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. We have a global presence, deep domain expertise in multiple industry verticals and a rich portfolio of services - consisting of consulting and service integration, digital transformation services, and cognitive business operations - 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. TCS's geographic footprint consists of North America, Latin America, the United Kingdom, Continental Europe, Asia-Pacific, India and Middle-East & Africa. The company is a part of Tata Group, one of India's most respected business conglomerates and most respected brands. The company headquartered in Mumbai. TCS have been operating through 285 offices in 46 countries as well as 147 delivery centers in 21 countries. The company shares are listed on the National Stock Exchange and Bombay Stock Exchange of India. 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 the 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 the State of 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 July 29, 2008, the company won the highest incremental improvement award and moved to the Industry Leader position in the Tata Business Excellence Model ('TBEM') at the JRD QV Awards ceremony. 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.

Tata Consultancy Services Ltd Chairman Speech

Dear Stakeholder,

Even as I write this, India and many other parts of the world are in the grip of second or even third waves of the pandemic, much fiercer than anything we saw last year. It is a health crisis of the kind we have not seen in generations. My heart goes out to everyone out there who has suffered the loss of loved ones. I am confident we will eventually get it under control, but until then, I urge you to stay safe, follow covid discipline, get vaccinated if you are eligible and keep your spirits up.

On the business front, your company weathered the pandemic very well. It adapted quickly and embraced a new operating model that prioritized the health and wellbeing of its employees, while enabling it to continue supporting its customers not just in their mission-critical operations but also in their growth and transformation journeys. Its Vision 25x25 and pioneering work around talent clouds have reinforced its credentials as a thought leader on the future of work, and a trend setter in the industry.

TCS' agility, resilience and responsiveness during the crisis earned it tremendous goodwill from customers and enhanced its standing in the market. After the initial impact from lockdown-related disruptions, it swiftly returned to a sharp growth trajectory over the next nine months, and exited the year on a very strong note, with an expanded market share, industry-leading profitability and an all-time high order book.

Technological change is far more perceptible when it comes to consumer technology, and less so in the enterprise world. Enterprise adoption of new technologies tends to be very measured, and it is only much later, with the benefit of hindsight, that the scale of change and the key inflection points become more evident. To my mind, the year gone by saw an important inflection point thathas s of the huge ramifications on enterprise consumption of technology in the coming years, and on demand for your company's services.

The pressing need for operational resilience and for enhancing customer experiences in digital channels accelerated enterprise decision-making, committing to future technology investments around the all-encompassing hyperscaler cloud stacks. This represents an important inflection point in the enterprise embrace of the cloud, and will drive significant spending on migrating workloads to public clouds in the coming years.

Moving workloads to the cloud is just the start of their digital transformation journeys. The rich native capabilities of these stacks, particularly in the areas of analytics, machine learning and artificial intelligence open up a vast array of possibilities for enterprises to pursue new business models, address new customer segments, and provide highly personalized, differentiated experiences across the entire customer journey.

Your company is very well positioned to benefit from this multi-year technology upgradation cycle, and help customers translate their transformative visions into reality. To better articulate its mission and its aspirations, your company adopted a new brand statement this year, RsBuilding on Belief'. I think it describes what TCS does very accurately, and also Group and its evolution reflectsthe over the last century and a half.

Your company has been guided by a set of strong beliefs, right from the time it was founded. Belief in our core values, belief in putting the customer above all, belief in investing in people and empowering them, belief in constantly trying out new ideas and models, and belief in doing right by all the stakeholder communities we work with. This is why the new brand statement resonates so well, and feels so right.

Looking ahead, your company sees immense opportunities for growth, riding the new technology cycle that has kicked off, powered by the belief that its differentiated capabilities and collaborative, solution-centric approach makes it the preferred transformation partner of its customers. It is building on that belief, and investing in sharpening the capabilities needed to expand its footprint in this large opportunity.

On behalf of the Board of Directors of Tata Consultancy Services, I want to thank you for your continued trust, confidence, and support.

