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.
CMC Americas, Inc., a US based subsidiary of the Company was voluntarily dissolved with effect from 16 December 2020 as CMC Americas Inc. and TCS both provide similar services.
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.
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.
CMC Americas, Inc., a US based subsidiary of the Company was voluntarily dissolved with effect from 16 December 2020 as CMC Americas Inc. and TCS both provide similar services.
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.
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, 2022.
To support ‘Green initiative', the Abridged Integrated Annual Report has been sent
to the Members whose e-mail ids are not registered with the Company / Depositories.
The consolidated performance of the Company and its subsidiaries has been referred to
wherever required.
1. Financial results
(Rs.in crore)
|
Standalone |
Consolidated |
|
Financial Year 2021-22 |
Financial Year 2020-21 |
Financial Year 2021-22 |
Financial Year 2020-21 |
|
(FY 2022) |
(FY 2021) |
(FY 2022) |
(FY 2021) |
| Revenue from operations |
1,60,341 |
1,35,963 |
1,91,754 |
1,64,177 |
| Other income |
7,486 |
5,400 |
4,018 |
3,134 |
| Total income |
1,67,827 |
1,41,363 |
1,95,772 |
1,67,311 |
| Expenses |
|
|
|
|
| Operating expenditure |
1,14,096 |
95,653 |
1,38,697 |
1,17,631 |
| Depreciation and amortisation expense |
3,522 |
3,053 |
4,604 |
4,065 |
| Total expenses |
1,17,618 |
98,706 |
1,43,301 |
1,21,696 |
| Profit before finance costs, exceptional item and tax |
50,209 |
42,657 |
52,471 |
45,615 |
| Finance costs |
486 |
537 |
784 |
637 |
| Profit before exceptional item and tax |
49,723 |
42,120 |
51,687 |
44,978 |
| Exceptional item |
|
|
|
|
| Provision towards legal claim |
- |
1,218 |
- |
1,218 |
| Profit before tax |
49,723 |
40,902 |
51,687 |
43,760 |
| Tax expense |
11,536 |
9,942 |
13,238 |
11,198 |
| Profit for the year |
38,187 |
30,960 |
38,449 |
32,562 |
| Attributable to: |
|
|
|
|
| Shareholders of the Company |
38,187 |
30,960 |
38,327 |
32,430 |
| Non-controlling interests |
NA |
NA |
122 |
132 |
| Openina balance of retained earninas |
70,928 |
71,532 |
79,586 |
78,810 |
| Closing balance of retained earninas |
68,949 |
70,928 |
78,158 |
79,586 |
2. COVID-19
The COVID-19 pandemic, continued to be a global challenge, creating disruption across
the world. In the first three months of FY 2022, the second wave of the pandemic
overwhelmed India's medical infrastructure. Through this trying period, hospitalization
support was provided and Covid care centers were opened in TCS facilities in 13 cities to
help affected associates and their families. This was in addition to the medical
helplines, self-help and counseling services provided from the start of the pandemic.
Amid the pandemic, the Company launched a PAN-India vaccination drive for its employees
and their families to ensure the safety and well-being of the associates and their
families covering over a million individuals in all, across all the TCS locations and
smaller cities from where some of the employees were remote-working.
3. 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 '7 per equity share aggregating to '21 per equity share involving a cash
outflow of '7,768 crore during the year. The Directors have also recommended a final
dividend of '22 per equity share, the final dividend on equity shares, if approved by the
Members, would involve a cash outflow of '8,050 crore. The total dividend for FY 2022
amounts to '43 per equity share and would involve a total cash outflow of '15,818 crore,
resulting in 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 fully 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 buyback represented 1.08 percent of the total issued and paid-up equity share
capital of the Company as at December 31, 2021.
The settlement of bids and payment of buyback consideration was made on March 28, 2022
and the shares were extinguished on March 29, 2022.
The shareholders' payout with respect to dividend and buyback including tax on buyback
(excluding transaction costs, other incidental and related expenses) aggregated to '38,010
crore, resulting in a payout of 99.5 percent of the standalone profits of the Company.
For FY 2021, the Company paid a total dividend of '38 per equity share, which resulted
in an outflow of '14,147 crore and a dividend payout of 44.3 percent* of the standalone
profits of the Company. In addition to the above, the Company bought back 5,33,33,333
equity shares at a price of '3,000 per equity share for an aggregate consideration of
'16,000 crore. The offer size of the buyback was 19.96 percent and 18.11 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 September 30, 2020, respectively.
