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TATA CONSULTANCY SERVICES LTD.

26 June 2025 | 03:59

Industry >> IT Consulting & Software

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ISIN No INE467B01029 BSE Code / NSE Code 532540 / TCS Book Value (Rs.) 261.89 Face Value 1.00
Bookclosure 04/06/2025 52Week High 4592 EPS 134.20 P/E 25.65
Market Cap. 1245273.36 Cr. 52Week Low 3056 P/BV / Div Yield (%) 13.14 / 3.66 Market Lot 1.00
Security Type Other

AUDITOR'S REPORT

You can view full text of the latest Director's Report for the company.
Year End :2025-03 

We have audited the standalone financial statements of Tata
Consultancy Services Limited (the "Company") which comprise
the standalone balance sheet as at 31 March 2025, and the
standalone statement of profit and loss (including other
comprehensive income), standalone statement of changes in
equity and standalone statement of cash flows for the year
then ended, and notes to the standalone financial statements,
including material accounting policies and other explanatory
information.

In our opinion and to the best of our information and according
to the explanations given to us, the aforesaid standalone financia
statements give the information required by the Companies
Act, 2013 ("Act") in the manner so required and give a true and
fair view in conformity with the accounting principles generally
accepted in India, of the state of affairs of the Company as at
31 March 2025, and its profit and other comprehensive income,
changes in equity and its cash flows for the year ended on that
date.

Basis for Opinion

We conducted our audit in accordance with the Standards
on Auditing (SAs) specified under Section 143(10) of the Act.

Our responsibilities under those SAs are further described in
the Auditor's Responsibilities for the Audit of the Standalone
Financial Statements section of our report. We are independent
of the Company in accordance with the Code of Ethics issued
by the Institute of Chartered Accountants of India together with
the ethical requirements that are relevant to our audit of the
standalone financial statements under the provisions of the Act
and the Rules thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the
Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our
opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the standalone
financial statements of the current period. These matters were
addressed in the context of our audit of the standalone financial
statements as a whole, and in forming our opinion thereon, and
we do not provide a separate opinion on these matters.

Revenue recognition-Fixed price contracts where revenue is recognised using percentage of completion method

Refer Note 4(a) and 10 to standalone financial statements

The key audit matter

How the matter was addressed in our audit

The Company inter alia engages in Fixed-price contracts, wherein,
revenue is recognised using the percentage of completion
computed as per the input method based on the Company's
estimate of contract costs.

We identified revenue recognition of fixed price contracts where
the percentage of completion is used as a key audit matter since-

• there is an inherent risk and presumed fraud risk around the
accuracy and existence of revenues recognised considering
the customised and complex nature of these contracts and
significant inputs of IT systems;

• application of revenue recognition using percentage of
completion under accounting standard (Ind AS 115, Revenue
from Contracts with customers) is complex and involves
estimating the future cost-to-completion of these contracts,
which is used to measure the stage of completion of the
relevant performance obligation;

• these contracts may involve onerous obligations which
requires critical assessment of foreseeable losses to be made
by the Company; and

• at year-end, significant amount of contract assets, unearned
and deferred revenue balances related to these contracts are
recognised on the balance sheet.

Our audit procedures included the following:

• Obtained an understanding of the systems, processes and
controls implemented by the Company for recording and
computing revenue and the associated contract assets,
unearned and deferred revenue balances.

• Involved our Information technology ('IT') specialists, as
required and assessed the IT environment in which the
business systems operate.

• Evaluated the design and implementation and tested
operating effectiveness of Company's key manual and
automated internal financial controls over:

> Computation of revenue recognition;

> Cost and revenue reports generated by the system;

> Allocation of resources and budgeting systems which
prevent the unauthorised recording/changes to costs
incurred; and

> Estimation of contract costs required to complete the
respective projects.

• On specific and statistically selected samples of contracts,
we tested that the revenue recognised is in accordance with
the revenue recognition accounting standard. This includes
testing the Company's computation of the estimation of
contract costs and onerous obligations, if any, where we:

> assessed that the estimates of costs to complete were
reviewed and approved by appropriate designated
management personnel;

> performed a retrospective analysis of costs incurred
with estimated costs to identify significant variations
and challenged whether those variations are required
to be considered in estimating the remaining costs to
complete the contract;

> assessed the appropriateness of contract assets,
unearned and deferred revenue on balance sheet date
by evaluating the progress of underlying contracts and
milestones achieved to identify possible changes in
estimated costs to complete the remaining performance
obligations; and

> inspected underlying documents and performed
substantive procedures over cost budget changes to
determine reasonableness of contract costs.

