Standalone Financial Statements represents the financials of a company itself. It does not include the results of subsidiary companies. Consolidated Financial Statements represent the financials which adds up the subsidiary's financials in standalone financial statements of the entity.
E.g. Company A has 80% stake in Company B and 60% in Company C. Standalone Financial Statements will represent the numbers of only Company A. While Consolidated Financial Statements represent the combined results of all 3 companies : A+B+C.
Companies are required to consolidate the financials of every subsidiary in its books fully. It means that if the revenues of Company A, B, and C are INR 10,000, 4,500, and 2,500 respectively, Standalone Income Statement will show revenues of INR 10,000 (Company A), While Consolidated Income Statement will show revenues of INR 17,000 (A+B+C).
On consolidation, revenues will NOT be proportioned to respective stake-holding in the company. Revenues are not proportioned, as if we see carefully, we can say that B, and C are group companies of Company A, in which 20%, and 40% stake is held by outsiders. So for Company A, the revenues will be total revenues earned by the group. However, the proportionate part of net income is shown as a separate line item in income statement as Non Controlling Interest.