﬂow of approximately `2,251 crore.
As per our report of even date attached
For and on behalf of the Board
For B S R & Co. LLP
N Chandrasekaran
Rajesh Gopinathan
Keki M Mistry
Chartered Accountants
Chairman
CEO and Managing Director
Director
Firm's registration no:  
101248W/W-100022
Yezdi Nagporewalla
V Ramakrishnan
Rajendra Moholkar
Partner
CFO
Company Secretary
Membership No: 049265
Mumbai, April 16, 2020

TCS Annual Report 2019-20
Unconsolidated Financial Statements I 312
Statement pursuant to ﬁrst proviso to sub-section (3) of section 129 of the Companies Act 2013,read with rule 5 of Companies (Accounts) Rules, 2014 in the prescribed  
Form AOC-1 relating to subsidiary companies
Sr. 
No.
Name of the subsidiary company
 Date of becoming 
subsidiary 
 Start date of 
accounting 
period of 
subsidiary 
 End date of 
accounting period of 
subsidiary 
 Reporting 
currency 
 Exchange 
rate 
 Share 
capital 
 Reserves 
and 
surplus 
 Total 
Assets 
 Total 
Liabilities 
 Investments Turnover 
 Proﬁt 
before 
tax 
 Provision 
for tax 
 Proﬁt 
after tax 
Proposed 
dividend 
% of 
shareholding
Country 
` crore
1
APTOnline Limited
August 9, 2004
April 1, 2019
March 31, 2020
INR
 1.000000 
 2 
 101 
 164 
 61 
 26 
 180 
 42 
 11 
 31 
 -  
89%
India
2
MP Online Limited
September 8, 2006
April 1, 2019
March 31, 2020
INR
 1.000000 
 1 
 98 
 137 
 38 
 15 
 70 
 24 
 7 
 17 
 -  
89%
India
3
C-Edge Technologies Limited
January 19, 2006
April 1, 2019
March 31, 2020
INR
 1.000000 
 10 
 236 
 331 
 85 
 -  
 294 
 108 
 27 
 81 
 -  
51%
India
4
MahaOnline Limited
September 23, 2010
April 1, 2019
March 31, 2020
INR
 1.000000 
 3 
 76 
 161 
 82 
 38 
 88 
 29 
 7 
 22 
 -  
74%
India
5
CMC Americas, Inc.
August 9, 2004
April 1, 2019
March 31, 2020
USD
 75.435000 
 12 
 15 
 61 
 34 
 -  
 113 
 44 
 18 
 26 
 -  
100%
U.S.A.
6
TCS e-Serve International Limited
December 31, 2008
April 1, 2019
March 31, 2020
INR
 1.000000 
 10 
 9 
 512 
 493 
 12 
 1,231 
 (141)
 (15)
 (126)
 -  
100%
India
7
TCS e-Serve America, Inc.
February 10, 2009
January 1, 2019
December 31, 2019
USD
 75.435000 
 2 
 83 
 177 
 92 
 -  
 285 
 38 
 12 
 26 
 -  
100%
U.S.A.
8
Diligenta Limited
August 23, 2005
January 1, 2019
December 31, 2019
GBP
 93.071718 
 9 
 1,082  2,224 
 1,133 
 270 
 3,666 
 370 
 77 
 293 
 -  
100%
U.K.
9
Tata Consultancy Services Canada Inc.
October 1, 2009
April 1, 2019
March 31, 2020
CAD
 53.231953 
 38 
 593 
 1,712 
 1,081 
 -  
 5,686 
 672 
 180 
 492 
 -  
100%
Canada
10 Tata America International Corporation
August 9, 2004
April 1, 2019
March 31, 2020
USD
 75.435000 
 2 
 1,555  3,098 
 1,541 
 35 
 3,735 
 1,268 
 347 
 921 
 -  
100%
U.S.A.
11
Tata Consultancy Services Asia Paciﬁc Pte Ltd.
August 9, 2004
April 1, 2019
March 31, 2020
USD
 75.435000 
 33 
 643 
 1,725 
 1,049 
 816 
 2,243 
 266 
 32 
 234 
 -  
100%
Singapore
12 Tata Consultancy Services (China) Co., Ltd.
November 16, 2006
January 1, 2019
December 31, 2019
CNY
 10.631985 
 215 
 (46)
 286 
 117 
 -  
 699 
 (12)
 -  
 (12)
 -  
93.2%
China
13 Tata Consultancy Services Japan, Ltd.
July 1, 2014
April 1, 2019
March 31, 2020
JPY
 0.696184 
 301 
 1,059  2,786 
 1,426 
 -  
 5,340 
 292 
 93 
 199 
 -  
66%
Japan
14 Tata Consultancy Services Malaysia Sdn Bhd
August 9, 2004
April 1, 2019
March 31, 2020
MYR
 17.552003 
 4 
 83 
 207 
 120 
 -  
 438 
 (9)
 -  
 (9)
 -  
100%
Malaysia
15 PT Tata Consultancy Services Indonesia
October 5, 2006
April 1, 2019
March 31, 2020
IDR
 0.004609 
 -  
 26 
 66 
 40 
 -  
 69 
 17 
 5 
 12 
 -  
100%
Indonesia
16 Tata Consultancy Services (Philippines) Inc.
September 19, 2008
April 1, 2019
March 31, 2020
PHP
 1.485526 
 (41)
 205 
 477 
 313 
 -  
 647 
 15 
 3 
 12 
 -  
100%
Philippines

