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TCS Annual Report 2019-20

Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world"s largest businesses in their transformation journeys for over 50 years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location TM

Independent Agile delivery model, recognized as

a benchmark of excellence in software development. A part of the Tata group, India"s largest multinational business group, TCS has over 448,000 of the world"s best-trained consultants in 46 countries. The company generated consolidated revenues of US $22 billion in the fiscal year ended March 31, 2020, and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS" proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the MSCI Global Sustainability Index and the FTSE4Good Emerging

Index. For more information, visit us at www.tcs.comRecent events have highlighted the importance of building

organizational resilience, agility and adaptability. At the heart of any organization"s resilience is its people, supported by enabling processes and technologies. Empowered people, who are driven by a sense of organizational purpose, take ownership for outcomes. They know the right thing to do during a crisis, even when no explicit directions are provided. TCS" track record of navigating multiple economic cycles and technology changes over the past five decades can be traced to its culture of empowerment and its purpose-driven worldview. The company is best described by this year"s theme: Purpose Driven. Resilient. Adaptable. During these difficult times, TCS is staying close to customers and helping them develop and implement their own purpose- driven strategies, and enhance their organizational resilience and adaptability so they can survive future shocks, pivot into new business models or launch new offerings and thrive in the new normal.

Purpose-driven.

Resilient.

Adaptable.

1

About TCSTheme

FY 2018

Dawn of Business 4.0

FY 2019

Growth and Transformation

with Business 4.0

FY 2017

Reimagining the Enterprise

FY 2016

Shaping the FutureFY 2015

Default is Digital

Recent Annual

Report Themes

1

102-1, 102-5, 102-7

About TCS I 01

TCS Annual Report 2019-20

Board of Directors

Board of Directors I 02

N Chandrasekaran

Chairman

Hanne Birgitte Breinbjerg

Sorensen

Independent Director

Dr Pradeep Kumar Khosla

Independent Director

N G Subramaniam

Chief Operating Officer

and Executive Director

Keki M Mistry

Independent DirectorFrom left to right

O P Bhatt

Independent Director

Don Callahan

Independent Director

Rajesh Gopinathan

Chief Executive Officer

and Managing Director

Aarthi Subramanian

Director

Rajesh Gopinathan

Chief Executive Officer

and Managing DirectorN G Subramaniam

Chief Operating Officer

and Executive DirectorV Ramakrishnan

Chief Financial OfficerMilind Lakkad

Global Head

Human Resources

Rajashree R

Chief Marketing OfficerK Ananth Krishnan

Chief Technology OfficerRajendra Moholkar

Company SecretaryMadhav Anchan

General Counsel Legal

& Corporate Affairs

TCS Annual Report 2019-20Management Team I 03

Management Team

Corporate

TCS Annual Report 2019-20Management Team I 04

Business Heads

Surya Kant

North America,

UK and EuropeKrishnan Ramanujam

Business and

Technology ServicesK Krithivasan

Banking, Financial

Services and InsuranceShankar Narayanan

Retail, Travel and

Consumer Products

Kamal Bhadada

Communication, Media

and Information ServicesDebashis Ghosh

Life Sciences, Healthcare

and Public ServicesSusheel Vasudevan

Manufacturing and UtilitiesSuresh Muthuswami

BFSI Platforms

Dear Stakeholder,

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

Letter from the Chairman

TCS Annual Report 2019-20Letter from the Chairman I 06

By staying true to its purpose and its values,

and helping its employees, customers and communities use the power of technology to realize their potential, your company is the embodiment of stakeholder capitalism in the true spirit of the Tata ethos. Over the last five decades, your company has shown itself to be very purpose-driven, resilient and adaptable, staying relevant to its customers through multiple economic and technology cycles, and doing good for all its stakeholders.

This is the secret behind its longevity and

sustainability. The sharp shift in consumer preferences will force enterprises to significantly accelerate their digital transformation initiatives. They will also invest heavily in building resilience at every level, on the front-end as well as in back-office operations. Having pioneered Location Independent Agile™ and the Machine First™ Delivery Model, both of which are of immense value to organizations looking to build operational resilience and agility, your company is very well positioned to benefit from these trends.Stepping back from the enterprise level and taking a more global view, I believe that the new world in which digital channels become mainstream, which I described in my book Bridgital Nation, will offer countries like India, a unique opportunity to implement large scale digital interventions that would provide its citizenry easier access to essential services, while creating millions of new jobs. Your company has been at the forefront in enabling several such high- impact initiatives. TCS" Financial Inclusion Network supports over 210 million no-frills accounts set up under the Pradhan Mantri Jan Dhan Yojana. The scheme has created jobs for over 100,000 banking correspondents who go out to remote villages with handheld devices to provide banking services to the unbanked. There are several other examples: the Passport Seva project which completely reimagined the issuance of passports, the digital transformation of India Post, the platform that supports Ayushman Bharat - the world"s largest, fully funded health insurance scheme covering 500 million of India"s poorest, and so on. Each of these initiatives showcases the innovative use of technology to transform citizen services, enhance inclusivity and reduce inequity in society. By staying true to its purpose and its values, and helping its employees, customers and communities use the power of technology to realize their potential, your company is the embodiment of stakeholder capitalism in the true spirit of the Tata ethos. Over the last five decades, your company has shown itself to be very purpose-driven, resilient and

