Executive summary

Reliance industries limited (ril) is world’s leading and India's fastest revenue generating company.
Ril group is a highly diversified group and is in to multiproduct business-like oil and gas
exploration, retail of petroleum and consumer products and manufacturing of petrochemical
and refining and textile products. They are also operating in the infrastructure and
transportation sectors. The reliance group, founded by Dhiru bhaih .Ambani(1932-2002), is
India's largest private sector enterprise, with businesses in the energy and materials value chain.
Group's annual revenues are more than us $. Reliance industries limited is a fortune global 500
company and is the largest private sector company in India. Backward vertical integration has
been the corner stone of the evolution and growth of reliance. Starting with textiles in the late
seventies, reliance pursued a strategy of backward vertical integration - in polyester, fiber
intermediates, plastics, petrochemicals, petroleum refining and oil and gas exploration and
production – to be fully integrated along the materials and energy value chain. The group's
activities span exploration and production of oil and gas, petroleum refining and marketing,
petrochemicals (polyester, fiber intermediates, plastics and chemicals), textiles, retail and
special economic zones. Reliance enjoys global leadership in its businesses, being the largest
polyester yarn and fiber producer in the world and among the top five to ten producers in the
world in major petrochemical products. This paper will focus on the marketing and promotion
activities practiced n reliance industries in general and it will also examine the effectiveness of
polyester’s selling and distribution of reliance industries ltd

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ContentTable
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 CHAPTER1

INTRODUCTION

What Is Financial Statement Analysis?

Financial statement an alysisis the process of an alysing a company's financial statements for
decision- making purposes. External stakeholders use it to understand the overall health of an
organization as well as to evaluate financial performance and business value. Internal
constituents use it as a monitoring tool for managing the finances.

How to Analyse Financial Statements

The financial statements of a company record important financial data one very aspect of a
business’s activities. As such, they can be evaluated on the basis of past, current, and projected
performance.

In general, financial statements are centred around generally accepted accounting principles
(GAAP) in the U.S. These principles require a company to create and maintain three main
financial statements. The balance sheet, the income statement, and the cash flow s tatement.
Public companies have stricterst and ards for financial statement reporting. Public companies
must follow GAAP, which requires accrual accounting. Private companies have greater flexibility
in their financial statement preparation and also have the option to use either accrual or
cashaccounting.

Several techniques are commonly use daspart of financial statement analysis.Three of the most
important techniques include horizontal analysis, vertical analysis, and ratio analysis.
Horizontal analysis compares data horizontally, by analysing values of line it emsacross two or
more years. Vertical analysis looks at the vertical effects line items have on other parts of the
business and also the business’s proportions. Ratio analysis uses important ratio metrics to
calculate statistical relationships.

Types of Financial Statements

Companies use the balance sheet, income statement , and cashflow statement to manage the
operations of their business and also to provide transparency to their stakeholders. All three

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statements are interconnected and create different views of a company’s activities and
performance.

Balance Sheet
The balance sheet is a report of a company's financial worth in terms of book value. It is broken
into three parts to include a company’s assets, liabilities, and shareholders' equity. Short-term
assets such as cash and accounts receivable can tell a lot about a company’s operational
efficiency; liabilities include the company's expense arrangements and the debt capital it is
paying off ; and shareholder’s equity includes details on equity capital investments and
retained earnings from periodic net income. The balance sheet must balance assets and
liabilities to equal shareholder’s equity. This figure is considered a company’s bookvalue and
serves as an important performance metric that in creases or decreases with the financial
activities of a company.

Income Statement
The income statement breaksdown the revenue a company earns against the expenses
involved in its business to provide a bottomline, meaning the net profit or loss. The income
statement is broken into three parts that help to analyse business efficiency at three different
points. It begins with revenue and the direct costs associated with revenue to identify gross
profit. It then moves to operating profit, which subtracts indirect expenses such as marketing
costs, general costs, and depreciation. Finally, after deducting interest and taxes, the net
income is reached.

Cash FlowStatement
The cash flow statement provides an overview of the company's cashflows from operating
activities, investing activities , and financing activities. Net income is carried over to the cash
flow statement where it is included as the topline item for operating activities. Like its title,
investing activities include cash flows involved with firm wide investments.The financing
activities section includes cash flow from both debt and equity financing.The bottom line shows
how much cash a company has available.