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. We have a global presence, deep domain expertise in multiple industry verticals and a rich portfolio of services - consisting of consulting and service integration, digital transformation services, and cognitive business operations - 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. TCS's geographic footprint consists of North America, Latin America, the United Kingdom, Continental Europe, Asia-Pacific, India and Middle-East & Africa. The company is a part of Tata Group, one of India's most respected business conglomerates and most respected brands. The company headquartered in Mumbai. TCS have been operating through 285 offices in 46 countries as well as 147 delivery centers in 21 countries. The company shares are listed on the National Stock Exchange and Bombay Stock Exchange of India. 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 the 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 the State of 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 July 29, 2008, the company won the highest incremental improvement award and moved to the Industry Leader position in the Tata Business Excellence Model ('TBEM') at the JRD QV Awards ceremony. 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.

Tata Consultancy Services Ltd Directors Reports

To the Members,

The Directors present the 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, 2021. The consolidated performance of the Company and its subsidiaries has been referred to wherever required.

1. Financial results

2. COVID-19

The COVID-19 pandemic has emerged as a global challenge, creating disruption across the world. Global solutions are needed to overcome the challenges businesses & business models have transformed to create a new work order. The swift transition to remote working was facilitated by the Secure Borderless Workspaces model adopted by the Company.

The physical and emotional wellbeing of employees continues to be a top priority for the Company, with several initiatives to support employees and their families during the pandemic. The Company has invested in setting up medical helplines, ambulance services and first line Covid Care Centers within TCS premises, and has also extended counselling and self-help services providing mental & emotional support to employees. The Company has reimagined employee engagement, which transcends geographic barriers by embracing virtual technologies and embraces our diverse workforce. Initiatives like the #OneTCS channel, designed to reduce stress and the feeling of isolation, hosted inspirational leaders, mental health experts, virtual town halls and a global talent hunt competition to boost morale of employees.

*Excluding provision towards legal claim.

The SBWS model has been institutionalized and the Company has been able to seamlessly adapt and extend it to prospect for new business, sell, contract and execute programs. This transformative model enables remote access for employees, sets up a suitable cybersecurity framework and all project management practices and systems needed to ensure that work allocation, monitoring and reporting continues without disruption. In this way, the SBWS model ensured that neither the quality nor the timeliness of client deliveries was ever compromised. SBWS is not a short-term response to a crisis, but a new beginning. These new ways of working and managing businesses present a great opportunity to more than just ‘recover' from the consequences of the crisis, but to accelerate transformation.

The revenue impact of the pandemic played out broadly along the lines that the Company had anticipated at the start and affected all verticals, with the exception of Life Sciences and Healthcare, with varying levels of impact.

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 interim dividends of Rs23 per equity share involving a cash outflow of Rs8,598 crore. The Directors have also recommended a final dividend ofRs15 per equity share, the final dividend on equity shares, if approved by the Members, would involve a cash outflow ofRs5,549 crore. The total dividend for FY 2021 amounts to Rs38 per equity share and would involve a total cash outflow of Rs14,147 crore, resulting in 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 Rs3,000 per equity share for an aggregate consideration of Rs16,000 crore. The offer size of the buy-back 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 on September 30, 2020, respectively. The buy-back represented 1.42 percent of the total issued and paid-up equity share capital of the Company. The buy-back process was completed and the shares were extinguished on January 6, 2021.

The shareholder's payout with respect to dividend and buy-back including tax on buy-back (excluding transaction costs, other incidental and related expenses) aggregated to Rs33,873 crore, resulting in a payout of 106.1 percent* of the standalone profits of the Company.

In FY 2020, the Company paid a total dividend of Rs73 per equity share, including a special dividend of Rs40 per equity share, which resulted in an outflow ofRs31,895 crore and a dividend payout of 95.9 percent of the standalone profits of the Company.

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 on https://on.tcs.com/ Dividend.

4. Transfer to reserves

The closing balance of the retained earnings of the Company for FY 2021, after all appropriation and adjustments was Rs70,928 crore.