The buyback represented 1.42 percent of the total issued and paid-up equity share
capital of the Company. The buyback process was completed and the shares were extinguished
on January 6, 2021.
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.
4. Transfer to reserves
The closing balance of the retained earnings of the Company for FY 2022, after all
appropriations and adjustments was '68,949 crore.
5. Company's performance
On a consolidated basis, the revenue for FY 2022 was '1,91,754 crore, higher by 16.8
percent over the previous year's revenue of '1,64,177 crore. The profit after tax
("PAT") attributable to shareholders and non-controlling interests for FY 2022
and FY 2021 was '38,449 crore and '33,520 crore*, respectively. The PAT attributable to
shareholders for FY 2022 was '38,327 crore* registering a growth of 14.8 percent over the
PAT of '33,388 crore* in FY 2021.
On a standalone basis, the revenue for FY 2022 was '1,60,341 crore, higher by 17.9
percent over the previous year's revenue of '1,35,963 crore. The PAT attributable to
shareholders in FY 2022 was '38,187 crore registering a growth of 19.6 percent over the
PAT of '31,918 crore* in FY 2021.
*Excluding provision towards legal claim.
6. 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.
TCS' integrated Quality Management System (iQMS™) continues to enable outstanding
value and experience to its customers. iQMS™ is continually enhanced for new service
offerings, emerging delivery methodologies, industry best practices and latest
technologies.
TCS successfully completed the annual ISO surveillance audit and has been recommended
for continuation of its enterprise-wide certification. This year, TCS has expanded the
scope of enterprise certification to include conformance to Privacy Information Management
Systems Standard (ISO 27701:2019). TCS's enterprise ISO certification scope includes
conformance to the following globally recognized standards:
ISO 9001:2015 (Quality Management), ISO 20000:2018 (IT Service Management), ISO
22301:2019 (Business Continuity Management), ISO 27001:2013 (Information Security
Management) and compliance to ISO 27017:2015 (Information Security Controls for Cloud
Services), ISO 27018:2019 (Protection of PII in Public Clouds as PII Processors) and ISO
27701:2019 (Privacy Information Management Systems).
During second wave of the pandemic, the Company was actively monitoring all customer
engagements across the globe to minimize risks and ensure continuity of services. This was
achieved through daily tracking, digitized multi-level dashboards and differentiated
governance of critical engagements.
The customer-centricity, rigor in operations and focus on 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. In these
surveys, TCS achieved the top position in customer satisfaction for the ninth consecutive
year, with an overall satisfaction score of 84 percent compared to the industry average of
75 percent.
TCS has also received multiple awards from CII and National Institute for Quality and
Reliability this year. TCS won the Data Security Council of India (DSCI) Excellence Award
2021 in two categories - Best Privacy Practices in Organization and Best Security
Practices in IT-ITes/ BPM (Large).
7. Subsidiary companies
The Company has 52 subsidiaries as on March 31, 2022. There are no associates 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.
• The name of W12 Studios Limited was changed to Tata Consultancy Services UK
Limited w.e.f. May 24, 2021.
• On May 26, 2021, Tata Consultancy Services Netherlands B.V., a 100 percent
subsidiary of the Company, increased its equity stake to 100 percent in Tata Consultancy
Services Saudi Arabia on acquisition of Saudi Desert Rose Holding B.V.
• Tata Consultancy Services Ireland Limited, a 100 percent subsidiary of the
Company, incorporated a wholly owned subsidiary, Tata Consultancy Services Bulgaria EOOD
in Bulgaria on August 31, 2021. •
• TCS Iberoamerica SA, a 100 percent subsidiary of the Company, incorporated a
subsidiary, Tata Consultancy Services Guatemala, S.A. in Guatemala on September 1, 2021.
• The name of Postbank Systems AG changed to TCS Technology Solutions AG w.e.f.
December 27, 2021.
• TCS e-Serve America, Inc. was liquidated w.e.f. December 29, 2021.
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.
8. 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 2022.
9. Directors and key managerial personnel
The Board of Directors at its meeting held on October 8, 2021, subject to approval of
the shareholders, approved the re-appointment of Rajesh Gopinathan (DIN 06365813) as the
Chief Executive Officer and Managing Director of the Company for a further period of five
years from February 21, 2022 and re-appointment of N Ganapathy Subramaniam (DIN 07006215)
as Chief Operating Officer and Executive Director from February 21, 2022 to May 19, 2024,
as per the retirement age policy for the Directors of the Company.