Financial Performance
Financial statements are maintained by companies daily and used internally for business
management . In general, both internal and external stake holders use the same corporate
finance methodologies for maintaining business activities and evaluating overall financial

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performance.

When doing comprehensive financial statement analysis , analysts typically use multiple years
of data to facilitate horizontal analysis .Each financial statement is also analysed with vertical
analysis to understand how different categories of the statement are influencing results.
Finally, ratio analysis can be used to isolates performance metrics in each statement and also
bring together data points across statements collectively.

What Are the Advantages of Financial Statement Analysis?

Financial statement analysis evaluates a company’s performance or value through a

company’s balance sheet, income statement, or statement of cash flows. By using a number of
techniques such as horizontal, vertical, or ratio analysis, investors may develop a more
nuanced picture of a company’s financial profile.

What Are the Different Types of Financial Statement Analysis?

Most often ,analysts will use three main techniques for analysing a company's financial

statements. First, horizontal analysis involves comparing historical data. Usually, the purpose
of horizontal analysis is to detect growth trends across different time periods. Second, vertical
analysis compares items on a financial statement in relation to each other. For instance, an
expense it emcould be expressed as a percentage of company sales. Finally, ratio analysis, a

central part of fundamental equity analysis, compares line-it data.

P/E ratios, earnings per share, or dividend yield are examples of ratio analysis.

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5
 CHAPTER 2

INDUSTRY PROFILE

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OVERVIEW OF INDUSTRY AS A WHOLE
The Reliance group, founded by Dhirubhaih Ambani (1932-2002), is India’s largest private sector
enterprise, with businesses in the energy and material value chain. The flag ship company,
Reliance Industries Limited , is a Fortune Global 500 company and is the largest private sector
company in India. The chair man of the company is Mukesh Ambani. The company is India’s
largest petrochemical firm and among the country’s largest companies (along with the likes of
Indian Oil and Tata Group). Oil refining and the manufacture of polyfines account for nearly all
of Reliance’s sales. It also makes textiles and explores for oil and gas, though those businesses
are relatively small. In 2009 the company merged with it soil and gas refining subsidiary
(Reliance Petroleum) in order to boost the operational and financial synergies of Reliance as a
major refining company
.

Reliance Industries Limited (NSE: RELIANCE) is India'sl argest private sector conglo merate (by
market value) , with anannual turnover of US $35.9 billion and profit of US $.85 billion for the
fiscal year ending in March 2008 making it one of India's private sector Fortune Global 500
companies, being ranked at 206th position( 2008) . It was founded by the Indian industrialist
Dhirubhai Ambani in 1966. Ambani has been a pioneer in introducing financial instruments like
fully convertible debentures to the Indian stock markets. Ambani was one of the first
entrepreneurs to draw retail investors to the stock markets. Criticsallege that the rise of
Reliance Industries to the top slot in terms of market capitalizationis largely due to Dhirubhai's
ability to manipulate the levers of a controlled economy to his advantage. Though the
company's oil related operations for mthecore of its business, it has diversified its operations in
recent years. After severe differences between the founder's two sons , Mukesh Ambani and
Anil Ambani, the group was divided between them in 2006. In September 2008, Reliance
Industries was the only Indian firm featured in the Forbes's list of" world's 100 most respected
companies

Stock
According to the company website "1 out of every 4 investors in India is a Reliance shareholder.”
Reliance has more than 3 million share holders, making it one of the world's most widely held
stocks. Reliance Industries Ltd, subsequent to its split in January 2006 has continued to grow
.Reliance companies have been among the best performing in the Indian stock market.

Products
Reliance Industries Limited has a wide range of products from petroleum products, petro
chemicals, to garments (under the brand name of Vimal), Reliance Retail has entered in to the
fresh foods market as Reliance Fresh and launched a new chain called Delight Reliance Retail
and NOVA Chemicals have signed a letter of intent to make energy - efficient structures. The
primary business of the company is petroleum refining and petro chemicals. It operates a 33
million tons refinery at Jamnagar in the Indian state of Gujarat. Reliance has also completed a
second refinery of 29 million tons at the same site which started operations in December 2008.
The company is also involved in oil & gas exploration and production. In 2002, it struck Amaj or
find on India's eastern coast in the Krishna Godavari basin. Gas production from this find was
started on April2, 2009. As of the end of 3rd quarter of 2009-2010, gas production from the
KGD6 ramped up to 60 MM SCMD.

