A MINI PROJECT REPORT

ON
“A STUDY OF FINANCIAL PERFORMANCES
OF TATA CONSULTANCY SERVICES”
A Dissertation Report
Submitted in partial fulfillment of the requirements for the annual of the degree of

“Bachelor of Commerce”
UNDER

KRUPANIDHI DEGREE COLLEGE, BANGALORE

FOR THE ACADEMIC YEAR 2022-2023

SUBMITTED BY:
NAMES: REGISTER NUMBER:
ABHILASH.M C2031901
AYESHA ANJUM C2031909
JAYANTH.C C2031930
LAVANYA.M C2031944
NANDHA KUMAR.S C2031960
NANDITHA.K C2031962
NIRMAL KUMAR.M C2031964
VINAY.M C2032008
VIVEK.N C2032009
YUGENDRA.M R C2032010
 Acknowledgement:

We would like to express our deepest appreciation and

acknowledgement for the successful completion of our project as degree
students in a group. First and foremost, we extend our gratitude to our project
supervisor for their guidance, valuable insights and unwavering support
throughout the project. Their expertise and guidance were instrumental in
shaping our work and ensuring its quality.
We would also like to acknowledge the contributions of our fellow group
members. Each member brought their unique set of skills, knowledge and
dedication, which were vital in the successful execution of the project. The
collaborative effort and commitment from each individual in the group played
significant role in achieving our goals.
We would like acknowledge our sincere gratitude to KRUPANIDHI DEGREE
COLLEGE affiliated to BANGALORE NORTH UNIVERSITY throughout the
completion of our project.
Furthermore, we extend our gratitude to the head of our Department Prof.
Sogara BI, for her support and help for the study.
We are truly grateful for all the support and guidance we have received along
the way. This project has not only enhanced our knowledge and skills but has
also allowed us to grow as individuals as a team. We are proud of our collective
achievements, and we look forward to applying the lessons learned from this
experience in our future endeavors

Date: 14th August 2023

Place: Bangalore
 Table of contents
Sl no Particulars Page no
1. Introduction
1.1 Introduction to company
1.2 Group of companies
1.3 History
1.4 Company profile
1.5 Registered office address
1.6 Board of directors
1.7 Auditor
1.8 Balance sheet and Income statement
2. Research analysis
2.1 Topic
2.2 Scope
2.3 Purpose
2.4 Objectives
2.5 Limitations
2.6 Research Methodology
3. Ratio analysis
3.1 Liquidity ratios
3.2 Turnover ratio
3.3 Profitability Ratio
3.4 Leverage Ratio
3.5 Proprietary Ratio
3.6 Total Capital Turnover Ratio
3.7 Return on Asset Ratio
3.8 Working Capital Ratio
3.9 Coverage Ratio
4. Findings, Conclusions
5. Bibliography
 CHAPTER-1 INTRODUCTION

• Introduction to company
• Group of company
• History
• Company profile
• Registered office address
• Board of directors
• Auditors
Introduction

1.1 Introduction to Company:

Tata Consultancy Services (TCS) is a multinational information technology (IT)

services, consulting, and business solutions company. It is one of the largest IT
services firms in the world and is headquartered in Mumbai, India. Founded in
1968, TCS is a part of the Tata Group, one of India's oldest and most respected
business conglomerates.
TCS provides a wide range of services to clients across various industries,
including banking and financial services, healthcare, telecommunications,
manufacturing, retail, and more. Its services include:
1. IT Services: TCS offers a variety of IT services such as software
development, application management, infrastructure management,
testing services, and more.
2. Consulting Services: TCS provides strategic consulting services to help
businesses optimize their processes, improve their technology
strategies, and achieve their business goals.
3. Business Process Outsourcing (BPO): TCS offers BPO services to help
companies streamline their non-core business processes, such as
customer service, finance and accounting, human resources, and more.
4. Digital Solutions: TCS assists companies in embracing digital
transformation by developing solutions that leverage technologies like
artificial intelligence (AI), Internet of Things (IoT), cloud computing, and
analytics.
5. Enterprise Solutions: TCS offers solutions for enterprise resource
planning (ERP), supply chain management, and customer relationship
management (CRM) to help businesses manage their operations more
effectively.
1.2 Group of companies:

Tata Consultancy Services (TCS) is a part of the Tata Group, one of India's
largest and oldest business conglomerates. The Tata Group consists of various
companies operating in diverse industries, and TCS is just one of its many
subsidiaries. Here are some of the notable companies within the Tata Group.
1. Tata Consultancy Services Limited (TCS): TCS is the flagship company and the
largest entity within the TCS Group. It is a global leader in IT services,
consulting, and business solutions with operations spanning across multiple
industries and geographies.
2. TCS BPS: TCS Business Process Services (BPS) offers end-to-end outsourcing
solutions across diverse business processes, including finance and accounting,
customer service, human resources, and supply chain management.
3. TCS Digital Software & Solutions Group: This division focuses on providing
digital transformation services, digital consulting, and innovative software
solutions to help clients accelerate their digital initiatives.
4. TCS ION: TCS ION is TCS's digital learning and assessment arm, offering a
comprehensive suite of educational and exam-related services, including
online assessments, learning platforms, and digital certification programs.
5. TCS Research and Innovation: TCS Research and Innovation is responsible for
driving technological innovations and breakthroughs in areas such as artificial
intelligence, machine learning, data analytics, and robotics.
6. TCS Financial Solutions: TCS Financial Solutions provides industry-specific
software and technology solutions for the banking, insurance, capital markets,
and wealth management sectors.
These are just a few examples of the companies within the TCS Group, and the
group continues to expand its expertise and offerings to cater to the evolving
needs of its clients in the rapidly changing technology landscape.
1.3 History of company

Tata Consultancy Services Limited (TCS) was founded in 1968 by the Tata
Group, one of India's largest and oldest business conglomerates. The company
was established as a division of Tata Sons, the flagship holding company of the
Tata Group, to provide computer services to other group companies.
TCS began its journey in Mumbai, India, with a team of just twelve engineers
led by F.C. Kohli, who is often referred to as the "Father of the Indian IT
Industry." Initially, TCS focused on providing IT and software services primarily
to clients in India and neighbouring countries. As the technology industry
flourished and globalization advanced, TCS expanded its operations and
started serving international clients.
In 1981, TCS became a separate legal entity and started working with
international clients, primarily from the United States and Europe. Throughout
the 1980s, TCS focused on building its expertise in software development, IT
consulting, and system integration.
In the 1990s, TCS began to grow rapidly, not only in terms of revenue but also
in terms of the diversity of services it offered. The company expanded its
portfolio to include areas such as enterprise solutions, business process
outsourcing (BPO), and IT infrastructure services.
In 2004, TCS made history by becoming the first Indian company to cross the
$1 billion mark in annual revenue. This achievement solidified its position as
India's largest IT services company and set the stage for further growth.
In 2004, TCS made history by becoming the first Indian company to cross the
$1 billion mark in annual revenue. This achievement solidified its position as
India's largest IT services company and set the stage for further growth.
Today, TCS is recognized as a global leader in IT services, consulting, and
business solutions. With a workforce of over 488,000 employees from diverse
backgrounds and nationalities, TCS serves clients in multiple industries,
including banking and financial services, manufacturing, healthcare, retail, and
more.
TCS has consistently been ranked among the top IT services companies globally
and has received numerous accolades for its innovation, customer focus, and
ethical business practices. It remains a flagship company within the Tata Group
and continues to play a pivotal role in shaping the Indian IT and software
services industry.

1.4 Company Profile

Company Name: Tata Consultancy Services Limited (TCS)

Founded: 1968
Headquarters: Mumbai, India
Industry: Information Technology and Services
CEO: Rajesh Gopinathan
Revenue: USD 22.17 billion (FY 2020-21)
Employees: Over 488,000 (as of March 31, 2021)
1.5 Registered office address

The registered office of Tata consultancy Services (TCS) is located at 9th floor,
Nirmal Building, Nariman Point, Mumbai-400021, Maharashtra, India.
1.6 Board of directors

The Board of Directors of Tata Consultancy Services Limited (TCS) consists of

the following individuals:

1. Natarajan Chandrasekaran - Chairman of the Board

2. K Krithivasan - Chief Executive Officer and Managing Director
3 Mr. O.P. Bhatt - Director
4. Aarthi Subramanian - Chief Business Officer
5. N. Ganapathy Subramaniam - Chief Operating Officer and Executive
Director
6. Dr. Pradeep Kumar Khosla – Director
7. Hanne Birgitte Breinbjerg Sorensen – Director
8. Keki M. Mistry – Director
9. Don Callahan – Director
10. K Krithivasan – Chief executive officer and Managing Director
11. Samir Seksaria – Chief Financial Officer
12. Milind Lakkad – Executive Vice President and CHRO