N Ganapathy Subramaniam (DIN 07006215) retires by rotation and being eligible, offers
himself for re-appointment. A resolution seeking shareholders' approval for his
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 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 nonexecutive directors of the Company had no
pecuniary relationship or transactions with the Company, other than sitting fees,
commission and reimbursement of expenses, if any.
Samir Seksaria took over as the Chief Financial Officer, with effect from May 1, 2021,
in place of V Ramakrishnan, who retired from the services of the Company w.e.f. April 30,
2021.
Samir Seksaria has been with TCS since 1999 and has held various positions in business
consulting and finance. He is a commerce graduate from Narsee Monjee College, Mumbai and a
member of the Institute of Chartered Accountants of India.
During the year under review, the Board at its meeting held on October 8, 2021
appointed Pradeep Manohar Gaitonde as the Company Secretary and Compliance Officer of the
Company to take over from Rajendra Moholkar as Company Secretary and Compliance Officer,
with effect from November 1, 2021.
Pradeep Manohar Gaitonde is a member of the Institute of Company Secretaries of India
and the Institute of Chartered Accountants of India. He has degrees in Commerce and
General Law. He joined TCS in 2006 and has over thirty years of experience in finance,
governance and secretarial functions.
The Board places on record its appreciation for V Ramakrishnan and Rajendra Moholkar
for their invaluable contribution and guidance during their tenure as Chief Financial
Officer, and Company Secretary and Compliance Officer, respectively.
Pursuant to the provisions of Section 203 of the Act, Rajesh Gopinathan, Chief
Executive Officer and Managing Director,
N Ganapathy Subramaniam, Chief Operating Officer and Executive Director, Samir
Seksaria, Chief Financial Officer and Pradeep Manohar Gaitonde, Company Secretary are the
Key Managerial Personnel of the Company as on March 31, 2022.
10. Number of meetings of the Board
Five 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.
11. 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.
12. 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.
13. Corporate social responsibility (CSR)
TCS' CSR initiatives and activities are aligned to the requirements of Section 135 of
the Act.
The 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.
For other details regarding the CSR Committee, please refer to the Corporate Governance
Report, which is a part of this report. This Policy is available on the Company's website
at https^on.tcs.com/Global-CSR-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
B S R & Co. LLP, Chartered Accountants (Firm Registration No.101248W/W-100022) the
statutory auditors of the Company, will hold office till the conclusion of the
twenty-seventh Annual General Meeting of the Company.
The Board has recommended the re-appointment of B S R & Co. LLP, Chartered
Accountants as the statutory auditors of the Company, for a second term of five
consecutive years, from the conclusion of the twenty-seventh Annual General Meeting
scheduled to be held in the year 2022 till the conclusion of the thirty-second Annual
General Meeting to be held in the year 2027, for approval of shareholders of the Company,
based on the recommendation of the Audit Committee.
17. 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.
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 conformation with Section 177(9) of the Act and
Regulation 22 of SEBI Listing Regulations, to report concerns about unethical behavior.
This Policy is available on the Company's website at httpson.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.
21. 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 2022
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.
22. Annual Return
Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return as
on March 31, 2022 is available on the Company's website at https^on.tcs.com/annual-
return-21-22.
23. 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 |
38.49 |
8.70 |
| Aarthi Subramanian# |
- |
- |
| Dr Pradeep Kumar Khosla |
34.64 |
21.62 |
| Hanne Sorensen |
34.64 |
21.62 |
| Keki Mistry |
38.49 |
25.00 |
| Don Callahan |
34.64 |
12.50 |
| Executive Directors: |
|
|
| Rajesh Gopinathan |
396.67 |
26.52 |
| N Ganapathy Subramaniam |
318.52 |
28.47 |
| Chief Financial Officer |
|
|
| Samir Seksaria## |
- |
$ |
| V Ramakrishnan### |
- |
$ |
| Company Secretary |
|
|
| Pradeep Manohar Gaitonde@ |
- |
$ |
| Rajendra Moholkar@@ |
- |
$ |
* 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.
## Appointed as Chief Financial Officer w.e.f. May 1, 2021.
### Relinquished the office of Chief
Financial Officer w.e.f. April 30, 2021.
@ Appointed as Company Secretary and Compliance Officer w.e.f. November 1, 2021.