*Excluding provision towards legal claim.

5. Company's performance

On a consolidated basis, the revenue for FY 2021 was Rs164,177 crore, higher by 4.6 percent over the previous year's revenue of Rs156,949 crore. The profit after tax (PAT) attributable to shareholders and non-controlling interests for FY 2021 and FY 2020 was Rs33,520 crore* and Rs32,447 crore, respectively. The profit after tax (PAT) attributable to shareholders for FY 2021 and FY 2020 was Rs33,388 crore* and Rs32,340 crore, respectively.

On a standalone basis, the revenue for FY 2021 was Rs135,963 crore, higher by 3.5 percent over the previous year's revenue of Rs131,306 crore in FY 2020. The profit after tax (PAT) attributable to shareholders for FY 2021 and FY 2020 was Rs31,918 crore* and Rs33,260 crore, respectively.

6. Human resource development

In this extraordinary year, TCS continued to stay focused on the health and wellbeing of its associates through multiple measures. Some of these included the setting up of first line Covid Care Centres at TCS premises, hospital admission assistance, home healthcare services, availability of OHC doctors round the clock, tele medicine and repatriation of onsite associates and families through the Vande Bharat Mission. In addition, TCS took various initiatives to keep employees productive and engaged, with secure access and the latest collaboration tools. Virtual HR days, daily check-in calls to associates, increased connect sessions with leaders, counselling services and other initiatives focused on improving the employees' resilience. TCS employees, their families and other stakeholders highly appreciated these steps.

This year the Company's Learning Intensity has increased significantly, by almost 37%. The Company launched TCS Elevate, a merit-based talent framework to bring further tighter linkage between learning and careers, and to drive a culture of continuous learning and aspiration for accelerated career paths. Over 138,000 associates have been on-boarded to this program.

The Company continued its track record of pioneering industry-first practices by embracing online hiring, conducting around 100,000 virtual interviews, and pivoting the TCS NQT completely to virtual mode. Over 368K students from 3,100+ colleges attended the TCS NQT from the safety of their homes. The Company's investment in strategic leadership hiring from top B-schools deepened with TCS being the highest internship hirer in these top campuses. The Company had a net addition of 40,185, taking its total associate count to 488,649.

A digital online onboarding model helped the Company to effectively integrate associates hired across the globe. Its diverse workforce includes 154 nationalities across 46 countries. The Company is one of the largest employers of women in the world. Sustained efforts to improve gender diversity, through focused hiring, mentoring and coaching women employees, have resulted in women currently accounting for 36.5 percent of the workforce.

TCS' commitment to its employees and its pioneering and innovative HR initiatives have won it many awards and accolades from top Industry bodies such as ATD and Brandon Hall. The Company's internal associate satisfaction survey PULSE showed the highest associate satisfaction and engagement scores in the last 13 years. This is also reflected in its LTM attrition rate of 7.2 percent, which is an industry benchmark, and its lowest ever.

7. Quality initiatives

The Company continues to sustain its commitment to the highest levels of quality, superior service management, robust information security practices and mature business continuity management by successfully completing annual re-certification/surveillance audits for various industry standards and models.

TCS' integrated Quality Management System (iQMS ) continues to enable outstanding value and experience to its customers. iQMS is continually enhanced for emerging service erings, new delivery methodologies, off industry best practices and latest technologies. iQMS has been updated with handbooks and guidelines for Agile methodology.

Agile is a method to accelerate the speed of delivery in software development. TCS saw an opportunity to elevate Agile by applying it to everything an organization does spanning market research, innovation, product development, sales, delivery, and support functions, allowing organization wide delivery and innovation at high speeds, breaking departmental barriers and transcending location constraints. TCS calls this as Enterprise Agile. In 2017, TCS declared ‘Enterprise Agile by 2020' as its vision with the goal of transforming TCS along four dimensions: Workforce, Workplace & Infrastructure, Service Delivery, and Internal Processes. Implementation was accomplished in three waves for (1) IT Services, (2) Cognitive Business Operations and (3)

Enablement Functions such as HR, Marketing, Administration, IT Infrastructure, Delivery Excellence, Internal IT, and Research.