• Tested details of a sample of journal entries related to
revenue recognised from percentage of completion method
throughout the reporting period, using risk-based criteria,
with the relevant underlying documentation.

• Assessed the appropriateness of the related disclosures in the
standalone financial statements.

Other Information

The Company's Management and Board of Directors are
responsible for the other information. The other information
comprises the information included in the Company's annual
report, but does not include the financial statements and auditor's
report thereon. The Company's annual report is expected to be
made available to us after the date of this auditor's report.

Our opinion on the standalone financial statements does not
cover the other information and we will not express any form of
assurance conclusion thereon.

In connection with our audit of the standalone financial
statements, our responsibility is to read the other information
identified above when it becomes available and, in doing so,
consider whether the other information is materially inconsistent
with the standalone financial statements or our knowledge
obtained in the audit, or otherwise appears to be materially
misstated.

When we read the Company's annual report, if we conclude
that there is a material misstatement therein, we are required to
communicate the matter to those charged with governance and
take necessary actions, as applicable under the relevant laws and
regulations.

Management's and Board of Directors' Responsibilities for the
Standalone Financial Statements

The Company's Management and Board of Directors are
responsible for the matters stated in Section 134(5) of the Act
with respect to the preparation of these standalone financial
statements that give a true and fair view of the state of affairs,
profit/ loss and other comprehensive income, changes in
equity and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the
Indian Accounting Standards (Ind AS) specified under Section
133 of the Act. This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions
of the Act for safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant
to the preparation and presentation of the standalone financial
statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, the
Management and Board of Directors are responsible for assessing
the Company's ability to continue as a going concern, disclosing,
as applicable, matters related to going concern and using the
going concern basis of accounting unless the Board of Directors
either intends to liquidate the Company or to cease operations, or
has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the
Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone
Financial Statements

Our objectives are to obtain reasonable assurance about whether
the standalone financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to
issue an auditor's report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with SAs will always detect a
material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or
in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these
standalone financial statements.

As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional skepticism
throughout the audit. We also:

• Identify and assess the risks of material misstatement of the
standalone financial statements, whether due to fraud or
error, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations,
or the override of internal control.

• Obtain an understanding of internal control relevant to
the audit in order to design audit procedures that are
appropriate in the circumstances. Under Section 143(3)(i) of
the Act, we are also responsible for expressing our opinion
on whether the company has adequate internal financial
controls with reference to financial statements in place and
the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and
related disclosures made by the Management and Board of
Directors.

• Conclude on the appropriateness of the Management
and Board of Directors use of the going concern basis of
accounting in preparation of standalone financial statements
and, based on the audit evidence obtained, whether a
material uncertainty exists related to events or conditions
that may cast significant doubt on the Company's ability to
continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our
auditor's report to the related disclosures in the standalone
financial statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor's
report. However, future events or conditions may cause the
Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content
of the standalone financial statements, including the
disclosures, and whether the standalone financial statements
represent the underlying transactions and events in a
manner that achieves fair presentation.

We communicate with those charged with governance regarding,
among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies
in internal control that we identify during our audit.

We also provide those charged with governance with a statement
that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, related
safeguards.

From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the standalone financial statements
of the current period and are therefore the key audit matters.

We describe these matters in our auditor's report unless law or
regulation precludes public disclosure about the matter or when,
in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order,

2020 ("the Order") issued by the Central Government of
India in terms of Section 143(11) of the Act, we give in
the "Annexure A" a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.

2. A. As required by Section 143(3) of the Act, we report that:

a. We have sought and obtained all the information
and explanations which to the best of our
knowledge and belief were necessary for the
purposes of our audit.

b. In our opinion, proper books of account as required
by law have been kept by the Company so far as

it appears from our examination of those books
except for the matter stated in the paragraph 2(B)

(f) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014.

c. The standalone balance sheet, the standalone
statement of profit and loss (including other
comprehensive income), the standalone statement
of changes in equity and the standalone statement
of cash flows dealt with by this Report are in
agreement with the books of account.

d. In our opinion, the aforesaid standalone financial
statements comply with the Ind AS specified under
Section 133 of the Act.

e. On the basis of the written representations
received from the directors as on 1 April 2025
to 8 April 2025 taken on record by the Board of
Directors, none of the directors is disqualified as on
31 March 2025 from being appointed as a director
in terms of Section 164(2) of the Act.

f. The modifications relating to the maintenance of
accounts and other matters connected therewith
are as stated in the paragraph 2A(b) above on
reporting under Section 143(3)(b) of the Act and
paragraph 2B(f) below on reporting under Rule
11(g) of the Companies (Audit and Auditors) Rules,
2014.

g. With respect to the adequacy of the internal
financial controls with reference to standalone
financial statements of the Company and the
operating effectiveness of such controls, refer to
our separate Report in "Annexure B".