TCS Annual Report 2019-20
Unconsolidated Financial Statements I 313
Statement pursuant to ﬁrst proviso to sub-section (3) of section 129 of the Companies Act 2013,read with rule 5 of Companies (Accounts) Rules, 2014 in the prescribed  
Form AOC-1 relating to subsidiary companies
Sr. 
No.
Name of the subsidiary company
 Date of becoming 
subsidiary 
 Start date of 
accounting 
period of 
subsidiary 
 End date of 
accounting period of 
subsidiary 
 Reporting 
currency 
 Exchange 
rate 
 Share 
capital 
 Reserves 
and 
surplus 
 Total 
Assets 
 Total 
Liabilities 
 Investments Turnover 
 Proﬁt 
before 
tax 
 Provision 
for tax 
 Proﬁt 
after tax 
Proposed 
dividend 
% of 
shareholding
Country 
` crore
17 Tata Consultancy Services (Thailand) Limited
May 12, 2008
April 1, 2019
March 31, 2020
THB
 2.306916 
 2 
 10 
 30 
 18 
 -  
 73 
 16 
 3 
 13 
 -  
100%
Thailand
18 Tata Consultancy Services Belgium
August 9, 2004
April 1, 2019
March 31, 2020
EUR
 83.023789 
 2 
 331 
 964 
 631 
 -  
 1,998 
 144 
 49 
 95 
 -  
100%
Belgium
19 Tata Consultancy Services Deutschland GmbH
August 9, 2004
April 1, 2019
March 31, 2020
EUR
 83.023789 
 1 
 469  2,003 
 1,533 
 -  
 4,844 
 281 
 83 
 198 
 -  
100%
Germany
20 Tata Consultancy Services Sverige AB
August 9, 2004
April 1, 2019
March 31, 2020
SEK
 7.477993 
 -  
 539  1,495 
 956 
 -  
 3,279 
 100 
 22 
 78 
 -  
100%
Sweden
21 Tata Consultancy Services Netherlands BV
August 9, 2004
April 1, 2019
March 31, 2020
EUR
 83.023789 
 548 
 2,202 
 4,176 
 1,426 
 1,592 
 5,340 
 (373)
 79 
 (452)
 -  
100%
Netherlands
22 TCS Italia s.r.l.
August 9, 2004
April 1, 2019
March 31, 2020
EUR
 83.023789 
 18 
 12 
 266 
 236 
 -  
 440 
 19 
 11 
 8 
 -  
100%
Italy
23 Tata Consultancy Services Luxembourg S.A.
October 28, 2005
April 1, 2019
March 31, 2020
EUR
 83.023789 
 46 
 75 
 263 
 142 
 -  
 519 
 76 
 22 
 54 
 -  
100%
Capellen (G.D. de 
Luxembourg)
24 Tata Consultancy Services Switzerland Ltd.
October 31, 2006
April 1, 2019
March 31, 2020
CHF
 78.406611 
 12 
 379 
 1,171 
 780 
 -  
 2,776 
 217 
 39 
 178 
 -  
100%
Switzerland
25 Tata Consultancy Services Osterreich GmbH
March 9, 2012
April 1, 2019
March 31, 2020
EUR
 83.023789 
 -  
 5 
 38 
 33 
 -  
 39 
 -  
 -  
 -  
 -  
100%
Austria
26 0ƫ+*/1(0*5ƫ!.2%!/ƫ*).'ƫ,
March 16, 2012
April 1, 2019
March 31, 2020
DKK
 11.117743 
 1 
 4 
 25 
 20 
 -  
 35 
 1 
 -  
 1 
 -  
100%
!*).'
27 Tata Consultancy Services De Espana S.A.
August 9, 2004
April 1, 2019
March 31, 2020
EUR
 83.023789 
 -  
 39 
 197 
 158 
 -  
 384 
 12 
 -  
 12 
 -  
100%
Spain
28 Tata Consultancy Services (Portugal) Unipessoal, Limitada
July 4, 2005
April 1, 2019
March 31, 2020
EUR
 83.023789 
 -  
 -  
 22 
 22 
 -  
 24 
 3 
 -  
 3 
 -  
100%
Portugal
29 Tata Consultancy Services France SA
June 28, 2013
April 1, 2019
March 31, 2020
EUR
 83.023789 
 4 
 (408)
 1,335 
 1,739 
 -  
 1,936 
 16 
 17 
 (1)
 -  
100%
France
30 Tata Consultancy Services Saudi Arabia
July 2, 2015
April 1, 2019
March 31, 2020
SAR
 20.049702 
 8 
 242 
 299 
 49 
 -  
 390 
 76 
 15 
 61 
 -  
76%
Saudi Arabia
31 Tata Consultancy Services (Africa) (PTY) Ltd.
October 23, 2007
April 1, 2019
March 31, 2020
ZAR
 4.193326 
 6 
 39 
 45 
 -  
 45 
 -  
 28 
 -  
 28 
 -   
100%
South Africa

TCS Annual Report 2019-20
Unconsolidated Financial Statements I 314
Statement pursuant to ﬁrst proviso to sub-section (3) of section 129 of the Companies Act 2013,read with rule 5 of Companies (Accounts) Rules, 2014 in the prescribed  
Form AOC-1 relating to subsidiary companies
Sr. 
No.
Name of the subsidiary company
 Date of becoming 
subsidiary 
 Start date of 
accounting 
period of 
subsidiary 
 End date of 
accounting period of 
subsidiary 
 Reporting 
currency 
 Exchange 
rate 
 Share 
capital 
 Reserves 
and 
surplus 
 Total 
Assets 
 Total 
Liabilities 
 Investments Turnover 
 Proﬁt 
before 
tax 
 Provision 
for tax 
 Proﬁt 
after tax 
Proposed 
dividend 
% of 
shareholding
Country 
` crore
32 Tata Consultancy Services (South Africa) (PTY) Ltd.
October 31, 2007
April 1, 2019
March 31, 2020
ZAR
 4.193326 
 8 
 58 
 301 
 235 
 -  
 737 
 34 
 10 
 24 
 -  
100%
South Africa
33 TCS FNS Pty Limited
October 17, 2005
April 1, 2019
March 31, 2020
AUD
 46.709352 
 174 
 (53)
 121 
 -  
 1 
 -  
 70 
 -  
 70 
 -  
100%
Australia
34 TCS Financial Solutions Beijing Co., Ltd.
December 29, 2006
January 1, 2019
December 31, 2019
CNY
 10.631985 
 39 
 (13)
 64 
 38 
 -  
 73 
 9 
 -  
 9 
 -  
100%
China
35 TCS Financial Solutions Australia Holdings Pty Limited
October 19, 2005
April 1, 2019
March 31, 2020
AUD
 46.709352 
 -  
 -  
 -  
 -  
 -  
 -  
 70 
 -  
 70 
 -  
-
Australia
36 TCS Financial Solutions Australia Pty Limited
October 19, 2005
April 1, 2019
March 31, 2020
AUD
 46.709352 
 -  
 100 
 143 
 43 
 34 
 70 
 62 
 16 
 46 
 -  
100%
Australia
37 TCS Iberoamerica SA
August 9, 2004
April 1, 2019
March 31, 2020
USD
 75.435000 
 742 
 876  1,632 
 14 
 1,631 
 -  
 418 
 25 
 393 
 -  
100%
Uruguay
38 TCS Solution Center S.A.
August 9, 2004
April 1, 2019
March 31, 2020
UYU
 1.724504 
 62 
 188 
 411 
 161 
 -  
 691 
 136 
 34 
 102 
 -  
100%
Uruguay
39 Tata Consultancy Services Argentina S.A.
August 9, 2004
April 1, 2019
March 31, 2020
ARS
 1.171760 
 6 
 -  
 40 
 34 
 -  
 43 
 (8)
 -  
 (8)
 -  
100%
Argentina
40 Tata Consultancy Services Do Brasil Ltda
August 9, 2004
January 1, 2019
December 31, 2019
BRL
 14.522091 
 255 
 (103)
 434 
 282 
 -  
 641 
 20 
 (5)
 25 
 -  
100%
Brazil
41 Tata Consultancy Services De Mexico S.A., De C.V.
August 9, 2004
January 1, 2019
December 31, 2019
MXN
 3.138809 
 1 
 721 
 1,171 
 449 
 -  
 1,877 
 257 
 94 
 163 
 -  
100%
Mexico
42 Tata Consultancy Services Chile S.A.
August 9, 2004
January 1, 2019
December 31, 2019
CLP
 0.088034 
 150 
 202 
 514 
 162 
 59 
 534 
 28 
 12 
 16 
 -  
100%
Chile
43 TCS Inversiones Chile Limitada
August 9, 2004
January 1, 2019
December 31, 2019
CLP
 0.088034 
 135 
 150 
 302 
 17 
 283 
 28 
 78 
 1 
 77 
 -  
100%
Chile
44 TATASOLUTION CENTER S.A.
December 28, 2006
January 1, 2019
December 31, 2019
USD
 75.435000 
 23 
 36 
 157 
 98 
 -  
 485 
 (10)
 14 
 (24)
 -  
100%
Ecuador
45 TCS Uruguay S.A.
January 1, 2010
April 1, 2019
March 31, 2020
UYU
 1.724504 
 -  
 91 
 178 
 87 
 -  
 358 
 126 
 12 
 114 
 -  
100%
Uruguay
46 MGDC S.C.
January 1, 2010
January 1, 2019
December 31, 2019
MXN
 3.138809 
 -  
 168 
 354 
 186 
 -  
 985 
 26 
 23 
 3 
 -  
100%
Mexico
47 Technology Outsourcing S.A.C.
October 30,2015
January 1, 2019
December 31, 2019
PEN
 21.955585 
 12 
 8 
 33 
 13 
 -  
 75 
 8 
 - 
 8 
 -  
100%
Peru