Board of Directors:
1.7 Auditor

The auditors of Tata Consultancy Services Limited (TCS) are as follows:

1. Statutory Auditors: Deloitte Haskins & Sells LLP, Chartered Accountants

- Appointment Year: 2018

2. Internal Auditors: Ernst & Young LLP, Chartered Accountants

- Appointment Year: Not specified in publicly available information

1.8 Balance sheet and Income Statement

Particulars March 2023 March 2022 March 2021 March 2020

Sources of
funds
Share capital 366.00 366.00 370.00 375.0
Reserves total 74172.00 76807.00 74424.00 73993.0
Equity share 0.00 0.00 0.00 0.00
warrants
Equity 0.00 0.00 0.00 0.00
application
money
Total 74538.00 77173.00 7494.00 74368.00
shareholder
funds
Secured loans 0.00 0.00 0.00 0.00
Unsecured 5659.00 5855.00 5912.00 5262.00
loans
Total debt 5659.00 5855.00 5912.00 5262.00
Other 1077.00 1181.00 620.00 972.00
liabilities
Total 81274.00 84209.00 81326.00 80602.00
liabilities
Application of
funds:
Gross block 35402.00 33803.00 3524.00 2958.00
Less 19712.00 17279.00 32524.00 29858.00
accumulated
depreciation
Less 0.00 0.00 0.00 0.00
impairment
of assets
Net block 15690.00 16524.00 16059.00 16122.00
Lease 0.00 0.00 0.00 0.00
adjustment
Capital work 1103.00 1146.00 861.00 781.00
in progress
Producing 0.00 0.00 0.00 0.00
properties
Investments 38143.00 31667.00 30729.00 27875.00
Current
assets, loans
& advances
Inventories 27.00 19.00 7.00 5.00
Sundry 42798.00 36102.00 2522.00 28660.0
debtors
Sundry 42798.00 36102.00 25222.00 28660.0
debtors
Cash and 4543.00 36102.00 25222.00 28660.0
bank
Loans and 9678.00 15117.00 26465.00 20019.00
advances
Total current 57046 1517.00 26456.00 20019.0
assets
Less: current
liabilities and
provisions
Current 29813.00 28798.00 20630.00 18595.00
liabilities
Provisions 8550.0 8127.00 7060.00 5431.00
Total current 38363.00 36925.00 2769.00 24026.00
liabilities
Net current 18683.00 28005.00 27146.00 29482.00
assets
Miscellaneous 0.00 0.00 0.00 0.00
expenses not
written off
Deferred tax 2547.00 449.00 873.00 830.00
Deferred tax 273.00 449.00 873.00 830.0
liability
Net deferred 2274.00 2650.00 2795.00 1872.0
tax
Other assets 5381.00 4217.00 3736.00 4470.0
Total assets 81274.00 84209.00 81326.00 80602.00
Contingent 716.00 735.00 600.00 597.00
liabilities

Profit and loss account:

 Chapter-2 Research Design

2.1 Topic

2.2 Scope

2.3 Purpose

2.4 Objectives

2.5 Limitations

2.6 Research methodology

2.1 Topic

A financial analysis report is a document that evaluates the financial

performance and position of TCS based on its financial statements and other
relevant information.one of the leading companies in the global IT industry is
Tata Consultancy Services (TCS), a subsidiary of the Tata Group. TCS provides a
range of IT services, consulting and business solutions to clients across various
services sectors and geographies.

2.2 Scope of the Study

• The study will focus on the financial performance of TCs from 2013-
2023, Based on its annual reports and financial statements published on
its website
• The study will use various financial ratios and tools to measure and
compare the profitability, liquidity, solvency, efficiency and growth of
TCS. These includes return on equity (ROE), Return on assets (ROA), net
profit margin (NPM), current ratio (CR), debt equity ratio (DER), asset
turnover ratio (ATR), earnings per share (EPS), dividend payout ratio
(DPR), etc.
• The study will also compare TCS with its main competitors in the
industry, such as Infosys, Wipro, HCL Technologies, etc using the same
financial ratios and tools

2.3 Purpose of the study

The purpose of this study is to analyse and compare the financial performance
of Tata Consultancy Services (TCS), one of the leading IT companies in India
and globally. The study aims to answer the following research questions:

• How does TCS competitors compare How has TCS performed financially
in terms of profitability, liquidity, solvency, efficiency, and growth in the
last 10 years? with its main in the IT industry in terms of financial
performance?
 • What are the strengths and weaknesses of TCS’s financial position and
strategy?