Subsidiaries Major Subsidiaries &Associates

• Reliance Petroleum Limited (RPL)was a subsidiary of Reliance Industries Limited (RIL)and was
created to exploit the emerging opportunities, creating value in the refining sector worldwide.
Currently, RPL stands amalgamated with RIL.

• Reliance Life Sciences is a research- driven, biotechnology - led, life sciences organizationthat
participates in medical, plant and industrial biotechnology opportunities .Specifically, these
relate to Biopharmaceuticals, Pharmaceuticals, Clinical Research Services,
Regenerative Medicine, Molecular Medicine, Novel Therapeutics , Biofuels , Plant
Biotechnology and Industrial Biotechnology.

• Reliance Industrial Infrastructure Limited (RIIL) is engaged in the business of setting up /

operating Industrial Infrastructure that also involves leasing and providing services connected
with computer software and data processing.

• Reliance Institute of Life Sciences (Rils) established by Dhirubhai Ambani Foundation, is an

institution of higher education in various fields of life sciences and related technologies.

• Reliance Logistics(P) Limited is a single window solutions provider for transportation,

distribution, warehousing, logistics, and supply chain needs, supported by in house state.

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Reliance Clinical Research Services (RCRS), a contractre search organization (CRO) and wholly owned
subsidiary of Reliance Life Sciences, has been setup to provide clinical research services to
pharmaceutical, biotechnology and medical device companies.

• Reliance Solar, The solar energy initiative of Reliance aims to bring solar energy systems and
solutions primarily to remote and rural areas and bring a boutatrans for mention in the quality
of life.

• Reli cord is the first and one of the most dependable stems – cell banking services of Southeast
Asia offered by Mukesh Ambani controlled Reliance Industries.

Reliance's Oil & Gasfind

Andhra Pradesh near Vishakhapatnam. It was the largest discovery of natural gas in world in
financial year 2002 - 2003. On 2 April 2009, Reliance Industries(RIL) commenced natural gas
production from its D-6 block in the Krishna – Godavari (KG)

The gas reserve is 7 trillion cubic fetishize. Equivalent to 1.2 billion barrels (165 million 2002,
Reliance found natural gas in the Krishna Godavari bas in off the coast of lion tonnes) of crude
oil, but only 5 trillion cubic feet are extractable.

On 2008 Oct 8, Anil Ambani's Reliance Natural Resources took Reliance Industries to the
Bombay High Court to up hold a memorandum of understanding that said RIL will supply then
at Ural gas at $.34 per million British thermal units to Anil Ambani.

Reliance Retail
Reliance Retail is the retail business wing of the Reliance business. Many brands like
Reliance Fresh, Reliance Foot print, Reliance Time Out, Reliance Digital, Reliance Wellness,
Reliance Trends, Reliance Auto Zone, Reliance Super, Reliance Mart , Reliance i Store,
Reliance Home Kitchens , and Reliance Jewel come under the Reliance Retail brand. Reliances
opportunity in retailing chicken, mutton and other meat products (halal and non-halal) through
one of its retail arms called "Delight Non Veg." One of the Delight outlets has been shut down
due top rotes by anti-animal cruelty activists at Gandhi Nagar, Delhi howant Reliance to close its
non- veg food marketing.

Environmental record
Reliance Industry is the world’s largest polyester producer and as a result one of the largest
producers of polyester waste in the world. In order to deal with this large amount of waste they
had to create away to recycle the waste. They operate the largest polyester recycling center

that uses the polyester waste as a filling and stuffing. They use this process to develop a strong

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recycling process which won them a reward in the Team Excellence competition.

Reliance Industries backed a conference on environmental awareness in New Delhi in 2006.

The conference was run by the Asia Pacific Jurist Association in partnership with the
Ministry of Environment & Forests , Govt. Of India and the Maharashtra Pollution Control
Board. The conference was to help bring a boutne wide as and articles on various aspects of
environmental protection in the region. Maharashtra Pollution Control Board invited various
industries complied with the pollution control norms to take active part in the conference and
to support as a sponsor. The conference proved effective as away top romote environmental
concern in the area.

Awards&Recognition
• International Refiner of the Year in 2005 at the 23rd Annual Hart's World Refining and
Fuels Conference.

Awards for managers

• Mukesh D.Ambani received the United States of America – India Business Council
(USIBC) leader ship award for "Global Vision" 2007 in Washington in July 2007.

