The Directors present this Integrated Annual Report ofTata Consultancy Services Limited ("the Company" or "TCS")along with the audited financial statements for the financial year("FY") ended March 31, 2025.
The consolidated performance of the Company and itssubsidiaries has been referred to wherever required.
Standalone
Consolidated
Financial Year2024-25(FY 2025)
Financial Year2023-24(FY 2024)
Revenue from operations
2,14,853
2,02,359
2,55,324
2,40,893
Other income
9,642
7,273
3,962
4,422
Total income
2,24,495
2,09,632
2,59,286
2,45,315
Expenses
Operating expenditure
1,56,924
1,46,512
1,87,917
1,76,597
Depreciation and amortisation expense
4,220
3,887
5,242
4,985
Total expenses
1,61,144
1,50,399
1,93,159
1,81,582
Profit before finance costs, exceptional item and tax
63,351
59,233
66,127
63,733
Finance costs
703
673
796
778
Profit before exceptional item and tax
62,648
58,560
65,331
62,955
Exceptional item
Settlement of legal claim
-
958
Profit before tax
57,602
61,997
Tax expense
14,591
14,043
16,534
15,898
Profit for the year
48,057
43,559
48,797
46,099
Attributable to:
Shareholders of the Company
48,553
45,908
Non-controlling interests
NA
244
191
Opening balance of retained earnings
55,173
62,228
70,033
74,722
Closing balance of retained earnings
73,380
88,777
In line with the practice of returning substantial freecash flow to shareholders and based on the Company'sperformance, the dividends for FY 2025 would amount to'126 per equity share, which includes payment of threeinterim dividends of '10 each, a special dividend of '66 perequity share, and recommended a final dividend of '30 perequity share. The shareholders' payout for FY 2025 wouldinvolve a total cash outflow of '45,588 crore.
For FY 2024, the Company paid a total dividend of '73per equity share which included three interim dividendsof '9 each, a special dividend of '18 per equity share anda final dividend of '28 per equity share. In addition tothe above, the Company bought back 4,09,63,855 equityshares at a price of '4,150 per equity share for an aggregateconsideration of '17,000 crore. The Shareholders' payoutwith respect to dividend and buyback including tax onbuyback (excluding transaction costs, other incidental andrelated expenses) aggregated to '47,445 crore.
The Dividend Distribution Policy, in terms of Regulation43A of the Securities and Exchange Board of India (ListingObligations and Disclosure Requirements) Regulations, 2015("SEBI Listing Regulations"), is available on the Company'swebsite at https://on.tcs.com/Dividend.
The closing balance of the retained earnings of the Companyfor FY 2025 after all appropriation and adjustments was'73,380 crore.
On a consolidated basis, the revenue from operations forFY 2025 was '2,55,324 crore, higher by 6.0% over theprevious year's revenue from operations of '2,40,893crore. The profit for the year attributable to shareholdersfor FY 2025 was '48,553 crore registering a growth of 5.8%over the profit for the year attributable to shareholders of'45,908 crore in FY 2024.
On a standalone basis, the revenue from operations forFY 2025 was '2,14,853 crore, higher by 6.2% over theprevious year's revenue from operations of '2,02,359crore. The profit for the year attributable to shareholdersin FY 2025 was '48,057 crore registering a growth of 10.3%over the profit for the year attributable to shareholders of'43,559 crore in FY 2024.
On March 31, 2025, the Company has 52 subsidiaries andthere has been no material change in the nature of thebusiness of the subsidiaries. There are no associates or jointventure companies within the meaning of Section 2(6) of theCompanies Act, 2013 ("the Act").
TCS Financial Solutions (Beijing) Co., Ltd. was merged withTata Consultancy Services (China) Co., Ltd. a step-downwholly owned subsidiary of the Company w.e.f. July 1, 2024.
On December 20, 2024, Tata Consultancy Services (Africa)(Proprietary) Limited ("TCS Africa"), a wholly ownedsubsidiary of the Company disposed off 30% of its equitystake in Tata Consultancy Services (South Africa) (Proprietary)Limited ("TCS SA"), a step-down wholly owned subsidiary ofthe Company at a consideration of ZAR 61 million (equivalentto '28 crore) to Isisekelo Sethu Trust, to comply with theBroad-Based Black Economic Empowerment ("B-BBEE")guidelines in South Africa. Consequently, TCS SA ceased to bea step-down wholly owned subsidiary of the Company.