TCS Annual Report 2019-20
Unconsolidated Financial Statements I 315
Statement pursuant to ﬁrst proviso to sub-section (3) of section 129 of the Companies Act 2013,read with rule 5 of Companies (Accounts) Rules, 2014 in the prescribed  
Form AOC-1 relating to subsidiary companies
Sr. 
No.
Name of the subsidiary company
 Date of becoming 
subsidiary 
 Start date of 
accounting 
period of 
subsidiary 
 End date of 
accounting period of 
subsidiary 
 Reporting 
currency 
 Exchange 
rate 
 Share 
capital 
 Reserves 
and 
surplus 
 Total 
Assets 
 Total 
Liabilities 
 Investments Turnover 
 Proﬁt 
before 
tax 
 Provision 
for tax 
 Proﬁt 
after tax 
Proposed 
dividend 
% of 
shareholding
Country 
` crore
48 Tata Consultancy Services Qatar S.S.C.
December 20, 2011
April 1, 2019
March 31, 2020
QAR
 20.415426 
 4 
 28 
 66 
 34 
 -  
 76 
 15 
 2 
 13 
 -  
100%
Qatar
49 W12 Studios Limited
October 31, 2018
June 1, 2019
May 31, 2020
GBP
 93.071718 
 -  
 26 
 27 
 1 
 -  
 3 
 3 
 1 
 2 
 -  
100%
U.K.
50 TCS Business Services GmbH
March 9, 2020
April 1, 2019
March 31, 2020
EUR
 83.023789 
 -  
 -  
 -  
 -  
 -  
 -  
 -  
 -  
 -  
 -  
100%
Germany
51 TCS Foundation
March 25, 2015
April 1, 2019
March 31, 2020
INR
 1.000000 
 1 
 994 
 999 
 4 
 53 
 -  
 282 
 -  
 282 
 -  
100%
India
Notes:  
 
 
 
 
 
1. Indian Rupee equivalents of the ﬁgures given in foreign currencies in the accounts of the subsidiary companies, are based on the exchange rates as on March 31, 2020.
2. TCS Financial Solutions Australia Holdings Pty Limited liquidated w.e.f. January 29, 2020.  
 
 
 
 
 
3. TCS Business Services GmbH was acquired w.e.f. March 9, 2020.
For and on behalf of the Board
N Chandrasekaran
Rajesh Gopinathan
Keki M Mistry
Chairman
CEO and Managing Director
Director
V Ramakrishnan
Rajendra Moholkar
CFO
Company Secretary
Mumbai, April 16, 2020

TCS Annual Report 2019-20
Glossary I 316
Glossary 
A-Z
5G
Fifth generation wireless technology 
for digital cellular networks. 5G is 
expected to be much faster and 
enable much higher volumes of data 
sharing than earlier generations 
of cellular networks. Its massive 
capacity and ultra-low latency 
are expected to usher in an era of 
hyper-connectivity, enabling newer 
use cases such as autonomous cars, 
and accelerating the adoption of 
IoT.
ADM
See Application Development and 
Maintenance
Agile
A collaborative approach for IT and 
business teams to develop software 
incrementally and faster. TCS has 
pioneered the Location Independent 
Agile™ model that allows for 
deployment at scale, and helps 
globally distributed organization 
execute large transformational 
programs quickly, while ensuring 
stability and quality.
AgilityDebt™
AgilityDebt™ is a simple index 
developed by TCS, which uniquely 
indicates the burden carried by an 
organization that restricts its Agility. 
The index is arrived at based on a 
holistic Agile maturity assessment 
framework that measures the 
gap against required Agile talent, 
roles, team composition, delivery 
practices, Agile culture, Agile 
technology and DevOps enablers. 
TCS uses AgilityDebt™ to assess 
where the customer’s teams 
are in the Agile journey, ﬁnd the 
bottlenecks, and accelerate their 
Agile transformations.
Agile Workspaces
These are key enablers of TCS’ 
Location Independent Agile model, 
and represent the next generation 
work environment that facilitate 
greater collaboration among teams. 
It is characterized by partition-less 
open offices, informal seating, 
interactive surfaces for information 
capture, and modern collaboration 
devices for increased productivity.
AI
See Artiﬁcial Intelligence

TCS Annual Report 2019-20
Glossary I 317
Algo Retail™
TCS’ proprietary approach and suite of intellectual 
property that enables retailers to seamlessly integrate 
and orchestrate data ﬂows across the retail value chain, 
harnessing the power of analytics, AI and machine learning 
in the areas of personalization, pricing optimization, 
marketing, online search and commerce to unlock 
exponential business value.
Amortization
An accounting concept similar to depreciation, but used to 
measure the consumption of intangible assets.
Analytics
In the enterprise context, this is the discovery, 
interpretation, and communication of meaningful 
patterns in business data to predict and improve business 
performance.
Annuity Contracts
A long-term contract which can guarantee regular 
payments.
APAC
Acronym for Asia Paciﬁc
API
See Application Programming Interface
APIﬁcation
The process of exposing a discrete business function or 
data within an enterprise’s systems through APIs.
Application Development 
and Maintenance
Design, development, and deployment of custom software; 
ongoing support, upkeep, and enhancement of such 
software over its lifetime.
Application Programming 
Interface
A set of easily accessible protocols for communication 
among various software components.
AR
See Augmented Reality
Artiﬁcial Intelligence
Technology that emulates human performance by 
learning, coming to its own conclusions, understanding 
complex content, engaging in natural dialogs with people, 
augmenting human effort or replacing people on execution 
of non-routine tasks. Also known as Cognitive Computing.
ASEAN
Acronym for Association of Southeast Asian Nations
Assets Under Custody
A measure of the total assets for which a ﬁnancial 
institution, typically a custodian bank, provides custodian 
services.
AUC
See Assets Under Custody
Attrition
Measures what portion of the workforce left the 
organization (voluntarily and involuntarily) over the last 12 
months (LTM).
Attrition (LTM) = Total number of departures in the LTM / 
closing headcount
Augmented Reality
Technology that superimposes a computer-generated 
image on a user’s view of the real world to enrich the 
interaction.
Automation
The execution of work by machines in accordance with 
rules that have either been explicitly coded by a human or 
‘learned’ by the machine through pattern recognition of 
data. Popular types include Robotic Process Automation 
and Cognitive Automation.
Basis Point
One hundredth of a percentage point, that is, 0.01 percent.
BFSI
Acronym for Banking, Financial Services and Insurance

