Tata Consultancy Services Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2018
Auditor and Management Disclosures and Notes for the quarterly results dated 31 Dec 2018
1. These results have been prepared in accordance with the Indian Accounting Standards (referred to as "Ind AS") 34 interim Financial Reporting prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules as amended from time to time. These results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on January 10, 2019. The statutory auditors have expressed an unmodified audit opinion on these results.
2. The Board of Directors at its meeting held on January 10, 2019, has declared an interim dividend of Rs. 4.00 per equity share.
3. TCS Limited acquired W12 Studios Limited, an award-winning digital design studio based in London. The Company paid Rs. 66 crores (GBP 7 million) to acquire 100% equity shares of W12 Studios Limited.
4. The Company allotted 191,42,87,591 equity shares as fully paid up bonus shares by capitalisation of profits transferred from retained earnings amounting to Rs. 86 crores and capital redemption reserve amounting to Rs. 106 crores, pursuant to an ordinary resolution passed after taking the consent of shareholders through postal ballot. Earnings per share and dividend per share of previous periods have been adjusted for bonus shares issued in current period.
5. The Company bought back 7,61,90,476 equity shares for an aggregate amount of Rs. 16,000 crores being 1.99% of the total paid up equity share capital at Rs. 2,100 per equity share. The equity shares bought back were extinguished on September 26, 2018.
6. Effective April 1, 2018, the Company has adopted Ind AS 115 using the cumulative effect method. The standard is applied retrospectively only to contracts that are not completed as at the date of initial application and the comparative information is not restated in the condensed interim statement of profit and loss. The adoption of the standard did not have any significant impact to the financial statements of the Company.