On January 29, 2025, the Company executed a SharePurchase and Securities Purchase Agreement ("SSPA")with Tata Realty and Infrastructure Limited ("TRIL"), TRILBengaluru Real Estate Five Limited ("TBRF") and TRILBengaluru Real Estate Six Limited ("TBRS") for acquisition of100% of equity shares and optionally redeemable convertibledebentures of TBRF and TBRS held by TRIL, in two tranches,at a consideration of '1,593 crore. Upon the execution
of SSPA, 65% of equity shares and optionally redeemableconvertible debentures have been transferred to theCompany at a consideration of '1,036 crore and recognised afinancial liability of '557 crore towards consideration payableat a future date for 35% stake.
Pursuant to the provisions of Section 129(3) of the Act,a statement containing the salient features of financialstatements of the Company's subsidiaries in Form No. AOC-1is attached to the financial statements of the Company.
Further, pursuant to the provisions of Section 136 of theAct, the financial statements of the Company, consolidatedfinancial statements along with relevant documentsand separate audited financial statements in respect ofsubsidiaries, are available on the Company's website athttps://www.tcs.com/investor-relations.
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, theapplicable accounting standards have been followedand there are no material departures;
ii. They have selected such accounting policies and appliedthem consistently and made judgments and estimatesthat are reasonable and prudent so as to give a trueand fair view of the state of affairs of the Company atthe end of the financial year and of the profit of theCompany for that period;
iii. They have taken proper and sufficient care forthe maintenance of adequate accounting recordsin accordance with the provisions of the Act forsafeguarding the assets of the Company and forpreventing and detecting fraud and other irregularities;
iv. They have prepared the annual accounts on a goingconcern basis;
v. They have laid down internal financial controls to befollowed by the Company and such internal financialcontrols are adequate and operating effectively;
vi. They have devised proper systems to ensure compliancewith the provisions of all applicable laws and that suchsystems are adequate and operating effectively.
Based on the framework of internal financial controls andcompliance systems established and maintained by theCompany, the work performed by the internal, statutory andsecretarial auditors and external consultants, including theaudit of internal financial controls over financial reportingby the statutory auditors and the reviews performed bymanagement and the relevant board committees, includingthe Audit Committee, the Board is of the opinion that theCompany's internal financial controls were adequate andeffective during FY 2025.
As on March 31, 2025, the Company has eight Directorsof which seven are Non-Executive Directors (including twowomen Directors). The Company has five IndependentDirectors (including one woman Independent Director).
Based on the recommendation of Nomination andRemuneration Committee ("NRC"), and in terms of theprovisions of the Act, the Board of Directors appointed SanjayV Bhandarkar (DIN 01260274) as an Additional Director ofthe Company effective March 4, 2025. Further, in accordancewith the provisions of Section 149 read with Schedule IVto the Act and applicable SEBI Listing Regulations, Sanjay VBhandarkar was appointed as Non-Executive, IndependentDirector of the Company, not liable to retire by rotation,for a term of five years commencing from March 4, 2025to March 3, 2030. A Special Resolution seeking Member'sapproval for his appointment is being sought through PostalBallot, for which the remote e-voting period commenced onMarch 26, 2025 and will end on April 24, 2025. In the opinionof the Board, Sanjay V Bhandarkar is a person of integrityand fulfils requisite conditions as per applicable laws and isindependent of the management of the Company.
The Board of Directors at its meeting held on April 10, 2025appointed Aarthi Subramanian (DIN 07121802) as theWhole-time Director designated as "Executive Director -President and Chief Operating Officer" for a term of fiveyears commencing from May 1, 2025 to April 30, 2030,subject to approval of the Members at the ensuing AnnualGeneral Meeting ("AGM"). A resolution seeking Member'sapproval for her appointment forms part of the Notice forthe ensuing AGM.
