4. Consolidated vs standalone nos
I was also looking at H1FY23 results, and couldn’t reconcile (consolidated – standalone) numbers.
On a consolidated basis, revenues were 1164 cr. and EBITDA was 249 cr.
On a standalone basis, revenues were 1009 cr. and EBITDA was 100 cr.
So if I wanted to understand contribution from subsidiaries (consolidated – standalone):
Sales: 1164 – 1009 ~ 155 cr.
EBITDA: 249 – 100 ~ 149 cr.
How are their subsidiaries making such high EBITDA margins (close to 96%)?
As per my understanding:
You will have to adjust inter Company sale of around Rs 220 Cr which will effectively give contribution of around Rs 375 Cr in sales from associates and margin will be around 42%
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