The Notes to the Accounts contain some fine print that is well worth studying. For instance, the notes to Reliance Industries' accounts point out that inter-divisional sales of Rs3929cr are included in the company's sales figure. Inter-divisional transfers are sales between one division of the company to another. This amount, therefore, should not be included in the total sales figure. Or take another example. The Notes point out that RIL has changed its method of depreciation, with the result that the profit for the year has been understated. So if you didn't look at the Notes, you could be misled.
Also included is quantitative information such as installed capacity, its utilisation, volumes sold etc. This will enable you to find out whether an increase in sales, for example, is due merely to higher prices, or to increase in volume of goods sold. Since the quantities of products produced are given, you will be able to get information about the trends in volumes of the different products.
Spare a glance at the figures for imports and the foreign exchange earned. That'll enable you to gauge the impact, for instance, of a depreciation in the currency.
The cash generated from operations is an important indicator. If that figure is negative, it means that cash is being sourced from external sources to fund existing operations. That's certainly not sustainable in the long run.