During the year under review, N G Subramaniam(DIN 07006215) ceased to be the Chief Operating Officerand Executive Director ("COO & ED") of the Companyw.e.f. May 20, 2024, as per the retirement age policy ofthe Company and O P Bhatt (DIN 00548091) ceased tobe Director of the Company w.e.f. June 27, 2024 uponcompletion of his term as an Independent Director. TheBoard places on record its appreciation for their invaluablecontribution and guidance provided to the Company.
Aarthi Subramanian retires by rotation and being eligible,offers herself for reappointment as per Section 152(6) of theAct.
Pursuant to the provisions of Section 149 of the Act, theIndependent Directors have submitted declarations that eachof them meets the criteria of independence as provided inSection 149(6) of the Act along with Rules framed thereunderand Regulation 16(1)(b) of the SEBI Listing Regulations. Therehas been no change in the circumstances affecting their statusas independent directors of the Company.
During the year under review, the Non-Executive Directors ofthe Company had no pecuniary relationship or transactions
with the Company, other than sitting fees, commission andreimbursement of expenses, if any.
Yashaswin Sheth was appointed as the Company Secretaryand Compliance Officer w.e.f. November 1, 2024, uponthe superannuation of Pradeep Manohar Gaitonde w.e.f.October 31, 2024.
The Board places on record its appreciation for PradeepManohar Gaitonde for the valuable contribution provided tothe Company.
Pursuant to the provisions of Section 203 of the Act,
K Krithivasan, Chief Executive Officer and Managing Director(CEO & MD), Samir Seksaria, Chief Financial Officer andYashaswin Sheth, Company Secretary, are the KMPs of theCompany as on March 31, 2025.
Five meetings of the Board were held during the year underreview. For details of meetings of the Board, please refer tothe Corporate Governance Report, which forms part ofthis report.
The Board of Directors has carried out an annual evaluationof its own performance, board committees, and individualdirectors pursuant to the provisions of the Act and SEBIListing Regulations.
The performance of the Board was evaluated by the Boardafter seeking inputs from all the directors on the basisof criteria such as the board composition and structure,effectiveness of board processes, information andfunctioning, etc.
The performance of the Committees was evaluated by theBoard after seeking inputs from the Committee members onthe basis of criteria such as the composition of committees,effectiveness of committee meetings, etc.
The above criteria are broadly based on the Guidance Noteon Board Evaluation issued by the Securities and ExchangeBoard of India. In a separate meeting of IndependentDirectors, performance of Non Independent Directors,the Board as a whole and Chairman of the Company wasevaluated, taking into account the views of Executive andNon-Executive Directors.
The Board and the NRC reviewed the performanceof individual directors on the basis of criteria such ascontribution of the individual director to the Board andCommittee meetings like preparedness on the issues to bediscussed, meaningful and constructive contribution andinputs in meetings, etc.
At the Board meeting that followed the meeting of theIndependent Directors and meeting of NRC, the performanceof the Board, its Committees, and individual directors wasalso discussed. Performance evaluation of IndependentDirectors was done by the entire Board.
The Company's policy on appointment of Directors isavailable on the Company's website athttps://on.tcs.com/ApptDirectors.
The policy on remuneration and other matters provided inSection 178(3) of the Act has been disclosed in the CorporateGovernance Report, which forms part of this report and isalso available on the Company's website athttps://on.tcs.com/remuneration-policy.
The Company's CSR initiatives and activities are aligned tothe requirements of Section 135 of the Act.
A brief outline of the CSR policy and the initiativesundertaken by the Company on CSR activities during theyear under review are set out in Annexure I of this report inthe format prescribed in the Companies (Corporate SocialResponsibility Policy) Rules, 2014. This Policy is available onthe Company's website at https://on.tcs.com/Global-CSR-Policy.
For other details regarding the CSR Committee, please referto the Corporate Governance Report, which forms part ofthis report.
The details in respect of internal financial controls and theiradequacy are included in the Management Discussion andAnalysis, which forms part of this report.
The details pertaining to the composition of the AuditCommittee are included in the Corporate GovernanceReport, which is a part of this report.
At the twenty-seventh AGM held on June 9, 2022, theMembers approved the re-appointment of B S R & Co. LLP,Chartered Accountants (Firm Registration No. 101248W/W-100022) as Statutory Auditors of the Company to hold officefor a period of five years from the conclusion of that AGMtill the conclusion of the thirty-second AGM to be held in theyear 2027.
