About
Tata Consultancy Services Ltd
Tata Consultancy Services Ltd is a leading global IT services, consulting and business solutions organization offering transformational as well as outsourcing services to global enterprises. It has a global presence, deep domain expertise in multiple industry verticals and a complete portfolio of services consisting of consulting and service integration, application services, digital transformation services, cloud services, engineering services, cognitive business operations and products & platforms - targeting every C-suite stakeholder. The Company uses all these, and its industry leading suite of products and platforms to deliver high quality, high impact solutions leveraging the latest technologies to customers across the world. These solutions are delivered using its Secure Borderless Workspaces (SBWS) operating model which enables a highly distributed, Location Independent Agile delivery.
TCS's geographic footprint consists of North America, Latin America, the United Kingdom, Continental Europe, Asia-Pacific, India and Middle-East & Africa. A part of the Tata group, India's largest multinational business group, TCS has over 592,000 of the world's best-trained consultants in 55 countries. The company headquartered in Mumbai. It has a manufacturing facility at Mapusa, Goa.
Tata Consultancy Services Ltd was incorporated in the year 1968. Tata Sons Ltd established the company as division to service their electronic data processing (EDP) requirements and provide management consulting services. In the year 1971, they started their first international assignment. The company pioneered the global delivery model for IT services with their first offshore client in 1974.
In the year 1981, the company set up India's first IT R&D division, the Tata Research Design and Development Centre at Pune. In the year 1985, they set up their first client-dedicated offshore development center for Compaq (then Tandem). In the year 1989, they delivered an electronic depository and trading system called SECOM for SIS SegaInterSettle, Switzerland.
In the year 1997, the company opened their new corporate training facility at Trivandrum. In the year 1998, they started virtualization of business. In the year 1999, they got SEI-CMM Level 5 certification for their Qwest, HP, SEEPZ & Sholinganallur centres. Also, in year 2000, they got SEI-CMM Level 5 certification for their Calcutta, Bangalore, Lucknow, Hyderabad, GEDC, Ambattur and Ahmedabad centres.
In the year 2001, the company completed the acquisition of public sector unit, CMC Ltd. In the year 2002, they expanded their geography into new growth markets like China/ Uruguay. In 2003, TCS became the first Indian software company to cross one billion dollars in revenue. The company saw outsourcing opportunity in E-Commerce and related solutions and set up its E-Business division with ten people. By 2004, E-Business was contributing half a billion USD to the company.
During the year 2004-05, the company acquired WTI Advanced Technology Ltd and TCS Business Transformation Solutions Ltd (Previously, Phoenix Global Solutions (India) Ltd), subsequently these two companies became the subsidiaries of the company. TCS tapped the capital markets in July 2004 in the largest private sector initial public offering (IPO) in the Indian market, raising nearly $1.2 billion. In August 9, 2004, the company became a publicly listed company.
During the year 2005-06, the company acquired three companies Comicrom S A, Chile, Financial Network Services (Holdings) Pty Ltd, Australia (FNS) and Swedish Indian IT Resources AB (SITAR). The company made strategic alliances with Diligenta Ltd for Life Insurance business. Also, they entered into a Joint Venture Agreement with the State Bank of India. The new company was formulated and named C-Edge Technologies Ltd (C-Edge) for providing advanced technology solutions and world-class domain consulting for the banking and financial services sector.
During the year, the company ventured into a new area for an Indian IT Services Company. In April 2005, Tata Infotech Ltd with their three wholly owned subsidiaries, namely Airline Financial Support Services (India) Ltd, Aviation Software Development Consultancy India Ltd and TCS Business Transformation Solutions Ltd were amalgamated with the company.
During the year 2006-07, the company in partnership with the Government of Madhya Pradesh formed a company, namely MP Online Ltd, for offering a wide range of computer enabled services in Madhya Pradesh. The company through their wholly owned subsidiaries Tata Consultancy Services Asia Pacific Pte Ltd and Tata Consultancy Services Malaysia Sdn Bhd, subscribed to 100% share capital of PT Tata Consultancy Services, Indonesia, a company formed for providing consulting and IT related services in Indonesia
Tata Consultancy Services Netherlands B V, a wholly owned subsidiary acquired 75% equity interest in Switzerland based TKS - Teknosoft S A, for a consideration of Rs 368.06 crore. TCS FNS Pty Ltd, another subsidiary acquired 100% equity interest in an Australian based company, TCS Management Pty Ltd, for a total consideration of Rs. 15.75 crore. Also, TCS FNS Pty Ltd subscribed to 100% share capital of Financial Network Services Beijing Co Ltd to provide consulting and IT related services in China. The company, through their wholly owned subsidiaries Tata Consultancy Services BPO Chile S A and TCS Inversiones Chile Limitada, subscribed to 100 % share capital Tata solution Center S A, to provide BPO services in Ecuador.
During the year 2007-08, the company opened a centre in Cincinnati, USA, and a large centre in India at Hyderabad and laid the foundation for a large centre in Pune. They launched a major brand building initiative in order to articulate and propagate its new brand positioning. Also, they signed a new multi-year contract with Chrysler LLC for providing a comprehensive portfolio of IT services. TKS Services S.A., Quartz Software Technology S.A. and Tata Consultancy Services Financial Solutions Limited merged with Tata Consultancy Services Switzerland Limited with effect from April 1, 2007.
In May 25, 2007, the company through their wholly owned subsidiary, Tata Consultancy Services Do Brasil Desenvolvimento De Servicos Ltda, acquired 100% equity interest in a Brazil based Company, GT Participacoes S.A. Also, Tata Consultancy Services Do Brazil Desenvolvimento De Servicos Ltda and GT Participacoes S.A. have merged with Tata Consultancy Services Do Brazil Ltda with effect from July 1, 2007. In June 21, 2007, the company subscribed to 100% share capital of Tata Consultancy Services Morocco SARL AU, a company formed for providing a range of computer enabled services in Morocco. In July 13, 2007, the company through their wholly owned subsidiary, Tata America International Corporation, acquired 100% voting power in TCS Financial Management LLC.
In October 23, 2007, the company subscribed to 60% of the share capital of Tata Consultancy Services (Africa) (Pty) Limited, a Company formed for providing IT services and investing in companies in South Africa. In January 24, 2008, the company sold their shareholding interest in their associate Conscripti (Pty) Ltd, for Rs. 3.83 crore. In March 2008, the company opened their North America Delivery Center called TCS Seven Hills Park.
During the year 2008-09, the company acquired Citigroup Inc.'s (Citi) 96.26% interest in TCS e-Serve Ltd (formerly known as Citigroup Global Services Limited), the India-based captive BPO, for a total consideration of USD 504.54 million. In addition, Citi signed an agreement with the company to provide process outsourcing services to Citi and their affiliates for an aggregate amount of USD 2.5 billion over a period of 9.5 years.
During the year, the company through their subsidiary, Tata Consultancy Services Asia Pacific Pte Ltd, subscribed to 100% share capital of Tata Consultancy Services (Thailand) Ltd and Tata Consultancy Services (Philippines) Inc. In June 2008, the company got $11.5 million transformational deal to design, install and integrate a tax administration system for the Uganda Revenue Authority (URA).
In October 22, 2008, the Tata Infotech Deutschland GmbH has merged with Tata Consultancy Services Deutschland GmbH. The merged entity is a wholly owned subsidiary of the company. In December 11, 2008, the company subscribed to 50% share capital of National Power Exchange Ltd, established to promote trading of electrical power in India.
In June 5, 2009, the company, through their wholly owned subsidiary, Tata Consultancy Services Canada Inc, acquired 100% interest in ERI Holdings Corp. In January 1, 2010, the company, through their wholly owned subsidiary, TCS Iberoamerica S.A., subscribed to 100% interest of TCS Uruguay S.A. In January 1, 2010, they purchased 100% interest of MGDC S.C., Mexico, through their wholly owned subsidiaries, TCS Uruguay S.A. and TCS Argentina S.A.
In June 2010, the company signed a multi-year outsourcing contract with Telenor Norway. In June 30, 2010, Syscrom S.A., Chile merged with Tata Consultancy Services BPO Chile SA, a wholly owned subsidiary of TCS Inversiones Chile Limitada. Also, Custodia De documentos Interes Limitada, Chile merged with Tata Consultancy Services BPO Chile SA, a wholly owned subsidiary of TCS Inversiones Chil Limitada.
During the year 2010-11, the company set up five subsidiaries namely, MahaOnline Limited, Diligenta 2 Limited, MS CJV Investments Corporation, Retail FullServe Limited and CMC eBiz Inc. Also, Financial Network Services (H.K.) Limited was liquidated and de-registered during the year.