TCS Annual Report 2019-20
Glossary I 318
Big Data
A high volume, high velocity, and/or high variety 
information asset that require new forms of processing to 
enable enhanced decision making, insight discovery, and 
process optimization.
Blockchain
A distributed database that maintains a continuously 
growing list of records, called blocks, secured from 
tampering and revision.
Bp
See Basis Point
BPaaS
See Business Process as a Service
BPS
See Business Process Services
Business 4.0
TCS’ thought leadership framework that helps enterprises 
leverage technology to further their growth and 
transformation agenda. Successful Business 4.0 enterprises 
use technology to deliver mass personalization, leverage 
ecosystems, embrace risk and create exponential value. 
Such enterprises are agile, intelligent, automated and on 
the cloud.
Business Process as a 
Service
Refers to the delivery of BPS over a cloud computing 
model. Whereas traditional BPS relies on labor arbitrage to 
reduce costs, BPaaS aggregates demand using the cloud, 
servicing multiple customers with a single instance, multi-
tenant platform and shared services, thereby delivering 
signiﬁcant operating efficiencies. The pricing model is 
usually outcome based.
Business Process Services
Designing, enabling, and executing business operations 
including data management, analytics, interactions and 
experience management.
Buyback
A corporate action in which a company returns excess 
cash to shareholders by buying back its shares from them 
and usually extinguishing those shares thereafter. The 
company’s equity share capital and the number of shares 
outstanding in the market correspondingly reduces.
CAGR
See Compounded Annual Growth Rate
Capital Expenditure 
(CapEx)
Funds used by a company to acquire, upgrade, and 
maintain physical assets such as property, buildings, an 
industrial plant, technology, or equipment.
Cash and Cash Equivalents
Cash comprises cash on hand and demand / time / ﬁxed 
deposits. Cash equivalents are short-term, highly liquid 
investments that are readily convertible to known amounts 
of cash and which are subject to an insigniﬁcant risk of 
changes in value. Cash and cash equivalents are held for 
the purpose of meeting short-term cash commitments 
rather than for investment or other purposes.
Cash Flow
Inﬂows and outﬂows of cash and cash equivalents.
Cash Flow from Operating 
Activities
Primarily derived from the principal revenue producing 
activities. Therefore, they generally result from the 
transactions and other events that enter into the 
determination of proﬁt or loss.
CBO
See Cognitive Business Operations
CC
See Constant Currency

TCS Annual Report 2019-20
Glossary I 319
Chatbots
Computer programs designed to simulate conversation 
with human users, especially over the internet. They are 
typically used in dialog systems for various practical 
purposes like customer service or information acquisition.
Cloud
See Cloud Computing
Cloud Computing
The delivery of easily provisionable computing resources – 
servers, storage, databases, networking, software, analytics 
and more – over the internet, consumed on a pay-as-you-
go basis.
CMT
Acronym for Communication, Media and Technology
Cognitive Automation
The use of AI and machine learning to automate relatively 
more complex tasks that require reasoning capability and 
contextual awareness. TCS’ ignio™ a leading cognitive 
automation software product in the market today.
Cognitive Business 
Operations (CBO)
An integrated offering where TCS takes responsibility for 
the outcome of an entire slice of the customers’ operations 
including the business processes and the underlying IT 
infrastructure, and uses cognitive automation to transform 
that operational stack.
Cognitive Computing
See Artiﬁcial Intelligence
COIN
See Co-Innovation Network 
Co-Innovation Network
This is an extended, global innovation ecosystem curated 
by TCS, to harness the innovation efforts of start-ups and 
academia, and incorporate them into transformational 
solutions built by TCS for its customers.
Compounded Annual 
Growth Rate (CAGR)
The annual growth rate between any two points in time, 
assuming that it has been compounding during that period.
Connected Clinical Trials 
(CCT) Platform
Part of the TCS ADD suite, CCT is an innovative software-
as-a-service platform that enables life sciences companies 
to signiﬁcantly transform patient engagement in clinical 
trials and improve adherence to protocols, as well as the 
efficiency and accountability of clinical trials. 
Constant Currency
The basis for restating the current period’s revenue growth 
after eliminating the impact of movements in exchange 
rates during the period. 
Contextual Knowledge
This is tacit knowledge pertaining to, and speciﬁc to, 
the granular nuances of a customer’s business and IT 
landscape, acquired on the job over a period of time. TCS 
teams use their contextual knowledge to design technology 
solutions that are uniquely tailored for that customer, and 
therefore, a potential source of competitive differentiation.
CPG
Acronym for Consumer Packaged Goods
Core Banking System
A back-end system that processes daily banking 
transactions and posts updates to accounts and other 
ﬁnancial records; typically includes deposit, loan and credit 
processing capabilities, with interfaces to general ledger 
systems and reporting tools.

TCS Annual Report 2019-20
Glossary I 320
Core Transformation
Modernization initiatives that target the one or more 
elements of the organization’s operations stack consisting 
of business processes, software systems and underlying 
infrastructure, usually to enable greater agility, scalability, 
resilience and a superior customer experience. These are 
typically large in scale and scope, and entail the integrated 
delivery of multiple capabilities.
Cyber Security
Technologies, processes and practices designed to protect 
networks, computers, programs and data from attack, 
damage or unauthorized access. 
Days’ Sales Outstanding 
(DSO)
A popular way of depicting the Trade Receivable relative to 
the company’s Revenue. 
DSO = Trade Receivable * 365 / LTM Revenue
Depreciation
A method of allocating the cost of a tangible long-term 
asset over its useful life. It is a non-cash accounting entry 
found in the statement of proﬁt and loss.
DevOps
Represents a new way of working to rapidly deploy new 
releases of a software in production using high levels of 
automation and tooling. TCS recommends adoption of 
DevOps, along with Agile for speed to market.
Digital
Represents new age technologies such as Social Media, 
Mobility, Analytics, Big Data, Cloud, Artiﬁcial Intelligence 
and Internet of Things. Increasingly, with these technologies 
becoming mainstream, this word is becoming redundant.
Digital Twin 
A digital replica of a physical entity. For instance, a digital 
twin of a factory is a virtual model of the factory built using 
its data, process, people information. Impact of any change 
in a process in the real factory can be studied by simulating 
the change in the digital twin.  
Discretionary Spend
Also known as Change the Business (CTB) spend, it is that 
portion of the IT budget which is used to fund projects 
that are not, strictly speaking, essential for day to day 
operations, but are more transformational in nature. In 
uncertain economic times, when businesses are forced to 
cut spends in response to decline in income, discretionary 
spend is often the ﬁrst to be scrutinized. However, what 
is considered discretionary is subjective and may differ 
considerably amongst businesses even within the same 
sector.
Dividend
One form of distribution of proﬁts earned by the Company 
and is usually declared as an amount per equity share held 
by the Shareholders. TCS has a policy of declaring quarterly 
interim dividends and the ﬁnal dividend is approved by the 
shareholders in the Annual General Meeting.
Earnings Per Share
The amount of that period's Net Income attributable to a 
single share after deducting any preference dividend and 
related taxes.
EPS = [Net proﬁt attributable to Shareholders of the 
Company – Preference dividend, if any] / Weighted average 
number of equity shares outstanding during the period

