Mid-year convention

Discounting each year's cash flow as though it arrived in the middle of the year rather than at the end, which is closer to how a business actually collects money.

₹325 crore discounted at 11.5% for half a year is worth ₹308 crore, against ₹291 crore under end-year discounting.

The adjustment raises a valuation by roughly half a year's discount rate, or about 5% at typical rates. That is not a rounding difference, and being inconsistent about it between two companies makes them look different when they are not.

Apply it or do not, and note which.