The Company entered into an agreement with the Government of Maharashtra pursuant to which a new subsidiary company, MahaOnline Ltd (MahaOnline) was setup on July 28, 2010 with equity participation from TCS and Government of Maharashtra. MahaOnline provides online internet-based citizen services to the residents in Maharashtra. This citizen service portal is integrated with DigiGov, a state-of-the-art e-Governance solution developed by TCS.
In August 31, 2010, Diligenta Limited, a majority owned subsidiary, acquired the entire share capital of Unisys Insurance Services Limited (UISL), which provides life and pensions services to its clients in the UK. On this acquisition UISL was renamed as Diligenta 2 Limited.
In October 4, 2010, Tata America International Corporation - a wholly owned subsidiary, acquired 100% share capital of MS CJV Investments Corporation. Consequently, the group holding in Tata Consultancy Services (China) Co., Ltd. has increased from 65.94% to 74.63%.
In October 8, 2010, the Company acquired 100% equity share capital of SUPERVALU Services India Pvt Ltd from SUPERVALU Inc., one of the largest grocery retailers in North America.
In December 2010, the company launched their new business process outsourcing (BPO) center in the Philippines. The company won a contract for establishing and managing the State Data Centre for the state of Uttar Pradesh. In February 2011, they signed five year contract with du, the integrated telecom service provider in the United Arab Emirates. Also, they launched iON - a fully integrated information technology solution for Small and Medium Business (SMB). iON provides on-demand business solutions using scalable cloud computing technology. It has been developed to deliver IT in the third generation service model to SMBs.
In August 2011, the company and the Singapore Management University (SMU) announced the establishment of the TCS-SMU iCity Lab to be located at SMU. The collaboration agreement signed states the two organizations are partnering to create a new research facility to develop industry standards and IT frameworks for the emerging intelligent city (iCity) model of urban development.
In December 2011, Call Genie Inc. announced that it has entered into a five year reseller agreement with Tata Consultancy Services (TCS) the IT services, consulting and business solutions firm, whereby TCS will resell the full suite of Call Genie and UpSnap Mobile products worldwide.
In February 2012, the company signed a multi-year, multi-million euro contract with Europcar. After a rigorous evaluation process, Europcar Information Services (EIS), the company's IT subsidiary, selected TCS to manage strategic IT Services development for its French operations. Also, the company and Mitsubishi Corporation announced a new joint venture, Nippon TCS Solution Center Ltd, for the Japanese market. Nippon TCS Solution Center will offer a full service suite of IT, BPO and Infrastructure services to Japanese corporations. TCS Japan will have 60% stake with Mitsubishi Corporation having a 40% stake. The joint venture will also establish a nearshore delivery center in Japan.
In 2012, the company won various awards like SAP Award of excellence for best run value realization for Project Spectrum, innovation award in France. Achievers 50 Most Engaged Workplaces in US, Partner Impact Awards from SAP, 2011 Eaton Premier Supplier Award, 'People Choice' award from the US National Science Foundation etc. The company also signed deal with South Africa Nedgroup Insurance. During the year the company launched passport seva Kendra in Delhi and also launched new rapid implementation offering for Oracle Fusion HCM. The company signed agreement with Scandinavian Airlines for F&A platform and entered into agreement with UK-based hospitality business chain. The company bags prestigious contract from UK Home Office Department during the year under review.
In 2013, the company was placed as a Leader in Oracle Application Management Services by Leading Research Firm. The company completed the acquisition of French IT Services firm ALTI. The company Launched Mobile Telematics Solution for Auto Insurers. During the year, the company was Designated a Leader and 2012 Star Performer in Capital Markets Application Outsourcing by Everest Group Research. The company was also selected by Nokia as a global IT Partner. The company expands UK operations in Liverpool. During the year the company was Placed as a Leader in Oracle Application Management Services by Gartner. The company also received Partner Excellence Award From Pegasystems, Inc. The company also won multiple Corporate Engagement Awards in Europe.
On 9 April 2013, TCS signed definitive agreements for the acquisition of 100 percent equity shares in Alti SA, an IT services company in France, for a value of 75 million Euro in an all-cash transaction.
In 2014, the company Launched New Digital Software & Solutions Group to Transform Digital Commerce and Customer Centricity.The company was selected by Diageo as a strategic partner during the year under review. The company introduced New Software Assurance Solution Co-Developed with Nissan during the year. During the year, the company was also Recognized as a Leader' in Retail Banking BPO by NelsonHall. The company received numerous awards during the year such as the companies TCS UK wins Gold Award for Innovation in Learning', op Workforce Award at the 2014 Diversity and Inclusion (DANDI) Awards Ceremony, Prestigious Association of Management Consulting Firms Award, wins Leading Vendor Award for Quality Assurance Services. During the year, the company was named Exclusive Certification Services Provider for CDMI Conformance Testing by SNIA. The company was also Positioned as a Leader in Capital Markets BPO by Everest Group.
On 21 April 2014, TCS announced the merger of TCS Japan, IT Frontier Corporation (ITF), Mitsubishi Corporation's (MC) 100 percent IT subsidiary, and Nippon TCS Solution Center (NTSC) to create a strong IT services unit in Japan.
On 16 October 2014, the Board of Directors of TCS and CMC approved merger of CMC with TCS. The swap ratio for the merger was fixed at 79 equity share of Re. 1 each of TCS for 100 equity shares of Rs. 10 each of CMC.
In 2015, the company signed a multi-year partnership deal with UK-based leading airline, Virgin Atlantic Airways (VAA), as Virgin Atlantic Airways selects TCS to support Digital Transformation programme. The companies Research Scholarship Programme expands to reach 200 more Computer Science PhD's in India. During the year, the company consolidates its long term partnership with the City of Amsterdam. During the year the company has been recognised by Ovum as a leader in the Ovum Decision Matrix. The company was also recognized as a Leader and Star Performer in Capital Markets Application Outsourcing Services by Everest Group. Europe's largest ever survey of business leaders ranks TCS 1 on both performance and customer satisfaction. During the year, the company also has won three different awards at the Brandon Hall Group Awards. Singapore Airlines and the company Introduce Mobile Solution for Cabin Crew. During the year under review, the company was recognized as the industry's fastest growing brand over last five years. The company also enters into strategic partnership with iRise. The company Launches Business Process Innovation, Simulation & Visualization as a Service (VaaS). The company Expands operations by opening a new Banking and Financial Services(BFS) center in Singapore. The company Wins 2015 SAP Pinnacle Award - Euroclear Finland launches Infinity, powered by TCS BaNCS for Market Infrastructure. The company was ranked as the 57th leading brand in the US by Brand Finance. During the year, the company Announces Premier Partnership with Adobe for Digital Marketing Solutions and Services. The company also announces Global Strategic Partnership with FICO during the year under review.
In 2017, TCS China was set up as a joint venture with the Chinese government and other partners.
The company has 50 subsidiaries as on 31 March 2018 as against 58 subsidiaries as on 31 March 2017. There are no associate companies or joint venture companies.
The company was ranked as the fastest growing IT Services brand by brand value, and as one of the Top 3 Global Brands in IT Services globally in 2018 by Brand Finance.
On 31 October 2018, the company acquired 100% stake in W12 Studios Limited, an UK based company. W12 Studios brings with it an award-winning digital design studio based in London.
Further, CMC eBiz, Inc., a subsidiary of CMC Americas, Inc., a US based subsidiary of the Company was voluntarily dissolved with effect from 19 June 2018. There were no employees or business operations in the dissolved subsidiary.
The Company has 50 subsidiaries as on 31 March 2019. The company was voted the Overall Most Outstanding Company in India, in Asiamoney's 2018 Asia's Outstanding Companies poll.
The company was named the Fastest Growing Brand of the Decade in IT Services globally by Brand Finance. TCS' brand value crossed USD 12.8 billion this year, up 447% over the decade.
The company has won the Best Patents Portfolio Award (2013- 2018) in the Large (Engineering) Industries category at the CII Industrial Intellectual Property Awards 2018.
The company has 50 subsidiaries as on 31 March 2020. On 26 June 2019, pursuant to exercise of put option by Mitsubishi Corporation, Tata Consultancy Services Asia Pacific Pte. Ltd. acquired additional 15% stake in its joint venture with Mitsubishi Corporation in Tata Consultancy Services Japan, Ltd.
TCS Financial Solutions Australia Holdings Pty Limited was deregistered with effect from 29 January 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.
On 09 March2020, 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.
