In the investor presentation, it is mentioned that the pharma division had an EBITDA of 18% in FY 2022.
However, from the annual report of Piramal Pharma, the EBITDA of the business works out to be 14.4%. In the consolidated numbers, 275.8 crs is the non-operating other income and should be excluded while calculating EBITDA of the business.
[1225-276]/6559 = 14.4%
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