@@ Relinquished the office of Company Secretary and Compliance Officer w.e.f. October
31, 2021
$ Since the remuneration is only for part of the year, the percentage increase in
remuneration is not comparable and hence, not stated.
b. The percentage increase in the median remuneration of employees in the financial
year is 4.24 percent
c. The number of permanent employees on the rolls of Company are 5,92,195
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 approximately 10.5 percent, after
accounting for promotions and other event based compensation revisions. Employees outside
India received a wage increase varying from 1.5 to 6 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 27.38 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.
24. 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 six forms of capital viz.
financial capital, manufactured capital, intellectual capital, human capital, social and
relationship capital and natural capital.
25. 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 Company has provided BRSR, in lieu of the Business Responsibility Report which
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.
26. 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.
27. 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).
Through the reporting year, initiatives were aligned towards achieving these targets.
Having already switched over to LED lights across all offices in 2020, this year the focus
was on cooling system and UPS efficiencies. Offices with old/inefficient air conditioners
were upgraded to energy efficient and energy star rated cooling systems. Initiatives to
optimize the UPS load included UPS resizing and switch over to modular UPS. The data
center PUE of 1.65 was achieved for the corporate data centers at Yantra Park and
Siruseri. The Company is also incorporating next generation green data center practices
with futuristic and modular technologies like modular UPS, cold aisle containment, real
time monitoring of temperature and energy consumption.
The Company continued to augment the roof top solar photo voltaic installations this
year as well taking the total installed capacity to 10.2 MWp contributing to 3.76 percent
of total electricity use in the reporting year. The Company increased the renewable energy
procurement through third party power purchase agreement (PPA) for solar energy at TCS
Siruseri campus and switch over to green tariff for its operations in the states of
Karnataka and Maharashtra. This resulted in an increase in the renewable energy use to
37.2 percent of total electricity use.
The Company has become carbon neutral across Scope 1 and Scope 2 for its operations in
Asia Pacific (APAC), Europe and North America (NA) for this reporting year. These efforts
helped achieve a year-on-year reduction in absolute carbon footprint reduction (across
Scope 1 and Scope 2) across TCS' global operations by 25 percent. The electricity use
across India operations reduced by 6.54 percent y-o-y. For global operations, there is an
increase in total electricity use (y-o-y) by approx.
2.7 percent due to increased reporting boundary to include operations in NA, APAC,
Europe and Middle East and Africa (MEA) regions.
Continued focus on the above initiatives will enable steer the Company towards
achieving its carbon target to reduce its absolute Scope 1 + Scope 2 carbon footprint by
70 percent by 2025 over the baseline on 2016 and also to become net zero by 2030.
Technology absorption, adaption and innovation
Research & Development (R&D): Specific areas in which R&D was carried out
by the Company
FY 2022 marked the beginning of TCS' fifth decade as a research-focused organization.
Activities that strengthened both brands related to R&D are specified here. TCS
Research as a brand, highlights the Company's ability to invent with impact, and explore
futuristic ideas with the wider academic ecosystem. The TCS Pace™ brand stands for
its innovation capability, by which intellectual content is made tangible and experiential
to customers.
TCS continues to expand its foundational research in computing and its intersection
with the sciences. New areas of research include sensing, digital twins for social
systems, efficient and robust AI and deep learning, quantum computing and generative
design for materials, manufacturing and life sciences. Work began with cross-functional
teams on strategic initiatives such as Future of Software Development and Sustainability.
Research on other strategic initiatives continued.
More of TCS' IP based products and platforms were made available natively on
hyperscaler cloud platforms. While TCS BaNCS™ suite in financial services, TCS
Optumera™ and TCS Omnistore™ in retail, TCS HOBS™ in telecom and TCS
ADD™ in life sciences were made available on AWS last year, TCS Aviana™ for
travel customers followed suit this year. TCS' Cognitive Plant Operations Adviser (CPOA),
an amalgamation of IP-based solutions for manufacturing has also been developed using
Microsoft Azure Cloud capabilities.
TCS MasterCraft™ is now on the Microsoft Azure Marketplace. TCS Clever
Energy™, TCS Envirozone™ were launched on Microsoft's Azure IoT platform to help
organizations gain insights into energy usage and reduce waste and emissions. Many of
these products and platforms are available on Google Cloud as well. TCS also has a rich
suite of cloud accelerators rendered on the Google Cloud Garages launched at TCS Pace
Ports.
The best of TCS' innovation assets, capabilities, and practices were brought to
customers through experiential initiatives. The Company's Pace Ports, spaces that connect
customers to all of TCS' organizational capabilities in innovation, technology and
industry expertise, hosted several events and workshops. TCS Pace Ports are active across
geographies. The Company launched a Pace Port™ in Amsterdam formally this year to
bring TCS' ecosystem of partners from academia, government institutions, start-ups and
technology providers to co-innovate with European customers with a focus on
sustainability.