As of 31 March 2020, the Company has applied for 5,216 patents cumulatively. The Company has been granted 1,341 patents.
The Board of Directors at its meeting held on 07 October 2020, approved a proposal to buy-back upto 5,33,33,333 equity shares of the Company for an aggregate amount not exceeding Rs 6,000 crore, being 1.42% of the total paid up equity share capital at Rs 3,000 per equity share. The shareholders approved the same on 18 November 2020, by way of a special resolution through postal ballot. The period for tendering of shares for buy-back was from 18 December 2020 to 01 January 2021. The settlement of all valid bids was completed on 05 January 2021, and the equity shares bought back were extinguished on 06 January 2021. Pursuant to the issuance of Letter of Offer, the Company has recorded a liability towards buy-back of equity shares of Rs 6,000 crore and the corresponding tax payable of R 3,726 crore as at 31 December 2020.
Tata Consultancy Services Netherlands BV, a wholly owned subsidiary of the Company, as a part of an overall arrangement, signed a definitive agreement on 01 January 2021, to obtain entire equity stake in Postbank Systems AG (PBS), a subsidiary of Deutsche Bank AG, at an agreed consideration.
The company has incorporated a wholly owned subsidiary, Tata Consultancy Services Ireland Limited in Ireland on 02 December 2020.
CMC Americas, Inc., a wholly owned subsidiary of the company incorporated in USA, was liquidated w.e.f. 16 December 2020.
Equity stake in Technology Outsourcing S.A.C., a wholly owned step-down subsidiary at Peru, was sold on 01 December 2020, at book value.
As on 31 December 2020, the company has applied for 5,634 patents, including 134 applied during the quarter, and has been granted 1,713 patents.
The company ranked number one for customer satisfaction in Germany as well as in Switzerland in the country editions of Whitelane Research 2020 IT Sourcing Study, based on a survey of CXOs and senior IT executives from the top IT spending enterprises in these two countries.
The company has been awarded the Best Patents Portfolio in the Large Enterprises (Information and Communications Technology and Services) category at the Confederation of Indian Industry (CII) Industrial Intellectual Property Awards 2020.
TCS Connected Clinical Trials solution, part of TCS ADD platform, won the 2020 Citeline Award in the category 'Best Patient-facing Technology Initiative' for providing a positive experience to patients in clinical trials and driving efficiency.
During the FY2021, the Company bought back 5,33,33,333 equity shares at a price of Rs 3,000 per equity share for an aggregate consideration of Rs 16,000 crore. The buy-back process was completed and the shares were extinguished on 06 January 2021.
In November 2020, TCS entered into an agreement with Prudential Financial, Inc.(PFI) to acquire over 1,500 staff and select assets of Pramerica Systems Ireland Ltd. (Pramerica), PFI's subsidiary based in Letterkenny, Ireland.
On January 1, 2021, Tata Consultancy Services Netherlands B.V., a wholly owned subsidiary of the Company acquired 100% shares of Postbank Systems AG (PBS), a subsidiary of Deutsche Bank AG at an estimated transaction value at a symbolic 1 Euro.
The Company has 50 subsidiaries as on 31 March 2021. The Equity stake in Technology Outsourcing S.A.C., was sold to Banco Pichincha Peru on 01 December 2020, at book value, consequent to which Technology Outsourcing S.A.C. ceased to be the subsidiary of the Company.
Tata Consultancy Services Ireland Limited incorporated a wholly owned subsidiary, Tata Consultancy Services Bulgaria EOOD in Bulgaria on 31 August 2021.Also TCS Iberoamerica SA incorporated a subsidiary, Tata Consultancy Services Guatemala, S.A. in Guatemala on 01 September 2021.
The Company has 52 subsidiaries as on 31 March, 2022.
In FY 2022, TCS added TCS Omnistore, TCS MasterCraft, 5G Edge Suite, TwinX and its suite of sustainability solutions - namely TCS Clever Energy, TCS IP2 and TCS Envirozone - to the list of its software products and solutions available on the various hyperscaler platforms. TCS also launched Google Cloud Garages for co-innovation leveraging analytics and AI on the cloud, at its Pace Ports in Amsterdam, New York and Tokyo.
On May 18, 2022, Tata Consultancy Services Asia Pacific Pte. Ltd. acquired additional 6.8% ownership interest in Tata Consultancy Services (China) Co., Ltd. (TCS China) thereby making it a wholly owned subsidiary.
Tata Consultancy Services Ltd
Company History
Tata Consultancy Services Ltd is a leading global IT services, consulting and business solutions organization offering transformational as well as outsourcing services to global enterprises. It has a global presence, deep domain expertise in multiple industry verticals and a complete portfolio of services consisting of consulting and service integration, application services, digital transformation services, cloud services, engineering services, cognitive business operations and products & platforms - targeting every C-suite stakeholder. The Company uses all these, and its industry leading suite of products and platforms to deliver high quality, high impact solutions leveraging the latest technologies to customers across the world. These solutions are delivered using its Secure Borderless Workspaces (SBWS) operating model which enables a highly distributed, Location Independent Agile delivery.
TCS's geographic footprint consists of North America, Latin America, the United Kingdom, Continental Europe, Asia-Pacific, India and Middle-East & Africa. A part of the Tata group, India's largest multinational business group, TCS has over 592,000 of the world's best-trained consultants in 55 countries. The company headquartered in Mumbai. It has a manufacturing facility at Mapusa, Goa.
Tata Consultancy Services Ltd was incorporated in the year 1968. Tata Sons Ltd established the company as division to service their electronic data processing (EDP) requirements and provide management consulting services. In the year 1971, they started their first international assignment. The company pioneered the global delivery model for IT services with their first offshore client in 1974.
In the year 1981, the company set up India's first IT R&D division, the Tata Research Design and Development Centre at Pune. In the year 1985, they set up their first client-dedicated offshore development center for Compaq (then Tandem). In the year 1989, they delivered an electronic depository and trading system called SECOM for SIS SegaInterSettle, Switzerland.
In the year 1997, the company opened their new corporate training facility at Trivandrum. In the year 1998, they started virtualization of business. In the year 1999, they got SEI-CMM Level 5 certification for their Qwest, HP, SEEPZ & Sholinganallur centres. Also, in year 2000, they got SEI-CMM Level 5 certification for their Calcutta, Bangalore, Lucknow, Hyderabad, GEDC, Ambattur and Ahmedabad centres.
In the year 2001, the company completed the acquisition of public sector unit, CMC Ltd. In the year 2002, they expanded their geography into new growth markets like China/ Uruguay. In 2003, TCS became the first Indian software company to cross one billion dollars in revenue. The company saw outsourcing opportunity in E-Commerce and related solutions and set up its E-Business division with ten people. By 2004, E-Business was contributing half a billion USD to the company.
During the year 2004-05, the company acquired WTI Advanced Technology Ltd and TCS Business Transformation Solutions Ltd (Previously, Phoenix Global Solutions (India) Ltd), subsequently these two companies became the subsidiaries of the company. TCS tapped the capital markets in July 2004 in the largest private sector initial public offering (IPO) in the Indian market, raising nearly $1.2 billion. In August 9, 2004, the company became a publicly listed company.
During the year 2005-06, the company acquired three companies Comicrom S A, Chile, Financial Network Services (Holdings) Pty Ltd, Australia (FNS) and Swedish Indian IT Resources AB (SITAR). The company made strategic alliances with Diligenta Ltd for Life Insurance business. Also, they entered into a Joint Venture Agreement with the State Bank of India. The new company was formulated and named C-Edge Technologies Ltd (C-Edge) for providing advanced technology solutions and world-class domain consulting for the banking and financial services sector.
During the year, the company ventured into a new area for an Indian IT Services Company. In April 2005, Tata Infotech Ltd with their three wholly owned subsidiaries, namely Airline Financial Support Services (India) Ltd, Aviation Software Development Consultancy India Ltd and TCS Business Transformation Solutions Ltd were amalgamated with the company.
During the year 2006-07, the company in partnership with the Government of Madhya Pradesh formed a company, namely MP Online Ltd, for offering a wide range of computer enabled services in Madhya Pradesh. The company through their wholly owned subsidiaries Tata Consultancy Services Asia Pacific Pte Ltd and Tata Consultancy Services Malaysia Sdn Bhd, subscribed to 100% share capital of PT Tata Consultancy Services, Indonesia, a company formed for providing consulting and IT related services in Indonesia
Tata Consultancy Services Netherlands B V, a wholly owned subsidiary acquired 75% equity interest in Switzerland based TKS - Teknosoft S A, for a consideration of Rs 368.06 crore. TCS FNS Pty Ltd, another subsidiary acquired 100% equity interest in an Australian based company, TCS Management Pty Ltd, for a total consideration of Rs. 15.75 crore. Also, TCS FNS Pty Ltd subscribed to 100% share capital of Financial Network Services Beijing Co Ltd to provide consulting and IT related services in China. The company, through their wholly owned subsidiaries Tata Consultancy Services BPO Chile S A and TCS Inversiones Chile Limitada, subscribed to 100 % share capital Tata solution Center S A, to provide BPO services in Ecuador.
