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 […]

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Lead photo by iStock.

Correction: An earlier version of this story misstated Microsoft market value as being over $200 million a decade ago, rather than $200 billion.


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