In compliance with Regulation 24A of the SEBI ListingRegulations and Section 204 of the Act, the Board at itsmeeting held on April 10, 2025, based on recommendationof the Audit Committee, has approved the appointment ofParikh & Associates, Practising Company Secretaries, a peerreviewed firm (Firm Registration No. P1988MH009800)as Secretarial Auditors of the Company for a term of fiveconsecutive years commencing from FY 2025-26 till FY 2029¬30, subject to approval of the Members at the ensuing AGM.
The Statutory Auditor's report and the Secretarial Auditor'sreport do not contain any qualifications, reservations, or
adverse remarks or disclaimer. Secretarial audit report isattached to this report as Annexure II.
The Board of Directors of the Company has a RiskManagement Committee to frame, implement and monitorthe risk management plan for the Company.
The Committee is responsible for monitoring and reviewingthe risk management plan and ensuring its effectiveness.
The Audit Committee has additional oversight in the areaof financial risks and controls. The major risks identified bythe businesses and functions are systematically addressedthrough mitigating actions on a continuing basis.
The development and implementation of risk managementpolicy has been covered in the Management Discussion andAnalysis, which forms part of this report.
The Company has a Whistle Blower Policy and hasestablished the necessary vigil mechanism for employees,Directors and stakeholders in conformation with theprovisions of Section 177(9) of the Act and Regulation 22 ofSEBI Listing Regulations, to report concerns about unethicalbehaviour. This Policy is available on the Company's websiteat https://on.tcs.com/WhistleB .
The particulars of loans, guarantees and investments as perSection 186 of the Act by the Company have been disclosedin the financial statements.
None of the transactions with related parties fall underthe scope of Section 188(1) of the Act. Accordingly, thedisclosure of related party transactions as required underSection 134(3)(h) of the Act in Form AOC-2 is not applicableto the Company for FY 2025 and hence, does not form partof this report.
Pursuant to the SEBI Listing Regulations, the resolutionsseeking approval of the Members on material related partytransactions forms part of the Notice of the ensuing AGM.
Pursuant to Section 92(3) read with Section 134(3)(a) of theAct, the Annual Return as on March 31, 2025 is availableon the Company's website at https://on.tcs.com/annual-return-24-25.
The information under Section 197 of the Act read withRule 5 of the Companies (Appointment and Remuneration ofManagerial Personnel) Rules, 2014:
a. The ratio of the remuneration of each director to themedian remuneration of the employees of the Companyand percentage increase in remuneration of eachDirector, Chief Executive Officer, Chief Financial Officerand Company Secretary in the financial year:
Name
Ratio tomedianremuneration
% increase inremunerationin the
financial year
Non-Executive
Directors:
N Chandrasekaran@
Aarthi
Subramanian@@
Dr Pradeep KumarKhosla
34.0
3.8
Hanne Sorensen
34.1
Keki Mistry
38.0
5.5
Al-Noor Ramji
A
Sanjay VBhandarkar1
$
O P Bhatt2
Executive Directors:
K Krithivasan
329.8
4.6
N G Subramaniam&
Chief FinancialOfficer:
Samir Seksaria
96.7
7.8
Company Secretary:
Yashaswin Sheth#
Pradeep ManoharGaitonde##
@ As a policy, N Chandrasekaran, Chairman, hasabstained from receiving commission from theCompany and hence not stated.
@@ In line with the internal guidelines of the Company,no payment is made towards commission to theNon-Executive Directors of the Company, whoare in full time employment with any other TataCompany and hence not stated.
A Remuneration received in FY 2025 is not
comparable with remuneration received in FY 2024which was for part of the year and hence, notstated.
b. The percentage increase in the median remuneration ofemployees in the financial year is 6.3%.
c. The number of permanent employees on the rolls ofCompany are 6,07,979.
d. The average annual increase was in the range of 4.5-7%,with top performers receiving double digit increment inIndia. However, during the course of the year, the totalincrease is in the range of 5.5-7.5%, after accountingfor promotions and other event based compensationrevisions. Employees outside India received a wageincrease varying from 1.5-6%.