TCS Annual Report 2019-20
Glossary I 321
Edge Computing
Computing and storage that is located on servers on the 
edge of the network, in close proximity to the users, but 
not through an on-premise data center; usually reserved for 
low latency use cases.
Effective Tax Rate
The proportion of the Proﬁt Before Tax that is provided 
towards income taxes.
ETR = Tax expense / Proﬁt Before Tax
Engineering and Industrial 
Services
Consists of next generation product engineering, 
manufacturing operations transformation, services 
transformation, embedded software and Internet of Things.
Enterprise Agile
The adoption of Agile methods across all the business 
functions of the enterprise, designed to empower 
employees, foster collaboration and drive a culture of 
continuous innovation at scale. 
EPS
See Earnings Per Share
ETR
See Effective Tax rate
Fair Value
The price that would be received to sell an asset or paid to 
transfer a liability in an orderly transaction between market 
participants at the measurement date.
Fintech
Businesses that use technology to make ﬁnancial services 
more efficient. Some ﬁntech developments have improved 
traditional services, for example mobile banking apps, while 
others have revolutionized services such as pay per mile car 
insurance, or created new products, such as Bitcoin.
Fixed Price Contracts
A form of services contracts where the vendor takes 
a turnkey responsibility for delivering a solution for a 
certain price and within a mutually agreed timeframe. The 
customer is billed on completion of key project milestones 
and related deliverables. This arrangement gives the vendor 
considerable ﬂexibility in the staffing and execution of 
the project. On the other hand, it also means bearing the 
project risk.
Forward Contract
A hedging instrument wherein two parties agree to buy or 
sell a particular asset (such as stock or currency) at a pre-
determined rate (or Forward rate) on a speciﬁc future date. 
For e.g. TCS enters into a forward contract to sell USD 1 
million after 3 months @ `72. Irrespective of the prevailing 
USD-INR spot rate, TCS will be obliged to sell USD 1 million 
@ `72 at the end of 3 months.
Framework
A kind of intellectual property, consisting of software which 
provides generic functionality for a certain business use 
case, and which is customized for a speciﬁc customer’s 
needs with additional code. Use of such pre-built code 
reduces time to market and results in more stable, reliable 
solutions.
Free Cash Flow
Represents the cash a company generates through its 
operations, less the capital expenditure.
Free cash ﬂow = Cash ﬂow from operating activities – 
Capital expenditure

TCS Annual Report 2019-20
Glossary I 322
Furlough
A temporary cessation of work without pay for the 
employees, usually implemented by organizations facing 
under difficult economic conditions, and in lieu of laying off 
employees. 
Gamiﬁcation
The process of adding games or game-like elements to any 
activity in order to enrich experiences and encourage user 
participation.
GDPR
Acronym for General Data Protection Regulation, a 
European Union regulation for data protection and privacy. 
Hybrid Cloud
An enterprise IT infrastructure model that combines private 
clouds, public clouds and on premise data centers, to meet 
the compute and storage needs of the business. 
Innovation Days
Focused workshops with a TCS customer where 
researchers and business leaders from both organizations 
participate to explore emerging technologies for speciﬁc 
customer problems. 
Innovation Forum
TCS’ thought leadership event that is held in North 
America, UK, Latin America and Japan. It brings together 
researchers from academia, innovators from the start-up 
ecosystem, technology watchers, futurists and customers 
to brainstorm around emerging technologies.
Inorganic Growth
Growth in revenue due to mergers, acquisitions or 
takeovers, rather than due to an increase in the company's 
own business activity. 
Internet of Things
A network of interconnected machines or devices 
embedded with sensors, software, network connectivity, 
and necessary electronics to generate and share run-time 
data that can be studied and used to monitor or control 
remotely, predict failure, and optimize the design of those 
machines / devices.
Invested Funds
Funds that are highly liquid in nature and can be readily 
converted into cash.
Invested funds = Cash and Cash Equivalents + Investments 
+ Deposits with banks + Inter-corporate deposits
Intellectual Property 
An asset that is the result of a creative design or idea, such 
as patents, copyrights, reusable code, software products 
and platforms, and gives the owner exclusive rights over 
its usage, such that no one can copy or reuse the creation 
without the owner's permission.
Interactive Technology
Allows for a two-way ﬂow of information through an 
interface between the user and the technology; the user 
usually communicates a request for data or action to the 
technology with the technology returning the requested 
data or result of the action back to the user.
Involuntary Attrition
A reduction in the workforce due to the employer’s decision 
to terminate employment, instead of the employees’ 
decision to leave.  
IoT
See Internet of Things
IP
See Intellectual Property

TCS Annual Report 2019-20
Glossary I 323
KMP
See Key Managerial Personnel
Key Managerial Personnel
At TCS, this refers to the Chief Executive Officer, Managing 
Director, Chief Operating Officer, Chief Financial Officer, 
and the Company Secretary. Please refer to the Company's 
policy on KMP: http://www.tcs.com/ir-corporategovernance
LatAm
Acronym for Latin America 
Location Independent 
Agile
A method to orchestrate globally distributed stakeholders 
and talent into Agile teams for improved speed to market 
in large transformational programs. It comprises processes, 
structure, and the technology that allows enterprises to 
overcome location constraints and embrace Agile methods 
on a global scale. 
Machine First™ Delivery 
Model
A model that integrates analytics, AI and automation 
deep within the enterprise to redeﬁne how humans and 
machines work together and to effectively deliver superior 
outcomes. 
Machine Learning
A type of artiﬁcial intelligence that provides computers 
with the ability to learn behaviors without being explicitly 
programmed.
Managed Services
This is the practice of outsourcing to one service provider, 
also knowns as the Managed Services Provider (MSP), the 
end-to-end responsibility for providing, or orchestrating the 
provision through third party providers of, services around 
a range of processes and functions, in order to improve 
efficiency, service quality, agility and scalability.
Managed Services 
Provider
Service providers with the sole, end-to-end responsibility of 
providing Managed Services.
Market Capitalization
The total market value of a company's total outstanding 
equity shares at a point in time.
Market Cap = Last Trading Price * Total number of 
outstanding shares
MEA
Acronym for Middle East and Africa 
MFDM™
Acronym for Machine First Delivery Model
Minimum Viable Product 
The most basic version of a new product, with the bare 
minimum functionality, which can be released to the users 
at the earliest, to be augmented with incremental features 
and functionality over subsequent iterative cycles. MVPs 
can be used by teams to learn about user behavior and 
validate the product value with minimum investment. 
Mobility
Information, convenience, and social media all combined 
together, and made available across a variety of screen 
sizes and hand-held devices.
MSP
See Managed Services Provider
MVP
See Minimum Viable Product
Non-Controlling Interest
The share of the net worth attributable to non-controlling 
shareholders of the subsidiaries.
Non-discretionary Spend
Also known as Run the Business (RTB) spend, is that 
portion of the IT budget that covers the basic IT activities 
required to keep a business running. Even in tough 
economic times, non-discretionary spend remains relatively 
unaffected.

TCS Annual Report 2019-20
Glossary I 324
Options Contract
A hedging instrument that offers the buyer the right to buy 
or sell the underlying asset (such as stocks or currency) 
on a future date, at a speciﬁed price, for small upfront fee 
called options premium.
Eg: TCS purchases an options contract to sell  USD 1mn  
@ `77/$ after 3 months, paying an option premium of  
`1 million. With this, TCS will have the right to sell USD 1mn 
at an exchange rate of `77, even if the prevailing market 
rate at the end of three months is, say `75. On the other 
hand, if the market rate is higher, say `79, then TCS can 
choose to let the options contract lapse and instead sell at 
the market rate. 
Order Book
See Total Contract Value
Organic Growth
The revenue growth a company can achieve by increasing 
its existing business activity. This does not include growth 
attributable to takeovers, acquisitions or mergers.
PaaS
See Platform as a Service
Personalization
Segmentation and responding to individual transactions, 
customized for a single customer in a single instance.
Platforms
A group of technologies that are used as a base upon 
which other applications, processes or technologies are 
developed. Useful for optimizing costs and efforts, and 
eliminating iterative tasks to drive strategic business 
initiatives.
Platform as a Service 
(PaaS)
A category of cloud computing that provides a platform 
and environment to allow developers to build applications 
and services over the internet. PaaS services are hosted 
in the cloud and accessed by users simply via their web 
browser.
Pricing
The price charged to the customer for a billable effort, 
turnkey project or a certain process outcome, depending 
on the nature of the contract. Some use this term 
interchangeably (and somewhat inaccurately) with the 
average revenue realized by the company per utilized effort 
on an aggregate basis. See Realization.
Private Cloud
Refers to a model of cloud computing where IT 
infrastructure, in terms of compute and storage resources, 
are provisioned for the dedicated use of a single 
organization.
Product
In the technology context, refers to a packaged software 
program that is made available to multiple customers 
either on a license basis, or on a subscription basis, to 
enable the execution of certain common tasks or processes 
or business functions in a standardized way. This is the 
opposite of bespoke or custom software which is built to 
speciﬁcations to meet a customer’s unique needs.
Public Cloud
A computing service model used for the provisioning of 
storage and computational services to the general public 
over the internet. Public cloud facilitates access to IT 
resources on a ‘pay as you go’ billing model.
R&I
Acronym for Research & Innovation