2.4 Objectives of the study

The objectives of this study are:

• To measure and compare the profitability, liquidity, solvency, efficiency,

and growth of TCS and its competitors using various financial ratios and
tools such as return on equity (ROE), return on assets (ROA), net profit
margin (NPM), current ratio (CR), debt-to-equity ratio (DER), asset
turnover ratio (ATR), earnings per share (EPS), dividend payout ratio
(DPR), etc.
• To identify the factors that influence the financial performance of TCS
and its competitors, such as market share, revenue, cost, innovation,
etc., by conducting a SWOT analysis and a Porter’s five forces analysis.
• To evaluate the strengths and weaknesses of TCS’s financial position and
strategy and provide recommendations for improvement based on the
findings of the analysis.

2.5 Limitations the study

The limitations of this study are as follows:

• The study is limited by the availability, reliability, and accuracy of the

data sources used for the analysis. The annual reports and financial
 statements of TCS and its competitors may not reflect all the relevant
information or may contain errors or discrepancies.
• The study is delimited by the sample size and selection criteria used for
the comparison. The study will only include TCS and its main competitors
in the IT industry based on their market share, revenue, and reputation.
Other IT companies or sectors may not be considered for the
comparison.
• The study is also delimited by the geographical area covered by the
analysis. The study will only focus on the Indian market and context.
Other markets or regions where TCS operates or has potential
opportunities may not be included in the analysis.
• In conclusion, this study aims to provide a comprehensive and
comparative analysis of the financial performance of TCS in relation to
its competitors in the IT industry. The study will help to identify the
strengths and weaknesses of TCS’s financial position and strategy and
provide recommendations for improvement.

2.6 Research Methodology

The present study’s core objective is to find out the financial position and
performance of TCS. Both primary and secondary data has been used for the
study. The main source of the data has been collected from the published
annual reports, profit and loss account, different websites
 Chapter-3 Ratio Analysis
3.1 Liquidity Ratio
• Current Ratio
• Quick ratio

3.2 Turnover Ratio

• Inventory Turnover ratio
• Debtor Turnover ratio

3.3 Profitability Ratio

• Gross Profit ratio
• Net profit ratio

3.4 Leverage Ratio

• Debt Equity ratio

3.5 Proprietary ratio

3.6 Total Capital Turnover Ratio
3.7 Return on asset Ratio
3.8 Working Capital Ratio
3.9 Coverage Ratio
3.1 Liquidity Ratio
• Current Ratio
The current ratio is a liquidity ratio that measures a company’s
ability to pay short- term and long-term obligations. The formula for
calculating a company’s current ratio is:
Current ratio = Current Assets
Current Liability
Interpretation
The current ratio in 2010 was not in position it shows below the
standard ratio i.e. 4.17 times. At present company is in good position it
can manage liabilities.

• Quick Ratio
The quick ratio is an indicator of the company’s short-term
liquidity position and measures a company ability to meet its short-
term obligations with liquid asset.
Quick Ratio= Current Assets – inventory
Current Liabilities
Interpretations:
The above graph shows the company’s quick or liquid ratio. According to the
above data company is not capable to pay its debts through liquid assets.
Quick ratios of all the years (2014-2015) showing below the standard. From
2015-2016 company’s Quick Ratio was in above standard. But in 2016 and
2017 it is 6.14. Quick Ratio got some improvement.
3.2Turnover Ratio
• Inventory Turn over Ratio
Inventory turnover ratio = sales
Closing inventory
Interpretation:
The above graph shows the company’s inventory turn over ratio. According
to the above data company from 2009-2011 it is constant inventory turn over
ratios in the years 2014-2016, it is showing upward standard and in the last 2
years it is slowing down the inventory turn over ratio can ensure that things
are going well with the business.

• Debtors turnover Ratio

Debtors turnover ratio= net credit sales
Average Debtors
Interpretation:
The debtors’ turnover ratio reveals that in the year 2009 it is 5.1 and in
the (2010-2011) it has increased 4.5 to 5.8 and in the year 2017-2018

• Average Collection Period:

