What is TCS hiding?

Tata Consultancy Services has stopped reporting its income from digital services. In doing so, it has blanked out the only thing keeping its valuation up.

With revenue of $20.9 billion, Mumbai-based Tata Consultancy Services Ltd is easily India’s true-blue corporate performer. TCS has had decades of impeccable growth and management, delivering profits and dividends as long as one can remember. It is the tenth largest Indian company by revenue and turns in the second highest profits. It has a market capitalization of Rs 8 lakh crore ($110 billion), second only to Reliance Industries Ltd, and also happens to be India's biggest private sector employer, with nearly 450,000 employees.

People call it the crown jewel of the Tata group. Without it, India's biggest conglomerate would seem …


T Surendar

Surendar helps lead the newsroom at The Morning Context as executive editor. Over the years, Surendar has worked in industries from pharmaceuticals to diamonds, as well as a stint as an equity analyst. In his long career as a business journalist, he has led teams at The Times of India, India Today and Fortune India. He was part of the founding team at Forbes India and interned at and published in The Times, London.

Executive Editor