During the year 2007-08, the company opened a centre in Cincinnati, USA, and a large centre in India at Hyderabad and laid the foundation for a large centre in Pune. They launched a major brand building initiative in order to articulate and propagate its new brand positioning. Also, they signed a new multi-year contract with Chrysler LLC for providing a comprehensive portfolio of IT services. TKS Services S.A., Quartz Software Technology S.A. and Tata Consultancy Services Financial Solutions Limited merged with Tata Consultancy Services Switzerland Limited with effect from April 1, 2007.
In May 25, 2007, the company through their wholly owned subsidiary, Tata Consultancy Services Do Brasil Desenvolvimento De Servicos Ltda, acquired 100% equity interest in a Brazil based Company, GT Participacoes S.A. Also, Tata Consultancy Services Do Brazil Desenvolvimento De Servicos Ltda and GT Participacoes S.A. have merged with Tata Consultancy Services Do Brazil Ltda with effect from July 1, 2007. In June 21, 2007, the company subscribed to 100% share capital of Tata Consultancy Services Morocco SARL AU, a company formed for providing a range of computer enabled services in Morocco. In July 13, 2007, the company through their wholly owned subsidiary, Tata America International Corporation, acquired 100% voting power in TCS Financial Management LLC.
In October 23, 2007, the company subscribed to 60% of the share capital of Tata Consultancy Services (Africa) (Pty) Limited, a Company formed for providing IT services and investing in companies in South Africa. In January 24, 2008, the company sold their shareholding interest in their associate Conscripti (Pty) Ltd, for Rs. 3.83 crore. In March 2008, the company opened their North America Delivery Center called TCS Seven Hills Park.
During the year 2008-09, the company acquired Citigroup Inc.'s (Citi) 96.26% interest in TCS e-Serve Ltd (formerly known as Citigroup Global Services Limited), the India-based captive BPO, for a total consideration of USD 504.54 million. In addition, Citi signed an agreement with the company to provide process outsourcing services to Citi and their affiliates for an aggregate amount of USD 2.5 billion over a period of 9.5 years.
During the year, the company through their subsidiary, Tata Consultancy Services Asia Pacific Pte Ltd, subscribed to 100% share capital of Tata Consultancy Services (Thailand) Ltd and Tata Consultancy Services (Philippines) Inc. In June 2008, the company got $11.5 million transformational deal to design, install and integrate a tax administration system for the Uganda Revenue Authority (URA).
In October 22, 2008, the Tata Infotech Deutschland GmbH has merged with Tata Consultancy Services Deutschland GmbH. The merged entity is a wholly owned subsidiary of the company. In December 11, 2008, the company subscribed to 50% share capital of National Power Exchange Ltd, established to promote trading of electrical power in India.
In June 5, 2009, the company, through their wholly owned subsidiary, Tata Consultancy Services Canada Inc, acquired 100% interest in ERI Holdings Corp. In January 1, 2010, the company, through their wholly owned subsidiary, TCS Iberoamerica S.A., subscribed to 100% interest of TCS Uruguay S.A. In January 1, 2010, they purchased 100% interest of MGDC S.C., Mexico, through their wholly owned subsidiaries, TCS Uruguay S.A. and TCS Argentina S.A.
In June 2010, the company signed a multi-year outsourcing contract with Telenor Norway. In June 30, 2010, Syscrom S.A., Chile merged with Tata Consultancy Services BPO Chile SA, a wholly owned subsidiary of TCS Inversiones Chile Limitada. Also, Custodia De documentos Interes Limitada, Chile merged with Tata Consultancy Services BPO Chile SA, a wholly owned subsidiary of TCS Inversiones Chil Limitada.
During the year 2010-11, the company set up five subsidiaries namely, MahaOnline Limited, Diligenta 2 Limited, MS CJV Investments Corporation, Retail FullServe Limited and CMC eBiz Inc. Also, Financial Network Services (H.K.) Limited was liquidated and de-registered during the year.
The Company entered into an agreement with the Government of Maharashtra pursuant to which a new subsidiary company, MahaOnline Ltd (MahaOnline) was setup on July 28, 2010 with equity participation from TCS and Government of Maharashtra. MahaOnline provides online internet-based citizen services to the residents in Maharashtra. This citizen service portal is integrated with DigiGov, a state-of-the-art e-Governance solution developed by TCS.
In August 31, 2010, Diligenta Limited, a majority owned subsidiary, acquired the entire share capital of Unisys Insurance Services Limited (UISL), which provides life and pensions services to its clients in the UK. On this acquisition UISL was renamed as Diligenta 2 Limited.
In October 4, 2010, Tata America International Corporation - a wholly owned subsidiary, acquired 100% share capital of MS CJV Investments Corporation. Consequently, the group holding in Tata Consultancy Services (China) Co., Ltd. has increased from 65.94% to 74.63%.
In October 8, 2010, the Company acquired 100% equity share capital of SUPERVALU Services India Pvt Ltd from SUPERVALU Inc., one of the largest grocery retailers in North America.
In December 2010, the company launched their new business process outsourcing (BPO) center in the Philippines. The company won a contract for establishing and managing the State Data Centre for the state of Uttar Pradesh. In February 2011, they signed five year contract with du, the integrated telecom service provider in the United Arab Emirates. Also, they launched iON - a fully integrated information technology solution for Small and Medium Business (SMB). iON provides on-demand business solutions using scalable cloud computing technology. It has been developed to deliver IT in the third generation service model to SMBs.
In August 2011, the company and the Singapore Management University (SMU) announced the establishment of the TCS-SMU iCity Lab to be located at SMU. The collaboration agreement signed states the two organizations are partnering to create a new research facility to develop industry standards and IT frameworks for the emerging intelligent city (iCity) model of urban development.
In December 2011, Call Genie Inc. announced that it has entered into a five year reseller agreement with Tata Consultancy Services (TCS) the IT services, consulting and business solutions firm, whereby TCS will resell the full suite of Call Genie and UpSnap Mobile products worldwide.
In February 2012, the company signed a multi-year, multi-million euro contract with Europcar. After a rigorous evaluation process, Europcar Information Services (EIS), the company's IT subsidiary, selected TCS to manage strategic IT Services development for its French operations. Also, the company and Mitsubishi Corporation announced a new joint venture, Nippon TCS Solution Center Ltd, for the Japanese market. Nippon TCS Solution Center will offer a full service suite of IT, BPO and Infrastructure services to Japanese corporations. TCS Japan will have 60% stake with Mitsubishi Corporation having a 40% stake. The joint venture will also establish a nearshore delivery center in Japan.
In 2012, the company won various awards like SAP Award of excellence for best run value realization for Project Spectrum, innovation award in France. Achievers 50 Most Engaged Workplaces in US, Partner Impact Awards from SAP, 2011 Eaton Premier Supplier Award, 'People Choice' award from the US National Science Foundation etc. The company also signed deal with South Africa Nedgroup Insurance. During the year the company launched passport seva Kendra in Delhi and also launched new rapid implementation offering for Oracle Fusion HCM. The company signed agreement with Scandinavian Airlines for F&A platform and entered into agreement with UK-based hospitality business chain. The company bags prestigious contract from UK Home Office Department during the year under review.
In 2013, the company was placed as a Leader in Oracle Application Management Services by Leading Research Firm. The company completed the acquisition of French IT Services firm ALTI. The company Launched Mobile Telematics Solution for Auto Insurers. During the year, the company was Designated a Leader and 2012 Star Performer in Capital Markets Application Outsourcing by Everest Group Research. The company was also selected by Nokia as a global IT Partner. The company expands UK operations in Liverpool. During the year the company was Placed as a Leader in Oracle Application Management Services by Gartner. The company also received Partner Excellence Award From Pegasystems, Inc. The company also won multiple Corporate Engagement Awards in Europe.
On 9 April 2013, TCS signed definitive agreements for the acquisition of 100 percent equity shares in Alti SA, an IT services company in France, for a value of 75 million Euro in an all-cash transaction.