While standard Agile pushes for collaboration within a physical setting, TCS had to invent a method to bring agility without the need for physical co-location of teams. TCS created the Location Independent Agile providing comprehensive blueprints of team configurations, practices and technology for collaboration such as Open Agile Collaborative Workspace (OACW) so that team members from any part of the world can work together without location constraints.

By converting Agile into a strategic enterprise transformation lever, TCS created many capabilities, including the world's largest Agile workforce. TCS has filed five patents in the Agile space. Today, industry Agile experts and analysts acknowledge TCS' leadership in Agile. TCS handles over 12,000 Agile projects contributing to 85 percent of IT services revenue. TCS has also added a key term to the worldwide agile vocabulary by introducing the concept of Agility Debt - an index that uniquely measures an organization's agility. TCS saw customers who undertook holistic Agile Transformations growing faster than their peers, and more than 90 percent of customers acknowledged increased speed-to-value from their agile adoption.

The Company accomplished the Enterprise Agile 2020 vision by October 2020 satisfying all the KPI's that were set, which the Company believes is first of its kind in the industry. The Company has 427,000+ Agile Ready workforce with 86 percent of them functioning as Practitioners in client projects. The Company's AgiltyDebt stands below 0.25 and more than 70 percent of new projects getting initiated are following agile methods Technologies and Investments from ‘Enterprise Agile' initiative gave the foundation for Secure Borderless Workspaces (SBWS ), which is the backbone for our associates to work remotely from wherever they feel safe.

To reduce the delivery risks during the pandemic, the Company had rolled out Guidelines for “Service Delivery under SBWS and the SBWS Governance utility. It has been monitoring the 20,000+ projects across the globe through digitized dashboards. The customer-centricity, rigor in operations and focus on delivery excellence have resulted in consistent improvements in customer satisfaction levels in the periodic surveys conducted by the Company. This is validated by top rankings in third party surveys as well.

8. Subsidiary companies

The Company has 50 subsidiaries as on March 31, 2021. 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 Equity stake in Technology Outsourcing S.A.C., was sold to Banco Pichincha Peru on December 1, 2020, at book value, consequent to which Technology Outsourcing S.A.C. ceased to be the subsidiary of the Company.

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. The intent of the transaction was for TCS to establish a new global delivery centre in Ireland to provide PFI with a range of business and technology services, while also expanding TCS nearshore capabilities to provide the multifunctional, digital services and solutions to other customers in Ireland, the UK, Europe and the US. Accordingly, on December 2, 2020, Tata Consultancy

Services Ireland Limited was incorporated as a wholly owned subsidiary of the Company in Ireland to provide the aforesaid services.

CMC Americas, Inc., a US based subsidiary of the Company was voluntarily dissolved with effect from December 16, 2020 as CMC Americas Inc. and TCS both provide similar services. This would also enable rationalization of the number of entities in the US.

On January 1, 2021, Tata Consultancy Services Netherlands B.V., a wholly owned subsidiary of the Company acquired 100 percent shares of Postbank Systems AG (PBS), a subsidiary of Deutsche Bank AG at an estimated transaction value at a symbolic 1 Euro. PBS is the full-range captive IT service provider that provides project management, application management and infrastructure support services to Postbank and other subsidiaries of Deutsche Bank. As a part of transaction, PBS and its around 1,500 employees become part of TCS which helped in deepening the relationship between the two organizations and add to TCS' scale in Germany and strengthen its growth outlook.

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 on https://www.tcs.com/investor-relations.

9. Directors' responsibility statement

Pursuant to Section 134(5) of the Act, the Board of Directors, to the best of its knowledge and ability, confirm that: i. in the preparation of the annual accounts, the applicable accounting standards have been followed and there are no material departures;

ii. they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the

Company at the end of the financial year and of the profit of the Company for that period;

iii. they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; iv. they have prepared the annual accounts on a going concern basis; v. they have laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and operating effectively; vi. they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively. 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 2021.