TCS Annual Report 2019-20
Glossary I 325
Realization
The revenue received by the company per utilized effort. 
Pricing varies by service and by market. Consequently, 
there can be changes in realization compared to a prior 
period, due to changes in the underlying business or 
geographic mix during the period. This does not necessarily 
mean that like-to-like pricing has changed. Also, realization 
doesn’t take into account the costs and therefore, higher 
realization is not necessarily more proﬁtable.
Related Party Transactions
Any transaction between a company and its related party 
involving transfer of services, resources or any obligation, 
regardless of whether a price is charged.
Please refer to the Company’s policy on Related Party 
Transactions: http://www.tcs.com/ir-corporate-governance.
Revenue
The income earned by the Company from operations by 
providing IT and consulting services, software licenses, and 
hardware equipment to customers.
RFP
Acronym for Request for Proposal, meaning a document 
that solicits proposal, often made through a bidding 
process, by an entity interested in procurement of IT 
services, to potential service providers to submit business 
proposals. An RFP is ﬂoated early in the procurement cycle 
and requested information may include basic corporate 
information and history, ﬁnancial information, technical 
capability and estimated completion period, and customer 
references.
Robotic Process 
Automation
The use of software tools to automate high-volume, 
repeatable tasks that previously required humans to 
perform. RPA is best suited for relatively simple and stable 
processes. Dynamic changes in the environment require 
ongoing upkeep of the robots, diluting the economic 
beneﬁt of the automation. Increasingly, customers are 
preferring cognitive automation over RPA. 
RPA
See Robotic Process Automation
SBWS™
See Secure Borderless Workspaces
Secure Borderless 
Workspaces™ 
TCS’ innovative operating model rolled out in response 
to the COVID-19 disruption. It is a fully location agnostic 
extension of the Location Independent Agile model, 
enabling employees to work remotely, while retaining the 
same high rigor in project management, governance and 
security. The fully distributed nature of this model is better 
suited to ensure business continuity. It leverages TCS’ 
prior investments and incorporates the learnings and best 
practices around network management,  standard service 
delivery environment,  digitized governance processes,  
heavy use of collaborative and cloud based technologies 
and an internal SOC benchmarked to the best in the 
industry.
SEZ
See Special Economic Zone

TCS Annual Report 2019-20
Glossary I 326
Shareholder Payout Ratio
The proportion of earnings paid to shareholders as a 
percentage of the Company’s earnings, i.e. Net Income 
attributable to Shareholders of the Company. Payout can 
be in the form of dividend (including dividend distribution 
tax) and share buyback.
Simpliﬁcation
The rationalization of IT architectures through consolidation 
of systems and elimination of redundant systems and 
layers. The primary purpose is to shrink the IT footprint and 
make operations leaner and more efficient.
Sole Sourced Contract
Non-competitive agreements that allow a single vendor 
to fulﬁll the needs of the contractual requirements. These 
types of contracts can be won when the competitor set 
narrows down signiﬁcantly and comes down to a single 
vendor discussion, given the nature of the client’s solution 
requirements.
Special Economic Zone
In India, these are designated areas in which business and 
trade laws are different from the rest of the country, with 
various beneﬁts and tax breaks to promote exports, attract 
investments, and create local jobs.
STEM
An acronym for education in the ﬁelds of science, 
technology, engineering and math.
T&M
See Time and Materials Contract
TCS Pace™ 
A brand promise that represents the way TCS channels 
its domain knowledge and organizational units – business 
and technology services, industry solutions units, and the 
research and innovation organization – into internal and 
external co-innovation programs.
TCS Pace Port™ 
Physical spaces where TCS Pace can be experienced. 
These spaces are close to academic and start-up hubs, and 
enclose innovation showcases, Agile workspaces and think 
spaces. They encourage brainstorming, design thinking and 
collaborative innovation with internal and external partners. 
TCV
See Total Contract Value
Time and Materials 
Contract
A form of services contract where the customer is billed for 
the effort (in hours, days, weeks, etc.) logged by the project 
team members. Project risk is borne by the customer. This 
contrasts with Fixed Price Contracts.
Total Contract Value
An aggregation of the value of all the contracts signed 
during a period and a useful indicator of demand, and near 
term business visibility.
Turnkey Contracts
See Fixed Price Contracts
Unearned and Deferred 
Revenue
For invoices raised in line with agreed milestones for 
services yet to be delivered. In other words, it is the amount 
that has been invoiced although the underlying effort is yet 
to be expended.
VR
See Virtual Reality
Virtual Reality 
Artiﬁcial, computer-generated simulation or recreation of 
a real-life environment or situation. It engages users by 
offering simulated reality experiences ﬁrsthand, primarily 
by stimulating their vision and hearing.
Virtualization
The abstraction of IT resources – like a server, client, 
storage or network – that masks the physical nature and 
boundaries of those resources from the users of those 
resources.

TCS Annual Report 2019-20
Glossary I 327
Voluntary Attrition
Refers to reduction in workforce resulting from employees 
willingly leaving the organization to pursue other 
opportunities, spend time with family, or for some other 
personal reason.
XR 
Extended reality, an umbrella term that covers augmented 
reality, virtual reality and mixed reality. 
Y-o-Y
Year-on-Year
Disclaimer: This glossary is intended to help understand commonly used terms 
and phrases in this report. The explanations are not intended to be technical 
deﬁnitions. If explanations provided here are found to be different from what is 
described in the Company’s periodic ﬁnancial statements (not limited to Notes to 
Accounts), then the deﬁnition provided in the certiﬁed ﬁnancial statements will 
prevail.

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ŰƫāĀĂġăČƫāĀĂġĆă
GRI Annexures I 328

TCS Annual Report 2019-20
GRI Annexures I 329
Stakeholder Engagement Framework
TCS engages with a broad spectrum of stakeholders – 
internal and external – to understand their concerns and 
priorities and uses these to guide policy formulation and 
decision making. Business considerations govern decisions 
about which stakeholders to engage with, in what manner, 
and with what periodicity. 
The key stakeholders identiﬁed in consultation with our 
company’s management are: customers, employees, 
shareholders, academic institutions, head-hunters, 
staffing ﬁrms, other suppliers, partners and collaborators, 
industry bodies such as NASSCOM and CII3, governments, 
NGOs, local communities and society at large4. Some 
other stakeholders that we closely engage with – such as 
industry analysts, equity analysts, and the news media – 
are not mentioned here because they are proxies for other 
named stakeholders – ie customers, shareholders, and 
society at large, respectively.
The Company continually engages with all its 
stakeholders to ensure an ongoing dialog. Interactions 
might be structured (eg: surveys, account statements) 
or unstructured (town halls, 1x1 meetings). Based on 
mutual convenience and need, the engagement maybe 
scheduled as needed, or pre-scheduled on a periodic basis 
(fortnightly / monthly / quarterly / annual), or continuous 
(eg: website, social media)5.
3 102-13
4 102-40, 102-42
5 102-43
Identiﬁcation of Material Topics
Stakeholder interactions result in the identiﬁcation 
of a broad funnel of issues important to each of the 
constituencies. The Company’s Sustainability Council uses 
customer satisfaction surveys, employee surveys, ﬁrst-hand 
feedback from investors, and discussions with internal 
and external stakeholders, as well as its own judgment, 
to prioritize and arrive at a list of material topics with 
signiﬁcant economic, environmental, or social impacts on 
TCS’ business, reputation, and operations. These topics are 
listed below.