Average collection period = 365
Debtors turn over ratio
Interpretation:
The ratio indicates the average number of days for which a firm has to wait
before its receivables is converted in to cash. The dcp having average collection
period in the year, 2014-2015 is 79 days the days of collection performance
which in adversely affect little bit to the liquidity of the firm again. It has been
increased in the year 2017-2018 that is 280 days.
3.3 Profitability Ratios
• Gross profit ratio
Gross profit = gp
Net sales
Year Gross profit Net sale
2009-2010 30961.88 30300.99 1.02
2010-2011 38663.77 37928.51 1.01
2011-2012 4933118 4932200 1.00
2012-2013 6547.63 64167.71 0.10
2013-2014 84795.25 83446.1 1.01
2014-2015 99677.01 97878.32 1.01
2015-2016 113648 111700.08 1.01
2016-2017 1575 97261 0.01
2017-2018 2140.746 126.746 16.8
2018-2019 1106.774 150.774 14.6
Interpretation:
High ratio of gross profit to sales is a sign of good management. The gross
profit margin has improved during 2017 it was 16.8 compared to previous 8
years, which was very low and 2017 and for 2018 there is increase of 16.8 and
in the year 2018 it has again decreased to 14.6 respectively.

Operating ratio = EBIT

Sales
Interpretation
A high net profit margin would ensure adequate return to the owners as
well as enable a firm to withstand adverse economic condition, when selling
price is declining, cost of production is raised and demand for the product is
falling. And in all the years the ratio for the year 2017-2018 is increased 6.4

3.4 Leverage Ratio

Debt equity ratio= Total debt
Shareholders equity
Debt Ratio
Debt ratio= Total Liabilities
Total Assets
Year Total debt ratio Net asset Debt Ratio
2009-2010 19000.36 19000.36 1
2010-2011 14276.15 14276.15 1
2011-2012 41394.49 41394.49 1
2012-2013 52267.22 52267.22 1
2013-2014 67137.78 67137.78 1
2014-2015 73660.88 73660.88 1
2015-2016 89384.38 89384.38 1
2016-2017 89758 85758 1
2017-2018 106296 106296 1
2018-2018 114943 114943 1
Interpretation:
The debt to net asset ratio, in all the years it is one hence the debt to net
asset ratio has equal in all the years basis, but it is higher almost 90% of the
assets value. Hence net asset is more. A high ratio indicates company’s inability
to balance its debt to assets.

3.5 Proprietary Ratio:

Proprietary ratio = Proprietary fund *100
Total Assets
Interpretation:
The above table shows the proprietary ratio that the proprietary fund is less,
compared to total assets it means the company is able to meets its proprietary
obligation in the year. The proprietary’ turnover ratio revels that in the year
2009-2010 is 97 in the year 2012-2014 it has been decreased 68 and it is
increased in the year 2016-2017 it is 86 in the year 2017-2018 is decreased to
24 and in the year 2018-2019 it is increased to 77.

3.6 Proprietary Ratio

Total Capital Turn over Ratio= Sales
Capital employed
Interpretation:
The total capital turnover ratio that is less, compared to total assets it means
the company is able to meet its proprietary obligation in the year. The total
capital turnover ratio revels that in the year 2009 it was 2.8 and in the 2010 it
is increased to 5.6 and in the year 2011 it has decreased to 1.5 and in year
2012 it is same and in the year 2013 it is increased to 1.6 and in the year 2016
it decreased to 1.2 and in the year 2017 and 2018 it is nill as compared to all
the years 2010-2011 is increasing

3.7 Return on Asset Ratio

Return on Asset Ratio = net sales
Total assets
Interpretation:
The return on asset ratio is in the year 2009 it was 1.5 and in the year 2010 it
is increased to 2.6 and in the year 2011 it is increased 94 and in the year 2012
it has decreased to 1.2 and in year 2012 it same and in the year 2013 it is
decreased to 1.2 and in the year 2014 it is increased to 1.4 and in the year
2015 it is decreased to 1.2 and in the year 2016 it decreased to 1.0 and in the
year 2017 and 2018 it is 0 as compared to all the years 2010-2011 is increasing.

3.8 Working Capital Ratio

Working capital ratio= Current assets
Current liabilities
Interpretation:
Working capital ratio is in the year 2009 it was 1.8 and in the year 2010 it is
increased to 2.8 and in the year 2011 it is decreased 2.2 and in the year 2012 it
is increased 2.6 and in the year 2013 it has increased to 2.7 and in the year
2014 it is decreased 2.4 and in the year 2014 it is decrease to 2.4 and in the
year 2015 it is increased 2.8 and in the year 2016 it is increased to 6.4 and in
the year 2017 it decreased to 4.5 and in the year 2018it is decreasing 4.1
compare to all the years 2016 is increasing.
3.9 Coverage Ratio
Coverage Ratio= Interest Coverage Ratio
EBIT
Interpretation:
In the coverage ratio in year 2009 it was 514 and in the year 2010 it is
decreased to 423 and in the year 2011 it is decreased by 109 and in the year
2012 it has increased by 160 and in year 2012 it same and in the year 2013 it is
decreased to 159 and in the year 2014 it is decreased to 122 and in the year
2015 it is increased to 381 and in the year 2016 to 18 it is nil.