‘Powered by Pace' centres were launched across the globe to help customers
leverage co-innovation and accelerate digital transformation. These include the digital
innovation lab at the Letterkenny Global Delivery Centre, Northern Ireland; Digital Garage
Innovation Centre at Sydney; and the All-women Innovation Lab at Riyadh. TCS' Agile
Innovation Cloud (AIC) was adopted by multiple customers this year.
TCS Co-Innovation Network (TCS COIN™) expanded its global footprint with more than
55 active academic partnerships and over 2,600 start-up partners in the network.
In keeping with the Company's commitment to social responsibility and sustainability,
TCS Research its continued focus on energy, circularity, and development related
projects. Several other initiatives were undertaken:
TCS and Glasgow University launched UK Sustainathon 2021 to empower UK university
students to tackle sustainability challenges using digital technologies, the winners of
which showcased their idea at the TCS Innovation Forum 2021 in UK. The second edition of
TCS Sustainathon ASEAN 2021 expanded beyond Singapore to Malaysia and Philippines. It
focused on ‘Reimagining Education.' Sustainathon - The Balancing Act, a Europe-wide
sustainathon in alignment with Conference of Parties 26 (COP 26) and the European Green
Deal was also launched in FY 2022.
In line with the Company's belief of building greater futures through innovation and
collective knowledge, R&I continued to combine know-how and innovation mindset across
the organization by regularly organizing crowdsourcing initiatives. TCS Innovista 2022,
attracted 11,970 entries across the organization. TCS secured 4 wins at TATA Innovista
2021. Innovation Champions continued to be active across several accounts facilitating TCS
customers' growth and transformation journeys. TCS Innovation Forum 2021 with
sustainability as a theme was held in seven geographies; many Innovation Days were held
with customers across industries.
The ninth season of TCS CodeVita, won the Guinness World Records™ title for the
world's largest computer programming competition with 1,36,054 participants from 34
countries.
Intellectual property of TCS R&I grew with more than 240 publications presented in
top-tier conferences or published in journals. The Company continued to contribute to
standards bodies especially in ISO SC7 and SC42 on Software and Systems Engineering and
Artificial Intelligence, respectively. As of March 31, 2022, 6,583 patents have been filed
and 2,287 granted cumulatively by the Company. TCS won CII's Industrial Intellectual
Property Awards 2021 for the Best Patents Portfolio in the Large Enterprises (Information
and Communications Technology and Services) category, for the fifth consecutive year. TCS
also won the ASSOCHAM IP Excellence Award 2021 for the best IP In-House Team of the Year.
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 in support of the Company's pursuit of growth and
transformation opportunities and longer-term sustainability goals.
Expenditure on R&D:
TCS research and innovation centres are located in India and other parts of the world.
These 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
2022 and FY 2021 are given below:
(Rs.in crore)
| Expenditure on R&D and innovation |
Standalone |
|
Consolidated |
|
|
FY 2022 |
FY 2021 |
FY 2022 |
FY 2021 |
| a. Capital |
_* |
1 |
_* |
1 |
| b. Recurring |
337 |
298 |
341 |
302 |
| c. Total R&D expenditure (a+b) |
337 |
299 |
341 |
303 |
| d. Innovation center expenditure |
1,841 |
1,546 |
1,901 |
1,614 |
| e. Total R&D and innovation expenditure (c+d) |
2,178 |
1,845 |
2,242 |
1,917 |
| f. R&D and innovation expenditure as a percentage of total turnover |
1.4% |
1.4% |
1.2% |
1.2% |
*Represents value less than '0.50 crore.
Foreign exchange earnings and outgo
Export revenue constituted 94.0 percent of the total standalone revenue in FY 2022
(94.0 percent in FY 2021).
(Rs.in crore)
| Foreign exchange earnings and outgo |
FY 2022 |
FY 2021 |
| a. Foreign exchange earnings |
1,55,240 |
1,30,720 |
| b. CIF Value of imports |
216 |
241 |
| c. Expenditure in foreign currency |
63,689 |
54,800 |
28. 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 regret the loss of lives due to COVID-19 pandemic and are deeply grateful
and have immense respect for every person who risked his life and safety to fight this
pandemic.
The Directors appreciate and value the contribution made by every member of the TCS
family.