In 2014, the company Launched New Digital Software & Solutions Group to Transform Digital Commerce and Customer Centricity.The company was selected by Diageo as a strategic partner during the year under review. The company introduced New Software Assurance Solution Co-Developed with Nissan during the year. During the year, the company was also Recognized as a Leader' in Retail Banking BPO by NelsonHall. The company received numerous awards during the year such as the companies TCS UK wins Gold Award for Innovation in Learning', op Workforce Award at the 2014 Diversity and Inclusion (DANDI) Awards Ceremony, Prestigious Association of Management Consulting Firms Award, wins Leading Vendor Award for Quality Assurance Services. During the year, the company was named Exclusive Certification Services Provider for CDMI Conformance Testing by SNIA. The company was also Positioned as a Leader in Capital Markets BPO by Everest Group.
On 21 April 2014, TCS announced the merger of TCS Japan, IT Frontier Corporation (ITF), Mitsubishi Corporation's (MC) 100 percent IT subsidiary, and Nippon TCS Solution Center (NTSC) to create a strong IT services unit in Japan.
On 16 October 2014, the Board of Directors of TCS and CMC approved merger of CMC with TCS. The swap ratio for the merger was fixed at 79 equity share of Re. 1 each of TCS for 100 equity shares of Rs. 10 each of CMC.
In 2015, the company signed a multi-year partnership deal with UK-based leading airline, Virgin Atlantic Airways (VAA), as Virgin Atlantic Airways selects TCS to support Digital Transformation programme. The companies Research Scholarship Programme expands to reach 200 more Computer Science PhD's in India. During the year, the company consolidates its long term partnership with the City of Amsterdam. During the year the company has been recognised by Ovum as a leader in the Ovum Decision Matrix. The company was also recognized as a Leader and Star Performer in Capital Markets Application Outsourcing Services by Everest Group. Europe's largest ever survey of business leaders ranks TCS 1 on both performance and customer satisfaction. During the year, the company also has won three different awards at the Brandon Hall Group Awards. Singapore Airlines and the company Introduce Mobile Solution for Cabin Crew. During the year under review, the company was recognized as the industry's fastest growing brand over last five years. The company also enters into strategic partnership with iRise. The company Launches Business Process Innovation, Simulation & Visualization as a Service (VaaS). The company Expands operations by opening a new Banking and Financial Services(BFS) center in Singapore. The company Wins 2015 SAP Pinnacle Award - Euroclear Finland launches Infinity, powered by TCS BaNCS for Market Infrastructure. The company was ranked as the 57th leading brand in the US by Brand Finance. During the year, the company Announces Premier Partnership with Adobe for Digital Marketing Solutions and Services. The company also announces Global Strategic Partnership with FICO during the year under review.
In 2017, TCS China was set up as a joint venture with the Chinese government and other partners.
The company has 50 subsidiaries as on 31 March 2018 as against 58 subsidiaries as on 31 March 2017. There are no associate companies or joint venture companies.
The company was ranked as the fastest growing IT Services brand by brand value, and as one of the Top 3 Global Brands in IT Services globally in 2018 by Brand Finance.
On 31 October 2018, the company acquired 100% stake in W12 Studios Limited, an UK based company. W12 Studios brings with it an award-winning digital design studio based in London.
Further, CMC eBiz, Inc., a subsidiary of CMC Americas, Inc., a US based subsidiary of the Company was voluntarily dissolved with effect from 19 June 2018. There were no employees or business operations in the dissolved subsidiary.
The Company has 50 subsidiaries as on 31 March 2019. The company was voted the Overall Most Outstanding Company in India, in Asiamoney's 2018 Asia's Outstanding Companies poll.
The company was named the Fastest Growing Brand of the Decade in IT Services globally by Brand Finance. TCS' brand value crossed USD 12.8 billion this year, up 447% over the decade.
The company has won the Best Patents Portfolio Award (2013- 2018) in the Large (Engineering) Industries category at the CII Industrial Intellectual Property Awards 2018.
The company has 50 subsidiaries as on 31 March 2020. On 26 June 2019, pursuant to exercise of put option by Mitsubishi Corporation, Tata Consultancy Services Asia Pacific Pte. Ltd. acquired additional 15% stake in its joint venture with Mitsubishi Corporation in Tata Consultancy Services Japan, Ltd.
TCS Financial Solutions Australia Holdings Pty Limited was deregistered with effect from 29 January 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.
On 09 March2020, 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.
As of 31 March 2020, the Company has applied for 5,216 patents cumulatively. The Company has been granted 1,341 patents.
The Board of Directors at its meeting held on 07 October 2020, approved a proposal to buy-back upto 5,33,33,333 equity shares of the Company for an aggregate amount not exceeding Rs 6,000 crore, being 1.42% of the total paid up equity share capital at Rs 3,000 per equity share. The shareholders approved the same on 18 November 2020, by way of a special resolution through postal ballot. The period for tendering of shares for buy-back was from 18 December 2020 to 01 January 2021. The settlement of all valid bids was completed on 05 January 2021, and the equity shares bought back were extinguished on 06 January 2021. Pursuant to the issuance of Letter of Offer, the Company has recorded a liability towards buy-back of equity shares of Rs 6,000 crore and the corresponding tax payable of R 3,726 crore as at 31 December 2020.
Tata Consultancy Services Netherlands BV, a wholly owned subsidiary of the Company, as a part of an overall arrangement, signed a definitive agreement on 01 January 2021, to obtain entire equity stake in Postbank Systems AG (PBS), a subsidiary of Deutsche Bank AG, at an agreed consideration.
The company has incorporated a wholly owned subsidiary, Tata Consultancy Services Ireland Limited in Ireland on 02 December 2020.
CMC Americas, Inc., a wholly owned subsidiary of the company incorporated in USA, was liquidated w.e.f. 16 December 2020.
Equity stake in Technology Outsourcing S.A.C., a wholly owned step-down subsidiary at Peru, was sold on 01 December 2020, at book value.
As on 31 December 2020, the company has applied for 5,634 patents, including 134 applied during the quarter, and has been granted 1,713 patents.
The company ranked number one for customer satisfaction in Germany as well as in Switzerland in the country editions of Whitelane Research 2020 IT Sourcing Study, based on a survey of CXOs and senior IT executives from the top IT spending enterprises in these two countries.
The company has been awarded the Best Patents Portfolio in the Large Enterprises (Information and Communications Technology and Services) category at the Confederation of Indian Industry (CII) Industrial Intellectual Property Awards 2020.
TCS Connected Clinical Trials solution, part of TCS ADD platform, won the 2020 Citeline Award in the category 'Best Patient-facing Technology Initiative' for providing a positive experience to patients in clinical trials and driving efficiency.
During the FY2021, the Company bought back 5,33,33,333 equity shares at a price of Rs 3,000 per equity share for an aggregate consideration of Rs 16,000 crore. The buy-back process was completed and the shares were extinguished on 06 January 2021.
In November 2020, TCS entered into an agreement with Prudential Financial, Inc.(PFI) to acquire over 1,500 staff and select assets of Pramerica Systems Ireland Ltd. (Pramerica), PFI's subsidiary based in Letterkenny, Ireland.
On January 1, 2021, Tata Consultancy Services Netherlands B.V., a wholly owned subsidiary of the Company acquired 100% shares of Postbank Systems AG (PBS), a subsidiary of Deutsche Bank AG at an estimated transaction value at a symbolic 1 Euro.
The Company has 50 subsidiaries as on 31 March 2021. The Equity stake in Technology Outsourcing S.A.C., was sold to Banco Pichincha Peru on 01 December 2020, at book value, consequent to which Technology Outsourcing S.A.C. ceased to be the subsidiary of the Company.
Tata Consultancy Services Ireland Limited incorporated a wholly owned subsidiary, Tata Consultancy Services Bulgaria EOOD in Bulgaria on 31 August 2021.Also TCS Iberoamerica SA incorporated a subsidiary, Tata Consultancy Services Guatemala, S.A. in Guatemala on 01 September 2021.
The Company has 52 subsidiaries as on 31 March, 2022.
In FY 2022, TCS added TCS Omnistore, TCS MasterCraft, 5G Edge Suite, TwinX and its suite of sustainability solutions - namely TCS Clever Energy, TCS IP2 and TCS Envirozone - to the list of its software products and solutions available on the various hyperscaler platforms. TCS also launched Google Cloud Garages for co-innovation leveraging analytics and AI on the cloud, at its Pace Ports in Amsterdam, New York and Tokyo.