The increase in remuneration is in line with the markettrends in the respective countries. In order to ensurethat remuneration reflects the Company's performance,the performance pay is also linked to organizationperformance and individual utilization in addition toindividual performance.
Increase in the managerial remuneration for the yearwas 4.6% for CEO & MD. Remuneration for erstwhileCOO & ED is for part of the year and hence notconsidered.
e. The Company affirms that the remuneration is as perthe remuneration policy of the Company.
f. The statement containing names of top ten employeesin terms of remuneration drawn and the particulars
of employees as required under Section 197(12) ofthe Act read with Rule 5(2) and 5(3) of the Companies(Appointment and Remuneration of ManagerialPersonnel) Rules, 2014, is provided in a separateannexure forming part of this report.
Further, the report and the accounts are being sentto the Members excluding the aforesaid annexure.
In terms of Section 136 of the Act, the said annexureis open for inspection and any Member interested inobtaining a copy of the same may write to the CompanySecretary.
The Company has voluntarily provided Integrated Report,which encompasses both financial and non-financialinformation to enable the Members to take well-informeddecisions and have a better understanding of the Company'slong-term perspective. The Report also touches upon aspectssuch as organization's strategy, governance framework,performance and prospects of value creation based on thefive forms of capital viz. financial capital, human capital,intellectual capital, social capital and natural capital.
As per SEBI Listing Regulations, the integrated ManagementDiscussion and Analysis, the Corporate Governance Reportwith the Auditors' Certificate thereon, and the BusinessResponsibility and Sustainability Report ("BRSR") forms partof the Board's Report.
The BRSR indicates the Company's performance againstthe principles of the 'National Guidelines on ResponsibleBusiness Conduct'. This would enable the Members tohave an insight into Environmental, Social and Governanceinitiatives of the Company.
The Company has devised proper systems to ensurecompliance with the provisions of all applicable SecretarialStandards issued by the Institute of Company Secretariesof India and that such systems are adequate and operatingeffectively.
The Company has not accepted any deposits from public andas such, no amount on account of principal or interest ondeposits from public was outstanding as on the date of thebalance sheet.
The Company reinforces its steadfast commitment toexcellence through the continuous pursuit of the highestquality standards, exceptional customer experience, industry¬leading service management, robust information securityand privacy frameworks, and a resilient business continuitystrategy.
The TCS Integrated Quality Management System ("iQMSTM")serves as a structured and strategic framework designedto ensure the consistent delivery of products and servicesthat meet or exceed customer expectations while drivingoperational efficiency. It is continuously assessed andenhanced to align with evolving market dynamics andemerging technologies, including AI and Cloud, enabling theorganization to deliver certainty and create exceptional valueand experiences for its customers.
The Company continues to maintain enterprise-widecertification to the following globally recognized standards:
• Quality Management (ISO 9001:2015)
• IT Service Management (ISO 20000-1:2018)
• Business Continuity Management (ISO 22301:2019)
• Information Security Management (ISO 27001:2022)
• Privacy Information Management Systems(ISO 27701:2019)
• Information Security Controls for Cloud Services(ISO 27017:2015)
• Protection of PII in Public Clouds as PII Processors(ISO 27018:2019)
The Company also continues to maintain certification toHealth, Safety, Environment (HSE) and Energy ManagementSystems Standards such as:
• ISO 14001:2015 (Environment management)
• ISO 45001:2018 (Health and Safety)
• ISO 50001:2018 (Energy management)
Certification in Industry domain specific standards suchas AS9100 (Aerospace), TL9000 (Telecom) and ISO 13485(Medical devices) are also maintained.
The Company is also at Maturity level 5 of ISACA's CapabilityMaturity Model Integration - Development (CMMI® DEV)and Services (CMMI® SVC), a worldwide recognized industrybenchmark and performance improvement model.
The Company has received multiple external awards this yearin the American Society for Quality ("ASQ") South Asia TeamExcellence Awards, the Lean Six Sigma event from NationalInstitution for Quality & Reliability ("NIQR") and in CII LeanNational Awards 2024 as well as the CII Six Sigma Nationalcompetition.