TCS Annual Report 2019-20
GRI Annexures I 330
Material Topics6
Why This is Material 
Key Concerns7
Boundary of Impact 
GRI Indicators
Corporate 
governance
Strong corporate governance that takes into account 
stakeholder concerns, engenders trust, oversees business 
strategies, and ensures ﬁscal accountability, ethical 
corporate behavior, and fairness to all stakeholders is core 
to achieving the organization’s longer term mission.
Governance structure and composition; Independence 
of the Board; Avoidance of conﬂict of interest; Board 
oversight; Disclosure and transparency; Ethics and 
compliance
Internal
102-18, 102-16 
Business 
sustainability
A ﬁnancially strong, viable business that is able to adapt 
to changing technology landscapes to remain relevant 
to customers and proﬁtably grow its revenues year-on-
year is essential to meet longer term expectations of 
stakeholders.
Economic performance; Demand sustainability; 
Investments in capability development
Internal
201-1
Talent management
The company’s ability to attract, develop, motivate, and 
retain talent is critical to business success.
Talent acquisition; Talent development; Diversity 
and equal opportunity; Talent retention; Employee 
engagement; Health and safety
Internal
401-3
402-1
403-1 
404-1
405-2
Social responsibility
Business has to be rooted in community and be aligned 
with its larger interests. Any adversarial relationship can 
hurt the company’s ability to create longer term value. 
Local communities; Education and skill development; 
Job creation; Taxes generated; Health and wellness; 
Environmental stewardship
External
413-1
Environmental 
footprint
Business sustainability is linked to the planet’s 
sustainability. Moreover, good environmental practices 
result in greater operational efficiency, adding to ﬁnancial 
sustainability.
Energy consumption; GHG emissions; Water 
management; Effluents and waste
Internal
302-1
303-1 
305-1 
306-1 
Material topics, aspects, and boundary of impact8
6 102-47 
7 102-44
8 102-46, 102-47: Boundary of Impact: Internal includes all TCS offices and campuses, 103-1

TCS Annual Report 2019-20
GRI Annexures I 331
9 102-55
GRI Content Index9
GRI Standard
Disclosure
Page No.
Omission
GRI 101: Foundation 2016 (GRI 101 doesn’t include any disclosures)
General disclosures
Organizational Proﬁle
GRI 102: General
Disclosures 2016
102-1 Name of the organization
1
102-2 Activities, brands, products and services
77
102-3 Location of headquarters
328
102-4 Location of operations
77
102-5 Ownership and legal form
1
102-6 Markets served
77
102-7 Scale of the organization
1
102-8 Information on employees and other workers
84
102-9 Supply Chain
85
102-10 Signiﬁcant changes to the organization and its supply chain
328
102-11 Precautionary principle or approach
128
102-12 External initiatives
80
102-13 Membership of associations
329
Strategy
GRI 102: General
Disclosures 2016
102-14 Statement from senior decision maker
7
Ethics and Integrity
GRI 102: General
Disclosures 2016
102-16 Values, principles, standards, and norms of behavior
133

TCS Annual Report 2019-20
GRI Annexures I 332
GRI Standard
Disclosure
Page No.
Omission
Governance
GRI 102: General
Disclosures 2016
102-18 Governance structure
132
Stakeholder Engagement
GRI 102: General
Disclosures 2016
102-40 List of stakeholder groups
329
102-41 Collective bargaining agreements
86
102-42 Identifying and selecting stakeholders
329
102-43 Approach to stakeholder engagement
329
102-44 Key topics and concerns raised
330
Reporting Practice
GRI 102: General
Disclosures 2016
102-45 Entities included in the consolidated ﬁnancial statements
59, 328
102-46 Deﬁning report content and topic boundaries
328, 330
102-47 List of material topics
330
102-48 Restatements of information
328
102-49 Changes in reporting
328
102-50 Reporting period
328
102-51 Date of most recent report
328
GRI Standard
Disclosure
Page No.
Omission
GRI 102: General
Disclosures 2016
102-52 Reporting cycle
328
102-53 Contact point for questions regarding the report
328
102-54 Claims of reporting in accordance with the GRI Standards
328
102-55 GRI content index
331
102-56 External assurance
328

TCS Annual Report 2019-20
GRI Annexures I 333
GRI Standard
Disclosure
Page No.
Omission
Material Topics - Economic
GRI 201 – Economic Performance
GRI 103: Management
Approach 2016
103-1 Explanation of the material topics and its boundaries
330
103-2 The management approach and its components
79
103-3 Evaluation of the management approach
95
GRI 201: Economic
Performance 2016
201-1 Direct economic Value generated and distributed
12, 55
Material Topics - Environment
GRI 302: Energy
GRI 103: Management
Approach 2016
103-1 Explanation of the material topics and its boundaries
330
103-2 The management approach and its components
129
103-3 Evaluation of the management approach
129
GRI 302: Energy 2016
302-1 Direct (Scope 1) GHG Emissions
128
GRI 303: Water
GRI 103: Management
Approach 2016
103-1 Explanation of the material topics and its boundaries
330
103-2 The management approach and its components
130
103-3 Evaluation of the management approach
130
GRI 303: Water 2016
303-1 Water withdrawal by source
130
GRI 305: Emissions
GRI 103: Management
Approach 2016
103-1 Explanation of the material topics and its boundaries
330
103-2 The management approach and its components
128
103-3 Evaluation of the management approach
128
GRI 305: Emissions 2016
305-1 Direct (Scope 1) GHG Emissions
129

TCS Annual Report 2019-20
GRI Annexures I 334
GRI Standard
Disclosure
Page No.
Omission
Material Topics - Environment
GRI 306: EFFLUENTS AND WASTE
GRI 103: Management
Approach 2016
103-1 Explanation of the material topics and its boundaries
330
103-2 The management approach and its components
130
103-3 Evaluation of the management approach
130
GRI 305: Effluents and 
waste 2016
306-1 Water discharge by quality and destination
130
Material Topics – Social
GRI 401: Employment
GRI 103: Management
Approach 2016
103-1 Explanation of the material topics and its boundaries
330
103-2 The management approach and its components
83
103-3 Evaluation of the management approach
83
401-3 Parental Leave
86
GRI 402: Labor/Management Relations
GRI 103: Management
Approach 2016
103-1 Explanation of the material topics and its boundaries
330
103-2 The management approach and its components
83
103-3 Evaluation of the management approach
83
GRI 402: Employment
402-1 Minimum notice periods regarding operational changes
86
GRI 403: Occupational Health and Safety
GRI 103: Management
Approach 2016
103-1 Explanation of the material topics and its boundaries
330
103-2 The management approach and its components
89
103-3 Evaluation of the management approach
89
GRI 403: Occupational 
Health and Safety
403-1 Workers representation in formal joint management–worker health and safety committees
89

