It's a philosophical question whether incomplete information amounts to deceiving. While the real-life implications of incomplete information can be good or bad, in the stock market, they are often bad. The table below lists such companies that are loss-making on a consolidated basis but make profits in standalone terms. These companies don't report their consolidated numbers on a quarterly basis. What's more, the difference between the standalone and consolidated numbers of these companies is also substantial. The difference as per cent of standalone numbers stands at at least 100 per cent for the companies in the table. Hence, thoroughly research these companies before investing in them.
Fortunately, starting next financial year, it's mandatory for all companies that report consolidated results to do so on a quarterly basis as well. That's going to be a good philosophy after all.