The Company is committed towards conservation of energyand climate action which is reaffirmed in its EnvironmentalSustainability policy [Environmental-Sustainability-Policy.pdf(tcs.com)l.
During the year under review, several initiatives werealigned to achieve the carbon targets which included thosein building and IT infrastructure. Initiatives in buildinginfrastructure included higher energy efficiencies inheating, ventilation, and air conditioning ("HVAC") systems,uninterruptible power supply ("UPS"), green buildings andenergy monitoring & analytics (Clever Energy & ResourceOptimisation Centre) which have resulted in energy savingsof 12,470 MWh, equivalent to 9,066 tCO2e reduction.
Initiatives in green IT focused on data center and IT deviceconsolidation and optimization to reduce the carbonfootprint. The Company's data centers have achieved aweighted average PUE of 1.59 in FY 2025 compared to 1.7 inFY 2024. The data centers use 100% renewable electricity. Inaddition to this, the Company will continue to ensure energyefficiency of the procured equipment.
TCS' IoT-based Real-time Energy Management System (TCSClever Energy™) involves real-time energy monitoring,continues to yield benefits in terms of optimization ofoperational energy efficiency across the Company's offices.
The roof top solar photo voltaic installations this yearremained at 10.2 MWp contributing to 2.7% of totalelectricity use in the reporting year. The Company continuedits procurement of renewable energy through powerpurchase agreements ("PPA's"), availing green tariffs in Indiaand procurement of Energy Attribute Certificates ("EACs").Renewable energy procurement has resulted in an increasein renewable energy use to 79% of total energy use duringthe year.
As a commitment to energy conservation and management,the Company has continued to implement initiatives, monitorand measure energy performance at 22 large campuses inIndia, which are certified to ISO 50001:2018.
The above energy efficiency and renewable energyprocurement efforts helped achieve a year-on-year reductionin absolute carbon footprint (across Scope 1 and Scope 2) ofTCS' global operations by 20%. The Company has achieved84% reduction in absolute emissions (Scope 1 and Scope 2)when compared to the base year of FY 2016. The electricityconsumption across the Company's operations increasedby 11% in the current year compared to FY 2024. This isconsidering increased operations due to return to office, andinclusion of additional locations.
Continued focus on the above initiatives will enable theCompany's aspiration of achieving its SBTi-approved nearterm targets.
Research & Development ("R&D"): Specific areas in whichR&D was carried out by the Company
TCS Research and Innovation ("R&I") continues to developnovel methods, technologies, and platforms that cantransform the art of becoming perpetually adaptable intosystematic engineering. TCS R&I pursues two types ofinitiative:
• Future of Technology ("FoT") initiatives: These are aimed attracking and developing novel technologies and platformsthat accelerate technology adoption. They focus on areasincluding sensing, communication, computing, data andknowledge engineering, digital and physical AI, as well asexperiential technologies.
• Future of Work ("FoW") initiatives: These are aimed atinfusing emerging technologies to invent the nextpractices, focusing on a various work domains such as IT(e.g., technology operations and modernization), business(e.g., continuous talent transformation, drug discoveryand illness management in healthcare), and societal(e.g., bioremediation of pollutants for sustainability).
During FY 2025, the Company undertook several R&I projects,
which include:
• A platform to expedite the transition of enterprises'cryptographic systems to post-quantum cryptography("PQC") protocols.
• An intelligent hybrid workspace platform to design, build,and orchestrate the integration of physical robots and humanworkers in areas such as warehouse operations.
• An AI-powered platform to provide personalized, real-timeexpertise and wisdom, transforming the nature of knowledgework.
• An Internet-like platform to facilitate the discovery andexchange of energy assets among various energy prosumersacross administrative boundaries.
• A platform for designing microbial consortia that can be usedfor the bioremediation of pollutants and waste, contributingto sustainable futures.
As of March 31, 2025, the Company has filed 8,816 patentscumulatively, and 4,820 have been granted.
The Company's flagship co-innovation program, TCS InnovationEcosystem continues to serve as the go-to platform for co¬innovation and business transformation. The Company expandedthe Pace footprint by launching three innovation hubs this year-a Pace Port in Paris and two Pace Studios in Stockholm (Sweden)and Manila (Philippines). The Company's ecosystem developmentprogram, TCS COIN™ (co-innovation network), expanded itsglobal footprint this year. The Company today boasts partnershipswith more than 3,000 startups and 50 academic institutes.
