Power in Watts is a function of voltage x ampere..when the voltage goes down..the stabilize simply pulls more amperage to maintain the common output..but high amperage is inefficient and creates waste heat..so as the voltage drops and amperes increase, stabilizer efficiency reduces and your power consumption increases which will have a net effect on your electricity bill.
I will tell you a gimmick but I am not sure if this is legal due to balanced phase loading requirement..but it should not be a problem because single phase is derived from individual phases of three-phase supply line and the loading is never perfectly balanced anyways.. this requires a three phase connection to work.
Get a stabilizer which is rated for 400-480V input (it should be a three phase unit with independent servo for each phase) and 220-240V output (phase to phase again). Three phase voltages in Pakistan are in the range of 400-440 depending on the area..this is effectively turn your stabilizer into a step-down AVR. And no matter how much the voltage fluctuates your stabilizer will maintain optimum efficiency and this will have a net impact on your bill as well.
And this is the best way to power air conditioners because you have created a two phase supply which is more efficient than single phase with neutral supply.