On May 18, 2022, Tata Consultancy Services Asia Pacific Pte. Ltd. acquired additional 6.8% ownership interest in Tata Consultancy Services (China) Co., Ltd. (TCS China) thereby making it a wholly owned subsidiary.
Tata Consultancy Services Ltd
Directors Reports
To the Members,
The Directors present this Integrated Annual Report of Tata Consultancy
Services Limited (the Company or TCS) along with the audited financial statements for the
financial year ended March 31, 2023.
The consolidated performance of the Company and its subsidiaries has
been referred to wherever required.
1. Financial results
|
Standalone |
Consolidated |
|
Financial Year 2022-23 (FY
2023) |
Financial Year 2021-22 (FY
2022) |
Financial Year 2022-23 (FY
2023) |
Financial Year 2021-22 (FY
2022) |
| Revenue from operations |
1,90,354 |
1,60,341 |
2,25,458 |
1,91,754 |
| Other income |
5,328 |
7,486 |
3,449 |
4,018 |
| Total income |
1,95,682 |
1,67,827 |
2,28,907 |
1,95,772 |
| Expenses |
|
|
|
|
| Operating expenditure |
1,39,357 |
1,14,096 |
1,66,199 |
1,38,697 |
| Depreciation and amortisation expense |
3,940 |
3,522 |
5,022 |
4,604 |
| Total expenses |
1,43,297 |
1,17,618 |
1,71,221 |
1,43,301 |
| Profit before finance costs and tax |
52,385 |
50,209 |
57,686 |
52,471 |
| Finance costs |
695 |
486 |
779 |
784 |
| Profit before tax |
51,690 |
49,723 |
56,907 |
51,687 |
| Tax expense |
12,584 |
11,536 |
14,604 |
13,238 |
| Profit for the year |
39,106 |
38,187 |
42,303 |
38,449 |
| Attributable to: |
|
|
|
|
| Shareholders of the Company |
39,106 |
38,187 |
42,147 |
38,327 |
| Non-controlling interests |
NA |
NA |
156 |
122 |
| Opening balance of retained earnings |
68,949 |
70,928 |
78,158 |
79,586 |
| Closing balance of retained earnings |
62,228 |
68,949 |
74,722 |
78,158 |
2. Return of surplus funds to Shareholders
In line with the practice of returning 80 to 100 percent free cash flow
to shareholders and based on the Company's performance, the Directors have declared three
interim dividends of ?8 per equity share and a special dividend of ?67 aggregating to ?91
per equity share involving a cash outflow of ?33,297 crore during the year. The Directors
have also recommended a final dividend of ?24 per equity share, the final dividend on
equity shares, if approved by the Members, would involve a cash outflow of ?8,782 crore.
The total shareholders payout excluding the buyback tax of ?4,192 crore paid at the
beginning of FY 2023, would involve a total cash outflow of ?42,079 crore at ?115 per
equity share, resulting in a dividend payout of 107.6 percent of the standalone profits of
the Company.
For FY 2022, the Company paid a total dividend of ?43 per equity share,
which resulted in an outflow of ?15,818 crore
and a dividend payout of 41.4 percent of the standalone profits of the
Company. In addition to the above, the Company bought back 4,00,00,000 equity shares at a
price of ?4,500 per equity share for an aggregate consideration of ?18,000 crore. The
offer size of the buyback was 21.03 percent and 19.06 percent of the aggregate paid-up
equity share capital and free reserves as per audited condensed standalone interim
financial statements and audited condensed consolidated interim financial statements of
the Company as at December 31, 2021, respectively.
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 available on the Company's
website at https://on.tcs.com/Dividend.
Directors' Report | 72
3. Transfer to reserves
The closing balance of the retained earnings of the Company for FY
2023, after all appropriation and adjustments was ?62,228 crore.
4. Company's performance
On a consolidated basis, the revenue for FY 2023 was ?2,25,458 crore,
higher by 17.6 percent over the previous year's revenue of ?1,91,754 crore. The profit
after tax (PAT) attributable to shareholders and non-controlling interests for FY 2023 and
FY 2022 was ?42,303 crore and ?38,449 crore, respectively.
The PAT attributable to shareholders for FY 2023 was ?42,147 crore
registering a growth of 10.0 percent over the PAT of ?38,327 crore in FY 2022.
On a standalone basis, the revenue for FY 2023 was ?1,90,354 crore,
higher by 18.7 percent over the previous year's revenue of ?1,60,341 crore in FY 2022. The
PAT attributable to shareholders in FY 2023 was ?39,106 crore registering a growth of 2.4
percent over the PAT of ?38,187 crore in FY 2022.
5. Quality initiatives
The Company continues to strengthen its commitment to the highest
levels of quality, superior customer experience, best-in-class service management, robust
information security and privacy practices and mature business continuity management.
The relevance of TCS' integrated Quality Management System (iQMS™)
is continually evaluated for new service offerings, emerging delivery methodologies,
industry best practices and latest technologies, and adequately upgraded to provide
outstanding value and experience to its customers.
TCS has successfully achieved Maturity Level 5 in CMMI Enterprise Wide
assessment for Development. TCS has successfully completed the annual ISO surveillance
audit and has been recommended for continuation of its enterprise-wide certification.
TCS's enterprise ISO certification scope includes conformance to the following globally
recognized standards: ISO 9001:2015 (Quality Management), ISO 20000-1:2018 (IT Service
Management), ISO 22301:2019 (Business Continuity Management), ISO 27001:2013 (Information
Security Management), ISO 27017:2015 (Information Security Controls for Cloud Services),
ISO 27018:2019 (Protection of PII in Public Clouds as PII Processors), ISO 27701:2019
(Privacy Information Management Systems), AS 9100:2016 (Aerospace Industry), ISO
13485:2016 (Medical Devices) and TL 9000-SV R6.2/R5.7 (Telecom Industry).
The customer-centricity, focus on their growth and transformation,
rigor in operations and commitment to delivery excellence have resulted in sustained high
customer satisfaction levels in the periodic surveys conducted by the Company. This is
validated by top rankings in third party surveys as well. TCS achieved the top position in
Whitelane customer satisfaction survey for the
tenth consecutive year, with an overall satisfaction score of 83
percent compared to the industry average of 75 percent.
TCS has received multiple external awards this year, in the areas of
quality and data privacy. TCS won the Data Security Council of India (DSCI) Excellence
Award 2022 in category Best Privacy Practices in Organization, two years in a row; PICCASO
Privacy Awards Europe 2022 for Best Privacy Programme; Gold award won by BFSI Cognitive
Business Operations- IT IS Team in 8th National Institute for Quality and Reliability
(NIQR) Annual Six Sigma/Task Achievement Competition; Customer Experience Team of the Year
Award by Global Sourcing Association - UK.
6. Subsidiary companies
On March 31, 2023, the Company has 51 subsidiaries and there has been
no material change in the nature of the business of the subsidiaries. There are no
associates or joint venture companies within the meaning of Section 2(6) of the Companies
Act, 2013 ("Act").
On May 18, 2022, Tata Consultancy Services Asia Pacific Pte. Ltd.
acquired additional 6.8 percent ownership interest in Tata Consultancy Services (China)
Co., Ltd. (TCS China) thereby making it a wholly owned subsidiary.
Tata Consultancy Services Danmark ApS was liquidated effective July 27,
2022.
On March 16, 2023, TCS China acquired 100 percent ownership interest in
TCS Financial Solutions (Beijing) Co., Ltd. from TCS Financial Solutions Australia Pty
Limited.
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 Company's website at https://www.tcs.com/investor-relations.
7. 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.
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 2023.
8. Directors and key managerial personnel
As on March 31, 2023, the Company has nine Directors comprising of two
Executive Directors and seven Non-Executive Directors out of which five are Independent
Directors. There are two women directors.
On April 16, 2022, the Members approved the re-appointment of Rajesh
Gopinathan (DIN 06365813) and N G Subramaniam (DIN 07006215) as the CEO and MD and COO and
ED, respectively.
On February 12, 2023, the Members approved the re-appointment of Dr
Pradeep Kumar Khosla (DIN 03611983) as an Independent Director. In the opinion of the
Board, he is a person of integrity, fulfils requisite conditions as per applicable laws
and is independent of the management of the Company.
Rajesh Gopinathan would relinquish his position of CEO and MD of the
Company with effect from June 1, 2023. The Board places on record its appreciation of the
invaluable services of Rajesh Gopinathan as the CEO and MD.
The Board appointed K Krithivasan (DIN 10106739) as the Chief Executive
Officer Designate with effect from March 16, 2023 and as CEO and MD with effect from June
1, 2023 for a period of five years, subject to approval of the Members at the ensuing
Annual General Meeting (AGM).