• Mukesh D. Ambani was conferred the Asia Society Leadership Award by the Asia
Society, Washington, USA, May 2004.

• Mukesh D.Ambani ranked 13th in Asia's Power 25 list of The Most Powerful People in
Business published by Fortune magazine, August 2004.

• Mukesh D.Ambani ranked 13th in Asia's Power 25 list of The Most Powerful People in
Business published by Fortune magazine, August 2004.

• Mukesh D.Ambani is Economic Times Business Leader of the Year.

• Current composition of the Board and Category of Directors are as Follows:

• "Between my past, the present and the future, there is one common Factor : Relationship and
Trust. This is the foundation of our growth."

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Shri Dhiru bhai H.Ambani
Chairman Reliance Group
December 28, 1932-July 6, 2002
Board of Directors of Reliance Industries Limited

Shri Mukesh D Ambani

Chairman&Managing
Director

Shri Nikhil R. Meswani Shri Hital R. Meswani Shri. S.

Kohli Executive Director Executive Director
Executive Director

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Shri PM S Prasad ,Shri R. Ravi mohan ,Executive Director Executive Director

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12
MISSION & VISION

“Continuously in novate tore main Partners in human progress by Harnessing science &
technology in the Petro chemicals domain”

OURMISSION

“Be a globally prefer red Business associate with responsible Concern for ecology, society, and
stakeholder’s value”.

VALUES & QUALITY POLICY YOUR VALUES

“Integrity, Respect for People, Unity of Purpose, Outside – in Focus, Agility and Innovation”.

QUALITY POLICY

“Bare committed to meet customers”requirements through continual improvement of our

quality management systems. We shall sustain organizational excellence through visionary
leadership and innovative efforts

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 .

CHAPTER3

Literature Review

Yunus, N.M., Malik, S.A. (2012) states that the use of financial model list predict the
performance of a company . The theoretical analysis in the development of model is done using
the matrix solution of the Matlab software. The model is then validated with the actual
company's business performance to determine the predicting accuracy. Hooks, Jill.(2007) a
found that this research examines the financial performance of three entities over a fifteen year
period. The aim is to determine the influence of corporatization, commercialization and
ownership for month reported financial performance of three entities.
Wei , Sun. (2010) found that this paper discusses some theories of the system of performance
evaluation , analyses merit and disadvantage of these theories. This paper brings forward the
system of performance evaluation with method of fuzzy mathematics. This paper validates the
correctness of the system of performance evaluation with the example. Hajek, P., & Olej,
V.(2014) found that this paper develop same thodology to extract concepts containing
qualitative information from corporate annual reports. The methodology makes it possible to
easily compare the concepts with future financial performance. The results suggest that annual
reports differ in terms of the concepts emphasized reflecting future financial performance.
Rungi , M .,Stulova , V .(2013) states that the current study investigates the impact of absorptive
capacity on financial performance in the context of corporate acquisitions . A quantitative
research was carried out based on European ICT companies that were subject to acquisition in
2008 .The results demonstrate that absorptive capacity entails a direct effect on financial
performance.
Bhargava (2017) concludes that due to the increased contribution of the telecoms industry to
different economies the financial health of the industry is important to the whole economy.
Therefore, there is need for measurement of this constantly to monitor the economic
performance of the whole industry.

Kofi-Akrofi (2013) carried out a similar study but he, however, used multiple regression to look at

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the profitability of Telecommunications in Ghana for a period of four years. In his research, the
main objective was to establish the relationship between the two main statements, hence, he
treated them as independent from each other.

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 CHAPTER-4
RESEARCH METHODOLOGY

4.1-OVERVIEW

Research methodology is the systematic and theoretical analysis of the methods applied to a
field of study. It involves qualitative and quantitative techniques. It is a process used to collect
information and data for the purpose of making business decisions.

4.2-RESEARCH DESIGN

Research design is defined as a frame work of methods and techniques chosen by a researcher
to combine various components of research in a reasonably logical manner so that the research
problem is efficiently handled. It provides insights about “how” to conduct research using a
particular methodology.

For the survey, I used Descriptive Research Design, since I am solely done with the
interpretation through gathering and presenting the collected data, as In a descriptive research
design, a researcher is solely interested in describing the situation or case under his /her
research study. It is a theory – based research design which is created by gathering, analyzing
and presenting collected data. By implementing an in-depth research design such as this, a
researcher can provide insights in to the why and how of Research.

