1. Estimate the beta of the firm. Interpret the results.
2. Estimate the cost of capital for the firm and interpret the results.
3. Estimate the weighted average cost of capital. Comment on how the weighted average cost of capital has varied over time, and the likely factors driving any significant changes to the estimates.
4. What is the annual percentage change in Net Sales and Total Expenditures. Comment on the results and the likely factors behind any significant trends over time
5. Estimate the Profit margin, Net margin, ROA, ROE, AU (asset utilization), and EM (equity multiplier) ratios, pre-tax return on capital and after-tax return on capital
6. Conduct a financial performance analysis: Using the estimated financial ratios in Question 2c.) did the bank perform relatively well over this time period.

EXHIBIT 1: EXCERPTS OF RELIANCE INDUSTRIES LTD. INCOME STATEMENT (2017-2021, IN MILLIONS) \begin{tabular}{lrrrrr} Date & Reliance & Nifty & Date & Reliance & \multicolumn{1}{c}{ Nifty } \\ \hline 112017 & 504.4385 & 8,561.3000 & 112020 & 1,388.6960 & 1,1962.1000 \\ 212017 & 597.5125 & 8,879.6000 & 212020 & 1,307.0460 & 11,201.7500 \\ 312017 & 637.4979 & 9,173.7500 & 312020 & 1,095.6400 & 8,597.7500 \\ 412017 & 673.3569 & 9,304.0500 & 412020 & 1,442.1620 & 9,859.9000 \\ 512017 & 647.0539 & 9,621.2500 & 512020 & 1,454.2440 & 9,580.3000 \\ 612017 & 666.0210 & 9,520.9000 & 612020 & 1,692.2810 & 10,302.1000 \\ 712017 & 779.5342 & 1,0077.1000 & 712020 & 2,052.7640 & 11,073.4500 \\ 812017 & 775.1868 & 9,917.9000 & 812020 & 2,074.0280 & 11,387.5000 \\ 912017 & 759.2892 & 9,788.6000 & 912020 & 2,227.1850 & 11,247.5500 \\ 1012017 & 914.8128 & 1,0335.3000 & 1012020 & 2,047.9120 & 1,1642.4000 \\ 1112017 & 896.0469 & 10,226.5500 & 1112020 & 1,923.6120 & 12,968.9500 \\ 1212017 & 895.5607 & 1,0530.7000 & 1212020 & 1,978.9340 & 13,981.7500 \\ 112018 & 934.6968 & 1,1027.7000 & 112021 & 1,836.0440 & 13,634.6000 \\ 212018 & 928.1337 & 10,492.8500 & 212021 & 2,079.1120 & 14,529.1500 \\ 312018 & 858.2720 & 1,0113.7000 & 312021 & 1,996.6770 & 14,690.7000 \\ 412018 & 936.6414 & 10,739.3500 & 412021 & 1,988.1040 & 14,631.1000 \\ 512018 & 895.8524 & 10,736.1500 & 512021 & 2,153.3730 & 15,582.8000 \\ 612018 & 945.5383 & 1,0714.3000 & 612021 & 2,103.8820 & 15,721.5000 \\ 712018 & 1,160.2900 & 1,1356.5000 & 712021 & 2,035.3000 & 15,763.0500 \\ 812018 & 1,214.7340 & 1,1680.5000 & 812021 & 2,258.1500 & 17,132.2000 \\ 912018 & 1,230.6800 & 10,930.4500 & 912021 & 2,519.2500 & 17,618.1500 \\ 1012018 & 1,038.2440 & 1,0386.6000 & 1012021 & 2,536.2500 & 17,671.6500 \\ 1112018 & 1,142.2400 & 10,876.7500 & 1112021 & 2,405.4000 & 16,983.2000 \\ 1212018 & 1,096.9440 & 10,862.5500 & 1212021 & 2,368.1500 & 17,354.0500 \\ 112019 & 1,200.5480 & 10,830.9500 & 112022 & 2,386.6000 & 17,339.8500 \\ 212019 & 1,204.3630 & 1,0792.5000 & 212022 & 2,359.5500 & 16,793.9000 \\ 312019 & 1,333.6980 & 1,1623.9000 & 312022 & 2,634.7500 & 17,464.7500 \\ 412019 & 1,362.6070 & 11,748.1500 & 412022 & 2,778.3500 & 17,038.4000 \\ 512019 & 1,301.3150 & 1,1922.8000 & & & \\ 612019 & 1,225.9350 & 11,788.8500 & & & \\ 712019 & 1,140.9680 & 1,1118.0000 & & & \\ 812019 & 1,221.4840 & 11,023.2500 & & & \\ 912019 & 1,310.5870 & 11,474.4500 & & & \\ \hline \end{tabular} EXHIBIT 2: EXCERPTS OF RELIANCE INDUSTRIES LTD. BALANCE SHEET (2017-2021, IN MILLIONS)