K Krithivasan heads the Banking, Financial Services, and Insurance
(BFSI) Business Group at the Company and has been part of the global technology sector for
over 34 years, having joined the Company in 1989.
Aarthi Subramanian (DIN 07121802) retires by rotation and being
eligible, offers herself for re-appointment.
A resolution seeking shareholders' approval for their
appointment/re-appointment along with other required details 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 meets 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 and reimbursement of expenses, if any.
Pursuant to the provisions of Section 203 of the Act,
Rajesh Gopinathan, CEO and MD, N G Subramaniam,
COO and ED, Samir Seksaria, Chief Financial Officer and Pradeep Manohar
Gaitonde, Company Secretary are the Key Managerial Personnel of the Company as on March
31, 2023.
9. Number of meetings of the Board
Six meetings of the Board were held during the year.
For details of meetings of the Board, please refer to the Corporate
Governance Report, which is a part of this report.
10. 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 Chairman of the Company was evaluated, taking into account the views
of executive directors and non-executive directors.
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.
11. Policy on directors' appointment and remuneration and other details
The Company's policy on appointment of directors is available on the
Company's website at 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 the Company's website at https://on.tcs.com/remuneration-policy.
12. Corporate Social Responsibility (CSR)
TCS' CSR initiatives and activities are aligned to the requirements of
Section 135 of the Act.
A brief outline of the CSR policy of the Company and the initiatives
undertaken by the Company on CSR activities during the year are set out in Annexure I of
this report in the format prescribed in the Companies (Corporate Social Responsibility
Policy) Rules, 2014. This Policy is available on the Company's website at https://on.tcs.com/Global-CSR-Policy
For other details regarding the CSR Committee, please refer to the
Corporate Governance Report, which is a part of this report.
13. 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.
14. 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.
15. Auditors
At the twenty-seventh AGM held on June 9, 2022, the Members approved
the re-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 thirty- second AGM
to be held in the year 2027.
16. Auditor's report and Secretarial audit report
The statutory auditor's report and the secretarial auditor's report do
not contain any qualifications, reservations, or adverse remarks or disclaimer.
Secretarial audit report is attached to this report as Annexure II.
17. Risk management
The Board of Directors of the Company has 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.
18. Vigil Mechanism
The Company has a Whistle Blower Policy and has established the
necessary vigil mechanism for directors and employees in conformation with Section 177(9)
of the Act and Regulation 22 of SEBI Listing Regulations, to report concerns about
unethical behaviour. This Policy is available on the Company's website at
https://on.tcs.com/WhistleB .
19. 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.
20. Transactions with related parties
None of the transactions with related parties fall under the scope of
Section 188(1) of the Act. Accordingly, the disclosure of related party transactions as
required under Section 134(3)(h) of the Act in Form AOC-2 is not applicable to the Company
for FY 2023 and hence does not form part of this report.
Pursuant to SEBI Listing Regulations, the resolution for seeking
approval of the shareholders on material related party transactions is being placed at the
AGM.
21. Annual Return
Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the
Annual Return as on March 31, 2023 is available on the Company's website at https://on.tcs.com/annualreturn-22-23.
22. Particulars of employees
The information under Section 197 of the Act read with Rule 5 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014:
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* |
- |
- |
| O P Bhatt |
41.16 |
10.41 |
| Aarthi Subramanian# |
- |
- |
| Dr Pradeep Kumar Khosla |
37.10 |
10.80 |
| Hanne Sorensen |
37.32 |
11.46 |
| Keki Mistry |
41.03 |
9.80 |
| Don Callahan |
37.23 |
10.76 |
| Executive Directors: |
|
|
| Rajesh Gopinathan |
427.10 |
13.17 |
| N G Subramaniam |
345.68 |
14.08 |
| Chief Financial Officer: |
|
|
| Samir Seksaria |
- |
$ |
| Company Secretary: |
|
|
| Pradeep Manohar Gaitonde |
- |
$ |
* 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.
$ Remuneration received in FY 2023 is not comparable with remuneration
received in FY 2022 (for part of the year) and hence not stated.
b. The percentage increase in the median remuneration of employees in
the financial year is 5.11 percent.
c. The number of permanent employees on the rolls of Company are
6,14,795.
d. The average annual increase was in the range of
5- 8 percent in India. However, during the course of the year, the
total increase is in the range of
6- 9 percent, after accounting for promotions and other event based
compensation revisions.
Employees outside India received a wage increase varying from 1.5 to
5.5 percent.
The increase in remuneration is in line with the market trends in the
respective countries. In order to ensure that remuneration reflects the Company's
performance, the performance pay is also linked to organization performance and individual
utilization in addition to individual performance.
Increase in the managerial remuneration for the year was 13.58 percent.
e. 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.
23. Integrated Report
The Company 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 five forms
of capital viz. financial capital, intellectual capital, human capital, social capital and
natural capital.
24. Disclosure requirements
As per SEBI Listing Regulations, the Corporate Governance Report with
the Auditors' Certificate thereon, and the integrated Management Discussion and Analysis,
the Business Responsibility and Sustainability Report ("BRSR") form part of the
Director's Report.
The BRSR indicates the Company's performance against the principles of
the 'National Guidelines on Responsible Business Conduct'. This would enable the Members
to have an insight into Environmental, Social and Governance initiatives of the Company.
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.
25. 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.
26. Conservation of energy, technology absorption, foreign exchange
earnings and outgo
Conservation of energy
The Company is committed towards conservation of energy and climate
action which is reaffirmed in its Environmental Sustainability policy
(https://on.tcs.com/Environmental-Sustainability).
During the year, several initiatives were aligned to achieve the carbon
targets which included those in building and IT infrastructure. Initiatives in building
infrastructure included higher energy efficiencies in heating, ventilation, and air
conditioning (HVAC) systems, uninterruptible power supply (UPS), LEDs, motors, chillers
and Energy Monitoring and Analytics (Clever Energy + Resource Oprtimization Center) which
resulted in energy savings of 4,219 MWh, equivalent to 3,016 tCO2e reduction during FY
2023.
Initiatives in green IT focussed on data center and IT device
consolidation and optimization to reduce the carbon footprint. Our data centers had a
weighted average power utilisation effectiveness (PUE) of 1.66 during the year. In
addition to this, the Company ensures energy efficiency of the equipment it procures.
The Company continues to leverage the TCS' IoT-based Real-time Energy
Management System (TCS Clever EnergyTM) that involves real time monitoring to
optimization of operational energy efficiency across all offices.
The roof top solar photo voltaic installations this year remained at
10.2 MWp contributing to 3.44 percent of total electricity use in the reporting year. The
Company increased the renewable energy procurement through switch over to green tariffs
for its operations in several states in India and addition to open access power purchase
agreements (PPA). The renewable energy procurement has resulted in an
increase in renewable energy use to 55.2 percent of total energy use.
TCS is certified to ISO 50001:2018 standards for Energy Management
Systems (EnMS) across 19 campuses in India of which 14 campuses were included in FY 2023
ensuring our commitment to energy conservation and management.
The above energy efficiency and renewable energy procurement efforts
helped achieve a year-on-year reduction in absolute carbon footprint (across Scope 1 and
Scope 2) of TCS' global operations by 12.4 percent. The Company has achieved a 71 percent
reduction in absolute emissions (Scope 1 and Scope 2) when compared to the base year of FY
2016 thereby achieving the 2025 target (of 70 percent reduction) ahead of time. The
electricity consumption across TCS operations increased by 33.3 percent compared to FY
2022. This is due to increased resumption of operations in FY 2023 compared to FY 2022 and
inclusion of 22 locations globally in the reporting boundary during the current year.
The Company has achieved carbon neutrality across Scope 1 and Scope 2
in Asia Pacific*, Europe, North America, UK & Ireland**, Latin America, Middle East
& Africa regions during the reporting year.
Continued focus on the above initiatives will enable steer the Company
towards achieving its carbon target to become net zero by 2030.
Technology absorption, adoption and innovation Research &
Development (R&D): Specific areas in which R&D was carried out by the Company
With innovation being central to the Company's purpose statement TCS
Research, TCS PACE™ and TCS Co-Innovation Network(COIN)™
adopted many initiatives to address customer needs and create impact.