B. With respect to the other matters to be included in
the Auditor's Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014, in
our opinion and to the best of our information and
according to the explanations given to us:

a. The Company has disclosed the impact of pending
litigations as at 31 March 2025 on its financial
position in its standalone financial statements-
Refer income tax liabilities disclosed in the balance
sheet along with Note 19 to the standalone
financial statements.

b. The Company did not have any long-term contracts
including derivative contracts for which there were
any material foreseeable losses.

c. There has been no delay in transferring amounts,
required to be transferred, to the Investor
Education and Protection Fund by the Company.

d. (i) The management has represented that, to the

best of its knowledge and belief, as disclosed
in the Note 21 to the standalone financial
statements, no funds have been advanced
or loaned or invested (either from borrowed
funds or share premium or any other sources
or kind of funds) by the Company to or in
any other person(s) or entity(ies), including
foreign entities ("Intermediaries"), with the
understanding, whether recorded in writing or
otherwise, that the Intermediary shall directly
or indirectly lend or invest in other persons or
entities identified in any manner whatsoever
by or on behalf of the Company ("Ultimate
Beneficiaries") or provide any guarantee,
security or the like on behalf of the Ultimate
Beneficiaries.

(ii) The management has represented that, to the
best of its knowledge and belief, as disclosed
in the Note 21 to the standalone financial
statements, no funds have been received
by the Company from any person(s) or
entity(ies), including foreign entities ("Funding
Parties"), with the understanding, whether
recorded in writing or otherwise, that the

Company shall directly or indirectly, lend or
invest in other persons or entities identified in
any manner whatsoever by or on behalf of the
Funding Parties ("Ultimate Beneficiaries") or
provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries.

(iii) Based on the audit procedures that have been
considered reasonable and appropriate in
the circumstances, nothing has come to our
notice that has caused us to believe that the
representations under sub-clause (i) and (ii)
of Rule 11(e), as provided under (i) and (ii)
above, contain any material misstatement.

e. The interim dividend declared and paid by the
Company during the year and until the date of this
audit report is in accordance with Section 123 of
the Act.

The final dividend paid by the Company during
the year, in respect of the same declared for the
previous year, is in accordance with Section 123
of the Act to the extent it applies to payment of
dividend.

As stated in Note 26 to the standalone financial
statements, the Board of Directors of the Company
has proposed final dividend for the year which
is subject to the approval of the members at the
ensuing Annual General Meeting. The dividend
declared is in accordance with Section 123 of
the Act to the extent it applies to declaration of
dividend.

f. Based on our examination which included test
checks, except for the instances mentioned below,
the Company has used accounting softwares for
maintaining its books of account, which have a
feature of recording audit trail (edit log) facility and
the same has operated throughout the year for all
relevant transactions recorded in the respective
software:

i. In case of an accounting software used for
maintaining general ledger, the feature of

recording audit trail (edit log) facility was
not enabled for a part of the year for certain
fields/tables at the application layer since
it was enabled in a phased manner from
17 April 2024 to 17 July 2024.

ii. In case of an accounting software used for
maintaining books of account relating to
payroll, the feature of recording audit trail
(edit log) facility was not enabled for a part
of the year for certain master data since
it was enabled in a phased manner from
21 May 2024 to 29 March 2025 and was not
enabled for direct changes to data when using
certain privilege access.

Further, for the periods where audit trail (edit
log) facility was enabled and operated for the
respective accounting software, we did not
come across any instance of the audit trail
feature being tampered with and the audit
trail has been preserved by the Company as
per the statutory requirements for record
retention.

C. With respect to the matter to be included in the
Auditor's Report under Section 197(16) of the Act:

In our opinion and according to the information and
explanations given to us, the remuneration paid by the
Company to its directors during the current year is in
accordance with the provisions of Section 197 of the
Act. The remuneration paid to any director is not in
excess of the limit laid down under Section 197 of the
Act. The Ministry of Corporate Affairs has not prescribed
other details under Section 197(16) of the Act which are
required to be commented upon by us.

For B S R & Co. LLP

Chartered Accountants
Firm's Registration No.:101248W/W-100022

Aniruddha Godbole

Partner

Place: Mumbai Membership No.: 105149

Date: 10 April 2025 ICAI UDIN:25105149BMLWYK9210