10. Directors and key managerial personnel

N. Chandrasekaran 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 non-executive directors of the Company had no pecuniary relationship or transactions with the Company, other than sitting fees, commission and reimbursement of expenses, if any. Pursuant to the provisions of Section 203 of the Act, Rajesh Gopinathan, Chief Executive Officer and Managing Director, N. Ganapathy Subramaniam, Chief Operating Officer and

Executive Director, Ramakrishnan V., Chief Financial Officer and Rajendra Moholkar, Company Secretary are the Key Managerial Personnel of the Company as on March 31, 2021.

Ramakrishnan V. has been the Chief Financial Officer since February 21, 2017. He will be retiring from the services of the Company effective April 30, 2021. The Board places on record its appreciation for his invaluable contribution and guidance during his tenure with the Company.

During the year under review, the Board at its meeting held on October 7, 2020 appointed Samir Seksaria as the Chief Financial Officer Designate of the Company to take over from Ramakrishnan V. as Chief Financial Officer, with effect from May 1, 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.

11. Number of meetings of the Board

Seven 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.

12. Board evaluation

The Board of Directors has carried out an annual evaluation of its own performance, board committees, and individual directors pursuant to the provisions of the Act and SEBI Listing Regulations.

The performance of the board was evaluated by the Board after seeking inputs from all the directors on the basis of criteria such as the board composition and structure, effectiveness of board processes, information and functioning, etc.

The performance of the committees was evaluated by the Board after seeking inputs from the committee members on the basis of criteria such as the composition of committees, effectiveness of committee meetings, etc.

The above criteria are broadly based on the Guidance Note on Board Evaluation issued by the Securities and Exchange Board of India on January 5, 2017.

In a separate meeting of independent directors, performance of non-independent directors, the Board as a whole and 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.

13. Policy on directors' appointment and remuneration and other details

The Company's policy on appointment of directors is available on the Company's website on https://on.tcs.com/ApptDirectors.

The policy on remuneration and other matters provided in Section 178(3) of the Act has been disclosed in the Corporate Governance Report, which is a part of this report and is also available on the Company's website on https://on.tcs.com/remuneration-policy.

14. Corporate social responsibility

The brief outline of the corporate social responsibility (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 on https://on.tcs.com/Global-CSR-Policy.

15. 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.

16. 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.

17. Auditors

At the twenty-second AGM held on June 16, 2017 the Members approved appointment of B S R & Co. LLP, Chartered Accountants (Firm Registration No.101248W/W-100022) as Statutory Auditors of the Company to hold office for a period of five years from the conclusion of that AGM till the conclusion of the twenty-seventh AGM, subject to ratification of their appointment by Members at every AGM, if so required under the Act.

18. 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.

19. 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 atements. 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.

20. Vigil Mechanism

The Company has a Whistle Blower Policy and has established the necessary vigil mechanism for directors and employees in confirmation with Section 177(9) of the Act and Regulation 22 of Listing Regulations, to report concerns about unethical behavior. This Policy is available on the Company's website on https://on.tcs.com/ WhistleBP.

21. 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

22. 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 2020-21 and hence does not form part of this report.

23. Annual Return

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return as on March 31, 2021 is available on the Company's website on https://on.tcs.com/ annual-return-20-21.

24. 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:

* 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.

b. The percentage increase in the median remuneration of employees in the financial year: (0.03) percent

c. The number of permanent employees on the rolls of Company: 488,649

d. Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and point out if and there are any exceptional circumstances for increase in the managerial remuneration:

The average annual increase was 5.2 percent in India. However, during the course of the year, the total increase is approximately 6.4 percent, after accounting for promotions and other event based compensation revisions. Employees outside India received a wage increase varying from 2 percent to 6 percent. The increase in remuneration is in line with the market trends in the respective countries. Increase in the managerial remuneration for the year was 55.22 percent. Increase in the managerial remuneration for FY 2021 is not comparable with

