EBITD stands for Earnings Before Interest, Tax, and Depreciation — a profitability measure similar to EBITDA but excluding the amortisation component. It represents a company's operating earnings before the deduction of interest expense, income tax, and depreciation charges, but after accounting for amortisation of intangible assets. EBITD is less commonly used than EBITDA in Indian equity research and financial reporting, but it is occasionally referenced in industries where distinguishing between depreciation of tangible assets and amortisation of intangible assets carries analytical significance. For example, in software companies or pharmaceutical companies with significant intangible asset bases (patents, customer relationships, brand value), separately excluding or including amortisation provides different insights into the cash-generating capacity of the core business. Like EBITDA, EBITD is a non-GAAP measure — it is not defined under Indian Accounting Standards (Ind AS) — and must be reconciled to GAAP net profit when disclosed by Indian listed companies in their investor communications and annual reports.
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