In its fifth decade, TCS Research continued to expand its foundational
research in computing, and its intersection with the sciences. As part of physical
sciences research,
TCS focused on formulation of new materials with applications in
batteries, catalysis and industrial effluents. Teams also worked on carbon capture,
digital twins for continuous manufacture of biopharma, and emission reduction in
industries. Generative Design research and realisation of this with complex problems with
customers showed that algorithmic methods, including AI, can transform early stage design
of complex systems with significant benefits over the traditional methods. In the life
sciences area, the Company explored generative design across drug design and synthesis,
molecules and formulations, and manufacturing processes.
TCS Research used diffusion models as well as large language models for
computational creativity. The software research teams worked on learning aided adaptive
software, digital transformation of applications, and AI in the software development
lifecycle and data analytics. Cyber security remains an important area of
research; AI for cybersecurity, privacy enabled service operations,
privacy preserving biometrics and trustworthy AI initiatives are in progress. Research in
AI was oriented around the latest in Generative Large Language Models, to create
techniques for controlled code generation, question answering, consistent image
generation, solving optimisation problems and other core AI problems.
The Company expanded its space tech research, working on on-board
computing for remote sensing satellites to reduce data and bandwidth for ground
communication; it is also leveraging neuromorphic computing for low power computing at the
edge. In the area of embedded devices and intelligent systems, research continued solving
customer problems in machine, material, infrastructure, and people sensing, using AIoT and
edge computing.
Teams also worked on meta materials for next gen communications,
computational sensing/imaging and neuromorphic computing.
TCS deepened its expertise in heterogeneous computing. The high
performance computing team is working on accelerating runtime performance of computing
systems while minimizing energy consumption and costs.
Quantum computing, resilience on cloud with data residency, compliance
and security on cloud are other areas of focus.
In the area of behavioural and business sciences, the Company created
tools for emotional wellbeing of employees, studied consumer behaviour in retail and
gamified learning. Research also provided intervention options for caregivers of elders in
connected homes.
Quantum computing initiatives progressed with Proofs of Concepts and
customer engagements. Research based offerings in robotics are moving to deployment for
logistics and warehouses. TCS' Digital twins are now integrating industrial, data driven,
physics-based and enterprise models to offer comprehensive insights to customers.
TCS' IP based offerings made headway. TCS TwinX™, an AI
powered enterprise digital twin platform for risk-free business simulations, is available
on Google Cloud.
The Company's substantial Investments in IP, as in MFDM™, TCS
Cognix™, ignio™, Pace Ports™, and Dedicated Cloud Units, was seen as a
key strength by analysts.
TCS Avapresence, a cloud-based virtual event platform with extended
reality(XR) elements, was leveraged by customers for product launches. TCS Conversa™
and TCS GoSafe™ have multiple implementations across the globe;
TCS Crvstallus™ adoption and Industry Innovations continue to
resonate well with customers in their enterprise transformation journey. Semiconductor
engineering, 5G engineering and software product engineering services made a mark and won
awards.
The Company's research and innovation in meta-material- based antenna,
network softwarization and desegregation, expanded the opportunity pipeline. TCS
contributed in the area of interoperability of ORAN sub-systems. It contributed to the
Chromite Core community in processor design and verification areas.
The Company's Pace Ports™ are spaces that connect customers to all
of TCS' organizational capabilities in innovation, technology, and industry expertise.
The Company inaugurated two Pace Ports this year:
TCS Pace Port™ Pittsburgh, on the Carnegie Mellon University
campus; and TCS Pace Port™ Toronto. TCS and Boots launched an innovation hub,
INNOVATE Powered by TCS Pace™, at the Boots Nottingham headquarters. TCS
forged a major applied engineering and research partnership with The National
Robotarium, UK's largest and most advanced AI and robotics research centre.
TCS launched a Quantum Computing Lab on AWS.
TCS COIN™ expanded its global footprint. It now has over 2,700
start-ups in the network and 80+ active academic partnerships. COIN Business Accelerator,
a high-touch program with emerging tech companies, has kicked off its 3rd cohort. The
Accelerator is playing an instrumental part in TCS' ecosystem strategy, increasing its
innovation footprint, and winning deals.
In keeping with the Company's commitment to social responsibility and
sustainability, TCS Research continued its focus on energy, circularity, and development
related projects. These have won appreciation from analysts.
TCS' Clever Energy was launched on Google Cloud.
TCS' futuristic accessibility research was also lauded. Barclays
leveraged TCS' VHAB, a gamified assistive tech offering, to help children with special
needs. The Digital farming Initiative enabled carbon sequestration in agriculture. TCS'
energy research teams worked on smart grids, the EV ecosystem, the energy internet, and
carbon market.
TCS conducted several sustainathons to create pools of ideas to address
social issues. TCS Sustainathon South Africa 2022 focused on nutrition and food
security for underprivileged South African children. Another sustainathon was launched in
UK and Ireland with University of Glasgow to Develop Sustainable Technology Solutions
that support businesses.
The Digital Impact Square, that encourages innovation using digital
technologies to address social challenges, onboarded many new projects selected from 900+
applications. DiSQ expanded its ecosystem with more network partners. Several companies
within the purview of DiSQ have won awards. The TCS Research Scholarship Program, that
completed 10 years, has been extended.
In keeping with the Company's belief of building greater futures
through innovation and collective knowledge, Research and Innovation initiatives to foster
a culture of creativity continued this year. An organization-wide incubation bootcamp to
encourage and support entrepreneurial ideas in areas of Space Tech, Future of Software,
Sustainability, Financial Crime and Compliance was held. To further scale out the concept
of Rapid Labs, "Build your own Rapid" initiative was held, mentoring teams to
create labs that can deliver quick MVPs for customer requests. The TCS Innovista 2022
contest drew
10,000+ innovative entries. TCS won four awards in the Tata Innovista
2022 finals.
TCS CodeVita completed a decade of engaging students with programming
as a sport. Season 10 saw participation of 100,000+ students from 87 countries and
was one of the most competitive finales in the contest's history.
TCS OmniStore™ and TCS Optumera™ won Stevies at the
International Business Awards 2022 in the AI/ML solution category. TCS won gold in the
category 'Smart Technology- Electricity Transmission' at Indian Smart Grid Forum (ISGF)
Innovation Awards 2023. VidyutVanika created in collaboration with IIIT Hyderabad won at
the international smart grid competition PowerTAC 2022.
TCS' Digital Farming Initiatives won the NASSCOM Enterprise Cloud
Awards '22. ignio™ AIOps was awarded significant industry accolades.
TCS continues to contribute to standards in areas such as environmental
engineering, cyber security, cyber resilience, Internet of Things, smart cities, software
architecture, quantum computing & communication, accessibility of ICT for the
differently abled, AI and FinTech-RegTech.
The Company's intellectual property grew with 260+ publications and
presentations in top-tier journals and conferences. As of March 31, 2023, 7305 patents
have been filed (cumulatively) by the Company and 2878 have been granted. TCS won many
awards relating to IP, including the Asia IP Elite Award 2022 for being an exemplar of IP
value creation.
Future course of action:
TCS will continue to scale the Patents, Products and Platforms strategy
across the organization, harnessing the collective knowledge and creativity of internal
teams and of partners to deliver innovative solutions for customers.
Expenditure on R&D:
TCS research and innovation centres are located in India and other
parts of the world. The research centres in India, 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 2023 and FY 2022 are given below:
| Expenditure on R&D and
innovation |
Standalone |
Consolidated |
|
|
FY 2023 |
FY 2022 |
FY 2023 |
FY 2022 |
| a. |
Capital |
1 |
_* |
1 |
_* |
| b. |
Recurring |
375 |
337 |
380 |
341 |
| c. |
Total R&D expenditure
(a+b) |
376 |
337 |
381 |
341 |
| d. |
Innovation center expenditure |
2,048 |
1,841 |
2,119 |
1,901 |
| e. |
Total R&D and
innovation expenditure (c+d) |
2,424 |
2,178 |
2,500 |
2,242 |
| f. |
R&D and innovation
expenditure as a percentage of total turnover |
1.3% |
1.4% |
1.1% |
1.2% |
*Represents value less than ?0.50 crore
Foreign exchange earnings and outgo
Export revenue constituted 94.3 percent of the total standalone revenue
in FY 2023 (94.0 percent in FY 2022).
(' crore)
| Foreign exchange earnings and
outgo |
FY 2023 |
FY 2022 |
| a. |
Foreign exchange earnings |
1,83,412 |
1,55,240 |
| b. |
CIF Value of imports |
144 |
216 |
| c. |
Expenditure in foreign
currency |
75,786 |
63,689 |
27. Acknowledgements
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 appreciate and value the contribution made by every
member of the TCS family.
On behalf of the Board of Directors
N Chandrasekaran
Chairman DIN 00121863
Mumbai, April 12, 2023
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