Chapter-4 Findings
1. Current ratio: The current ratio in 2010 was not good in this position it
shows below the standard ratio 1.87 times but at present after 9 year in 2019
it is above the standard ratio i.e.4.17 times. At present company is in good
position it can manage all liabilities.
2. Quick ratio: The above graph shows the company’s Quick or Liquid Ratio.
According to the above data company is not capable to pay its debts through
liquid assets. Quick ratios of all the years (2014 to 2015) showing below the
standard. From 2015-2016 company’s Quick Ratio was in above standard. But
in 2016 and 2017 it is 6.14 Quick Ratio got some improvement.
3. Inventory turnover ratio: The above graph shows the company’s inventory
turnover ratio. According to the above data company from 2009-2011 it is
constant inventory. Turnover ratios in the years (2014 to 2016) it is showing
upward standard and in the last 2 years it is slowing down inventory tur over
Ratio can ensure that things are going well with business.
4. The debtors’ turnover ratio revels that in the year 2009 it is 5.1 and in the
(2010-11) has been decreased to 4.6 to 4.2 and in the year 2013-17 it has
increased 4.5 to 5.8 and it in the year 1.7 Slow down to 1.3.
5. The ratio indicates the average number of days for which a firm has to wait
before its receivables is converted in to cash. The DCP having average
collection period in the year 2014-15 and 2015, is 79days the days of collection
performance which in adversely affect little bit to the liquidity of the firm again
It has been increased in the year 17-18 that is 280 days.
Suggestions
1. To leverage the Business 4.0 framework to drive growth and
transformation for its customers and itself. Business 4.0 is a thought
leadership framework that TCS introduced in 2018 to help customers
harness the power of digital technologies such as cloud, analytics,
automation, and artificial intelligence. It is based on four attributes:
mass personalization, leveraging ecosystems, embracing risk, and
creating exponential value1.
2. To invest in developing and retaining talent, especially in emerging
technologies and domains. TCS has a large and diverse workforce of over
420,000 consultants in 50 countries, and it needs to ensure that they are
well-trained, motivated, and aligned with the company’s vision and
values. TCS has been recognized for its excellence in human resource
management, such as being ranked among the top employers in Europe,
Asia, and North America2.
3. To expand its presence and offerings in new markets and geographies,
especially in the areas of cloud, digital, and consulting. TCS has a strong
global footprint, with over 70% of its revenues coming from North
America and Europe. However, it also faces competition from other IT
service providers, both global and local, who are vying for the same
customers and opportunities. TCS needs to differentiate itself by
providing innovative solutions and value-added services that cater to the
specific needs and preferences of each market3.
4. To enhance its corporate social responsibility and sustainability
initiatives, both internally and externally. TCS has been proactive in
addressing the environmental, social, and governance issues that affect
its stakeholders, such as reducing its carbon footprint, promoting
diversity and inclusion, supporting education and health programs, and
participating in marathons and running events. TCS has also been
featured in various sustainability indices, such as the Dow Jones
Sustainability Index, MSCI Global Sustainability Index, and FTSE4Good
Emerging Index.
Bibliography
1.GJRA - GLOBAL JOURNAL FOR RESEARCH ANALYSIS X 101 Volume-4, Issue-7,
July-2015 • ISSN No 2277’..Introduction’
2.Dr. Rupesh Kumbhaj*, Dr.Yuvraj Kumbhaj* Financial Analysis of Tcs And
Wipro With Respect To Ratio Analysis Altius Shodh Journal of Management &
Commerce ISSN 2348 – 8891 ‘company profile’
3.A comparative study between TCS & Infosys, Indian Journal of Applied
Research, Volume :3/Issue:11/Nov2013/ISSN -2249 – 555X’ Research
metholodgy”
4.http://www.tcs.com/investors/Documents/Financial%20Statements/TCS_IFR
S_Q4_13_USD
PDF|http://www.tata.in/company/profile/Tata-Consultancy-Services
http://www.moneycontrol.com/financials/tataconsultancyservices/balance-
sheet/TCS#TCS
http://www. moneycontrol.com/stocks/company_info/print_main.php
‘’Current ratio”
5.http;//Wikipedia.org/wiki/cashflow statement