I repeat my views """On performance front, NIA has posted net profits of Rs. 1377.32 crore, Rs. 930.35 crore, Rs. 839.86 crore for Fiscal 2015, 2016 and 2017. It suffered decline in bottom lines due to higher out go on account of wage revisions and claims in health and motor segments. For Q1 of current fiscal, it has posted net profit of Rs. 513.35 with better product mix and revision in health and motor premiums. If we annualize latest earnings and attribute on fully diluted post issue equity then asking price is at a P/E of 32 plus """. Thus you can see that RHP P/E is based on net profit of Rs. 839.86 for FY17 where as my P/E is based on annualized earnings of Rs.513.35 crore net profit for Q1. Hope this will meet your query.