FY 2020 owing to decrease in remuneration of 15 percent in FY 2020 in view of the economic conditions impacted by the COVID-19 pandemic wherein the Directors had decided to moderate the executive remuneration for FY 2020 to express solidarity and conserve resources. e. Affirmation that the remuneration is as per the remuneration policy of the Company: The Company affirms that the remuneration is as per the remuneration policy of the Company. f. The statement containing names of top ten employees in terms of remuneration drawn and the particulars of employees as required under Section 197(12) of the Act read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided in a separate annexure forming part of this report. Further, the report and the accounts are being sent to the Members excluding the aforesaid annexure. In terms of Section 136 of the Act, the said annexure is open for inspection and any Member interested in obtaining a copy of the same may write to the Company Secretary.

25. Integrated Report

The Company being one of the top companies in the country in terms of market capitalization, has voluntarily provided Integrated Report, which encompasses both financial and non-financial information to enable the Members to take well informed decisions and have a better understanding of the Company's long term perspective. The Report also touches upon aspects such as organisation's strategy, governance framework, performance and prospects of value creation based on the six forms of capital viz. financial capital, manufactured capital, intellectual capital, human capital, social and relationship capital and natural capital.

26. Disclosure requirements

As per SEBI Listing Regulations, the Corporate Governance Report with the Auditors' Certificate thereon, and the integrated Management Discussion and Analysis including the Business Responsibility Report are attached, which forms part of this report.

The Company has devised proper systems to ensure compliance with the provisions of all applicable Secretarial Standards issued by the Institute of Company Secretaries of India and that such systems are adequate and operating effectively.

27. Deposits from public

The Company has not accepted any deposits from public and as such, no amount on account of principal or interest on deposits from public was outstanding as on the date of the balance sheet.

Conservation of energy

The Company saw a year-on-year reduction in absolute energy use by 46.6 percent in MWh and an absolute carbon footprint reduction (across Scope 1 and Scope 2) by 48.8 percent (in tonnes of carbon dioxide equivalent). This reduction was not commensurate to the extremely low occupancy because some utilities had to be run to maintain the infrastructure. TCS' specific greenhouse gas emissions (Scope 1 + Scope 2) comes to 0.54 tCO2e/ FTE

(Full Time Equivalent)/Annum in the current reporting year, a reduction of 53 percent Y-O-Y. This is estimated with the actual carbon footprint and a notional FTE (working out of TCS offices), considering an increase of 8.23 percent in the FTE over the last reporting year. This increase in FTE, is in line with the TCS global headcount growth. The specific carbon footprint data is presented for the sake of continuity and is not comparable with the earlier year.

The total rooftop solar energy generation across the campuses increased to 8.1 MWp contributing to 2.5 percent of total electricity use in the reporting year. Total renewable energy used - from rooftop solar power plants and through power purchase agreements was 45.5 million units amounting to 15.6 percent of the total electricity consumption. The Company achieved the target power utilization efficiency (PUE) of 1.65 across 21 of 23 target data centers. The Company has also taken up additional 44 data centers for this initiative and reduced weighted average PUE of all DCs to 1.77 in reporting year from 2.4 in 2017. The Company has focused on temporary closure of ODCs and hub rooms as SBWSTM was approved by customers and all stakeholders, leading to further reduction in energy consumption.

The investment in IoT based energy management system helped the Company to define a new normal of consumption profile, leveraging cognitive AI/ML algorithms and monitoring performance against it to drive efficiency.

Technology absorption, adaption and innovation Research & Development (R&D): Specific areas in which R & D was carried out by the Company

TCS Research and Innovation (R&I) commemorated the 40th year of its founding by adopting a new brand statement “Inventing for Impact”. In keeping with its purpose-driven worldview, TCS R&I teams were engaged in 72 COVID related initiatives around the world, working with local, national and international bodies, adopting multiple approaches: leveraging TCS IP, collaborating with partners, and offering individual consultative inputs across many areas, such as drug candidate molecule discovery, COVID data management, diagnostic kits, epidemiological study and management. TCS continues to expand its foundational research, in core computing areas and the intersections with other sciences. New areas of focus include DNA computing, AI for protein design, cognitive robotics, meta materials, quantum computing and sensing. Research and Innovation teams worked with cross-functional teams across the Company on strategic initiatives such as Patents, Products & Platforms (3P), Technology Change Management, 5G, Cloud and Cyber Security.