The primary data as well as secondary sources were used for collection of data.
Secondary data – Books, Journals and Internet

Primary Data involves the collection of data that does not already exist. This can be
through numerous forms, including questionnaires and telephone interviews amongst
others.
Secondary Data involves the summary, collection and or synthesis of existing research rather
than primary research, where data are collected from, for example, research subjects or
Experiments.

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4.3-COLLECTION OF DATA
Secondary data is used and collected in financial statement analysis.

What is Secondary Data?

Secondary data is the data that has already been collected through primary sources and made
readily available for researchers to use for their own research. It is a type of data that has
already been collected in the past.
A researcher may have collected the data for a particular project, then made it available to be
used by another researcher. The data may also have been collected for general use with no
specific research purpose like in the case of the national census.
Data classified as secondary for particular research may be said to be primary for another
research. This is the case when data is being reused, making it primary data for the first
research and secondary data for the second research it is being used for.
Sources of Secondary Data
Sources of secondary data include books, personal sources, journals, newspapers, websites,
government records etc. Secondary data are known to be readily available compared to that of
primary data. It requires very little research and needs for manpower to use these sources.
With the advent of electronic media and the internet, secondary data sources have become
more easily accessible. Some of these sources are highlighted below.
Secondary research includes research material published in research reports and similar
documents.These documents can be made available by public libraries, websites, data obtained
from already filled in surveys etc. Some government and non-government agencies also store
data, that can be used for research purposes and can be retrieved from them.
Secondary research is much more cost- effective than primary research, as it makes use of
already existing data,unlike primary research where data is collected first hand by
organizations or businesses or they can employ a third party to collect data on their behalf.
Published Sources
There are a variety of published sources available for different research topics. The authenticity
of the data generated from these sources depends majorly on the writer and publishing
company.
Published sources may be printed or electronic as the case may be.They may be paid or free depending
on the writer and publishing company's decision. Also, journals are usually more specific when it comes
to research. For example, we can have a journal on,
"Secondary data collection for quantitative data "while a book will simply be titled, " econdary
data collection".

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Websites
The information shared on websites is mostly not regulated andas such may not be trusted
compared to other sources. However, there are some regulated websites that only share authentic
data and can be trusted by researchers.
Most of these websites are usually government websites or private organizations that are paid ,
data collectors.
Websites from which I have collected the data are as follows:
1. www.moneycontrol.com (Balance Sheet , Profit And Loss Statements of years 2018 –
2022)
2. www.ril.com( Cash Flow Statements of years 2018 – 2022 )

Blogs
Blogs are one of the most common online sources for data and may even be less authentic than
websites. These days, practically everyone owns a blog, and a lot of people use these blogs to
drive traffic to their website or make money through paid ads.
Therefore, they cannot always be trusted. For example, a blog germay write good things about a
product because he or she was paid to do so by the manufacturer even though these things are
not true.

By way of caution, the researcher, be fore using secondary data, must see that they possess
following characteristics:

Reliability of data : The reliability can be tested by finding out such things about the said data:

(a)Who collected the data ?

(b)What were the sources of data ?
(c) Were they collected by using proper methods (d) At what time were they collected ?
(d) Was there any bias of the compiler ?
(e)What level of accuracy was desired ? Was it achieved ?
Suitability of data: The data that are suitable for one enquiry may not necessarily be found
suitable in another enquiry. Hence, if the available data are found to be unsuitable, they should
not be used by the researcher. In this context, the researcher must very carefully scrutinise the
definition of various terms and units of collection used at the time of collecting the data from
the primary source originally. Similarly, the object, scope and nature of the original enquiry

must also be studied. If the researcher finds differences in these, the data will remain unsuitable

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for the present enquiry and should not be used.

Adequacy of data : If the level of accuracy achieved in data is found in Adequate for the
purpose of the present enquiry, they will be considered as inadequate and should not be used
by the researcher. The data will also be considered inadequate, if they are related to an area
which may be either narrower or wider than the area of the present enquiry. From all this we
can say that it is very risky to use the already available data.The already available data should
be used by the researcher only when he finds them reliable, suitable and adequate. But he
should not blindly discard the use of such data if they are readily available from authentic
sources and a real so suitable and adequate for in that case it will not be economical to spend
time and
energy in field surveys for collecting information. At times, there may be wealth of usable
information in the already available data which must be used by an intelligent researcher but
with due precaution.
4.4 Sampling design / methods