adaptable, staying relevant to its customers through multiple economic and technology cycles, and doing good for

all its stakeholders. This is the secret behind its longevity and sustainability. The next few months will be difficult, but your company is strong with deep relationships with customers and partners, enviable scale, a diversified business mix, a robust and resilient business model, and strong financials. It is well positioned to weather the storms ahead and take advantage of opportunities that come up during the downturn to acquire new capabilities and gain market share. In the post- pandemic world, technology will play an ever larger role in helping enterprises adapt to the new normal and differentiate themselves. Your company is well poised to take the lead in partnering customers to recover and rebound on to their growth and transformation journeys. On behalf of the Board of Directors of Tata Consultancy Services, I want to thank you for your continued trust, confidence, and support.

Warm regards,

N Chandrasekaran

Chairman

Dear Stakeholder,

It is a measure of how quickly and profoundly our world has changed, that when we look back at the year gone by, it feels like a different era altogether.

In FY 2020, your Company delivered revenue of

`156,949 crore, growing 7.2% over the prior year in reported terms, and 7.1% in constant currency terms. Our operating margin continued to be best in class, at 24.6%. Net profit was `32,340 crore, a net margin of 20.6%. Our cash conversion continues to be very strong, with a cash conversion ratio of 100.1% and free cash flow of `29,281 crore.

The Board has recommended a final dividend of

`6 for the year, bringing the total dividend for the year to `73 per share.

This translates into

`31,895 crore returned to shareholders in FY 2020, which is 108.9% of the free cash flow. We had a very productive year, engaging with customers in their innovation, growth and transformation initiatives, expanding and deepening our relationships, deploying very impactful solutions, and winning some of our largest deals till date. However, it is our response to the events of the last ten days of the fiscal year that will be our most defining accomplishment of FY 2020. TCS Annual Report 2019-20Letter from the CEO I 07 1

Letter from the CEO

1

102-14

TCS Annual Report 2019-20

We believe that by 2025, only 25% of

our associates will need to work out of our facilities at any point of time; and every associate will be able to realize their potential without spending more than

25% of their time in a TCS office.

Responding with Speed and Agility

As the pandemic spread, our priority was to safeguard the health and well-being of our employees while continuing to support our customers" mission critical activities globally. The lockdowns tested the agility, resilience and adaptability of our delivery model. We responded to the challenge with speed and agility, and have emerged stronger, with our model now proven to be able to adapt to even extreme shocks. From a highly centralized model, with large campuses accommodating thousands of employees,

we were able to switch to an extreme form of distributed delivery, with 90% of our 448,000-strong workforce enabled

to work remotely, in a matter of days. We not just enabled remote access for our associates but also calibrated our project management framework and security posture so that work could be properly allocated, governed, and reported, while maintaining our stringent security controls, and pivoted into a new operating model that we call Secure Borderless Workspaces™ (SBWS™). Using SBWS, we have been able to continue supporting our customers not only in their mission critical operations but also their transformational projects, just as before, without any slippages. The Secure Borderless Workspaces model is an extension of the Open Agile Workspaces framework that powered the innovative Location Independent Agile™ model that we pioneered two years ago. It leverages all our prior investments, and incorporates the learnings and best practices around network management, a standard service delivery environment, cloud-enabled governance processes, heavy use of digital collaboration tools, and an internal Security Operations Center benchmarked to the best in the industry. Even though these are early days, the outcomes from our new model have been impressive. Our cloud-based project monitoring system has been tracking the progress of over 23,000 ongoing projects on a real time basis, A New Location Agnostic Operating Model ensuring that our customers continue to experience the same high quality of delivery and certainty of outcomes that they have come to expect of TCS. There are even pockets where we have witnessed improved velocity, throughput, and productivity. SBWS will continue to be an integral part of our new operating model and represents the future of work. It helps TCSers enjoy a better quality of life, while making TCS" service delivery more resilient as the fully distributed model is better suited for business continuity. Our customers are comfortable with this model and want us to take more work that others are not able to handle. This has given us the confidence to come out with a bold new Vision

25x25. We believe that by 2025, only 25% of our associates

will need to work out of our facilities at any point of time; and every associate will be able to realize their potential without spending more than 25% of their time in a TCS office. We have received over 500 emails from customers in recent weeks, appreciating how seamlessly TCS managed the transition to SBWS, and expressing gratitude for how our teams went above and beyond to help keep their mission- critical systems and their business operations running under very difficult circumstances. Going through some of those notes filled me with immense pride. No training or standard operating process tells our associates that while enabling work-from-home Purpose-driven, Resilient, Adaptablequotesdbs_dbs1.pdfusesText_1

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