TCS R&I continues to build its intellectual property; more than 240 papers were presented at conferences or published in journals. The New Products and Solutions Development framework that governs the emerging pipeline of IP, and IP-leveraged offerings continued to expand the Company's portfolio with new offerings like TCS Dynaport , TCS Consent Management Solution, and TCS Omnistore to support the next wave of growth. Numerous new technology use cases were piloted for customers in various industry segments.

The Company's existing portfolio of products and platforms continued to grow, with new releases in FY 2021 with additional features and functionality, and expansion of the ignio , TCS ADD and TCS BaNCS suites with new products covering adjacencies.

TCS won CII's Industrial Intellectual Property Awards 2020. R&I won the Business Culture Award, and several of the Company's products and platforms won multiple awards across the world. The Company continued to contribute to standards bodies especially in ISO SC7 and Systems Engineering. As of March 31, 2021, the Company has applied for 5,879 patents cumulatively and has been granted 1,850 patents.

TCS continued to foster the culture of innovation, organizing one crowdsourced innovation a week. The TCS Innovista competition attracted over 10,290 entries from across the organization. The Company set up a community of Innovation Champions who serve as innovation ambassadors, helping customers leverage the best of TCS for their growth and transformation. Its Co-Innovation Network (TCS COIN ) initiative continued to expand, with 67 ongoing projects in emerging technologies with global academic partners, and with over 2,400 start-ups in its emerging technology ecosystem.

The Company's Pace Ports, which are experiential spaces connecting customers to all of TCS' organizational capabilities in innovation, technology and industry expertise, hosted several events and workshops. In FY 2021, three new PACE Ports, in Pittsburgh, Toronto and Amsterdam respectively, commenced virtual operations. The PACE Internship Program was launched this year in Amsterdam with a batch of students pursuing Masters in Innovation & Digitalization from Nyenrode Business University.

In keeping with the Company's commitment to social responsibility and environmental stewardship, it launched several new initiatives.

The first edition of TCS Sustainathon, a challenge that aims to inspire students to envision a sustainable future using technology to solve real world problems, focused on reducing food wastage. TCS and the Malaysian petroleum major PETRONAS launched a Social Enterprise Education Lab (SEEd.Lab), an end-to-end incubation program to encourage entrepreneurship and job creation. TCS and Auckland Business School partnered to develop an APAC-Focused Digital Sustainability Index.

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 the growth and transformation opportunity and longer term sustainability goals.

Expenditure on R&D

TCS innovation Labs are located in India and other parts of the world. These R&D centers, as certified by Department of Scientific & Industrial Research (DSIR) function from Pune, Chennai, Bengaluru, Delhi- NCR, Hyderabad, Kolkata and Mumbai.

Expenditure incurred in the R&D centers and innovation centers of TCS during FY 2021 and FY 2020 are given below:

Foreign exchange earnings and outgo

Export revenue constituted 94.0 percent of the total standalone revenue in FY 2021 (93.4 percent in FY 2020).

29. Acknowledgements

Padma Bhushan Shri. F. C. Kohli, founder and the first CEO of TCS, passed away on November 26, 2020. The Directors place on record their deep appreciation of his vision, leadership, enormous contribution and monumental work in laying the foundation of the Indian IT Industry and express a deep gratitude to his indefatigable, influential spirit for shaping TCS and the fabric of TCS culture.

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 mourn the loss of life due to COVID-19 pandemic and are deeply grateful and have immense respect for every person who risked their life and safety to fight this pandemic.

The Directors appreciate and value the contribution made by every member of the TCS family.

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