 Namaste. In the last session, we were discussing the financials of reliance industries, we have considered their P&L, balance sheet, cash flow and have also calculated few of the ratios. So what we are doing is the company analysis for the company taking 5 year data. Let us continue with the same. So we had come up to this net working capital to sales ratio and we had seen that the movement is really very interesting from plus 8% to minus 32%. So so much is a negative working capital now as a percentage of sales. Next one is sales per share. So take the sales and divide it by number of shares. So 14477.98 and if we drag it over a period of time, you can see there is a slow fall in the sale per share because the sale performance has dropped while the number of shares have gone up. So there is a fall in sale per share. The next is very important figure from stock market angle that is EPS or earning per share So numerator I think you all know, we take PAT, this is the total profit of the company divided by number of shares to know the profit available per share. So 76, the earning per share has increased in March 17 because the profits have gone up but now it has significantly decreased because number of shares have also increased now. Dividend per share, here we have just taken one hypothetical amount for dividend and we will divide it by number of shares to get dividend per share. So dividend divided by number of shares, I think there is some confusion, we will do it again. So 34.02, it has more or less remained constant over the period. The next one is dividend yield. Now this is important ratio and slightly a different ratio because it is trying to leak dividend to market prices. We will try to calculate it on average basis because we know the average market price. So dividend is a return to the shareholder which we have calculated on per share basis divided by average market price during the year. 0.04, let us do it as a percentage, so 4.20 percent over the years it has fallen because market prices have increased, dividend has an increase much, fine. Now book value per share, this we know from balance sheet that what is the net worth and calculated it on per share basis. This is going to be a pretty high amount, it represents the total value of the company if the whole of the company is sold off today on per share basis. So it is 83133 in terms of millions of rupees and it has now gone up to 105959. The next ratios are price related ratios, PE ratio. Price per earning, it can be done at a particular point of time but right now we will do on average. So average price during the year divided by earning per share. So it is 10.59 for the shares, sorry it is not for one share, it is 10.59 times and you can see it has gone up, now it is substantially high, it is 23. What does it show? Higher is good or lower is good? Normally from the company's reputation viewpoint higher is good. That means market is giving more importance to this particular company's earnings. But from investor's viewpoint many times lower may be good because that could be a good time to buy the shares. Of course there are other market related factors also which go into the PE because the price of the share also depends on vast market and economic related factors. The next is price to book value ratio. We have just calculated book value per share. Now we will try to link it to the prices. Now let us go to dividend payout ratio. So we have already calculated dividend per share. We will divide it by the, we will take the market price. So dividend per share upon market price, this is a percentage of earning the shareholders are getting. Usually calculated as a percentage. So I am sorry there is some confusion. Earlier we have already calculated dividend yield which is market dividend per share upon market price. Currently we have been asked to find dividend payout. What dividend payout means is from 100 rupees of earning how much money is being paid out as a dividend. So it is DPS upon EPS. So DPS divided by EPS. So 44.46 percent is a dividend payout. You can see it has slightly gone up which shows that more percentage is being now paid as a dividend out of the available profits to the equity owners. Now the next 3 ratios are related to performance of employees. So this is a semi financial ratio you can say because the denominator will be now number of employees and we will try to link the sales, average wages and average net profit to the number of employees. So first one is sales upon number of employees. So it is 181782 millions per employee and you can see there is a fall because there has not been much increase in the sales. In fact there was a decrease in the sales and only in the last year there is a slight rise. Average wages per employee. So total wage data is available divided by number of employees. So 2331 millions. There is some confusion in this data because number of employees are in per 1000. That is why we are getting very high figure. So do not worry they are not getting that much of amount. We will have to what we are doing is we are taking the total amount in million and take dividing by number of employees in terms of 1000. So further we need to divide by 1000 to get the correct figure. So then we will get just 2. Same way even for average sales per employees then it was necessary to divide it by 1000. Remember this is in millions of rupees. The next is average net profit per employee. So we are taking profit after tax and dividing it by number of employees and further dividing by 1000 because number of employees are in thousands. So 9.41 it has gone up now because recent years the profitability is bit improved. Now the last 2 ratios are net sales to operating cash flow ratios. We have not done many ratios on cash flow. So we know the cash generated from operations is operating cash flow and we have got net sales figures. So we are trying to link our sales to operating cash flow. You can see that there is a slow fall in the ratio. So the higher figure will mean that the in relation to sales the operating cash flows have been low. Right now it is a better sign that slowly the ratio is going down. And the last one we will try to know the profits as a percentage of operating cash flow. So since they have asked for net profit we are calculating profit after tax and dividing it by cash flow from operations it will be better understood as a percentage. So profits are about 52 percent and now they have more or less remained constant they are now 50 percent. It will actually make better sense if we link PB DIT because that is a profit cash profit from operations. So let us link that as well. So we are linking our cash profit to cash from operating activities. So let us take profit before tax, add interest, add depreciation which is our PB DIT and divide it fast by cash from operations. So you are getting 0.99, 1.31 the amount is close to 1. Is it correct? It is correct because both are showing the cash generated. One is a profit generated on cash basis the other is cash generated from operations. That is why the amounts are fairly close it is 0.99, 1.33 etc. So we have tried to calculate variety of ratios there here. As I told you one can calculate hundreds of ratios but each ratio from each stakeholders angle is very important. So here we have tried to calculate number of important ratios and tried to understand the significance of the major ratios and tried to work them out for different companies because that will give you insight about the performance or financial position or cash flow of that particular company. So let us stop here. Namaste. Thank you.