• Comparative Statements: These are the statements depicting the financial position and
profitability of an enterprise for the distinct time frame in a comparative form to give a
notion about the position of 2 or more periods. It usually applies to the 2 important
financial statements, namely, statement of profit and loss and balance sheet outlined in
a comparative form. Comparative figures signify the direction and trend offinancial
position and operating out comes. This type of analysis is also refer red to as ‘horizontal
analyses. An organization’s financial statements for different periods are called
Comparative Financial Statements. And, to know about the comparative statement
users need to use the tools or techniques offinancial statement analysis. Various items
of financial statements are presented in a comparative form which may beatable. It
enables one to have a comparative view of multiple parameters for two or more
periods at aglance.
Comparative statement is important in the sense offinancial tools and techniques.

Common Size Statements: Common size statements are the statements which signify the
association of distinct items of a financial statement with a generally known item by depicting
each item as a % of that common item.

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similar industry. This analysis is also refer red toas ‘ Vertical analyses . A common-size statement
plays an essential role in the tools and techniques of financial statement Analysis . Its direct impact
on the company’s financial statements displays all items as a percentage of a common base figure.
It is known as the Common-Size Statements. It
facilitates comparative analysis between two or more companies or between two or
more periods of a company.
• Cash Flow Analysis: It refers to the analysis of the actual movement of cash into and
out of an establishment. The flow of cash into the trading concern is called cash inflow
or positive cash flow and the flow of cash out of the enterprise is known as negative
cash flow or cash outflow. The difference between the outflow and inflow of cash is the
net cash flow. Hence, it compiles the reasons for the changes in the cash position of a
trading concern between dates of 2 balance sheets

4.4-RESEARCHOBJECTIVES

The main objective of the financial statement analysis for any company is to provide the
necessary information required by the financial statement users for informative decision

making, assessing the current and past performance of the company, predicting the
success or failure of the business, etc. The main objective of this study is to:

To study the financial position of Reliance Ltd { refineries sector } over a period of 5
year that is 2018 - 2022.

To analyse opreational results of the company over a period of 5 years of that is

2018- 2022.
To assess the changes in major components of financial Statements of the company
over a period of 5 year that is 2018 – 2022

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22
.

CHAPTER - 5
Analysis / Study of topic

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BALANCESHEET

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25
GRAPH 1 {NON CURRENT AND CURRENT LIABILITY }

Interpretation= Increase in current liabilities from 2019 to 2020 and decreased from 2020 to
2021. There has been a heavy increase in current liabilities from 2019 to 2020 and also get heavy
decrease from 2020 to 2022.

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GRAPH 2 { NON CURRENT AND CURRENT ASSETS}

Interpretation = Decreased in non-current assets from 2020 to 2021. There has been as light
increase in current Assets from 2019 to 2020 and also has been slight increase from 2020 to
2022.

GRAPH 3 { TOTAL SHARE CAPITAL }

Interpretation= The share is heavily increased in 2022 as comparison to 2019

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GRAPH 4 { TOTAL RESERVE AND SURPLUS }

Interpretation = There has been a decrease in total reserve and surplus between 2019 - 20,

there was a slight increase in 2020 – 21 and 2021 – 22 there was a slight decrease.

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PROFIT AND LOSS ACCOUNT

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GRAPH 1 { TOTAL REVENUE AND TOTAL EXPENSES }

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GRAPH 1 { TOTAL REVENUE AND TOTAL EXPENSES }

Interpretation - There Has been an decrease in total revenue from 2019 to 2021 and heavily
increased from 2021 to 2022. There has been a decrease in total expenses from 2019 to 2021
and also has been heavily increase from 2021 to 2022 .

GRAPH 2 { PROFIT FOR THE PERIOD }

Interpretation – Here the profit is getting decrease from 2019 to 2020 and start get start
increasing from 2020 to 2022.

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 GRAPH 3 { EMPLOYEES BENEFIT EXPENES }

Interpretation= 2020 and heavy decrease from 2020 – 2021 and again increased from 2021 –
2022

GRAPH 4 { REVENUE FROM OPREATIONS (NET) }

Interpretation = There was major decrease from 2019 to 2021 by 1,25,949 (in crores ) and

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heavily increased from 2021- 2022 by 1,99,708 (in crores).

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 CASHFLOWSTATEMENT

GRAPH 1 - { CASH AND CASH EQUIVALENT AT THE END OF YEAR }

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