TCS Annual Report 2019-20
GRI Annexures I 335
GRI Standard
Disclosure
Page No.
Omission
Material Topics – Social
GRI 404: Training and Education 
GRI 103: Management
Approach 2016
103-1 Explanation of the material topics and its boundaries
330
103-2 The management approach and its components
87
103-3 Evaluation of the management approach
87
GRI 404: Training and 
Education
404-1 Average hours of training per year per employee
87
GRI 405: Diversity and Equal Opportunity
GRI 103: Management
Approach 2016
103-1 Explanation of the material topics and its boundaries
330
103-2 The management approach and its components
86
103-3 Evaluation of the management approach
86
GRI 405: Diversity and 
Equal Opportunity
405-2 Ratio of basic salary and remuneration of women to men
86
GRI 413: Local Communities
GRI 103: Management
Approach 2016
103-1 Explanation of the material topics and its boundaries
330
103-2 The management approach and its components
112
103-3 Evaluation of the management approach
112
GRI 413: Local 
Communities
413-1 Operations with local community engagement, impact assessments, and development programs
112

TCS Annual Report 2019-20
GRI Annexures I 336

Page 1 of 2 
Ernst & Young Associates LLP
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INDEPENDENT ASSURANCE STATEMENT 
 
The Board of Directors and Management 
Tata Consultancy Services Limited  
Mumbai, India
Ernst & Young Associates LLP (EY) was engaged by Tata Consultancy Services Limited (the ‘Company’ 
or ‘TCS’) to provide independent assurance on its annual Integrated Report (the ‘Report’) for the 
Financial Year 2019-20. 
 
The development of the Report is based on the Global Reporting Initiative (GRI) Sustainability Reporting 
Standards (‘GRI Standards’); its content and presentation is the sole responsibility of the management 
of the Company. EY’s responsibility, as agreed with the management of the Company, is to provide 
independent assurance on the report content as described in the scope of assurance. Our responsibility 
in performing our assurance activities is to the management of the Company only and in accordance 
with the terms of reference agreed with the Company. We do not therefore accept or assume any 
responsibility for any other purpose or to any other person or organization. Any dependence that any 
such third party may place on the Report is entirely at its own risk. The assurance report should not be 
taken as a basis for interpreting the Company’s overall performance, except for the aspects mentioned 
in the scope below. 
 
Scope of assurance  
The scope of assurance covers the following aspects of the Report: 
x
Data and information related to the Company’s sustainability performance for the period 1st April 
2019 to 31st March 2020; 
x
The Company’s internal protocols, processes, and controls related to the collection and collation of 
sustainability performance data; 
x
Verification of data and related information through consultations at the Company’s Head Office in 
Mumbai as well as desk reviews of the following locations: 
R
Olympus Centre, Mumbai 
R
Sahyadri Park, Pune 
R
Siruseri, Chennai 
 
 
x
Review of data on a sample basis, at the above-mentioned locations, pertaining to the following 
disclosures of the GRI Standards: 
R
Environmental Topics: Energy (302-1, 302—3, 302-4), Water (303-1, 303-2, 303-3), 
Emissions (305-1 to 305-5), Effluents and Waste (306-1, 306-2), and paper consumption 
(non-GRI);  
R
Social Topics: Information on employees (102-8), Occupational Health & Safety (403-1), 
Training and Education (404-1), Diversity and Equal Opportunity (405-1), Local 
Communities (413-1). 
 
Limitations of our review  
The assurance scope excludes: 
x
Operations of the Company other than those mentioned in the ‘Scope of Assurance’; 
x
Aspects of the Report and data/information other than those mentioned above; 
x
Data and information outside the defined reporting period i.e. 1st April 2019 to 31st March 2020; 
x
The Company’s statements that describe expression of opinion, belief, aspiration, expectation, aim 
or future intention provided by the Company; 
x
Review of the Company’s compliance with regulations, acts, guidelines with respect to various 
regulatory agencies and other legal matters; 
x
Data and information on economic and financial performance of the Company; 
x
Review of qualitative statements and case studies in various sections of the Report. 
 

Page 2 of 2 
 
Assurance criteria  
The assurance engagement was planned and performed in accordance with the International Federation 
of Accountants’ International Standard for Assurance Engagements Other than Audits or Reviews of 
Historical Financial Information (ISAE 3000). Our evidence-gathering procedures were designed to 
obtain a ‘Limited’ level of assurance (as set out in ISAE 3000) as well as conformance of sustainability 
performance disclosures as per GRI Standards. 
 
What we did to form our conclusions 
In order to form our conclusion, we undertook the following key steps: 
Ź
Interviews with select key personnel and the core team responsible for the preparation of the Report 
to understand the Company’s sustainability vision, mechanism for management of sustainability 
issues and engagement with key stakeholders; 
Ź
Interactions with the key personnel at the Company’s Management to understand and review the 
current processes in place for capturing sustainability performance data; 
Ź
Data assurance through desk reviews covering the Company’s corporate office and other operational 
locations as mentioned in the ‘Scope of Assurance’ above; 
Ź
Review of relevant documents and systems for gathering, analyzing and aggregating sustainability 
performance data in the reporting period. 
 
Our Observations  
The Company has demonstrated its commitment to sustainable development by reporting its 
performance on various material topics for FY 2019-20. The Report has been developed as per the GRI 
Standards, and includes a description of the stakeholder engagement process, materiality analysis and 
the key material topics. 
 
Our Conclusion 
On the basis of our review scope and methodology, nothing has come to our attention that causes us not 
to believe that the data has been presented fairly, in material respects, in keeping with the GRI Standards 
and the Company’s reporting principles and criteria. 
 
Our assurance team and independence   
Our assurance team, comprising of multidisciplinary professionals, has been drawn from our climate 
change and sustainability network and undertakes similar engagements with a number of significant 
Indian and international businesses. As an assurance provider, EY is required to comply with the 
independence requirements set out in International Federation of Accountants (IFAC) Code of Ethics1 
for Professional Accountants. EY’s independence policies and procedures ensure compliance with the 
Code.  
for Ernst & Young Associates LLP  
 
Chaitanya Kalia 
Partner 
Date: 30 May 2020 
Mumbai 

1 International Federation of Accountants (IFAC) Code of Ethics for Professional Accountants. This ;g\]establishes ethical 
requirements for professional accountants.

Tata Consultancy Services Limited
9th Floor, Nirmal Building, Nariman Point, Mumbai 400 021
www.tcs.com
IT Services
Business Solutions
Consulting
Certain statements in this release concerning our future prospects are forward-looking statements. Forward-
looking statements by their nature involve a number of risks  and uncertainties that could cause actual results
to differ materially from market expectations. These risks and uncertainties include, but are not limited to, our 
ability to manage growth, intense competition among global IT services companies, various factors which may 
affect our profitability, such as wage increases or an appreciating Rupee, our ability to attract and retain highly 
skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, 
restrictions on cross-border movement of skilled personnel, our ability to manage our international operations, 
reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability 
to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the 
success of the companies in which TCS has made strategic investments, withdrawal of governmental fiscal 
incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, 
unauthorized use of our intellectual property, pandemics, natural disasters and general economic conditions 
affecting our industry. TCS may, from time to time, make additional written and oral forwardlooking statements, 
including our reports to shareholders. These forward-looking statements represent only the Company’s current 
intentions, beliefs or expectations, and any forward-looking statement speaks only as of the date on which it 
was made. The Company assumes no obligation to revise or update any forward-looking statements.
TCS Safe Harbor Clause