The Company partnered with IIT Kharagpur and launched anadvanced research centre for innovation in digital health, roboticsand intelligent systems.
The Company continues to focus on building a culture ofinnovation across its talent value chain, through programs like:
• TCS Techvantage Program: Launched for fosteringengineering talent within the Company. The programrecognizes technology talent within the Company byencouraging them to submit technical papers that areadjudged and awarded by a jury of peers. Through thisprogram, over 22,000 technologists were engaged across theCompany.
• The 12th season of TCS CodeVita™, a global programmingcontest saw huge global participation.
• TCS and IIT Delhi won the CII Award for Excellence inIndustry-Academia Partnership 2024 for their collaborationon continuous biopharma technology.
• TCS' Intelligent Speech Assistant won an award under 'Designfor Social Impact' category at 14th CII Design ExcellenceAwards 2024.
• TCS was awarded with ISGF Innovation Award 2024Certificate of Merit for qualifying in the Top Five amongstAdoption of Artificial Intelligence, Machine Learning andRobotic Solutions - Industry (including Smart BusinessModels).
• Recognized with the Asia IP Elite Award 2024 for being anexemplar of IP value creation.
• Recognized with Special Appreciation Award by CIIacknowledging very special and distinctive features of someinspiring IP initiatives of the organization.
• The TCS Research brand won at The Global Digital ExcellenceAwards 2024 for 'Organic Social Media Campaign of theYear'. This award celebrates company's commitment tosimplifying complex research and presenting it in ways thatresonate with people.
The Company will continue to invest in foundational technologiesthrough its FoT initiatives, especially in the areas of AI, quantumcomputing, sensing, communications and experience, andthereby stay ahead of the curve in technologies of relevance to itscustomers. Through FoW initiatives, the Company will continueto invent and adopt next practices in new areas of work throughtechnology infusion.
The Company's R&I centers are in India and other parts of the world. The research centers in India function from Pune, Chennai,Bengaluru, Delhi-NCR, Hyderabad, Kolkata and Mumbai. The Company's Pace Port and Pace Studio innovation hubs operate inAmsterdam, Toronto, Pittsburgh, Tokyo, New York, London, Paris, Riyadh, Letterkenny, Sydney, Stockholm and Manila.
Expenditure incurred in the R&D centers and innovation centers of the Company during FY 2025 and FY 2024 is given below:
(' crore)
Expenditure on R&D and innovation
FY 2025
FY 2024
a.
Capital
4
8
b.
Recurring
411
419
416
426
c.
Total R&D expenditure (a b)
415
427
420
434
d.
Innovation center expenditure
2,131
2,228
2,210
2,317
e.
Total R&D and innovation expenditure (c d)
2,546
2,655
2,630
2,751
f.
R&D and innovation expenditure as a percentage of totalturnover
1.2%
1.3%
1.0%
1.1%
Export revenue constituted 90.0% of the total standalone revenue in FY 2025 (93.5% in FY 2024).
Foreign exchange earnings and outgo
Foreign exchange earnings
2,00,801
1,93,252
CIF Value of imports
117
174
Expenditure in foreign currency
79,991
81,726
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 andconcerned Government departments and agencies for their co-operation.
The Directors appreciate and value the contribution made by every member of the TCS family.
On behalf of the Board of Directors
ChairmanDIN 00121863
Mumbai, April 10, 2025
1
Appointed as Independent Director w.e.f. March 4,2025.
2
Ceased to be Director w.e.f. June 27, 2024 uponcompletion of his term as Independent Director.
& Ceased to be Chief Operating Officer and ExecutiveDirector w.e.f. May 20, 2024, as per the retirementage policy of the Company.
# Appointed as the Company Secretary andCompliance Officer w.e.f. November 1, 2024.
## Ceased to be Company Secretary and ComplianceOfficer w.e.f. October 31, 2024.
$ Remuneration received in FY 2025 (for part of theyear) is not comparable with remuneration forFY 2024 and hence not stated.